Document:

EX-4.2

 Exhibit 4.2 

Execution Version 

THIRTEENTH SUPPLEMENTAL INDENTURE 

Dated as of June 12, 2017 

to 
 INDENTURE 

Dated as of October 11, 2012 

Between 
 AIR LEASE
CORPORATION 
 and 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Trustee 
 2.625%
Senior Notes due 2022 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	ARTICLE 1 DEFINITIONS	  	 	2	 
				
		 	Section 1.1.	 	 Definitions
	  	 	2	 
				
		 	Section 1.2.	 	 Other Defined Terms
	  	 	6	 
		
	ARTICLE 2 TERMS AND DESCRIPTION OF NOTES	  	 	7	 
				
		 	Section 2.1.	 	 Indenture
	  	 	7	 
				
		 	Section 2.2.	 	 Designation and Amount
	  	 	7	 
				
		 	Section 2.3.	 	 Form of Notes
	  	 	7	 
				
		 	Section 2.4.	 	 Maturity
	  	 	7	 
				
		 	Section 2.5.	 	 Denominations Of Notes
	  	 	7	 
				
		 	Section 2.6.	 	 Additional Notes
	  	 	7	 
				
		 	Section 2.7.	 	 Interest
	  	 	7	 
				
		 	Section 2.8.	 	 Paying Agent, Registrar, Place of Payment
	  	 	8	 
				
		 	Section 2.9.	 	 Sinking Fund
	  	 	8	 
		
	ARTICLE 3 SATISFACTION AND DISCHARGE	  	 	8	 
				
		 	Section 3.1.	 	 Satisfaction and Discharge of Indenture
	  	 	8	 
		
	ARTICLE 4 AMENDMENTS AND WAIVERS	  	 	9	 
				
		 	Section 4.1.	 	 Supplemental Indentures without Consent of Holders
	  	 	9	 
				
		 	Section 4.2.	 	 Supplemental Indentures with Consent of Holders
	  	 	9	 
		
	ARTICLE 5 CERTAIN COVENANTS OF THE COMPANY	  	 	9	 
				
		 	Section 5.1.	 	 Limitation on Liens
	  	 	9	 
				
		 	Section 5.2.	 	 Release of Liens
	  	 	10	 
				
		 	Section 5.3.	 	 Merger, Consolidation or Sale of All or Substantially All Assets
	  	 	10	 
		
	ARTICLE 6 DEFAULTS AND REMEDIES	  	 	11	 
				
		 	Section 6.1.	 	 Events of Default
	  	 	11	 
				
		 	Section 6.2.	 	 Acceleration
	  	 	12	 
				
		 	Section 6.3.	 	 Control by Holders
	  	 	12	 
				
		 	Section 6.4.	 	 Waivers
	  	 	13	 
		
	ARTICLE 7 DEFEASANCE	  	 	13	 
				
		 	Section 7.1.	 	 Covenant Defeasance
	  	 	13	 
		
	ARTICLE 8 REPURCHASE OF NOTES AT OPTION OF HOLDERS	  	 	13	 
				
		 	Section 8.1.	 	 Offer to Repurchase Upon Change of Control Repurchase Event
	  	 	13	 
		
	ARTICLE 9 OPTIONAL REDEMPTION	  	 	15	 
				
		 	Section 9.1.	 	 Optional Redemption
	  	 	15	 
				
		 	Section 9.2.	 	 Modification of Base Indenture
	  	 	16	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
		
	ARTICLE 10 MISCELLANEOUS PROVISIONS	  	 	16	 
				
		 	Section 10.1.	 	 Governing Law
	  	 	16	 
				
		 	Section 10.2.	 	 Effect of Headings
	  	 	16	 
				
		 	Section 10.3.	 	 Separability
	  	 	16	 
				
		 	Section 10.4.	 	 Ratification of Indenture
	  	 	16	 
				
		 	Section 10.5.	 	 Trustee Not Responsible for Recitals
	  	 	16	 
				
		 	Section 10.6.	 	 Waiver of Jury Trial
	  	 	16	 
				
		 	Section 10.7.	 	 Counterparts
	  	 	16	 

  
 -ii- 

 THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of June 12, 2017 (this “Supplemental
Indenture”), by and among Air Lease Corporation, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee
(the “Trustee”). 
 RECITALS 

WHEREAS, the Company has executed and delivered to the Trustee the Indenture, dated as of October 11, 2012 (the “Base
Indenture”), to provide for the issuance of the Company’s debt securities, to be issued in one or more series; 
 WHEREAS,
pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of debt securities to be known as the “2.625% Senior Notes due 2022” (the “Notes”), the form and substance and the
terms, provisions and conditions thereof to be set forth as provided in the Base Indenture, as supplemented by this Supplemental Indenture; 

WHEREAS, the Board of Directors of the Company by duly adopted resolutions has authorized certain officers of the Company to, among other
things, determine the terms of the debt securities to be issued under the Indenture and execute any and all documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Sections 2.01, 3.01 and 9.01 of the Base
Indenture; 
 WHEREAS, Sections 9.01(e) and 9.01(g) of the Base Indenture provide that without the consent of Holders of the
Securities of any series issued under the Indenture, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture, in form satisfactory to the Trustee, to (i) add to,
change or eliminate any of the provisions of the Indenture when there is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled to the benefit of such provision and (ii) to establish
the form or terms of any Securities of any series permitted by Section 2.01 and Section 3.01 of the Base Indenture; 
 WHEREAS,
the Company desires to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental
indenture to the Indenture (“Future Supplemental Indenture”)); 
 WHEREAS, the Company has requested that the Trustee execute and
deliver this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the
Company, in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have, in each case, been performed, and the execution and delivery of
this Supplemental Indenture has been duly authorized in all respects. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, and for the purpose of setting forth, as
provided in the Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee, as follows: 

  
 1 

 ARTICLE 1 

DEFINITIONS 

Section 1.1. Definitions. For all purposes of the Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 (a) the terms defined in this Article 1 shall have the respective meanings assigned to them in this
Article 1 and include the plural as well as the singular and, to the extent applicable, supersede the definitions thereof in the Base Indenture with respect to the Notes; 

(b) all words, terms and phrases defined in the Base Indenture (but not otherwise defined herein) shall have the same meanings as in the Base
Indenture; 
 (c) unless the context otherwise requires, (i) any reference to an “Article” or “Section” refers to
an Article or Section, as the case may be, of this Supplemental Indenture; and (ii) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to the Indenture as a whole as amended
and/or supplemented by this Supplemental Indenture and not to any particular Article, Section or other subdivision; and 
 (d) unless
otherwise expressly provided, the word “including” does not limit the preceding words or terms. 
 “Aircraft Assets”
means (x) aircraft, airframes, engines (including spare engines), propellers, parts and other operating assets and pre-delivery payments relating to any of the items in this clause (x); and (y) intermediate or operating leases relating to
any of the items in the foregoing clause (x). 
 “ALC Maillot” means ALC Maillot Jaune Borrower, LLC, a Delaware limited liability
company. 
 “ALC Warehouse” means ALC Warehouse Borrower, LLC, a Delaware limited liability company. 

“Applicable Premium” means, with respect to a Note on any Redemption Date, the excess, if any, of (x) the present value as of
such Redemption Date of (i) 100% of the principal amount of such Note plus (ii) all required interest payments due on such Note through June 1, 2022, assuming such Note matured on such date (excluding accrued but unpaid interest to
the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 15 basis points, over (y) the then outstanding principal of such Note. 

“Bankruptcy Law” means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law for the relief of debtors. 

