Document:

Series Supplement

 Exhibit 4.1 
 Execution Version 
 DISCOVER BANK 
 Master Servicer, Servicer and Seller 
 and 
 U.S. BANK NATIONAL ASSOCIATION 
 Trustee

 on behalf of the Certificateholders 
 SERIES SUPPLEMENT 
 Dated as of September 23, 2009 
 to 
 AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT 
 Dated as of November 3, 2004, as amended 
 $537,237,508 Series SD Certificates 
 DISCOVER CARD MASTER TRUST I 
 SERIES 2009-SD CERTIFICATES 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 SERIES TERM SHEET
	  	1
	 ANNEX
	  	1
	 SECTION 1.
	  	Definitions	  	1
	 SECTION 2.
	  	Subordination	  	6
	 SECTION 3.
	  	Representations and Warranties of the Sellers	  	6
	 SECTION 4.
	  	Representations and Warranties of Discover Bank as Master Servicer and Servicer	  	7
	 SECTION 5.
	  	Representations and Warranties of Other Servicers	  	8
	 SECTION 6.
	  	Representations and Warranties of the Trustee	  	8
	 SECTION 7.
	  	Authentication of Certificates	  	8
	 SECTION 8.
	  	Establishment and Administration of Investor Accounts	  	8
	 SECTION 9.
	  	Allocations of Collections	  	10
	 SECTION 10.
	  	Payments	  	14
	 SECTION 11.
	  	[RESERVED]	  	14
	 SECTION 12.
	  	[RESERVED]	  	14
	 SECTION 13.
	  	[RESERVED]	  	14
	 SECTION 14.
	  	Servicing Compensation	  	14
	 SECTION 15.
	  	[RESERVED]	  	15
	 SECTION 16.
	  	[RESERVED]	  	15
	 SECTION 17.
	  	Investor Certificateholders’ Monthly Statement	  	15
	 SECTION 18.
	  	Master Servicer’s Monthly Certificate	  	15
	 SECTION 19.
	  	[RESERVED]	  	15
	 SECTION 20.
	  	[RESERVED]	  	15
	 SECTION 21.
	  	[RESERVED]	  	15
	 SECTION 22.
	  	Purchase of Investor Certificates and Series Termination	  	15
	 SECTION 23.
	  	[RESERVED]	  	16
	 SECTION 24.
	  	[RESERVED]	  	16
	 SECTION 25.
	  	Ratification of Pooling and Servicing Agreement	  	16
	 SECTION 26.
	  	Counterparts	  	16
	 SECTION 27.
	  	Governing Law	  	16
	 SECTION 28.
	  	Intention of Parties	  	16
	 SECTION 29.
	  	Amendment for Sale Accounting Purposes	  	16
	 SECTION 30.
	  	Election Under Delaware Asset-Backed Securities Facilitation Act	  	17
	 SECTION 31.
	  	Increases in Series Investor Interest	  	17
	 SECTION 32.
	  	Increases in Designated SD Percentage	  	17
	 SECTION 33.
	  	Delay of the Class Expected Final Payment Date or Series Termination Date.	  	17

  

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 EXHIBITS 
  

			
		
	EXHIBIT A:	  	Form of Investor Certificate
		
	EXHIBIT B:	  	Form of Certificateholders’ Monthly Statement
		
	EXHIBIT C:	  	Form of Master Servicer’s Monthly Certificate
	
	SCHEDULES
		
	SCHEDULE I:	  	List of Series

  

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 DISCOVER CARD MASTER TRUST I 
 SERIES 2009-SD CERTIFICATES 
 This Series of Master Trust Certificates is
established pursuant to Section 6.06 of that certain Amended and Restated Pooling and Servicing Agreement, dated as of November 3, 2004, as amended, by and between DISCOVER BANK, a Delaware banking corporation (“Discover Bank”),
as Master Servicer, Servicer and Seller and U.S. BANK NATIONAL ASSOCIATION (the “Trustee”), as Trustee (the “Pooling and Servicing Agreement”). This SERIES TERM SHEET and the ANNEX attached hereto, by and among the Master
Servicer, the Servicers, the Sellers and the Trustee, constitute the SERIES SUPPLEMENT (the “Series Supplement”). The Pooling and Servicing Agreement and this Series Supplement together establish the Series of Master Trust Certificates to
be known as the DISCOVER CARD MASTER TRUST I, SERIES 2009-SD CERTIFICATES. 
 SERIES TERM SHEET 
  

			
	Date of Series Term Sheet	  	September 23, 2009.
		
	Group	  	One.
		
	Interchange Series	  	Yes.
		
	Series Initial Investor Interest	  	$537,237,508
		
	Class Initial Investor Interest of Series SD Certificates	  	$537,237,508; plus the face amount of any Series SD Certificates issued in an increase of the Series Investor Interest pursuant to Section 31; minus the aggregate amount of
payments of Certificate Principal paid to Class SD Investor Certificateholders.
		
	Class Expected Final Payment Date	  	The Distribution Date in January 2012 or such later date as determined by the Master Servicer by notice to the Trustee in accordance with Section 33.
		
	Type of Structure	  	Controlled Liquidation.
		
	Certificate Rate	  	0% per annum
		
	Designated SD Percentage	  	2%, subject to adjustment pursuant to Section 32

  

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	Series Cut-Off Date	  	September 1, 2009.
		
	Series Closing Date	  	September 23, 2009.
		
	Distribution Dates	  	The 15th day of each calendar
month (or, if such day is not a Business Day, the next succeeding Business Day) commencing in October 2009.
		
	Statement Dates	  	Each Distribution Date, commencing in October 2009.
		
	Type of Credit Enhancement	  	Not applicable.
		
	Investor Servicing Fee Percentage	  	2.0% per annum calculated on the basis of a 360-day year of twelve 30-day months.
		
	Eligible for Reallocations to and from Other Series in Group	  	Yes.
		
	Series Termination Date	  	The first Business Day following the Distribution Date in July 2014 or such later date as determined by the Master Servicer by notice to the Trustee in accordance with Section
33.
		
	Classes, if any, subject to Regulation S restrictions	  	Not applicable.
		
	Classes, if any, subject to ERISA restrictions	  	Series SD Certificates.
		
	Bearer Certificates	  	Not applicable.
		
	Registered Certificates	  	Series SD Certificates.
		
	Series SD Certificate	  	Each certificate executed by the Sellers and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A.
		
	Paying Agent	  	The Corporate Trust Office of the Trustee.

  

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 IN WITNESS WHEREOF, the Sellers, the Master Servicer, the Servicers and the Trustee have caused this
Series Supplement to be duly executed by their respective officers thereunto duly authorized as of the date and year first above written. 
  

	
	DISCOVER BANK,
	as Seller, Master Servicer and Servicer
	
	 /s/ Michael F. Rickert

	Michael F. Rickert
	Vice President, Chief Financial Officer and Treasurer
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

	
	 /s/ Patricia M. Child

	Patricia M. Child
	Vice President

 ANNEX 
 In consideration of the mutual agreements herein contained, each party agrees as follows for the benefit of the other parties and for the benefit of the Certificateholders: 
 SECTION 1. Definitions 
 (a)
Capitalized terms not otherwise defined in this Series Supplement (including the Series Term Sheet) shall have the meanings ascribed to them in the Pooling and Servicing Agreement. Capitalized terms that refer to a Series refer to the Series
established hereby. 
 (b) The following terms have the definitions set forth below with respect to the Series established hereby, unless the
context otherwise clearly requires: 
 “Certificate Interest” shall mean, for Class SD for any Interest Payment Date, zero.

 “Certificate Principal” shall mean, with respect to Class SD, the principal payable in respect of Class SD of Investor
Certificates. 
 “Certificate Rate,” with respect to Class SD or Subclass, shall mean the certificate rate set forth in the
Series Term Sheet with respect to Class SD. 
 “Class” with respect to this Series shall mean, for all purposes under the
Pooling and Servicing Agreement and this Series Supplement, all Investor Certificates designated as part of Class SD. 
 “Class
Expected Final Payment Date” with respect to Class SD shall mean the date designated as such in the Series Term Sheet. 
 “Class Finance Charge Collections” shall mean, with respect to Class SD, with respect to any day or any Distribution Date or Trust Distribution Date, as applicable, an amount equal to the product of (x) the Class
Percentage with respect to Finance Charge Collections for the related Distribution Date and (y) the amount of Finance Charge Collections for such day or for the related Due Period, as applicable. 
 “Class Initial Investor Interest” shall mean, with respect to Class SD, the aggregate face amount of Investor Certificates of Class SD
as specified in the Series Term Sheet. 
 “Class Interchange” shall mean, with respect to Class SD, with respect to any
Distribution Date or Trust Distribution Date, as applicable, an amount equal to the product of (x) the Class Percentage with respect to Interchange for the related Distribution Date and (y) Interchange for the related Due Period.

 “Class Invested Amount” shall mean, with respect to Class SD for any Distribution Date, an amount equal to the Class
Initial Investor Interest prior to such Distribution Date. 

 “Class Investor Charged-Off Amount” shall mean, with respect to Class SD for any
Distribution Date, an amount equal to the product of (a) the Charged-Off Amount for such Distribution Date and (b) the Class Percentage with respect to the Charged-Off Amount. 
 “Class Investor Interest” shall mean, with respect to Class SD for any Distribution Date, an amount equal to the Class Invested Amount
for Class SD for such Distribution Date. 
 “Class Monthly Servicing Fee” with respect to Class SD for any Distribution
Date, shall mean the amount of the Investor Servicing Fee for the related Due Period. 
 “Class Percentage” shall mean, with
respect to Class SD with respect to any Distribution Date or any Trust Distribution Date, as applicable: 
 (a) when used with
respect to the Charged-Off Amount, the percentage equivalent of a fraction the numerator of which shall be the amount of the Class Investor Interest and the denominator of which shall be the greater of (i) the amount of Principal Receivables in
the Trust and (ii) the Aggregate Investor Interest, in each case on the first day of the related Due Period; or 
 (b)
when used with respect to Principal Collections, the percentage equivalent of a fraction the numerator of which shall be the amount of the Class Investor Interest on the first day of the related Due Period and the denominator of which shall be the
greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the components of the Series Percentage with respect to Principal Collections
for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; or 
 (c) when used with respect to Finance Charge Collections, the percentage equivalent of a fraction the numerator of which shall be the amount of the Class Investor Interest on the first day of the related Due Period
and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the components of the Series
Percentage with respect to Finance Charge Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; or 
 (d) when used with respect to Interchange, the percentage equivalent of a fraction the numerator of which shall be the amount of Class
Investor Interest and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust and (ii) the Aggregate Investor Interest, in each case on the first day of the related Due Period. 
 For purposes of this definition, the Class Investor Interest as of the first day of any Due Period in which the Series Closing Date has occurred or an
increase in the Series Investor 

  

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Interest has been made pursuant to Section 31 shall include the Class Investor Interest of all Investor Certificates issued during such Due Period.

 “Class Principal Collections” shall mean, with respect to Class SD with respect to any day or any Distribution Date or
Trust Distribution Date, as applicable, an amount equal to the product of (x) the Class Percentage with respect to Principal Collections for the related Distribution Date and (y) the amount of Principal Collections for such day or for the
related Due Period, as applicable. 
 “Class Required Amount” with respect to Class SD on any Distribution Date, shall mean
the sum of all accrued but unpaid Class Monthly Servicing Fees. 
 “Class Required Amount Shortfall” with
respect to Class SD on any Distribution Date, shall have the meaning set forth in Section 9. 
 “Class SD” shall mean
each Investor Certificate issued hereunder. 
 “Designated Series” shall have the meaning set forth in Section 2.

 “Distribution Date” shall have the meaning set forth in the Series Term Sheet. 
 “Dollars” or “U.S. $” or “$” shall mean the lawful currency of the United States of America.

 “Group Excess Spread” shall mean, for any Distribution Date, the sum of the Series Excess Spreads for each Series
(including the Series established hereby) that is a member of the same Group as the Series established hereby, in each case for such Distribution Date. 
 “Group Finance Charge Collections Reallocation Account” shall have the meaning specified in Section 8. 
 “Group Principal Collections Reallocation Account” shall have the meaning specified in Section 8. 
 “Investor Accounts” shall mean, in addition to Investor Accounts established pursuant to the Pooling and Servicing Agreement, the Series Collections Account, the Series Principal Collections Account,
the Series Principal Funding Account, the Series Distribution Account, the Group Finance Charge Collections Reallocation Account and the Group Principal Collections Reallocation Account. 
 “Investor Servicing Fee” shall mean, with respect to any Distribution Date, an amount equal to the product of the Investor Servicing Fee
Percentage and the Series Investor Interest on the first day of the Due Period related to such Distribution Date (or in the case of the first Distribution Date for the Series established hereby, the Series Initial Investor Interest). For purposes of
this definition, the Series Investor Interest on the first day of any Due Period in which an increase in the Series Investor Interest pursuant to Section 31 has occurred shall include the Series Investor Interest of all Investor Certificates
issued during such Due Period. 
  

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 “Investor Servicing Fee Percentage” shall mean the percentage identified as such in the
Series Term Sheet. 
 “Principal Distribution Amount” shall mean, 
 (i) with respect to any Distribution Date occurring prior to the Class Expected Final Payment Date, an amount equal to the sum of
(a) the Designated SD Percentage of the sum of (x) the amount that is deposited into the Series Principal Funding Account for each other Series (other than Series 2007-CC) and (y) the amount that is deposited into the Principal
Funding Account for the DiscoverSeries Notes pursuant to the Indenture Supplement, in each case for such Distribution Date and (b) the amount of the remaining Principal Distribution Amount Shortfall from the prior Distribution Date after giving
effect to Section 9(b)(12) on such prior Distribution Date; and 
 (ii) with respect to any Distribution Date occurring
on or after the Class Expected Final Payment Date, an amount equal to the Series Investor Interest. 
 “Principal Distribution Amount
Shortfall” with respect to any Distribution Date, shall have the meaning set forth in Section 9. 
 “Required Daily
Deposit” shall mean, if applicable, with respect to each Servicer, an amount equal to zero. 
 “Series 2007-CC”
means the Series 2007-CC Investor Certificates issued pursuant to the Series 2007-CC Supplement to the Pooling and Servicing Agreement dated as of July 26, 2007, as the same may be amended, supplemented, restated, amended and restated, replaced
or otherwise modified from time to time. 
 “Series 2009-CE” means the Series 2009-CE Investor Certificates issued pursuant
to the Series 2009-CE Supplement to the Pooling and Servicing Agreement dated as of July 24, 2009, as the same may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 
 “Series Closing Date” shall mean the date designated as such in the Series Term Sheet. 
 “Series Collections Account” shall have the meaning specified in Section 8. 
 “Series Cut-Off Date” shall mean the date designated as such in the Series Term Sheet. 
 “Series Distribution Account” shall have the meaning specified in Section 8. 
 “Series Excess Spread” shall mean, for any Distribution Date, an amount equal to the sum of (a) the positive difference, if any,
between (x) the sum of the Series Finance Charge Collections and Series Interchange for this Series minus (y) the sum of (i) the Investor Servicing Fee, and (ii) the product of the Series Percentage with respect to the
Charged-Off Amount and the Charged-Off Amount, and (b) the Series Principal Collections for this Series, in each case for such Distribution Date, minus an amount equal to (x) the Series Principal Collections multiplied 

  

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by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of Series 2007-CC and the
denominator of which is the Aggregate Investor Interest for the Master Trust. 
 “Series Finance Charge Collections” shall
mean, with respect to any day or any Distribution Date or Trust Distribution Date, as applicable, the amount of Class Finance Charge Collections for Class SD for such day or for the related Due Period, as applicable. 
 “Series Initial Investor Interest” shall mean the aggregate face amount of Investor Certificates authenticated and delivered pursuant to
Section 7 and, if applicable, pursuant to Section 31, as specified in the Series Term Sheet. 
 “Series
Interchange” shall mean, with respect to any Distribution Date or Trust Distribution Date, as applicable, the amount of Class Interchange for Class SD for the related Due Period. 
 “Series Invested Amount” with respect to any Distribution Date, shall mean the Class Invested Amount for Class SD of the Series
established hereby on such Distribution Date. 
 “Series Investor Interest” with respect to any Distribution Date, shall
mean the Class Investor Interest for Class SD of the Series established hereby on such Distribution Date. 
 “Series Minimum
Principal Receivables Balance” shall mean, with respect to the Series established hereby, on any date of determination, the Series Investor Interest on such date of determination, divided by 0.93; provided, however, that Discover
Bank on behalf of the Holder of the Seller Certificate may, upon 30 days’ prior notice to the Trustee and the Rating Agencies, reduce the Series Minimum Principal Receivables Balance by increasing the divisors set forth above, subject to the
condition that Discover Bank on behalf of the Holder of the Seller Certificate shall have been notified by the Rating Agencies that such reduction would not result in the lowering or withdrawal of the rating of any Class of any Series then
outstanding, and provided, further, that the divisors set forth above may not be increased to more than 0.98. 
 “Series
Percentage” shall mean, with respect to any specified category, with respect to any Distribution Date or Trust Distribution Date, as applicable, the Class Percentage with respect to such category for this Series on such Distribution Date or
Trust Distribution Date, as applicable. 
 “Series Principal Collections” shall mean, with respect to any day or any
Distribution Date or Trust Distribution Date, as applicable, the amount of Class Principal Collections for Class SD for such day or for the related Due Period, as applicable. 
 “Series Principal Collections Account” shall have the meaning specified in Section 8. 
 “Series Principal Funding Account” shall mean the Series Principal Funding Account established pursuant to Section 8. Amounts
“on deposit in” the Series Principal Funding Account shall be deemed to be on deposit for the benefit of the Series SD Certificateholders. Amounts “on deposit in” the Series Principal Funding Account shall be deemed to include

  

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amounts invested in Permitted Investments pursuant to Section 8 unless the context clearly requires otherwise. 
 “Series Required Principal Amount” shall mean, for this Series, with respect to any Distribution Date, zero. 
 “Series Term Sheet” shall mean the Series Term Sheet setting forth the terms of the Series of Investor Certificates issued hereby, to
which this Annex is attached. 
 “Series Termination Date” shall mean the date designated as such in the Series Term Sheet.

 “United States” or “U.S.” shall mean the United States of America, its territories and possessions, any
State of the United States and the District of Columbia. 
 SECTION 2. Subordination. The Holders of each Series SD Certificate, by
their acceptance of such Investor Certificate, hereby subordinate, for the benefit of the Holders of the Investor Certificates of each Designated Series set forth on Schedule I hereto (the “Designated Series”), to the extent and in the
manner set forth in Section 9(b) hereof, all of such Investor Certificateholder’s right, title and interest in and to future distributions due on such Holder’s Investor Certificates. 
 SECTION 3. Representations and Warranties of the Sellers. The representations and warranties of the Sellers contained in Section 2.04 of the
Pooling and Servicing Agreement and the corresponding sections of any Assignment are true on and as of the date hereof and/or the date set forth in the Pooling and Servicing Agreement, as applicable. Each Seller also represents and warrants to the
Trust as of the date hereof that: 
 (a) The execution, delivery and performance of this Series Supplement by such Seller have been duly
authorized by all necessary corporate action, do not require any approval or consent of any governmental agency or authority, do not and will not conflict with any material provision of the Certificate of Incorporation or By-Laws of such Seller, do
not and will not conflict with, or result in a breach which would constitute a material default under, any agreement for borrowed money binding upon or applicable to it or such of its property which is material to it, or, to the best of such
Seller’s knowledge, any law or governmental regulation or court decree applicable to it or such material property, and this Series Supplement is the valid, binding and enforceable obligation of such Seller, except as the same may be limited by
receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles. 
 (b) The Pooling and Servicing Agreement creates a valid and enforceable security interest (as defined in the applicable UCC) which security interest is prior to all other Liens and is enforceable as such against
creditors of and purchasers from Seller, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles.

  

 6 

 (c) The Receivables constitute “accounts” within the meaning of Article 9 of the applicable
UCC. 
 (d) Each Seller has caused or will have caused, within ten days of the date of this Series Supplement, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest (as defined in the applicable UCC) in the Receivables conveyed to the Trustee under the Pooling and
Servicing Agreement. 
 (e) Other than the sale, transfer, assignment and conveyance of the Receivables to the Trust and the grant of a
security interest therein pursuant to the Pooling and Servicing Agreement, the Seller has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Receivables. 
 (f) The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral
covering the Receivables, other than any financing statement (i) relating to the interest of the Trust in the Receivables under the Pooling and Servicing Agreement or (ii) that has been terminated. 
 (g) The Seller is not aware of any judgment or tax lien filings against it. 
 The representations and warranties set forth in this Section 3 shall survive the transfer and assignment to the Trust of the Receivables transferred
to the Trust by the Sellers. None of (i) compliance with the representations and warranties set forth in this Section 3, (ii) compliance with the representations and warranties set forth in Sections 2.04(d) and (e) of the Pooling
and Servicing Agreement or (iii) compliance with the provisions of Section 13.02 of the Pooling and Servicing Agreement can be waived by the Trustee without the prior written consent of Standard & Poor’s. 
 SECTION 4. Representations and Warranties of Discover Bank as Master Servicer and Servicer. The representations and warranties of Discover Bank as
the Master Servicer and as a Servicer contained in Section 3.04 of the Pooling and Servicing Agreement are true on and as of the date hereof. Discover Bank as Master Servicer and Servicer also represents and warrants to the Trust as of the date
hereof that the execution, delivery and performance of this Series Supplement by Discover Bank have been duly authorized by all necessary corporate action, do not require any approval or consent of any governmental agency or authority, do not and
will not conflict with any material provision of the Certificate of Incorporation or By-Laws of Discover Bank, do not and will not conflict with, or result in a breach which would constitute a material default under, any agreement for borrowed money
binding upon or applicable to it or such of its property which is material to it, or, to the best of Discover Bank’s knowledge, any law or governmental regulation or court decree applicable to it or such material property, and this Series
Supplement is the valid, binding and enforceable obligation of Discover Bank, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or
by general equity principles. 
  

