Document:

Director Stock Incentive Plan and ancillary forms and agreements

 Exhibit 10.70 
 JOHNSONDIVERSEY HOLDINGS, INC. 
 DIRECTOR STOCK
INCENTIVE PLAN 
 Article I 
 Purpose 
 JohnsonDiversey Holdings, Inc. has established this Director
Stock Incentive Plan to foster and promote its long-term financial success. Capitalized terms have the meaning given in Article IX. 
 Article II 
 Powers of the Administrator 
 Section 2.1 Power to Grant Awards. The Administrator shall select Eligible Directors to receive Awards. The Administrator shall
determine the terms of each Award, consistent with the Plan. 
 Section 2.2 Administration. The Administrator shall
be responsible for the administration of the Plan. The Administrator may prescribe, amend and rescind rules and regulations relating to the administration of the Plan, provide for conditions and assurances it deems necessary or advisable to carry
out the purposes of the Plan and make all other determinations necessary or advisable for the administration and interpretation of the Plan. Any authority exercised by the Administrator under the Plan shall be exercised by the Administrator in its
sole discretion. Determinations, interpretations or other actions made or taken by the Administrator under the Plan shall be made in good faith and shall be final, binding and conclusive for all purposes and upon all persons. 
 Article III 
 Shares Subject to Plan 
 Section 3.1 Number. The maximum number of shares of Common Stock that may
be issued under the Plan or be subject to Awards may not exceed 300,000 shares. The shares of Common Stock to be delivered under the Plan may consist, in whole or in part, of authorized but unissued Common Stock that are not reserved for any other
purpose, of shares of such stock which have been reacquired by the Company, of shares of such stock which have been paid to the Company pursuant to the exercise of Awards under the Plan, or of shares of such stock which have been withheld by the
Company for the payment of taxes. 

 Section 3.2 Canceled, Terminated or Forfeited Awards; Share Counting.

 (a) Upon the sale of Common Stock pursuant to Article IV, the maximum number of shares of Common Stock set
forth in Section 3.1 shall be reduced by the number of shares sold. In the event that, subsequent to any such sale, the Company reacquires any of such shares of Common Stock, such reacquired shares of Common Stock shall again be available for
grant under the Plan. 
 (b) Upon the grant of an Option or a Deferred Share Unit, the maximum number of shares
of Common Stock set forth in Section 3.1 shall be reduced by the number of shares subject to such Award. Upon the exercise or conversion of any Award or portion thereof, there shall again be available for grant under the Plan the number of
shares subject to such Award or portion thereof minus the actual number of shares of Common Stock issued in connection with such exercise or conversion. If any such Award or portion thereof is for any reason forfeited, canceled, expired or otherwise
terminated without the issuance of shares of Common Stock, the Common Stock subject to such forfeited, canceled, expired or otherwise terminated Award or portion thereof shall again be available for grant under the Plan. If shares of Common Stock
are withheld from issuance with respect to an Award by the Company in satisfaction of any tax withholding or similar obligations, such withheld shares shall again be available for grant under the Plan. Notwithstanding the foregoing, Awards which the
Administrator reasonably determines will be settled in cash or will be forfeited shall not reduce the Plan maximum set forth in Section 3.1. 
 Section 3.3 Adjustment in Capitalization. If and to the extent necessary or appropriate to reflect any stock dividend, extraordinary dividend, stock split or share combination or any
recapitalization, merger, consolidation, exchange of shares, spin-off liquidation or dissolution of the Company or other similar transaction affecting the Common Stock, the Administrator shall proportionately adjust the number of shares of Common
Stock available for issuance under the Plan and the number, class and exercise price of any outstanding Award and/or make other provisions with respect to the holder or holders of any outstanding Award. 
  

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 Article IV 
 Stock Purchase or Grant; Deferred Share Units 
 Section 4.1 Awards
and Administration. The Administrator may offer and sell or otherwise grant Common Stock to Participants at such time or times and subject to such vesting or other conditions as it shall determine, the terms of which shall be set forth in a
Subscription Agreement. The Administrator may grant Deferred Share Units to Participants at such time or times and subject to such vesting or other conditions as it shall determine, the terms of which shall be set forth in a Director Deferred Share
Unit Agreement. 
 Section 4.2 Minimum Purchase Price. Unless otherwise determined by the Administrator, the
purchase price for any Common Stock to be offered and sold pursuant to this Article IV shall not be less than the Fair Market Value on the Grant Date. 
 Section 4.3 Payment. Unless otherwise determined by the Administrator, the purchase price with respect to any Common Stock offered and sold pursuant to this Article IV shall be paid in cash or
other readily available funds simultaneously with the closing of the purchase of such Common Stock. 
 Article V 
 Terms of Options 
 Section 5.1 Grant of Options. The Administrator may grant Options to Participants at such time or times as it shall determine in its discretion. Options granted pursuant to the Plan will not be “incentive stock
options” as defined in the Code. Each Option granted to a Participant shall be evidenced by an Option Agreement that shall specify the number of shares of Common Stock that may be purchased pursuant to such Option, the exercise price at which
shares of Common Stock may be purchased pursuant to such Option, the duration of such Option (not to exceed the tenth anniversary of the Grant Date), and such other terms as the Administrator shall determine. 
 Section 5.2 Exercise Price. The exercise price per share of Common Stock to be purchased upon exercise of an Option shall not be
less than the Fair Market Value on the Grant Date. 
 Section 5.3 Vesting and Exercise of Options. Options shall
become vested or exercisable in accordance with the vesting schedule or upon the attainment of such performance criteria as shall be specified by the Administrator in the Award

  

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Agreement on or before the Grant Date. The Administrator may accelerate the vesting or exercisability of any Option, all Options or any class of Options at any time and from time to time.

 Section 5.4 Payment. The Administrator shall establish procedures governing the exercise of Options, which
procedures shall generally require that prior written notice of exercise be given and that the exercise price (together with any required withholding taxes or other similar taxes, charges or fees) be paid in full in cash, cash equivalents or other
readily available funds at the time of exercise. Notwithstanding the foregoing, on such terms as the Administrator may establish from time to time following a Public Offering (i) the Administrator may permit a Participant to tender any
Common Stock owned by such Participant for all or a portion of the applicable exercise price or minimum required withholding taxes (subject to any required holding periods to avoid adverse accounting treatment), and (ii) the
Administrator may authorize the Company to establish a broker-assisted exercise program. In connection with any Option exercise, the Company may require the Participant to furnish or execute such other documents as it shall reasonably deem necessary
to (a) evidence such exercise, (b) determine whether registration is then required under the U.S. federal securities laws or similar non-U.S. laws, or (c) comply with or satisfy the requirements of the U.S.
federal securities laws, applicable state or non-U.S. securities laws or any other law. As a condition to the exercise of any Option before a Public Offering, a Participant shall enter into the Subscription Agreement annexed to the Award Agreement
for the Option or, if no Subscription Agreement is so annexed, in form presented to the Participant by the Company. 
 Section 5.5 Termination of Director Status. Each Option Agreement shall set forth the extent to which the Eligible Director shall have the right to exercise an Option following termination of the Eligible Director’s
services on the Board. Such provisions shall be determined in the sole discretion of the Administrator, shall be included in the Option Agreement entered into with Eligible Directors, need not be uniform among all Options granted pursuant to this
Plan or among Eligible Directors and may reflect distinctions based on the reasons for the termination of the Eligible Director’s services on the Board. 
 Article VI 
 Change in Control 
 Section 6.1 Accelerated Vesting and Payment. Except as otherwise provided in this Article VI, and unless otherwise provided in
the Award Agreement, upon a Change in Control, (a) each unvested Award that by its terms

  

