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dennysguaranteeandcollat

EXECUTION VERSION    FOURTH AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT        dated as of    August 26, 2021,    among    DENNY’S, INC.,    DENNY’S REALTY, LLC,    DENNY’S CORPORATION,    DFO, LLC,    the other Subsidiaries of Parent from time to time party hereto,    and    WELLS FARGO BANK, NATIONAL ASSOCIATION,    as Administrative Agent  

 

    TABLE OF CONTENTS  Page  ARTICLE I DEFINITIONS ......................................................................................................................... 2  Section 1.01 Credit Agreement. ......................................................................................... 2  Section 1.02 Other Defined Terms. ................................................................................... 2  ARTICLE II GUARANTEE ......................................................................................................................... 6  Section 2.01 Guarantee. ...................................................................................................... 6  Section 2.02 Guarantee of Payment. ................................................................................. 6  Section 2.03 No Limitations, Etc. ...................................................................................... 6  Section 2.04 Reinstatement. ............................................................................................... 7  Section 2.05 Agreement To Pay; Subrogation. ................................................................. 7  Section 2.06 Information. ................................................................................................... 8  Section 2.07 Keepwell. ........................................................................................................ 8  ARTICLE III PLEDGE OF SECURITIES ................................................................................................... 8  Section 3.01 Pledge. ............................................................................................................ 8  Section 3.02 Delivery of the Pledged Collateral. .............................................................. 9  Section 3.03 Representations, Warranties and Covenants. ............................................ 9  Section 3.04 Certification of Limited Liability Company and Limited  Partnership Interests. .................................................................................. 10  Section 3.05 Registration in Nominee Name; Denominations. ..................................... 10  Section 3.06 Voting Rights; Dividends and Interest, etc. .............................................. 10  ARTICLE IV SECURITY INTERESTS IN PERSONAL PROPERTY .................................................... 12  Section 4.01 Security Interest. ......................................................................................... 12  Section 4.02 Representations and Warranties. .............................................................. 13  Section 4.03 Covenants. .................................................................................................... 15  Section 4.04 Other Actions. .............................................................................................. 18  Section 4.05 Covenants Regarding Patent, Trademark and Copyright  Collateral. ..................................................................................................... 20  ARTICLE V REMEDIES ........................................................................................................................... 21  Section 5.01 Remedies Upon Default. ............................................................................. 21  Section 5.02 Application of Proceeds. ............................................................................. 22  Section 5.03 Grant of License to Use Intellectual Property. ......................................... 23  Section 5.04 Securities Act, etc. ....................................................................................... 23  ARTICLE VI INDEMNITY, SUBROGATION AND SUBORDINATION ............................................. 24  Section 6.01 Indemnity and Subrogation. ....................................................................... 24  Section 6.02 Contribution and Subrogation. .................................................................. 24  Section 6.03 Subordination. ............................................................................................. 24  ARTICLE VII MISCELLANEOUS ........................................................................................................... 24  Section 7.01 Notices. ......................................................................................................... 24  Section 7.02 Security Interest Absolute. ......................................................................... 25  Section 7.03 Survival of Agreement. ............................................................................... 25  Section 7.04 Binding Effect; Several Agreement. .......................................................... 25  Section 7.05 Successors and Assigns. .............................................................................. 25  Section 7.06 Administrative Agent’s Fees and Expenses; Indemnification. ................ 25  

 

    Section 7.07 Administrative Agent Appointed Attorney-in-Fact. ................................ 26  Section 7.08 GOVERNING LAW. .................................................................................. 27  Section 7.09 Waivers; Amendment. ................................................................................ 27  Section 7.10 WAIVER OF JURY TRIAL. ..................................................................... 27  Section 7.11 Severability. ................................................................................................. 28  Section 7.12 Counterparts. ............................................................................................... 28  Section 7.13 Headings. ...................................................................................................... 28  Section 7.14 Jurisdiction; Consent to Service of Process. ............................................. 28  Section 7.15 Termination or Release. .............................................................................. 28  Section 7.16 Additional Subsidiaries. .............................................................................. 29  Section 7.17 Right of Setoff. ............................................................................................. 29  Section 7.18 Amendment and Restatement. ................................................................... 29      

 

      Schedules  Schedule I Subsidiary Loan Parties  Schedule II Pledged Equity Securities; Pledged Debt Securities  Schedule III Intellectual Property  Schedule IV Insurance Requirements  Exhibits  Exhibit I Form of Supplement to the Guarantee and Collateral Agreement  Exhibit II Form of Perfection Certificate  

 

    FOURTH AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT  FOURTH AMENDED AND RESTATED GUARANTEE AND COLLATERAL  AGREEMENT dated as of August 26, 2021 (this “Agreement”), by and among Denny’s, Inc., a Florida  corporation (the “Borrower”), Denny’s Corporation, a Delaware corporation (“Parent”), DFO, LLC, a  Delaware limited liability company (“DFO”), Denny’s Realty, LLC, a Delaware limited liability company  (“Denny’s Realty”), each other Subsidiary of Parent from time to time party hereto and Wells Fargo  Bank, National Association (“Wells Fargo”), as administrative agent and collateral agent (in such  capacities under any of the Loan Documents (as defined in the Credit Agreement referred to below), the  “Administrative Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below).    WHEREAS, the Borrower, Parent, certain subsidiaries of the Parent party thereto, the lenders  from time to time party thereto and Wells Fargo, as Administrative Agent are parties to that certain Third  Amended and Restated Credit Agreement dated as of October 26, 2017 (as amended prior to the date  hereof, the “Existing Credit Agreement”), pursuant to which the lenders thereto have, subject to the terms  and conditions set forth therein, made loans and otherwise extended credit to Borrower;   WHEREAS, the Borrower, Parent, certain subsidiaries of the Parent party thereto and the  Administrative Agent entered into that certain Third Amended and Restated Guarantee and Collateral  Agreement, dated as of October 26, 2017 (as amended prior to the date hereof, the “Existing Guarantee  and Collateral Agreement”);  WHEREAS, as of the date hereof, the Existing Credit Agreement is being amended and restated  in its entirety pursuant to the terms and conditions set forth in the Fourth Amended and Restated Credit  Agreement, dated as of the date hereof (as amended, amended and restated, supplemented, waived or  otherwise modified from time to time, the “Credit Agreement”), among Borrower, Parent, DFO, Denny’s  Realty, the lenders from time to time party thereto (the “Lenders”), and the Administrative Agent;  WHEREAS, the obligations of the Lenders, the Administrative Agent and the L/C Issuer to enter  into the Credit Agreement and to extend credit to the Borrower thereunder are conditioned upon, among  other things, the Borrower, Parent, DFO, Denny’s Realty and the Administrative Agent entering into a  Fourth Amended and Restated Guarantee and Collateral Agreement in the form of this Agreement and the  execution and delivery of this Agreement by the parties hereto;  WHEREAS, Parent, DFO and Denny’s Realty are affiliates of the Borrower and will derive  substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are  willing to execute and deliver this Agreement in order to induce the Lenders, the Administrative Agent  and the L/C Issuer to extend such credit; and  WHEREAS, each Grantor wishes to (a) grant a security interest in all of its “Article 9 Collateral”  (as defined herein) in favor of the Administrative Agent, as collateral agent, for the benefit of the  “Secured Parties” (as defined herein), (b) pledge and assign, and grant a security interest in, all of its  “Pledged Collateral” (as defined herein) to the Administrative Agent, as collateral agent, for the benefit of  the Secured Parties and (c) guarantee to the Administrative Agent, as collateral agent, for the benefit of  the Secured Parties, the payment and performance of the “Obligations” (as defined herein), in each case,  as herein provided.  NOW THEREFORE, in consideration of the mutual covenants and agreement herein contained,  the parties hereto covenant and agree as follows:  

 

   2  ARTICLE I    DEFINITIONS  Section 1.01 Credit Agreement.  (a)  Capitalized terms used in this Agreement and not  otherwise defined herein have the meanings specified in the Credit Agreement.  All terms defined in the  New York UCC (as defined herein) and not defined in this Agreement have the meanings specified  therein; the term “instrument” shall have the meaning specified in Article 9 of the New York UCC.  (b) The rules of construction specified in Section 1.02 of the Credit Agreement also  apply to this Agreement.  Section 1.02 Other Defined Terms.  As used in this Agreement, the following terms shall  have the meanings set forth below:  “Account Debtor” means any Person who is or who may become obligated to any Grantor under,  with respect to or on account of an Account.  “Administrative Agent” has the meaning assigned to such term in the preamble of this  Agreement.  “Article 9 Collateral” has the meaning assigned to such term in Section 4.01.  “Borrower” has the meaning assigned to such term in the preamble of this Agreement.  “Claiming Guarantor” has the meaning assigned to such term in Section 6.02.  “Collateral” means Article 9 Collateral and Pledged Collateral.  “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).  “Contributing Guarantor” has the meaning assigned to such term in Section 6.02.  “Copyright License” means any written agreement, now or hereafter in effect, granting any right  to any third party under any copyright now or hereafter owned by any Grantor or that any Grantor  otherwise has the right to license, or granting any right to any Grantor under any copyright now or  hereafter owned by any third party, and all rights of any Grantor under any such agreement.  “Copyrights” means all of the following now owned or hereafter acquired by any Grantor:  (a) all  copyright rights in any work subject to the copyright laws of the United States or any other country,  whether as author, assignee, transferee or otherwise; and (b) all registrations and applications for  registration of any such copyright in the United States or any other country, including registrations,  recordings, supplemental registrations and pending applications for registration in the United States  Copyright Office, including those listed on Schedule III.  “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this  Agreement.  “Deposit Account Bank” has the meaning assigned to such term in Section 4.04(b).  “Equity Interests” means with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase  

 

   3  or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in)  such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other  ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition  from such Person of such shares (or such other interests), and all of the other ownership or profit interests  in such Person (including partnership, member or trust interests therein), whether voting or nonvoting,  and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of  determination.  “Excluded Swap Obligation” means, with respect to any Subsidiary Loan Party, any Swap  Obligation if, and to the extent that, all or a portion of the liability of such Subsidiary Loan Party for or  the guarantee of such Subsidiary Loan Party of, or the grant by such Subsidiary Loan Party of a security  interest to secure, such Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under  the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading  Commission (or the application or official interpretation of any thereof) by virtue of such Subsidiary Loan  Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity  Exchange Act and the regulations thereunder at the time the liability for or the guarantee of such  Subsidiary Loan Party or the grant of such security interest becomes effective with respect to such Swap  Obligation (such determination being made after giving effect to any applicable keepwell, support or  other agreement for the benefit of the applicable Subsidiary Loan Party, including under the keepwell  provisions in this Agreement in Section 2.07).  If a Swap Obligation arises under a master agreement  governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation  that is attributable to swaps for which such guarantee or security interest is or becomes illegal for the  reasons identified in the immediately preceding sentence of this definition.  “Federal Securities Laws” has the meaning assigned to such term in Section 5.04.  “General Intangibles” means all “general intangibles” as defined in the New York UCC,  including payment intangibles, all choses in action and causes of action and all other intangible personal  property of any Grantor of every kind and nature (other than Accounts) now owned or hereafter acquired  by any Grantor, including corporate or other business records, indemnification claims, contract rights  (including rights under leases, whether entered into as lessor or lessee, Swap Contracts, franchise  agreements and other agreements) and rights to payment, Intellectual Property, software, goodwill,  registrations, franchises, tax refund claims and any letter of credit, guarantee, claim, security interest or  other security held by or granted to any Grantor to secure payment by an Account Debtor of any of the  Accounts.  “Grantors” means Parent, the Borrower and the Subsidiary Loan Parties.  “Guarantors” means Parent, the Borrower and the Subsidiary Loan Parties.  “Intellectual Property” means all intellectual and similar property of every kind and nature now  owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses,  Trademarks, trade secrets, domain names, confidential or proprietary technical and business information,  know-how, show-how or other data or information, software and databases and all embodiments or  fixations thereof and related documentation, registrations and franchises, and all additions, improvements  and accessions to, and books and records describing or used in connection with, any of the foregoing.  “Investment Property” means a security, whether certificated or uncertificated, security  entitlement, securities account, financial asset, commodity contract or commodity account.  

 

   4  “License” means any Patent License, Trademark License, Copyright License or other license or  sublicense agreement to which any Grantor is a party, other than those license or sublicense agreements  (a) in existence on the date hereof and (b) entered into after the date hereof, in each case that by their  terms prohibit a grant of a security interest by such Grantor as licensee thereunder; provided that (i) in the  case of clause (b), such Grantor has used commercially reasonable efforts to prevent the inclusion of such  a prohibition over such license or sublicense and (ii) in the case of any licenses or sublicenses excluded  pursuant to clauses (a) and (b), such licenses or sublicenses, individually or in the aggregate, are not  material to the business of such Grantor.  For the avoidance of doubt, any money or property received in  respect of any license that is not a License shall not be excluded from the Collateral solely as a result of  the exclusion of such license from the Collateral.  “New York UCC” means the Uniform Commercial Code as from time to time in effect in the  State of New York.  “Obligations” means all “Obligations” as defined in the Credit Agreement and includes, without  limitation, (a) the due and punctual payment by the Borrower of (i) the principal of and interest (including  interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar  proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as  due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii)  each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter  of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest  and fees thereon and obligations to provide cash collateral in respect of such Letters of Credit, and (iii) all  other monetary obligations of the Borrower to any of the Secured Parties under the Credit Agreement and  each of the other Loan Documents, including obligations to pay fees, expense and reimbursement  obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or  otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency,  receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),  (b) the due and punctual performance of all other obligations of the Borrower under or pursuant to the  Credit Agreement and each of the other Loan Documents, (c) the due and punctual payment and  performance of all the obligations of each other Loan Party under or pursuant to this Agreement and each  of the other Loan Documents and (d) the due and punctual payment and performance of all the  obligations of the Borrower and each other Loan Party under or pursuant to any Secured Cash  Management Agreement or Secured Hedge Agreement; provided, that with respect to a Subsidiary Loan  Party, “Obligations” shall exclude any Excluded Swap Obligations with respect to such Subsidiary Loan  Party.  “Patent License” means any written agreement, now or hereafter in effect, granting to any third  party any right to make, use or sell any invention on which a patent, now or hereafter owned by any  Grantor or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor  any right to make, use or sell any invention on which a patent, now or hereafter owned by any third party,  is in existence, and all rights of any Grantor under any such agreement.  “Patents” means all of the following now owned or hereafter acquired by any Grantor:  (a) all  letters patent of the United States or the equivalent thereof in any other country, all registrations and  recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in  any other country, including registrations, recordings and pending applications in the United States Patent  and Trademark Office or any similar offices in any other country, including those listed on Schedule III;  and (b) all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof, and the  inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions  disclosed or claimed therein.  

 

   5  “Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and  supplemented with the schedules and attachments contemplated thereby, and duly executed by the Loan  Parties.  “Pledged Collateral” has the meaning assigned to such term in Section 3.01.  “Pledged Debt Securities” has the meaning assigned to such term in Section 3.01.  “Pledged Securities” means any promissory notes, stock certificates or other securities now or  hereafter included in the Pledged Collateral, including all certificates, instruments or other documents  representing or evidencing any Pledged Collateral.  “Pledged Stock” has the meaning assigned to such term in Section 3.01.  “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has  total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security  interest becomes effective with respect to such Swap Obligation or such other Person as constitutes an  “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated  thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by  entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  “Security Interest” has the meaning assigned to such term in Section 4.01.  “Specified Credit Party” means, any Loan Party that is, at the time on which this Agreement (or  grant of security interest, as applicable) becomes effective with respect to a Swap Obligation, a  corporation, partnership, proprietorship, organization, trust or other entity that would not be an “eligible  contract participant” under the Commodity Exchange Act at such time but for the effect of Section 2.07.  “Subsidiary Loan Parties” means DFO, Denny’s Realty and each other Subsidiary of Parent from  time to time party hereto.  “Swap Obligations” means, with respect to any Subsidiary Loan Party, any obligation to pay or  perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of  Section 1a(47) of the Commodity Exchange Act.  “Trademark License” means any written agreement, now or hereafter in effect, granting to any  third party any right to use any trademark now or hereafter owned by any Grantor or that any Grantor  otherwise has the right to license, or granting to any Grantor any right to use any trademark now or  hereafter owned by any third party, and all rights of any Grantor under any such agreement.  “Trademarks” means all of the following now owned or hereafter acquired by any Grantor: (a) all  trademarks, service marks, trade names, corporate names, company names, business names, fictitious  business names, trade styles, trade dress, logos, other source or business identifiers, designs and general  intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings  thereof, and all registration and recording applications filed in connection therewith, including  registrations and registration applications in the United States Patent and Trademark Office or any similar  offices in any State of the United States or any other country or any political subdivision thereof, and all  extensions or renewals thereof, including those listed on Schedule III; (b) all goodwill associated  therewith or symbolized thereby; and (c) all other assets, rights and interests that uniquely reflect or  embody such goodwill.  

 

   6  “USCO” means the United States Copyright Office and any successor agency.  “USPTO” means the United States Patent and Trademark Office and any successor agency.  ARTICLE II    GUARANTEE  Section 2.01 Guarantee.  Each Guarantor hereby unconditionally and irrevocably guarantees,  jointly with the other Guarantors and severally, to the Administrative Agent, for the benefit of the Secured  Parties, as a primary obligor and not merely as a surety, the due and punctual payment and performance  of the Obligations.  Each Guarantor further agrees that the Obligations may be extended or renewed, in  whole or in part, without notice to or further assent from it, and that it will remain bound upon its  guarantee notwithstanding any extension or renewal of any Obligation.  Each Guarantor waives  presentment to, demand of payment from and protest to the Borrower or any other Loan Party of any of  the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for  nonpayment.  Section 2.02 Guarantee of Payment.  Each Guarantor further agrees that its guarantee  hereunder constitutes a guarantee of payment when due and not of collection, and waives any right to  require that any resort be had by the Administrative Agent or any other Secured Party to any security held  for the payment of the Obligations or to any balance of any deposit account or credit on the books of the  Administrative Agent or any other Secured Party in favor of the Borrower or any other Person.  Section 2.03 No Limitations, Etc.  (a) Except for termination of a Guarantor’s obligations  hereunder as expressly provided in Section 7.15, the obligations of each Guarantor hereunder shall not be  subject to any reduction, limitation, impairment or termination for any reason, including any claim of  waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff,  counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or  unenforceability of the Obligations or otherwise.  Without limiting the generality of the foregoing, the  obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i)  the failure of the Administrative Agent or any other Secured Party to assert any claim or demand or to  exercise or enforce any right or remedy under the provisions of any Loan Document or otherwise; (ii) any  rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of,  any Loan Document or any other agreement, including with respect to any other Guarantor under this  Agreement; (iii) the failure to perfect any security interest in, or the release of, any security held by the  Administrative Agent or any other Secured Party for the Obligations; (iv) any default, failure or delay,  willful or otherwise, in the performance of the Obligations; (v) any other act or omission that may or  might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a discharge of  any Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the  Obligations) or (vi) any Applicable Law or regulation of any jurisdiction or any other event affecting any  term of a guaranteed obligation.  Each Guarantor expressly authorizes the Secured Parties to take and  hold security for the payment and performance of the Obligations, to exchange, waive or release any or  all such security (with or without consideration), to enforce or apply such security and direct the order and  manner of any sale thereof in their sole discretion or to release or substitute any one or more other  guarantors or obligors upon or in respect of the Obligations, all without affecting the obligations of any  Guarantor hereunder.  Anything contained in this Article II to the contrary notwithstanding, the  obligations of any Guarantor under this Article II at any time shall be limited to an aggregate amount  equal to the largest amount that would not render its obligations under this Article II subject to avoidance  as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code (Title 11, United States  Code) or any comparable provisions of any similar federal or state law.  