“Below Investment Grade Rating Event” means that at any time within 60 days (which period shall be extended so long as the rating of
the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies) from the date of the public notice of a Change of Control or of the Company’s intention or that of any Person to effect a Change of
Control, the rating on the Notes is lowered, and the Notes are rated below an Investment Grade Rating, by (x) one Rating Agency if the Notes are rated by less than two Rating Agencies, (y) both Rating Agencies if the Notes are rated by two
Rating Agencies or (z) at least a majority of such Rating Agencies if the Notes are rated by three or more Rating Agencies; provided, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in
rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

  
 2 

 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a
day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close, and when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day
on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close. 
 “Capital
Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 

“Capital Stock” of a Person means all equity interests in such Person, including any common stock, preferred stock, limited
liability or partnership interests (whether general or limited), and all warrants or options with respect to, or other rights to purchase, the foregoing, but excluding Convertible Notes and other indebtedness (other than preferred stock) convertible
into equity. 
 “Change of Control” means, the occurrence of any one of the following: 

(x) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act other than the Company, a
direct or indirect Subsidiary, or any employee or executive benefit plan of the Company and/or its Subsidiaries, has become the “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Stock
representing more than 50% of the total voting power of all Common Stock of the Company then outstanding and constituting Voting Stock; 

(y) the consummation of (i) any consolidation or merger of the Company pursuant to which the Company’s Common Stock will be
converted into the right to obtain cash, securities of a Person other than the Company, or other property; or (ii) any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially all of the
consolidated assets of the Company and its Subsidiaries, taken as a whole, to any other Person other than a direct or indirect Subsidiary of the Company; provided, that Aircraft Asset leasing in the ordinary course of business of the Company or any
of its Subsidiaries shall not be considered the leasing of “all or substantially all” of the Company’s consolidated assets; provided further, however, that a transaction described in clause (i) or (ii) in which the
holders of the Company’s Common Stock immediately prior to such transaction own or hold, directly or indirectly, more than 50% of the voting power of all Common Stock of the continuing or surviving corporation or the transferee, or the parent
thereof, outstanding immediately after such transaction and constituting Voting Stock shall not constitute a Change of Control; or 
 (z)
the adoption of a plan relating to the Company’s liquidation or dissolution. 
 “Change of Control Repurchase Event” means
the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Common Stock” shall mean and include any
class of capital stock of any corporation now or hereafter authorized, the right of which to share in distributions of either earnings or assets of such corporation is without limit as to any amount or percentage. 

“Consolidated Tangible Assets” at any date, means the total assets of the Company and its Subsidiaries reported on the most recently
prepared consolidated balance sheet of the Company filed with the Commission or delivered to the Trustee as of the end of a fiscal quarter, less all assets shown on such consolidated balance sheet that are classified and accounted for as intangible
assets of the Company or any of its Subsidiaries or that otherwise would be considered intangible assets under GAAP, including, without limitation, franchises, patents and patent applications, trademarks, brand names, unamortized debt discount and
goodwill. 
 “Convertible Notes” means indebtedness of the Company that is optionally convertible into Capital Stock of the
Company (and/or cash based on the value of such Capital Stock) and/or indebtedness of a Subsidiary of the Company that is optionally exchangeable for Capital Stock of the Company (and/or cash based on the value of such Capital Stock). 

  
 3 

 “Default” means any event that is, or after the notice or passage of time or both would
be, an Event of Default. 
 “DTC” means The Depository Trust Company. 

“ECA Indebtedness” means any indebtedness incurred in order to fund the deliveries of new Aircraft Assets, which indebtedness is
guaranteed by one or more Export Credit Agencies, including guarantees thereof by the Company or any of its Subsidiaries. 
 “Exchange
Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time and the rules and regulations of the Commission promulgated thereunder. 

“Export Credit Agencies” means collectively, the export credit agencies or other governmental authorities that provide export
financing of new Aircraft Assets (including, but not limited to, the Brazilian Development Bank, Compagnie Francaise d’Assurance pour le Commerce Exterieur, Her Britannic Majesty’s Secretary of State acting by the Export Credits Guarantee
Department, Euler-Hermes Kreditversicherungs AG, the Export-Import Bank of the United States, the Export Development Canada or any successor thereto). 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the
accounting profession, which are in effect on the Issue Date. 
 “Holder” means a Person in whose name a Note is registered in the
Security Register for the Notes, and such Person shall be treated as the owner of such Note for all purposes under the Indenture. 

“Indenture” means the Base Indenture as originally executed and as it may from time to time be supplemented or amended by one or
more indentures supplemental thereto entered into pursuant to the applicable provisions thereof, including, for all purposes of the Base Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern the Base Indenture and any such supplemental indenture, respectively. The term “Indenture,” when used with respect to a particular series of Securities (including the Notes), shall also include the terms of such
particular series of Securities (including the Notes) established as contemplated by Section 3.01 of the Base Indenture, including by this Supplemental Indenture. 

“interest” with respect to the Notes means interest with respect thereto. 

“Investment Grade Rating” means a rating equal to or higher than BBB- by S&P, or the equivalent of any other Rating Agency, as
applicable, or in each case the equivalent under any successor category of such Rating Agency. 
 “Issue Date” means June 12,
2017. 
 “Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or
any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any Capital Lease, upon or with respect to any property or asset of such Person. 

“Non-Recourse Indebtedness” means, with respect to any Person, any indebtedness of such Person or its Subsidiaries that is, by its
terms, recourse only to specific assets and non-recourse to the assets of such Person generally and that is neither guaranteed by any Affiliate (other than a Subsidiary) of such Person or would become the obligation of any Affiliate (other than a
Subsidiary) of such Person upon a default thereunder, other than (x) recourse for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purpose entity covenants
and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financings, (y) recourse to the equity interests of such Person
or its Subsidiaries and to a guarantee 

  
 4 

 
by the Company or any Affiliate of the Company that does not exceed 10% of the outstanding indebtedness of such Person and its Subsidiaries, including such a guarantee of Warehouse Facility
Indebtedness, and (z) the existence of a guarantee that does not constitute a guarantee of payment of principal, interest or premium on indebtedness. 

“Notice of Default” means a written notice of the kind specified in clause (c) of Section 6.1 of this Supplemental
Indenture. 
 “Place of Payment” means, with respect to the Notes, the place or places where the principal of and any premium and
interest on the Notes are payable as specified as contemplated in the Indenture. 
 “Rating Agency” means S&P and any
additional rating agency that provides a rating with respect to the Notes and is a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act (“NRSRO”); provided, that
if any such Rating Agency ceases to provide rating services to issuers or investors, the Company may appoint a replacement for such Rating Agency that is a NRSRO. 

“S&P” means Standard & Poor’s Ratings Services or any successor to its rating agency business. 

“Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time and
the rules and regulations of the Commission promulgated thereunder. 
 “Special Purpose Aircraft Financing Entity” means a
Subsidiary of the Company (x) that engages in no business other than the purchase, finance, refinance, lease, sale and management of Aircraft Assets, the ownership of Special Purpose Aircraft Financing Entities and business incidental thereto;
(y) substantially all of the assets of which are comprised of Aircraft Assets and/or Capital Stock in Special Purpose Aircraft Financing Entities; and (z) that is not obligated under, or the organizational documents or financing documents
of which prevent it from incurring, in each case, indebtedness for money borrowed other than indebtedness incurred to finance or refinance the purchase, lease or acquisition of Aircraft Assets and the purchase of Special Purpose Aircraft Financing
Entities or the cost of construction, repair, refurbishment, modification or improvement thereof. 
 “Subsidiary” of any Person
means (x) any corporation, association or similar business entity (other than a partnership, limited liability company or similar entity) of which more than 50% of the total ordinary voting power of shares of Capital Stock entitled (without
regard to the occurrence of any contingency) to vote in the election of directors or trustees thereof (or Persons performing similar functions) or (y) any partnership, limited liability company, trust or similar entity of which more than 50% of
the capital accounts, distribution rights or total equity, as applicable, is, in the case of clauses (x) and (y), at the time owned, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of
such Person or (iii) one or more Subsidiaries of such Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Company. 