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would otherwise vest based solely on continued employment shall vest in full in connection with such Change in Control and each other Award shall, to the extent it has not or will not by its
terms vest before or in connection with such Change in Control, be canceled, and (b) the holder of any vested Award (including any Award that vests in connection with such Change in Control) shall be entitled to receive, in complete
satisfaction of such Award, a payment in an amount or with a value equal to the number of shares of Common Stock covered by such vested Award times the excess, if any, of the Change in Control Price over any applicable exercise price, if any, for
such Award. 
 Section 6.2 Alternative Award. Unless otherwise provided in the Award Agreement, no cancellation,
acceleration or other payment shall occur with respect to any Award or class or type of Award if the Administrator reasonably determines in good faith, prior to the occurrence of a Change in Control, that such Award shall be honored or assumed, or
new rights substituted therefor following the Change in Control (such honored, assumed or substituted award, an “Alternative Award”); provided that any Alternative Award must give the Participant who held such Award rights
and entitlements at least substantially equivalent to the rights and terms applicable under such Award, including, but not limited to, an identical or better exercise and/or vesting schedule, identical or better timing and methods of payment and, if
the Alternative Award or the securities underlying it are not publicly traded, identical or better rights following a termination of service to require the Company or the acquiror in such Change in Control to repurchase the Alternative Award or
securities underlying such Alternative Award. 
 Article VII 
 Authority to Vary Terms or Establish Local Jurisdiction Plans 
 The Administrator may vary the terms of Awards to be granted under the Plan, or establish sub-plans under this Plan to authorize the grant of awards that have additional or different terms or features from those otherwise provided for in
the Plan, if and to the extent the Administrator determines necessary or appropriate to permit the grant of awards that are best suited to further the purposes of the Plan and to comply with applicable securities laws in a particular jurisdiction or
provide terms appropriately suited for Participants in such jurisdiction in light of the tax laws of such jurisdiction while being as consistent as otherwise possible with the terms of Awards under the Plan; provided that this Article VII
shall not be deemed to authorize any increase in the number of Common Stock available for issuance under the Plan set forth in Section 3.1. 
  

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 Article VIII 
 Amendment, Modification, and Termination of the Plan 
 The Administrator
may terminate or suspend the Plan at any time, and may amend or modify the Plan from time to time. No amendment, modification, termination or suspension of the Plan shall in any manner adversely affect any Award theretofore granted under the Plan
without the consent of the Participant holding such Award or the consent of a majority of Participants holding similar Awards (such majority to be determined based on both (i) the number of shares covered by such Awards and
(ii) the number of Participants holding such similar Awards). Shareholder approval of any such amendment, modification, termination or suspension shall be obtained to the extent mandated by applicable law, or if otherwise deemed
appropriate by the Administrator. 
 Article IX 
 Definitions 
 Section 9.1 Definitions. Whenever used herein,
the following terms shall have the respective meanings set forth below: 
 “Administrator” means
the Company’s Board of Directors or, if the Board of Directors has delegated the Administrator’s powers, duties and responsibilities specified in this Plan to the Company’s Compensation Committee, its Compensation Committee.

 “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with such first Person; provided that a director, member of management or other employee of the Company or any of its Subsidiaries shall not be deemed to be an Affiliate of the Investors. For
these purposes, “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a
Person by reason of ownership of voting securities, by contract or otherwise. 
 “Alternative
Award” has the meaning given in Section 6.2. 
 “Award” means an Option, a
Deferred Share Unit or an offer and sale of Common Stock pursuant to Article IV, in each case granted pursuant to the terms of the Plan. 
  

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 “Award Agreement” means a Subscription Agreement, an Option
Agreement, a Director Deferred Share Unit Agreement or any other agreement evidencing an Award. 
 “Board” means the Board of Directors of the Company. 
 “Change in
Control” means the first to occur of the following events after the Effective Date: 
 (i) the
acquisition by any person, entity or “group” (as defined in Section 13(d) of the Securities Exchange Act of 1934, as amended) of 50% or more of the combined voting power of the Company’s then outstanding voting securities, other
than any such acquisition by the Company, any of its Subsidiaries, any employee benefit plan of the Company or any of its Subsidiaries, or by any of the Investors, or any Affiliates of any of the foregoing; 
 (ii) the merger, consolidation or other similar transaction involving the Company, as a result of which persons who were
stockholders of the Company immediately prior to such merger, consolidation, or other similar transaction do not, immediately thereafter, own, directly or indirectly, more than 50% of the combined voting power entitled to vote generally in the
election of directors of the merged or consolidated company; or 
 (iii) the sale, transfer or other disposition
of all or substantially all of the assets of the Company to one or more persons or entities that are not, immediately prior to such sale, transfer or other disposition, Affiliates of the Company. 
 Notwithstanding the foregoing, (x) a Public Offering shall not constitute a Change in Control, unless, in connection with such
Public Offering, a person or group that does not include any of the Investors acquires 50% or more of the combined voting power of the Company’s then outstanding voting securities (but excluding, for this purpose, an underwriter that takes
possession of such voting securities solely for the purpose of effecting the distribution thereof in such Public Offering), and (y) with respect to any

  

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Award that constitutes deferred compensation subject to Section 409A of the Code, a Change in Control must also constitute a “change in ownership” of the Company, a “change in
effective control” of the Company or a “change in the ownership of a substantial portion of the assets” of the Company (within the meaning of Section 409A of the Code and the regulations promulgated thereunder). 
 “Change in Control Price” means the price per Common Share offered in conjunction with any transaction
resulting in a Change in Control. If any part of the offered price is payable other than in cash, the Change in Control price shall be determined in good faith by the Administrator as constituted immediately prior to the Change in Control.

 “Code” means the United States Internal Revenue Code of 1986, as amended, and any successor
thereto. 
 “Common Stock” means the Class B common stock, par value U.S. $0.01 per share, of
the Company. 
 “Company” means JohnsonDiversey Holdings, Inc., a Delaware corporation, and any
successor thereto. 
 “Deferred Share Unit” means the right granted pursuant to the Plan to
receive, upon settlement of such right, a share of Common Stock. 
 “Director Deferred Share Unit
Agreement” means the agreement between the Company and a Participant embodying the terms of any Deferred Share Unit in the form approved by the Administrator from time to time for such purpose. 
 “Disability” means, unless otherwise provided in an Award Agreement, a Participant’s long-term
disability within the meaning of the long-term disability insurance plan or program of the Company or any Subsidiary then covering the Participant, or in the absence of such a plan or program, as determined in good faith by the Administrator. The
Administrator’s reasoned and good faith judgment of Disability shall be final and shall be based on such competent medical evidence as shall be presented to it by the Participant or by any physician or group of physicians or other competent
medical expert employed by the Participant or the Company to advise the Administrator. Notwithstanding the preceding definition, with respect to any Award that constitutes deferred compensation subject to Section 409A of the Code,
“Disability” has the same meaning as provided in Section 409A of the Code and the regulations promulgated thereunder. 
  

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 “Effective Date” has the meaning given in
Section 10.9. 
 “Eligible Director” means a director of the Company who is not, on the
Grant Date of an Award, an officer or employee of the Company or any of its Subsidiaries. 
 “Fair Market
Value” means, as of any date of determination prior to a Public Offering, the per share fair market value on such date of a share of Common Stock as determined in good faith by the Administrator and in a manner that is consistent with the
determination of fair market value of a share of Class A common stock of the Company. In making a determination of the Fair Market Value, the Administrator shall give due consideration to such factors as it deems appropriate, including, but not
limited to, the earnings and other financial and operating information of the Company in recent periods, the potential value of the Company as a whole, the future prospects of the Company and the industries in which it competes, the history and
management of the Company, the general condition of the securities markets, the fair market value of securities of companies engaged in businesses similar to those of the Company, and any recent valuation of the Common Stock that shall have been
performed by an independent valuation firm (although nothing herein shall obligate the Administrator to obtain any such independent valuation), except that the fact that the Common Stock is non-voting shall not be a factor in the
Administrator’s determination. Following a Public Offering, “Fair Market Value” shall mean, as of any date of determination, the mid-point between the high and the low trading prices for such date per share of Common Stock as reported
on the principal stock exchange on which the shares of Common Stock are then listed. 
 “Grant
Date” means, with respect to any Award, the date as of which such Award is granted pursuant to the Plan. 
 “Investor” means any of (i) an investment fund affiliated with Clayton, Dubilier & Rice, LLC, (ii) Commercial Markets Holdco, Inc., (iii) any affiliate of any of the foregoing
that acquires shares of Common Stock, and (iv) any successor in interest to any thereof. 
 “Option” means the right granted pursuant to the Plan to purchase a specified number of shares of Common Stock. 
  