 

   7  (b) (i) To the fullest extent permitted by Applicable Law, each Guarantor  waives any defense based on or arising out of any defense of the Borrower or any other Loan  Party or the unenforceability of the Obligations or any part thereof from any cause, or the  cessation from any cause of the liability of the Borrower or any other Loan Party, other than the  indefeasible payment in full in cash of all the Obligations.  The Administrative Agent may, at its  election, foreclose on any security held by it by one or more judicial or non-judicial sales, accept  an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the  Obligations, make any other accommodation with the Borrower or any other Loan Party or  exercise any other right or remedy available to the Administrative Agent against the Borrower or  any other Loan Party, without affecting or impairing in any way the liability of any Guarantor  hereunder except to the extent the Obligations have been indefeasibly paid in full in cash.  To the  fullest extent permitted by Applicable Law, each Guarantor waives any defense arising out of any  such election even though such election operates, pursuant to Applicable Law, to impair or to  extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor  against the Borrower or any other Loan Party, as the case may be, or any security.  (ii) Each Guarantor waives any right it may have to require the  Administrative Agent or the Lenders to proceed against the Borrower or any other  Guarantor, proceed against or exhaust any security held from the Borrower or any other  Guarantor, or pursue any other remedy in their respective power to pursue, as well as any  defense based on any claim that Guarantor’s obligations exceed or are more burdensome  than those of the Borrower.    (c) Each Guarantor hereby waives diligence, promptness, presentment, demand for  payment or performance and protest and notice of protest, notice of acceptance and any other  notice in respect of the Obligations or any part of them, any defense which may be available by  virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect,  including, without limitation, any defense arising by reason of any disability or other defense of  the Borrower or any other Guarantor, any right to require the marshalling of assets of the  Borrower, any other Guarantor or any other entity or other person primarily or secondarily liable  with respect to any of the Obligations, and all suretyship defenses generally.  To the fullest extent  permitted by law, each Guarantor hereby expressly waives any and all rights or defenses arising  by reason of (A) any “one action” or “anti-deficiency” law which would otherwise prevent the  Administrative Agent or any other Secured Party from bringing any action, including any claim  for a deficiency, or exercising any other right or remedy (including any right of set-off), against  such Guarantor before or after the Administrative Agent’s or other Secured Party’s  commencement or completion of any foreclosure action, whether judicially, by exercise of power  of sale or otherwise, or (B) any other Applicable Law which in any other way would otherwise  require any election of remedies by the Administrative Agent or any other Secured Party.  Each  Guarantor covenants that its obligations hereunder shall not be discharged, except by complete  performance.  Section 2.04 Reinstatement.  Each Guarantor agrees that its guarantee hereunder shall  continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of  any Obligation is rescinded or must otherwise be restored by the Administrative Agent or any other  Secured Party upon the bankruptcy or reorganization of the Borrower, any other Loan Party or otherwise.  Section 2.05 Agreement To Pay; Subrogation.  In furtherance of the foregoing and not in  limitation of any other right that the Administrative Agent or any other Secured Party has at Applicable  Law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower or any other  Loan Party to pay any Obligation when and as the same shall become due, whether at maturity, by  

 

   8  acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will  forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the applicable Secured  Parties in cash the amount of such unpaid Obligation.  Upon payment by any Guarantor of any sums to  the Administrative Agent as provided above, all rights of such Guarantor against the Borrower or any  other Guarantor arising as a result thereof by way of right of subrogation, contribution, reimbursement,  indemnity or otherwise shall in all respects be subject to Article VI.  Section 2.06 Information.  Each Guarantor assumes all responsibility for being and keeping  itself informed of the Borrower’s and each other Loan Party’s financial condition and assets, and of all  other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and  extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the  Administrative Agent or the other Secured Parties will have any duty to advise such Guarantor of  information known to it or any of them regarding such circumstances or risks.  Section 2.07 Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally,  absolutely, unconditionally and irrevocably undertakes to provide such funds and other support as may be  needed from time to time by each Specified Credit Party to honor all of its obligations under this  Guaranty and the other Loan Documents in respect of Swap Obligations (provided, however, that each  Qualified ECP Guarantor shall only be liable under this Section 2.07 for the maximum amount of such  liability that can be hereby incurred without rendering its obligations under this Section 2.07, or otherwise  under this Agreement or any other Loan Document, voidable under Debtor Relief Laws and not for any  greater amount).  Subject to Section 2.04, the obligations of each Qualified ECP Guarantor under this  Section 2.07 shall remain in full force and effect until all of the Guaranteed Obligations and all the  obligations of the Guarantors shall have been paid in full in cash and the Commitments terminated.  Each  Qualified ECP Guarantor intends that this Section 2.07 constitute, and this Section 2.07 shall be deemed  to constitute, a “keepwell, support or other agreement” for the benefit of each Specified Credit Party for  all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  ARTICLE III    PLEDGE OF SECURITIES  Section 3.01 Pledge.  Each Grantor hereby assigns and pledges to the Administrative Agent,  its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Administrative  Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in all of such  Grantor’s right, title and interest in, to and under (a) all shares of capital stock and other Equity Interests  owned by it (including those listed on Schedule II) and any other Equity Interests obtained in the future  by such Grantor and the certificates representing all such Equity Interests (the “Pledged Stock”); provided  that the Pledged Stock shall not include (i) more than 65% of the issued and outstanding voting Equity  Interests of any Subsidiary that is a CFC or any Equity Interests of a Subsidiary that is owned, directly or  indirectly, by a CFC, (ii) any Equity Interest in East Main Insurance Company, a South Carolina  corporation or (iii) to the extent Applicable Law requires that a subsidiary of such Grantor issue directors’  qualifying shares, such qualifying shares; (b)(i) all debt securities owned by it (including those listed  opposite the name of such Grantor on Schedule II), (ii) any debt securities in the future issued to such  Grantor and (iii) the promissory notes and any other instruments, if any, evidencing such debt securities  (the “Pledged Debt Securities”); (c) all other property that may be delivered to and held by the  Administrative Agent pursuant to the terms of this Section 3.01; (d) all payments of principal or interest,  dividends, cash, instruments and other property from time to time received, receivable or otherwise  distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in  respect of, the securities referred to in clauses (a) and (b) above and the property referred to in clause (c)  above; (e) all rights and privileges of such Grantor with respect to the securities and other property  

 

   9  referred to in clauses (a), (b), (c) and (d) above; and (f) all Proceeds of any of the foregoing (the items  referred to in clauses (a) through (f) above being collectively referred to as the “Pledged Collateral”).  TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest,  powers, privileges and preferences pertaining or incidental thereto, unto the Administrative Agent, its  successors and assigns, for the benefit of the Secured Parties, forever; subject, however, to the terms,  covenants and conditions hereinafter set forth.  Section 3.02 Delivery of the Pledged Collateral.  (a) Each Grantor agrees promptly to deliver or cause to be delivered to the  Administrative Agent certificates, instruments and other documents representing or evidencing  any Pledged Securities having a value in excess of $250,000.  (b) Each Grantor will cause any Indebtedness for borrowed money (other than trade  debt incurred in the ordinary course of business) owed to such Grantor by any Person in excess  of $250,000 in principal amount to be evidenced by a duly executed promissory note that is  pledged and delivered to the Administrative Agent pursuant to the terms hereof.  (c) Upon delivery to the Administrative Agent, (i) any Pledged Securities shall be  accompanied by stock powers duly executed in blank or other instruments of transfer satisfactory  to the Administrative Agent and by such other instruments and documents as the Administrative  Agent may reasonably request to perfect its security interest therein and (ii) all other property  composing part of the Pledged Collateral shall be accompanied by proper instruments of  assignment duly executed by the applicable Grantor and such other instruments or documents as  the Administrative Agent may reasonably request to perfect its security interest therein.  Each  delivery of Pledged Securities shall be accompanied by a schedule describing the securities,  which schedule shall be attached hereto as Schedule II and made a part hereof; provided that  failure to attach any such schedule hereto shall not affect the validity of such pledge of such  Pledged Securities.  Each schedule so delivered shall supplement any prior schedules so  delivered.  Section 3.03 Representations, Warranties and Covenants.  The Grantors jointly and  severally represent, warrant and covenant to and with the Administrative Agent, for the benefit of the  Secured Parties, that:  (a) Schedule II correctly sets forth the percentage of the issued and outstanding  shares of each class of the Equity Interests of the issuer thereof represented by such Pledged  Stock and includes all Equity Interests, debt securities and promissory notes required to be  pledged by the terms of this Agreement;  (b) the Pledged Stock and Pledged Debt Securities have been duly and validly  authorized and issued by the issuers thereof and (i) in the case of Pledged Stock issued by a  corporation, are fully paid and non-assessable, (ii) in the case of Pledged Debt Securities, other  than Pledged Debt Securities issued by a Loan Party or any other Subsidiary, to the knowledge of  the Grantor pledging any such Pledged Debt Securities, are legal, valid and binding obligations of  the issuers thereof and (iii) in the case of Pledged Debt Securities issued by a Loan Party or any  other Subsidiary, are legal, valid and binding obligations of the issuer thereof;  (c) each Grantor is and, subject to any transfers made in compliance with the Credit  Agreement, will continue to be the direct, beneficial and record owner of the Pledged Securities  

 

   10  listed on Schedule II as owned by such Grantor and each Grantor (i) holds the Pledged Securities  free and clear of all Liens, other than Liens created by this Agreement and Permitted Liens, (ii)  will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any  security interest in or other Lien on the Pledged Collateral, other than Liens created by this  Agreement and Permitted Liens and (iii) will defend its title to or interest in the Pledged  Collateral against any and all Liens (other than Liens created by this Agreement and Permitted  Liens), however arising, of all Persons;  (d) except for restrictions and limitations imposed by the Loan Documents, the  Pledged Collateral is and will continue to be freely transferable and assignable (subject to  restrictions imposed under Applicable Law), and none of the Pledged Collateral is or will be  subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions  or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the  pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the  exercise by the Administrative Agent of rights and remedies hereunder;  (e) each Grantor has the power and authority to pledge the Pledged Collateral  pledged by it hereunder in the manner hereby done or contemplated;  (f) no consent or approval of any Governmental Authority, any securities exchange  or any other Person was or is necessary for the pledge effected hereby to be valid (other than such  as have been obtained and are in full force and effect);  (g) by virtue of the execution and delivery by the Grantors of this Agreement, when  any Pledged Securities are delivered to the Administrative Agent in accordance with this  Agreement, the Administrative Agent will obtain a legal, valid and perfected first priority lien  upon and security interest in such Pledged Securities as security for the payment and performance  of the Obligations; and  (h) the pledge effected hereby is effective to vest in the Administrative Agent, for the  benefit of the Secured Parties, the rights of the Administrative Agent in the Pledged Collateral as  set forth herein.  Section 3.04 Certification of Limited Liability Company and Limited Partnership  Interests.  Each interest in any limited liability company or limited partnership controlled by any Grantor  and pledged hereunder shall be represented by a certificate, shall be a “security” within the meaning of  Article 8 of the New York UCC and shall be governed by Article 8 of the New York UCC.  Section 3.05 Registration in Nominee Name; Denominations.  The Administrative Agent,  on behalf of the Secured Parties, shall have the right (in its sole and absolute discretion) to hold the  Pledged Securities in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the  name of the applicable Grantor, endorsed or assigned in blank or in favor of the Administrative Agent.   Upon Administrative Agent’s request, each Grantor will promptly give to the Administrative Agent  copies of any notices or other communications received by it with respect to Pledged Securities registered  in the name of such Grantor.  The Administrative Agent shall at all times have the right to exchange the  certificates representing Pledged Securities for certificates of smaller or larger denominations for any  purpose consistent with this Agreement.  Section 3.06 Voting Rights; Dividends and Interest, etc.  (a)  Unless and until an Event of  Default shall have occurred and be continuing:  

 

   11  (i) Each Grantor shall be entitled to exercise any and all voting and/or other  consensual rights and powers inuring to an owner of Pledged Securities or any part  thereof for any purpose consistent with the terms of this Agreement, the Credit  Agreement and the other Loan Documents; provided that such rights and powers shall not  be exercised in any manner that could materially and adversely affect the rights inuring to  a holder of any Pledged Securities, the rights and remedies of any of the Administrative  Agent or any other Secured Party under this Agreement, the Credit Agreement or any  other Loan Document or the ability of the Administrative Agent or any other Secured  Parties to exercise the same.  (ii) Subject to paragraphs (b) and (c) of this Section 3.06, the Administrative  Agent authorizes each Grantor to exercise the voting and/or consensual rights and powers  it is entitled to exercise pursuant to subparagraph (i) above and to receive the cash  dividends it is entitled to receive pursuant to subparagraph (iii) below.  (iii) Each Grantor shall be entitled to receive and retain any and all dividends,  interest, principal and other distributions paid on or distributed in respect of the Pledged  Securities to the extent and only to the extent that such dividends, interest, principal and  other distributions are permitted by, and otherwise paid or distributed in accordance with,  the terms and conditions of the Credit Agreement, the other Loan Documents and  Applicable Laws; provided that any noncash dividends, interest, principal or other  distributions that would constitute Pledged Stock or Pledged Debt Securities, whether  resulting from a subdivision, combination or reclassification of the outstanding Equity  Interests of the issuer of any Pledged Securities or received in exchange for Pledged  Securities or any part thereof, or in redemption thereof, or as a result of any merger,  consolidation, acquisition or other exchange of assets to which such issuer may be a party  or otherwise, shall be and become part of the Pledged Collateral, and, if received by any  Grantor shall be held in trust for the benefit of the Administrative Agent (and shall not be  commingled by such Grantor with any of its other funds or property but shall be held  separate and apart) and shall be forthwith delivered to the Administrative Agent in the  same form as so received (with any necessary endorsement).  (b) Upon the occurrence and during the continuance of an Event of Default, all rights  of any Grantor to dividends, interest, principal or other distributions that such Grantor is  authorized to receive pursuant to paragraph (a)(iii) of this Section 3.06 shall cease, and all such  rights shall thereupon become vested in the Administrative Agent, which shall have the sole and  exclusive right and authority to receive and retain such dividends, interest, principal or other  distributions.  All dividends, interest, principal or other distributions received by any Grantor  contrary to the provisions of this Section 3.06 shall be held in trust for the benefit of the  Administrative Agent, shall be segregated from other property or funds of such Grantor and shall  be forthwith delivered to the Administrative Agent in the same form as so received (with any  necessary endorsement).  Any and all money and other property paid over to or received by the  Administrative Agent pursuant to the provisions of this paragraph (b) shall be retained by the  Administrative Agent in an account to be established by the Administrative Agent upon receipt of  such money or other property and shall be applied in accordance with the provisions of Section  5.02.  (c) Upon the occurrence and during the continuance of an Event of Default, all rights  of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise  pursuant to paragraph (a)(i) of this Section 3.06, and the authorizations of the Administrative  Agent under paragraph (a)(ii) of this Section 3.06, shall cease, and all such rights shall thereupon  

 

   12  become vested in the Administrative Agent, which shall have the sole and exclusive right and  authority to exercise such voting and consensual rights and powers; provided that the  Administrative Agent shall have the right, from time to time following and during the  continuance of an Event of Default to permit the Grantors to exercise such rights.  After all  Events of Default have been cured or waived and the Borrower has delivered to the  Administrative Agent a certificate to that effect, each Grantor will have the right to exercise the  voting and consensual rights and powers that such Grantor would otherwise be entitled to  exercise pursuant to the terms of paragraph (a)(i) above.  ARTICLE IV    SECURITY INTERESTS IN PERSONAL PROPERTY  Section 4.01 Security Interest.  (a) Each Grantor, as security for the payment and  performance in full of the Obligations, hereby assigns and pledges to the Administrative Agent, its  successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Administrative  Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security  Interest”) in all right, title and interest in or to any and all of the following assets and properties now  owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time  in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”):  (i) all accounts (including accounts receivable and healthcare insurance  receivables);  (ii) all chattel paper (whether tangible or electronic);  (iii) all cash, money and deposit accounts;  (iv) all documents (including electronic documents);  (v) all goods (including all equipment, fixtures and any accessions thereto);  (vi) all General Intangibles;  (vii) all instruments (including promissory notes);  (viii) all inventory;  (ix) all Investment Property;  (x) all insurance claims and proceeds;  (xi) all letter-of-credit rights;  (xii) all books and records pertaining to the Article 9 Collateral; and  (xiii) to the extent not otherwise included, all proceeds, supporting obligations  and products of any and all of the foregoing and all collateral security and guarantees  given by any Person with respect to any of the foregoing.  (b) Each Grantor hereby irrevocably authorizes the Administrative Agent at any time  and from time to time to file in any relevant jurisdiction any initial financing statements  

 

   13  (including fixture filings) with respect to the Article 9 Collateral or any part thereof and  amendments thereto that contain the information required by Article 9 of the Uniform  Commercial Code of each applicable jurisdiction for the filing of any financing statement or  amendment, including (i) whether such Grantor is an organization, the type of organization and  any organizational identification number issued to such Grantor, (ii) in the case of a financing  statement filed as a fixture filing, a sufficient description of the real property to which such  Article 9 Collateral relates and (iii) a description of collateral that describes such property in any  other manner as the Administrative Agent may reasonably determine is necessary or advisable to  ensure the perfection of the security interest in the Article 9 Collateral granted to the  Administrative Agent, including describing such property as “all assets” or “all property”.  Each  Grantor agrees to provide such information to the Administrative Agent promptly upon request.  Each Grantor also ratifies its authorization for the Administrative Agent to file in any relevant  jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof.  The Administrative Agent is further authorized to file with the United States Patent and  Trademark Office and the United States Copyright Office (or any successor office or any similar office in  any other country) such documents as may be necessary or advisable for the purpose of perfecting,  confirming, continuing, enforcing or protecting the Security Interest granted by each Grantor, without the  signature of any Grantor, and naming any Grantor or the Grantors as debtors and the Administrative  Agent as secured party.  (c) The Security Interest is granted as security only and shall not subject the  Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation  or liability of any Grantor with respect to or arising out of the Article 9 Collateral.  Section 4.02 Representations and Warranties.  The Grantors jointly and severally represent  and warrant to the Administrative Agent and the Secured Parties that:  (a) Each Grantor has good and valid rights in and title to the Article 9 Collateral with  respect to which it has purported to grant a Security Interest hereunder and has full power and  authority to grant to the Administrative Agent the Security Interest in such Article 9 Collateral  pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms  of this Agreement, without the consent or approval of any other person other than any consent or  approval that has been obtained and is in full force and effect.  (b) The Perfection Certificate has been duly prepared, completed and executed and  the information set forth therein, including the exact legal name of each Grantor, is correct and  complete as of the Closing Date.  Uniform Commercial Code financing statements (including  fixture filings, as applicable) or other appropriate filings, recordings or registrations containing a  description of the Article 9 Collateral have been delivered to the Grantors by the Administrative  Agent and such filings, recordings or registrations are consistent with the information provided to  the Administrative Agent in the Perfection Certificate delivered in connection with this  Agreement and are appropriate for filing in the applicable governmental, municipal or other  office, and constitute all the filings, recordings and registrations (other than filings required to be  made in the USPTO and the USCO in order to perfect the Security Interest in Article 9 Collateral  consisting of United States Patents, Trademarks and Copyrights) that are necessary to publish  notice of and protect the validity of and to establish a legal, valid and perfected security interest in  favor of the Administrative Agent, for the benefit of the Secured Parties, in respect of all Article 9  Collateral in which the Security Interest may be perfected by filing, recording or registration in  the United States (or any political subdivision thereof) and its territories and possessions.  Each  

 

   14  Grantor represents and warrants that no further or subsequent filing, re-filing, recording, re- recording, registration or re-registration is necessary in any such jurisdiction, except as provided  under Applicable Law with respect to the filing of continuation statements or amendments.  Each  Grantor represents and warrants that a fully executed agreement in the form hereof or in a form  reasonably satisfactory to the Administrative Agent containing a description of all Article 9  Collateral consisting of Intellectual Property with respect to Patents registered with the USPTO  (and Patents for which registration applications are pending with the USPTO), Trademarks  registered with the USPTO (and Trademarks for which registration applications are pending with  the USPTO) and Copyrights registered with the USCO (and Copyrights for which registration  applications are pending with the USCO) has been delivered to the Administrative Agent for  recording with the USPTO and USCO, as applicable, and otherwise as may be required pursuant  to the laws of any other applicable jurisdiction and reasonably requested by the Administrative  Agent, to protect the validity of and to establish a legal, valid and perfected security interest in  favor of the Administrative Agent, for the benefit of the Secured Parties, in respect of all Article 9  Collateral consisting of such Intellectual Property in which a security interest may be perfected by  recording with the USPTO and the USCO.  Each Grantor represents and warrants that no further  or subsequent filing, re-filing, recording, re-recording, registration or re-registration is necessary  (other than such actions as are necessary to perfect the Security Interest with respect to any  Article 9 Collateral consisting of Patents, Trademarks and Copyrights (or registration or  application for registration thereof) acquired or developed after the date hereof).  (c) The Security Interest constitutes (i) a legal and valid security interest in all the  Article 9 Collateral securing the payment and performance of the Obligations, (ii) subject to the  filings described in Section 4.02(b), a perfected security interest in all Article 9 Collateral in  which a security interest may be perfected by filing, recording or registering a financing  statement or analogous document in the United States (or any political subdivision thereof) and  its territories and possessions pursuant to the Uniform Commercial Code or other Applicable Law  in such jurisdictions and (iii) a security interest that shall be perfected in all Article 9 Collateral in  which a security interest may be perfected upon the receipt and recording of this Agreement with  the USPTO and the USCO, as applicable, and otherwise as may be required pursuant to the laws  of any other applicable jurisdiction.  The Security Interest is and shall be prior to any other Lien  on any of the Article 9 Collateral, other than Liens expressly permitted to be prior to the Security  Interest pursuant to Section 7.01 of the Credit Agreement.  (d) The Article 9 Collateral is owned by the Grantors free and clear of any Lien,  other than Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement.  None of  the Grantors has filed or consented to the filing of (i) any financing statement or analogous  document under the Uniform Commercial Code or any other Applicable Laws covering any  Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or  any security agreement or similar instrument covering any Article 9 Collateral with the USPTO  or the USCO or (iii) any assignment in which any Grantor assigns any Article 9 Collateral or any  security agreement or similar instrument covering any Article 9 Collateral with any foreign  governmental, municipal or other office, which financing statement or analogous document,  assignment, security agreement or similar instrument is still in effect, except, in each case, for  Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement.  (e) None of the Grantors holds any commercial tort claim as of the Closing Date  except as indicated on the Perfection Certificate.  (f) All accounts have been originated by the Grantors and all inventory has been  acquired by the Grantors in the ordinary course of business.  