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 SECTION 5. Representations and Warranties of Other Servicers. The representations and
warranties of each Servicer (other than Discover Bank), if any, contained in Section 3.05 of the Pooling and Servicing Agreement are true and correct on and as of the date hereof. Each such Servicer also represents and warrants to the Trust as
of the date hereof that the execution, delivery and performance of this Series Supplement by such Servicer have been duly authorized by all necessary corporate action, do not require any approval or consent of any governmental agency or authority,
do not and will not conflict with any material provision of the Certificate of Incorporation or By-Laws of such Servicer, do not and will not conflict with, or result in a breach which would constitute a material default under, any agreement for
borrowed money binding upon or applicable to it or such of its property which is material to it, or, to the best of such Servicer’s knowledge, any law or governmental regulation or court decree applicable to it or such material property, and
this Series Supplement is the valid, binding and enforceable obligation of such Servicer, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights
generally or by general equity principles. 
 SECTION 6. Representations and Warranties of the Trustee. The representations and
warranties of the Trustee contained in Section 11.16 of the Pooling and Servicing Agreement are true on and as of the date hereof. The Trustee also represents and warrants as of the date hereof that the Trustee has full power, authority and
right to execute, deliver and perform this Series Supplement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Series Supplement, and this Series Supplement has been duly executed and delivered by
the Trustee. 
 SECTION 7. Authentication of Certificates. Pursuant to the request of the Sellers, the Trustee shall cause Investor
Certificates in authorized denominations evidencing the Series established hereby to be duly authenticated and delivered as of the Series Closing Date to or upon the order of the Sellers pursuant to Section 6.06 of the Pooling and Servicing
Agreement. 
 SECTION 8. Establishment and Administration of Investor Accounts. 
 (a) The Series Distribution Account, Series Collections Account and Series Principal Collections Account. The Trustee, for the benefit of the
Certificateholders, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, three non-interest bearing segregated trust
accounts (the “Series Distribution Account”; for Collections, the “Series Collections Account”; and for Series Principal Collections and certain other amounts deposited therein pursuant to Section 9, the “Series
Principal Collections Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Trust shall possess all right, title and interest in all funds on deposit in the
Series Distribution Account, the Series Collections Account and the Series Principal Collections Account; provided, however, that all interest and earnings (less investment expenses) on funds on deposit in any such account shall be paid to
the Holder of the Seller Certificate in accordance with Section 4.02(c) of the Pooling and Servicing Agreement. Pursuant to authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer
shall have the revocable power to instruct the Trustee to withdraw funds from the Series 

  

 8 

 
Distribution Account, the Series Collections Account and the Series Principal Collections Account for the purpose of carrying out the duties of the Master
Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Distribution Account, the Series Collections Account and the Series Principal Collections Account. The Paying Agent also
shall have the revocable authority to make withdrawals from the Series Distribution Account. 
 (b) Reallocation Accounts. The
Trustee, for the benefit of the Certificateholders, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, two non-interest
bearing segregated trust accounts for the Group of which the Series established hereby is a member (for reallocated Series Finance Charge Collections and Class Investment Income, the “Group Finance Charge Collections Reallocation Account”
and for reallocated Series Principal Collections and other amounts deposited into the Series Principal Collections Account pursuant to Section 9, the “Group Principal Collections Reallocation Account”) bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Group Finance Charge Collections Reallocation
Account and the Group Principal Collections Reallocation Account in all proceeds thereof. Pursuant to authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power
to instruct the Trustee to withdraw funds from the Group Finance Charge Collections Reallocation Account and the Group Principal Collections Reallocation Account for the purpose of carrying out the duties of the Master Servicer hereunder. The Master
Servicer at all times shall maintain accurate records reflecting each transaction in the Group Finance Charge Collections Reallocation Account and the Group Principal Collections Reallocation Account. 
 (c) The Series Principal Funding Account. The Trustee, for the benefit of the Certificateholders, shall establish and maintain or cause to be
established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, a non-interest bearing segregated trust account (for principal to be paid to Investor
Certificateholders of this Series, the “Series Principal Funding Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Trust shall possess all right,
title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the
Certificateholders. Pursuant to authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to withdraw funds from the Series Principal Funding Account for the
purpose of carrying out the duties of the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable
authority to make withdrawals from the Series Principal Funding Account. 
 Funds on deposit in the Series Principal Funding Account shall be
invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf 

  

 9 

 
of the Trustee) at the direction of Discover Bank on behalf of the Holder of the Seller Certificate, as set forth below. Any Permitted Investment with a
stated maturity shall mature on or prior to the following Distribution Date. The Master Servicer shall notify the Trustee of the amount of Certificate Principal to be deposited into the Series Principal Funding Account on each Distribution Date, and
Discover Bank on behalf of the Holder of the Seller Certificate, if it determines funds are available for investment, shall direct the Trustee in writing to invest the funds that will be on deposit in the Series Principal Funding Account on such
Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Discover Bank’s notice to the Trustee shall specifically identify
each such Permitted Investment (including its principal amount and maturity). In addition, Discover Bank on behalf of the Holder of the Seller Certificate shall from time to time, if it determines funds are available for reinvestment, provide
written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted
Investments. In the event that Discover Bank on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with
respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which
evidence obligations issued or fully guaranteed, as to timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such
time as the Trustee receives the required notice from Discover Bank; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment.

 (d) Transfer of Investor Accounts. If at any time any of the Investor Accounts established in Sections 8(a) through 8(c) is
not being held by the Trustee and the institution holding such Investor Account ceases to be a Qualified Institution, the Master Servicer shall within 10 Business Days establish a new Investor Account (meeting any conditions specified in this Series
Supplement with respect to such Investor Account) with a Qualified Institution and transfer any cash and/or any investments to such new Investor Account. 
 SECTION 9. Allocations of Collections. 
 (a) Deposits to Series Collections Account. On or
before each Distribution Date, the Master Servicer shall direct the Trustee in writing to withdraw from the Group Collections Account and deposit into the Series Collections Account an amount equal to the sum of the Series Finance Charge
Collections, the Series Principal Collections and the Series Interchange for the related Due Period. 
 (b) Allocations. The Master
Servicer shall, on or before each Distribution Date, direct the Trustee in writing that funds be paid or deposited in the following amounts, to the extent such funds are available and in the order of priority specified, to the account or Person
indicated, in each case as set forth below. 
  

 10 

 (1) An amount equal to the lesser of 
  

	 	(x)	the Class Required Amount, and 

  

	 	(y)	the sum of (i) the Series Finance Charge Collections and (ii) the Series Interchange for this Series 

 shall be withdrawn from the Series Collection Account for this Series and deposited into the Series Distribution Account for this Series. The amount by
which the Class Required Amount exceeds the amount of such deposit shall be the “Class Required Amount Shortfall.” 
 (2) An amount equal to the lesser of 
  

	 	(x)	the Class Investor Charged-Off Amount, and 

  

	 	(y)	the sum of (i) the Series Finance Charge Collections and (ii) the Series Interchange for this Series, remaining after clause (1) above 

 shall be withdrawn from the Series Collection Account for this Series and deposited into the Series Principal Collections Account for this Series. The
Class Investor Charged-Off Amount shall be reduced by the amount of such deposit. 
 (3) An amount equal to the sum of
(i) the Series Finance Charge Collections and (ii) the Series Interchange for this Series, remaining after clause (2) above shall be withdrawn from the Series Collections Account and deposited into the Group Finance Charge Collections
Reallocation Account. 
 (4) An amount equal to the Series Principal Collections for this Series shall be deposited into the
Group Finance Charge Collections Reallocation Account; provided, however, that such amount shall only be so deposited to the extent necessary for application to cover shortfalls for other Series issued by the Trust in accordance with
the Series Supplements to the Pooling and Servicing Agreement for such other Series. In determining the amount necessary to cover such shortfalls, all amounts available under the Series 2007-CC Supplement pursuant to clause (56) of
Section 3.01 of the related Indenture Supplement shall be deemed to have been applied to cover such shortfalls prior to any determination under this clause (4). 
 (5) All allocations set forth in other Series Supplements with respect to the Class A Required Amount, the Class A Cumulative
Investor Charged-Off Amount, the Class B Required Amount, the Class B Cumulative Investor Charged-Off Amount, the Available Class A Credit Enhancement Amount, the Available Class B Credit Enhancement Amount or the Class Cumulative Investor
Charged-Off Amount for Series 2009-CE, in each case as applicable and as each such term is defined in the relevant Series Supplement, shall be made from funds on deposit in the Group Finance Charge Collections Reallocation Account in accordance with
such Series Supplements. 
  

 11 

 (6) If the Class Required Amount Shortfall is greater than zero after giving effect to
clause (1), an amount equal to the lesser of 
  

	 	(x)	The Class Required Amount Shortfall and 

  

	 	(y)	the amount remaining on deposit in the Group Finance Charge Collections Reallocation Account after giving effect to clause (5) above 

 will be withdrawn from the Group Finance Charge Collections Reallocation Account and deposited in the Series Distribution Account. 
 (7) If the Class Investor Charged-Off Amount is greater than zero after giving effect to clause (2), an amount equal to the lesser of

  

	 	(x)	The Class Investor Charged-Off Amount and 

  

	 	(y)	the amount remaining on deposit in the Group Finance Charge Collections Reallocation Account after giving effect to clause (6) above 

 will be withdrawn from the Group Finance Charge Collections Reallocation Account and deposited in the Series Principal Collections Account. 
 (8) Amounts remaining on deposit in the Group Finance Charge Collections Reallocation Account after giving effect to the allocations in
clause (7) above shall, for so long as any Series other than this Series, Series 2007-CC or Series 2009-CE is outstanding, be withdrawn from the Group Finance Charge Collections Reallocation Account and paid to the Trustee as administrator of
the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreements of the other applicable Series (as defined in the applicable Series Supplements for such other Series) or, if no Series other than this
Series, Series 2007-CC and Series 2009-CE is outstanding, be withdrawn from the Group Finance Charge Collections Reallocation Account and paid to the Holder of the Seller Certificate. For purposes of calculating the amount to be withdrawn from the
Group Finance Charge Collections Reallocation Account and paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the Credit Enhancement Agreements of the other applicable Series, the Series Investor
Interest of the Series established hereby shall be treated as zero. 
 (9) Any amounts remaining on deposit in the Series
Collections Account for this Series shall be withdrawn from the Series Collections Account and deposited into the Series Principal Collections Account. 
 (10) On each Distribution Date, an amount equal to the lesser of 
  

 12 

	 	(x)	the Principal Distribution Amount and 

  

	 	(y)	the amount on deposit in the Series Principal Collections Account 

 shall be withdrawn from the Series Principal Collections Account and deposited into the Series Principal Funding Account. The amount by which the Principal Distribution Amount exceeds the amount of such deposit shall be the “Principal
Distribution Amount Shortfall.” 
 (11) Any amounts remaining on deposit in the Series Principal Collections Account
shall be withdrawn from the Series Principal Collections Account and be deposited into the Group Principal Collections Reallocation Account. 
 (12) On each Distribution Date, an amount equal to the lesser of 
  

	 	(x)	the Principal Distribution Amount Shortfall, and 

  

	 	(y)	the amount on deposit in the Group Principal Collections Reallocation Account after all amounts to be withdrawn pursuant to the provisions of each other Series Supplement, other
than amounts to be deposited in the Collections Account, have been withdrawn 

 shall be withdrawn from the Group Principal
Collections Reallocation Account and deposited into the Series Principal Funding Account. The Principal Distribution Amount Shortfall shall be reduced by the amount of such deposit. 
 (13) After all allocations from the Group Principal Collections Reallocation Account to be made pursuant to any other Series Supplement
for any Series that is a member of the same Group of which the Series established hereby is a member have been made, the amount remaining on deposit in the Group Principal Collections Reallocation Account shall be withdrawn from the Group Principal
Collections Reallocation Account and deposited into the Collections Account. 
 (14) After all other allocations have been
provided for with respect to each Series then outstanding (whether or not such Series is a member of the same Group as the Series established hereby), the lesser of 
  

	 	(x)	the amount of the Seller Interest and 

  

	 	(y)	the amount on deposit in the Collections Account 

 shall be
paid to the Holder of the Seller Certificate. If, after such payment, any amounts remain on deposit in the Collections Account, such amounts shall remain in the Collections Account for allocation as Principal Collections on the next Trust
Distribution Date. 
  

 13 

 SECTION 10. Payments. 
 (1) On each Distribution Date, after giving effect to payments made pursuant to Section 9, an amount equal to the lesser of: 
  

	 	(x)	the sum of the Class Monthly Servicing Fee for such Distribution Date and all accrued but unpaid Class Monthly Servicing Fees from prior months and 

  

	 	(y)	the amount deposited into the Series Distribution Account with respect to Class SD on such Distribution Date pursuant to Section 9 

 shall be withdrawn from the Series Distribution Account and paid to the Master Servicer. 
 (2) On each Distribution Date, after giving effect to payments made pursuant to Section 9, an amount equal to the lesser of: 
  

	 	(x)	the Principal Distribution Amount, and 

  

	 	(y)	the amount deposited into the Series Principal Funding Account on such Distribution Date pursuant to Section 9 

 shall be withdrawn from the Series Principal Funding Account. The Master Servicer shall cause the Paying Agent to pay such amount to the Investor Certificateholders of
the Series SD Certificates in accordance with Section 5.01 of the Pooling and Servicing Agreement. Except as set forth in the following sentence, all such amounts shall be paid to or with respect to the Investor Certificateholders of Class SD
until the Class Invested Amount is reduced to zero. In no event shall any amounts be paid with respect to the Class SD Investor Certificates pursuant to this Section 10 in excess of the Class Invested Amount for Class SD. Any amounts remaining
on deposit in the Series Principal Funding Account after the Class Invested Amount for Class SD has been reduced to zero shall be paid to the Holder of the Seller Certificate. 
 SECTION 11. [RESERVED] 
 SECTION 12.
[RESERVED] 
 SECTION 13. [RESERVED] 
 SECTION 14. Servicing Compensation. As compensation for its servicing activities hereunder and under the Pooling and Servicing Agreement and reimbursement of its expenses as set forth in Section 3.03 of the Pooling and Servicing
Agreement, the Master Servicer shall be entitled to receive the Class Monthly Servicing Fees with respect to the Series established hereby in respect of any Due Period (or portion thereof) prior to the earlier of the date on which the Series
Investor Interest is reduced to zero and the Series Termination Date. The Class Monthly Servicing Fees shall be paid to the Master Servicer on behalf of Class SD on each Distribution Date pursuant to Section 10. 
  

 14 

 SECTION 15. [RESERVED]. 
 SECTION 16. [RESERVED]. 
 SECTION 17. Investor Certificateholders’ Monthly Statement. On each
Statement Date, a statement substantially in the form of Exhibit B and prepared by the Trustee (based on information provided by the Master Servicer) setting forth the information listed thereon shall be available from the Trustee and each Paying
Agent. 
 SECTION 18. Master Servicer’s Monthly Certificate. On or before the second Business Day preceding each Statement Date,
the Master Servicer shall forward to Discover Bank on behalf of the Holder of the Seller Certificate, the Trustee and each Paying Agent a certificate of a Servicing Officer substantially in the form of Exhibit C setting forth the information listed
thereon. 
 SECTION 19. [RESERVED]. 
 SECTION 20. [RESERVED]. 
 SECTION 21. [RESERVED]. 
 SECTION 22. Purchase of Investor Certificates and Series Termination. 
 (a) If as of any Distribution
Date (after giving effect to any payments calculated pursuant to Section 9 made on such Distribution Date) the Series Investor Interest of the Series established hereby is less than or equal to 5% of the Series Initial Investor Interest and no
Investor Certificates of any other Series remains outstanding, Discover Bank on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series
Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Series Investor Interest as of the last day of the Due Period related to such immediately succeeding Distribution Date. The Master Servicer shall direct
the Trustee in writing to withdraw the amount allocable to Class SD from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. All
Investor Certificates of the Series established hereby that are purchased by Discover Bank on behalf of the Holder of the Seller Certificate pursuant to this Section 22(a) shall be delivered by Discover Bank on behalf of the Holder of the
Seller Certificate upon such purchase to, and be cancelled by, the Transfer Agent and be disposed of in a manner satisfactory to the Trustee and Discover Bank on behalf of the Holder of the Seller Certificate. 
 (b) Notwithstanding Section 12.02 of the Pooling and Servicing Agreement, if on the Series Termination Date Investor Certificates for Class SD
remain outstanding, an amount equal to the product of (A) the aggregate amount of Receivables remaining in the Trust and (B) a fraction, the numerator of which is the Series Investor Interest of this Series and the denominator of which is
the Aggregate Investor Interest, in each case, as of the Distribution Date occurring in the month immediately preceding the month in which such Series Termination Date occurs, shall be distributed pro rata to the holders of the Investor
Certificates for Class SD. 
  

 15 

 SECTION 23. [RESERVED]. 
 SECTION 24. [RESERVED]. 
 SECTION 25. Ratification of Pooling and Servicing Agreement. As
supplemented and amended by this Series Supplement, the Pooling and Servicing Agreement is in all respects ratified and confirmed and the Pooling and Servicing Agreement as so supplemented by this Series Supplement shall be read, taken, and
construed as one and the same instrument. 
 SECTION 26. Counterparts. This Series Supplement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 SECTION 27. Governing Law. This Series Supplement and all disputes arising out of or relating to it shall be construed in accordance with the internal laws of the State of New York, without reference to its
conflict of law provisions that would result in the application of the law of any state other than New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 
 SECTION 28. Intention of Parties. The parties intend the sale, transfer, assignment or conveyance of Receivables, Interchange and all proceeds
thereof in connection herewith to be a sale of financial assets in connection with a securitization and an absolute transfer for all purposes (other than for federal, state and local income and franchise tax purposes). The parties intend the sale,
transfer, assignment or conveyance of Receivables in connection herewith to be treated as a sale for accounting purposes. 
 SECTION 29.
Amendment for Sale Accounting Purposes. If any Seller determines that an amendment to this Agreement or the Pooling and Servicing Agreement is necessary or desirable for such Seller to maintain or establish the legal isolation of the
Receivables from the insolvency estate of such Seller and such Seller cannot enter into such amendment pursuant to Section 13.01 of the Pooling and Servicing Agreement without obtaining the consent of a specified percentage of Investor
Certificateholders, then the Master Servicer, the Sellers, the Trustee and the Servicers may nonetheless enter into such amendment without obtaining the consent of any Certificateholder of any Investor Certificates of this Series. 
 Any such amendment may include, without limitation, any changes necessary to convert the Trust from a “one-tier” securitization structure to a
“two-tier” securitization structure. Notwithstanding the foregoing, any Investor Certificateholder that acquires an Investor Certificate of this Series will be deemed to have consented to any such amendment for all purposes, including for
purposes of calculating whether the requisite consent percentage, if any, under Section 13.01 of the Pooling and Servicing Agreement has been received for any amendment that requires such consent because of the lack of provisions comparable to
this Section 29 in the Series Supplements for other Series then outstanding (except that Investor Certificates beneficially owned by any Seller or any affiliate or agent of any Seller will not be included in any such calculation). 

 

 16 

 SECTION 30. Election Under Delaware Asset-Backed Securities Facilitation Act. Without limiting any
other provisions of the Pooling and Servicing Agreement or this Series Supplement, the parties hereto agree that (a) the transactions contemplated hereby constitute a “securitization transaction” and (b) to the fullest extent
permitted under applicable law, including without limitation, the Asset-Backed Securities Facilitation Act Delaware Code Ann. Tit. 6, § 2703A et seq: (1) all right, title and interest to the Receivables, whether now existing or hereafter
acquired, all monies due or to become due with respect thereto, all proceeds of such Receivables and all Interchange (the “Transferred Assets”), which have been transferred to the Trust in connection with the securitization transactions
contemplated herein, shall be deemed to no longer be the property, assets or rights of the Seller; (2) the Seller, its creditors or, in any insolvency proceeding with respect to the Seller or the Seller’s property, a bankruptcy trustee,
receiver, debtor, debtor in possession or similar person, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or recharacterize as property of the Seller any of the Transferred Assets;
and (3) in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the Seller or the Seller’s property, such Transferred Assets shall not be deemed to be part of the Seller’s property, assets, rights or
estate. 
 SECTION 31. Increases in Series Investor Interest. On the last day of each Due Period during which a New Issuance of a
Series occurs or the Seller by direction to the Trustee causes the Series Investor Interest of any outstanding Series to increase in accordance with the Series Supplement for such Series, to and including to the last day of the Due Period relating
to the Class Expected Final Payment Date, the Series Investor Interest of this Series shall automatically increase by an amount equal to the product of (x) the Designated SD Percentage and (y) the Series Investor Interest for such New
Issuance or the amount of the increase of the Series Investor Interest for such Series, as applicable. 
 SECTION 32. Increases in
Designated SD Percentage. The Master Servicer may increase the Designated SD Percentage from time to time if the following conditions have been satisfied: 
 (1) The Class SD Investor Certificateholder has requested in writing that the Designated SD Percentage be increased and has agreed to purchase the incremental Series Investor Interest that would result therefrom; and

 (2) Discover Bank on behalf of the Holder of the Seller Certificate shall not be required to designate Additional Accounts or convey
Participation Interests to the Trust pursuant to Section 2.10(a) of the Pooling and Servicing Agreement as a result of the increase in Series Investor Interest. 
 SECTION 33. Delay of the Class Expected Final Payment Date or Series Termination Date. The Master Servicer may from time to time elect to delay either the Class Expected Final Payment Date or the Series
Termination Date, subject to the conditions set forth in this Section 33. The Sellers may make such election only if the Trustee and the Rating Agencies shall have been notified of such delay in writing, at least 5 business days in advance of
the scheduled Class Expected Final Payment Date or the Series Termination Date, as applicable, which notice shall set forth the new Class Expected Final Payment Date or Series Termination Date, as applicable. 
  