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 “Option Agreement” means an agreement between the Company
and a Participant embodying the terms of any Options granted pursuant to the Plan and in the form approved by the Administrator from time to time for such purpose. 
 “Participant” means any Eligible Director who is granted an Award. 
 “Person” means any natural person, firm, partnership, limited liability company, association, corporation,
company, trust, business trust, governmental authority or other entity. 
 “Plan” means this
JohnsonDiversey Holdings, Inc. Director Stock Incentive Plan. 
 “Public Offering” means the
first day as of which (i) sales of any class of common stock are made to the public pursuant to an effective registration statement under the Securities Act of 1933, as amended, in the United States pursuant to an underwritten public
offering led by one or more underwriters at least one of which is an underwriter of nationally recognized standing, with aggregate gross cash proceeds (without regard to any underwriting discount or commission) of at least $100,000,000, or
(ii) the Administrator has determined in good faith that shares of any class of common stock otherwise have become publicly-traded for this purpose. 
 “Subscription Agreement” means a stock subscription agreement between the Company and a Participant
embodying the terms of any stock purchase made pursuant to the Plan and in the form approved by the Administrator from time to time for such purpose. 
 “Subsidiary” means any corporation, limited liability company or other entity, a majority of whose outstanding voting securities is owned, directly or indirectly, by the Company.

 Section 9.2 Gender and Number. Except when otherwise indicated by the context, words in the masculine gender used
in the Plan shall include the feminine gender, the singular shall include the plural, and the plural shall include the singular. 
  

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 Article X 
 Miscellaneous Provisions 
 Section 10.1 Nontransferability of
Awards. Except as otherwise provided herein or as the Administrator may permit on such terms as it shall determine, no Awards granted under the Plan may be sold, transferred, pledged, assigned, hedged, encumbered or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution. All rights with respect to Awards granted to a Participant under the Plan shall be exercisable during the Participant’s lifetime by such Participant only (or, in the
event of the Participant’s Disability, such Participant’s legal representative). Following a Participant’s death, all rights with respect to Awards that were outstanding at the time of such Participant’s death and have not
terminated shall be exercised by his designated beneficiary or by his estate in the absence of a designated beneficiary. 
 Section 10.2 Tax Withholding. The Company shall have the power to withhold up to the minimum statutory requirement, or to require such Participant to remit to the Company an amount sufficient to satisfy all U.S. federal, state,
local and any non-U.S. withholding tax or other governmental tax, charge or fee requirements in respect of any Award granted under the Plan. 
 Section 10.3 Beneficiary Designation. Pursuant to such rules and procedures as the Administrator may from time to time establish, a Participant may name a beneficiary or beneficiaries (who may
be named contingently or successively) by whom any right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations by the same Participant, shall be in a form reasonably
prescribed by the Administrator, and will be effective only when filed by the Participant in writing with the Administrator during his lifetime. 
 Section 10.4 No Guarantee of Employment or Participation. Nothing in the Plan or in any agreement granted hereunder shall interfere with or limit in any way the right of the Company or any
Subsidiary to terminate any Participant’s employment or retention at any time, or confer upon any Participant any right to continue in the employ or retention of the Company or any Subsidiary. No Eligible Director shall have a right to be
selected as a Participant or, having been so selected, to receive any other or future Awards. For purposes of this Plan, the “employment” of a Participant shall be deemed to refer to the Participant’s provision of services to the
Company or any Subsidiary as an employee or independent contractor, and the “termination of employment” and corollary phrases with respect to a Participant shall be deemed to refer to the Participant’s cessation of such services with
respect to all such persons in all capacities. 
  

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 Section 10.5 No Voting Rights. Except as otherwise required by law, no
Participant holding any Awards granted under the Plan shall have any right in respect of such Awards to vote on any matter submitted to the Company’s stockholders until such time as the shares of Common Stock underlying such Awards have been
issued, and then, subject to the voting restrictions contained in the Subscription Agreement. 
 Section 10.6
Requirements of Law. The granting of Awards and the issuance of shares of Common Stock pursuant to the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required. No Awards shall be granted under the Plan, and no Common Stock shall be issued under the Plan, if such grant or issuance would result in a violation of applicable law, including U.S. federal securities laws
and any applicable state or non-U.S. securities laws. 
 Section 10.7 Freedom of Action. Nothing in the Plan or any
Award Agreement evidencing an Award shall be construed as limiting or preventing the Company or any Subsidiary from taking any corporate action (such as acquisitions, dispositions, entry into new lines of business and the incurrence of indebtedness)
that it deems appropriate or in its best interest (as determined in its sole and absolute discretion) and no Participant (or person claiming by or through a Participant) shall have any right relating to the diminishment in the value of any Award as
a result of any such action, so long as such action is not directly governed by or is not directly related to the administration of the Plan or any Award Agreement. This Section 10.7 shall not be construed to enlarge the rights of the Company
or the Administrator hereunder with respect to the interpretation or administration of the Plan or any Award Agreements. 
 Section 10.8 Unfunded Plan; Plan Not Subject to ERISA. The Plan is an unfunded plan and Participants shall have the status of unsecured creditors of the Company. The Plan is not intended to be subject to the Employee Retirement
Income and Security Act of 1974, as amended. 
 Section 10.9 Term of Plan. The Plan shall be effective as of
February 18, 2010 (the “Effective Date”) and shall continue in effect, unless sooner terminated pursuant to Article VIII, until the tenth anniversary of such date. The provisions of the Plan shall continue thereafter to govern
all outstanding Awards. 
 Section 10.10 Governing Law. The Plan, and all agreements hereunder, shall be governed by
and construed in accordance with the law of the State of Delaware regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction. 
  

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 Section 10.11 Section 409A of the Code. This Plan and the Award Agreements
entered into pursuant to this Plan are intended to be exempt from or comply with the requirements of Section 409A of the Code and shall be construed and interpreted in accordance with such intent. 
  

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 Director Deferred Share Unit Agreement 
 This Director Deferred Share Unit Agreement (the “Agreement”), dated as of the Grant Date set forth on the signature page
hereof, is entered into by and between JohnsonDiversey Holdings, Inc., a Delaware corporation (the “Company”), and the Director whose name appears on the signature page hereof (the “Participant”). 
 Section 1. Grant of Deferred Share Units. The Company hereby evidences and confirms its grant to the Participant, effective as
of the Grant Date, of the number of deferred share units (the “Deferred Share Units”) set forth on the signature page hereof. This Agreement is granted under, and the terms and conditions of the Deferred Share Units granted
hereunder are subject to, the terms and conditions of the JohnsonDiversey Holdings, Inc. Director Stock Incentive Plan (the “Plan”), which are incorporated by reference herein. If there is any inconsistency between any express
provision of this Agreement and any express term of the Plan, the express term of the Plan shall govern. As used in this Agreement, capitalized terms that are not defined herein have the respective meanings given to them in the Plan. 
 Section 2. Vesting of Deferred Share Units. 
 (a) Vesting. Except as otherwise provided in this Section 2, the Deferred Share Units shall be forfeited if the Participant’s service on the Board terminates during the period beginning
on the Grant Date and ending on the day prior to the first anniversary of the Grant Date (the “Restriction Period”). Deferred Share Units as to which the Restriction Period has lapsed shall be “vested” (i.e., no longer
subject to forfeiture) for purposes of this Agreement. 
 (b) Termination of Services. 
 (i) Death or Disability; No Misconduct. If the Participant’s service on the Board is terminated
(i) due to death or Disability, or (ii) by the Board in the absence of any misconduct by the Participant (a termination covered by clause (i) or (ii), a “Qualifying Termination”), the Restriction Period
applicable to any outstanding Deferred Share Units granted under this Agreement shall lapse immediately prior to such termination. 
 (ii) Any Other Reason. If the Participant’s service on the Board terminates (whether by the Participant or the Board) for any reason during the Restriction Period and such termination is not a
Qualifying Termination, any outstanding Deferred Share Units shall immediately be forfeited and canceled effective as of the date of such termination. 