 

   15  Section 4.03 Covenants.  (a) Each Grantor agrees promptly to notify the Administrative Agent in writing of  any change (i) in its corporate name, (ii) in the location of any office in which it maintains books  or records relating to Article 9 Collateral owned by it or any office or facility at which Article 9  Collateral owned by it is located (including the establishment of any new such office or facility),  (iii) in its identity or type of organization or corporate structure, (iv) in its Federal Taxpayer  Identification Number or organizational identification number or (v) in its jurisdiction of  organization.  Each Grantor agrees promptly to provide the Administrative Agent with certified  organizational documents reflecting any of the changes described in clauses (i), (iii) and (v) of  the immediately preceding sentence.  Each Grantor agrees not to effect or permit any change  referred to in the first sentence of this paragraph (a) unless all filings have been made under the  Uniform Commercial Code or otherwise that are required in order for the Administrative Agent  to continue at all times following such change to have a valid, legal and perfected first priority  security interest in all the Article 9 Collateral.  Each Grantor agrees promptly to notify the  Administrative Agent if any material portion of the Article 9 Collateral owned or held by such  Grantor is damaged or destroyed.  (b) Each Grantor agrees to maintain, at its own cost and expense, such complete and  accurate records with respect to the Article 9 Collateral owned by it as is consistent with its  current practices and in accordance with reasonably prudent and standard practices used in  industries that are the same as or similar to those in which such Grantor is engaged, but in any  event to include complete accounting records indicating all payments and proceeds received  with respect to any part of the Article 9 Collateral, and, at such time or times as the  Administrative Agent may reasonably request, promptly to prepare and deliver to the  Administrative Agent a duly certified schedule or schedules in form and detail satisfactory to the  Administrative Agent showing the identity, amount and location of any and all Article 9  Collateral.  (c) Each year, at the time of delivery of annual financial statements with respect to  the preceding fiscal year pursuant to Section 6.01(a) of the Credit Agreement, the Borrower shall  deliver to the Administrative Agent a certificate executed by an officer of the Borrower (i)  setting forth the information required pursuant to Schedule A2 of the Perfection Certificate or  confirming that there has been no change in such information since the date of such certificate or  the date of the most recent certificate delivered pursuant to this Section 4.03(c) and (ii)  certifying that all Uniform Commercial Code financing statements (including fixture filings, as  applicable) or other appropriate filings, recordings or registrations, including all re-filings, re- recordings and re-registrations, containing a description of the Collateral have been filed of  record in each governmental, municipal or other appropriate office in each jurisdiction identified  pursuant to clause (i) of this Section 4.03(c) to the extent necessary to protect and perfect the  Security Interest for a period of not less than 18 months after the date of such certificate (except  as noted therein with respect to any continuation statements to be filed within such period).   Each certificate delivered pursuant to this Section 4.03(c) shall identify in the format of  Schedule III to this Agreement all Intellectual Property of any Grantor in existence on the date  thereof and not then listed on such Schedules or previously so identified to the Administrative  Agent.  (d) Each Grantor shall, at its own expense, take any and all actions necessary to  defend title to the Article 9 Collateral against all Persons and to defend the Security Interest of  the Administrative Agent in the Article 9 Collateral and the priority thereof against any Lien not  

 

   16  expressly permitted to be prior to the Security Interest pursuant to Section 7.01 of the Credit  Agreement.  (e) Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and  cause to be duly filed all such further instruments and documents and take all such actions as the  Administrative Agent may from time to time reasonably request to better assure, preserve,  protect and perfect the Security Interest and the rights and remedies created hereby, including  the payment of any fees and taxes required in connection with the execution and delivery of this  Agreement, the granting of the Security Interest and the filing of any financing statements  (including fixture filings) or other documents in connection herewith or therewith.  Without limiting the generality of the foregoing, each Grantor hereby authorizes the  Administrative Agent, with prompt notice thereof to the Grantors, to supplement this Agreement by  supplementing Schedule III or adding additional schedules hereto to specifically identify any asset or item  that may constitute Copyrights, Licenses, Patents or Trademarks; provided that any Grantor shall have the  right, exercisable within 10 days after it has been notified by the Administrative Agent of the specific  identification of such Article 9 Collateral, to advise the Administrative Agent in writing of any inaccuracy  of the representations and warranties made by such Grantor hereunder with respect to such Article 9  Collateral.  Each Grantor agrees that it will use its commercially reasonable efforts to take such action as  shall be necessary in order that all representations and warranties hereunder shall be true and correct with  respect to such Article 9 Collateral within 30 days after the date it has been notified by the Administrative  Agent of the specific identification of such Article 9 Collateral.  (f) The Administrative Agent and such Persons as the Administrative Agent may  reasonably designate shall have the right, at the Grantors’ own cost and expense, to inspect the  Article 9 Collateral, all records related thereto (and to make extracts and copies from such  records) and the premises upon which any of the Article 9 Collateral is located, at reasonable  times and intervals during normal business hours upon reasonable advance notice to the  respective Grantor, to discuss the Grantors’ affairs with the officers of the Grantors and their  independent accountants and to verify under reasonable procedures, in accordance with Section  6.10 of the Credit Agreement, the validity, amount, quality, quantity, value, condition and status  of, or any other matter relating to, the Article 9 Collateral, including, in the case of Accounts or  Article 9 Collateral in the possession of any third person, by contacting Account Debtors or the  third person possessing such Article 9 Collateral for the purpose of making such a verification.   Subject to Section 10.07 of the Credit Agreement, the Administrative Agent shall have the right  to share any information it gains from such inspection or verification with any Secured Party.  (g) At its option, the Administrative Agent may discharge past due taxes,  assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or  placed on the Article 9 Collateral and not permitted pursuant to Section 7.01 of the Credit  Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the  extent any Grantor fails to do so as required by the Credit Agreement or this Agreement, and  each Grantor jointly and severally agrees to reimburse the Administrative Agent on demand for  any payment made or any expense incurred by the Administrative Agent pursuant to the  foregoing authorization; provided, however, that nothing in this Section 4.03(g) shall be  interpreted as excusing any Grantor from the performance of, or imposing any obligation on the  Administrative Agent or any Secured Party to cure or perform, any covenants or other promises  of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other  encumbrances and maintenance as set forth herein or in the other Loan Documents.  

 

   17  (h) If at any time any Grantor shall take a security interest in any property of an  account debtor or any other Person to secure payment and performance of an account, such  Grantor shall promptly assign such security interest to the Administrative Agent to the extent  permitted by any contracts or arrangements to which such property is subject.  Such assignment  need not be filed in a public record unless such filing is necessary to continue the perfected  status of the security interest against creditors of and transferees from the account debtor or other  Person granting the security interest.  (i) Each Grantor shall remain liable to observe and perform all the conditions and  obligations to be observed and performed by it under each contract, agreement or instrument  relating to the Article 9 Collateral, all in accordance with the terms and conditions thereof, and  each Grantor jointly and severally agrees to indemnify and hold harmless the Administrative  Agent and the Secured Parties from and against any and all liability for such performance.  (j) None of the Grantors shall make or permit to be made an assignment, pledge or  hypothecation of the Article 9 Collateral or shall grant any other Lien in respect of the Article 9  Collateral, except as expressly permitted by the Credit Agreement.  None of the Grantors shall  make or permit to be made any transfer of the Article 9 Collateral and each Grantor shall remain  at all times in possession of the Article 9 Collateral owned by it, except that (i) as permitted by  the Credit Agreement and (ii) unless and until the Administrative Agent shall notify the Grantors  that an Event of Default shall have occurred and be continuing and that during the continuance  thereof the Grantors shall not sell, convey, lease, assign, transfer or otherwise dispose of any  Article 9 Collateral (which notice may be given by telephone if promptly confirmed in writing),  the Grantors may use and dispose of the Article 9 Collateral in any lawful manner not  inconsistent with the provisions of this Agreement, the Credit Agreement or any other Loan  Document.  Without limiting the generality of the foregoing, each Grantor agrees that it shall not  permit any inventory to be in the possession or control of any warehouseman, bailee, agent or  processor at any time unless such warehouseman, bailee, agent or processor shall have been  notified of the Security Interest and shall have acknowledged in writing, in form and substance  reasonably satisfactory to the Administrative Agent, that such warehouseman, agent, bailee or  processor holds the Inventory for the benefit of the Administrative Agent subject to the Security  Interest and shall act upon the instructions of the Administrative Agent without further consent  from the Grantor, and that such warehouseman, bailee, agent or processor further agrees to  waive and release any Lien held by it with respect to such Inventory, whether arising by  operation of law or otherwise; provided that such written acknowledgment shall not be required  until the fair market value of all Inventory in such possession or under such control exceeds  $1,000,000 in aggregate amount.  (k) None of the Grantors will, without the Administrative Agent’s prior written  consent, grant any extension of the time of payment of any accounts included in the Article 9  Collateral, compromise, compound or settle the same for less than the full amount thereof,  release, wholly or partly, any Person liable for the payment thereof or allow any credit or  discount whatsoever thereon, other than extensions, credits, discounts, compromises or  settlements granted or made in the ordinary course of business and consistent with its past  practices and in accordance with reasonably prudent and standard practice used in industries that  are the same as or similar to those in which such Grantor is engaged.  (l) The Grantors, at their own expense, shall maintain or cause to be maintained  insurance covering physical loss or damage to the goods, inventory and equipment in accordance  with the requirements set forth in Schedule IV hereto and Section 6.07 of the Credit Agreement.   Each Grantor irrevocably makes, constitutes and appoints the Administrative Agent (and all  

 

   18  officers, employees or agents designated by the Administrative Agent) as such Grantor’s true  and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of  Default, of making, settling and adjusting claims in respect of Article 9 Collateral under policies  of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item  of payment for the proceeds of such policies of insurance and for making all determinations and  decisions with respect thereto.  In the event that any Grantor at any time or times shall fail to  obtain or maintain any of the policies of insurance required hereby or to pay any premium in  whole or part relating thereto, the Administrative Agent may, without waiving or releasing any  obligation or liability of the Grantors hereunder or any Event of Default, in its sole discretion,  obtain and maintain such policies of insurance and pay such premium and take any other actions  with respect thereto as the Administrative Agent deems advisable.  All sums disbursed by the  Administrative Agent in connection with this Section 4.03(l), including reasonable attorneys’  fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by  the Grantors to the Administrative Agent and shall be additional Obligations secured hereby.  (m) Each Grantor shall maintain, in form and manner reasonably satisfactory to the  Administrative Agent, its chattel paper and its books, records and documents evidencing or  pertaining thereto with an appropriate reference to the fact that such chattel paper has been  assigned to the Administrative Agent for the benefit of the Secured Parties and that the  Administrative Agent has a security interest therein.  Section 4.04 Other Actions.  In order to further insure the attachment, perfection and priority  of, and the ability of the Administrative Agent to enforce the Administrative Agent’s security interest in  the Article 9 Collateral, each Grantor agrees, in each case at such Grantor’s own expense, to take the  following actions with respect to the following Article 9 Collateral:  (a) Instruments and Tangible Chattel Paper.  If any Grantor shall at any time hold or  acquire any tangible chattel paper having a value in excess of $250,000, such Grantor shall  forthwith endorse, assign and deliver the same to the Administrative Agent, accompanied by such  instruments of transfer or assignment duly executed in blank as the Administrative Agent may  from time to time reasonably request.  (b) Deposit Accounts.  (i) Grantors will maintain cash management systems reasonably acceptable  to the Administrative Agent (it being understood that the cash management system as in  effect on the Closing Date is acceptable to the Administrative Agent).  (ii) Each Grantor acknowledges and agrees that (x) the funds on deposit in  the deposit accounts shall continue to be collateral security for all the Obligations and (y)  upon the occurrence and during the continuance of an Event of Default, upon the election  of the Administrative Agent, the funds on deposit in such deposit accounts shall be  applied as provided in Section 5.02.  Each Grantor irrevocably authorizes the  Administrative Agent to (A) notify each bank with which such Grantor maintains such  deposit accounts (each such bank a “Deposit Account Bank”) of the occurrence of an  Event of Default and (B) following the occurrence of an Event of Default, at the election  of the Administrative Agent, instruct each Deposit Account Bank to apply the funds on  deposit in such deposit account in accordance with Section 5.02.  Each Grantor hereby  agrees to irrevocably direct each Deposit Account Bank to comply with the instructions  of the Administrative Agent with respect to the relevant deposit account without further  consent from the Grantor or any other Person.  The Administrative Agent agrees with  

 

   19  each of the Grantors that the Administrative Agent shall not give any such instructions or  directions and shall not withhold its consent to any withdrawal or other action by any  Grantor with respect thereto, unless an Event of Default has occurred and is continuing  or, after giving effect to any such withdrawal or action, would occur.  (c) Investment Property.  Except to the extent otherwise provided in Article III, if  any Grantor shall at any time hold or acquire any certificated security having a value in excess of  $250,000 such Grantor shall forthwith endorse, assign and deliver the same to the Administrative  Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the  Administrative Agent may from time to time specify.  If any securities now or hereafter acquired  by any Grantor are uncertificated and are issued to such Grantor or its nominee directly by the  issuer thereof, such Grantor shall immediately notify the Administrative Agent thereof and, at the  Administrative Agent’s request and option, pursuant to an agreement in form and substance  reasonably satisfactory to the Administrative Agent, either (i) cause the issuer to agree to comply  with instructions from the Administrative Agent as to such securities, without further consent of  any Grantor or such nominee, or (ii) arrange for the Administrative Agent to become the  registered owner of the securities.  The Administrative Agent agrees with each of the Grantors  that the Administrative Agent shall not give any such instructions or directions to any such issuer  and shall not withhold its consent to the exercise of any withdrawal (with respect to any  investment accounts, if any) or dealing rights by any Grantor, unless an Event of Default has  occurred and is continuing or, after giving effect to any such investment and withdrawal rights,  would occur.  (d) Electronic Chattel Paper and Transferable Records.  If any Grantor at any time  holds or acquires an interest in any electronic chattel paper or any “transferable record” having a  value in excess of $250,000, as that term is defined in Section 201 of the Federal Electronic  Signatures in Global and National Commerce Act or in Section 16 of the Uniform Electronic  Transactions Act as in effect in any relevant jurisdiction, such Grantor shall promptly notify the  Administrative Agent thereof and, at the request of the Administrative Agent, shall take such  action as the Administrative Agent may reasonably request to vest in the Administrative Agent  control under New York UCC Section 9-105 of such electronic chattel paper or control under  Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the  case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in such  jurisdiction, of such transferable record.  The Administrative Agent agrees with such Grantor that  the Administrative Agent will arrange, pursuant to procedures reasonably satisfactory to the  Administrative Agent and so long as such procedures will not result in the Administrative  Agent’s loss of control, for the Grantor to make alterations to the electronic chattel paper or  transferable record permitted under UCC Section 9-105 or, as the case may be, Section 201 of the  Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the  Uniform Electronic Transactions Act for a party in control to allow without loss of control, unless  an Event of Default has occurred and is continuing or would occur after taking into account any  action by such Grantor with respect to such electronic chattel paper or transferable record.  (e) Letter-of-Credit Rights.  If any Grantor is at any time a beneficiary under a letter  of credit having a stated amount in excess of $250,000 now or hereafter issued in favor of such  Grantor, such Grantor shall promptly notify the Administrative Agent thereof and, at the request  and option of the Administrative Agent, such Grantor shall, pursuant to an agreement in form and  substance satisfactory to the Administrative Agent, either (i) arrange for the issuer and any  confirmer of such letter of credit to consent to an assignment to the Administrative Agent of the  proceeds of any drawing under the letter of credit or (ii) arrange for the Administrative Agent to  become the transferee beneficiary of the letter of credit, with the Administrative Agent agreeing,  

 

   20  in each case, that the proceeds of any drawing under the letter of credit are to be paid to the  applicable Grantor unless an Event of Default has occurred or is continuing.  (f) Commercial Tort Claims.  If any Grantor shall at any time hold or acquire a  Commercial Tort Claim in an amount reasonably estimated to exceed $1,000,000, the Grantor  shall promptly notify the Administrative Agent thereof in a writing signed by such Grantor,  including a summary description of such claim, and grant to the Administrative Agent in writing  a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with  such writing to be in form and substance reasonably satisfactory to the Administrative Agent.  Section 4.05 Covenants Regarding Patent, Trademark and Copyright Collateral.  (a) Each Grantor agrees that it will not do any act or omit to do any act (and will  exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting  to do any act) whereby any Patent that is material to the conduct of such Grantor’s business may  become invalidated or dedicated to the public, and agrees that it shall continue to mark any  products covered by a Patent with the relevant patent number as necessary and sufficient to  establish and preserve its maximum rights under applicable patent laws.  (b) Each Grantor (either itself or through its licensees or its sublicensees) will, for  each Trademark material to the conduct of such Grantor’s business, (i) maintain such Trademark  in full force free from any claim of abandonment or invalidity for non-use, (ii) maintain the  quality of products and services offered under such Trademark, (iii) display such Trademark with  notice of Federal or foreign registration to the extent necessary and sufficient to establish and  preserve its maximum rights under Applicable Law and (iv) not knowingly use or knowingly  permit the use of such Trademark in violation of any third-party rights.  (c) Each Grantor (either itself or through its licensees or its sublicensees) will, for  each work covered by a Copyright material to the conduct of such Grantor’s business, continue to  publish, reproduce, display, adopt and distribute the work with appropriate copyright notice as  necessary and sufficient to establish and preserve its maximum rights under applicable copyright  laws.  (d) Each Grantor shall notify the Administrative Agent immediately if it knows or  has reason to know that any Patent, Trademark or Copyright material to the conduct of such  Grantor’s business may become abandoned, lost or dedicated to the public, or of any materially  adverse determination or development (including the institution of, or any such determination or  development in, any proceeding in the USPTO, USCO or any court or similar office of any  country) regarding such Grantor’s ownership of any such Patent, Trademark or Copyright, its  right to register the same or its right to keep and maintain the same.  (e) In no event shall any Grantor, either itself or through any agent, employee,  licensee or designee, file an application for any Patent or for the registration of any Trademark or  Copyright with the USPTO, the USCO or any office or agency in any political subdivision of the  United States or in any other country or any political subdivision thereof, unless it promptly  informs the Administrative Agent thereof, and, upon the request of the Administrative Agent,  executes and delivers any and all agreements, instruments, documents and papers as the  Administrative Agent may reasonably request to evidence the Administrative Agent’s security  interest in such Patent, Trademark or Copyright, and each Grantor hereby appoints the  Administrative Agent as its attorney-in-fact to execute and file such writings for the foregoing  

 

   21  purposes, all acts of such attorney being hereby ratified and confirmed; such power, being  coupled with an interest, is irrevocable.  (f) Each Grantor will take all necessary steps that are consistent with the practice in  any proceeding before the USPTO, the USCO or any office or agency in any political subdivision  of the United States or in any other country or any political subdivision thereof to maintain and  pursue each material application relating to the Patents, Trademarks and/or Copyrights (and to  obtain the relevant grant or registration) and to maintain each issued Patent and each registration  of the Trademarks and Copyrights that is material to the conduct of such Grantor’s business,  including timely filings of applications for renewal, affidavits of use, affidavits of incontestability  and payment of maintenance fees, and, if consistent with good business judgment, to initiate  opposition, interference and cancellation proceedings against third parties.  (g) In the event that any Grantor has reason to believe that any Article 9 Collateral  consisting of a material Patent, Trademark or Copyright has been or is about to be infringed,  misappropriated or diluted by a third party, such Grantor shall promptly notify the Administrative  Agent and shall, if consistent with good business judgment and if it is reasonably determined by  the Grantor that there is a potential risk of material damage to the Patent, Trademark or  Copyright, promptly sue for infringement, misappropriation or dilution and to recover any and all  damages for such infringement, misappropriation or dilution, and take such other actions as are  appropriate under the circumstances to protect such Article 9 Collateral.  (h) Upon and during the continuance of an Event of Default, each Grantor shall use  commercially reasonable efforts to obtain all requisite consents or approvals from the licensor  under each Copyright License, Patent License or Trademark License to effect the assignment of  all such Grantor’s right, title and interest thereunder to the Administrative Agent or its designee.  ARTICLE V    REMEDIES  Section 5.01 Remedies Upon Default.  Upon the occurrence and during the continuance of an  Event of Default, each Grantor agrees to deliver each item of Collateral to the Administrative Agent on  demand, and it is agreed that the Administrative Agent shall have the right to take any of or all the  following actions at the same or different times: (a) with respect to any Article 9 Collateral consisting of  Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and  conveyance of any of or all such Article 9 Collateral by the applicable Grantors to the Administrative  Agent or to license or sublicense, whether general, special or otherwise, and whether on an exclusive or  nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and  in such manner as the Administrative Agent shall determine (other than in violation of any then-existing  licensing arrangements to the extent that waivers cannot be obtained); and (b) with or without legal  process and with or without prior notice or demand for performance, to take possession of the Article 9  Collateral and without liability for trespass to enter any premises where the Article 9 Collateral may be  located for the purpose of taking possession of or removing the Article 9 Collateral and, generally, to  exercise any and all rights afforded to a secured party under the Uniform Commercial Code or other  Applicable Law.  Without limiting the generality of the foregoing, each Grantor agrees that the  Administrative Agent shall have the right, subject to the mandatory requirements of Applicable Law, to  sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s  board or on any securities exchange, for cash, upon credit or for future delivery as the Administrative  Agent shall deem appropriate.  The Administrative Agent shall be authorized at any such sale of securities  (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will  

 