 17 

 EXHIBIT A 
 FORM OF SERIES SD CERTIFICATE 
 [FORM OF THE FACE OF THE SERIES SD CERTIFICATES] 
  

			
	NO.	 	$            

 CUSIP NO.
                     
 DISCOVER CARD MASTER TRUST I, SERIES 2009-SD 
 SERIES 2009-SD CREDIT CARD PASS-THROUGH CERTIFICATE 
 DISCOVER BANK 
 MASTER SERVICER,
SERVICER AND SELLER 
 THIS SERIES 2009-SD CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE DESIGNATED SERIES CERTIFICATES (SET
FORTH IN SCHEDULE I UNDER THE SERIES 2009-SD SERIES SUPPLEMENT) (THE “DESIGNATED SERIES”) AND TO THE RIGHTS OF THE MASTER SERVICER AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT AND SERIES SUPPLEMENT REFERRED TO HEREIN.

 (NOT AN INTEREST IN OR OBLIGATION OF DISCOVER BANK AND NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.) 
 THIS INVESTOR CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF ANY EMPLOYEE BENEFIT PLAN (AS DEFINED
BELOW). 
 THIS SERIES 2009-SD CERTIFICATE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
SECTION 5 OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SERIES 2009-SD CERTIFICATE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.
EACH PURCHASER OF THIS SERIES 2009-SD CERTIFICATE IS HEREBY NOTIFIED THAT THE SELLER OF THIS SERIES 2009-SD CERTIFICATE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS
SERIES 2009-SD CERTIFICATE AGREES FOR THE BENEFIT OF DISCOVER BANK AND DISCOVER CARD MASTER TRUST I THAT (A) THIS SERIES 2009-SD CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO DISCOVER BANK OR ITS AFFILIATES IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, PROVIDED, THAT IMMEDIATELY AFTER SUCH RESALE, PLEDGE OR TRANSFER, THE SERIES 2009-SD CERTIFICATE WILL NOT BE 

  

 A-1 

 
CONSIDERED ISSUED AND OUTSTANDING FOR UNITED STATES FEDERAL AND STATE INCOME TAX PURPOSES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 This certifies that
                     (the “Series 2009-SD Certificateholder”) is the registered owner of a Fractional Undivided Interest in the Discover
Card Master Trust I (the “Trust”), the corpus of which consists of a portfolio of receivables (the “Receivables”) existing as of the Cut-Off Date (or, with respect to Receivables in Additional Accounts, as of the applicable
Additional Account Cut-Off Date) or thereafter created under certain open end credit card accounts for specified Persons (the “Accounts”) originated by Discover Bank, a Delaware banking corporation (“Discover Bank”), or an
affiliate of Discover Bank, and transferred to the Trust by Discover Bank or one or more Additional Sellers, all monies due or to become due with respect thereto, all proceeds (as defined in Section 9-102(a)(64) of the Uniform Commercial Code
as in effect in the Applicable State or any successor provision thereto) of such Receivables and interchange pursuant to an Amended and Restated Pooling and Servicing Agreement, dated as of November 3, 2004, as amended, by and between U.S. Bank
National Association as Trustee (the “Trustee”) and Discover Bank as Master Servicer, Servicer and Seller (the “Pooling and Servicing Agreement”), a summary of certain of the pertinent provisions of which is set forth herein
below, and benefits under any Credit Enhancement with respect to any Series of investor certificates issued from time to time pursuant to the Pooling and Servicing Agreement, to the extent applicable. Reference is hereby made to the further
provisions of this Series 2009-SD Certificate set forth on the reverse hereof, and such further provisions shall for all purposes have the same effect as if set forth at this place. 
 This Series 2009-SD Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or any amendment thereto, or the Series
Supplement, dated as of September 23, 2009 (the “Series Supplement”), by and between the Trustee and Discover Bank or any amendment thereto, or become vested or obligatory for any purpose until the certificate of authentication hereon
shall have been signed by or on behalf of the Trustee under the Pooling and Servicing Agreement. 
  

 A-2 

 IN WITNESS WHEREOF, Discover Bank has caused this Series 2009-SD Certificate to be duly executed and
authenticated. 
  

			
	DISCOVER BANK
		
	By:	 	  

  

 A-3 

 [FORM OF THE REVERSE OF THE SERIES 2009-SD CERTIFICATES] 
 To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Pooling and Servicing Agreement or the Series
Supplement. This Series 2009-SD Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement and the Series Supplement, to which Pooling and Servicing Agreement and Series Supplement, as
each may be amended from time to time, the Series 2009-SD Certificateholder by virtue of the acceptance hereof assents and by which the Series 2009-SD Certificateholder is bound. 
 This Series 2009-SD Certificate is one of a series of Certificates entitled “Discover Card Master Trust I, Series 2009-SD Credit Card Pass-Through
Certificates” (the “Series 2009-SD Certificates”), each of which represents a Fractional Undivided Interest in the Trust including the right to receive the Collections and other amounts at the times and in the amounts specified in the
Pooling and Servicing Agreement and the Series Supplement to be deposited in the Investor Accounts with respect to Discover Card Master Trust I, Series 2009-SD, or paid to the Series 2009-SD Certificateholders. The Series 2009-SD Certificates are
collectively referred to herein as the Investor Certificates. 
 The aggregate interest represented by the Series 2009-SD Certificates at any
time in the assets of the Trust shall not exceed an amount equal to the Class Investor Interest at such time. The Class Initial Investor Interest of the Series 2009-SD Certificates is $537,237,508; plus the face amount of any Series 2009-SD
Certificates issued in an increase of the Series Investor Interest pursuant to Section 31 of the Series Supplement. The Class Invested Amount on any Distribution Date will be an amount equal to the Class Initial Investor Interest minus the
aggregate amount of payments of Certificate Principal paid to the Series 2009-SD Certificateholders prior to such Distribution Date. In addition to the Series 2009-SD Certificates, a Seller Certificate has been issued pursuant to the Pooling and
Servicing Agreement which represents, at any time, the undivided interest in the Trust not represented by the Series 2009-SD Certificates or the investor certificates of any other Series of investor certificates then outstanding. Subject to the
terms and conditions of the Pooling and Servicing Agreement, the Sellers may from time to time direct the Trustee, on behalf of the Trust, to issue one or more new Series of investor certificates, which will represent Fractional Undivided Interests
in the Trust. 
 Principal on the Series 2009-SD Certificates is scheduled to be paid in installments on each Distribution Date on which
funds are deposited into the Series Principal Funding Account for any other Series (other than Series 2007-CC) into the Principal Funding Account for the DiscoverSeries Notes pursuant to the Indenture Supplement, in each case in an amount equal to
the Designated SD Percentage of such deposits. This amount will be distributed to the Series 2009-SD Certificateholders, subject to the availability of funds pursuant to Section 9(b) of the Series Supplement. Remaining principal is scheduled to
be paid in a single installment on the Distribution Date related to the December 2011 Due Period (the “Class Expected Final Payment Date”). In any event, the final payment of principal will be made no later than the Business Day following
the Distribution Date in July 2014 (the “Series Termination Date”). The Class Expected Final Payment Date and the Series Termination Date may be delayed pursuant to Section 33 of the Series Supplement. 
  

 A-4 

 Distributions with respect to this Series 2009-SD Certificate will be made by the Paying Agent by wire
transfer in immediately available funds to the account designated by the Series 2009-SD Certificateholder of record appearing in the Certificate Register (except for the final distribution in respect of this Series 2009-SD Certificate) without the
presentation or surrender of this Series 2009-SD Certificate or the making of any notation thereon. 
 This Series 2009-SD Certificate does
not represent an obligation of, or an interest in, the Master Servicer. This Series 2009-SD Certificate is limited in right of payment to certain Collections respecting the Receivables and certain other assets of the Trust, all as more specifically
set forth hereinabove and in the Pooling and Servicing Agreement and the Series Supplement. 
 The Pooling and Servicing
Agreement permits, with certain exceptions, the amendment and modification of the rights and obligations of the Master Servicer, and the rights of Investor Certificateholders under the Pooling and Servicing Agreement and Series Supplement, at any
time by the Master Servicer, the Sellers and the Trustee in certain cases (some of which require confirmation from the Rating Agencies that such amendment will not result in the downgrading or withdrawal of the rating assigned to the Investor
Certificates) without the consent of the Investor Certificateholders, and in all other cases with the consent of the Investor Certificateholders owning Fractional Undivided Interests aggregating not less than 66- 2/3% of the Class Invested Amount of each such affected Class (and with confirmation
from the Rating Agencies that such amendment will not result in the downgrading or withdrawal of the rating assigned to the Investor Certificates); provided, however, that no such amendment shall (a) have a material adverse effect on any
Series 2009-SD of Investor Certificateholders by reducing in any manner the amount of, or delaying the timing of, distributions which are required to be made on any Investor Certificate without the consent of the affected Investor Certificateholders
or (b) reduce the aforesaid percentage required to consent to any such amendment, without the consent of each Investor Certificateholder of each affected Class then of record; provided, further, that the permitted activities of the Trust
may be significantly changed only with the consent of the Holders of Investor Certificates evidencing Fractional Undivided Interests aggregating not less than 51% of the Aggregate Invested Amount; provided, further, that the Series Supplement
may not be amended or modified without the consent of Investor Certificateholders evidencing at least 66 2/3
% of the Class Invested Amount, except pursuant to Section 29 of the Series Supplement. Any such amendment and any such consent by the Series 2009-SD Certificateholder, including the deemed consent
described in the following sentence, shall be conclusive and binding on such Series 2009-SD Certificateholder and upon all future Holders of this Series 2009-SD Certificate and of any Series 2009-SD Certificate issued in exchange hereof or in lieu
hereof whether or not notation thereof is made upon this Series 2009-SD Certificate. The Series 2009-SD Certificateholder, by acceptance of this Series 2009-SD Certificate, will be deemed to have consented for all purposes to any amendment that any
Seller determines is necessary or desirable for such Seller to maintain or establish the legal isolation of the Receivables from the insolvency estate of Discover Bank. 
 The transfer of this Series 2009-SD Certificate shall be registered in the Certificate Register upon surrender of this Series 2009-SD Certificate for
registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written 

  

 A-5 

 
instrument of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Series 2009-SD Certificateholder or
such Series 2009-SD Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Series 2009-SD Certificates of authorized denominations and for the same aggregate Fractional Undivided Interest will be issued to the
designated transferee or transferees. 
 The transfer of this Investor Certificate is subject to certain restrictions set forth in the
Pooling and Servicing Agreement and the Series Supplement. In no event shall this Investor Certificate, or any interest therein, be transferred to an employee benefit plan, trust or account subject to the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), or described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), and not excepted under Section 4975(g). Any Holder of this Investor Certificate, by its
acceptance hereof, shall be deemed to represent and warrant that it is not (i) an employee benefit plan (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(l) of
the Code, and not excepted under Section 4975(g), or (iii) an entity using assets to purchase such Certificates which constitute plan assets by reason of a plan’s investment in such Holder. 
 As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Series 2009-SD Certificates are exchangeable for
new Series 2009-SD Certificates evidencing like aggregate Fractional Undivided Interests, as requested by the Series 2009-SD Certificateholder surrendering such Series 2009-SD Certificates. No service charge may be imposed for any such exchange but
the Master Servicer or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The Master Servicer, the Trustee, the Paying Agent and the Transfer Agent, and any agent of any of them, may treat the person in whose name this Series
2009-SD Certificate is registered as the owner hereof for all purposes, and neither the Master Servicer, the Trust nor the Trustee, the Paying Agent, the Transfer Agent, nor any agent of any of them or any such agent shall be affected by notice to
the contrary except in certain circumstances described in the Pooling and Servicing Agreement. 
 Subject to certain conditions in the
Pooling and Servicing Agreement and the Series Supplement, if the principal of the Investor Certificates has not been paid in full prior to the Series Termination Date, the obligations created by the Pooling and Servicing Agreement and the Series
Supplement with respect to the Investor Certificates shall terminate on the Series Termination Date. 
  

 A-6 

 [FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION] 
 This is one of the Series 2009-SD Certificates referred to in the within mentioned Pooling and Servicing Agreement and Series Supplement. 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Officer

  

 A-7 

 Exhibit B 
 Form of Investor Certificateholders’ Monthly Statement 
 Discover Card Master Trust I 
 Series 2009-SD Monthly Statement 
 SD
Certificate 
  

			
	Distribution Date:                  ,
        	 	Month Ending:                  ,
        

 Pursuant to the Series Supplement dated as of September 23, 2009 (the “Series Supplement”) relating
to the Amended and Restated Pooling and Servicing Agreement dated as of November 3, 2004, as amended, by and between Discover Bank and U.S. Bank National Association as Trustee (the “Pooling and Servicing Agreement”), the Trustee is
required to prepare certain information each month regarding current distributions to investors and the performance of the Trust. We have set forth below this information and certain other information required under the Securities Exchange Act of
1934, as amended, for the Distribution Date listed above, as well as for the calendar month ended on the date listed above. The Pooling and Servicing Agreement was filed by the Trust as Exhibit 4.1 to the Trust’s Current Report on Form 8-K
filed on October 29, 2004, and the Series Supplement was filed by the Trust as Exhibit 4.1 to the Trust’s Current Report on Form 8-K filed on September 23, 2009, in each case under the file number 000-23108. Capitalized terms used in
this report without definition have the meanings given to them in the Pooling and Servicing Agreement and the Series Supplement. 
  

											
	1.	  	Payments to investors in Series 2009-SD on this Distribution Date (per $1,000 of Class Initial Investor Interest)
						
	 	  	 	  	 	  	 Total
	  	 Interest
	  	 Principal

					
		  	Series 2009-SD	  	$                    	  	$                    	  	$                    
					
	2.	  	Principal Receivables at the end of [Month][Year]	  	 	  	 Beginning
Principal Balances
	  	 Ending
Principal Balances

						
		  	(a)	  	Aggregate Investor Interest	  		  	$                    	  	$                    
						
		  		  	Seller Interest	  		  	$                    	  	$                    
						
		  		  	Total Master Trust	  		  	$                    	  	$                    
						
		  	(b)	  	Group One Investor Interest	  		  	$                    	  	$                    
						
		  	(c)	  	Group One Investor Interest for Interchange Series	  		  	$                    	  	$                    
						
		  	(d)	  	Series 2009-SD Investor Interest	  		  	$                    	  	$                    
						
		  	(e)	  	Total Master Trust # of Accounts	  		  	                      	  	                      
						
		  		  		  		  		  	
						
		  	(f)	  	Minimum Principal Receivables Balance at end of Month1	  		  		  	$                    
						
		  	(g)	  	Amount by which Master Trust Receivables Exceeded the Minimum Principal Receivables Balance at end of Month	  		  		  	$                    
		
	3.	  	Allocation of Receivables and other amounts collected during [Month][Year]
						
	 	  	 	  	 	  	 Finance Charge
Collections
	  	 Principal
Collections
	  	 Interchange

						
		  	(a)	  	Allocation between Investors and Seller:	  		  		  	
						
		  		  	Aggregate Investor Allocation	  	$                    	  	$                    	  	$                    
						
		  		  	Seller Allocation	  	$                    	  	$                    	  	$                    
						
		  	(b)	  	Group One Allocation	  	$                    	  	$                    	  	$                    
						
		  	(c)	  	Series 2009-SD Allocation	  	$                    	  	$                    	  	$                    
						
		  	(d)	  	Group One Portfolio Yield (FCC	  		  		  	

  

 B-1 

														
		  	yield excludes principal recoveries, see Item 10(b))	  	 	            	% 	 	            	% 	 	 	            	% 
					
	(e)	  	Series 2009-SD Portfolio Yield (FCC yield excludes principal recoveries, see Item 10(b))	  	 	            	% 	 	            	% 	 	 	            	% 
					
	(f)	  	Principal Collections as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]	  				 			 	 	            	% 
					
	(g)	  	Finance Charge Collections as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]	  				 			 	 	            	% 
					
	(h)	  	Total Collections as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]	  				 			 	 	            	% 
					
	(i)	  	Interchange as a monthly percentage of Master Trust Receivables at the beginning of the [Month][Year]	  				 			 	 	            	% 
					
	(j)	  	Total Collections and Interchange as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]	  				 			 	 	            	% 
					
	(k)	  	Trust Collections deposited for the month2	  	 	[Prior Month]	  	 			 	 	[            , 20    ]	  
					
		  		  	$	            	  	 			 	$	            	  

  

	4.	Information concerning the Series Principal Funding Account (“SPFA”) 

  

																
	 	  	SPFA
Beginning
Balance	  	Deposits
into the
SPFA on
this
Distribution
Date	  	Deficit
Amount
on this
Distribution
Date	  	SPFA
Balance	  	Investment
Income
						
	Series 2009-SD	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            

  

	5.	Information concerning amount of Controlled Liquidation Payments 

  

							
	 	  	Amount
paid on this
Distribution
Date	  	Deficit
Amount
on this
Distribution
Date
	 Series 2009-SD
	  	$	            	  	$	            

  

	6.	Investor Charged-Off Amount 

  

										
	 	  	 	  	[Month][Year]	 	 	Cumulative
Investor
Charged-Off
Amount
				
	(a)	  	Group One	  	$	            	  	 	$	            
				
	(b)	  	Series 2009-SD	  	$	            	  	 	$	            
				
	(d)	  	As an annualized percentage of Principal Receivables at the beginning of [Month][Year]	  	 	            	% 	 	 	N/A

  

	7.	Investor Monthly Servicing Fee payable to Discover Bank on this Distribution Date 

  

						
	(a)	  	 Group One
	  	$	            
			
	(b)	  	 Series 2009-SD
	  	$	            

  

 B-2 

	8.	Delinquency Summary 

  

						
		
	 Master Trust Receivables Outstanding at the end of [Month][Year]
	  	$	            

  

									
	 Payment Status
	  	Number of
Delinquent
Accounts	  	Delinquent
Amount
ending
balance	  	Percentage
of ending
Receivables
outstanding	 
				
	30 – 59 days	  	______	  	$	            	  	            	% 
				
	60 – 89 days	  	______	  	$	            	  	            	% 
				
	90 – 119 days	  	______	  	$	            	  	            	% 
				
	120 – 149 days	  	______	  	$	            	  	            	% 
				
	150 – 179 days	  	______	  	$	            	  	            	% 
				
	Over 180 days	  	______	  	$	            	  	            	% 
				
	Total	  	______	  	$	            	  	            	% 

  

	9.	Excess Spread Percentages applicable to this Distribution Date 

  

						
	 	  	Amount	  	Annualized
Percentage	 
			
	 (a)    Group One
	  	______	  	            	% 
			
	 (b)    Group One three-month rolling average
	  	______	  	            	% 
			
	 (c)    Interchange Subgroup
	  	______	  	            	% 
			
	 (d)    Interchange Subgroup three-month rolling average
	  	______	  	            	% 
			
	 (e)    Series 2009-SD
	  	______	  	            	% 
			
	 (f)     Series 2009-SD three-month rolling average
	  	______	  	            	% 

  

	10.	 Investor Principal Charge-Offs on this Distribution Date3 

  

						
	 	  	Amount	  	Rate	 
			
	(a) Gross Charges-offs (rate shown as an annualized percentage of Investor Principal Receivables at the beginning of [Month][Year])	  	______	  	            	% 
			
	(b) Recoveries (rate shown as an annualized percentage of Investor Principal Receivables at the beginning of [Month][Year])	  	______	  	            	% 
			
	(c) Net Charges-offs (rate shown as an annualized percentage of Investor Principal Receivables at the beginning of [Month][Year])	  	______	  	            	% 

  

	1
	 The Discover Card Master Trust I is required to maintain Principal Receivables greater than or equal to the Minimum Principal Receivables Balance. The Minimum
Principal Receivables Balance is generally calculated by dividing the Investor Interest by 93%. If the Principal Receivables in the Trust are less than the Minimum Principal Receivables Balance, and Discover Bank fails to assign sufficient
Receivables to eliminate the deficiency, then an amortization event would occur. 

	2
	 Only the portion of Trust Collections required to be deposited under the Trust’s Required Daily Deposit provisions will typically be deposited in the Trust
Collections Account each month, and these required amounts may vary markedly from month to month depending on whether any Investor Certificates are maturing on the following distribution date (in which case additional Principal Collections are
retained in such account). Accordingly, the amount deposited in the account is not meaningful as an indicator of Trust performance. 

	3
	 For purposes of allocations to investors, all recoveries are treated as Finance Charge Collections and are included as such in Item 3 above.