“Treasury Rate” means as of any Redemption Date the yield to maturity at the time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most recent statistical release designated as “H.15” under the caption “Treasury constant maturities” or any successor publication which is published at least
weekly by the Board of Governors of the Federal Reserve System (or companion online data resource published by the Board of Governors of the Federal Reserve System) and which establishes yields on actively traded United States Treasury securities
adjusted to constant maturity that has become publicly available at least two Business Days prior to the Redemption Date (or, if such statistical release is no longer published, any publicly available source or similar market data)) most nearly
equal to the period from the Redemption Date to June 1, 2022; provided, however, that if the period from the Redemption Date to June 1, 2022 is not equal to the constant maturity of a United States Treasury security for which
a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given,
except that if the period from the Redemption Date to June 1, 2022 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“U.S. Government Obligation” means (x) any security that is (i) a direct obligation of the United States of America for
the payment of which the full faith and credit of the United States of America is pledged or 

  
 5 

 
(ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation that is specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect
to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt. 

“Voting Stock” means Capital Stock of any class or classes, the holders of which are ordinarily, in the absence of contingencies,
entitled to elect the corporate directors (or Persons performing similar functions). 
 “Warehouse Facility Indebtedness” means
indebtedness under (x) that certain Amended and Restated Warehouse Loan Agreement, dated as of June 21, 2013 and as amended as of October 14, 2013, July 23, 2014 and December 24, 2015, among ALC Warehouse, the lenders party
thereto and Credit Suisse AG, New York Branch, as Agent, and (y) that certain Second Amended and Restated Credit Agreement, dated as of March 27, 2014, among ALC Maillot, the subsidiary guarantors party thereto, the lenders party thereto,
Credit Agricole Corporate and Investment Bank, as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent, in the case of each of the foregoing clauses (x) and (y), as any such agreement may be amended, supplemented,
extended, refinanced, renewed or replaced. 
 Section 1.2. Other Defined Terms. In addition to the definitions set forth in
Section 1.1 above, the following terms shall have the respective meanings given in the Sections of this Supplemental Indenture set forth below: 
  

			
	 Defined Term
	  	 Section

	acceleration default	  	6.1(d)
		
	Additional Notes	  	2.6
		
	Bankruptcy Default	  	6.1(e)(ii)
		
	Base Indenture	  	Recitals
		
	Change of Control Offer	  	8.1(a)
		
	Change of Control Payment	  	8.1(a)
		
	Change of Control Payment Date	  	8.1(a)(ii)
		
	Company	  	Recitals
		
	Event of Default	  	6.1
		
	Future Supplemental Indenture	  	Recitals
		
	Notes	  	Recitals
		
	payment default	  	6.1(d)
		
	property	  	5.1
		
	Successor Company	  	5.3(a)(i)
		
	Supplemental Indenture	  	Recitals
		
	Threshold Amount	  	6.1(d)
		
	Trustee	  	Recitals

  
 6 

 ARTICLE 2 

TERMS AND DESCRIPTION OF NOTES 

Section 2.1. Indenture. The changes, modifications and supplements to the Indenture effected by this Supplemental Indenture shall
be applicable only with respect to, and shall only govern the terms of, the Notes that may be issued from time to time, and shall not apply to any other Securities that may be issued under the Indenture unless an Officers’ Certificate or
supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. The provisions of this Supplemental Indenture shall supersede any conflicting provisions in the Indenture with
respect to the Notes. 
 Section 2.2. Designation and Amount. There is hereby authorized and established a series of Securities
under the Indenture, designated as the “2.625% Senior Notes due July 1, 2022.” The aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is initially limited to $600,000,000, except upon
registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture and any Notes that, pursuant to Section 3.03 of the Base Indenture, are deemed never to have
been authenticated and delivered, and subject to the Company’s ability to issue Additional Notes pursuant to Section 2.6. 

Section 2.3. Form of Notes. The Notes are to be substantially in the form set forth in Exhibit A hereto. The Notes
will initially be issued as Global Securities and registered in the name of Cede & Co., the nominee of DTC. 
 Section 2.4.
Maturity. The Stated Maturity of principal of the Notes is July 1, 2022. 
 Section 2.5. Denominations Of Notes. The
Notes shall be issuable in registered form without coupons in a minimum denomination of $2,000 or integral multiples of $1,000 in excess thereof. 

Section 2.6. Additional Notes. Pursuant to Section 3.01 of the Base Indenture, the Company may, from time to time reopen the
series and issue additional Notes (the “Additional Notes”) without notice to or consent of the Holders; provided, that such Additional Notes are fungible with the Notes issued on the Issue Date or are issued under separate CUSIP
numbers (or other relevant identifying numbers); provided, further, that the Company will not be permitted to issue Additional Notes if, at the time of such issuance, the Company is not in compliance with Article 5 and
Article 8. The Notes and any such Additional Notes shall be consolidated and form a single series of Securities and shall vote together as one class on all matters. 

Section 2.7. Interest. The Notes will bear interest at the rate of 2.625% per annum. Interest payable on each Interest
Payment Date will include interest accrued from (and including) the Issue Date, or from (and including) the most recent date to which interest has been paid or duly provided for, to (but excluding) the applicable Interest Payment Date or the
Maturity, as the case may be. The Interest Payment Dates for the Notes are January 1 and July 1 commencing on January 1, 2018 and ending on Maturity; and the Regular Record Date for the interest payable on any Interest Payment Date is
the June 15 or December 15, as the case may be, next preceding the relevant Interest Payment Date. If any Interest Payment Date, Redemption Date or Stated Maturity of a Note is not a Business Day, the payment otherwise required to be made
on such date may be made on the next Business Day with the same force and effect as if made on such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, and no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date or Redemption Date, as the case may be. 

  
 7 

 Section 2.8. Paying Agent, Registrar, Place of Payment. The Company initially
appoints the Trustee to act as Paying Agent and Security Registrar for the Notes, initially designates the corporate trust office of the Trustee located in The City of New York as the Place of Payment for the Notes and the office or agency described
in Section 10.02 of the Base Indenture and initially designates DTC as the Depositary for the Notes. The Company may change the Paying Agent, the Security Registrar, the Depositary or the Place of Payment without prior notice to or consent of
the Holders, and the Company or any of its Subsidiaries may act as Paying Agent or Security Registrar. The Company will pay principal of, premium, if any, and interest on Notes in global form registered in the name of or held by DTC or its nominee
in immediately available funds to DTC or its nominee, as the case may be, as the Holder of such Global Security. 
 Section 2.9.
Sinking Fund. The Notes shall not be entitled to the benefit of any sinking fund. 
 ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.1. Satisfaction and Discharge of Indenture. Except as may be provided in a Future Supplemental Indenture, for the
benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 4.01 of the Base Indenture is amended and restated in its entirety as follows with respect to
the Notes: 
 (a) The Indenture will be discharged as to all Notes and will cease to be of further effect as to all Notes, when either: 

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

(ii) (A) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the
giving of a notice of redemption or otherwise, will 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 by the Trustee in the
name, and at the expense, of the Company, and the Company has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. Government Obligations, or a
combination thereof, in such amounts as will be sufficient to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of
maturity or redemption, as the case may be; (B) no Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such deposit (other than a Default or an Event of Default resulting from the
borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of Liens in connection therewith) and the deposit will not result in a breach or violation
of, or constitute a default under, any material agreement or material instrument (other than the Indenture) to which the Company is a party or by which the Company is bound; (C) the Company has paid or caused to be paid all sums payable or due
and owing by the Company under the Indenture; and (D) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity or the Redemption Date, as the case may be. 

(b) In addition, the Company shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary assumptions and exclusions) stating that all conditions precedent to satisfaction and discharge have been satisfied. 