   22  represent and agree that they are purchasing the Collateral for their own account for investment and not  with a view to the distribution or sale thereof, and upon consummation of any such sale of Collateral the  Administrative Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers  thereof the Collateral so sold.  Each such purchaser at any such sale shall hold the property sold  absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives and  releases (to the extent permitted by law) all rights of redemption, stay, valuation and appraisal that such  Grantor now has or may at any time in the future have under any rule of law or statute now existing or  hereafter enacted.  The Administrative Agent shall give the applicable Grantors 10 days’ written notice (which each  Grantor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its  equivalent in other jurisdictions) of the Administrative Agent’s intention to make any sale of Collateral.   Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a  sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is  to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such  board or exchange.  Any such public sale shall be held at such time or times within ordinary business  hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of  such sale.  At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an  entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute discretion)  determine.  The Administrative Agent shall not be obligated to make any sale of any Collateral if it shall  determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given.   The Administrative Agent may, without notice or publication, adjourn any public or private sale or cause  the same to be adjourned from time to time by announcement at the time and place fixed for sale, and  such sale may, without further notice, be made at the time and place to which the same was so adjourned.   In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral  so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or  purchasers thereof, but the Administrative Agent shall not incur any liability in case any such purchaser  or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such  Collateral may be sold again upon like notice.  At any public (or, to the extent permitted by law, private)  sale made pursuant to this Section 5.01, any Secured Party may bid for or purchase for cash, free (to the  extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of any  Grantor (all said rights being also hereby waived and released to the extent permitted by law), the  Collateral or any part thereof offered for sale and such Secured Party may, upon compliance with the  terms of sale, hold, retain and dispose of such property without further accountability to any Grantor  therefor.  For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall  be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such  agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject  thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an  agreement all Events of Default shall have been remedied and the Obligations paid in full.  As an  alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may  proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any  portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or  pursuant to a proceeding by a court-appointed receiver.  Any sale pursuant to the provisions of this  Section 5.01 shall be deemed to conform to the commercially reasonable standards as provided in Section  9-610(b) of the New York UCC or its equivalent in other jurisdictions.  Section 5.02 Application of Proceeds.  The Administrative Agent shall apply the proceeds of  any collection or sale of Collateral, as well as any Collateral consisting of cash, that it has obtained as  provided in Section 8.03 of the Credit Agreement.  The Administrative Agent shall have absolute  discretion as to the time of application of any such proceeds, moneys or balances in accordance with this  Agreement.  Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of  

 

   23  sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the  Administrative Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or  purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the  application of any part of the purchase money paid over to the Administrative Agent or such officer or be  answerable in any way for the misapplication thereof.  Section 5.03 Grant of License to Use Intellectual Property.  For the purpose of enabling the  Administrative Agent to exercise rights and remedies under this Agreement at such time as the  Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby  grants to the Administrative Agent an irrevocable, nonexclusive license (exercisable without payment of  royalty or other compensation to the Grantors) to use, license or sublicense any of the Article 9 Collateral  consisting of Intellectual Property now owned or hereafter acquired by such Grantor, wherever the same  may be located, and including in such license reasonable access to all media in which any of the licensed  items may be recorded or stored and to all computer software and programs used for the compilation or  printout thereof.  The use of such license by the Administrative Agent may be exercised, at the option of  the Administrative Agent, upon the occurrence and during the continuation of an Event of Default;  provided that any license, sublicense or other transaction entered into by the Administrative Agent in  accordance herewith shall be binding upon the Grantors notwithstanding any subsequent cure of an Event  of Default.  Section 5.04 Securities Act, etc.  In view of the position of the Grantors in relation to the  Pledged Collateral, or because of other current or future circumstances, a question may arise under the  Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in  purpose or effect (such Act and any such similar statute as from time to time in effect being called the  “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder.   Each Grantor understands that compliance with the Federal Securities Laws might very strictly limit the  course of conduct of the Administrative Agent if the Administrative Agent were to attempt to dispose of  all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which  any subsequent transferee of any Pledged Collateral could dispose of the same.  Similarly, there may be  other legal restrictions or limitations affecting the Administrative Agent in any attempt to dispose of all or  part of the Pledged Collateral under applicable Blue Sky or other state securities laws or similar laws  analogous in purpose or effect.  Each Grantor recognizes that in light of such restrictions and limitations  the Administrative Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to  those who will agree, among other things, to acquire such Pledged Collateral for their own account, for  investment, and not with a view to the distribution or resale thereof.  Each Grantor acknowledges and  agrees that in light of such restrictions and limitations, the Administrative Agent, in its sole and absolute  discretion, (a) may proceed to make such a sale whether or not a registration statement for the purpose of  registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws  and (b) may approach and negotiate with a single potential purchaser to effect such sale.  Each Grantor  acknowledges and agrees that any such sale might result in prices and other terms less favorable to the  seller than if such sale were a public sale without such restrictions.  In the event of any such sale, the  Administrative Agent shall incur no responsibility or liability for selling all or any part of the Pledged  Collateral at a price that the Administrative Agent, in its sole and absolute discretion, may in good faith  deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price  might have been realized if the sale were deferred until after registration as aforesaid or if more than a  single purchaser were approached.  The provisions of this Section 5.04 will apply notwithstanding the  existence of a public or private market upon which the quotations or sales prices may exceed substantially  the price at which the Administrative Agent sells.  

 

   24  ARTICLE VI    INDEMNITY, SUBROGATION AND SUBORDINATION  Section 6.01 Indemnity and Subrogation.  In addition to all such rights of indemnity and  subrogation as the Guarantors may have under Applicable Law (but subject to Section 6.03), the  Borrower agrees that (a) in the event a payment shall be made by any Guarantor under this Agreement in  respect of any Obligation, the Borrower shall indemnify such Guarantor for the full amount of such  payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment shall  have been made to the extent of such payment and (b) in the event any assets of any Guarantor shall be  sold pursuant to this Agreement or any other Loan Document to satisfy in whole or in part an Obligation,  the Borrower shall indemnify such Guarantor in an amount equal to the greater of the book value or the  fair market value (as reasonably determined by the Borrower) of the assets so sold.  Section 6.02 Contribution and Subrogation.  Each Guarantor (a “Contributing Guarantor”)  agrees (subject to Section 6.03) that, in the event a payment shall be made by any other Guarantor  hereunder in respect of any Obligation or assets of any other Guarantor shall be sold pursuant to any Loan  Document to satisfy any Obligation owed to any Secured Party and such other Guarantor (the “Claiming  Guarantor”) shall not have been fully indemnified by the Borrower as provided in Section 6.01, the  Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such  payment or the greater of the book value or the fair market value of such assets, as the case may be, in  each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing  Guarantor on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors  on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 7.16, the  date of the supplement hereto executed and delivered by such Guarantor).  Any Contributing Guarantor  making any payment to a Claiming Guarantor pursuant to this Section 6.02 shall be subrogated to the  rights of such Claiming Guarantor under Section 6.01 to the extent of such payment.  Section 6.03 Subordination.  (a) Notwithstanding any provision of this Agreement to the contrary, all rights of the  Guarantors under Sections 6.01 and 6.02 and all other rights of indemnity, contribution or  subrogation under Applicable Law or otherwise shall be fully subordinated to the indefeasible  payment in full in cash of the Obligations.  No failure on the part of the Borrower or any  Guarantor to make the payments required by Sections 6.01 and 6.02 (or any other payments  required under Applicable Law or otherwise) shall in any respect limit the obligations and  liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor shall  remain liable for the full amount of the obligations of such Guarantor hereunder.  (b) Each Guarantor hereby agrees that all Indebtedness and other monetary  obligations owed by it to any other Guarantor or any Subsidiary shall be fully subordinated to the  indefeasible payment in full in cash of the Obligations.  ARTICLE VII    MISCELLANEOUS  Section 7.01 Notices.  All communications and notices hereunder shall (except as otherwise  expressly permitted herein) be given as provided in Section 10.02 of the Credit Agreement.  

 

   25  Section 7.02 Security Interest Absolute.  All rights of the Administrative Agent hereunder,  the Security Interest, the security interest in the Pledged Collateral and all obligations of each Grantor and  Guarantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or  enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of  the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in  the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any  other amendment or waiver of or any consent to any departure from the Credit Agreement, any other  Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any  Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any  guarantee, securing or guaranteeing all or any of the Obligations, (d) any Applicable Law or regulation of  any jurisdiction or any other event affecting any term of a guaranteed obligation or (e) any other  circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor or  Guarantor in respect of the Obligations or this Agreement.  Section 7.03 Survival of Agreement.  All covenants, agreements, representations and  warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments  prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall  be considered to have been relied upon by the Lenders and shall survive the execution and delivery of the  Loan Documents and the making of any Loans and the issuance of any Letters of Credit, regardless of any  investigation made by any Lender or on its behalf and notwithstanding that the Administrative Agent or  any Lender or L/C Issuer may have had notice or knowledge of any Default or incorrect representation or  warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force  and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount  payable under any Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so  long as the Commitments have not expired or terminated.  Section 7.04 Binding Effect; Several Agreement.  This Agreement shall become effective as  to any Loan Party when a counterpart hereof executed on behalf of such Loan Party shall have been  delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the  Administrative Agent, and thereafter shall be binding upon such Loan Party and the Administrative Agent  and their respective permitted successors and assigns, and shall inure to the benefit of such Loan Party,  the Administrative Agent and the other Secured Parties and their respective permitted successors and  assigns, except that no Loan Party shall have the right to assign or transfer its rights or obligations  hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void)  except as expressly contemplated by this Agreement or the Credit Agreement.  This Agreement shall be  construed as a separate agreement with respect to each Loan Party and may be amended, modified,  supplemented, waived or released with respect to any Loan Party without the approval of any other Loan  Party and without affecting the obligations of any other Loan Party hereunder.  Section 7.05 Successors and Assigns.  Whenever in this Agreement any of the parties hereto  is referred to, such reference shall be deemed to include the permitted successors and assigns of such  party; and all covenants, promises and agreements by or on behalf of any Grantor or the Administrative  Agent that are contained in this Agreement shall bind and inure to the benefit of their respective permitted  successors and assigns.  No Guarantor or Grantor may assign any of its rights or obligations hereunder  without the written consent of the Administrative Agent.  Section 7.06 Administrative Agent’s Fees and Expenses; Indemnification.  (a) The parties hereto agree that the Administrative Agent shall be entitled to  reimbursement of its expenses incurred hereunder as provided in Section 10.04 of the Credit  Agreement.  

 

   26  (b) Without limitation of its indemnification obligations under the other Loan  Documents, each Grantor jointly and severally agrees to indemnify the Administrative Agent  and the other Indemnitees (as defined in Section 10.04 of the Credit Agreement) against, and  hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related  expenses, including the reasonable fees, charges and disbursements of any counsel for any  Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or  as a result of, the execution, delivery or performance of this Agreement or any claim, litigation,  investigation or proceeding relating hereto, or to the Collateral, whether or not any Indemnitee is  a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the  extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a  court of competent jurisdiction by final and nonappealable judgment to have resulted from the  gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by  any Grantor against an Indemnitee for breach in bad faith of such Indemnitee’s obligations  hereunder, if any Grantor has obtained a final and nonappealable judgment in its favor on such  claim as determined by a court of competent jurisdiction.  (c) Any such amounts payable as provided hereunder shall be additional Obligations  secured hereby and by the other Loan Documents.  The provisions of this Section 7.06 shall  remain operative and in full force and effect regardless of the termination of this Agreement or  any other Loan Document, the consummation of the transactions contemplated hereby, the  repayment of any of the Obligations, the invalidity or unenforceability of any term or provision  of this Agreement or any other Loan Document, or any investigation made by or on behalf of the  Administrative Agent or any other Secured Party.  All amounts due under this Section 7.06 shall  be payable on written demand therefor.  Section 7.07 Administrative Agent Appointed Attorney-in-Fact.  Each Grantor hereby  appoints the Administrative Agent the attorney-in-fact of such Grantor for the purpose of carrying out the  provisions of this Agreement and taking any action and executing any instrument that the Administrative  Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is  irrevocable and coupled with an interest.  Without limiting the generality of the foregoing, the  Administrative Agent shall have the right, upon the occurrence and during the continuance of an Event of  Default, with full power of substitution either in the Administrative Agent’s name or in the name of such  Grantor: (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts,  money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand,  collect, receive payment of, give receipt for and give discharges and releases of all or any of the  Collateral; (c) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys  due or to become due under and by virtue of any Collateral; (d) to sign the name of any Grantor on any  invoice or bill of lading relating to any of the Collateral; (e) to send verifications of Accounts to any  Account Debtor; (f) to commence and prosecute any and all suits, actions or proceedings at law or in  equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral  or to enforce any rights in respect of any Collateral; (g) to settle, compromise, compound, adjust or  defend any actions, suits or proceedings relating to all or any of the Collateral; (h) to notify, or to require  any Grantor to notify, Account Debtors to make payment directly to the Administrative Agent; and (i) to  use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of  the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as  fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all  purposes; provided, that nothing herein contained shall be construed as requiring or obligating the  Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of  any payment received by the Administrative Agent, or to present or file any claim or notice, or to take any  action with respect to the Collateral or any part thereof or the moneys due or to become due in respect  thereof or any property covered thereby.  The Administrative Agent and the other Secured Parties shall be  

 

   27  accountable only for amounts actually received as a result of the exercise of the powers granted to them  herein, and neither they nor their officers, directors, employees or agents shall be responsible to any  Grantor for any act or failure to act hereunder, except for their own gross negligence or willful  misconduct.  Section 7.08 GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,  (WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE  THAT WOULD CAUSE THE APPLICATION OF THE DOMESTIC SUBSTANTIVE LAWS OF ANY  OTHER STATE).  Section 7.09 Waivers; Amendment.  (a) No failure or delay by the Administrative Agent or any other Secured Party in  exercising any right, power or remedy hereunder or under any other Loan Document shall operate  as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or  any abandonment or discontinuance of steps to enforce such a right, power or remedy, preclude  any other or further exercise thereof or the exercise of any other right, power or remedy.  The  rights, powers and remedies of the Administrative Agent and the other Secured Parties hereunder  and under the other Loan Documents are cumulative and are not exclusive of any rights, powers  or remedies that they would otherwise have.  No waiver of any provision of this Agreement or  consent to any departure by any Loan Party therefrom shall in any event be effective unless the  same shall be permitted by paragraph (b) of this Section 7.09, and then such waiver or consent  shall be effective only in the specific instance and for the purpose for which given.  Without  limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit  shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent  or any other Secured Party may have had notice or knowledge of such Default at the time.  No  notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or  further notice or demand in similar or other circumstances.  (b) Neither this Agreement nor any provision hereof may be waived, amended or  modified except pursuant to an agreement or agreements in writing entered into by the  Administrative Agent and the Loan Party or Loan Parties with respect to which such waiver,  amendment or modification is to apply, subject to any consent required in accordance with  Section 10.03 of the Credit Agreement.  Section 7.10 WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,  ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY  OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER  LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY  (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY  HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY  OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER  PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING  WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE  BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.  

 

   28  Section 7.11 Severability.  If any provision of this Agreement is held to be invalid, illegal or  unenforceable (a) the legality, validity and enforceability of the remaining provisions of this Agreement  shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to  replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which  comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a  provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any  other jurisdiction.  Section 7.12 Counterparts.  This Agreement may be executed in counterparts (and by  different parties hereto on different counterparts), each of which shall constitute an original but all of  which, when taken together, shall constitute a single contract, and shall become effective as provided in  Section 7.04.  Delivery of an executed signature page to this Agreement by facsimile or electronic  transmission shall be effective as delivery of a manually signed counterpart of this Agreement.  Section 7.13 Headings.  Article and Section headings used herein are for the purpose of  reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into  consideration in interpreting, this Agreement.  Section 7.14 Jurisdiction; Consent to Service of Process.  (a) Each of the Loan Parties hereby irrevocably and unconditionally submits, for  itself and its property, to the exclusive jurisdiction of the courts of the State of New York sitting  in New York County and of the United States District Court of the Southern District of New  York, and any appellate court from any thereof, in any action or proceeding arising out of or  relating to this Agreement or any other Loan Document, or for recognition or enforcement of any  judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all  claims in respect of any such action or proceeding may be heard and determined in such New  York State court or, to the extent permitted by law, such Federal court.  Each of the parties hereto  agrees that a final judgment in any such action or proceeding shall be conclusive and may be  enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.   Nothing in this Agreement or any other Loan Document shall affect any right that the  Administrative Agent or any other Secured Party may otherwise have to bring any action or  proceeding relating to this Agreement or any other Loan Document against any Grantor or  Guarantor, or its properties, in the courts of any jurisdiction.  (b) Each of the Loan Parties hereby irrevocably and unconditionally waives, to the  fullest extent permitted by law, any objection that it may now or hereafter have to the laying of  venue of any suit, action or proceeding arising out of or relating to this Agreement or any other  Loan Document in any court referred to in paragraph (a) of this Section 7.14.  Each of the parties  hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an  inconvenient forum to the maintenance of such action or proceeding in any such court.  (c) Each party to this Agreement irrevocably consents to service of process in the  manner provided for notices in Section 10.02 of the Credit Agreement.  Nothing in this  Agreement will affect the right of any party to this Agreement to serve process in any other  manner permitted by Applicable Law.  Section 7.15 Termination or Release.  (a) This Agreement, the guarantees and undertakings made herein, the Security  Interest and all other security interests granted hereby shall terminate when the Obligations have  

 

   29  been indefeasibly paid in full and the Aggregate Commitments have been terminated, the L/C  Obligations have been reduced to zero or Cash Collateralized in a manner acceptable to the  Administrative Agent and the L/C Issuer and the L/C Issuer has no further obligations to issue  Letters of Credit under the Credit Agreement.  (b) A Subsidiary Loan Party shall automatically be released from its obligations  hereunder and the security interests in the Collateral of such Subsidiary Loan Party shall be  automatically released upon the consummation of any transaction permitted by the Credit  Agreement as a result of which such Subsidiary Loan Party ceases to be a Subsidiary; provided  that the Required Lenders shall have consented to such transaction (to the extent required by the  Credit Agreement) and the terms of such consent did not provide otherwise.  (c) Upon any sale or other transfer by any Grantor of any Collateral that is permitted  under the Credit Agreement to any Person that is not a Grantor, or upon the effectiveness of any  written consent to the release of the security interest granted hereby in any Collateral pursuant to  Section 10.01 of the Credit Agreement, the security interest in such Collateral shall be  automatically released; provided that the Proceeds resulting from such sale or other transfer shall  not be released and shall be included in the Collateral.  (d) In connection with any termination or release pursuant to paragraph (a), (b) or (c)  of this section, the Administrative Agent shall execute and deliver to any Grantor at such  Grantor’s expense all documents that such Grantor shall reasonably request to evidence such  termination or release.  Any execution and delivery of documents pursuant to this section shall be  without recourse to or warranty by the Administrative Agent.  Section 7.16 Additional Subsidiaries.  Pursuant to Section 6.12 of the Credit Agreement and  except as otherwise provided therein, each Subsidiary of a Loan Party that was not in existence or not a  Subsidiary on the date of the Credit Agreement is required to enter into this Agreement upon becoming  such a Subsidiary.  Upon execution and delivery by the Administrative Agent and a Subsidiary of an  instrument in the form of Exhibit I hereto, such Subsidiary shall become a party hereto with the same  force and effect as if originally named as a party hereto.  The execution and delivery of any such  instrument shall not require the consent of any other Loan Party hereunder.  The rights and obligations of  each Loan Party hereunder shall remain in full force and effect notwithstanding the addition of any new  Loan Party as a party to this Agreement.  Section 7.17 Right of Setoff.  Subject to Section 10.08 of the Credit Agreement, if an Event of  Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their Affiliates is  hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to  set off and apply any and all deposits (general or special, time or demand, provisional or final, in  whatever currency) at any time held and other obligations (in whatever currency) at any time owing by  such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any  other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or  hereafter existing under this Agreement or any other Loan Document to such Lender or L/C Issuer,  irrespective of whether or not such Lender or such L/C Issuer shall have made any demand under this  Agreement and although such obligations may be contingent or unmatured.  Section 7.18 Amendment and Restatement.  This Agreement amends, restates, supersedes,  and replaces in its entirety the Existing Guarantee and Collateral Agreement.  Nothing contained herein  shall be construed as a novation of the obligations outstanding under the Existing Guarantee and  Collateral Agreement.  

 

   30    [Signature Page Follows]  

 

  GUARANTEE AGREEMENT  DENNY’S, INC.  CHAR1\1825096v4  IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day  and year first above written.  DENNY’S, INC.  By: /s/ Robert P. Verostek ____________________   Name: Robert P. Verostek   Title:  Executive Vice President & Chief Financial  Officer  DENNY’S REALTY, LLC  By: DFO, LLC, its Sole Member  By: Denny’s Inc., its Sole Member  By: /s/ Robert P. Verostek ____________________   Name: Robert P. Verostek   Title:  Executive Vice President & Chief Financial  Officer  DENNY’S CORPORATION  By: /s/ Robert P. Verostek ____________________   Name: Robert P. Verostek   Title:  Executive Vice President & Chief Financial  Officer  DFO, LLC  By: Denny’s Inc., its Sole Member  By: /s/ Robert P. Verostek ____________________   Name: Robert P. Verostek   Title:  Executive Vice President & Chief Financial  Officer  

 

  GUARANTEE AGREEMENT  DENNY’S, INC.      WELLS FARGO BANK, NATIONAL  ASSOCIATION,  as Administrative Agent,  By:  /s/ Darcy McLaren   Name:  Darcy McLaren  Title:  Director    

 

      Schedule I to  the Guarantee and  Collateral Agreement      Subsidiaries  Subsidiary of Denny’s  Corporation  Jurisdiction of  Incorp/  Formation  Number of  Shares of  Capital Stock  Number and  Percentage of  Outstanding  Shares  Shares  Certificated?  Denny’s, Inc. Florida 10,000 100% yes  East Main Insurance  Company  South Carolina 250,000 100% yes    Subsidiary of Denny’s,  Inc.  Jurisdiction of  Incorp/  Formation  Number of  Shares of  Capital Stock  Number and  Percentage of  Outstanding  Shares  Shares  Certificated?  DFO, LLC Delaware - - Yes  La Mirada Enterprises #1,  LLC  Texas - - yes    Subsidiary of   DFO, LLC  Jurisdiction of  Incorp/  Formation  Number of  Shares of  Capital Stock  Number and  Percentage of  Outstanding  Shares  Shares  Certificated?  Denny’s Realty, LLC Delaware - - yes    These LLCs are Member managed    

 

      Schedule II to  the Guarantee and  Collateral Agreement      EQUITY INTERESTS      Name State of Incorporation Owner/% of Ownership Interest  Denny's, Inc. Florida Denny's Corporation/100%  La Mirada Enterprises #1, LLC Texas Denny's Inc./100%  DFO, LLC Delaware Denny's Inc./100%  Denny's Realty, LLC Delaware DFO, LLC/100%  K-II Telecommunications   Denny's Corporation, General Partner,  Partnership Interest at 0.145%  DESCO   DFO, LLC, Corporate Association,  voting interest at 14%      DEBT SECURITIES      Interest Note Note Note YTD Note Maturity Rate Balance Reserve NBV Interest Date Date 8159 Sam Wilensky Franchisee 5% 272,939.35      (272,939.35)   -               (1,270.36)     12/31/2014 8/19/2020 8862 Medhat Bechay Franchisee 0% 383,964.41      -                 383,964.41   -              10/19/2020 5/31/2023 Unit Payee Type Notes Receivable 07/28/21   

 

      Schedule III to  Guarantee and  Collateral Agreement      OWNED COPYRIGHTS      Registered Owner Copyright Registration Number Date  DFO, LLC Nanerpus 3D with strings VAu 985-935   April 14, 2009  DFO, LLC Nanerpus 3D no strings VAu 995-852   July 22, 2009        

 

      Schedule III  to Guarantee and  Collateral Agreement      OWNED PATENTS    None.      