  

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

  

 B-3 

 Exhibit C 
 Form of Master Servicer’s Monthly Certificate 
 Discover Card Master Trust I, Series 2009-SD 

CREDIT CARD 
 PASS-THROUGH CERTIFICATES

  
  
 The undersigned, a duly authorized representative of Discover Bank, as Master Servicer pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of
November 3, 2004 (the “Pooling and Servicing Agreement”), as amended, and the Series Supplement, dated as of September 23, 2009 (the “Series Supplement”) by and between Discover Bank and U.S. Bank National Association
as Trustee, does hereby certify as follows with respect to the Series Supplement for the Discover Card Master Trust I, Series 2009-SD Certificates for the Distribution Date occurring on
            : 
  

				
	 1.      Discover Bank is Master Servicer under the Pooling and Servicing Agreement.
	  		
		
	 2.      The undersigned is a Servicing Officer of Discover Bank as Master Servicer.
	  		
		
	 3       The aggregate amount of Collections processed during [month] [year] is equal to
	  	$	            
		
	 4.      The aggregate amount of Series Principal Collections processed during [month] [year] is equal
to
	  	$	            
		
	 5.      The aggregate amount of Series Finance Charge Collections processed during [month] [year] is equal to

	  	$	            
		
	 6.      The aggregate amount of Series Interchange processed during [month] [year] is equal to
	  	$	            
		
	 7.      The sum of all amounts payable to the Holders of Series 2009-SD Certificates on the current
Distribution Date is equal to
	  	$	            
		
	 8       Attached hereto is a true copy of the statement required to be delivered by the Master Servicer on
the date of this Certificate to the Trustee pursuant to the section entitled Master Servicer’s Monthly Certificate of the Series Supplement.
	  		

  

 C-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this certificate this
         day of                     ,         .

  

			
	DISCOVER BANK,
	    as Master Servicer
		
	By:	 	  

	Title:	 	

  

 C-2 

 Schedule I 
 Designated Series 
 Amended and Restated Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller,
and U.S. Bank National Association, as Trustee, dated as of July 31, 2009 with respect to the Series 1996-4 Certificates 
 Amended and Restated Series
Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of July 31, 2009 with respect to the Series 2003-3 Certificates 
 Amended and Restated Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of
July 31, 2009 with respect to the Series 2003-4 Certificates 
 Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and
U.S. Bank National Association, as Trustee, dated as of December 2, 2004 with respect to the Series 2004-2 Certificates 
 Series Supplement between
Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of October 13, 2005 with respect to the Series 2005-2 Certificates 
 Series Supplement between Discover Bank as Master Servicer, Servicer and Seller and U.S. Bank National Association as Trustee, dated as of November 29, 2005 with respect to the Series 2005-A Certificates

 Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of
December 16, 2005 with respect to the Series 2005-4 Certificates 
 Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller,
and U.S. Bank National Association, as Trustee, dated as of February 28, 2006 with respect to the Series 2006-1 Certificates 
 Series Supplement
between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of July 27, 2006 with respect to the Series 2006-2 Certificates 
 Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of October 3, 2006 with
respect to the Series 2006-3 Certificates 
 Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National
Association, as Trustee, dated as of February 28, 2007 with respect to the Series 2007-1 Certificates 

 Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as
Trustee, dated as of April 4, 2007 with respect to the Series 2007-2 Certificates 
 Series Supplement between Discover Bank, as Master Servicer,
Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of May 3, 2007 with respect to the Series 2007-3 Certificates 
 Series
Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of July 26, 2007 with respect to the Series 2007-CC Certificates 
 Series Supplement between Discover Bank, as Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, dated as of July 24, 2009 with
respect to the Series 2009-CE CertificatesForm of Indenture

 Exhibit 4.1 
 EMBRAER OVERSEAS LIMITED, 
 as Company 
 and 
 EMBRAER – EMPRESA BRASILEIRA DE AERONÁUTICA S.A.,

 as Guarantor 
 and

 THE BANK OF NEW YORK MELLON, 
 as Trustee 
  
  
 INDENTURE 
 Dated as of October
            , 2009 
  
  

 Certain Sections of this Indenture relating to Section 310 
 through 318, inclusive, of the U.S. Trust Indenture Act of 1939: 
  

			
	 TRUST INDENTURE ACT SECTION
	  	INDENTURE
SECTION
	 §310(a)(1)
	  	6.9
	 (a)(2)
	  	6.9
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (a)(5)
	  	6.9
	 (b)
	  	6.8
		  	6.10
	 §311(a)
	  	6.13
	 (b)
	  	6.13
	 §312(a)
	  	7.1
		  	7.2
	 (b)
	  	7.2
	 (c)
	  	7.2
	 §313(a)
	  	7.3
	 (b)
	  	7.3
	 (c)(1)
	  	7.3
	 (c)(2)
	  	7.3
	 (c)(3)
	  	7.3
	 (d)
	  	7.3
	 §314(a)
	  	10.5
	 (b)
	  	10.5
	 (c)
	  	10.5
	 (d)
	  	10.5
	 §315(a)
	  	6.1
	 (b)
	  	6.2
	 (c)
	  	6.1
	 (d)
	  	6.1
	 (e)
	  	5.14
	 §316(a)(1)(A)
	  	5.12
	 (a)(1)(B)
	  	5.13
	 (a)(2)
	  	Not Applicable
	 (b)
	  	5.8
	 (c)
	  	1.4
	 §317(a)(1)
	  	5.3
	 (a)(2)
	  	5.4
	 (b)
	  	10.3
	 §318(a)
	  	1.7

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of this Indenture. 

 Table of Contents 
  

							
	 	  	 	  	 	  	Page
	 1
	  	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	1
				
		  	1.1	  	 Definitions
	  	1
		  	1.2	  	 Compliance Certificates and Opinions
	  	8
		  	1.3	  	 Form of Documents Delivered to Trustee
	  	9
		  	1.4	  	 Acts of Holders; Record Dates
	  	9
		  	1.5	  	 Notices, Etc., to Trustee, Company and Guarantor
	  	11
		  	1.6	  	 Notice to Holders; Waiver
	  	11
		  	1.7	  	 Conflict with Trust Indenture Act
	  	12
		  	1.8	  	 Effect of Headings and Table of Contents
	  	12
		  	1.9	  	 Successors and Assigns
	  	12
		  	1.10	  	 Separability Clause
	  	12
		  	1.11	  	 Benefits of Indenture
	  	12
		  	1.12	  	 Governing Law
	  	12
		  	1.13	  	 Legal Holidays
	  	12
		  	1.14	  	 Consent to Service; Jurisdiction
	  	13
		  	1.15	  	 Language of Notices, Etc.
	  	13
			
	 2
	  	 SECURITY FORMS
	  	13
				
		  	2.1	  	 Forms Generally
	  	13
		  	2.2	  	 Form of Legend for Global Security
	  	14
		  	2.3	  	 Form of Trustee’s Certificate of Authentication
	  	14
			
	 3
	  	 THE SECURITIES
	  	14
				
		  	3.1	  	 Amount Unlimited; Issuable in Series
	  	14
		  	3.2	  	 Denominations
	  	16
		  	3.3	  	 Execution, Authentication, Delivery and Dating
	  	16
		  	3.4	  	 Registration, Registration of Transfer and Exchange
	  	18
		  	3.5	  	 Mutilated, Destroyed, Lost and Stolen Securities
	  	20
		  	3.6	  	 Payment of Interest; Interest Rights Preserved
	  	21
		  	3.7	  	 Persons Deemed Owners
	  	22
		  	3.8	  	 Cancellation
	  	22
		  	3.9	  	 Computation of Interest
	  	22
		  	3.10	  	 CUSIP or “ISIN” Numbers
	  	22
			
	 4
	  	 SATISFACTION AND DISCHARGE
	  	22
				
		  	4.1	  	 Satisfaction and Discharge of Indenture
	  	22
		  	4.2	  	 Application of Trust Money
	  	23
			
	 5
	  	 REMEDIES
	  	23
				
		  	5.1	  	 Events of Default
	  	23
		  	5.2	  	 Acceleration of Maturity; Rescission and Annulment
	  	25
		  	5.3	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	25
		  	5.4	  	 Trustee May File Proofs of Claim
	  	26
		  	5.5	  	 Trustee May Enforce Claims Without Possession of Securities
	  	26
		  	5.6	  	 Application of Money Collected
	  	26
		  	5.7	  	 Limitation on Suits
	  	26
		  	5.8	  	 Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	27

  

 ii 

							
		  	5.9	  	 Restoration of Rights and Remedies
	  	27
		  	5.10	  	 Rights and Remedies Cumulative
	  	27
		  	5.11	  	 Delay or Omission Not Waiver
	  	27
		  	5.12	  	 Control by Holders
	  	28
		  	5.13	  	 Waiver of Past Defaults
	  	28
		  	5.14	  	 Undertaking for Costs
	  	28
		  	5.15	  	 Waiver of Usury, Stay or Extension Laws
	  	28
			
	 6
	  	 THE TRUSTEE
	  	29
				
		  	6.1	  	 Certain Duties and Responsibilities
	  	29
		  	6.2	  	 Notice of Default; Potential Default
	  	29
		  	6.3	  	 Certain Rights of Trustee
	  	29
		  	6.4	  	 Not Responsible for Recitals or Issuance of Securities
	  	30
		  	6.5	  	 May Hold Securities
	  	31
		  	6.6	  	 Money Held in Trust
	  	31
		  	6.7	  	 Compensation and Reimbursement
	  	31
		  	6.8	  	 Conflicting Interests
	  	32
		  	6.9	  	 Corporate Trustee Required; Eligibility
	  	32
		  	6.10	  	 Resignation and Removal; Appointment of Successor
	  	32
		  	6.11	  	 Acceptance of Appointment by Successor
	  	33
		  	6.12	  	 Merger, Conversion, Consolidation or Succession to Business
	  	34
		  	6.13	  	 Preferential Collection of Claims Against Company
	  	34
		  	6.14	  	 Appointment of Authenticating Agent
	  	34
		  	6.15	  	 Trustee’s Application for Instructions from the Company or the Guarantor
	  	35
			
	 7
	  	 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	35
				
		  	7.1	  	 Company to Furnish Trustee Names and Addresses of Holders
	  	35
		  	7.2	  	 Preservation of Information; Communications to Holders
	  	36
		  	7.3	  	 Reports by Trustee
	  	36
			
	 8
	  	 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	36
				
		  	8.1	  	 Company and Guarantor May Consolidate, Etc. Only on Certain Terms
	  	36
		  	8.2	  	 Successor Substituted
	  	37
		  	8.3	  	 Right to Redemption
	  	37
			
	 9
	  	 SUPPLEMENTAL INDENTURES
	  	37
				
		  	9.1	  	 Supplemental Indentures without Consent of Holders
	  	37
		  	9.2	  	 Supplemental Indentures or Waiver with Consent of Holders
	  	38
		  	9.3	  	 Execution of Supplemental Indentures
	  	39
		  	9.4	  	 Effect of Supplemental Indentures
	  	39
		  	9.5	  	 Conformity with Trust Indenture Act
	  	40
		  	9.6	  	 Reference in Securities to Supplemental Indentures
	  	40
		  	9.7	  	 Effect of Waiver
	  	40
			
	 10
	  	 COVENANTS
	  	40
				
		  	10.1	  	 Payment of Principal, Premium and Interest
	  	40
		  	10.2	  	 Maintenance of Office or Agency
	  	40
		  	10.3	  	 Money for Security Payments To Be Held in Trust
	  	41
		  	10.4	  	 Statement by Officers as to Default
	  	41
		  	10.5	  	 Reports by Company and Guarantor
	  	42
		  	10.6	  	 Limitation on Liens
	  	42

  

 iii 

							
		  	10.7	  	 Payment of Additional Amounts
	  	42
		  	10.8	  	 Indemnification of Judgment Currency
	  	45
		  	10.9	  	 Further Acts
	  	45
		  	10.10	  	 Securities held by the Company, the Guarantor, etc.
	  	45
		  	10.11	  	 Status of Guarantees and Securities
	  	45
		  	10.12	  	 Maintenance of Corporate Existence
	  	46
		  	10.13	  	 Maintenance of Insurance
	  	46
		  	10.14	  	 Payment of Taxes
	  	46
		  	10.15	  	 Ownership of the Company and Payment of Expenses
	  	46
		  	10.16	  	 Additional Limitations on the Company
	  	46
			
	 11
	  	 REDEMPTION OF SECURITIES
	  	47
				
		  	11.1	  	 Right of Redemption
	  	47
		  	11.2	  	 Notice of Redemption
	  	48
		  	11.3	  	 Deposit of Redemption Price
	  	48
		  	11.4	  	 Securities Payable on Redemption Date
	  	49
		  	11.5	  	 Securities Redeemed in Part
	  	49
			
	 12
	  	 GUARANTEES
	  	49
				
		  	12.1	  	 The Guarantees
	  	49
		  	12.2	  	 Guarantees Unconditional
	  	50
		  	12.3	  	 Discharge; Reinstatement
	  	50
		  	12.4	  	 Waiver by the Guarantor
	  	50
		  	12.5	  	 Subrogation and Contribution
	  	50
		  	12.6	  	 Stay of Acceleration
	  	51
		  	12.7	  	 Execution and Delivery of Guarantees
	  	51
			
	 13
	  	 DEFEASANCE AND COVENANT DEFEASANCE
	  	51
				
		  	13.1	  	 Company’s Option to Effect Defeasance or Covenant Defeasance
	  	51
		  	13.2	  	 Defeasance and Discharge
	  	51
		  	13.3	  	 Covenant Defeasance
	  	51
		  	13.4	  	 Conditions to Defeasance or Covenant Defeasance
	  	52
		  	13.5	  	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions
	  	53
		  	13.6	  	 Reinstatement
	  	53

  

 iv 

 INDENTURE, dated as of October
            , 2009, (the “Indenture”) among EMBRAER OVERSEAS LIMITED, a Cayman Islands exempted company incorporated with limited liability (herein called the
“Company”), having its principal office at Walkers SPV Limited, Walkers House, PO BOX 908GT Mary Street, George Town, Grand Cayman, Cayman Islands 2, EMBRAER – EMPRESA BRASILEIRA DE AERONÁUTICA S.A., a company
(sociedade anônima) duly organized and existing under the laws of the Federative Republic of Brazil (herein called the “Guarantor”), having its principal office at Avenida Brigadeiro Faria Lima, 2170, 12227-901 São
José dos Campos, São Paulo State, Brazil, and THE BANK OF NEW YORK MELLON, a banking corporation duly organized and existing under the laws of the State of New York, having its principal corporate trust office at 101 Barclay
Street, New York, New York 10286, as Trustee (herein called the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Company and the Guarantor have duly authorized the execution and delivery of this Indenture to provide for the sale in one or more
offerings of debt securities of the Company guaranteed by the Guarantor (herein called collectively the “Securities”), to be issued in one or more tranches of one or more series as in this Indenture provided; and 
 WHEREAS, all things necessary to make this Indenture a valid and binding legal obligation of the Company and the Guarantor according to its terms
have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 It is hereby covenanted and agreed that the terms and conditions upon which the Securities are issued, authenticated, delivered and accepted by all
Persons who shall from time to time be or become the Holders thereof (each as defined below), which said terms and conditions the Trustee hereby accepts and agrees to discharge pursuant to the terms hereof, are as follows: 
  

	1	Definitions and Other Provisions of General Application 

  

	 	1.1	Definitions 

 For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	1.1.1	the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

  

	 	1.1.2	terms used herein which are defined in the Trust Indenture Act (as defined below), either directly or by reference therein, have the meanings assigned to them therein;

  

	 	1.1.3	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as
otherwise herein expressly provided, the terms “generally accepted accounting principles” or “U.S. GAAP” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally
accepted in the United States at the date of such computation; 

  

	 	1.1.4	unless the context otherwise requires, any reference to an “Article” or a “ Section” refers to an Article or Section, as the case may be, of this Indenture;

  

	 	1.1.5	unless the context otherwise requires, any reference to a statute, rule or regulation refers to the same (including any successor statute, rule or regulation thereto) as it may be
amended from time to time; and 

	 	1.1.6	the words “herein”, “hereof” and “ hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision. 

 “Act” means, when used with respect to any Holder, has the meaning specified in
Section 1.4. 
 “Additional Amounts” has the meaning specified in Section 10.7.1. 
 “Affiliate” means, with respect to any specified Person, (i) any other Person which, directly or indirectly, is in control of, is
controlled by or is under common control with such specified Person or (ii) any other Person who is a director or officer (a) of such specified Person, (b) of any subsidiary of such specified Person or (c) of any Person described
in clause (i) above. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent Members” has the meaning
specified in Section 3.4.5. 
 “Applicable Procedures” means, with respect to the Depositary, at any matter at any time, the
policies and procedures of the Depositary, if any, that are applicable to such matter at such time. 
 “Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Bankruptcy Law” means (i) Title 11, United States Code or any similar U.S. federal or state law for the relief of debtors or the administration or liquidation of debtors’ estates for the benefit of their creditors,
(ii) the Brazilian Bankruptcy Law or any similar Brazilian federal or state law for the relief of debtors or the administration or liquidation of debtors’ estates for the benefit of their creditors and (iii) the Cayman Islands
bankruptcy law or any other similar Cayman or other law for the relief of debtors or the administration or liquidation of debtors’ estates for the benefit of their creditors. 
 “Board of Directors” means, as the case may be, the Board of Directors of the Company or the Board of Directors of the Guarantor (Conselho de
Administração) or any committee thereof duly authorized to act on behalf of such Board of Directors. 
 “Board
Resolution” means a copy of a resolution certified by the Secretary, the Assistant Secretary or another director or Officer performing corporate secretarial functions of the Company or the Guarantor, as applicable, to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee. 
 “Brazil” means the Federative Republic of Brazil. 
 “Brazilian Bankruptcy Law” means Brazilian Federal Law
No. 11,101. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in the City of New York, the City of São Paulo, Brazil or the Cayman Islands are authorized or obligated by law or executive order to close. 
 “Capitalized Lease Obligation” means, with respect to any Person, any obligation which is required to be classified and accounted for as a capital lease on the face of a balance sheet of such Person prepared
in accordance with U.S. GAAP; the amount of such obligation shall be the capitalized amount thereof, determined in accordance with U.S. GAAP; and the Maturity thereof shall be the date of the last payment of rent or any other amount due under such
lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. 
 “Clearstream
Luxembourg” has the meaning specified in Section 3.4.5. 
  

 2 

 “Company” means the Person named as the “Company” in the first paragraph of this
Indenture until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request” or “Company Order” means a written request or order signed on behalf of the Company by any two of its directors or
officers in accordance with its Memorandum and Articles of Association and delivered to the Trustee. 
 “Corporate Trust Office”
means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered which office as of the date hereof is located at 101 Barclay Street, 4E, New York, New York 10286, Attention: Global
Finance Americas, Fax: (212) 815-5603, Tel: (212) 815¬5782. 
 “Custodian” means any receiver, trustee, assignee,
liquidator, custodian or similar official under any Bankruptcy Law. 
 “Default” means any event which is, or after notice or
passage of time or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning specified in Section 3.6.

 “Depositary” means The Depository Trust Company until a Person shall have become a successor thereto pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean such successor Depositary 
 “Dollar” and
“US$” mean a U.S. Dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private debts. 
 “Euroclear” has the meaning specified in Section 3.4.5. 
 “Event of Default” has the meaning specified in Section 5.1. 
 “Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended, and any successor statute thereto. 
 “Expiration Date” has the meaning
specified in Section 1.4.7. 
 “Foreign Taxes” has the meaning specified in Section 10.7.1. 
 “Global Security” means a Security that evidences all or part of the Securities of any series and is authenticated and delivered to, and
registered in the name of, the Depositary for Securities of such series or a nominee thereof. 
 “Guarantor” means the Person named
as the “Guarantor” in the first paragraph of this Indenture until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such Person.

 “Guarantees” means the guaranty of the Securities by the Guarantor pursuant to this Indenture. 
 “Hedging Agreement” means (i) any interest rate swap agreement, interest rate cap agreement or other agreement designed to protect against
fluctuations in interest rates or (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates. 
  

 3 

 “Holder” means, with respect to any Security, a Person in whose name such Security is
registered in the Security Register. 
 “Illegality Event” means an event as a result of which it becomes and continues to be
unlawful for the Company or the Guarantor to perform or comply with any one or more of its obligations under this Indenture. 
 “Indebtedness” means with respect to any Person, any amount payable (whether as a direct obligation or indirectly through a guaranty by such Person) pursuant to (i) an agreement or instrument involving or evidencing money
borrowed, (ii) a conditional sale or a transfer with recourse or with an obligation to repurchase or (iii) a Capitalized Lease Obligation, provided, however, that as used in Section 5.1.4, “Indebtedness” shall
not include any payment made by the Guarantor on behalf of an Affiliate, upon any Indebtedness of such Affiliate becoming immediately due and payable as a result of a default by such Affiliate, pursuant to a guarantee or similar instrument provided
by the Guarantor in connection with such Indebtedness, provided that such payment made by the Guarantor is made within five Business Days of notice being provided to the Guarantor that payment is due under such guarantee or similar
instrument. 
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be
a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of the particular series of Securities established as contemplated by Section 3.1. 

“Interest Payment Date” means, when used with respect to any Security, the Stated Maturity of an installment of interest on such Security.