(c) Notwithstanding the satisfaction and discharge of the Indenture, the obligations of the Company to the Trustee under Section 6.07 of
the Base Indenture, the obligations of the Trustee to any 

  
 8 

 
Authenticating Agent under Section 6.14 of the Base Indenture and, if money shall have been deposited with the Trustee pursuant to subclause (ii)(A) of clause (a) of this
Section 3.1, the obligations of the Trustee under Section 4.02 of the Base Indenture and the last paragraph of Section 10.03 of the Base Indenture shall survive. 

ARTICLE 4 
 AMENDMENTS
AND WAIVERS 
 Section 4.1. Supplemental Indentures without Consent of Holders. Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 9.01 of the Base Indenture is hereby amended with respect to the
Notes by the following: 
 (a) replacing the language in clause (d) thereof with “to add to or change any of the provisions of the
Indenture or the terms of the Notes to such extent as shall be necessary to permit or facilitate the issuance of Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate
the issuance of Notes in uncertificated form; provided, in each case, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended”; and 

(b) replacing the word “indenture” in clause (q) thereof with “Indenture.” 

Section 4.2. Supplemental Indentures with Consent of Holders. Except as may be provided in a Future Supplemental Indenture, for
the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 9.02 of the Base Indenture is hereby amended with respect to the Notes by the following:

 (a) replacing the period at the end of clause (c) thereof with “, or”; and 

(b) adding a new clause (d) after the end of clause (c) thereof, as follows: “(d) reduce the premium payable upon the
redemption or repurchase of any Note or change the time at which any Note may be redeemed or repurchased as described in Article 8 or Article 9 of the Supplemental Indenture whether through an amendment or waiver of provisions in the
covenants, definitions or otherwise (except amendments to the definition of “Change of Control” or “Below Investment Grade Ratings Event”).” 

ARTICLE 5 
 CERTAIN
COVENANTS OF THE COMPANY 
 Section 5.1. Limitation on Liens. The Company will not, and will not permit any Subsidiary to,
at any time pledge or otherwise subject to any Lien any of its or such Subsidiary’s property, tangible or intangible, real or personal (hereinafter “property”), without thereby expressly securing the Notes (together, if the Company so
chooses, with any other securities entitled to the benefit of a similar covenant) equally and ratably with any and all other indebtedness for borrowed money or Capital Leases, including any guarantee, secured by such Lien, so long as any such other
indebtedness or Capital Lease shall be so secured, and the Company covenants that if and when any such Lien is created, the Notes will be so secured thereby; provided, that, the foregoing shall not apply to any Lien on any property existing
as of the Issue Date or to the following Liens securing indebtedness for borrowed money or Capital Leases, including any guarantee: 
 (a)
any Lien on any property (including Aircraft Assets and Capital Stock in any Special Purpose Aircraft Financing Entity) securing Non-Recourse Indebtedness; 

(b) any Lien on any property (including Aircraft Assets and Capital Stock in any Special Purpose Aircraft Financing Entity) (i) existing
at the time of acquisition of such property or the entity owning such property (including acquisition through merger or consolidation), or (ii) given to secure the payment of all or any part of the purchase, lease or acquisition thereof or the
cost of construction, repair, refurbishment, modification or improvement of property (including Aircraft Assets and Capital Stock in any Special Purpose Aircraft Financing 

  
 9 

 
Entity) or to secure any indebtedness (including ECA Indebtedness) or Capital Lease incurred prior thereto, at the time of, or within 180 days (18 months in the case of Aircraft Assets and
Capital Stock in any Special Purpose Aircraft Financing Entity) after, the acquisition, construction, repair, refurbishment, modification or improvement of property (including Aircraft Assets and Capital Stock in any Special Purpose Aircraft
Financing Entity) for the purpose of financing all or part of the purchase, lease or acquisition thereof or the cost of construction, repair, refurbishment, modification or improvement; 

(c) Liens by a Subsidiary as security for indebtedness owed to the Company or any Subsidiary; 

(d) a banker’s lien or right of offset of the holder of such indebtedness in favor of any lender of moneys or holder of commercial paper
of the Company or any Subsidiary in the ordinary course of business on moneys of the Company or such Subsidiary deposited with such lender or holder in the ordinary course of business; 

(e) any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien existing on
the Issue Date or referred to in the foregoing clauses including in connection with the refinancing of indebtedness of the Company and its Subsidiaries secured by such Lien; and 

(f) other Liens not permitted by any of the foregoing clauses (a) through (e) on any property, now owned or hereafter acquired;
provided, that, no such Liens shall be incurred pursuant to this subsection (f) if the aggregate principal amount of outstanding indebtedness (without duplication for any guarantee of such indebtedness) and Capital Leases secured by
Liens incurred pursuant to this subsection (f) subsequent to the Issue Date, including the Lien proposed to be incurred, shall exceed 20% of Consolidated Tangible Assets after giving effect to such incurrence and the use of proceeds of such
indebtedness or Capital Leases. 
 (g) For the avoidance of doubt, nothing in this Section 5.1 shall limit Liens that do not secure
indebtedness for borrowed money or Capital Leases. 
 Section 5.2. Release of Liens. Any Lien that is granted to secure the
Notes pursuant to Section 5.1 shall be automatically released and discharged at the same time as the release (other than through the exercise of remedies with respect thereto) of each Lien that gave rise to such obligation to secure the Notes
under Section 5.1. 
 Section 5.3. Merger, Consolidation or Sale of All or Substantially All Assets. Except as may be
provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 8.01 of the Base Indenture is hereby
amended and restated in its entirety as follows with respect to the Notes by this Section 5.3: 
 (a) The Company will not consolidate
with or merge with or into or wind up into (whether or not the Company is the surviving corporation), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of the Company’s properties and assets, in one or
more related transactions, to any Person unless: 
 (i) the resulting, surviving or transferee Person (the “Successor
Company”) is a Person organized and existing under the laws of the United States of America, any state or territory thereof or the District of Columbia; 

(ii) the Successor Company (if other than the Company) expressly assumes all of the obligations of the Company under the Notes
and the Indenture pursuant to a supplemental indenture; 
 (iii) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing; and 
 (iv) the Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, winding up or disposition, and such supplemental indenture, if any, comply with the Indenture. 

  
 10 

 (b) The Company will be released from its obligations under the Indenture and the Successor
Company will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture and the Notes; provided, that in the case of a lease of all or substantially all its assets, the Company will not be
released from the obligation to pay the principal of and interest on the Notes. 
 (c) For purposes of this Section 5.3, Aircraft Asset
leasing in the ordinary course of business of the Company or any of its Subsidiaries shall not be considered the leasing of “all or substantially all” of the Company’s consolidated assets. 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 Section 6.1. Events of Default. Except as may be provided in a Future Supplemental Indenture, for the benefit of
the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture is hereby amended and restated in its entirety as follows with respect to the
Notes by this Section 6.1: 
 Each of the following is an “Event of Default”: 

(a) default in any payment of interest on any Note when due, which default continues for a period of 30 days; 