 

      Schedule III  to Guarantee and  Collateral Agreement      OWNED TRADEMARK/TRADE NAMES    U.S. Trademarks  Domestic Mark Reg./Serial # Reg./Filing Date  DENNY'S CLASSIC DINER and Design  with neon 2,469,928 17-Jul-01  DENNY'S CLASSIC DINER and Design  with tubes 2,469,927 17-Jul-01  DENNY'S CLASSIC DINER and Design  (blue circle) 2,512,281 27-Nov-01  GRAND SLAM 4,104,436 28-Feb-12  AMERICA'S DINER IS ALWAYS OPEN 4,129,406 17-Apr-12  SLAM 2,592,374 9-Jul-02  DENNY'S (word mark) 736,161 14-Aug-62  DENNY'S within a French Diamond 1,720,986 29-Sep-92  DENNY'S (word mark) 740,359 6-Nov-62  DENNY'S DINER 2000 w/o "Diner" 2,653,324 26-Nov-02  SOUTHERN SLAM 1,743,375 29-Dec-92  SENIOR BELGIAN WAFFLE SLAM 1,757,060 03/09/1993  French Diamond design 2,761,133 9-Sep-03  GRAND SLAM 1,813,884 28-Dec-93  

 

    SLAMWICH 2,805,903 13-Jan-04  DENNY'S HUNGRY FOR EDUCATION 4,483,892 18-Feb-14  JR. GRAND SLAM 1,270,950 20-Mar-84  WELCOME TO AMERICA'S DINER 4,592,498 26-Aug-14  THE DEN 4,654,346 9-Dec-14  MOONS OVER MY HAMMY 1,946,766 9-Jan-96  SUPER BIRD 1,378,319 14-Jan-86  ALL-AMERICAN SLAM 1,950,994 23-Jan-96  WE LOVE TO FEED PEOPLE 5,157,444 7-Mar-17  DENNY'S FRESH EXPRESS (word) 3,498,403 9-Sep-08  DENNY'S (stylized) 862,087 17-Dec-68  DENNY'S (stylized) 866,599 11-Mar-69  FIT FARE 5,810,928 23-Jul-19  GRAND SLAM SLUGGER 3,857,076 5-Oct-10  DENNY'S DINER 2000 and Design 2,372,959 1-Aug-00  Denny's Diner 2000 and Design 2,377,637 15-Aug-00  THE BURGER DEN 6,335,170 27-Apr-21  PANCAKE PUPPIES 6,334,221 27-Apr-21  $2 $4 $6 $8 3,964,768 24-May-11  

 

    $2 $4 $6 $8 VALUE MENU 3,972,843 7-Jun-11  ULTIMATE OMELETTE 1,645,411 21-May-91  THE BURGER DEN 90,457,375 10-Jan-21  DANNY'S DONUTS 90457376 10-Jan-21  THE MELTDOWN 90,544,381 24-Feb-21  THE MELTDOWN 90,244,462 9-Oct-20      Pending U.S. Trademark Applications    None      Foreign Trademarks    International Mark Country  App. #/Filing  Date  Reg. #/Date  DENNY'S Aruba  01/07/2013    130107.13  22933    05/28/2004  DENNY'S and design Aruba  120405.23    04/05/2012  30248    06/14/2012  GRAND SLAM Aruba  120405.25     04/05/2012  302950      06/14/2012  SLAM Aruba  120405.24    04/05/2012  30249     06/14/2012  SLAMWICH Aruba  130426.28    04/26/2013  31190    07/03/2013  SUPER BIRD Aruba  130426.29     04/26/2013  31191    07/03/2013  SLAM Austrailia  2081259     04/14/2020     DENNY'S (word mark) Australia  714,263        07/31/96  714263             10/07/97  

 

    DENNY'S and design Australia  1656797     11/6/2014  1656797     11/06/2014  DENNY'S and design Australia  2081239        04/14/2020     DENNY'S ON  DEMAND Australia  2081234       04/14/2020     GRAND SLAM Australia  1657042     11/07/2014  1657042    11/07/2014  GRAND SLAM Australia  2081253     04/14/2020     MOONS OVER MY  HAMMY Australia  1657009     11/07/2014  1457009     11/07/2014  MOONS OVER MY  HAMMY Australia  2081249      04/14/2020   2081249    02/16/2021  SLAM Australia  1657047    11/07/2014  1657047     11/07/2014  SLAM Australia  1657047    11/07/2014  2081259       04/14/2020  SLAMWICH Australia  1656804      11/6/2014  1656804     11/06/2014  SLAMWICH Australia  2081244       04/14/2020     SUPER BIRD Australia A454717A  A454717          10/11/86  SUPER BIRD Australia  2081232     04/14/2020     DENNY'S Bahamas  24,762               3/28/2002  24,762           03/28/2002  DENNY'S and design Bahamas  34,060                    10/18/2010     GRAND SLAM Bahamas  34,058        10/18/2010     SLAM Bahamas  34,059  10/18/2010     SLAMWICH Bahamas  34,061     10/18/2010     SUPER BIRD Bahamas  34,057      10/18/2010     DENNY'S  Bahrain  TM103930      05/29/2014  103930  

 

    DENNY'S and design Bahrain  SM90409    01/23/2012  SM90409    09/08/2013  DENNY'S and design  (Arabic) Bahrain  TM103931     05/29/2014  103931  DENNY'S and design  (English and Arabic) Bahrain  TM103932     05/29/2014  103932  DENNY'S Barbados 81/025148  81/25148     7/18/2013  ALL AMERICAN  SLAM Belize 31-Jan-08  5145.08       01/31/2008  DENNY'S (word mark) Belize 31-Jan-08  5416.08        01/31/2008  DENNY'S and design Belize 31-Jan-08  5147.08     01/31/2008  FIT FARE Belize 31-Jan-08  5148.08       01/31/2008  French Diamond design Belize 31-Jan-08  5149.08        01/31/2008  GRAND SLAM Belize 31-Jan-08  5150.08        01/31/2008  GRAND SLAM  SLUGGER Belize 31-Jan-08  5151.08       01/31/2008  MOONS OVER MY  HAMMY Belize 31-Jan-08  5152.08          01/31/2008  SLAM Belize 31-Jan-08  5153.08       01/31/2008  SLIM SLAM Belize 31-Jan-08  5154.08       01/31/2008  SUPER BIRD Belize 31-Jan-08  5155.08        03/31/2008  DENNY'S Bolivia  SM-1071-07    3/23/2007  144276-C  DENNY'S Brazil  813.342.961  02/26/87  813.342.961  12/01/92  DENNY'S and design Brazil  902918729                9/1/2010  902918729    02/14/2014  DENNY'S and design Brazil    919951147        02/23/2021  ALL-AMERICAN  SLAM Canada  Serial No.  1,341,036  TMA746,419        08/27/2009  

 

    THE BURGER DEN Canada  2087643           02/25/2021     DENNY'S Canada  321494         04/12/1969  TMA169,549      06/05/70  Denny's and (French  Diamond) Design (in  B&W) (new) Canada  Serial No.     1,122,165  TMA601,912    02/11/2004  Denny's and (French  Diamond) Design (in  color) (new) Canada  Serial No.      1,122,162  TMA601,581      02/06/2004  Denny's and (Maple  Leaf) Design (in B&W)  (new) Canada  Serial No.      1,122,164  TMA601,728  02/10/2004  Denny's and (maple  leaf) Design (in B&W)  (old) Canada  Serial No.        1,142,698  TMA601,698   02/09/2004  Denny's and (Maple  Leaf) Design (in color)  (new) Canada  Serial No.     1,122,166  TMA601,580  02/06/2004  Denny's and (maple  leaf) Design (in color)  (old) Canada  Serial No.     1,129,676  TMA598001        12-18-2003  FIT FARE Canada  Serial No.  1,341,035                   03/27/07  TMA706,260      02/01/08  French Diamond design Canada  Serial No.  1,341,024                  03/27/2007  TMA710,297        03/27/2008  THE MELTDOWN Canada  2087649         02/25/2021     MOONS OVER MY  HAMMY Canada  Serial No.  1,341,029     3/27/2007  TMA714,986        05/23/2008  SLAM Canada TMA750,793 10/22/2009  SLIM SLAM Canada  Serial No.  1,341,027  TMA708,640        02/29/2008  SUPER BIRD Canada  687,647         08/14/91  TMA404,315   10/30/92  THE BURGER DEN Canada  2072223       12/18/2020     

 

    THE METLDOWN Canada  2071991        12/17/2020     THE ULTIMATE  OMLETTE Canada  687,649         08/14/91  TMA404,316    10/30/92  DENNY'S Chile  933.835      02/15/2012  964447  DENNY'S (stylized) Chile  3677              06/03/82      653.999            01/08/03     DENNY'S and design Chile    975929      12/3/2012  French Diamond design Chile    975927     12/3/2012  GRAND SLAM Chile    1057041     11/19/2013  SLAM Chile   1072861  SUPER BIRD Chile 1015959  1025049          5/10/2013  "Dan Ni Shi" DENNY'S  In Chinese Characters  (B&W French diamond  logo) China  9889624           8/25/2011     "Dan Ni Shi" DENNY'S  In Chinese Characters  (B&W French diamond  logo) China  9889623     8/25/2011     "Dan Ni Shi" DENNY'S  In Chinese Characters  (B&W French diamond  logo) China  9889622        8/25/2011     "Dan Ni Shi" DENNY'S  In Chinese Characters  (B&W French diamond  logo) China     29444006  03/06/2018  29444006  01/07/2019  "Dan Ni Shi" DENNY'S  In Chinese Characters  (word mark) China  8629223       9/1/2010  8629223      11/7/2011  "Dan Ni Shi" DENNY'S  In Chinese Characters  (word mark) China  8629432       9/1/2010     

 

    "Dan Ni Shi" DENNY'S  In Chinese Characters  (word mark) China  8629472       9/1/2010     "Dan Ni Shi" DENNY'S  In Chinese Characters  (word mark) China  8629497       9/1/2010  8629497       09/21/2011  "Dan Ni Shi" DENNY'S  In Chinese Characters  (word mark) China  8629513       9/1/2010     "Dan Ni Shi" DENNY'S  In Chinese Characters  (word mark) China  8629538      9/1/2010     "Dan Ni Shi" DENNY'S  In Chinese Characters  (word mark) China  8629610      9/1/2010  8629610     11/28/2011  "Dan Ni Shi" DENNY'S  In Chinese Characters  (word mark) China  29444008             03/06/2018  29444008   01/07/2019  DENNY'S China  8626860            8/31/2010     DENNY'S China  8626970        8/31/2010     DENNY'S China  8627058         8/31/2010     DENNY'S China  8627082          8/31/2010     DENNY'S China  8627115          8/31/2010     DENNY'S China  8627136        8/31/2010     DENNY'S China  160946     06/21/2016  20373369            10/21/2017  DENNY'S China  29444009          03/06/2018  29444009   04/17/2019  Denny's (design) old  Eldoon Mark China    2019147  Denny's (design) old  Eldoon Mark China    2019567  Denny's (design) old  Eldoon Mark China    1052083  

 

    Denny's (design) old  Eldoon Mark China    1109021  DENNY'S and design -  old Eldoon Mark China    222322  Denny's In Chinese  Characters China  93094339      09/30/93  777369             02/06/95  DENNY'S in Chinese  characters - old Eldoon  Mark China    222321  DENNY'S in Chinese  characters plus  DENNY'S - old Eldoon  mark China    1726785  DENNY'S in Chinese  characters plus  DENNY'S (design) -  old Eldoon mark China    1726788  DENNY'S in French  diamond China G1050242     DENNY'S in French  diamond China  29444007       03/06/2018  29444007   04/07/2019  Denny's Stylized China    180767             07/05/83  Denny's Stylized China    180766             07/05/83  GRAND SLAM China 16795663     GRAND SLAM China / UK Madrid 1/12/4841  1074192     03/24/2011  Denny's  Community Trademark (Austria,  Belgium, Denmark, Finland, France,  Germany, Greece, Ireland, Italy,  Luxembourg, the Netherlands,  Portugal, Spain, Sweden, United  Kingdom, Cyprus, Czech Republic,  Estonia, Hungary, Latvia, Lithuania,  Malta, Poland, Slovakia, Slovenia)    002789709     07/26/2002  

 

    GRAND SLAM  Community Trademark (Austria,  Belgium, Denmark, Finland, France,  Germany, Greece, Ireland, Italy,  Luxembourg, the Netherlands,  Portugal, Spain, Sweden, United  Kingdom, Cyprus, Czech Republic,  Estonia, Hungary, Latvia, Lithuania,  Malta, Poland, Slovakia, S  015152085      02/26/2016  7/20/2016  SLAM  Community Trademark (Austria,  Belgium, Denmark, Finland, France,  Germany, Greece, Ireland, Italy,  Luxembourg, the Netherlands,  Portugal, Spain, Sweden, United  Kingdom, Cyprus, Czech Republic,  Estonia, Hungary, Latvia, Lithuania,  Malta, Poland, Slovakia, S  015152093     02/26/2016  7/20/2016  SUPER BIRD  Community Trademark (Austria,  Belgium, Denmark, Finland, France,  Germany, Greece, Ireland, Italy,  Luxembourg, the Netherlands,  Portugal, Spain, Sweden, United  Kingdom, Cyprus, Czech Republic,  Estonia, Hungary, Latvia, Lithuania,  Malta, Poland, Slovakia, S  015152168       02/26/2016  7/20/2016  ALL-AMERICAN  SLAM Costa Rica 4/10/2007  173724      04/28/2008  DENNY'S Costa Rica    68.227              10/26/87  DENNY'S logo Costa Rica 4/10/2007  173987       04/29/2008  FIT FARE Costa Rica 4/10/2007  176865       6/24/2008  GRAND SLAM Costa Rica 4/10/2007  173739       04/28/2008  GRAND SLAM  SLUGGER Costa Rica 4/10/2007  173736      04/28/2008  MOONS OVER MY  HAMMY Costa Rica 4/10/2007  173759      04/28/2008  

 

    SLAM Costa Rica 4/10/2007  173734      04/28/2008  SLIM SLAM Costa Rica 4/10/2007  173722   04/28/2008  SUPER BIRD Costa Rica 4/10/2007  173785      04/28/2008  SUPER SCRAMBLES Costa Rica 4/10/2007  173725       04/28/2008  ULTIMATE  OMELETTE Costa Rica 4/10/2007  180973         October 17, 2008  DENNY'S Curacao   10044  DENNY'S and design Curacao   15771  GRAND SLAM Curacao   15917  SLAM Curacao   15918  DENNY'S Dominican Rep  190408         06/26/2011  190408              09/30/2011  DENNY'S and design Dominican Rep  189950     06/28/2011  189950  FIT FARE Dominican Rep. 9/22/2011  192152      01/02/2012  GRAND SLAM Dominican Rep. 9/22/2011  192199      01/02/20121  MOONS OVER MY  HAMMY Dominican Rep. 9/22/2011  192310     01/02/2012  SLAM Dominican Rep. 9/22/2011  192365    01/02/2012  SLAMWICH Dominican Rep. 9/22/2011  192311     01/02/2012  SUPER BIRD Dominican Rep. 9/22/2011  192314     01/02/2012  ULTIMATE  OMELETTE Dominican Rep. 9/22/2011  199967     12/18/2012  DENNY'S Egypt 234192  234192      09/18/2012  DENNY'S and design Egypt  270176   01/31/2012  270176      03/13/2014  DENNY'S and design in  English and Arabic Egypt  305975      08/13/2014  305975      11/03/2015  DENNY'S in Arabic  and design Egypt  305974      08/13/2014  305974  

 

    GRAND SLAM Egypt 270174  270174    08/27/2013  DENNY'S El Salvador  3466/94         09/20/94  171 Book 165  DENNY'S El Salvador  20180270321     06/15/2018     DENNY'S and design El Salvador    No. 160 book 188  pages 327328       02/10/2005  DENNY'S and design  (logo) El Salvador  20180270322    06/15/2018     French Diamond design El Salvador  20180270323    06/15/2018     MOONS OVER MY  HAMMY El Salvador  20180270325     06/15/2018  164 Book 346  SLAM El Salvador  20180270326     06/15/2018  No. 168 Book 369     02/20/2020  SLAM El Salvador  20180270327      06/15/2018  27  Bok 349  SUPER BIRD El Salvador  20180270324    06/15/2018     ULTIMATE  OMELETTE El Salvador  20070092892      5/7/2007  66 Book 98             01/04/2008  DENNY'S and design European community    012947958   10/28/2014  ALL-AMERICAN  SLAM Guatemala  2007-3439         8/5/2007  186087     11/5/2012  DENNY'S Guatemala    112566     03/09/2001  DENNY'S Guatemala M-7590-2002  123365                  04/14/03  FIT FARE Guatemala  067805        5/4/2007  163,022 page 292  volume 401                    04/29/2009  French Diamond design Guatemala  2007-3440            09/03/2008  177,465 page 36  vol 450     08/05/2011  GRAND SLAM Guatemala  2007-3442    8/5/07  179008  

 

    GRAND SLAM  SLUGGER Guatemala  2007-3443     8/5/2007  179007  MOONS OVER MY  HAMMY Guatemala  2007-3432          08/05/2007  186086       11/5/2012  SLAM Guatemala  2007-3433                     08/05/2007  177,454 page 25  vol 450      08/05/2011  SLAM Guatemala  2007-3434            08/05/2007  177,401  page 272  volu 449        08/03/2011  SLIM SLAM Guatemala  2007-3435                       08/05/2007  177,339 page 270  vol 449  8/3/2011  SUPER BIRD Guatemala  064905      05/04/07  163,085 pg 55 vol  402        May 4,  2009  DENNY'S Haiti    No. 289 Reg - 160         03/26/2008  ALL-AMERICAN  SLAM Honduras 9-Apr-07  106.333      08/29/2008  DENNY'S Honduras  11476/2002      9/30/02  9.093                      05/19/03  DENNY'S and design  logo Honduras  11630/07           4/9/2007  12.719        10/17/2007  FIT FARE Honduras  11639/07      4/9/2007  10/10/2007    12.699  French Diamond design Honduras  11629/07     4/9/2007  12.737           10/22/2007  GRAND SLAM Honduras 9-Apr-07  105.375                      06/25/2008  GRAND SLAM  SLUGGER Honduras  11637/07        04/09/2007  103.148        12/26/2007  MOONS OVER MY  HAMMY Honduras  11636/07       4/9/2007  103.128         12/26/2007  SLAM Honduras  11634/07       04/09/2007  106166     12/26/2007  SLAM Honduras  11635/07       04/09/2007  103.142        12/26/2007  SUPER BIRD Honduras  11632/07         04/09/2007  103.123        12/26/2007  

 

    DENNY'S Hong Kong  301708713          09/06/2010  302181069    03/05/2012  Denny's (old  registration) in Chinese  Characters Hong Kong    10044  Denny's (old  registration) in Chinese  Characters Hong Kong    1981B0862  DENNY'S in Chinese  Characters Hong Kong  301709370           09/06/2010  302181078       03/05/2012  DENNY'S India  2008519      8/13/2010     DENNY'S and design India  42200009      06/28/2019  4220009        06/28/2019  DENNY'S Indonesia IDM000415442  IDM000415442      11/27/2011  DENNY'S Indonesia  T002011037978                 09/27/2011  IDM000415440    09/27/2011  DENNY'S Indonesia  t02011037989        09/27/2011  IDM000415442    09/27/2011  DENNY'S and design Indonesia    IDM000415437    09/27/2011  DENNY'S and design Indonesia    IDM000415439     09/27/2011  DENNY'S and design Indonesia  T002011037979     09/27/2011  IDM000415437     09/27/2011  DENNY'S and design Indonesia  T002011037980           09/27/2011  IDM000415439    09/27/2011  DENNY'S and design  Arabic only Iraq  67547    08/19/2014     DENNY'S and design  English and Arabic Iraq  676548    08/19/2014     DENNY'S word Arabic  DENNY'S and design  English Iraq  67546   08/19/2014     DENNY'S word  English and Arabic Iraq  67560    08/19/2014     DENNY'S Israel 50965 50965  DENNY'S Jordan  111926       05/02/2010  16552        5/2/2010  

 