 “Investment Company Act” has the meaning specified in Section 10.16.3. 
 “Judgment Currency” has the meaning specified in Section 10.8. 
 “Lien” means any mortgage, charge, pledge, lien, hypothecation, security interest or other encumbrance, including, without limitation, any
equivalent of the foregoing created under the laws of the Cayman Islands, Brazil or any other jurisdiction. 
 “Maturity” means,
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, exercise of
repurchase right or otherwise. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 
 “Notice of Default” means a written notice of the kind specified in Section 6.2. 
 “Officers’ Certificate” means a certificate signed by any two Officers, directors or representatives of the Company in accordance with its
Memorandum and Articles of Association and any two Officers or representatives of the Guarantor in accordance with its bylaws (estatuto social), and in each case delivered to the Trustee; provided, however, that one of the
Officers signing the Officers’ Certificate of the Guarantor pursuant to Section 10.4 shall be the chief executive officer, the principal financial officer or the principal accounting officer of the Guarantor. 
 “Officer” means, with respect to any Person, the director, president, vice-president, chief executive officer, chief financial officer or any
other executive officer performing decision-making functions for such Person (including, in the case of the Guarantor, any member of its Board of Executive Officers (Diretoria)). 
  

 4 

 “Opinion of Counsel” means a written opinion of counsel, who, unless otherwise indicated, may
be an employee of or counsel for the Company or the Guarantor, and who shall be reasonably acceptable to the Trustee. 
 “Outstanding” means, when used with respect to the Securities, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
  

	 	(i)	Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

  

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

  

	 	(iii)	Securities which have been paid pursuant to Section 3.5 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the
Company; 

 provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (a) the principal amount of a Security denominated in one or more foreign
currencies or currency units which shall be deemed to be Outstanding shall be the Dollar equivalent, determined as of such date in the manner provided as contemplated by Section 3.1.11, of the principal amount of such Security, and
(b) Securities owned by the Company, the Guarantor or any other obligor upon the Securities or any Affiliate of the Company, the Guarantor or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible Officer of the Trustee actually knows to be so owned
shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company, the Guarantor or any other obligor upon the Securities or any Affiliate of the Company, the Guarantor or of such other obligor. 
 “Paying Agent” means any Person (i) having a combined capital and surplus of not less than U.S.$100,000,000, (ii) subject to supervision or examination by U.S. Federal or State authority and
(iii) having a long-term unsecured debt rating with respect to U.S. dollar obligations of at least A2 or A or its equivalent rating by Moody’s and S&P, respectively, that is authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company. 
 “Permitted Lien” means, with respect to any series of Securities
issued hereunder, any Lien: 
  

	 	(i)	granted upon or with regard to any property acquired after the date of this Indenture by the Guarantor, to secure the purchase price of such property or to secure Indebtedness
incurred solely for the purpose of financing the acquisition of such property; provided, however, that the maximum amount secured thereby shall not exceed the purchase price of such property or the Indebtedness incurred solely for the
purpose of financing the acquisition of such property; 

  

	 	(ii)	in existence on the date of this Indenture and any extension, renewal or replacement thereof; provided, however, that the total amount of Indebtedness so secured shall
not exceed the amount so secured on the date of this Indenture; 

  

 5 

	 	(iii)	arising in the ordinary course of business of the Guarantor in connection with the financing of any aircraft owned by the Guarantor that is leased to another Person;
provided, however, that such Lien is limited to such aircraft; 

  

	 	(iv)	arising by operation of law, such as tax, merchants’, maritime or other similar Liens arising in the ordinary course of business of the Company or the Guarantor;

  

	 	(v)	arising in the ordinary course of the business of the Company or the Guarantor in connection with the financing of export, import or other trade related transactions of the Company
or the Guarantor; 

  

	 	(vi)	granted upon or with regard to any present or future asset or property of in respect of Indebtedness of the Guarantor which is owed to (a) any Brazilian governmental credit
agency (including, but not limited to the Brazilian National Treasury, Banco Nacional de Desenvolvimento Econômico e Social, BNDES Participações S.A., Financiadora de Estudos e Projetos and Agência Especial de Financiamento
Industrial); (b) any international official export import bank or official export import credit insurer; or (c) the International Finance Corporation or any international multilateral or government sponsored agency;

  

	 	(vii)	(a) existing with respect to any assets of a Person at the time such Person is merged or consolidated with or into the Company or the Guarantor (and such Lien is not incurred in
anticipation of such transaction), provided that such Lien is not extended to any asset of the Company or the Guarantor other than the assets of such Person affected thereby prior to giving effect to such merger or consolidation, (b) existing
on any assets at the time of the acquisition thereof (and not incurred in anticipation of such transaction), and (c) to secure any extension, renewal, refinancing, refunding or exchange (or successive extensions, renewals, refinancing,
refunding or exchanges), in whole or in part, of or for any Indebtedness secured by Liens referred to above, provided that such Liens do not extend to any other property; 

  

	 	(viii)	created pursuant to any order of attachment or similar legal process arising in connection with court proceedings which are being contested by the Company or the Guarantor in good
faith and by appropriate proceedings; 

  

	 	(ix)	on any property or assets in connection with Indebtedness related to any regulated program for industrial or defense development related to the activities performed by Guarantor
imposed or entered into as a result of the regulations or requirements of an applicable governmental authority; provided, however, that such Lien is limited to such property or assets associated with such regulated
program; or 

  

	 	(x)	existing on any asset prior to the acquisition thereof by the Company or the Guarantor and not created in contemplation of such acquisition; 

  

	 	(xi)	created over funds reserved for the payment of principal, interest and premium, if any, and any Additional Amounts, due in respect of the Securities of any series issued by the
Company or the Guarantor; 

  

	 	(xii)	arising from Capitalized Lease Obligations entered into in the ordinary course of business; 

  

	 	(xiii)	granted after the date of this Indenture upon or in respect of any asset of the Guarantor other than those referred to above, provided that the aggregate amount of Indebtedness
secured pursuant to this exception shall not, on the date any such Indebtedness is incurred, exceed an amount equal to 10% of the Guarantor’s shareholders’ equity (calculated on the basis of the Guarantor’s latest quarterly unaudited
or annual audited consolidated financial statements whichever is the most recently prepared in accordance with U.S. GAAP and currency exchange rates prevailing on the last day of the period covered by such financial statements).

  

 6 

 “Person” means any individual, corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of Payment”
means, when used with respect to the Securities of any series and subject to Section 10.2, the place or places where the principal of and any premium and interest on the Securities of such series are payable as specified as contemplated by
Section 3.1.6. 
 “Predecessor Security” means, with respect to any particular Security, every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.5 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date”
means, when used with respect to any Security to be redeemed, the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price” means, when used with respect to any Security to be redeemed, the price at which it is to be redeemed pursuant to this Indenture as set forth in such Security. 
 “Regular Record Date” means, for the interest payable on any Interest Payment Date on the Securities of any series, the date specified for that
purpose as contemplated by Section 3.1.5. 
 “Repurchase Date” means, when used with respect to any Security to be repurchased,
the date fixed for such repurchase by or pursuant to this Indenture. 
 “Repurchase Price” means, when used with respect to any
Security to be repurchased, the price at which it is to be repurchased pursuant to this Indenture as set forth in such Security. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer of the Trustee having direct responsibility for the administration of this Indenture, and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “SEC” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this Indenture such commission is not existing and performing the
duties now assigned to it under applicable law, then the body performing such duties at such time. 
 “Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. All references herein to the Securities shall be deemed to include the Guarantees of the Securities, which is
an integral part thereof. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor statute thereto.

 “Security Register” and “Security Registrar” have the respective meanings specified in Section 3.4. 
 “Significant Subsidiary” means any Subsidiary of the Guarantor which at the time of determination either (i) had assets which, as of the
date of the Guarantor’s most recent unaudited quarterly or audited annual consolidated balance sheet, constituted at least 10% of the Guarantor’s total assets on a consolidated basis as of such date or (ii) had revenues for the 12
month period ending on the date of the Guarantor’s most recent unaudited quarterly or audited annual consolidated statement of income which constituted at least 10% of the Guarantor’s total revenues on a consolidated basis for such period.

 “Special Record Date” means, for the payment of any Defaulted Interest, a date fixed by the Trustee pursuant to
Section 3.6.1. 
  

 7 

 “Specified Currency” has the meaning specified in Section 10.8. 
 “S&P” means Standard & Poor’s Rating Services, a division of McGraw Hill, Inc., and its successors. 
 “Stated Maturity” means, when used with respect to any Security or any installment of interest thereon, the date specified in such Security as
the fixed date on which the principal of such Security or such installment of interest is due and payable. 
 “Subsidiary” means any
corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees, as applicable, thereof is at the time owned or controlled, directly or indirectly, by (i) the Guarantor, (ii) the Guarantor and one or more Subsidiaries of the
Guarantor or (iii) one or more Subsidiaries of the Guarantor. 
 “Successor Jurisdiction” means the jurisdiction, other than
Brazil or the Cayman Islands, in which a Successor Person is incorporated or considered to be resident. 
 “Successor Person” has
the meaning specified in Section 8.1.1. 
 “Transfer” of any Security means any sale, pledge, transfer, hypothecation or other
disposition of such Security or any interest therein. 
 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as
amended, and any successor statute thereto. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this Indenture until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time
there is more than one Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of such series. Each Trustee shall be a Person that (i) is eligible pursuant to the Trust
Indenture Act to act as such, (ii) has a combined capital and surplus of at least US$100,000,000, (iii) is subject to supervision or examination by U.S. Federal or State authority, (iv) has a long-term unsecured debt rating with
respect to U.S. dollar obligations of at least A2 or A or its equivalent rating by Moody’s and S&P, respectively and (v) has its Corporate Trust Office in the United States. 
 “United States” or “U.S.” means the United States of America (including the States thereof and the District of Columbia), its
territories, its possessions and other areas subject to its jurisdiction. 
 “U.S. GAAP” has the meaning specified in
Section 1.1.3. 
  

	 	1.2	Compliance Certificates and Opinions 

 Upon any
application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company and the Guarantor shall furnish to the Trustee such certificates and opinions as may be required hereunder and under the Trust
Indenture Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, or an Opinion of Counsel, respectively, and shall comply with the requirements of the Trust Indenture Act and any other requirements set
forth in this Indenture. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture shall include, 
  

	 	1.2.1	a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

  

 8 

	 	1.2.2	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

  

	 	1.2.3	a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or
not such covenant or condition has been complied with; and 

  

	 	1.2.4	a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

  

	 	1.3	Form of Documents Delivered to Trustee 

 In any case
where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
 Any certificate of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officers or directors know, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which the certificate or
opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate of the Company or the Guarantor, as the case may be, stating that the information with respect to
such factual matters is in the possession of the Company or the Guarantor, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.
Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

  

	 	1.4	Acts of Holders; Record Dates 

  

	 	1.4.1	Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company and the Guarantor. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Trustee, the Company and the Guarantor, if made in the manner provided in this Section 1.4.1. 

  

	 	1.4.2	The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary
public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other
than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be
proved in any other manner which the Trustee deems sufficient. 

  

	 	1.4.3	The ownership of Securities shall be proved by the Security Register. 

  

 9 

	 	1.4.4	Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder
of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company or the Guarantor in reliance thereon, whether or
not notation of such action is made upon such Security. 

  

	 	1.4.5	The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in Section 1.4.6. If any record date is set pursuant to this Section 1.4.5, the Holders of
Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.4.5 shall be construed to
prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this Section 1.4.5 (whereupon the record date previously set shall automatically and with no action by any Person be
canceled and of no effect), and nothing in this Section 1.4.5 shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is
taken. Promptly after any record date is set pursuant to this Section 1.4.5, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6. 

  

	 	1.4.6	The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of
(i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings referred to in Section 5.7.2 or (iv) any direction referred to in Section 5.12,
in each case with respect to the Securities of such series. If any record date is set pursuant to this Section 1.4.6, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in
such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders
of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.4.6 shall be construed to prevent the Trustee from setting a new record date for any action (whereupon the record date
previously set shall automatically and without any action by any Person be canceled and of no effect), nor shall anything in this Section 1.4.6 be construed to render ineffective any action taken by Holders of the requisite principal amount of
Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this Section 1.4.6, the Trustee, at the Company’s expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6. 

  

	 	1.4.7	 With respect to any record date set pursuant to this Section 1.4, the party hereto that sets such record date may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day, provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and
to each Holder of Securities of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this
Section 1.4.7, the party hereto that set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect 

  

 10 

	 	 
thereto, subject to its right to change the Expiration Date as provided in this Section 1.4.7. Notwithstanding the foregoing, no Expiration Date shall
be later than the 180th day after the applicable record date. 

 Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount. 
  

	 	1.5	Notices, Etc., to Trustee, Company and Guarantor 

 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
  

	 	1.5.1	the Trustee by any Holder or by the Company or Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (which may be by facsimile) to
or with the Trustee at its Corporate Trust Office, or 

  

	 	1.5.2	(i) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to both the Company and the Guarantor and (ii) the Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to both the Guarantor and the Company, in either case addressed to it at the address specified below or at any other address previously furnished in writing to the Trustee by the Company or the Guarantor: 

To the Company and the Guarantor: 
 Embraer-Empresa Brasileira de Aeronáutica S.A. 
 Avenida Brigadeiro Faria Lima, 2.170 
 12.227-901 São José dos Campos, São Paulo 
 Brazil 

			
	Attention:	 	Cynthia Benedetto
		 	Financial Officer
	Telephone:	 	55-12-3927-1150
	Facsimile:	 	55-12-3927-1060

  

	 	1.6	Notice to Holders; Waiver 

 Where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it
appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by
the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver. 
 In case by reason of the suspension of regular mail service or by reason of
any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
  

 11 

 Notwithstanding the provisions of this Section 1.6, in case any series of Securities are listed in
any securities exchange, a notice to holders of such Securities given in accordance with the rules and procedures of such securities exchange shall be regarded as a valid notice under this section 1.6. 
  

	 	1.7	Conflict with Trust Indenture Act 

 If any provision
hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or excluded, as the case may be. 
  

	 	1.8	Effect of Headings and Table of Contents 

 The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

	 	1.9	Successors and Assigns 

 All covenants and
agreements in this Indenture by the Company or the Guarantor shall bind its respective successors and assigns, whether so expressed or not. 
  

	 	1.10	Separability Clause 

 In case any provision in this
Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

	 	1.11	Benefits of Indenture 

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

  

	 	1.12	Governing Law 

 THIS INDENTURE, THE SECURITIES AND
THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AMONG THE PARTIES HERETO (BUT, FOR THE AVOIDANCE OF DOUBT, NOT INCLUDING THE HOLDERS OF THE NOTES) ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

	 	1.13	Legal Holidays 

 Except as otherwise provided
pursuant to Section 2.1 or Section 3.1, in any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the
Securities) payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Redemption Date or at the
Stated Maturity, as the case may be; provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 
  

 12 

	 	1.14	Consent to Service; Jurisdiction 

 The Company, the
Guarantor and the Trustee agree that any legal suit, action or proceeding arising out of or relating to this Indenture, and the Company and the Guarantor agree that any legal suit, action or proceeding arising out of or relating to the Securities
may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, in respect of actions brought against each such party as a defendant, and each waives any objection which it may now or hereafter have to the laying
of the venue of any such legal suit, action or proceeding, waives any immunity, to the extent permitted by law, from jurisdiction or to service of process in respect of any such suit, action or proceeding, waives any right to which it may be
entitled on account of place of residence or domicile and irrevocably submits to the jurisdiction of any such court in any such suit, action or proceeding. The Company and the Guarantor further submit to the jurisdiction of the courts of their own
corporate domiciles in any legal suit, action or proceeding arising out of or relating to this Indenture or the Securities. The Company and the Guarantor hereby designate and appoint National Registered Agents, Inc., located at 875 Avenue of the
Americas, suite 501, New York, NY 10011, as their authorized agent upon which process may be served in any legal suit, action or proceeding arising out of or relating to this Indenture or the Securities, which may be instituted in any federal or
state court in the Borough of Manhattan, The City of New York, New York, and agree that service of process upon such agent, and written notice of said service to the Company or the Guarantor, as the case may be, by the Person serving the same, shall
be deemed in every respect effective service of process upon the Company or the Guarantor in any such suit, action or proceeding and further designate the domicile of National Registered Agents, Inc. specified above and any domicile National
Registered Agents, Inc. may have in the future as their domicile to receive service of process. If for any reason National Registered Agents, Inc. (or any successor agent for this purpose) shall cease to act as agent for service of process as
provided above, the Company and the Guarantor will promptly appoint a successor agent for this purpose reasonably acceptable to the Trustee. The Company and the Guarantor agree to take any and all actions as may be necessary to maintain such
designation and appointment of such agent in full force and effect. 
  

	 	1.15	Language of Notices, Etc. 

 Any request, demand,
authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 
  

	2	Security Forms 

  

	 	2.1	Forms Generally 

 The Securities of each series
shall be in substantially such form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary thereof
or as may, consistently herewith, be determined by the Officers or, in the case of the Company, its directors or Officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary, the Assistant Secretary or another Officer or, in the case of the Company, a director, performing
corporate secretarial functions, and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the Officers, or, in the case of the Company, directors executing such Securities, as evidenced by their execution of such Securities. 
  

 13 

	 	2.2	Form of Legend for Global Security 

 The following
legends shall appear on the face of each Global Security: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. UNLESS AND UNTIL IT
IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED SECURITIES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN SECTION 3.4.2. OF THE INDENTURE, THIS GLOBAL SECURITY 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.” 
 The following legend shall appear on the face of each Global Security for which The Depository Trust Company is to be the Depositary: 
 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.” 
  

	 	2.3	Form of Trustee’s Certificate of Authentication 

 This is one of the Securities referred to in the within-mentioned Indenture. 
 Dated: [    ] 
  

					
		 	 THE BANK OF NEW YORK MELLON,
 as
Trustee

			
		 	By:	 	  

		 		 	Authorized Officer

  

	3	The Securities 

  

	 	3.1	Amount Unlimited; Issuable in Series 

 The aggregate
principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in
one or more tranches of one or more series. There shall be established in or pursuant to a Board Resolution of the Company or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

 

	 	3.1.1	the title of the Securities, including CUSIP Numbers, of such series (which shall distinguish the Securities of such series from Securities of any other series);

  

 14 

	 	3.1.2	any limit upon the aggregate principal amount of the Securities which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.4, 3.5, 9.6 or 11.5 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been
authenticated and delivered hereunder); 

  

	 	3.1.3	the Person to whom any interest on a Security of such series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest; 

  

	 	3.1.4	the date or dates on which the principal of the Securities of such series is payable; 

  

	 	3.1.5	the rate or rates at which the Securities of such series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which
any such interest shall be payable, the Regular Record Date for any interest payable on any Interest Payment Date; 

  

	 	3.1.6	the place or places where the principal of and any premium and interest on Securities of such series shall be payable and the manner in which any payment may be made;

  

	 	3.1.7	the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of such series may be redeemed, in whole or in part, at the
option of the Company; 

  

	 	3.1.8	the obligation, if any, of the Company to redeem or purchase Securities of such series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and
the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of such series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

  

	 	3.1.9	the rights, if any, of the Holders of the series to demand exchange of their Securities for Securities subject to a registration statement under the Securities Act declared
effective by the SEC; 

  

	 	3.1.10	if other than denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof, the denominations in which Securities of such series shall be issuable;

  

	 	3.1.11	if other than the currency of the United States, the currency, currencies or currency units in which payment of the principal of and any premium and interest on any Securities of
such series shall be payable and the manner of determining the equivalent thereof in the currency of the United States for purposes of the definition of “Outstanding” in Section 1.1; 

  

	 	3.1.12	if the amount of payments of principal of or any premium or interest on any Securities of such series may be determined with reference to an index, the manner in which such amounts
shall be determined; 

  

	 	3.1.13	if the principal of or any premium or interest on any Securities of such series is to be payable, at the election of the Company or a Holder thereof, in one or more currencies or
currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and any premium and interest on Securities of such series as to which such
election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 

  

	 	3.1.14	if other than the principal amount thereof, the portion of the principal amount of Securities of such series which shall be payable upon declaration of acceleration of the Maturity
thereof pursuant to Section 5.2; 

  

 15 

	 	3.1.15	any collateral or other security pledged against payment of principal, interest or premium, if any, on the Securities; 

  

	 	3.1.16	the applicability, non-applicability, or variation, of Section 10.7 with respect to the Securities of such series; 

  

	 	3.1.17	if and as applicable, that the Securities of such series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or
Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 3.4 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the
name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered; 

  

	 	3.1.18	the terms and conditions, if any, pursuant to which the Securities are convertible into or exchangeable for any other securities; 

  

	 	3.1.19	any addition to or change in the covenants set forth in Article 10 which applies to the Securities of such series; 

  

	 	3.1.20	the applicability of Article 13 with respect to the Securities of such series; and 

  

	 	3.1.21	any other terms of such series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.1.5). 

 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be
certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
 All Securities of any one series shall be substantially identical except as to issue date, issue price and first payment of interest. 
 Notwithstanding Section 3.1.2 herein and unless otherwise expressly provided with respect to a series of Securities, the aggregate principal amount
of a series of Securities may be increased and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased. 
  

	 	3.2	Denominations 

 The Securities shall be issuable
only in registered form without coupons and, unless otherwise specified as contemplated by Section 3.1.10, only in denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof. 
  

	 	3.3	Execution, Authentication, Delivery and Dating 

 The
Securities shall be executed on behalf of the Company by any two of its Officers or directors in accordance with the Company’s Memorandum and Articles of Association. The Guarantees on the Securities shall be endorsed on behalf of the Guarantor
by any two of its Officers or its attorneys-in-fact in accordance with its bylaws (estatuto social). The signature of any of these directors, Officers or attorneys-in-fact on such Securities or such Guarantees may be manual or facsimile.