(b) default in the payment of principal of, or premium, if any, on any Note when due at its Stated Maturity, upon optional redemption, upon
required repurchase, upon declaration or otherwise; 
 (c) default in the performance, or breach, of any covenant or warranty of the Company
in the Indenture with respect to the Notes (other than a covenant or warranty with respect to which a default in performance or breach is elsewhere in this Section 6.1 specifically addressed or which covenant or warranty has been included in
the Indenture solely for the benefit of one or more series of notes other than the Notes), and continuance of such default or breach for a period of 90 consecutive days after there has been given, by registered or certified mail, to the Company by
the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” under the Indenture; 
 (d) default under any mortgage, indenture (including the Indenture) or instrument
under which there is issued, or which secures or evidences, any indebtedness for borrowed money of the Company (or the payment of which is guaranteed by the Company) (other than indebtedness owed to any Subsidiary or Non-Recourse Indebtedness of the
Company) now existing or hereafter created, which default shall constitute a failure by the Company to pay principal in an amount exceeding $200.0 million (the “Threshold Amount”) when due and payable by the Company at final stated
maturity, after expiration of any applicable grace period with respect thereto (such default, a “payment default”), or shall have resulted in an aggregate principal amount of such indebtedness exceeding the Threshold Amount becoming due
and payable by the Company prior to the date on which it would otherwise have become due and payable (such default, an “acceleration default”); provided, however, that in connection with any series of the Convertible Notes,
(i) any conversion of such indebtedness by a holder thereof into shares of common stock, cash or a combination of cash and shares of common stock, (ii) the rights of holders of such indebtedness to convert into shares of common stock, cash
or a combination of cash and shares of common stock and (iii) the rights of holders of such indebtedness to require any repurchase by the Company of such indebtedness in cash upon a fundamental change shall not, in itself, constitute an Event
of Default hereunder; or 
 (e) 

(i) the Company, pursuant to or within the meaning of any Bankruptcy Law: (A) commences proceedings to be adjudicated
bankrupt or insolvent; (B) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking an arrangement of debt, reorganization, dissolution, winding up or relief
under applicable 

  
 11 

 
Bankruptcy Law; (C) consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of it or for all
or substantially all of its property; (D) makes a general assignment for the benefit of its creditors; or (E) makes an admission in writing of its inability to pay its debts generally as they become due; or 

(ii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief against
the Company in a proceeding in which the Company is to be adjudicated bankrupt or insolvent; (B) appoints a receiver, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of the Company;
or (C) orders the liquidation, dissolution or winding up of the Company; and the order or decree remains unstayed and in effect for 90 consecutive days (any such Event of Default specified in this clause (e), for purposes of the Notes, shall
constitute a “Bankruptcy Default”). 
 Within 60 days following the date on which the Company becomes aware of a Default or
receives notice of such Default, as applicable, if such Default is continuing, the Company shall deliver a certificate to the Trustee specifying any events which would constitute a Default, their status and what action the Company is taking or
proposing to take in respect thereof. 
 In the event of a declaration of acceleration of the Notes solely because an Event of Default
described in Section 6.1(d) above has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if (i) the default or defaults triggering such Event of Default pursuant to
Section 6.1(d) shall be remedied or cured by the Company or waived by the holders of the relevant indebtedness within 30 days after the declaration of acceleration with respect thereto; (ii) the rescission and annulment of the
acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and (iii) all Events of Default with respect to Notes, except non-payment of principal of, or premium, if any, or interest on, the
Notes that have become due solely by such declaration of acceleration of the Notes of such series, have been cured or waived as provided in the Indenture. 

Section 6.2. Acceleration. 

(a) Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of
Securities under the Indenture, whether now or hereafter issued and Outstanding, the first three paragraphs of Section 5.02 of the Base Indenture are hereby replaced with the following with respect to the Notes: 

“If an Event of Default (other than an Event of Default described in Section 6.1(e) of the Supplemental Indenture) occurs and
is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable by
notice in writing to the Company (and to the Trustee if given by Holders). Upon such a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, will be due and payable immediately. 

If an Event of Default described in Section 6.1(e) occurs and is continuing, the principal of, premium, if any, and accrued and
unpaid interest, if any, on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.” 

(b) Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of
Securities under the Indenture, whether now or hereafter issued and Outstanding, the fourth paragraph of Section 5.02 of the Base Indenture is hereby amended by replacing the period at the end of clause (b) thereof with “; and”
and adding the following clause (c) thereafter: “(c) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction.” 

Section 6.3. Control by Holders. Notwithstanding Section 5.12 of the Base Indenture, the Trustee may refuse to follow any
direction that conflicts with any law, rule, regulation or court order or the Indenture or the Notes, or that the Trustee determines in good faith is unduly prejudicial to the rights of any Holder or that would 

  
 12 

 
involve the Trustee in personal liability. Any application by the Trustee for written instructions from the requisite amount of Holders may, at the option of the Trustee, set forth in writing any
action proposed to be taken or omitted by the Trustee under the Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the
Trustee in accordance with a proposal included in such application on or after the date specified in such application unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written
instructions from the requisite amount of Holders in response to such application specifying the action to be taken or omitted. 

Section 6.4. Waivers. It shall not be necessary for any Act of Holders to approve the particular form of any waiver, but it shall
be sufficient if such Act shall approve the substance thereof. A consent to any waiver by any Holder given in connection with a sale, tender or exchange of such Holder’s Notes will not be rendered invalid by such sale, tender or exchange. 

ARTICLE 7 
 DEFEASANCE

 Section 7.1. Covenant Defeasance. The covenants provided pursuant to Section 3.01(r), 9.01(b) or
9.01(g) of the Base Indenture for purposes of Section 13.03 of the Base Indenture are the covenants in Article 5 and Article 8 of this Supplemental Indenture and Section 5.15 of the Base Indenture. 

ARTICLE 8 
 REPURCHASE OF
NOTES AT OPTION OF HOLDERS 
 Section 8.1. Offer to Repurchase Upon Change of Control Repurchase Event. 

(a) If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem all of the Notes pursuant to
Section 9.1 of this Supplemental Indenture, the Company will make an offer to purchase all the Notes (the “Change of Control Offer”) at a purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and
unpaid interest, if any, to the date of purchase (the “Change of Control Payment”). If a Note is repurchased pursuant to a Change of Control Offer on or after a Regular Record Date but on or prior to the related Interest Payment Date, then
any accrued and unpaid interest shall be paid to the holder of record as of such Regular Record Date. Within 30 days following the date upon which a Change of Control Repurchase Event occurred, or at the Company’s option, prior to any Change of
Control but after the public announcement of the pending Change of Control, unless the Company has exercised its right to redeem all of the Notes pursuant to Section 9.1 of this Supplemental Indenture, the Company will mail a notice of such
Change of Control Offer to each Holder or otherwise give notice, which will govern the terms of the Change of Control Offer, in accordance with the applicable procedures of DTC, with a copy to the Trustee, stating: 

(i) that a Change of Control Offer is being made pursuant to this Section 8.1 and that all Notes validly tendered pursuant
to such Change of Control Offer will be accepted for purchase by the Company at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase; 

(ii) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed or
given, other than as may be required by law) (the “Change of Control Payment Date”); 
 (iii) if sent prior to the
date of consummation of the Change of Control, that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date; provided, that if a Change of Control is consummated
after a proposed Change of Control Payment Date and such Change of Control Offer is therefore not consummated, the Company shall make a Change of Control Offer in accordance with this Section 8.1 within 30 days following the later of the
consummation of such Change of Control or a Below Investment Grade Rating Event; 

  
 13 

 (iv) that Notes must be tendered in multiples of $1,000, and any Note not validly
tendered will remain outstanding and continue to accrue interest; 
 (v) that, unless the Company defaults in the payment of
the Change of Control Payment, any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date; 

(vi) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice, or transfer their Notes to the Paying Agent by
book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(vii) that Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase
such Notes; provided, that the Paying Agent receives at the address specified in the notice, not later than the close of business on the 30th day following the date of the Change of Control notice, a telegram, facsimile transmission or letter
setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(viii) that if a Holder is tendering less than all of its Notes, such Holder will be issued new Notes equal in principal amount
to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof); and 

(ix) the other instructions, as determined by the Company, consistent with this Section 8.1 that a Holder must follow.

 The notice, if mailed or given in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder
receives such notice. If (A) the notice is mailed or given in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such notice
or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. 