    DENNY'S and design Jordan  48843             12/28/2011  122885      02/11/2013  DENNY'S and design  Arabic only Jordan  136505    08/03/2014  136505 (30611)   10/22/2015  DENNY'S and design in  Latin and Arabic Jordan  136506     08/03/2014  136506 (30611)   10/22/2015  Denny's (word mark) Korea (South) 78 1990  2776                11/14/80  DENNY'S and design Korea (South)  41-2010-0022418         09/01/2010  41-0220864    11/9/2011  GRAND SLAM Korea (South)  96-53144      12/07/96  407949            07/06/1998  DENNY'S Kuwait  126483     12/28/2011  30-Nov-82  DENNY'S and design Kuwait  126484             12/31/2011  104379  DENNY'S and design in  Arabic Kuwait  154388      08/03/2014  104680     08/07/2016  DENNY'S and design in  Latin and Arabic Kuwait  154389   08/04/2014  137312      06/12/2016  DENNY'S Lebanon  11043            12/28/2011  141785  DENNY'S and delsign  in Arabic Lebanon  161127    11/12/2014  22125      11/12/2014  DENNY'S and design Lebanon  11048             12/28/2011  1411781  DENNY'S and design in  English and Arabic Lebanon  161117     11/12/2014  22124        11/12/2014  DENNY'S and design Macau    N/063734          11/12/2012  DENNY'S and design Madrid China/UK    1050242    08/27/2013  Denny's Malaysia  04020457    12/28/2004  04020457         12/28/2004  ALL AMERICAN  SLAM Mexico  221523           01/12/1995  580276            06/30/98  

 

    ALL AMERICAN  SLAM Mexico  221508           01/12/95  490594            05/02/95  THE BURGER DEN Mexico  2505510               02/26/2021     THE BURGER DEN Mexico  2505511           02/26/2021     DENNY'S Mexico  101064          06/11/76  204331              07/13/77  DENNY'S Mexico  160416          01/30/80  242337            03/13/80  DENNY'S & design Mexico  675753          09/07/2004  856647     10/26/2004  DENNY'S DINER &  design Mexico 464926  707755  07/27/2001  FIT FARE Mexico  225137          02/21/95  488121            04/21/95  FIT FARE Mexico  221492         01/12/95  487283             04/12/95  French diamond design Mexico  847883      04/11/2007  988267         June  19, 2007  GRAND SLAM Mexico    726539        0919/2001  GRAND SLAM Mexico    726540    09/19/2001  GRAND SLAM  BREAKFAST Mexico  221507         01/12/95  497174             07/14/95  GRAND SLAM  SLUGGER Mexico  847884        04/11/2007  985322       05/23/2007  THE MELTDOWN Mexico  2505513          02/26/2021     THE MELTDOWN Mexico  2505514          02/26/2021     MOONS OVER MY  HAMMY Mexico  221517          01/12/95  490596             05/02/95  

 

    MOONS OVER MY  HAMMY Mexico  221516          01/12/95  497177            07/14/95  SLAM Mexico  847885     04/11/2007  985323            5/23/2007  SLAM Mexico  847886    04/11/2007  985324       05/23/2007  The SUPER BIRD Mexico  221500          01/12/95  494073             06/12/95  The SUPER BIRD Mexico  221499          01/12/95  490590             05/02/95  DENNY'S Netherlands Antilles  08/05/2003          D-30042  10044  09/30/2003  DENNY'S New Zealand      Denny's (checkerboard  background with Kiwi  bird) New Zealand  672625         01/30/03  672625              01/30/03  DENNY'S and design  logo New Zealand  766515 /  04/10/2007  766515            04/10/2017  French Diamond design New Zealand  766517 /  04/10/2007     GRAND SLAM New Zealand  766518 /  04/10/2007  766,518       04/10/2007  GRAND SLAM  SLUGGER New Zealand  766519 /  04/10/2007  766,519     04/10/2007  MOONS OVER MY  HAMMY New Zealand  766520 /  04/10/2007  766,520         04/10/2007  SLAM New Zealand  766522 /  04/10/2007  766,522    04/10/2007  SUPER BIRD New Zealand  766525 /  04/10/2007  766,525         04/10/2007  ALL AMERICAN  SLAM Nicaragua  2007-01542      05/09/2007  0801426LM           06/18/2008  DENNY'S Nicaragua    567200             11/10/76  DENNY'S Nicaragua  2007-01543      05/09/2007  0801427LM       06/18/2008  DENNY'S and design  (logo) Nicaragua  2007-01544     05/09/2007  0801428LM     06/18/2008  FIT FARE Nicaragua  2007-01545       05/09/2007  0801429LM        06/18/2008  

 

    French diamond design Nicaragua  2007-01546      05/09/2007  0801430LM    06/18/2008  GRAND SLAM Nicaragua  2007-01547     05/09/2007  0801138 LM        05/20/2008  GRAND SLAM  SLUGGER Nicaragua  2007-01548      5/9/2007  0801105LM     05/19/2008  MOONS OVER MY  HAMMY Nicaragua  2007-01549    05/09/2007  0801106LM     05/19/2008  SLAM Nicaragua  2007-01550    05/09/2007  080079LM       04/16/2008  SUPER BIRD Nicaragua  2007-01552      05/09/2007  0801107LM      05/19/2008  SUPER SCRAMBLES Nicaragua  2007-01554       05/09/2007  0801109LM      05/19/2008  ULTIMATE  OMELETTE Nicaragua  2007-01555    05/09/2007  0801110LM     05/19/2008  DENNY'S Oman 87307  4/30/2014  87307    06/29/2016  DENNY'S and design Oman 87308   4/30/2014  87308    06/29/2016  DENNY'S and design  English and Arabic Oman 87310   4/30/2014  87310    06/29/2016  DENNY'S and design in  Arabic Oman 87309   4/30/2014  87309  06/29/2016  Denny's Panama   1032-02  DENNY'S and design Panama  194196             10/15/2010  194196      07/18/2011  DENNY'S word Paraguay 1414936  492.421     09/23/2019  DENNY'S Peru    059814        01/23/2009  DENNY'S and design Peru    059815       01/23/2009  DENNY'S Qatar  72242          01/01/2012  72242        March  17, 2015  DENNY'S and design Qatar  72243                           01/01/2012  72243                March 17, 2015  DENNY'S and design  English and Arabic Qatar  88994    04/05/2014     

 

    DENNY'S in Arabic  design Qatar  88995   04/05/2014     DENNY'S Saudi Arabia  23002            11/17/93  325/20               11/12/94  DENNY'S and design Saudi Arabia  177990                     01/28/2012  1454/76      05/25/2013  DENNY'S and design in  Arabic Saudi Arabia  1435018378    08/05/2014  143518378     11/30/2014  DENNY'S and design in  Latin and Arabic Saudi Arabia  1435018379    08/05/2014  1435018379     11/30/2014  GRAND SLAM Saudi Arabia  177993               01/28/2012  1439/79    05/25/2013  GRAND SLAM Saudi Arabia  177994             01/12/2012  143302986          03/27/2014  SLAM Saudi Arabia  177991            01/28/2012  1439/78      03/27/2014  Denny's Singapore 24-Jul-02  T02/111578       07/24/02  DENNY'S and design Singapore    40201401657X     11/20/2014  DENNY'S and design Singapore  576309      11/20/2014  40201401657X   11/20/2014  GRAND SLAM Singapore  40201401682     11/20/2014  40201401682Q    11/20/2014  MOONS OVER MY  HAMMY Singapore  40201401662    11/20/2014  40201401662T    11/20/2014  SLAM Singapore  40201401651     11/20/2014  40201401651P     07/01/2015  SLAMWICH Singapore  40201401679    11/20/2014  40201401679Y    11/24/2014  SUPER BIRD Singapore  40201401669     11/20/2014  40201401669W     11/24/2014  Denny's Switzerland  60528/2009      9/24/09  592.014     9/24/2009  Denny's Taiwan    1631                10/01/78  DENNY'S and design  (color) Taiwan  099043567                09/02/2010  1463436     07/01/2011  

 

    Denny's (word mark) Thailand  459786          07/17/01  SM17054         08/13/02  DENNY'S the Philippines  42013502580     9/10/13  4-2013-502580    03/13/2014  DENNY'S and design the Philippines  42013502581    9/10/13  42013502581    3/13/14  GRAND SLAM the Philippines  42013503142      10/30/2013     MOONS OVER MY  HAMMY the Philippines  42013503141    10/30/2013  42013503141    6/26/2014  SLAM the Philippines  42013503143     10/30/2013  4-2013-503143    06/12/2014  ULTIMATE  OMELETTE the Philippines  42013503140    10/30/2013  4-2013-203140      12/18/2014  DENNY'S Trinidad & Tobago  47322   09/13/2013  47322    07/17/2014  DENNY'S and design Trinidad & Tobago  47357     09/19/2013  47357     10/31/2014  GRAND SLAM Trinidad & Tobago  47356     09/19/2013  47356      01/30/2015  MOONS OVER MY  HAMMY Trinidad & Tobago  47359   09/19/2013  47359     08/14/2015  SLAM Trinidad & Tobago  47358     09/19/2013  47358     085/22/2014  SLAMWICH Trinidad & Tobago  47321    09/13/2013  47321      08/22/2014  SUPER BIRD Trinidad & Tobago  47320     9/13/2013  47320     09/16/2016  DENNY'S Tunisia  TN/E/2014/00337     03/26/2014  TN/E/2014/337    01/10/2015  DENNY'S and design in  Arabic Tunisia  TN/E/2014/338     03/28/2014  TN/E/2014/338    01/10/2015  DENNY'S Turkey 13-Jan-00  2000 00540      01/13/00  DENNY'S and design Turkey  2014/28011    04/04/2014  2014 28011    04/22/2015  DENNY'S word UK UK00003375969      UK00003375969       05/07/2019     GRAND SLAM UK UK00003019476  UK00003019476     03/24/2011  

 

    THE BURGER DEN United Arab Emirates 346464     DENNY'S United Arab Emirates  64281       10/12/2004  64281        02/27/2006  DENNY'S and design United Arab Emirates  168717          02/02/2012  168717     05/01/2013  DENNY'S and design  Arabic   United Arab Emirates  211100    04/05/2014  21100       04/05/2014  DENNY'S and design  Arabic and English United Arab Emirates  211101   04/05/2014  21101     04/05/2014  GRAND SLAM United Arab Emirates  168543        01/30/2012  168543            05/29/2018  GRAND SLAM United Arab Emirates  168544     01/30/2012  168544     03/13/2013  LUMBERJACK SLAM United Arab Emirates  168541     01/30/2012  168541        1/31/2012  LUMBERJACK SLAM United Arab Emirates  168542     01/30/2012  168542       1/31/2012  THE METLDOWN United Arab Emirates  350640       05/06/2021     THE METLDOWN United Arab Emirates  346779            03/11/2021     DENNY'S United Kingdom (Madrid filing) 18-Jun-75 8/31/2010  DENNY'S Uruguay  367.206        11/30/2005     DENNY'S Venezuela 49406   12/8/2008    Denny's Venezuela 01053.83  13783-D          10/19/78  Denny's Venezuela    136,159             09/23/88  DENNY'S Vietnam  4-2014-30019     12/04/2014  265029    07/04/2016  DENNY'S and design Vietnam  4-2014-30018    12/04/2014  265028    07/04/2016  GRAND SLAM Vietnam  4-2014-30014    12/04/2014  265025    07/04/2016  MOONS OVER MY  HAMMY Vietnam  4-2014-30020      12/04/2014  277878     03/16/2017  SLAM Vietnam  4-2014-30015     12/04/2014  265026     07/04/2016  

 

    SLAMWICH Vietnam  4-2014-30016     12/04/2014  265027      07/04/2016  SUPER BIRD Vietnam 4/12/2014  267077      08/18/2016        

 

      Schedule IV  to Guarantee and  Collateral Agreement    Insurance Requirements  (a) In furtherance of Section 6.07 of the Credit Agreement, (i) the Administrative Agent, for  the benefit of the Secured Parties, shall be named as lenders loss payee on all insurance policies required  to be maintained with respect to the assets and properties of the Grantors under Section 6.07 of the Credit  Agreement and (ii) the Administrative Agent, for the benefit of the Secured Parties, shall be named as an  additional insured under all liability insurance policies.  Without limiting the foregoing, each Grantor will  (a) keep all of its physical property insured with casualty or physical hazard insurance on an “all risks”  basis, with broad form flood and earthquake coverages and electronic data processing coverage, with a  full replacement cost endorsement and an “agreed amount” clause in an amount equal to 100% of the full  replacement cost of such property, (b) maintain all such workers’ compensation or similar insurance as  may be required by Applicable Law and (c) maintain, in amounts and with deductibles equal to those  generally maintained by businesses engaged in similar activities in similar geographic areas, general  public liability insurance against claims of bodily injury, death or property damage occurring, on, in or  about the properties of such Grantor; business interruption insurance; and product liability insurance.  (b) Each Grantor shall furnish the Administrative Agent with certificates of insurance (in a  form similar to those delivered on the Closing Date) evidencing compliance with the insurance provisions  contained in Section 6.07 of the Credit Agreement in respect of each insurance policy existing on the  Closing Date or renewed, extended or replaced following the Closing Date.      

 

      Exhibit I  to Guarantee and  Collateral Agreement      SUPPLEMENT NO.  __ dated as of [_______] (this “Supplement”), to the Fourth Amended and  Restated Guarantee and Collateral Agreement dated as of August 26, 2021 (the “Guarantee and Collateral  Agreement”), among Denny’s, Inc., a Florida corporation, (the “Borrower”), Denny’s Corporation, a  Delaware corporation (“Parent”), DFO, LLC, a Delaware limited liability company (“DFO”), Denny’s  Realty, LLC, a Delaware limited liability company (“Denny’s Realty”), each other Subsidiary Loan Party,  and Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent (in such capacity,  the “Administrative Agent”) for the Secured Parties (as defined herein).  A. Reference is made to the Fourth Amended and Restated Credit Agreement dated as of  August 26, 2021 (as amended, supplemented, waived or otherwise modified from time to time, the  “Credit Agreement”), among (i) the Borrower, (ii) Parent, DFO and Denny’s Realty, as Guarantors, (iii)  the Lenders party thereto (the “Lenders”), and (iv) Wells Fargo, as Administrative Agent.  B. Capitalized terms used herein and not otherwise defined herein shall have the meanings  assigned to such terms in the Credit Agreement and the Guarantee and Collateral Agreement referred to  therein.  C. The Grantors have entered into the Guarantee and Collateral Agreement in order to  induce the Lenders to make Loans and the L/C Issuer to issue Letters of Credit.  Section 7.16 of the  Guarantee and Collateral Agreement provides that additional Subsidiaries may become Subsidiary Loan  Parties under the Guarantee and Collateral Agreement by execution and delivery of an instrument in the  form of this Supplement.  The undersigned Subsidiary (the “New Subsidiary”) is executing this  Supplement in accordance with the requirements of the Credit Agreement to become a Subsidiary Loan  Party under the Guarantee and Collateral Agreement in order to induce the Lenders to make additional  Loans and the L/C Issuer to issue additional Letters of Credit and as consideration for Loans previously  made and Letters of Credit previously issued.  Accordingly, the Administrative Agent and the New Subsidiary agree as follows:  SECTION 1. In accordance with Section 7.16 of the Guarantee and Collateral Agreement, the  New Subsidiary by its signature below becomes a Subsidiary Loan Party, a Grantor and a Guarantor  under the Guarantee and Collateral Agreement with the same force and effect as if originally named  therein as a Subsidiary Loan Party, a Grantor and a Guarantor, and the New Subsidiary hereby (a) agrees  to all the terms and provisions of the Guarantee and Collateral Agreement applicable to it as a Subsidiary  Loan Party, Grantor and Guarantor thereunder and (b) represents and warrants that the representations  and warranties made by it as a Grantor and Guarantor thereunder are true and correct on and as of the date  hereof.  In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance  in full of the Obligations (as defined in the Guarantee and Collateral Agreement), does hereby create and  grant to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties and  their successors and assigns, a security interest in and lien on all of the New Subsidiary’s right, title and  interest in and to the Collateral (as defined in the Guarantee and Collateral Agreement) of the New  Subsidiary.  Each reference to a “Subsidiary Loan Party”, a “Grantor” or a “Guarantor” in the Guarantee  and Collateral Agreement shall be deemed to include the New Subsidiary.  The Guarantee and Collateral  Agreement is hereby incorporated herein by reference.  

 

      SECTION 2. The New Subsidiary represents and warrants to the Administrative Agent and the  other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and  constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.  SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto  on different counterparts), each of which shall constitute an original, but all of which, when taken  together, shall constitute a single contract.  This Supplement shall become effective when (a) the  Administrative Agent shall have received a counterpart of this Supplement that bears the signature of the  New Subsidiary and (b) the Administrative Agent has executed a counterpart hereof.  Delivery of an  executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a  manually signed counterpart of this Supplement.  SECTION 4. The New Subsidiary hereby represents and warrants that (a) set forth on Schedule  I attached hereto is a true and correct schedule of the location of any and all Article 9 Collateral of the  New Subsidiary, (b) set forth on Schedule II attached hereto is a true and correct schedule of all the  Pledged Securities of the New Subsidiary and (c) set forth under its signature hereto, is the true and  correct legal name of the New Subsidiary, its jurisdiction of formation and the location of its chief  executive office.  SECTION 5. Except as expressly supplemented hereby, the Guarantee and Collateral  Agreement shall remain in full force and effect.  SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE  PARTIES UNDER THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN  ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, (WITHOUT GIVING  EFFECT TO ANY CHOICE OR CONFLICT OF APPLICABLE LAW PROVISION OR RULE  THAT WOULD CAUSE THE APPLICATION OF THE DOMESTIC SUBSTANTIVE LAWS OF  ANY OTHER STATE).  SECTION 7. Any provision of this Supplement held to be invalid, illegal or unenforceable in  any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or  unenforceability without affecting the validity, legality and enforceability in such jurisdiction of the  remaining provisions hereof and of the Guarantee and Collateral Agreement; and the invalidity of a  particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.   The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable  provisions with valid provisions the economic effect of which comes as close as possible to that of the  invalid, illegal or unenforceable provisions.  SECTION 8. All communications and notices hereunder shall be in writing and given as  provided in Section 7.01 of the Guarantee and Collateral Agreement.  SECTION 9. The New Subsidiary agrees to reimburse the Administrative Agent for its  reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees,  disbursements and other charges of counsel for the Administrative Agent.  IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly  executed this Supplement to the Guarantee and Collateral Agreement as of the day and year first above  written.    

 

      [NAME OF NEW SUBSIDIARY]  By: ______________________________________   Name:  Title:  Legal Name:  Jurisdiction of  Formation:  Location of Chief  Executive Office:    WELLS FARGO BANK, NATIONAL  ASSOCIATION, as  Administrative Agent,  By: ______________________________________   Name:  Title:      

 

      Schedule I  to Supplement No.___ to the  Guarantee and  Collateral Agreement    LOCATION OF ARTICLE 9 COLLATERAL  Description Location            

 

    Schedule II to  Supplement No. __  to the Guarantee and  Collateral Agreement  PLEDGED STOCK  Number of  Issuer Certificate  Registered  Owner  Number and Class  of Equity Interest  Percentage of  Equity Interests              PLEDGED DEBT SECURITIES  Issuer  Principal  Amount Date of Note Maturity Date              OTHER PROPERTY      

 

    EXHIBIT II  to Guarantee and  Collateral Agreement  [FORM OF] PERFECTION QUESTIONNAIRE      DENNY’S, INC., a Florida corporation (“Denny’s”, the “Borrower”) hereby certifies the following to  Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) under  that certain fourth amended and restated credit agreement to be dated on or about August 26, 2021 among  the Borrower, Denny’s Corporation, a Delaware corporation (the “Parent”), certain subsidiaries of the  Borrower (together with the Parent, collectively, the “Guarantors”; and together with the Borrower, the  “Credit Parties”), the lenders from time to time party thereto, and the Administrative Agent (the “Credit  Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned  thereto (a) in the most recent draft of the Credit Agreement circulated to the Borrower and (b) the  Uniform Commercial Code, as applicable):    A IDENTIFICATION MATTERS  1. An organizational chart depicting the interrelationships of all Credit Parties is set forth on  Schedule A1 attached hereto.  2. The information with respect to the Credit Parties contained on Schedule A2 is true and correct.  3. Set forth on Schedule A3 hereto is a complete and accurate list of all subsidiaries (including  foreign subsidiaries) of each Credit Party, together with (a) the jurisdiction of  incorporation/formation, (b) the number of shares of each class of capital stock or other equity  interests outstanding, (c) the number and percentage of outstanding shares of each class owned  (directly or indirectly) by such Credit Party and (d) an indication as to whether the shares are  certificated.    B LEGAL MATTERS    1. DURING THE FIVE (5) YEAR PERIOD PRECEDING THE CLOSING DATE NO  CREDIT PARTY HAS BEEN PARTY TO ANY MERGER, CONSOLIDATION, STOCK  ACQUISITION OR PURCHASE OF ALL OR A SUBSTANTIAL PORTION OF THE  ASSETS OF ANY PERSON, EXCEPT AS SET FORTH ON SCHEDULE B1.  C LOCATIONS    1. Set forth on Schedule C1 is a list of all real property owned by each Credit Party.  Please include  the following information for each location:  a street address (including county) and an indication  of whether the location is the chief executive office of the applicable Credit Party.  2. Set forth on Schedule C2 is a list of locations (other than those set forth on Schedule C1) where  any Credit Party maintains any Inventory or Equipment having a value in excess of $1,000,000.   Please include the following information for each location:  a street address (including county),  an indication of whether the location is the chief executive office of the applicable Credit Party,  the approximate value of any Collateral located on such premises, the annual rental value, an  indication if such property is leased by the applicable Credit Party (and, if so, the name and  address of the owner of the location), or operated by a third party, such as a warehouseman or  processor (and, if so, the name and address of such third party).  D SPECIAL COLLATERAL  

 

      1. All of the financial institutions at which any Credit Party maintains any deposit accounts,  investment accounts, securities accounts or similar accounts or other investment property (other  than certificated securities and other investment property set forth on Schedule D6), together with  the name of account, account number and a description for each such account (including the  recent value), are set forth on Schedule D1.  2. All Letter-of-Credit Rights and Electronic Chattel Paper of any Credit Party having a value in  excess of $250,000 are set forth on Schedule D2.  3. All Instruments, Tangible Chattel Paper and Documents of each Credit Party having a value in  excess of $250,000 are set forth on Schedule D3.  4. All patents, trademarks and copyrights owned by each Credit Party as of the date hereof, all  patent licenses, trademark licenses and copyright licenses to which such Credit Party is a party as  of the date hereof, and all patent applications, trademark applications, and copyright applications  made by each Credit Party as of the date hereof are listed on Schedule D4.  5. All commercial tort claims of any Credit Party reasonably estimated to exceed $1,000,000 are set  forth on Schedule D5.   6. The issued and outstanding equity interests and any other certificated securities having a value in  excess of $250,000 owned by each Credit Party is set forth on Schedule D6.  E FINANCING MATTERS    1. Any current creditors of any Credit Party that will be refinanced in connection with the funding of  the initial Loans and any letters of credit currently outstanding on behalf of any Credit Party  (together with an indication of whether any such letters of credit will be replaced or collateralized  on the Closing Date) are as follows:  Credit Party Creditors to be Refinanced Letters of Credit / Replaced or  Collateralized                      F INSURANCE    1. A complete and accurate list of all insurance policies currently maintained by the Credit Parties is  set forth on Schedule F1 hereto.        