 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper Officers or directors of the Company
shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. Guarantees bearing
the manual or 

  

 16 

 
facsimile endorsement of individuals who were at any time the proper Officers of the Guarantor shall bind the Guarantor, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the authentication and delivery of Securities bearing such endorsement or did not hold such offices at the date of such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company and properly endorsed by the Guarantor to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such Company Order shall authenticate and
deliver such Securities. If the form or terms of the Securities of such series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating: 
  

	 	3.3.1	if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form has been established in conformity with the
provisions of this Indenture; 

  

	 	3.3.2	if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms have been established in conformity with
the provisions of this Indenture; 

  

	 	3.3.3	that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel,
will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and to general equity principles; and 

  

	 	3.3.4	that the Guarantees, when the Securities upon which it shall have been endorsed shall have been authenticated and delivered by the Trustee and when properly endorsed by the
Guarantor in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Guarantor enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and the general equity principles. 

 If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if, in the opinion of counsel to the
Trustee, the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture. 
 Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’
Certificate otherwise required pursuant to Section 2.1 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are
delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued and in that case the Trustee may rely, as to the authorization by the Company and the Guarantor of any of such Securities and the
Guarantees, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Sections 2.1 and 3.1 and this Section, as applicable, in
connection with the first authentication of Securities of such series. 
 Each Security shall be dated the date of its authentication.

  

 17 

 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any
purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 
 Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.8, for all purposes
of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  

	 	3.4	Registration, Registration of Transfer and Exchange 

 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register for each series of Securities (the registers maintained in such office and in any other office or agency of the Company in a Place of Payment being
herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers and exchanges of
Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and registering transfers and exchanges of Securities as herein provided; provided, however, that the Company
may appoint co-Security Registrars. Such Security Register shall be in written form or in any other form capable of being converted into written form within a reasonable period of time. At all reasonable times the Security Register shall be open for
inspection by the Company. 
 Upon surrender for registration of transfer of any Security of any series at the office or agency of the Company
maintained for such purpose, the Company shall execute and the Guarantor shall endorse, and the Trustee shall authenticate and deliver, in the name of the designated transferee, one or more new Securities of the same series of any authorized
denomination or denominations of like tenor and aggregate principal amount. 
 Notwithstanding any other provision of this Section 3.4,
unless and until it is exchanged in whole or in part for the individual Securities represented thereby, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such
series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor
Depositary. 
 At the option of the Holder and subject to the other provisions of this Section 3.4, Securities of any series (other than
a Global Security, except as set forth below) may be exchanged for other Securities of the same series of any authorized denomination or denominations of like tenor and aggregate principal amount, upon surrender of such Securities to be exchanged at
the office or agency of the Company maintained for such purpose. 
 Whenever any Securities are so surrendered for exchange, the Company shall
execute and the Guarantor shall endorse, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 9.6 or Section 11.5 not involving any registration of transfer. 
 Every Security presented or surrendered for registration of transfer or exchange shall (if so required by the Company, the Trustee or the Security
Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee and the Security Registrar, duly executed, by the Holder thereof or his attorney duly authorized in writing.

  

 18 

 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the
Company shall not be required (i) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the
day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 11.2 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 All Securities issued
upon any registration of transfer or exchange of Securities shall be valid obligations of the Company and the Guarantor, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered for such
registration of transfer or exchange. 
 The provisions of Sections 3.4.1, 3.4.2, 3.4.3, 3.4.4 and 3.4.5 below shall apply only to Global
Securities: 
  

	 	3.4.1	Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or a nominee thereof
or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 

  

	 	3.4.2	Notwithstanding any other provision in this Indenture or the Securities, no Global Security of a series may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security of a series in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (i) the Depositary for the Securities of a series notifies the Company that it is
unwilling or unable to continue as Depositary for the Securities of such series or if at any time the Depositary for the Securities of such series ceases to be a clearing agency registered under the Exchange Act, at a time when such Depositary is
required to be so registered in order to act as depositary, and in each case, a successor Depositary for the Securities of such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, (ii) the Company in its sole discretion determines that individual Securities of any series issued in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities or
(iii) there shall have occurred and be continuing an Event of Default with respect to such Global Security. In such event the Company will execute and the Guarantor will endorse, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of individual Securities of such series, will authenticate and deliver, individual Securities of such series in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing
Securities of such series in exchange for such Global Security or Securities. Any Global Security exchanged pursuant to clause (i) above shall be so exchanged in whole and not in part and any Global Security exchanged pursuant to clauses
(ii) or (iii) above may be exchanged in whole or from time to time in part as directed by the Depositary. Any Security issued in exchange for a Global Security or any portion thereof shall be a Global Security, provided that any
such Security so issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Security. 

  

	 	3.4.3	In any exchange pursuant to Section 3.4.2 above, the Company will execute and the Guarantor will endorse and the Trustee will authenticate and deliver individual Securities in
registered form in authorized denominations. Upon the exchange of a Global Security for individual Securities, such Global Security shall be canceled by the Trustee. Individual Securities issued in exchange for a Global Security pursuant to this
Section 3.4 shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The
Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

  

 19 

 If specified by the Company pursuant to clause (ii) of Section 3.4.2 with respect to a series
of Securities, the Depositary for such series of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for individual Securities of such series on such terms as are acceptable to the Company and
such Depositary. Thereupon, the Company shall execute, and the Guarantor shall endorse, and the Trustee shall authenticate and deliver, without service charge, (i) to each Person specified by such Depositary a new individual Security or
Securities of the same series, of any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Persons’ beneficial interest in the Global Security; and (ii) to such Depositary a
new Global Security in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of individual Securities delivered to Holders thereof. 
  

	 	3.4.4	In the event of the occurrence of any of the events specified in Section 3.4.2 above, the Company will promptly make available to the Trustee a reasonable supply of
certificated Securities in definitive, fully registered form, without interest coupons. 

  

	 	3.4.5	Neither any members of, or participants in, the Depositary (“Agent Members”) nor any other Persons on whose behalf Agent Members may act (including Euroclear Bank
S.A./N.V., as operator of the Euroclear System (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream Luxembourg”) and account holders and participants therein) shall have any rights under this
Indenture with respect to any Global Security, or under any Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and
holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of customary practices of such
Persons governing the exercise of the rights of a holder of any Security. 

  

	 	3.4.6	None of the Company, the Guarantor, the Trustee or any agent of the Company, the Guarantor or the Trustee shall have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  

	 	3.5	Mutilated, Destroyed, Lost and Stolen Securities 

 If any mutilated Security is surrendered to the Trustee, the Company shall execute, the Guarantor shall endorse and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company and the Trustee
(i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute, the Guarantor shall endorse and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security upon compliance with the foregoing
provisions. 
 Upon the issuance of any new Security under this Section 3.5, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  

 20 

 Every new Security of any series issued pursuant to this Section 3.5 in lieu of any destroyed, lost
or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this
Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  

	 	3.6	Payment of Interest; Interest Rights Preserved 

 Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest. 
 Any interest on any Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as provided in Section 3.6.1 or Section 3.6.2 below: 
  

	 	3.6.1	The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be
paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this
Section 3.6.1. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record
Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Section 3.6.2. 

  

	 	3.6.2	The Company may make payment of any Defaulted Interest on the Securities of any series to the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this Section 3.6.2, such manner of payment shall be deemed practicable by the Trustee. 

 Subject to the foregoing provisions of this Section 3.6, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  

 21 

	 	3.7	Persons Deemed Owners 

 Prior to due surrender of a
Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of
receiving payment of principal of (and premium, if any) and (subject to Section 3.6) interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Guarantor, the Trustee
nor any agent of the Company, the Guarantor or the Trustee shall be affected by notice to the contrary. 
  

	 	3.8	Cancellation 

 All Securities surrendered for
payment, redemption, repurchase, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee
for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section 3.8, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary procedures, unless otherwise directed by a Company
Order. 
  

	 	3.9	Computation of Interest 

 Unless otherwise specified
under Section 3.1 with respect to the Securities of a particular series, interest on such Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	 	3.10	CUSIP or “ISIN” Numbers 

 The Company, in
issuing the Securities, may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers.

  

	4	Satisfaction And Discharge 

  

	 	4.1	Satisfaction and Discharge of Indenture 

 This
Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture, when 
  

	 	4.1.1	either 

  

	 	(i)	all Securities theretofore authenticated and delivered (other than (a) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 3.5 and (b) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in
Section 10.3) have been delivered to the Trustee for cancellation; or 

  

 22 

	 	(ii)	all such Securities not theretofore delivered to the Trustee for cancellation 

  

	 	(a)	have become due and payable, or 

  

	 	(b)	will become due and payable at their Stated Maturity within one year, or 

  

	 	(c)	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, in the case of (i) or (ii) above, has deposited or caused to be deposited with
the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to
the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity, Redemption Date or Repurchase Date, as the case may be; 
  

	 	4.1.2	the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

  

	 	4.1.3	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with. 

 Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company and the Guarantor to the Trustee under Section 6.7, the obligations of the Company and the Guarantor to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the
Trustee pursuant to clause (ii) of Section 4.1.1 or this Section 4.1.3, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall survive such satisfaction and discharge. 
  

	 	4.2	Application of Trust Money 

 Subject to the
provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such
money has been deposited with the Trustee. 
  

	5	Remedies 

  

	 	5.1	Events of Default 

 “Event of Default”
means, wherever used herein with respect to Securities of any series, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing: 
  

	 	5.1.1	The Company or the Guarantor defaults in any payment of interest (including any Additional Interest, if any, and any Additional Amounts) on the Securities of such series when the
same becomes due and payable at its Stated Maturity, and such Default continues for a period of 30 calendar days; 

  

 23 

	 	5.1.2	The Company or the Guarantor defaults in the payment of the principal (including premium, if any, and any Additional Amounts) of the Securities of such series when the same becomes
due and payable at its Stated Maturity; 

  

	 	5.1.3	The Company or the Guarantor fails to comply with any of its covenants or agreements in respect of the Securities of such series (other than those referred to in Sections 5.1.1 and
5.1.2), and such failure continues for 60 calendar days after the notice specified below; 

  

	 	5.1.4	The maturity of any Indebtedness of the Company, the Guarantor or any Subsidiary in a total aggregate principal amount of US$50,000,000 (or the equivalent thereof at the time of
determination) or more is accelerated in accordance with the terms of such Indebtedness, or the failure by the Company, the Guarantor or any Subsidiary to make payment at maturity of such Indebtedness (after giving effect to any grace period
provided in the terms of such Indebtedness), it being understood that prepayment or redemption by the Company, the Guarantor or any Subsidiary of any Indebtedness is not an acceleration for this purpose; 

  

	 	5.1.5	One or more final judgments or decrees for the payment of money in excess of US$50,000,000 (or the equivalent thereof at the time of determination) in the aggregate are rendered
against the Company, the Guarantor or any Subsidiary and are not paid (whether in full or in installments in accordance with the terms of the judgment) or otherwise discharged and, in the case of each such judgment or decree, either (i) an
enforcement proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed within 30 days following commencement of such enforcement proceedings or (ii) there is a period of 60 days following such judgment
during which such judgment or decree is not discharged, waived or the execution thereof stayed; 

  

	 	5.1.6	The Company, the Guarantor or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: (a) commences a voluntary case or files a request or petition
for a writ of execution to initiate bankruptcy proceedings or have itself adjudicated as bankrupt; (b) applies for or consents to the entry of an order for relief against it in an involuntary case; (c) applies for or consents to the
appointment of a Custodian of it or for any substantial part of its property; (d) makes a general assignment for the benefit of its creditors; (e) proposes or agrees to an accord or composition in bankruptcy between itself and its
creditors; or (f) files for a reorganization of its debts (judicial or extrajudicial recovery). 

  

	 	5.1.7	A court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (a) is for relief against the Company, the Guarantor or any Significant Subsidiary in
an involuntary case; (b) appoints a Custodian of the Company, the Guarantor or any Significant Subsidiary or for any substantial part of the property of the Company, the Guarantor or any Significant Subsidiary; (c) orders the winding up or
liquidation of the Company, the Guarantor or any Significant Subsidiary; (d) adjudicates the Company, the Guarantor or a Significant Subsidiary as bankrupt or insolvent; (e) ratifies an accord or composition in bankruptcy between the
Company, the Guarantor or a Significant Subsidiary and the respective creditors thereof; or (f) grants a judicial or extrajudicial recovery to the Company, the Guarantor or a Significant Subsidiary; and the order or decree remains unstayed and
in effect for 30 days. 

  

	 	5.1.8	A final judgment or judgments (not subject to appeal) determines the Guarantees of the Securities of such series to be unenforceable or invalid, such Guarantees cease for any reason
to be valid and binding or enforceable against the Guarantor, or any person acting on its behalf denies or disaffirms its obligations under such Guarantees. 

  

	 	5.1.9	An Illegality Event shall have occurred and be continuing; 

 A Default under Section 5.1.3 is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the Outstanding Securities notify the Guarantor and the Company (and the Trustee, if the notice is given
by the Holders) of the Default and the Guarantor or the Company does not cure, or cause to be cured such Default within the time specified after receipt of such notice. 
  

 24 

	 	5.2	Acceleration of Maturity; Rescission and Annulment 

 If an Event of Default (other than an Event of Default specified in Section 5.1.7) occurs and is continuing with respect to any series of Securities, the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series may declare all unpaid principal of and accrued interest on, and any Additional Amounts due with respect to, all the Securities of that series to be due and payable immediately, by a notice in writing to the
Company or the Guarantor, as the case may be (and to the Trustee, if the notice is given by the Holders), stating that such notice is an “acceleration notice,” and upon any such declaration such amounts shall become due and payable
immediately. If an Event of Default specified in Section 5.1.7 occurs and is continuing, then the principal of and accrued interest on, and any Additional Amounts due with respect to, all the Securities shall become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after a declaration of acceleration with
respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article 5, the Holders of a majority in principal amount of the
Outstanding Securities of that series by written notice to the Company, the Guarantor and the Trustee may rescind or annul such declaration if: 
  

	 	5.2.1	the Company or the Guarantor has paid or deposited with the Trustee a sum sufficient to pay (i) all overdue interest on Securities of that series, (ii) all unpaid
principal of any Securities of that series that has become due otherwise than by such declaration of acceleration, (iii) to the extent that payment of such interest on the Securities of that series is lawful, interest on such overdue interest,
as provided herein (iv) any Additional Amounts due with respect to the Securities of that series and (v) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; and 

  

	 	5.2.2	all Events of Default have been cured or waived as provided in Section 5.13 other than the nonpayment of principal that has become due solely because of acceleration.

 No such rescission shall affect any subsequent Default or Event of Default or impair any right consequent thereto.

  

	 	5.3	Collection of Indebtedness and Suits for Enforcement by Trustee 

 If an Event of Default specified in Section 5.1.1 or Section 5.1.2 occurs, the Trustee, in its own name as trustee of an express trust, (i) may institute a judicial proceeding for the collection of the
whole amount then due and payable on such Securities for principal and interest, interest on any overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest, at the rate
borne by the Securities, any Additional Amounts due with respect to the Securities and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, (ii) may prosecute such proceeding to judgment or final decree and (iii) may enforce the same against the Company, the Guarantor or any other obligor upon the Securities
and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company, the Guarantor or any other obligor upon the Securities, wherever situated. 
 If an Event of Default occurs and is continuing with respect to Securities of any series, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of that series by any available proceeding at law or in equity, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy. 
  

 25 

	 	5.4	Trustee May File Proofs of Claim 

 In case of any
judicial proceeding relative to the Company or the Guarantor (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all
actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 6.7. 
 No provision of this Indenture shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a
creditors’ or other similar committee. 
  

	 	5.5	Trustee May Enforce Claims Without Possession of Securities 

 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any such Securities or the production thereof in any proceeding relating thereto, and any such
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

	 	5.6	Application of Money Collected 

 Any money collected
by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the
Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment
of all amounts due to the Trustee under Section 6.7; 
 SECOND: To the payment of the amounts then due and unpaid for principal of and
any premium and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal
and any premium and interest, respectively; and 
 THIRD: Any remaining amounts shall be repaid to the Company or the Guarantor, as the case
may be. 
  

	 	5.7	Limitation on Suits 

 No Holder of any Securities of
any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
  

	 	5.7.1	such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series; 

  

 26 

	 	5.7.2	the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default in its own name as Trustee hereunder; 

  

	 	5.7.3	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; 

  

	 	5.7.4	the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

  

	 	5.7.5	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
Securities of that series; 

 it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
  

	 	5.8	Unconditional Right of Holders to Receive Principal, Premium and Interest 

 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to
Section 3.6) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repurchase, on the Redemption Date or Repurchase Date, as the case may be), and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  

	 	5.9	Restoration of Rights and Remedies 

 If the Trustee
or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company, the Guarantor, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  

	 	5.10	Rights and Remedies Cumulative 

 Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.5, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

	 	5.11	Delay or Omission Not Waiver 

 No delay or omission
of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  

 27 

	 	5.12	Control by Holders 

 The Holders of a majority in
principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series, provided that 
  

	 	5.12.1	such direction shall not be in conflict with any rule of law or with this Indenture, 

  

	 	5.12.2	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

  

	 	5.12.3	subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability against which indemnity would not be satisfactory. 

  

	 	5.13	Waiver of Past Defaults 

 Subject to
Section 5.2, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past Event of Default hereunder with respect to
such series and its consequences, except a default 
  

	 	5.13.1	in the payment of the principal of or any premium or interest on any Security of such series, or 

  

	 	5.13.2	in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of the Holder of each Security of such series affected.

 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  

	 	5.14	Undertaking for Costs 

 In any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of
such suit, and may assess costs, including reasonable attorneys’ fees and expenses, against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section 5.14 nor
the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company, the Guarantor, or the Trustee or in any suit to require the Company to repurchase any
Security of a series in accordance with its terms. 
  

	 	5.15	Waiver of Usury, Stay or Extension Laws 

 Each of
the Company and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company and the Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

  

 28 

	6	The Trustee 

  

	 	6.1	Certain Duties and Responsibilities 

 The duties and
responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1.

  

	 	6.2	Notice of Default; Potential Default 

 If a default
occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such Default as and to the extent provided by the Trust Indenture Act (a “Notice of Default”).
Specifically, the Trustee shall provide Notice of Default to each Holder promptly, but in no event later than within 15 days of occurrence, and in the manner provided by Section 313(c) of the Trust Indenture Act or any successor section
thereto, of any Default of which the Trustee is aware. The Trustee shall also provide a notice to each Holder of any claim of Default within 30 days of receiving a written assertion of such claim from Holders of no less than 10% of the aggregate
principal amount of Securities of such series then Outstanding. For the purpose of this Section 6.2, the term “Default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect
to Securities of such series. If on the Business Day prior to an Interest Payment Date the Company or the Guarantor has not deposited with the Trustee funds sufficient to pay the interest due on the next Interest Payment Date, then the Trustee shall
provide written notice to the Guarantor of such failure. 
  

	 	6.3	Certain Rights of Trustee 

 Subject to the
provisions of Section 6.1: 
  

	 	6.3.1	the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or
parties; 

  

	 	6.3.2	any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution. Any request or direction of the Guarantor mentioned herein shall be sufficiently evidenced by a written request or direction signed on behalf of the Guarantor by any two of its Officers or its
attorneys-in-fact in accordance with its bylaws (estatuto social); 

  

	 	6.3.3	whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 

  

	 	6.3.4	the Trustee may consult with counsel of its own choice and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

  

	 	6.3.5	 the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders
pursuant to this Indenture, unless such 

  

 29 

	 	 
Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; 

  

	 	6.3.6	the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document in connection with this Indenture, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company and the Guarantor, personally or by agent or attorney and
shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

  

	 	6.3.7	the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; provided that the Trustee shall be required to terminate any such agent if it has actual knowledge of any willful or
negligent failure by such agent to perform its delegated duties; 

  

	 	6.3.8	the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee from the Company, the Guarantor or any Holder, and such notice references the Securities and this Indenture;

  

	 	6.3.9	the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder; 

  

	 	6.3.10	the Trustee may request that the Company or the Guarantor deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers or directors
authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded; 

  

	 	6.3.11	the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

  

	 	6.3.12	in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

  

	 	6.3.13	the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly,
by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions of utilities, computer
(hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable
under the circumstances. 

  

	 	6.4	Not Responsible for Recitals or Issuance of Securities 

 Neither the Trustee nor any Authenticating Agent assume any responsibility for the correctness of the recitals contained herein and in the Securities, except the Trustee’s certificates of authentication. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company or the Guarantor of such Securities or the
proceeds thereof. 
  

 30 

	 	6.5	May Hold Securities 

 The Trustee, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or the Guarantor, in its individual or any other capacity, may become the owner or pledgee of the Securities and, subject to Sections 6.8 and 6.13, may
otherwise deal with the Company and the Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
  

	 	6.6	Money Held in Trust 

 Money held by the Trustee in
trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company and the
Guarantor. 
  

	 	6.7	Compensation and Reimbursement 

  

	 	6.7.1	The Company and the Guarantor, jointly and severally, agree to pay to the Trustee from time to time such compensation as shall be agreed in writing between the parties for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). 

  

	 	6.7.2	The Company and the Guarantor, jointly and severally, agree except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable and
documented expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or willful misconduct. 

  

	 	6.7.3	The Company and the Guarantor, jointly and severally, agree to fully indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all
losses, liabilities, damages, claims or expenses incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses
of defending itself against any claim (whether asserted by the Company or the Guarantor, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.1.7, the expenses (including the
reasonable and documented charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Bankruptcy Law. 
 As security for the performance of the obligations of the Company and the Guarantor under this Section 6.7.3, the Trustee shall have a claim prior
to the Securities of a series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (premium, if any) or interest on such Securities. 
 The provisions of this Section 6.7.3 shall survive the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture.