(b) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes (of integral multiples of $1,000) validly tendered pursuant to the Change
of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all
Notes or portions of Notes so tendered; 
 (iii) deliver or cause to be delivered to the Trustee for cancellation the Notes
so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with this Section 8.1; and 

(iv) deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for in the Indenture relating to the making of such Change of Control Payment have been complied with. 
 (c) The Paying Agent will
promptly pay to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate, upon receipt of an authentication order, and mail (or cause to be transferred by book entry) to each Holder a
new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided, that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 

  
 14 

 (d) If the Change of Control Payment Date is on or after a Regular Record Date and on or before
the related Interest Payment Date, any accrued and unpaid interest to the Change of Control Payment Date will be paid on the relevant Interest Payment Date to the Person in whose name a Note is registered at the close of business on such Regular
Record Date. 
 (e) Prior to making a Change of Control Payment, and as a condition to such payment (i) the requisite holders of each
issue of indebtedness issued under an indenture or other agreement that would be violated by the making of such payment shall have consented to such Change of Control Payment being made and waived the event of default, if any, caused by the Change
of Control or (ii) the Company will repay all outstanding indebtedness issued under an indenture or other agreement that would be violated by the making of a Change of Control Payment or the Company will offer to repay all such indebtedness,
make payment to the holders of such indebtedness that accept such offer and obtain waivers from the requisite remaining holders of such indebtedness of any event of default arising under the relevant indenture or other agreement as a result of the
Change of Control. The Company covenants to effect such repayment or obtain such consent prior to making a Change of Control Payment, it being a default of this Section 8.1 if the Company fails to comply with such covenant. 

(f) The Company will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control
Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 8.1 applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer. 
 (g) The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the
Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Indenture by virtue of the conflict. 

(h) Other than as specifically provided in this Section 8.1, any purchase pursuant to this Section 8.1 shall be made pursuant to the
provisions of Sections 11.03, 11.05 and 11.07 of the Base Indenture. 
 (i) Notwithstanding anything to the contrary in the foregoing
clauses (a) though (h), the Company’s obligation to make a Change of Control Offer may, subject to Section 4.2(b) of this Supplemental Indenture, be waived or modified with the written consent of the Holders of a majority in
principal amount of the Notes. 
 ARTICLE 9 

OPTIONAL REDEMPTION 

Section 9.1. Optional Redemption. 

(a) At any time prior to June 1, 2022, the Company may redeem the Notes at its option, in whole or in part, upon notice pursuant to
Section 11.04 of the Base Indenture, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes plus the Applicable Premium, plus accrued and unpaid interest, if any, to the Redemption Date. On or after June 1,
2022, the Company may redeem the Notes at its option, in whole or in part, at a Redemption Price equal to 100% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the Redemption Date. Promptly after the
determination thereof, the Company shall give the Trustee written notice of the Redemption Price provided for in this Section 9.1(a), and the Trustee shall not be responsible for such calculation. If a Note is redeemed on or after a Regular
Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid to the holder of record as of such Regular Record Date. Unless the Company defaults in payment of the Redemption Price, from and
after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption. 
 (b) Except pursuant to
clause (a) of this Section 9.1, the Notes shall not be redeemable at the Company’s option prior to July 1, 2022. 

  
 15 

 (c) Any redemption pursuant to this Section 9.1 shall be made pursuant to the provisions of
Sections 11.01 through 11.07 of the Base Indenture; provided, that the words “by such method as the Trustee shall deem fair and appropriate and” in Section 11.03 of the Base Indenture shall be replaced with “by lot.”

 (d) Any redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of
a corporate transaction. In such event, the related notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company’s discretion, the Redemption Date may be delayed until such time as any or all such
conditions shall be satisfied or waived (provided that in no event shall such Redemption Date be delayed to a date later than 60 days after the date on which such notice was given), or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied or waived by the Redemption Date, or by the Redemption Date as so delayed. 

(e) The Company may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or
otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of the Indenture. 

Section 9.2. Modification of Base Indenture. Except as may be provided in a Future Supplemental Indenture, for the benefit of the
Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 11.06 of the Base Indenture is hereby amended by deleting the words “Record Dates” and replacing them
with “Regular Record Date.” 
 ARTICLE 10 

MISCELLANEOUS PROVISIONS 

Section 10.1. Governing Law. This Supplemental Indenture and each Note shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 Section 10.2. 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 10.3. Separability. In case any one
or more of the provisions contained in the Indenture, this Supplemental Indenture or the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of the Indenture, this Supplemental Indenture or the Notes, but the Indenture, this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or
therein. 
 Section 10.4. Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided, however, that the provisions of this Supplemental Indenture
shall apply solely to the Notes. 
 Section 10.5. Trustee Not Responsible for Recitals. The recitals herein contained are made
by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture 

Section 10.6. Waiver of Jury Trial. Section 1.15 of the Base Indenture is hereby incorporated herein. 

Section 10.7. Counterparts. This Supplemental 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. 

  
 16 

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

			
	AIR LEASE CORPORATION
		
	By:	 	/s/ Gregory B. Willis
		 	Name: Gregory B. Willis
		 	Title: Executive Vice President and Chief Financial Officer

  
 [Signature Page to
Thirteenth Supplemental Indenture] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	/s/ Rosemary Cabrera
		 	Name: Rosemary Cabrera
		 	Title: Associate
		
	By:	 	/s/ Diana Vasconez
		 	Name: Diana Vasconez
		 	Title: Assistant Vice President

  
 [Signature Page to
Thirteenth Supplemental Indenture] 

 Exhibit A 

Form of Note 

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO AIR LEASE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN 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. 

AIR LEASE CORPORATION 

************************** 

2.625% Senior Notes due 2022 

CUSIP: 00912XAW4 

ISIN: US00912XAW48 
  

			
	No. [    ]	  	$[    ]
		  	(as revised by the Schedule of Increases and Decreases in Global Security attached hereto)

 AIR LEASE CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware
(herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., the registered Holder hereof, the principal sum of
[            ] Dollars ($[            ]) (as revised by the Schedule of Increases and Decreases in Global Security
attached hereto) on July 1, 2022 and to pay interest thereon from and including June 12, 2017 or from and including the most recent date to which interest has been paid or duly provided for, semi-annually on January 1 and July 1
in each year, commencing January 1, 2018 (each an “Interest Payment Date”), at the rate of 2.625% per annum (the “Interest Rate”), until the principal hereof is paid or made available for payment; provided that
any principal, and any such installment of interest, that is overdue shall bear interest at the Interest Rate (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or
made available for payment, and such interest shall be payable on demand. If any Interest Payment Date, Redemption Date or Stated Maturity of a Note is not a Business Day, the payment otherwise required to be made on such date may be made on the
next Business Day with the same force and effect as if made on such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, and no interest shall accrue on the amount so payable for the period from and after such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 15 or December 15 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest so payable but not so punctually paid or duly provided for on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and, at the Company’s election, may
either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof to be
given to Holders of Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in such Indenture. 

 Payment of the principal of and interest on this Note will be made at the office or agency of the
Company maintained for that purpose in The City of New York, New York (or, if the Company does not maintain such office or agency, at the corporate trust office of the Trustee in The City of New York or if the Trustee does not maintain an office in
The City of New York, at the office of a Paying Agent in The City of New York), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that payment of principal and interest on Global Securities shall be made by wire transfer in accordance with the procedures of the Depositary. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature of one or more authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Dated: [                    ]	 		 	AIR LEASE CORPORATION
				
		 		 	    By:	 	 
		 		 		 	Name:
		 		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein 

referred to in the within-mentioned Indenture. 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, 
 as Trustee 
  

			
	By:	 	 
		 	Authorized Signatory
		
	By:	 	 
		 	Authorized Signatory

 [REVERSE OF NOTE] 

This Note is one of a duly authorized series of securities of the Company designated as the “2.625% Senior Notes due 2022” (herein
called the “Notes”), issued under an Indenture, dated as of October 11, 2012 (herein called the “Base Indenture”), as supplemented by the Thirteenth Supplemental Indenture dated as of June 12, 2017 (the “Thirteenth
Supplemental Indenture”; the Base Indenture, as so supplemented, is herein called the “Indenture”), among the Company, as issuer, and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the
Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $600,000,000. The Company may at any time
issue Additional Notes under the Indenture in unlimited amounts having the same terms as the Notes, except as otherwise permitted by the Indenture. 