 (iii) To the extent that the Deferred Share Units constitute deferred
compensation subject to Section 409A of the Code, references in this Agreement to “termination of the Participant’s services on the Board” and corollary terms shall mean the Participant’s “separation from service”
within the meaning of Section 409A of the Code. 
 (c) Settlement of Vested Deferred Units. Vested Deferred Share
Units shall be settled as provided in Section 3 of this Agreement. 
 (d) Change in Control. In the event of a
Change in Control, the Restriction Period applicable to any outstanding Deferred Share Units shall lapse immediately prior to such Change in Control. Notwithstanding Article VI of the Plan, such vested Deferred Share Units will be settled as
provided in Section 3 of this Agreement. 
 (e) Administrator Discretion. Notwithstanding anything contained in this
Agreement to the contrary, the Administrator, in its sole discretion, may accelerate the vesting with respect to any Deferred Share Units under this Agreement, at such times and upon such terms and conditions as the Administrator shall determine.

 Section 3. Settlement of Deferred Share Units. 
 (a) Timing of Settlement. 
 (i) No Deferral Election. If no deferral election is made with respect to the Deferred Share Units, vested Deferred Share Units shall be settled on the earlier of (i) 10 days following
the first anniversary of the Grant Date and (ii) 10 days following the date on which the Participant’s service on the Board terminates for any reason. 
 (ii) Deferral Election. A Participant may, by written notice filed with the Company consistent with Section 409A
of the Code, elect to defer receipt of the shares of Common Stock to be issued in settlement of the vested Deferred Share Units, subject to such terms and conditions established by the Company. Any vested Deferred Share Units as to which a deferral
election is made shall be settled in shares of Common Stock on the earlier of (i) 10 days following the date elected by the Participant and (ii) 10 days following the date on which the Participant’s service on the Board
terminates for any reason. 
 (iii) The date on which the Deferred Share Units are settled pursuant to
Section 3(a)(i) or 3(a)(ii) is referred to herein as the “Settlement Date”. 
  

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 (b) Mechanics of Settlement. On the Settlement Date, the Company shall issue to the
Participant one share of Common Stock underlying each vested Deferred Share Unit, and, upon such issuance, the Participant’s rights in respect of such Deferred Share Unit shall be extinguished. Shares of Common Stock so issued shall be subject
to the substantive provisions contained in the Subscription Agreement to which the Participant is a party. If the Participant is not a party to a Subscription Agreement as of the Settlement Date, the Participant shall, prior to the Settlement Date,
execute the form of Subscription Agreement in use by the Company at such time. 
 Section 4. Securities Law
Compliance. Notwithstanding any other provision of this Agreement, the Participant may not sell the shares of Common Stock acquired upon vesting of the Deferred Share Units unless such shares are registered under the Securities Act of 1933, as
amended (the “Securities Act”), or, if such shares are not then so registered, such sale would be exempt from the registration requirements of the Securities Act. The sale of such shares must also comply with other applicable laws and
regulations governing the Common Stock, and the Participant may not sell the shares of Common Stock if the Company determines that such sale would not be in material compliance with such laws and regulations. 
 Section 5. Restriction on Transfer; Non-Transferability of Deferred Share Units. The Deferred Share Units are not assignable or
transferable, in whole or in part, and they may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including, but not limited to, by gift, operation of law
or otherwise) other than by will or by the laws of descent and distribution to the estate of the Participant upon the Participant’s death. Any purported transfer in violation of this Section 5 shall be void ab initio. 
 Section 6. Miscellaneous. 
 (a) Withholding. Upon the settlement of vested Deferred Share Units and (if applicable) delivery of cash in respect of any Deferred Share Units, the Participant shall be obligated to satisfy any applicable U.S. federal, state and
local and non-U.S. tax withholding or other similar charges or fees that may arise in connection therewith. 
 (b)
Authorization to Share Personal Data. The Participant authorizes the Company or any Affiliate of the Company that has or lawfully obtains personal data relating to the Participant to divulge or transfer such personal data to the Company or to
a third party, in each case if and to the extent reasonably appropriate and reasonably determined by the Administrator to be directly related to the Company’s responsibility to carry out the terms of this Agreement or the administration of the
Plan. 
  

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 (c) No Rights as Stockholder; No Voting Rights. The Participant shall have no rights
as a stockholder of the Company with respect to any shares of Common Stock covered by the Deferred Share Units prior to the issuance of such shares of Common Stock. 
 (d) No Right to Continued Service on Board. Nothing in this Agreement shall be deemed to confer on the Participant any right to continue in the service of the Company or any Subsidiary, or to
interfere with or limit in any way the right of the Company or any Subsidiary to terminate such service at any time. 
 (e)
Notices. All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given if transmitted in accordance with the applicable notice provisions of the
applicable Subscription Agreement. 
 (f) Binding Effect; Benefits. This Agreement shall be binding upon and inure to the
benefit of the parties to this Agreement and their respective successors and assigns. No provision of this Agreement, express or implied, is intended or shall be construed to give any person other than the parties to this Agreement or their
respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 
 (g) Waiver; Amendment. 
 (i) Waiver. Any party hereto
or beneficiary hereof may by written notice to the other parties (A) extend the time for the performance of any of the obligations or other actions of the other parties under this Agreement, (B) waive compliance with any of
the conditions or covenants of the other parties contained in this Agreement and (C) waive or modify performance of any of the obligations of the other parties under this Agreement. Except as provided in the preceding sentence, no action
taken pursuant to this Agreement, including, without limitation, any investigation by or on behalf of any party or beneficiary, shall be deemed to constitute a waiver by the party or beneficiary taking such action of compliance with any
representations, warranties, covenants or agreements contained herein. The waiver by any party hereto or beneficiary hereof of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding
breach and no failure by a party or beneficiary to exercise any right or privilege hereunder shall be deemed a waiver of such party’s or beneficiary’s rights or privileges hereunder or shall be deemed a waiver of such party’s or
beneficiary’s rights to exercise the same

  

 4 

 
at any subsequent time or times hereunder. The waiver by the Company of any of the vesting conditions contained herein shall in no event be construed to accelerate or delay any Settlement Date
hereunder. 
 (ii) Amendment. This Agreement may not be amended, modified or supplemented orally, but only
by a written instrument executed by the Participant and the Company. 
 (h) Assignability. Neither this Agreement nor any
right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company or the Participant without the prior written consent of the other party. 
 (i) Applicable Law. This Agreement shall be governed in all respects, including, but not limited to, as to validity, interpretation
and effect, by the internal laws of the State of Delaware, without reference to principles of conflict of law that would require application of the law of another jurisdiction. 
 (j) Waiver of Jury Trial. Each party hereby waives, to the fullest extent permitted by applicable law, any right he, she or it may
have to a trial by jury in respect of any suit, action or proceeding arising out of this agreement or any transaction contemplated hereby. Each party (i) certifies that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that he, she or it and the other party hereto have been induced to enter into
the Agreement by, among other things, the mutual waivers and certifications in this Section 8(j). 
 (k) Section and
Other Headings, etc. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 (l) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and
all of which together shall constitute one and the same instrument. 
 [signature page follows] 
  

 5 

 IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the
[—]th day of [—], 2010 (the “Grant Date”). 
  