  

 31 

	 	6.8	Conflicting Interests 

 If the Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series. 
  

	 	6.9	Corporate Trustee Required; Eligibility 

 There
shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be a Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that (i) is eligible pursuant
to the Trust Indenture Act to act as such, (ii) has a combined capital and surplus of at least US$100,000,000, (iii) is subject to supervision or examination by U.S. Federal or State authority, (iv) has a long-term unsecured debt
rating with respect to U.S. dollar obligations of at least A2 or A, or its equivalent rating, by Moody’s or S&P, respectively, and (v) has its Corporate Trust Office in the United States. If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 6.9 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of
such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance
with the provisions of this Section 6.9, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 6. 
  

	 	6.10	Resignation and Removal; Appointment of Successor 

 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements
of Section 6.11. 
 The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice
thereof to the Company and the Guarantor. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 45 days after the giving of such notice of resignation, the resigning
Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee and to the Company. 
 If at any time: 
  

	 	6.10.1	the Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six
months, or 

  

	 	6.10.2	the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder, or

  

	 	6.10.3	the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

  

 32 

 then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to
all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy,
a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent
supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by
Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series. 
 The Company shall give notice of each resignation and each removal of the
Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice shall
include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
  

	 	6.11	Acceptance of Appointment by Successor 

 In case of
the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the Guarantor, the retiring Trustee and each successor Trustee with respect
to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or 

  

 33 

 
trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
 Upon request of any such successor Trustee, the Company and the Guarantor shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 
 No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
  

	 	6.12	Merger, Conversion, Consolidation or Succession to Business 

 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
  

	 	6.13	Preferential Collection of Claims Against Company 

 If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the
Company (or any such other obligor). 
  

	 	6.14	Appointment of Authenticating Agent 

 The Trustee
may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer, or partial redemption or pursuant to
Section 3.5, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to
the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the
United States, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, have a combined capital and surplus of at least US$100,000,000, be subject to supervision or examination by U.S. Federal or
State authority and have a long-term unsecured debt rating with respect to U.S. dollar obligations of at least A2 or its equivalent rating by Moody’s. If such Authenticating Agent publishes reports of condition at least annually, pursuant to
law or to the requirements of said supervising or examining authority, then for the purposes of this Section 6.14, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, such Authenticating Agent shall resign immediately in the manner and
with the effect specified in this Section 6.14. 
  

 34 

 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating
Agent, shall continue to be an Authenticating Agent, provided that such corporation shall be otherwise eligible under this Section 6.14, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company.
The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any
time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of
such appointment by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.14.

 The Company and the Guarantor agree to pay to each Authenticating Agent from time to time reasonable compensation for its services under
this Section 6.14. 
 If an appointment is made pursuant to this Section 6.14, the Securities may have endorsed thereon, in addition
to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
 “This is one
of the Securities referred to in the within-mentioned Indenture. 
 The Bank of New York Mellon, as Trustee 
  

					
		 	By:	 	  

		 		 	as Authenticating Agent
			
		 	By:	 	  

		 		 	Authorized Officer”

  

	 	6.15	Trustee’s Application for Instructions from the Company or the Guarantor 

 Any application by the Trustee for written instructions from the Company or the Guarantor may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this
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 (which date shall not be less than five Business Days after the date any officer or director of the Company or the Guarantor, as the case may be, actually receives such application,
unless any such officer or director shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to
such application specifying the action to be taken or omitted. 
  

	7	Holders’ Lists and Reports by Trustee and Company 

  

	 	7.1	Company to Furnish Trustee Names and Addresses of Holders. 

 The Company will furnish or cause to be furnished to the Trustee: 
  

	 	7.1.1	semi-annually, not more than 15 days after each Regular Record Date with respect to each series of Securities, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders of Securities of such series as of such Regular Record Date, and 

  

 35 

	 	7.1.2	at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a
date not more than 15 days prior to the time such list is furnished. 

  

	 	7.2	Preservation of Information; Communications to Holders 

  

	 	7.2.1	The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as
provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so
furnished. 

  

	 	7.2.2	The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and duties of the
Trustee, shall be as provided by the Trust Indenture Act. 

  

	 	7.2.3	Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall
be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

  

	 	7.3	Reports by Trustee 

 The Trustee shall transmit to
Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust
Indenture Act, the Trustee shall, within 60 days after each May 15th following the date of this Indenture deliver to Holders a brief report, dated as of such May 15th, which complies with the provisions of such Section 313(a).

 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each securities exchange upon
which any of the Securities are listed, with the SEC (unless at the time no Outstanding Securities have been registered with the SEC pursuant to the Securities Act) and with the Company. The Company will promptly notify the Trustee in writing when
any of the Securities are listed on any securities exchange. 
 Delivery of such reports to the Trustee is for informational purposes only and
the Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s and the Guarantor’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  

	8	Consolidation, Merger, Conveyance, Transfer or Lease 

  

	 	8.1	Company and Guarantor May Consolidate, Etc. Only on Certain Terms 

 Neither the Company nor the Guarantor shall, without the consent of the Holders of a majority in aggregate principal amount of each series the Securities in accordance with this Indenture, consolidate with or merge
into any other corporation or convey or transfer all or substantially all of its properties or assets to any other Person, unless: 
  

	 	8.1.1	 the Person formed by such consolidation or into which the Company or Guarantor is merged or the Person which acquires by conveyance or transfer all or substantially
all of its properties or 

  

 36 

	 	 
assets (the “Successor Person”) shall expressly assume, pursuant to this Indenture, the due and punctual repayment of the principal and interest on
all the Securities and all other obligations of the Company or the Guarantor, as applicable, under the Indenture and the Securities, and, in case such consolidation, merger, conveyance or transfer involves the Company, the Guarantor will expressly
reaffirm its obligations under this Indenture; 

  

	 	8.1.2	immediately after giving effect to such transaction, no Event of Default with respect to any Security shall have occurred and be continuing; 

  

	 	8.1.3	the Company and the Guarantor have delivered to the Trustee (i) Officer’s Certificates of the Company and the Guarantor stating that such consolidation, merger, conveyance
or transfer complies with this Article and that all conditions precedent herein provided, which relate to such transaction, have been complied with and (ii) an Opinion of Counsel issued by external counsel of recognized standing stating that
such consolidation, merger, conveyance or transfer complies with this Article and that all conditions herein provided, which relate to such transaction, have been complied with; 

  

	 	8.1.4	the Successor Person shall expressly agree to withhold against any tax, duty, assessment or other governmental charge thereafter imposed or levied by Brazil, the Cayman Islands, a
Successor Jurisdiction or any political subdivision or authority thereof or therein having power to tax as a consequence of such consolidation, merger, conveyance or transfer with respect to the payment of principal of or interest or premium on the
Securities, and to pay such Additional Amounts as may be necessary to ensure that the net amounts receivable by Holders after any withholding or deduction of any such tax, assessment, duty or other governmental charge shall equal the respective
amounts of principal, premium (if any) and interest which would have been receivable in respect of the Securities in the absence of such consolidation, merger, conveyance or transfer; provided, however, that Holders will not be
subject to the exceptions and limitations contained in Section 10.7 in relation to the Successor Jurisdiction; and 

  

	 	8.1.5	in the case of a consolidation or merger of the Company or conveyance or transfer of all or substantially all of the Company’s properties or assets, such transaction is
permitted by Section 10.16.2. 

  

	 	8.2	Successor Substituted 

 Upon any consolidation,
merger, conveyance, or transfer in accordance with this Article, the Successor Person shall succeed to, and be substituted for, and may exercise every right and power of the Company or the Guarantor, as applicable, under the Securities with the same
effect as if the Successor Person had been named as the issuer or guarantor of the Securities herein. 
  

	 	8.3	Right to Redemption 

 No Successor Person shall have
the right to redeem the Securities unless the Company and the Guarantor would have been entitled to redeem such Securities in similar circumstances. 
  

	9	Supplemental Indentures 

  

	 	9.1	Supplemental Indentures without Consent of Holders 

 Without the consent of any Holders, the Company, when authorized by a Board Resolution, the Guarantor, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
  

	 	9.1.1	to evidence the succession of another Person to the Company or the Guarantor and the assumption by any such successor of the covenants of the Company or the Guarantor herein and in
the Securities; or 

  

 37 

	 	9.1.2	to add to the covenants of the Company or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less
than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company or the Guarantor; or 

  

	 	9.1.3	to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less
than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 

  

	 	9.1.4	to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or
not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 

  

	 	9.1.5	to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination
(i) shall neither (a) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (b) modify the rights of the Holder of any such Security with
respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; or 

  

	 	9.1.6	to secure the Securities pursuant to the requirements of Section 10.6 or otherwise; or 

  

	 	9.1.7	to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or 

  

	 	9.1.8	to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11; or 

  

	 	9.1.9	to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Indenture, provided that such action pursuant to this Section 9.1.9 shall not adversely affect the interests of the Holders of Securities of any series in any material respect.

  

	 	9.2	Supplemental Indentures or Waiver with Consent of Holders 

 With the written consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture or waiver, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, the Guarantor, when authorized by a Board Resolution, and the Trustee may (i) enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture or (ii) waive the application of any provision of this
Indenture; provided, however, that no such supplemental indenture or waiver shall, without the consent of the Holder of each Outstanding Security affected thereby, 
  

	 	9.2.1	 change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate
of interest thereon or any premium 

  

 38 

	 	 
payable upon the redemption thereof, or reduce the amount of the principal of any Security that would be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to Section 5.2, or modify in any way the Company’s or the Guarantor’s obligation to pay Additional Amounts pursuant to Section 10.7 or change any Place of Payment where, or the coin or currency in
which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, or repurchase on or after the
Redemption Date or Repurchase Date), or 

  

	 	9.2.2	change the terms of payment from, or control over, or release or reduce any collateral or security interest that may be created or provided pursuant to Section 10.6 or any
supplemental indenture to secure the payment of principal, interest or premium, if any, under any Security, except as allowed under the terms of any such supplemental indenture, 

  

	 	9.2.3	reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent
of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; 

  

	 	9.2.4	modify any of the provisions of this Section 9.2.4, Section 5.13 or Section 10.9, except to increase any such percentage or to provide that certain other provisions
of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect
to changes in the references to “the Trustee” and concomitant changes in this Section 9.2.4 and Section 10.9, or the deletion of this proviso, in accordance with the requirements of Section 6.11; or 

 

	 	9.2.5	a change in any provision of the Guarantees by the Guarantor in a manner which would materially and adversely affect the Holders. 

 A supplemental indenture or waiver which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely
for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture
of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders under this Section 9.2 to approve
the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such Act shall approve the substance thereof. 
  

	 	9.3	Execution of Supplemental Indentures 

 In executing,
or accepting the additional trusts created by, any supplemental indenture or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Section 6.1) shall be fully protected in relying upon, in addition to the documents required by Section 1.2, an Officer’s Certificate and an Opinion of Counsel, each stating that the execution of such supplemental indenture or waiver
is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture or waiver which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

  

	 	9.4	Effect of Supplemental Indentures 

 Upon the
execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby. 
  

 39 

	 	9.5	Conformity with Trust Indenture Act 

 Every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 
  

	 	9.6	Reference in Securities to Supplemental Indentures 

 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and the Guarantor and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
  

	 	9.7	Effect of Waiver 

 A waiver shall be effective to
waive compliance with the particular provision and for the particular instance for which the waiver was made and, until such waiver shall become effective, the obligations of the Company or the Guarantor and the duties of the Trustee in respect of
any such provision shall remain in full force and effect. 
  

	10	Covenants 

  

	 	10.1	Payment of Principal, Premium and Interest 

 The
Company will duly and punctually pay the principal of and any premium and interest (together with any Additional Amounts payable thereon) on the Securities in accordance with the terms of the Securities and this Indenture. 
  

	 	10.2	Maintenance of Office or Agency 

 With respect to
any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 3.1, the Corporate Trust Office of the Trustee shall be the Place of Payment where such Global Security may be presented or
surrendered for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that any such payment, presentation, surrender or delivery effected pursuant
to the Applicable Procedures of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security in accordance with the provisions of this Indenture. 
 With respect to any Securities that are not in the form of a Global Security, the Company will maintain in the Borough of Manhattan, The City of New York,
an office or agency where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect of the Securities (in
this case, without regard to the form of the Securities) and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company
may also from time to time designate one or more other offices or agencies (in or outside the Borough of Manhattan, the City of New York) where the Securities of one or more series, notices and other items may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough
of Manhattan, The City of New York for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  

 40 

	 	10.3	Money for Security Payments To Be Held in Trust 

 If
the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of such series, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of
Securities, it will, on the business day prior to each due date of the principal of or any premium or interest on any Securities of such series, deposit in Dollars with a Paying Agent in New York, New York a sum sufficient to pay such amount, such
sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.3, that such Paying Agent will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during
the continuance of any default by the Company (or any other obligor upon the Securities of such series) in the making of any payment in respect of the Securities of such series, upon the written request of the Trustee, forthwith pay to the Trustee
all sums held in trust by such Paying Agent for payment in respect of the Securities of such series. 
 The Company may at any time, for the
purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held
by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect
to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company and the Guarantor for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may, at the
expense of the Company, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company or the Guarantor. 
  

	 	10.4	Statement by Officers as to Default 

 The Company
and the Guarantor will deliver to the Trustee, within 90 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the
Company or the Guarantor is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company or the
Guarantor shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 
  

 41 

 The Company and the Guarantor will deliver to the Trustee, as soon as possible and in any event within 30
days after the Company or the Guarantor becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the
details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 
  

	 	10.5	Reports by Company and Guarantor 

 The Company
(unless at the time no Outstanding Securities have been registered with the SEC pursuant to the Securities Act) and the Guarantor shall file with the Trustee and the SEC, and transmit to Holders, such information, documents and other reports, and
such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act. 
 Notwithstanding that the Guarantor may not be required to remain subject to the reporting requirements of Section 12, 13 or 15(d) of the Exchange Act, the Guarantor will continue to file with the SEC and provide the Trustee with such
annual reports and such information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which are specified in Sections 12, 13 and 15(d) of the Exchange Act. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s and the Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 
  

	 	10.6	Limitation on Liens 

 Neither the Company nor the
Guarantor will create, incur, issue or assume any Indebtedness secured by any Lien, other than a Permitted Lien, without in any such case effectively providing that the Securities shall be secured equally and ratably with or prior to such secured
Indebtedness. 
  

	 	10.7	Payment of Additional Amounts 

  

	 	10.7.1	All payments in respect of the Securities shall be made without withholding or deduction for any present or future taxes, duties, assessments or other governmental charges of
whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the Cayman Islands, Brazil or any Successor Jurisdiction or any authority therein or thereof having power to tax (“Foreign Taxes”), except to the extent
that such Foreign Taxes are required by the Cayman Islands, Brazil, such Successor Jurisdiction or any such authority to be withheld or deducted. In the event of any withholding or deduction for any Foreign Taxes, the Company or the Guarantor, as
the case may be, shall make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and pay such additional amounts (“Additional Amounts”) as are necessary to ensure that the net
amounts received by the Holders of such Securities after such withholding or deduction equals the respective amounts of principal, premium and interest which would have been receivable in respect of such Securities had no such withholding or
deduction (including for any Foreign Taxes payable in respect of Additional Amounts) been required, except that no such Additional Amounts shall be payable with respect to any payment on a Security: 

  

	 	(i)	to, or to a third party on behalf of, a Holder who is liable for any such taxes, duties, assessments or other governmental charges in respect of such Security by reason of
(a) a connection between the Holder and the Cayman Islands or Brazil other than the mere holding of such Security and the receipt of payments with respect to such Security or (b) failure by the Holder to comply with any certification,
identification or other reporting requirement concerning the nationality, residence, identity or connection with the Cayman Islands, Brazil or a Successor Jurisdiction, or applicable political subdivision or authority thereof or therein having power
to tax, of such Holder, if compliance is required by such jurisdiction, or any political subdivision or authority thereof or therein having power to tax, as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other
governmental charge and the Company or the Guarantor, as applicable, has given the Holders at least 30 days’ notice that Holders will be required to provide such certification, identification or other requirement; 

  

 42 

	 	(ii)	in respect of any such taxes, duties, assessments or other governmental charges with respect to a Security surrendered (if surrender is required) more than 30 days after the date on
which such payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later, except to the extent that the Holder of such Security would have been entitled to such
Additional Amounts on surrender of such Security for payment on the last day of such 30-day period; 

  

	 	(iii)	in respect of estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or governmental charge imposed with respect to a Security;

  

	 	(iv)	in respect of any tax, assessment or other governmental charge payable otherwise than by deduction or withholding from payments of principal of or interest or premium on any series
of Securities or by direct payment by the Company or the Guarantor in respect of claims made against the Company or the Guarantor; 

  

	 	(v)	where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European Union Directive on the taxation of savings
implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such directive; or 

  

	 	(vi)	in respect of any combination of the above. 

 For purposes
of the provisions described in this Section 10.7.1, the term “Holder” of any Security means the direct nominee of any beneficial owner of such Security, which holds such beneficial owner’s interest in such Security.
Notwithstanding the foregoing, the limitations on the Company’s or the Guarantor’s obligation to pay Additional Amounts set forth in clause (i)(b) above shall not apply if the provision of information, documentation or other evidence
described in such clause (i)(b) would be materially more onerous, in form, in procedure or in the substance of information disclosed, to a Holder or beneficial owner of a Security (taking into account any relevant differences between U.S. and Cayman
Islands or Brazilian law, regulation or administrative practice) than comparable information or other reporting requirements imposed under U.S. tax law (including tax treaties between the United States and the Cayman Islands or Brazil), regulations
(including proposed regulations) and administrative practice. 
 The Company or the Guarantor, as the case may be, shall promptly provide the
Trustee with documentation, if any, (which may consist of certified copies of such documentation) reasonably satisfactory to the Trustee evidencing the payment of Foreign Taxes in respect of which the Company or the Guarantor has paid any Additional
Amounts. Copies of such documentation shall be made available to the Holders of the Securities or the Paying Agent, as applicable, upon request therefor. 
  

 43 

 In respect of the Securities issued hereunder, at least 10 days prior to the first date of payment of
interest on the Securities and at least 10 days prior to each date, if any, of payment of principal or interest thereafter if there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the
Company and the Guarantor shall furnish the Trustee and each Paying Agent with an Officers’ Certificate instructing the Trustee and such Paying Agent as to whether such payment of principal of or any interest or premium on such Securities shall
be made without deduction or withholding for or on account of any tax, duty, assessment or other governmental charge. If any such deduction or withholding shall be required by the Cayman Islands or Brazil or any Successor Jurisdiction or any
authority therein having power to tax, then such certificate shall specify, by country, the amount, if any, required to be deducted or withheld on such payment to Holders of such Securities, and the Company or the Guarantor, as the case may be, (if
payment is then due under the Guarantees) shall pay or cause to be paid to the Trustee or such Paying Agent Additional Amounts, if any, required by this Section 10.7. The Company and the Guarantor agree to indemnify the Trustee and each Paying
Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in reliance on any Officers’
Certificate furnished pursuant to this Section 10.7, the obligation of the Company and the Guarantor to so indemnify being joint and several. 
  

	 	10.7.2	The Company or the Guarantor, as the case may be, shall pay all stamp, issue, registration, documentary or other similar duties, if any, which may be imposed by the Cayman Islands
or Brazil or any other governmental entity or political subdivision therein or thereof, or any taxing authority of or in any of the foregoing, with respect to the Indenture or the issuance of the Securities or the Guarantees.

  

	 	10.7.3	The Company or the Guarantor, as the case may be, shall provide each Paying Agent and any withholding agent under relevant tax regulations with copies of each certificate received
by the Company or the Guarantor from a Holder of a Security pursuant to the text of such Security. Each such Paying Agent and withholding agent shall retain each such certificate received by it for as long as any Security is outstanding and in no
event for less than four years after its receipt, and for such additional period thereafter, as set forth in an Officers’ Certificate, as such certificate may become material in the administration of applicable tax laws.

  

	 	10.7.4	In the event that Additional Amounts actually paid with respect to the Securities pursuant to the preceding paragraphs are based on rates of deduction or withholding of withholding
taxes in excess of the appropriate rate applicable to the Holder of such Securities, and, as a result thereof, such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then such
Holder shall, by accepting such Securities, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company or the Guarantor. However, by making such assignment, the
Holder makes no representation or warranty that the Company or the Guarantor will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto. 

  

	 	10.7.5	 All references in this Indenture and the Securities to principal, premium or interest in respect of any Security shall be deemed to mean and include all Additional
Amounts, if any, payable in respect of such principal, premium or interest, unless the context otherwise requires, and express mention of the payment of Additional Amounts in any provision hereof shall not be construed as excluding reference to
Additional Amounts in those provisions hereof where such express mention is not made. All references in this Indenture and the Securities to principal in respect of any Security shall be deemed to mean and include any Redemption Price or Repurchase
Price payable in respect of such Security pursuant to any redemption or repurchase right hereunder (and all such references to the Stated Maturity of the principal in respect of any Security shall be deemed to mean and include the Redemption Date or
Repurchase Date with respect to any such Redemption Price or Repurchase Price), and all such references to principal, premium, interest or Additional Amounts shall be deemed to mean and include any amount payable in respect hereof pursuant to
Section 10.7, and express mention of the payment of any Redemption Price or Repurchase Price, 

  

 44 

	 	 
or any such other amount in any provision hereof shall not be construed as excluding reference to the payment of any Redemption Price or Repurchase Price, or
any such other amounts in those provisions hereof where such express reference is not made. 