The Notes do not have the benefit of any sinking fund obligation. 

The Notes are redeemable prior to the Stated Maturity Date as provided in the Indenture. In the event of redemption of this Note in part only,
a new Note or Notes in an authorized denomination for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Note or of certain restrictive covenants and
Events of Default with respect to the Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event
of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Notes to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding,
judicial or otherwise, with respect to the Indenture or this Note, or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (i) an Event of Default has occurred and is continuing and the Holder of this Note has
previously given written notice to the Trustee of such Event of Default and the continuance thereof, (ii) the Holders of not less than 25% in principal amount of the Outstanding Notes have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder, (iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be
incurred in compliance with such request, (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding, and (v) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Notes. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any
payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any interest on this Note at the times, place and rate, and in
the coin or currency, herein prescribed. 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more
new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Indenture and this Note are governed by and construed in accordance with the laws of the State of New York. 

The Notes are issuable in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of any authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent thereof may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent
shall be affected by notice to the contrary. 
 All terms used in this Note that are not defined herein and are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 
 To the extent that any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Note have been made: 
  

									
	 Date of decrease or increase
	  	Amount of decrease in
principal amount of
this Note	  	Amount of increase in
principal amount of this
Note	  	Principal amount of this
Note following such
decrease or increase	  	Signature of authorized
signatory of Trustee or
Security Custodian

 ASSIGNMENT 
  

	
	FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to:
	
	  

	
	  

	(Insert assignee’s social security or tax identification number)
	
	  

	
	  

	
	  

	(Insert address and zip code of assignee)

 and irrevocably appoints
                     as agent to transfer this Note on the Security Register. The agent may substitute another to act for him or her. 

 

							
	Dated:	  		  		  	            Signature:
			
		  		  	Signature Guarantee:
		
		  	(Sign exactly as your name appears on the other side of this Note)

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

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 8.1 of the Thirteenth Supplemental Indenture, check
the box below: 
 [    ] Section 8.1 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 8.1 of the Thirteenth Supplemental
Indenture, state the amount you elect to have purchased: 
  

			
		  	 $       (integral multiples of $1,000, provided that the
unpurchased portion must be in a minimum principal amount of $2,000)

  

									
	Date:	 	  
	 		 		 	
				
		 		 	Your Signature:	 	  

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

 Signature Guarantee*:
                                         
                                

 
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).EX-4.1

 Exhibit 4.1 

(face of security) 
 THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a limited-purpose trust company organized under the New
York Banking Law (“DTC”), to the Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in 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. 
 CUSIP No.: 14149YBL1 

CARDINAL HEALTH, INC. 
 1.948%
Note due 2019 
  

			
	No. [●]	  	$[●]

 CARDINAL HEALTH, INC., an Ohio corporation (the “Issuer”), for value received, hereby
promises to pay to Cede & Co. or registered assigns, at the office or agency of the Issuer in Columbus, Ohio, the principal sum of [●] DOLLARS ($[●]) on June 14, 2019, in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually on June 14 and December 14 of each year, commencing December 14, 2017, on said principal sum at
said office or agency, in like coin or currency, at the rate per annum specified in the title of this Note, from the June 14 or the December 14, as the case may be, next preceding the date of this Note to which interest has been paid,
unless the date hereof is a date to which interest has been paid, in which case from the date of this Note, or unless no interest has been paid on these Notes, in which case from June 12, 2017, until payment of said principal sum has been made
or duly provided for, provided that, payment of interest may be made at the option of the Issuer by check mailed to the address of the person entitled thereto as such address shall appear on the Security Register. The interest so payable on any
June 14 or December 14 will, subject to certain 

 
exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the May 31 or
November 30, as the case may be, next preceding such June 14 or December 14. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the
Trustee under the Indenture referred to on the reverse hereof. 

  
 2 

 IN WITNESS WHEREOF, CARDINAL HEALTH, INC. has caused this instrument to be signed by its duly
authorized officers. 
 Dated: June 12, 2017 
  

			
	CARDINAL HEALTH, INC.
		
	By:	 	  

		 	Jessica L. Mayer
		 	Senior Vice President, Deputy General Counsel and Corporate Secretary

 
			
		
	Attest:	 	  

		 	Elaine S. Natsis
		 	Assistant Secretary

  
 Signature Page to 2019
Note 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: June 12, 2017 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
		
	By:	 	  

		 	Authorized Officer

  
 Signature Page to 2019
Note 

 (back of security) 

CARDINAL HEALTH, INC. 
 1.948%
Note due 2019 
 This Note is one of a duly authorized issue of debentures, notes, bonds or other evidences of indebtedness of the Issuer
(hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of June 2, 2008 (herein called the “Indenture”), duly executed
and delivered by the Issuer to The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise
vary as in the Indenture provided. This Note is one of a series designated as the 1.948% Notes due 2019 of the Issuer, limited in initial aggregate principal amount to $1,000,000,000 (collectively, the “Notes”). The Issuer may, at
any time, without notice to or the consent of the Holders of the Securities, issue further notes having the same ranking and the same interest rate, maturity and other terms as the Notes (other than the date of issuance and, under certain
circumstances, the first interest payment date following the issue date of such further notes). Any such further notes, together with this Note, will form a single series of Securities under the Indenture. 

1. Principal and Interest 
 The Notes will
mature on June 14, 2019. 
 In case an Event of Default with respect to the Notes, as defined in the Indenture, shall have occurred and
be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

Interest shall be computed on the basis of a 30-day month and a
360-day year. 
 2. Amendment; Supplement; Waiver 

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority in the
aggregate principal amount of the Securities at the time Outstanding of all series to be affected (voting as one class), evidenced as provided in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each such series; provided, however, that no such supplemental
indenture shall (i) extend the final maturity of any Security, or reduce the principal amount thereof or any premium thereon, or reduce the rate or extend the time of payment of any interest thereon, or reduce or

 
impair or affect the rights of any Holder to institute suit for the payment thereof or any right of repayment at the option of the Holder, without the consent of the Holder of each Security so
affected, or (ii) reduce the aforesaid percentage of Securities, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holder of each Security affected. It is also provided in the Indenture
that, with respect to certain defaults or Events of Default regarding the Securities of any series, prior to any declaration accelerating the maturity of such Securities, the Holders of a majority in aggregate principal amount Outstanding of the
Securities of such series (or, in the case of certain defaults or Events of Default, all or certain series of the Securities) may on behalf of the Holders of all the Securities of such series (or all or certain series of the Securities, as the case
may be) waive any such past default or Event of Default and its consequences. The preceding sentence shall not, however, apply to a default in the payment of the principal of or premium, if any, or interest on any of the Securities. Any such consent
or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes which may be issued in exchange or substitution
herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. 
 3. Optional Redemption 

The Notes are redeemable in whole at any time or, in part from time to time, at the Issuer’s option, at a redemption price equal to the
greater of: 
 (1) 100% of the principal amount of the Notes to be redeemed, or 

(2) as determined by a Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest thereon
(exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Adjusted Treasury Rate plus 10 basis points, 
 plus, in each case, accrued and unpaid
interest, if any, on the amount of the Notes being redeemed to, but excluding, the date of redemption. 
 “Adjusted Treasury Rate”
means, with respect to any redemption date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by a Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining terms of such Notes. 
 “Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of three Reference Treasury Dealer Quotations for such redemption date, 

  
 2 

 
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the Issuer obtains fewer than three such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer. 