			
	JOHNSONDIVERSEY HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PARTICIPANT
	
	 «Name»

		
	 By:
	 	  

  

			
	 Deferred Share Units
 granted hereby:
	 	[—]

 Director Stock Subscription Agreement 
 (Purchased Shares) 
 This Director Stock Subscription Agreement, dated as of [—], 2010, between JohnsonDiversey Holdings, Inc., a Delaware corporation, and «Name» (hereinafter referred to as the
“Director”), is being entered into pursuant to the JohnsonDiversey Holdings, Inc. Director Stock Incentive Plan. The meaning of each capitalized term may be found in Section 8. 
 The Company and the Director hereby agree as follows: 
 Section 1. Purchase and Sale of Common Stock. 
 (a)
In General. Subject to all of the terms of this Agreement, at the Closing the Director shall purchase, and the Company shall sell, the aggregate number of shares of Common Stock set forth on the signature page hereof (the
“Shares”), at the purchase price set forth on the signature page hereof. 
 (b) Condition to
Sale. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to sell any Common Stock to any Person who is not a member of the Board of Directors of the Company at the time that such shares of Common
Stock are to be sold or who is a resident of a jurisdiction in which the sale of Common Stock to him or her would constitute a violation of the securities, “blue sky” or other laws of such jurisdiction. 
 Section 2. The Closing. 
 (a) Time and Place. The Company shall determine the time and place of the closing of the purchase and sale of the Shares (the “Closing”). 
 (b) Delivery by the Director. At the Closing, the Director shall deliver to the Company the aggregate purchase price
for the Shares. 
 (c) Delivery by the Company. At the Closing, the Company shall register the Shares in
the name of the Director. If the Shares are certificated, any certificates relating to the Shares shall be held by the Secretary of the Company or his or her designee on behalf of the Director. 

 Section 3. Director’s Representations and Warranties. 
 (a) Access to Information, Etc. The Director represents and warrants as follows: 
 (i) the Director has carefully reviewed the materials furnished to the Director in connection with the offer and sale of the
Shares pursuant to this Agreement; 
 (ii) the Director has had an adequate opportunity to consider whether or
not to purchase any of the shares of Common Stock offered to the Director, and to discuss such purchase with the Director’s legal, tax and financial advisors; 
 (iii) the Director understands the terms and conditions that apply to the Shares and the risks associated with an investment
in the Shares; 
 (iv) the Director has a good understanding of the English language; 
 (v) the Director is, and will be at the Closing, a member of the Board of Directors of the Company; and 
 (vi) the Director is, and will be at the Closing, a resident of the jurisdiction indicated as his or her address set forth on
the signature page of this Agreement. 
 (b) Ability to Bear Risk. The Director represents and warrants as
follows: 
 (i) the Director understands that the transfer restrictions that apply to the Shares may effectively
preclude the transfer of any of the Shares prior to a Public Offering or the establishment of a Public Market; 
 (ii) the financial situation of the Director is such that he or she can afford to bear the economic risk of holding the Shares for an indefinite period; and 
 (iii) the Director can afford to suffer the complete loss of his or her investment in the Shares. 
 (c) Voluntary Purchase. The Director represents and warrants that the Director is purchasing the Shares voluntarily.

  

 2 

 (d) No Right to Awards. The Director acknowledges and agrees that the
sale of the Shares (i) is being made on an exceptional basis and is not intended to be renewed or repeated, (ii) is entirely voluntary on the part of the Company and its Subsidiaries and (iii) should not be
construed as creating any obligation on the part of the Company or any of its Subsidiaries to offer any securities in the future. 
 (e) Investment Intention. The Director represents and warrants that the Director is acquiring the Shares solely for his or her own account for investment and not on behalf of any other Person or
with a view to, or for sale in connection with, any distribution of the Shares. 
 (f) Securities Law
Matters. The Director acknowledges and represents and warrants that the Director understands that: 
 (i) the
Shares have not been registered under the Securities Act or any state or non-United States securities or “blue sky” laws; 
 (ii) it is not anticipated that there will be any public market for the Shares; 
 (iii) the Shares must be held indefinitely and the Director must continue to bear the economic risk of the investment in the Shares unless the Shares are subsequently registered under applicable
securities and other laws or an exemption from registration is available; 
 (iv) except as set forth in
Section 7(b), the Company is under no obligation to register the Shares or to make an exemption from registration available; and 
 (v) a restrictive legend shall be placed on any certificates representing the Shares that makes clear that the Shares are subject to the restrictions on transferability set forth in this Agreement and a
notation shall be made in the appropriate records of the Company or any transfer agent indicating that the Shares are subject to such restrictions. 
 Section 4. Restriction on Transfer of Shares. 
 (a)
In General. Prior to a Public Offering or the establishment of a Public Market, the Director shall not Transfer any of the Shares other than (i) upon the Director’s death by will or by the laws of descent and distribution,
(ii) pursuant to Section 5 or Section 6 of this Agreement or (iii) with the Company’s consent. Shares may only be Transferred in a

  

 3 

 
manner that complies with all applicable securities laws and, if the Company so requests, prior to any attempted Transfer, the Director shall provide to the Company at the Director’s expense
such information relating to the compliance of such proposed Transfer with the terms of this Agreement and applicable securities laws as the Company shall reasonably request, which may include an opinion of counsel reasonably satisfactory to the
Company in form and substance regarding such securities law or other matters as the Company shall request (such counsel to be reasonably satisfactory to the Company). Upon a Transfer of the Director’s Shares by will or by the laws of descent
and distribution, each transferee shall enter into a Subscription Agreement governing the Shares Transferred to him or her that contains repurchase rights, transfer and other restrictions on such Shares reasonably equivalent to those contained
herein. 
 (b) No Transfer That Would Result In Registration Requirements. Prior to a Public Offering or
the establishment of a Public Market, the Shares may not be Transferred if such Transfer would result in the Company becoming subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act (or other similar provision of
non-U.S. law) or would increase the risk that the Company would be subject to such reporting requirements as determined in good faith by the Company in its sole and absolute discretion. Any purported Transfer in violation of Section 4(a) or
this Section 4(b) shall be void ab initio. 
 (c) Public Offering or Public Market. The
provisions of this Section 4 shall terminate and cease to have further effect upon the earlier to occur of a Public Offering or the establishment of a Public Market. 
 Section 5. “Tag-Along” Rights. 
 (a) Sale
Notice. At least 30 days before any of the Investors (whether acting alone or jointly with one or more of the other Investors in a single transaction or a series of related transactions) consummates a sale of more than 50.01% of the Common Stock
collectively owned by the Investors as of the Effective Date to a Third-Party Buyer, the Company will deliver a written notice (the “Sale Notice”) to the Director. The Sale Notice will disclose the material terms and conditions of
the proposed sale or transfer, including the number of shares of Common Stock that the prospective transferee is willing to purchase, the proposed purchase price per share and the intended consummation date of such sale. 
 (b) Right to Participate. The Director may elect to participate in the sale or other transfer described in the Sale
Notice by giving written notice to the applicable Investors and the Company within 15 days after the Company has given the related Sale Notice to the Director. If the Director

  