  

	 	10.8	Indemnification of Judgment Currency 

 The Company
and the Guarantor shall jointly and severally indemnify the Trustee and any Holder of a Security against any loss incurred by the Trustee or such Holder, as the case may be, as a result of any judgment or order being given or made for any amount due
under this Indenture or such Security and being expressed and paid in a currency (the “Judgment Currency”) other than Dollars or the other currency, currencies or currency units in which the Securities of a series is payable (as specified
pursuant to Section 3.1.11) (the “Specified Currency”), and as a result of any variation between (i) the rate of exchange at which the Specified Currency amount is converted into the Judgment Currency for the purpose of such
judgment or order and (ii) the spot rate of exchange in The City of New York at which the Trustee or such Holder, as the case may be, on the date of payment of such judgment or order is able to purchase the Specified Currency with the amount of
the Judgment Currency actually received by the Trustee or such Holder. The foregoing indemnity shall constitute a separate and independent obligation of the Company and the Guarantor and shall continue in full force and effect notwithstanding any
such judgment or order as aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the Specified Currency. 
  

	 	10.9	Further Acts 

 The Company and the Guarantor will
each take any action, satisfy any condition or do any thing (including the obtaining or effecting of any necessary consent, approval, authorization, exemption, filing, license, order, recording or registration) at any time required in accordance
with the applicable laws and regulations to be taken, fulfilled or done in order (i) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under the Securities, this Indenture and any supplemental
indenture, as the case may be, (ii) to ensure that those obligations are legally binding and enforceable, (iii) to make the Securities, this Indenture and any supplemental indenture admissible in evidence in the courts of the State of New
York, the Cayman Islands and Brazil and (iv) to enable the Trustee to exercise and enforce its respective rights under this Indenture and any supplemental indenture and to carry out the terms, provisions and purposes of this Indenture and any
supplemental indenture. 
  

	 	10.10	Securities held by the Company, the Guarantor, etc. 

 So long as any Security is Outstanding, the Company will send to the Trustee, as soon as practicable after being so requested by the Trustee, an Officer’s Certificate of the Company stating the aggregate principal amount of Securities
held or beneficially owned, at the date of such certificate by or on behalf of the Company, the Guarantor or any of its Subsidiaries. The Company will promptly notify the Trustee when it, the Guarantor or any of its Subsidiaries holds or
beneficially owns Securities. 
  

	 	10.11	Status of Guarantees and Securities 

 The Guarantor
will ensure that the Guarantees will rank at least pari passu with any current and future unsecured and unsubordinated Indebtedness of the Guarantor, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights , (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) certain statutory preferred claims for wages,
salaries, social security and taxes as provided by Brazilian law. The Company will ensure that the Securities will rank at least pari passu with any current and future Indebtedness of the Company. 
  

 45 

	 	10.12	Maintenance of Corporate Existence 

 The Company and
the Guarantor shall, and shall cause each of their Subsidiaries to, (i) maintain in effect its corporate existence and all registrations necessary therefor, provided that these restrictions shall not prohibit any transactions permitted by
Article 8 or the merger of any Subsidiary with or into the Guarantor or the Company or with or into any other Subsidiary of the Guarantor or the Company; (ii) take all reasonable actions to maintain all rights, privileges, titles to property,
franchises and the like necessary or desirable in the normal conduct of its business, activities or operations; and (iii) maintain or cause to be maintained in good repair, working order and condition (normal wear and tear excepted) all
properties used or useful in their business; provided, however, that neither the Guarantor, nor its Subsidiaries shall be prevented from discontinuing those operations or suspending the maintenance of those properties which, in the
reasonable judgment of the Guarantor as evidenced by a Board Resolution, are no longer necessary or useful in the conduct of the Guarantor’s business, or that of its Subsidiaries; and provided, further, that such discontinuation of operations
or maintenance would not have a material adverse effect on the ability of the Guarantor to comply with its obligations under this Indenture. 
  

	 	10.13	Maintenance of Insurance 

 The Guarantor shall, and
shall cause each of its Subsidiaries to, maintain insurance with respect to its general business and its properties, with financially sound, responsible and reputable insurance companies in such amounts and covering such risks as are usually carried
by companies of good repute engaged in similar businesses and owning and/or operating properties similar to those owned and/or operated by the Guarantor or such Subsidiary, as the case may be, in the jurisdictions in which the Guarantor or such
Subsidiary owns and/or operates its properties, including policies covering property losses wherein settlement is on a replacement value basis, resultant business interruption and general liability. 
  

	 	10.14	Payment of Taxes 

 The Company and the Guarantor
will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed upon the Company or the Guarantor or upon the income, profits or property of the
Company or the Guarantor (the “Taxes”) which, if unpaid, might by law become a Lien upon the property of the Company and the Guarantor; provided, however, that (i) the Company and the Guarantor shall not be required to
pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is then-currently being contested in good faith by appropriate proceedings and (ii) the Company and the
Guarantor shall be in compliance with this Section 10.14 if the individual or the aggregate amount of the Taxes not paid would not have a material adverse effect on the ability of the Guarantor to comply with its obligations under this
Indenture. 
  

	 	10.15	Ownership of the Company and Payment of Expenses 

 The Guarantor will at all times own, either directly or indirectly, 100% of the issued shares of the Company. The Guarantor will determine and timely pay all fees, taxes, tariffs, service company expenses and other monies required to be
paid in connection with the establishment and maintenance of the existence of the Company under Cayman Islands law. 
  

	 	10.16	Additional Limitations on the Company 

 For so long
as any of the Securities is outstanding, the Company shall not: 
  

	 	10.16.1	engage in any business or enter into, or be a party to, any transaction or agreement except for: 

  

	 	(i)	the issuance, sale and redemption of the Securities and any other debt securities (including syndicated loans) and any activities incidentally related thereto;

  

 46 

	 	(ii)	the incurrence of Indebtedness to make inter-company loans to the Guarantor and its Subsidiaries to finance the acquisition of supply materials by the Guarantor and its
Subsidiaries, and activities reasonably related thereto; 

  

	 	(iii)	any cash management measures and short-term investments; 

  

	 	(iv)	entering into Hedging Agreements relating to the Securities or other Indebtedness; 

  

	 	(v)	any transaction in the ordinary course of business of the Company; and 

  

	 	(vi)	any other transaction required by applicable law; 

  

	 	10.16.2	enter into any consolidation, merger, amalgamation, joint venture, or other form of combination with any Person, or selling, leasing, conveying or otherwise disposing of any of its
assets or receivables, except, in each case, with or to the Guarantor or a Subsidiary and which is as otherwise permitted pursuant to Article 8; provided, however, that if the Company enters into such a transaction with a Subsidiary,
and it results in the Successor Person becoming incorporated in or considered to be resident in a jurisdiction other than the Cayman Islands, then such transaction will only be permitted if such transaction will not result in the payment of
Additional Amounts pursuant to Section 10.7 (as provided by the provisions of Section 8.1.4) in connection with the next payment in respect of the Securities; 

  

	 	10.16.3	enter into any transaction which would cause it to be deemed an “investment company” as defined in the U.S. Investment Company Act of 1940, as amended (the
“Investment Company Act”); and 

  

	 	10.16.4	create any Lien in favor of any Person other than (i) any Lien incurred in connection with the entering into any Hedging Agreement permitted under clause (iv) of
Section 10.16.1 above; or (ii) any Permitted Lien. 

  

	11	Redemption of Securities 

  

	 	11.1	Right of Redemption 

  

	 	11.1.1	The Securities of any series which are redeemable before their Stated Maturity may not be redeemed at the election of the Company except in accordance with their terms and (except
as otherwise specified as contemplated by Section 3.1 for such Securities) in accordance with the provisions of this Article 11. 

  

	 	11.1.2	The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company, the Company shall, at least
45 days prior to the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities specified therefor in the
Securities of a series to be redeemed. 

  

	 	11.1.3	 If, as a result of any amendment to, or change in, the laws (or any rules or regulation thereunder) of the Cayman Islands, Brazil or a successor jurisdiction or any
political subdivision or taxing authority thereof or therein affecting taxation or any amendment to or change in an official interpretation, administration or application of such laws, rules or regulations (including a holding by a court of
competent jurisdiction), which amendment or change of such laws, rules or regulations or the interpretation, administration or application thereof becomes effective on or after the date specified therefor in the Securities of a series, the Company
or the Guarantor, as the case may be, would be obligated to pay Additional Amounts in respect of the Securities of such series pursuant to the terms and conditions thereof in excess of those attributable to Cayman Islands, Brazilian or successor
jurisdiction withholding tax on the basis of a statutory rate of 15%, and if such obligation cannot be avoided by the Company or the Guarantor, after taking reasonable measures the Company or the Guarantor, 

  

 47 

	 	 
as applicable, considers reasonable to avoid it, then, at the Company’s or the Guarantor’s option, as the case may be, the Securities of such
series may be redeemed in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days’ notice to the Holders of such Securities, at a Redemption Price equal to 100% of the principal amount thereof and any premium
applicable thereto, together with accrued interest up to but not including the Redemption Date and any Additional Amounts which would otherwise be payable up to but not including the Redemption Date; provided, however, that (i) no
notice of such redemption may be given earlier than 60 days prior to the earliest date on which the Company or the Guarantor, as the case may be, would but for such redemption be obligated to pay such Additional Amounts were a payment on such
Securities then due, and (ii) at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. 

  

	 	11.1.4	Before any notice of redemption pursuant to Section 11.1.3 is given to the Trustee or the Holders of Securities of the relevant series, the Company shall deliver to the Trustee
(i) an Officers’ Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Company so to redeem have occurred or
been satisfied and (ii) an opinion of an independent legal counsel of recognized standing to the effect that the Company has or shall become obligated to pay such Additional Amounts as a result of such change or amendment. Such notice, once
given to the Trustee, shall be irrevocable. 

  

	 	11.2	Notice of Redemption 

 Notice of redemption shall be
given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. 
 All notices of redemption shall state: 
  

	 	11.2.1	the Redemption Date, 

  

	 	11.2.2	the Redemption Price and amount of accrued interest, if any, 

  

	 	11.2.3	that on the Redemption Date the Redemption Price and any accrued interest shall become due and payable upon each Security to be redeemed and that interest thereon shall cease to
accrue on and after said date, 

  

	 	11.2.4	the conversion rate (if applicable), the date on which the right to convert the Securities to be redeemed shall terminate and the place or places where such Securities may be
surrendered for conversion, 

  

	 	11.2.5	the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest, and 

  

	 	11.2.6	applicable CUSIP or ISIN Numbers. 

 Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company, and such notice, when given to the Holders, shall be irrevocable.

  

	 	11.3	Deposit of Redemption Price 

 On the Business Day
prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay
the Redemption Price of, and accrued interest on, all the Securities which are to be redeemed on that date. 
  

 48 

	 	11.4	Securities Payable on Redemption Date 

 Notice of
redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the
payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company to the Person in whose
name such Security is registered at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall
be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.6. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from the
Redemption Date at the rate borne by (or prescribed therefor in) the Security. 
  

	 	11.5	Securities Redeemed in Part 

 Any Security of a
series which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or
Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected less than 61
days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot or, in the Trustee’s discretion, on a pro rata basis, provided that the unredeemed portion of
the principal amount of any Security shall be in an authorized denomination which shall not be less than the minimum authorized denomination for such Security 
 The provisions of the preceding paragraph shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such
redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the
case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
  

	12	Guarantees 

  

	 	12.1	The Guarantees 

 Subject to the provisions of this
Article 12, the Guarantor hereby irrevocably and unconditionally guarantees to each Holder of a Security of each series authenticated and delivered by the Trustee and to the Trustee the full and punctual payment (whether at the Stated Maturity, upon
redemption, purchase pursuant to an offer to purchase or acceleration or otherwise) of the principal, premium, interest, Additional Amounts and all other amounts that may come due and payable under each Security and the full and punctual payment of
all other amounts payable by the Company under the Indenture as they come due. Upon failure by the Company to pay punctually any such amount, the Guarantor shall forthwith pay the amount not so paid at the place and time and in the manner specified
in the Indenture. 
  

 49 

	 	12.2	Guarantees Unconditional 

 The obligations of the
Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by 
  

	 	12.2.1	any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under the Indenture or any Security, by operation of law or otherwise;

  

	 	12.2.2	any modification or amendment of or supplement to the Indenture or any Security; 

  

	 	12.2.3	any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its
assets or any resulting release or discharge of any obligation of the Company contained in the Indenture or any Security; 

  

	 	12.2.4	the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Company, the Trustee or any other Person, whether in connection with the
Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 

  

	 	12.2.5	any invalidity or unenforceability relating to or against the Company for any reason of the Indenture or any Security, or any provision of applicable law or regulation purporting to
prohibit the payment by the Company of the principal of or interest on any Security or any other amount payable by the Company under the Indenture; or 

  

	 	12.2.6	any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other circumstance whatsoever which might, but for the provisions of
this Section 12.2.6, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

  

	 	12.3	Discharge; Reinstatement 

 The Guarantor’s
obligations hereunder will remain in full force and effect until the principal of, premium, if any, and interest on the Securities and all other amounts payable by the Company under the Indenture have been paid in full. If at any time any payment of
the principal of, premium, if any, or interest on any Security or any other amount payable by the Company under the Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or
otherwise, the Guarantor’s obligations hereunder with respect to such payment will be reinstated as though such payment had been due but not made at such time. 
  

	 	12.4	Waiver by the Guarantor 

  

	 	12.4.1	The Guarantor unconditionally and irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any
time any action be taken by any Person against the Company or any other Person. The Guarantees constitute a guaranty of payment and not of collection. 

  

	 	12.4.2	The Guarantor unconditionally and irrevocably waives any and all rights provided under Articles 333, sole paragraph 364, 366, 821, 827, 829, 834, 835 and 837 through 839 of the
Brazilian Civil Code and Article 595 of the Brazilian Civil Procedure Code. 

  

	 	12.5	Subrogation and Contribution 

 Upon making any
payment with respect to any obligation of the Company under this Article, the Guarantor making such payment will be subrogated to the rights of the payee against the Company with respect to 

  

 50 

 
such obligation; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based
upon, such right of subrogation until the principal of (and premium, if any) and interest on all Securities of the relevant series shall have been paid in full. 
  

	 	12.6	Stay of Acceleration 

 If acceleration of the time
for payment of any amount payable by the Company under the Indenture or the Securities is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of the Indenture
are nonetheless payable by the Guarantor forthwith on demand by the Trustee or the Holders. 
  

	 	12.7	Execution and Delivery of Guarantees 

 The execution
by the Guarantor of the Indenture or a supplemental indenture evidences the Guarantees of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Security. The
delivery of any Security by the Trustee after authentication constitutes due delivery of the Guarantees set forth in the Indenture on behalf of the Guarantor. 
  

	13	Defeasance and Covenant Defeasance 

  

	 	13.1	Company’s Option to Effect Defeasance or Covenant Defeasance 

 The Company may elect, at its option at any time, to have Section 13.2 or Section 13.3 applied to any Securities or any series of Securities designated pursuant to Section 3.1 as being defeasible
pursuant to such Section 13.2 or 13.3, in accordance with any applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article 13. Any such election shall be evidenced by a
Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities. 
  

	 	13.2	Defeasance and Discharge 

 Upon the Company’s
exercise of its option to have this Section 13.2 applied to any Securities or any series of Securities, as the case may be, the Company and the Guarantor shall each be deemed to have been discharged from their respective obligations with
respect to such Securities or series of Securities as provided in this Section 13.2 on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance
means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of
such Securities to receive, solely from the trust fund described in Section 13.4 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due,
(ii) the respective obligations of the Company and the Guarantor with respect to such Securities under Sections 3.4, 3.5, 10.2 and 10.3, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) the
provisions set forth in this Article Thirteen. Subject to compliance with this Article, the Company may exercise its option to have this Section 13.2 applied to any Securities notwithstanding the prior exercise of its option to have
Section 13.3 applied to such Securities. 
  

	 	13.3	Covenant Defeasance 

 Upon the Company’s
exercise of its option to have this Section applied to any Securities or any series of Securities, as the case may be, (i) the Company shall be released from any covenants provided pursuant to Section 3.1.8, 8.1, 9.1.2, 9.1.7, 10.5, 10.6,
10.12, 10.13, 10.14 and 10.16 for the benefit of the Holders of such Securities, and (ii) the occurrence of any event specified in Section 5.1.3 shall be deemed not to be or 

  

 51 

 
result in an Event of Default, in each case with respect to such Securities as provided in this Section 13.3 on and after the date the conditions set
forth in Section 13.4 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 5.13), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by
reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 
  

	 	13.4	Conditions to Defeasance or Covenant Defeasance 

 The following shall be the conditions to the application of Section 13.2 or Section 13.3 to any Securities or any series of Securities, as the case may be: 
  

	 	13.4.1	The Company or the Guarantor shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge, the principal of and any premium, interest and Additional
Amounts on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (a) any security which is (1) 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 (2) an obligation of a Person controlled or supervised by and acting as any 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 (1) or (2), 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 which is specified in clause (a) 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 principle or
interest evidenced by such depositary receipt. 

  

	 	13.4.2	In the event of any election to have Section 13.2 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an
Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture, there has been a change in the applicable U.S. Federal
income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for U.S. Federal income tax purposes as a result of the
deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge
were not to occur. 

  

	 	13.4.3	In the event of an election to have Section 13.3 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to the effected with respect to such Security and will be subject
to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur. 

  

 52 

	 	13.4.4	No event which is, or after notice or lapse of time both would become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be
continuing at the time of such deposit or, with regard to any such event specified in Sections 5.1.6 and 5.1.7, at any time on or prior to the day which is 90 days after the date of such deposit (it being understood that this condition shall not be
deemed satisfied until after such day which is 90 days after the date of such deposit). 

  

	 	13.4.5	Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in
default within the meaning of such Act). 

  

	 	13.4.6	Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company or the
Guarantor is a party or by which either is bound. 

  

	 	13.4.7	Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act
unless such trust shall be registered under such Act or exempt from registration thereunder. 

  

	 	13.4.8	The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance
or Covenant Defeasance have been complied with. 

  

	 	13.5	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. 

 Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee pursuant to Section 13.4 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any
such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so
held in trust need not be segregated from other funds except to the extent required by law. 
 The Company and the Guarantor shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 13.4, or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of Outstanding Securities. 
 Anything in this Article 13 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the Company’s order any money or U.S. Government Obligations held by it as provided in Section 13.4 with respect to any Securities which, in the
opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the
Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 
  

	 	13.6	Reinstatement. 

 If the Trustee or the Paying Agent
is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company and the Guarantor have been discharged or released pursuant 

  

 53 

 
to Section 13.2 or 13.3 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities in
accordance with this Article; provided, however, that if the Company or the Guarantor make any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company or the
Guarantor (as the case may be) shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
  

 54 

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

			
	EMBRAER OVERSEAS LIMITED,
	as Company
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 EMBRAER – EMPRESA BRASILEIRA DE AERONÁUTICA S.A.,
 as Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 55 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	:SS
	COUNTY OF NEW YORK	  	)	  	

 On this          day of
            , 200    , before me, a notary public within and for said county, personally appeared
                                        , to me
personally known who being duly sworn, did say that he is a
                                 of EMBRAER OVERSEAS LIMITED, one of persons described in
and which executed the foregoing instrument, and acknowledges said instrument to be the free act and deed of said corporation. 
  

	
	  

	[NOTARIAL SEAL]

  

 56 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	:SS
	COUNTY OF NEW YORK	  	)	  	

 On this              day of
            , 200    , before me, a notary public within and for said county, personally appeared
                                , to me personally known who being duly sworn, did say
that he is a                                  of EMBRAER OVERSEAS LIMITED, one of persons
described in and which executed the foregoing instrument, and acknowledges said instrument to be the free act and deed of said corporation. 
  

	
	  

	[NOTARIAL SEAL]

  

 57 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	:SS
	COUNTY OF NEW YORK	  	)	  	

 On this             day of
            , 200    , before me, a notary public within and for said county, personally appeared
                                        , to me
personally known who being duly sworn, did say that he is
                                         of
EMBRAER—EMPRESA BRASILEIRA DE AERONÁUTICA S.A., one of persons described in and which executed the foregoing instrument, and acknowledges said instrument to be the free act and deed of said corporation. 
  

	
	  

	[NOTARIAL SEAL]

  

 58 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	:SS
	COUNTY OF NEW YORK	  	)	  	

 On this              day of
            , 200    , before me, a notary public within and for said county, personally appeared
                                , to me personally known who being duly sworn, did say
that he is                                  of EMBRAER—EMPRESA BRASILEIRA DE
AERONÁUTICA S.A., one of persons described in and which executed the foregoing instrument, and acknowledges said instrument to be the free act and deed of said corporation. 
  

	
	  

	[NOTARIAL SEAL]

  

 59 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	:SS
	COUNTY OF NEW YORK	  	)	  	

 On this              day of
            , 200    , before me, a notary public within and for said county, personally appeared
                                , to me personally known who being duly sworn, did say
that he is
                                        
                         of THE BANK OF NEW YORK MELLON, one of persons described in and which executed the foregoing instrument,
and acknowledges said instrument to be the free act and deed of said corporation. 
  

	
	  

	[NOTARIAL SEAL]

  

 60

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]