 

       I hereby certify on behalf of the Credit Parties and not in my individual capacity that, as of the  date hereof, the statements set forth in this Perfection Questionnaire and in the Schedules attached hereto  are accurate and complete in all respects.         DENNY’S, INC.,  a Florida corporation           By:            Name:  Title:      

 

    SCHEDULE TO   PERFECTION QUESTIONNAIRE  Schedule A1  Organizational Chart  Schedule A2  Identification Matters  Schedule A3  Subsidiaries  Schedule B1  Legal Matters  Schedule C1  Owned Locations  Schedule C2  Other Locations  Schedule D1  Deposit Accounts/Investment Property (other than as set forth on Schedule D6)  Schedule D2  Letter-of-Credit Rights & Electronic Chattel Paper  Schedule D3  Instruments, Tangible Chattel Paper & Documents  Schedule D4  Intellectual Property  Schedule D5  Commercial Tort Claims  Schedule D6  Equity Interests & Certificated Security Interests  Schedule F1  Insurance    

 

        Schedule A1  Organizational Chart    [See attached]  

 

      Schedule A2  Identification Matters    [TO BE COMPLETED FOR EACH CREDIT PARTY]      Legal Name of Credit Party:        Previous Legal Names with the past five (5) years:      State of Organization:        Type of Organization:      Jurisdictions Qualified to do Business1:      Address of Chief Executive Office:        Address of Principal Place of Business:        Business Phone Number:      Organizational Identification Number (if any):      Federal Tax Identification Number:      Ownership Information (e.g. publicly held, if  private or partnership—identity of  owners/partners):            1 Except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect  

 

    Schedule A3    Subsidiaries    Subsidiary  Jurisdiction of  Incorp/  Formation  Number of  Shares of  Capital Stock  Number and  Percentage of  Outstanding  Shares  Shares  Certificated?              

 

    Schedule B1  Legal Matters    

 

    Schedule C1  Owned Locations  All Owned Real Property:      Credit Party  Chief  Executive  Office  (indicate  with * in  this  column)  Address   (including county)                                            

 

    Schedule C2  Locations  (other than those set forth on Schedule C1)        Credit Party  Chief  Executive  Office  (indicate  with * in  this  column)  Address   (including county)  Approximate  Value  (the value of  any collateral  on such  property and  the annual  rental value)  Please include the  name and address  of Landlord (if  available)                                                          

 

          Schedule D1  Deposit Accounts & Investment Property   (other than Investment Property set forth on Schedule D6)    Credit  Party  Financial  Institution(s)  where Accounts  Maintained  Name of  Account  ZBA/  Payroll/  Deposit/  Etc.  Account  Numbers  Descriptions of  Accounts  (including the  recent value)                                                              

 

    Schedule D2  Letter-of-Credit Rights & Electronic Chattel Paper    Letter-of-Credit Rights:      Credit Party Description                              Electronic Chattel Paper:    Credit Party Description                            

 

    Schedule D3  Instruments, Tangible Chattel Paper & Documents      Instruments:    Credit Party Description                              Tangible Chattel Paper:    Credit Party Description                            Documents:    Credit Party Description                              

 

    Schedule D4  Intellectual Property    

 

    Schedule D5  Commercial Tort Claims    Credit Party Description                            

 

    Schedule D6  Equity Interests & Certificated Securities      Credit Party:          Name of Subsidiary Number of Shares Certificate Number Percentage Ownership                               Credit Party:          Name of Subsidiary Number of Shares Certificate Number Percentage Ownership                                       

 

       Schedule F1  InsuranceEX-4.6

 Exhibit 4.6 
  

 
  

MALIBU BOATS, INC. 
  

 
 INDENTURE

 Dated as of                     ,
         
  

 
 [Trustee],

 Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE 	  			
			
	 Section 1.1.
	 	 Definitions.
	  			
	 Section 1.2.
	 	 Other Definitions.
	  	 	4	 
	 Section 1.3.
	 	 Incorporation by Reference of Trust Indenture Act.
	  	 	5	 
	 Section 1.4.
	 	 Rules of Construction.
	  	 	5	 
		
	ARTICLE II. THE SECURITIES 	  	 	6	 
			
	 Section 2.1.
	 	 Issuable in Series.
	  	 	6	 
	 Section 2.2.
	 	 Establishment of Terms of Series of Securities.
	  	 	6	 
	 Section 2.3.
	 	 Execution and Authentication.
	  	 	8	 
	 Section 2.4.
	 	 Registrar and Paying Agent.
	  	 	9	 
	 Section 2.5.
	 	 Paying Agent to Hold Money in Trust.
	  	 	10	 
	 Section 2.6.
	 	 Securityholder Lists.
	  	 	10	 
	 Section 2.7.
	 	 Transfer and Exchange.
	  	 	10	 
	 Section 2.8.
	 	 Mutilated, Destroyed, Lost and Stolen Securities.
	  	 	11	 
	 Section 2.9.
	 	 Outstanding Securities.
	  	 	12	 
	 Section 2.10.
	 	 Treasury Securities.
	  	 	12	 
	 Section 2.11.
	 	 Temporary Securities.
	  	 	13	 
	 Section 2.12.
	 	 Cancellation.
	  	 	13	 
	 Section 2.13.
	 	 Defaulted Interest.
	  	 	13	 
	 Section 2.14.
	 	 Global Securities.
	  	 	13	 
	 Section 2.15.
	 	 CUSIP Numbers.
	  	 	14	 
		
	ARTICLE III. REDEMPTION 	  	 	15	 
			
	 Section 3.1.
	 	 Notice to Trustee.
	  	 	15	 
	 Section 3.2.
	 	 Selection of Securities to be Redeemed.
	  	 	15	 
	 Section 3.3.
	 	 Notice of Redemption.
	  	 	15	 
	 Section 3.4.
	 	 Effect of Notice of Redemption.
	  	 	16	 
	 Section 3.5.
	 	 Deposit of Redemption Price.
	  	 	17	 
	 Section 3.6.
	 	 Securities Redeemed in Part.
	  	 	17	 
		
	ARTICLE IV. COVENANTS 	  	 	17	 
			
	 Section 4.1.
	 	 Payment of Principal and Interest.
	  	 	17	 

  
 i 

							
	 Section 4.2.
	 	 SEC Reports.
	  	 	17	 
	 Section 4.3.
	 	 Compliance Certificate.
	  	 	18	 
	 Section 4.4.
	 	 Stay, Extension and Usury Laws.
	  	 	18	 
	 Section 4.5.
	 	 Corporate Existence.
	  	 	18	 
		
	ARTICLE V. SUCCESSORS 	  	 	19	 
			
	 Section 5.1.
	 	 When Company May Merge, Etc.
	  	 	19	 
	 Section 5.2.
	 	 Successor Corporation Substituted.
	  	 	19	 
		
	ARTICLE VI. DEFAULTS AND REMEDIES 	  	 	19	 
			
	 Section 6.1.
	 	 Events of Default.
	  	 	19	 
	 Section 6.2.
	 	 Acceleration of Maturity; Rescission and Annulment.
	  	 	21	 
	 Section 6.3.
	 	 Collection of Indebtedness and Suits for Enforcement by
Trustee.
	  	 	21	 
	 Section 6.4.
	 	 Trustee May File Proofs of Claim.
	  	 	22	 
	 Section 6.5.
	 	 Trustee May Enforce Claims Without Possession of
Securities.
	  	 	23	 
	 Section 6.6.
	 	 Application of Money Collected.
	  	 	23	 
	 Section 6.7.
	 	 Limitation on Suits.
	  	 	23	 
	 Section 6.8.
	 	 Unconditional Right of Holders to Receive Principal and
Interest.
	  	 	24	 
	 Section 6.9.
	 	 Restoration of Rights and Remedies.
	  	 	24	 
	 Section 6.10.
	 	 Rights and Remedies Cumulative.
	  	 	24	 
	 Section 6.11.
	 	 Delay or Omission Not Waiver.
	  	 	25	 
	 Section 6.12.
	 	 Control by Holders.
	  	 	25	 
	 Section 6.13.
	 	 Waiver of Past Defaults.
	  	 	25	 
	 Section 6.14.
	 	 Undertaking for Costs.
	  	 	26	 
		
	ARTICLE VII. TRUSTEE 	  	 	26	 
			
	 Section 7.1.
	 	 Duties of Trustee.
	  	 	26	 
	 Section 7.2.
	 	 Rights of Trustee.
	  	 	27	 
	 Section 7.3.
	 	 Individual Rights of Trustee.
	  	 	29	 
	 Section 7.4.
	 	 Trustee’s Disclaimer.
	  	 	29	 
	 Section 7.5.
	 	 Notice of Defaults.
	  	 	29	 
	 Section 7.6.
	 	 Reports by Trustee to Holders.
	  	 	29	 
	 Section 7.7.
	 	 Compensation and Indemnity.
	  	 	29	 
	 Section 7.8.
	 	 Replacement of Trustee.
	  	 	30	 

  
 ii 

							
	 Section 7.9.
	 	 Successor Trustee by Merger, Etc.
	  	 	31	 
	 Section 7.10.
	 	 Eligibility; Disqualification.
	  	 	31	 
	 Section 7.11.
	 	 Preferential Collection of Claims Against Company.
	  	 	31	 
		
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE 	  	 	32	 
			
	 Section 8.1.
	 	 Satisfaction and Discharge of Indenture.
	  	 	32	 
	 Section 8.2.
	 	 Application of Trust Funds; Indemnification.
	  	 	33	 
	 Section 8.3.
	 	 Legal Defeasance of Securities of any Series.
	  	 	33	 
	 Section 8.4.
	 	 Covenant Defeasance.
	  	 	35	 
	 Section 8.5.
	 	 Repayment to Company.
	  	 	36	 
	 Section 8.6.
	 	 Reinstatement.
	  	 	36	 
		
	ARTICLE IX. AMENDMENTS AND WAIVERS 	  	 	37	 
			
	 Section 9.1.
	 	 Without Consent of Holders.
	  	 	37	 
	 Section 9.2.
	 	 With Consent of Holders.
	  	 	37	 
	 Section 9.3.
	 	 Limitations.
	  	 	38	 
	 Section 9.4.
	 	 Compliance with Trust Indenture Act.
	  	 	39	 
	 Section 9.5.
	 	 Revocation and Effect of Consents.
	  	 	39	 
	 Section 9.6.
	 	 Notation on or Exchange of Securities.
	  	 	39	 
	 Section 9.7.
	 	 Trustee Protected.
	  	 	39	 
		
	ARTICLE X. MISCELLANEOUS 	  	 	40	 
			
	 Section 10.1.
	 	 Trust Indenture Act Controls.
	  	 	40	 
	 Section 10.2.
	 	 Notices.
	  	 	40	 
	 Section 10.3.
	 	 Communication by Holders with Other Holders.
	  	 	41	 
	 Section 10.4.
	 	 Certificate and Opinion as to Conditions Precedent.
	  	 	41	 
	 Section 10.5.
	 	 Statements Required in Certificate or Opinion.
	  	 	41	 
	 Section 10.6.
	 	 Rules by Trustee and Agents.
	  	 	42	 
	 Section 10.7.
	 	 Legal Holidays.
	  	 	42	 
	 Section 10.8.
	 	 No Recourse Against Others.
	  	 	42	 
	 Section 10.9.
	 	 Counterparts.
	  	 	42	 
	 Section 10.10.
	 	 Governing Law; Jury Trial Waiver.
	  	 	42	 
	 Section 10.11.
	 	 No Adverse Interpretation of Other Agreements.
	  	 	43	 
	 Section 10.12.
	 	 Successors.
	  	 	43	 
	 Section 10.13.
	 	 Severability.
	  	 	43	 
	 Section 10.14.
	 	 Table of Contents, Headings, Etc.
	  	 	43	 

  
 iii 

							
	 Section 10.15.
	 	 Securities in a Foreign Currency.
	  	 	43	 
	 Section 10.16.
	 	 Judgment Currency.
	  	 	44	 
	 Section 10.17.
	 	 Force Majeure.
	  	 	44	 
	 Section 10.18.
	 	 U.S.A. Patriot Act.
	  	 	44	 
		
	ARTICLE XI. SINKING FUNDS 	  	 	45	 
			
	 Section 11.1.
	 	 Applicability of Article.
	  	 	45	 
	 Section 11.2.
	 	 Satisfaction of Sinking Fund Payments with Securities.
	  	 	45	 
	 Section 11.3.
	 	 Redemption of Securities for Sinking Fund.
	  	 	46	 

  
 iv 

 MALIBU BOATS, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of                     ,
         
  

			
	§ 310(a)(1)	  	7.10
	        (a)(2)	  	7.10
	        (a)(3)	  	Not Applicable
	        (a)(4)	  	Not Applicable
	        (a)(5)	  	7.10
	            (b)	  	7.10
	   § 311(a)	  	7.11
	            (b)	  	7.11
	            (c)	  	Not Applicable
	   § 312(a)	  	2.6
	            (b)	  	10.3
	            (c)	  	10.3
	   § 313(a)	  	7.6
	        (b)(1)	  	7.6
	        (b)(2)	  	7.6
	        (c)(1)	  	7.6
	            (d)	  	7.6
	   § 314(a)	  	4.2, 10.5
	            (b)	  	Not Applicable
	        (c)(1)	  	10.4
	        (c)(2)	  	10.4
	        (c)(3)	  	Not Applicable
	            (d)	  	Not Applicable
	            (e)	  	10.5
	            (f)	  	Not Applicable
	   § 315(a)	  	7.1
	            (b)	  	7.5
	            (c)	  	7.1
	            (d)	  	7.1
	            (e)	  	6.14
	   § 316(a)	  	2.10
	  (a)(1)(A)	  	6.12
	  (a)(1)(B)	  	6.13
	            (b)	  	6.8
	§ 317(a)(1)	  	6.3
	        (a)(2)	  	6.4
	            (b)	  	2.5
	   § 318(a)	  	10.1

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

  
 v 

 Indenture dated as of
                    ,          between MALIBU BOATS, INC., a company incorporated under the laws of the State
of Delaware (“Company”), and [Trustee], as trustee (“Trustee”). 
 Each party agrees as follows for the
benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture. 
 
ARTICLE I. 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1.     Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified
herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 

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

“Agent” means any Registrar, Paying Agent or Notice Agent. 

“Board of Directors” means the board of directors of the Company or any duly authorized committee thereof. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture
hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York (or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or
executive order to close. 

 “Capital Stock” means any and all shares, interests, participations, rights
or other equivalents (however designated) of corporate stock. 
 “Company” means the party named as such above until a
successor, which duly assumes the obligations under the Indenture, replaces it and thereafter means the successor. 
 “Company
Order” means a written order signed in the name of the Company by an Officer. 
 “Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally administered. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 

“Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or
more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depositary”
as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
 “Dollars” and
“$” means the currency of The United States of America. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of The United States of America. 
 “Foreign Government Obligations” means, with respect to Securities of any
Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and
which are not callable or redeemable at the option of the issuer thereof. 
 “GAAP” means accounting principles generally
accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

  
 2 

 “Global Security” or “Global Securities” means a Security
or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or
nominee. 
 “Holder” or “Securityholder” means a person in whose name a Security is registered. 

“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of
particular Series of Securities established as contemplated hereunder. 
 “interest” means, with respect to any Security,
any interest on such Security, and with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 

“Maturity,” 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 or otherwise. 

“Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant
Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the Company. 
 “Officer’s Certificate”
means a certificate signed by any Officer and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of
legal counsel. The counsel may be an employee of or counsel to the Company. 
 “person” means any individual, corporation,
partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any
Additional Amounts in respect of, the Security. 
 “Responsible Officer” means any officer of the Trustee in its Corporate
Trust Office having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and
familiarity with a particular subject and who shall have direct responsibility for the administration of this Indenture. 

“SEC” means the Securities and Exchange Commission. 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered
under this Indenture. 

  
 3 

 “Series” or “Series of Securities” means each series of
debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated
Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable. 

“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of
the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such
person or one or more of the other Subsidiaries of that person or a combination thereof. 
 “TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent
required by any such amendment, the Trust Indenture Act as so amended. 
 “Trustee” means the person named as the
“Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then
a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
depository receipt. 
 Section 1.2.     Other Definitions. 

 

			
	 TERM
	  	 DEFINED IN
SECTION

	“Bankruptcy Law”	  	  6.1  
	“Custodian”	  	  6.1  
	“Event of Default”	  	  6.1  
	“Judgment Currency”	  	10.16
	“Legal Holiday”	  	10.7  
	“mandatory sinking fund payment”	  	11.1  
	“Market Exchange Rate”	  	10.15
	“New York Banking Day”	  	10.16
	“Notice Agent”	  	  2.4  
	“optional sinking fund payment”	  	11.1  
	“Paying Agent”	  	  2.4  
	“Registrar”	  	  2.4  
	“Required Currency”	  	10.16
	“successor person”	  	  5.1  

  
 4 

Section 1.3.     Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 

Section 1.4.     Rules of Construction. 

Unless the context otherwise requires: 

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

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

 (c)    “or” is not exclusive; 

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

(e)    provisions apply to successive events and transactions. 

  
 5 

 ARTICLE II. 

THE SECURITIES 
 
Section 2.1.     Issuable in Series. 
 The aggregate principal amount of Securities that may be
authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution,
supplemental indenture hereto or Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board
Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity
date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the
Indenture. 
 Section 2.2.     Establishment of Terms of Series of
Securities. 
 At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series
generally, in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the
manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1.    the
title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2.    the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the
Series will be issued; 
 2.2.3.    any limit upon the aggregate principal amount of the Securities of the Series 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 the Series pursuant to Section 2.7, 2.8, 2.11,
3.6 or 9.6); 
 2.2.4.    the date or dates on which the principal of the Securities of the Series is payable; 

2.2.5.    the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such
rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall
accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

  
 6 

 2.2.6.    the place or places where the principal of and interest, if
any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series
and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other means; 

2.2.7.    if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon
which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 2.2.8.    the
obligation, if any, of the Company to redeem or purchase the Securities of the 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 the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

2.2.9.    the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by
the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

2.2.10.    if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the denominations in
which the Securities of the Series shall be issuable; 
 2.2.11.    the forms of the Securities of the Series and whether
the Securities will be issuable as Global Securities; 
 2.2.12.    if other than the principal amount thereof, the
portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 

2.2.13.    the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and
if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 

2.2.14.    the designation of the currency, currencies or currency units in which payment of the principal of and interest,
if any, on the Securities of the Series will be made; 
 2.2.15.    if payments of principal of or interest, if any, on
the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 

2.2.16.    the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series
will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

  
 7 

 2.2.17.    the provisions, if any, relating to any security provided for
the Securities of the Series; 
 2.2.18.    any addition to, deletion of or change in the Events of Default which applies
to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 

2.2.19.    any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to
Securities of the Series; 
 2.2.20.    any Depositaries, interest rate calculation agents, exchange rate calculation
agents or other agents with respect to Securities of such Series if other than those appointed herein; 
 2.2.21.    the
provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, the securities or other property into which the Securities will be
convertible, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions
affecting conversion or exchange if such Series of Securities are redeemed; 
 2.2.22.    any other terms of the Series
(which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities
of that Series; and 
 2.2.23.    whether any of the Company’s direct or indirect Subsidiaries will guarantee the
Securities of that Series, including the terms of subordination, if any, of such guarantees. 
 All Securities of any one Series need not be
issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

Section 2.3.     Execution and Authentication. 

Two Officers shall sign the Securities for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

  
 8 

 The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication. 

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount
for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8. 

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected
in conclusively relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2 establishing the form of the Securities of that Series or of Securities within that Series
and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 

The Trustee shall have the right, but not the obligation, to decline to authenticate and deliver any Securities of such Series: (a) if
the Trustee, being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith determines that such action would expose the Trustee to personal liability to Holders of any then outstanding
Series of Securities. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An
authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal
with the Company or an Affiliate of the Company. 

Section 2.4.     Registrar and Paying Agent. 

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to
Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange
(“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The Registrar shall keep a register with respect
to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any
time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and 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. 