 4 

 
elects to participate, the Director will be entitled to sell in the contemplated transaction, at the same price and on the same terms and conditions as set forth in the Sale Notice (provided,
however, that (x) the form of consideration paid to the Director in exchange for the Director’s Shares may differ from the form of consideration paid to the other participants in exchange for their Shares (except that payment of a
different form of consideration shall require the consent of a majority of Directors participating in the contemplated transaction (such majority to be determined based on both (i) the number of shares to be sold or transferred and
(ii) the number of participating Directors), unless a third party valuation firm of nationally recognized standing determines that the form of consideration paid to the Director is substantially equal in value to the form of
consideration paid to the other participants), and (y) the Investor(s) may receive, even if not offered to the Director, rights to appoint members to the board of directors or other governing body of the Third-Party Buyer or its
Affiliates, or other governance rights (including board observer rights)), an amount of Shares equal to the product of (i) the quotient determined by dividing (A) the percentage of the Company’s then outstanding Common
Stock represented by the Shares then held by the Director by (B) the aggregate percentage of the Company’s then outstanding Common Stock represented by the Common Stock then held by the Investor(s) participating in the sale or other
transfer described in the Sale Notice and all holders of Common Stock electing to participate in such sale and (ii) the number of shares of Common Stock the prospective transferee has agreed to purchase in the contemplated transaction.
The Director shall bear an amount of the costs incurred in a sale or transfer in which the Director participates pursuant to this Section 5 but only to the extent pro rata with all other shareholders participating in such sale or transfer.

 (c) Certain Matters Relating to the Investors. The Company will use its commercially reasonable best
efforts to cause the Investors to conduct any sale that is within the scope of this Section 5 in a manner consistent with this Section 5. If the Company is not able to do so or fails to give the Sale Notice to the Director as prescribed in
Section 5(a), the Director’s sole remedy shall be against the Company. 
 (d) Expiration Upon a
Public Offering or Public Market. The provisions of this Section 5 shall terminate and cease to have further effect upon the earlier to occur of a Public Offering or the establishment of a Public Market. 
  

 5 

 Section 6. “Drag-Along” Rights. 
 (a) Drag-Along Notice. If any of the Investors (whether acting alone or jointly with one or more of the other
Investors) intends to sell or otherwise Transfer, or enter into an agreement to sell or otherwise Transfer, for cash or other consideration, more than 50.01% of the Common Stock collectively owned by the Investors as of the Effective Date to a
Third-Party Buyer and the applicable Investor(s) elects to exercise its rights under this Section 6, the Company shall deliver written notice (a “Drag-Along Notice”) to the Director, which notice shall state
(i) that the Investor(s) wishes to exercise its rights under this Section 6 with respect to such sale, (ii) the name and address of the Third-Party Buyer, (iii) the per share amount and form of consideration
the applicable Investor(s) proposes to receive for its Common Stock, (iv) the material terms and conditions of payment of such consideration and all other material terms and conditions of such sale, and (v) the anticipated
time and place of the closing of the purchase and sale (a “Drag-Along Closing”). 
 (b)
Conditions to Drag-Along. Upon delivery of a Drag-Along Notice, the Director shall have the obligation to sell and transfer to the Third-Party Buyer at the Drag-Along Closing the percentage of the Director’s Shares equal to the
percentage of the Common Stock owned by the Investor(s) that are to be sold to the Third-Party Buyer (the “Applicable Percentage”) on the same terms as the applicable Investor(s) (provided, however, that (x) the form of
consideration paid to the Director in exchange for the Director’s Shares may differ from the form of consideration paid to the other participants in exchange for their Shares (except that payment of a different form of consideration shall
require the consent of a majority of Directors participating in the contemplated transaction (such majority to be determined based on (i) the number of shares to be sold or transferred and (ii) the number of Directors holding
Shares), unless a third party valuation firm of nationally recognized standing determines that the form of consideration paid to the Directors is substantially equal in value to the form of consideration paid to the other participants), and
(y) the Investor(s) may receive, even if not offered to the Director, rights to appoint members to the board of directors or other governing body of the Third-Party Buyer or its Affiliates, or other governance rights (including board
observer rights)), but only if such Investor(s) sells and transfers the Applicable Percentage of the Investor’s (Investors’) Common Stock to the Third-Party Buyer at the Drag-Along Closing. The Director shall bear an amount of the costs
incurred in a sale or transfer in which the Director participates pursuant to this Section 6 but only to the extent pro rata with all other shareholders participating in such sale or transfer. 
  

 6 

 (c) Power of Attorney, Custodian, Etc. By entering into this
Agreement and purchasing the Shares, the Director hereby appoints the applicable Investor(s) and any Affiliates of such Investor(s) so designated by the Investor(s) the Director’s true and lawful attorney-in-fact and custodian, with full power
of substitution (the “Custodian”), and authorizes the Custodian to take such actions as the Custodian may deem necessary or appropriate to effect the sale and transfer of the Applicable Percentage of the Director’s Shares to
the Third-Party Buyer, upon receipt of the purchase price therefor at the Drag-Along Closing, free and clear of all security interests, liens, claims, encumbrances, charges, options, restrictions on transfer, proxies and voting and other agreements
of whatever nature, and to take such other action as may be necessary or appropriate in connection with such sale or transfer, including consenting to any amendments, waivers (including waivers of appraisal rights that the Director may hold with
respect to such sale or transfer), modifications or supplements to the terms of the sale (provided that the applicable Investor also so consents, and, to the extent applicable, sells and transfers the Applicable Percentage of its Common Stock
on the same terms as so amended, waived, modified or supplemented) and executing any purchase agreement, merger agreement or other agreement in connection with such sale, and instructs the Secretary of the Company (or other person holding any
certificates for the Shares) to deliver to the Custodian certificates representing the Applicable Percentage of the Director’s Shares, together with all necessary duly-executed stock powers. If so requested by the applicable Investor(s) or the
Company, the Director will confirm the preceding sentence in writing in form and substance reasonably satisfactory to such Investor promptly upon receipt of a Drag-Along Notice (and in any event no later than 10 days after receipt of the Drag-Along
Notice). Promptly after the Drag-Along Closing, the Custodian shall give notice thereof to the Director and shall remit to the Director the net proceeds of such sale (reduced by any amount required to be held in escrow pursuant to the terms of the
purchase and sale agreement and any other expenses). If the Company or any Investor enters into any transaction for which Rule 506 (or any similar rule then in effect) promulgated under the Securities Act may be available (including, without
limitation, a merger, consolidation or other reorganization), the Director shall, if requested by the Company, appoint a purchaser representative (as such term is defined in Rule 501 of the Securities Act) reasonably acceptable to the Company. If
such purchaser representative was designated by the Company, the Company shall pay the fees and expenses of such purchaser representative, but if the Director appoints another purchaser representative, the Director shall be responsible for the fees
and expenses of the purchaser representative so appointed. 
  

 7 

 (d) The Investors are Third-Party Beneficiaries; Remedies. The
Director acknowledges and agrees that any of the Investors that takes action pursuant to this Section 6 is an intended third-party beneficiary of this Section 6, as if such Investor were a party to this Agreement directly. Following a
breach or a threatened breach by the Director of the provisions of this Section 6, the applicable Investor may obtain an injunction granting it specific performance of the Director’s obligations under this Section 6. Whether or not
the applicable Investor obtains such an injunction, and whether or not the transaction with respect to which the Drag-Along Notice relates is consummated, following such a breach or threatened breach by the Director the Company shall have the option
to purchase any or all of the Director’s Shares at a purchase price per Share equal to the lesser of the price at which the Director purchased such Shares from the Company or the per share consideration payable pursuant to the Drag-Along Offer.
The preceding two sentences shall not limit the Company’s or the Investors’ rights to recover damages (or the amount thereof) from the Director. 
 (e) Expiration Upon a Public Offering or a Public Market. The provisions of this Section 6 shall terminate and cease to have further effect upon the earlier to occur of a Public Offering or
the establishment of a Public Market. 
 Section 7. Holdback Agreements; Certain Registration Rights. 
 (a) Holdback Agreements. If the Company files a registration statement under the Securities Act with respect to an
underwritten public offering of any shares of its capital stock, the Director shall not effect any Transfer, including any public sale (including a sale under Rule 144 under the Securities Act or other similar provision of applicable law) or
distribution, of any Common Stock, other than as part of such underwritten public offering, during the 20 days prior to and the 180 days after the effective date of such registration statement (or such other period as may be generally applicable to
or agreed by the Company’s senior-most executives). If the Company files a prospectus in connection with a takedown from a shelf registration statement, the Director shall not effect any Transfer, including any public sale (including a sale
under Rule 144 under the Securities Act or other similar provision of applicable law) or distribution, of any Common Stock, other than as part of such offering, for 20 days prior to and 90 days after the date the prospectus supplement is filed with
the Securities and Exchange Commission (or such other period as may be generally applicable to or agreed by the Company’s senior-most executives). The restrictions contained in this Section 7 shall only be applicable to the Director to the
extent requested by the underwriters in connection with an underwritten public offering, and, in the event that such