“Reference Treasury Dealer” means (1) Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, a primary treasury dealer selected by MUFG Securities Americas Inc. and Wells Fargo Securities, LLC (or their respective affiliates that are “Primary Treasury Dealers”) and their respective successors; provided, however, that
if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer, and (2) any other primary
treasury dealer selected by the Issuer. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing by such Reference Treasury
Dealer at 5:00 p.m., New York City time on the third Business Day preceding such redemption date. 
 Notice to Holders of Notes to be
redeemed will be delivered electronically or by first-class mail at least 30 and not more than 60 days prior to the date fixed for redemption. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date interest
will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair, the Notes to be redeemed in whole or in
part. 
 4. Special Mandatory Redemption 

Upon the first to occur of either (i) April 18, 2018, if the Acquisition is not consummated on or prior to such date, or
(ii) the date on which the Purchase Agreement is terminated (each, a “Special Mandatory Redemption Trigger”), the Issuer will be required to redeem all outstanding Notes in whole at a redemption price (the “Special
Mandatory Redemption Price”) equal to 101% of the aggregate principal amount of the Notes being redeemed, plus any accrued and unpaid interest on the aggregate principal amount of the Notes being redeemed, to, but excluding, the date of the
special mandatory redemption (the “Special Mandatory Redemption”). 
 Within five Business Days after the occurrence of a
Special Mandatory Redemption Trigger, the Issuer will cause notice of the Special Mandatory Redemption to be delivered electronically or mailed, with a copy to the Trustee, to each Holder of Notes at such Holder’s registered address, stating,
among other matters prescribed in the Indenture, that a Special Mandatory Redemption Trigger has occurred and that all outstanding Notes are to be redeemed and that such Notes will be redeemed on the redemption date set forth in such notice

  
 3 

 
(which will be no earlier than three Business Days and no later than 30 days from the date such notice is given). If funds sufficient to pay the Special Mandatory Redemption Price of the Notes to
be redeemed on the special mandatory redemption date are deposited with the Trustee or a paying agent on or before such special mandatory redemption date, and certain other conditions are satisfied, on and after such special mandatory redemption
date, the Notes will cease to bear interest. 
 The aggregate net proceeds from the sale of the Notes will not be held in escrow, and
Holders of the Notes will not have any special access or rights to or a security interest or encumbrance of any kind on the net proceeds from the offering of the Notes. 

Upon the occurrence of the consummation of the Acquisition, the foregoing provisions regarding the Special Mandatory Redemption will cease to
apply. 
 “Purchase Agreement” means the definitive stock and asset purchase agreement the Issuer entered into with Medtronic plc,
an Irish public limited company, pursuant to which, among other things, the Issuer will purchase certain equity interests and assets collectively constituting the Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency businesses of
Medtronic (such acquisition, the “Acquisition”). 
 5. Repurchase at the Option of Holders Upon a Change of Control 

Upon the occurrence of a Change of Control Repurchase Event, unless all Notes have been called for redemption pursuant to paragraph 3 of this
Note or the Issuer has been required to redeem such Notes pursuant to paragraph 4 of this Note, each Holder of the Notes shall have the right to require the Issuer to repurchase all or any part (equal to $2,000 or in integral multiples of $1,000 in
excess thereof) of such Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus accrued and unpaid interest thereon, if any, to, but excluding, the date of repurchase (the “Change of
Control Payment”). 
 Within 30 days following any Change of Control Repurchase Event or, at the Issuer’s option, prior to any
proposed Change of Control, but after the public announcement of the proposed Change of Control, the Issuer shall deliver, or cause to be delivered, a notice (a “Change of Control Offer”) to each Holder, with a copy to the Trustee,
describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and shall specify, without limitation, the following: 

(1) that the Change of Control Offer is being made and that all Notes tendered will be accepted for payment; 

(2) the Change of Control Payment and the purchase date, which shall be a Business Day no earlier than 30 days and no later than 60 days from
the date such notice is delivered (the “Change of Control Payment Date”); 
 (3) the CUSIP numbers for the Notes; 

  
 4 

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

(5) that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest after the Change of Control Payment Date; 
 (6) that Holders whose Notes of any series are
being purchased only in part will be issued new Notes of such series equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to $2,000 in principal amount or in integral multiples of
$1,000 in excess thereof; and 
 (7) if the notice is delivered prior to the date of consummation of the Change of Control, that the Change
of Control Offer is conditioned on the Change of Control Repurchase Event occurring on or prior to the Change of Control Payment Date. 

The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the provisions hereof, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations hereunder by virtue of such conflict. 

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

(1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly
tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 
 The paying agent shall promptly
deliver to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and deliver (or cause to be transferred by book entry) to each Holder a new Note of the same series equal in
principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or in integral multiples of $1,000 in excess thereof. 

The Issuer shall not be required to make a Change of Control Offer upon a Change of Control Repurchase Event if a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered and not withdrawn under such Change
of Control Offer. 

  
 5 

 “Below Investment Grade Rating Event” means the Notes are rated below Investment Grade
by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the
occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies). 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Issuer and its subsidiaries taken as a whole to any “person” (as that term is
used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the Issuer’s Voting Stock, measured by voting power rather than number of shares;
or (3) the first day on which a majority of the members of the Issuer’s Board of Directors cease to be Continuing Directors. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (i) the
Issuer becomes a wholly owned subsidiary of a holding company and (ii) the Holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the Holders of Voting Stock immediately prior to
that transaction. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment
Grade Rating Event. 
 “Continuing Directors” means, as of any date of determination, members of the Board of Directors of the
Issuer who (1) were members of such Board of Directors on the date of the issuance of the Notes; or (2) were nominated for election or elected or appointed to such Board of Directors with the approval of a majority of the continuing
directors who were members of such Board of Directors at the time of such nomination or election or appointment. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, which term, when used herein, includes the rules and regulations of the Commission promulgated thereunder. 

“Fitch,” “Moody’s” and “S&P” mean Fitch Ratings, Moody’s Investors Service, Inc. and S&P
Global Ratings, respectively. 
 “Investment Grade” means a rating of BBB- or better by
Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s); BBB- or better by S&P (or
its equivalent under any successor rating categories of S&P); or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Issuer. 

“Rating Agency” means (i) each of Fitch, Moody’s and S&P; and (ii) if any of Fitch, Moody’s or S&P
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, or any successor definition, selected by the Issuer as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

  
 6 

 “Securities Act” means the Securities Act of 1933, as amended, which term, when used
herein, includes the rules and regulations of the Commission promulgated thereunder. 
 “Voting Stock” of any specified
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

6. Persons Deemed Owners 
 The Issuer, the
Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the registered Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other
writing hereon) for the purpose of receiving payment of, or on account of, the principal hereof and premium, if any, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the
Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 
 7. Transfers and Exchanges 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or a
nominee of a Depositary. This Note is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture and may not be transferred except as a whole
by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.

 Transfers and exchanges of the Notes are only available under limited circumstances and are required to be registered in accordance with
the Indenture. The Holder may be required, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the
Indenture. 
 8. Miscellaneous 
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note in the
manner, at the respective times, at the rate and in the coin or currency herein prescribed. 
 No recourse under or upon any obligation,
covenant or agreement of the Issuer in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, as such, or against any past,
present or future stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

  
 7 

 This Note shall be governed by and construed in accordance with the laws of the State of New
York, except as otherwise may be required by mandatory provisions of law. 
 Terms used herein which are defined in the Indenture shall have
the respective meanings assigned thereto in the Indenture. 

  
 8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

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

  

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

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

							
	Date:	 		 	Signature:	 	  

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

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

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

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

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