  
 9 

 The Company may also from time to time designate one or more
co-registrars, additional paying agents or additional notice agents 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 obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series 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 name or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any additional notice agent. The Company or any
of its Affiliates may serve as Registrar or Paying Agent. 
 The Company hereby appoints the Trustee as the initial Registrar, Paying Agent
and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 

Section 2.5.     Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company
in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying
Agent for the Securities. 
 Section 2.6.     Securityholder Lists.

 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at
such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities. 

Section 2.7.     Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to
register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements 

  
 10 

 
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for
any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than
any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6). 
 Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of
Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole
or the portion being redeemed of any such Securities selected, called or being called for redemption in part. 
 
Section 2.8.     Mutilated, Destroyed, Lost and Stolen Securities. 
 If any mutilated Security is
surrendered to the Trustee, the Company shall execute 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 bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, 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 the issuance of any new Security under this Section, 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. 

Every new Security of any Series issued pursuant to this Section 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. 

  
 11 

 The provisions of this Section 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. 
 
Section 2.9.     Outstanding Securities. 
 The Securities outstanding at any time are all the
Securities authenticated by the Trustee except for those canceled by the Registrar, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and
those described in this Section as not outstanding. 
 If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding
until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent
(other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the
Series cease to be outstanding and interest on them ceases to accrue. 
 The Company may purchase or otherwise acquire the Securities,
whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 

Section 2.10.     Treasury Securities. 

In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand,
authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in conclusively
relying on any such request, demand, authorization, direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Securities so owned which have been
pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such request, demand, authorization, direction, notice, consent or waiver with respect to the
Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 

  
 12 

 Section 2.11.     Temporary
Securities. 
 Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under
this Indenture as the definitive Securities. 

Section 2.12.     Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent, if not the Trustee, shall
forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement, conversion or cancellation and shall
dispose of such canceled Securities (subject to the record retention requirement of the Exchange Act and the Trustee) in accordance with its customary procedures and deliver a certificate of such cancellation to the Company upon written request of
the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. 

Section 2.13.     Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Securities, it may pay the defaulted interest, plus, to the extent permitted by
law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the special record date,
the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 Section 2.14.     Global Securities. 

2.14.1.    Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate
shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 

2.14.2.    Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of
the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if
(i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case,
the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the 

  
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Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to
the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 

Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to
such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor
Depositary. 
 2.14.3.    Legend. Any Global Security issued hereunder shall bear a legend in substantially the
following form: 
 “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. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and may
not be transferred except as a whole by the Depositary to a nominee of the Depositary, 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 a successor Depositary.” 
 2.14.4.    Acts of Holders. The Depositary, as a Holder, may
appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

2.14.5.    Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 

2.14.6.    Consents, Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the
Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global
Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 

Section 2.15.     CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the 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 elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Trustee shall have
no liability for any defect in the “CUSIP” numbers as they appear on any Security, notice or elsewhere. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

  
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 ARTICLE III. 

REDEMPTION 
 
Section 3.1.     Notice to Trustee. 
 The Company may, with respect to any Series of Securities,
reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a
Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the
redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice to the Trustee at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee. 

Section 3.2.     Selection of Securities to be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if
less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate, including selecting pro rata, by lot or other method,
unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Trustee shall make the selection from Securities of the Series
outstanding not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $2,000. Securities of the Series and portions of them it selects shall
be in amounts of $2,000 or integral multiples of $1,000 in excess thereof or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the
authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption. 

Section 3.3.     Notice of Redemption. 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at
least 15 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed. 

The notice shall identify the Securities of the Series to be redeemed and shall state: 

(a)    the redemption date; 

  
 15 

 (b)        the redemption price;

 (c)        the name and address of the Paying Agent and, if applicable, the
conversion Agent; 
 (d)        for convertible Securities, the conversion price;

 (e)        if any Securities are being redeemed in part, the portion of the
principal amount of such Securities to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in
the name of the Holder thereof upon cancellation of the original Security; 

(f)        that Securities of the Series (or portion thereof) called for redemption
must be surrendered to the Paying Agent to collect the redemption price; 

(g)        that interest on Securities of the Series called for redemption ceases to
accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price; 

(h)        the CUSIP number, if any, and state that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in the SEC’s notice or printed on the Securities; and 

(i)        any other information as may be required by the terms of the particular
Series or the Securities of a Series being redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in
the Company’s name and at its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice. 

Section 3.4.     Effect of Notice of Redemption. 

Once notice of redemption is mailed as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date other than Securities or portions of Securities called for redemption which have been delivered by the Company to the Registrar for cancellation. The
Paying Agent shall return to the Company any money not required for that purpose because of conversion of Securities. The Paying Agent shall return to the Company any money not required for that purpose because of conversion of Securities. 

Unless the Company shall default in the payment of Securities (and accrued interest) called for redemption, interest on such Securities shall
cease to accrue after the 

  
 16 

 
redemption date. Convertible Securities called for redemption shall cease to be convertible after the close of business on the Business Day immediately preceding the redemption date (unless the
redemption date is also a record date for an interest payment, in which event they may be converted through the redemption date), unless the Company shall default in the payment of such Securities on the redemption date, in which event the
Securities shall remain convertible until paid (together with accrued interest). 
 Failure to give notice of any defect in the notice to
any Holder shall not affect the validity of notice to any Holder other than Securities or portions of Securities called for redemption which have been delivered by the Company to the Registrar for cancellation. 

Section 3.5.     Deposit of Redemption Price. 

On or before 10:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay
the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 

Section 3.6.     Securities Redeemed in Part. 

Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the
same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV.

 COVENANTS 
 
Section 4.1.     Payment of Principal and Interest. 
 The Company covenants and agrees for the
benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 10:00
a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities
and this Indenture. Principal and interest shall be considered paid on the date due if the Paying Agent holds in accordance with this Indenture on that date money sufficient to pay all principal and interest then due and the Paying Agent is not
prohibited from paying such money to the Holders on such date pursuant to the terms of this Indenture. 

Section 4.2.     SEC Reports. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the
SEC copies of the annual reports and of the 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 the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee
as of the time of such filing via EDGAR for purposes of this Section 4.2; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed via EDGAR. 

  
 17 

 Delivery of reports, information and documents to the Trustee under this Section 4.2
are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

Section 4.3.     Compliance Certificate. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officer’s Certificate from its principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such
Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge). 

Section 4.4.     Stay, Extension and Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the
extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, 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 has been enacted. 

Section 4.5.     Corporate Existence. 

Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence and rights (charter and statutory); provided, however, that the Company shall not be required to preserve any such right if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders. 

  
 18 

 ARTICLE V. 

SUCCESSORS 
 
Section 5.1.     When Company May Merge, Etc. 
 The Company shall not consolidate with or merge
with or into, or convey, transfer or lease all or substantially all of its assets to, any person (a “successor person”) unless: 

(a)    the Company is the surviving corporation or the successor person (if other than the Company) is a
corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and 

(b)    immediately after giving effect to the transaction, no Default or Event of Default, shall have
occurred and be continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an
Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with Section 5.1 of this Indenture. 

Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the
Company. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith. 
 
Section 5.2.     Successor Corporation Substituted. 
 Upon any consolidation or merger, or any
conveyance, transfer, or lease of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such
conveyance, transfer, or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Securities with the same effect as if such successor person has been named as the
Company herein; provided, however, that the predecessor Company in the case of a conveyance or transfer (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities. 

ARTICLE VI. 

DEFAULTS AND REMEDIES 
 
Section 6.1.     Events of Default. 
 “Event of Default,” wherever used herein
with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said
Event of Default: 
 (a)    default in the payment of any interest on any Security of that Series when it
becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 10:00 a.m., New York City time, on the 30th day of such period); or 

  
 19 

 (b)    default in the payment of principal of any
Security of that Series at its Maturity; or 
 (c)    default in the performance or breach of any
covenant of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant that has been included in this Indenture solely for the benefit of Series of Securities other than that Series),
which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(d)    the Company pursuant to or within the meaning of any Bankruptcy Law: 

(i)    commences a voluntary case, 

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

(iii)    consents to the appointment of a Custodian of it or for all or substantially all of its property,
or 
 (iv)    makes a general assignment for the benefit of its creditors. 

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

(i)    is for relief against the Company in an involuntary case, 

(ii)    appoints a Custodian of the Company or for all or substantially all of its property, or 

(iii)    orders the liquidation of the Company, 

and the order or decree remains unstayed and in effect for 60 days; or 

(f)    any other Event of Default provided with respect to Securities of that Series, which is specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 

  
 20 

 The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal
or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, within 30 days of becoming aware of any Default or
Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

Section 6.2.     Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of
Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto 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 such a declaration of acceleration with
respect to 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 in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of
that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

 No such rescission shall affect any subsequent Default. 

Section 6.3.     Collection of Indebtedness and Suits for Enforcement by
Trustee. 
 The Company covenants that if 

(a)    default is made in the payment of any interest on any Security when such interest becomes due and
payable and such default continues for a period of 30 days, or 
 (b)    default is made in the payment
of principal of any Security at the Maturity thereof, or 
 (c)    default is made in the deposit of any
sinking fund payment, if any, when and as due by the terms of a Security, 

  
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 then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or
rates prescribed therefor in such 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. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such
Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, 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. 

Section 6.4.     Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relating to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in
such proceeding or otherwise, 
 (a)    to file and prove a claim for the whole amount of principal and
interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(b)    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 7.7. 

  
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 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the 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. 
 Section 6.5.     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 of the 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. 
 Section 6.6.     Application of Money
Collected. 
 Any money or property 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 or property on account of principal 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 7.7; and 

Second:    To the payment of the amounts then due and unpaid for principal of 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 interest, respectively; and 

Third:    To the Company. 

Section 6.7.     Limitation on Suits. 

No Holder of any Security 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 

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

  
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 (b)    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; 

(c)    such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 

(d)    the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed
to institute any such proceeding; and 
 (e)    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, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee 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 such Holders of the applicable Series; provided, however, that the Trustee does not have
an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders. 
 
Section 6.8.     Unconditional Right of Holders to Receive Principal 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 interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for
the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 
Section 6.9.     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 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. 
 Section 6.10.     Rights
and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities in Section 2.8, 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 

  
 24 

 
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, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.11.     Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities 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. 

Section 6.12.     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 

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

(b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction, 
 (c)    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 of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

(d)    prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled
to indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

Section 6.13.     Waiver of Past Defaults. 

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 Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). 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. 

  
 25 

Section 6.14.     Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of
such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 
 
ARTICLE VII. 
 TRUSTEE 
 
Section 7.1.     Duties of Trustee. 
 (a)    If an Event of
Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs. 
 (b)    Except during the continuance of an Event of
Default: 
 (i)    The Trustee need perform only those duties that are specifically set forth in this
Indenture and no others. 
 (ii)    In the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in
the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to
determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c)    The Trustee may not be relieved from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that: 
 (i)    This paragraph does not limit the
effect of paragraph (b) of this Section. 

  
 26 

 (ii)    The Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 

(iii)    The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken
by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12. 

(d)    Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph
(a), (b) and (c) of this Section. 
 (e)    The Trustee may refuse to perform any duty or exercise
any right or power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

(f)    The Trustee shall not be liable for interest on any money received by it. Money held in trust by the
Trustee need not be segregated from other funds except to the extent required by law. 
 (g)    No
provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such
risk is not assured to the Trustee in its satisfaction. 
 (h)    The Paying Agent, the Registrar and any
authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee. 

Section 7.2.     Rights of Trustee. 

(a)    The Trustee may rely on and shall be protected in acting or refraining from acting upon any document
(whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an
Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 

(c)    The Trustee may act through agents and shall not be responsible for the misconduct or negligence of
any agent appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary. 

  
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 (d)    The Trustee shall not be liable for any action it
takes or omits to take in good faith which it believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e)    The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon. 

(f)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction. 
 (g)    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, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(h)    The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities
generally or the Securities of a particular Series and this Indenture. 
 (i)    In no event shall the
Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or
damage. 
 (j)    The permissive right of the Trustee to take the actions permitted by this Indenture
shall not be construed as an obligation or duty to do so. 
 (k)    The 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, and each agent, custodian and other Person
employed to act hereunder. 
 (l)    The Trustee shall not be required to give any bond or surety in
respect of the performance of its powers and duties hereunder. 

  
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 (m)    The Trustee may request that the Company deliver
a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

Section 7.3.     Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an
Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee is also subject to Sections 7.10 and 7.11. 

Section 7.4.     Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 

Section 7.5.     Notice of Defaults. 

If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a
Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 60 days after it occurs or, if later, after a Responsible Officer of the Trustee has
knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as it in good faith
determines that withholding the notice is in the interests of Securityholders of that Series. 

Section 7.6.     Reports by Trustee to Holders. 

Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear
on the register kept by the Registrar, a brief report dated as of such reporting date, in accordance with, and to the extent required under, TIA § 313. 

A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange or of any delisting thereof. 

Section 7.7.     Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.
Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 

  
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 The Company shall indemnify each of the Trustee and any predecessor Trustee (including the
cost of defending itself) against any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance of
its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations
hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the
reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and
agents of the Trustee. 
 The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or
by any officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence. 
 To secure the
Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on
particular Securities of that Series. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

The provisions of this Section shall survive the termination of this Indenture or the resignation or removal of the Trustee. 

Section 7.8.     Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and
the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 

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

(b)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to
the Trustee under any Bankruptcy Law; 

  
 30 

 (c)    a Custodian or public officer takes charge of the
Trustee or its property; or 
 (d)    the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor
Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each
Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to
expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

Section 7.9.     Successor Trustee by Merger, Etc. 

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee, if such successor corporation is eligible and qualified under Section 7.10. 

Section 7.10.     Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 

Section 7.11.     Preferential Collection of Claims Against Company. 

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

  
 31 

 ARTICLE VIII. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1.     Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the
Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when 

(a)    either 

(i)    all Securities theretofore authenticated and delivered (other than Securities that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.8) have been delivered to the Trustee for cancellation; or 

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

(1)    have become due and payable, or 

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

(3)    have been called for redemption or are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

(4)    are deemed paid and discharged pursuant to Section 8.3, as applicable; 

and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an
amount of money or U.S. Government Obligations sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such
deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be; 

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

(c)    the Company has delivered to the Trustee an Officer’s 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 to the Trustee under Section 7.7, and,
if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive. 

  
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Section 8.2.     Application of Trust Funds; Indemnification. 

(a)    Subject to the provisions of Section 8.5, all money or U.S. Government Obligations deposited
with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S.
Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, 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 interest for whose payment such money has been deposited
with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4. 

(b)    The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 (c)    The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S.
Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a
written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or
money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

Section 8.3.     Legal Defeasance of Securities of any Series. 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to: 

(a)    the rights of Holders of Securities of such Series to receive, from the trust funds described in
subparagraph (d) hereof, (i) payment of the principal of and each 

  
 33 

 
installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the benefit of any
mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; 

(b)    the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and 

(c)    the rights, powers, trust and immunities of the Trustee hereunder and the Company’s obligations
in connection therewith; 
 provided that, the following conditions shall have been satisfied: 

(d)    the Company shall have deposited or caused to be irrevocably deposited (except as provided in
Section 8.2(c)) 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) in the case of
Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign
Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one
day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking
fund payments are due; 
 (e)    such deposit will not result in a breach or violation of, or constitute
a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

(f)    no Default or Event of Default with respect to the Securities of such Series shall have occurred and
be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(g)    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel to the effect 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 execution of this Indenture, there has been a change in the applicable Federal
income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such
deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

  
 34 

 (h)    the Company shall have delivered to the Trustee
an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(i)    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

Section 8.4.     Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under
Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2.18 and designated as an Event of
Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied: 

(a)    With reference to this Section 8.4, the Company has deposited or caused to be irrevocably
deposited (except as provided in Section 8.2(c)) 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) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite
currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on
such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written
certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of
interest or principal and such sinking fund payments are due; 
 (b)    Such deposit will not result in a
breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

  
 35 

 (c)    No Default or Event of Default with respect to
the Securities of such Series shall have occurred and be continuing on the date of such deposit; 

(d)    The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of
the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such deposit and covenant defeasance had not occurred; 

(e)    The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit
was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(f)    The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with. 

Section 8.5.     Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another
person. 
 Section 8.6.     Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with
Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture
with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to
apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders. 

  
 36 

 ARTICLE IX. 

AMENDMENTS AND WAIVERS 
 
Section 9.1.     Without Consent of Holders. 
 The Company and the Trustee may amend or supplement
this Indenture or the Securities of one or more Series without the consent of any Securityholder: 

(a)    to add guarantees with respect to any Series of Securities or secure any Series of Securities; 

(b)    to surrender any of the Company’s rights or powers under this Indenture; 

(c)    to add covenants or Events of Default for the benefit of the Securityholders of any Series of
Securities; 
 (d)    to comply with the applicable procedures of the Depositary; 

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

(f)    to comply with Article V; 

(g)    to provide for uncertificated Securities in addition to or in place of certificated Securities; 

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

(i)    to provide for the issuance of and establish the form and terms and conditions of Securities of any
Series as permitted by this Indenture; 
 (j)    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; or 
 (k)    to comply with requirements of the SEC in order to
effect or maintain the qualification of this Indenture under the TIA. 

Section 9.2.     With Consent of Holders. 

The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal
amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the
Holders 

  
 37 

 
of at least a majority in principal amount of the outstanding Securities of any Series by written notice to the Trustee (including consents obtained in connection with a tender offer or exchange
offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 

It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any
proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities
affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture or waiver. 
 Section 9.3.     Limitations. 

Without the consent of each Securityholder affected, an amendment or waiver may not: 

(a)    reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or
waiver; 
 (b)    reduce the rate of or extend the time for payment of interest (including default
interest) on any Security; 
 (c)    reduce the principal or change the Stated Maturity of any Security
or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 

(d)    reduce the principal amount of Discount Securities payable upon acceleration of the maturity
thereof; 
 (e)    waive a Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from
such acceleration); 
 (f)    make the principal of or interest, if any, on any Security payable in any
currency other than that stated in the Security; 
 (g)    make any change in Sections 6.8, 6.13 or 9.3
(this sentence); or 
 (h)    waive a redemption payment with respect to any Security, provided that such
redemption is made at the Company’s option. 

  
 38 

 Section 9.4.     Compliance
with Trust Indenture Act. 
 Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a
supplemental indenture hereto that complies with the TIA as then in effect. 

Section 9.5.     Revocation and Effect of Consents. 

Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the written notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. 

Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the
type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the consenting Holder’s Security. 
 The Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such
Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.6.     Notation on or Exchange of Securities. 

The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter
authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver. 

Section 9.7.     Trustee Protected. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with
Section 10.4 and stating that the supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to customary exceptions. The Trustee shall sign all
supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights. 

  
 39 

 ARTICLE X. 

MISCELLANEOUS 
 
Section 10.1.     Trust Indenture Act Controls. 
 If any provision of this Indenture limits,
qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control. 

Section 10.2.     Notices. 

Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail: 
 if to the Company: 

Malibu Boats, Inc. 
 5075
Kimberly Way 
 Loudon, Tennessee 37774 

Attention: Chief Financial Officer 

Telephone: (865) 458-5478 

with a copy to: 
 O’Melveny &
Myers LLP 
 400 South Hope Street 

Los Angeles, California 90071 

Attention: John-Paul Motley, Esq. 

Telephone: (213) 430-6000 

if to the Trustee: 
  

                      

                      

                      

Attention:                     

 Telephone:
                     
 The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the
Registrar. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series. 

  
 40 

 If a notice or communication is mailed or published in the manner provided above, within the
time prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company mails a notice or communication to
Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. 
 Notwithstanding any other provision of this
Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the
Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary. 

Section 10.3.     Communication by Holders with Other Holders. 

Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 10.4.     Certificate and Opinion as to Conditions Precedent.

 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a)    an Officer’s Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b)    an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with. 
 Section 10.5.     Statements Required in
Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

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

 (b)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (c)    a statement that, in
the opinion of such person, he 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 

  
 41 

 (d)    a statement as to whether or not, in the opinion
of such person, such condition or covenant has been complied with. 

Section 10.6.     Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions. 

Section 10.7.     Legal Holidays. 

Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a
“Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period. 
 Section 10.8.     No Recourse Against
Others. 
 A director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any
obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issue of the Securities. 

Section 10.9.     Counterparts. 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 
 Section 10.10.     Governing Law; Jury Trial Waiver. 

THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

  
 42 

 Section 10.11.     No
Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of
the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 
Section 10.12.     Successors. 
 All agreements of the Company in this Indenture and the Securities
shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 

Section 10.13.     Severability. 

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. 

Section 10.14.     Table of Contents, Headings, Etc. 

The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 
Section 10.15.     Securities in a Foreign Currency. 
 Unless otherwise specified in a Board
Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken
by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are
denominated more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that
is designated upon issuance of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with
respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (of, if The Financial Times is no
longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the
equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 

  
 43 

 All decisions and determinations provided for in the preceding paragraph shall, in the
absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 

Section 10.16.     Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered
(the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the
day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency
(i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained
for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or
required by law, regulation or executive order to close. 

Section 10.17.     Force Majeure. 

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

Section 10.18.     U.S.A. Patriot Act. 

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

  
 44 

 ARTICLE XI. 

SINKING FUNDS 
 
Section 11.1.     Applicability of Article. 
 The provisions of this Article shall be applicable to
any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to
this Indenture. 
 The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein
referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms
of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the
terms of the Securities of such Series. 
 Section 11.2.     Satisfaction
of Sinking Fund Payments with Securities. 
 The Company may, in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for
mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to
the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of
selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be
less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 

  
 45 

Section 11.3.     Redemption of Securities for Sinking Fund. 

Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 

[Signature page follows] 

  
 46 

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

			
	MALIBU BOATS, INC.
		
	By:	 	 
		 	Name:
		 	Its:
	
	[Trustee], as Trustee
		
	By:	 	 
		 	Name:
		 	Its:

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