  

 8 

 
restrictions are waived with respect to any of the Investors to any extent, the Company shall request that such restrictions be waived with respect to the Director to such extent. 
 (b) Piggyback/Incidental Registration Rights. Pursuant to the Registration Rights Agreement (the “Registration
Rights Agreement”), dated as of November 24, 2009, by and among the Company and the other parties thereto (as the same may be amended from time to time), the Director shall with respect to the Shares be deemed to have the rights of a
“Holder” of “Registrable Securities” (such terms having the meaning given to them in the Registration Rights Agreement) for purposes of Section 2 (Incidental Registrations) thereof, and the Director shall have the
obligations of a Holder of Registrable Securities under the Registration Rights Agreement; provided that to the extent the underwriters of an underwritten offering limit the right of Directors to sell Shares in such an offering, the Company
shall not be obligated to register the Director’s Shares. For the avoidance of doubt, the provisions of this Section 7(b) shall not limit the amendment of the Registration Rights Agreement from time to time in accordance with its terms.

 (c) Automatic Conversion of Common Stock. Reference is made to clause (a)(v) of Article FOURTH of the
Second Amended and Restated Certificate of Incorporation of the Company providing for the automatic conversion of the Common Stock into Class A common stock upon the occurrence of the events set forth therein. 
 Section 8. Certain Definitions. 
 (a) Capitalized terms not otherwise defined in this Agreement have the meanings given to them in the JohnsonDiversey Holdings, Inc. Director Stock Incentive Plan. 
 (b) As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Agreement” means this Director Stock Subscription Agreement, as amended from time to time in accordance
with the terms hereof. 
 “Applicable Percentage” has the meaning given in Section 6(b).

 “Closing” has the meaning given in Section 2(a). 
 “Custodian” has the meaning given in Section 6(c). 
 “Drag-Along Closing” has the meaning given in Section 6(a). 
  

 9 

 “Drag-Along Notice” has the meaning given in
Section 6(a). 
 “Director” means the purchaser of the Shares whose name is set forth in
the preamble to and on the signature page of this Agreement; provided that following such person’s death, the “Director” shall be deemed to include such person’s beneficiary or estate and following such person’s
Disability, the “Director” shall be deemed to include any legal representative of such person. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations thereunder that are in effect at the time, and any reference to a particular
section thereof shall include a reference to the corresponding section, if any, of any such successor statute, and the rules and regulations thereunder. 
 “Person” means any natural person, firm, partnership, limited liability company, association, corporation,
company, trust, business trust, governmental authority or other entity. 
 “Public Market” shall
be deemed to have been established at such time as 30% of the common stock of the Company (on a fully diluted basis) has been sold to the public pursuant to an effective registration statement under the Securities Act, pursuant to Rule 144 or
pursuant to a public offering outside the United States. 
 “Registration Rights Agreement”
means the Registration Rights Agreement of the Company dated as of November 24, 2009. 
 “Rule
144” means Rule 144 under the Securities Act (or any successor provision thereto). 
 “Sale
Notice” has the meaning given in Section 5(a). 
 “Securities Act” means the
United States Securities Act of 1933, as amended, or any successor statute, and the rules and regulations thereunder that are in effect at the time and any reference to a particular section thereof shall include a reference to the corresponding
section, if any, of any such successor statute, and the rules and regulations thereunder. 
 “Shares” has the meaning given in Section 1(a), and for purposes of Section 4, Section 5, Section 6 and Section 7 it also includes Common Stock delivered as dividends in respect of the Shares.

 “Third-Party Buyer” means any Person other than (i) the Company or any of its
Subsidiaries, (ii) any employee benefit plan of the Company or any of its Subsidiaries, (iii) either of the Investors or (iv) any Affiliates of any of the foregoing. 
  

 10 

 “Transfer” means any sale, assignment, transfer, pledge,
encumbrance, or other direct or indirect disposition (including a hedge or other derivative transaction). 
 Section 9.
Miscellaneous. 
 (a) Authorization to Share Personal Data. The Director authorizes the Company or
any Affiliate of the Company that employs the Director or that otherwise has or lawfully obtains personal data relating to the Director to divulge or transfer such personal data to the Company or to a third party, in each case if and to the extent
reasonably appropriate and reasonably determined by the Administrator to be directly related to the Company’s responsibility to carry out the terms of this Agreement or the administration of the Plan. 
 (b) Notices. All notices and other communications required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been given if delivered personally or sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such delivery, to the Company, any of the
Investors or the Director, as the case may be, at the following addresses or to such other address as the Company, the Investors or the Director, as the case may be, shall specify by notice to the others: 
 (i) if to the Company, to it at: 
 JohnsonDiversey Holdings, Inc. 
 c/o JohnsonDiversey, Inc. 
 8310 16th Street 
 P.O. Box 902 
 Sturtevant, WI 53177-0902 
 Attention: General Counsel

 Fax: (262) 631-4249 
 with copies (which shall not constitute notice) to the Persons listed in clause (iv) below); 
 (ii) if to the Director, to the Director at his or her most recent address as shown on the books and records of the Company
or Subsidiary employing the Director; 
  

 11 

 (iii) if to any Investor, to the Persons listed in clause (iv) below;

 (iv) copies of any notice or other communication given under this Agreement shall also be given to:

 Clayton, Dubilier & Rice, LLC 
 375 Park Avenue, 18th Floor 
 New York, New York 10152  
 Attention: Theresa Gore

 Fax: (212) 407-5252 
 and 
 Debevoise & Plimpton LLP 
 919 Third Avenue 
 New York, New York 10022 
 Attention: Franci J. Blassberg, Esq. 
       Jonathan E. Levitsky, Esq. 
 Fax: (212) 909-6836 

All such notices and communications shall be deemed to have been received on the date of delivery if delivered personally or on the third
business day after the mailing thereof. 
 (c) Binding Effect; Benefits. This Agreement shall be binding
upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns. Except as otherwise provided herein with respect to the Investors, nothing in this Agreement, express or implied, is intended or shall be
construed to give any person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 
 (d) Waiver; Amendment. 
 (i) Waiver. Any party hereto may by written notice to the other parties (A) extend the time for the performance of any of the obligations or other actions of the other parties under
this Agreement, (B) waive compliance with any of the conditions or covenants of the other parties contained in this Agreement, and (C) waive or modify performance of any of the obligations of the other parties under this
Agreement; provided that any waiver by the Company of the provisions of Section 4 through and including Section 7 or this Section 9(d) must be consented to in writing by the

  

 12 

 
Investors. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including, but not limited to, any investigation by or on behalf of any party, shall be deemed
to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or
be construed as a waiver of any preceding or succeeding breach and no failure by a party to exercise any right or privilege hereunder shall be deemed a waiver of such party’s rights or privileges hereunder or shall be deemed a waiver of such
party’s rights to exercise the same at any subsequent time or times hereunder. 
 (ii) Amendment.
This Agreement may be amended, modified or supplemented only by a written instrument executed by the Director and the Company; provided that the provisions of Section 4 through Section 7 and this Section 9(d) may be amended by
the Company with the vote of a majority of the Directors who hold Common Stock purchased pursuant to a stock subscription agreement having comparable provisions (such majority to be determined based on both (i) the number of shares of
Common Stock and (ii) the number of Directors holding Shares); provided, further, that any amendment adversely affecting the rights of the Investors hereunder must be consented to by the Investors. 
 (e) Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by
reason hereof shall be assignable by the Company or the Director without the prior written consent of the other parties, provided that the Investors may assign from time to time all or any portion of their respective rights under this
Agreement, to one or more Persons or other entities designated by each of them. 
 (f) Applicable Law.
This Agreement shall be governed by and construed in accordance with the law of the State of Delaware regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction. 
 (g) Waiver of Jury Trial. Each party hereby waives, to the fullest extent permitted by applicable law, any right it
may have to a trial by jury in respect of any suit, action or proceeding arising out of this Agreement or any transaction contemplated hereby. Each party (i) certifies that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in the event of

  

 13 

 
litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties have been induced to enter into the Agreement by, among other things, the mutual
waivers and certifications in this Section 9(g). 
 (h) Section and Other Headings, etc. The section
and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 (i) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same
instrument. 
  

 14 

 IN WITNESS WHEREOF, the Company and the Director have executed this Agreement as of the date
first above written. 
  

			
	 JOHNSONDIVERSEY HOLDINGS, INC.

		
	By:	 	 
	Name:	 	
	Title:	 	
	
	 THE EMPLOYEE:

	
	 «Name»

		
	By:	 	 
		 	as Attorney-in-Fact
	 Name:
	 	
	
	 Address of the Director:

	
	 «Address»

  

			
	 Total Number of Shares
 of Common Stock
 to be Purchased:
	 	«Shares»
		
	 Per Share Price:
	 	$10
		
	 Total PurchasePrice:
	 	$«Share_Amount»

  

 15Form of Senior Debt Indenture

 Exhibit 4.7 
  

 
  
 AXIS SPECIALTY FINANCE LLC, 
 Issuer 
 AXIS CAPITAL HOLDINGS LIMITED, 
 Guarantor 
 AND 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 
 Trustee 
 FORM OF SENIOR INDENTURE 
 Dated as
of                     
  
  
  

 CROSS REFERENCE SHEET* 
 Provisions of Trust Indenture Act of 1939 and Indenture to be dated as of                      among
AXIS Specialty Finance LLC, AXIS Capital Holdings Limited and The Bank of New York Mellon Trust Company, N.A., Trustee: 
  

			
	 Section of the Act
	  	 Section of Indenture

	 310(a)(1) and (2)
	  	6.9
	 310(a)(3) and (4)
	  	Inapplicable
	 310(b)
	  	6.8 and 6.10(1), (2) and (4)
	 310(c)
	  	Inapplicable
	 311(a)
	  	6.13
	 311(b)
	  	6.13
	 311(c)
	  	Inapplicable
	 312(a)
	  	4.1 and 4.2
	 312(b)
	  	4.2
	 312(c)
	  	4.2
	 313(a)
	  	4.3
	 313(b)(1)
	  	Inapplicable
	 313(b)(2)
	  	4.3
	 313(c)
	  	4.3, 5.11, 6.10, 6.11, 8.2 and 12.2
	 313(d)
	  	4.3
	 314(a)
	  	3.4 and 3.10
	 314(b)
	  	Inapplicable
	 314(c)(1) and (2)
	  	11.5
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	11.5
	 314(f)
	  	Inapplicable
	 315(a), (c) and (d)
	  	6.1
	 315(b)
	  	5.11
	 315(e)
	  	5.12
	 316(a)(1)
	  	5.9 and 5.10
	 316(a)(2)
	  	Not required
	 316(a) (last sentence)
	  	7.4
	 316(b)
	  	5.7
	 317(a)
	  	5.2
	 317(b)
	  	3.3
	 318(a)
	  	11.7

  

	*	This Cross Reference Sheet is not part of the Indenture. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
 DEFINITIONS

			
	Section 1.1	  	Certain Terms Defined	  	1
	
	ARTICLE II
	SECURITIES
			
	Section 2.1	  	Forms Generally	  	5
			
	Section 2.2	  	Form of Trustee’s Certificate of Authentication	  	6
			
	Section 2.3	  	Amount Unlimited; Issuable in Series	  	6
			
	Section 2.4	  	Authentication and Delivery of Securities	  	8
			
	Section 2.5	  	Execution of Securities	  	10
			
	Section 2.6	  	Certificate of Authentication	  	10
			
	Section 2.7	  	Denomination and Date of Securities; Payments of Interest	  	11
			
	Section 2.8	  	Registration, Transfer and Exchange	  	11
			
	Section 2.9	  	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	  	14
			
	Section 2.10	  	Cancellation of Securities	  	15
			
	Section 2.11	  	Temporary Securities	  	15
			
	Section 2.12	  	Global Securities	  	15
			
	Section 2.13	  	CUSIP Numbers	  	15
	
	ARTICLE III
	COVENANTS OF THE ISSUER
			
	Section 3.1	  	Payment of Principal, Premium and Interest	  	15
			
	Section 3.2	  	Offices for Payments, Etc.	  	16
			
	Section 3.3	  	Money for Security Payments to be Held in Trust; Unclaimed Money	  	16
			
	Section 3.4	  	Statements of Officers of Issuer and Guarantor as to Default; Notice of Default	  	17
			
	Section 3.5	  	Existence	  	18
			
	Section 3.6	  	Maintenance of Properties	  	18
			
	Section 3.7	  	Payment of Taxes and Other Claims	  	18
			
	Section 3.8	  	Further Instruments and Acts	  	18
			
	Section 3.9	  	Limitation on Liens	  	18
			
	Section 3.10	  	Commission Reports	  	18
			
	Section 3.11	  	Calculation of Original Issue Discount	  	19
	
	ARTICLE IV
	SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE	  	
			
	Section 4.1	  	Issuer to Furnish Trustee Information as to Names and Addresses of Securityholders	  	19
			
	Section 4.2	  	Preservation of Information; Communications to Holders	  	19
			
	Section 4.3	  	Reports by the Trustee	  	19
			
	Section 4.4	  	[Reserved]	  	19
			
	Section 4.5	  	[Reserved]	  	19

  

 i 

					
	ARTICLE V
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
			
	Section 5.1	  	Event of Default Defined; Acceleration of Maturity; Waiver of Default	  	20
			
	Section 5.2	  	Collection of Indebtedness by Trustee; Trustee May Prove Debt	  	22
			
	Section 5.3	  	Application of Proceeds	  	23
			
	Section 5.4	  	Suits for Enforcement	  	24
			
	Section 5.5	  	Restoration of Rights on Abandonment of Proceedings	  	24
			
	Section 5.6	  	Limitations on Suits by Securityholders	  	24
			
	Section 5.7	  	Unconditional Right of Securityholders to Institute Certain Suits	  	25
			
	Section 5.8	  	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	  	25
			
	Section 5.9	  	Control by Holders of Securities	  	25
			
	Section 5.10	  	Waiver of Past Defaults	  	25
			
	Section 5.11	  	Trustee to Give Notice of Default, but May Withhold in Certain Circumstances	  	25
			
	Section 5.12	  	Right of Court to Require Filing of Undertaking to Pay Costs	  	26
	
	ARTICLE VI
	CONCERNING THE TRUSTEE
			
	Section 6.1	  	Duties and Responsibilities of the Trustee: During Default; Prior to Default	  	26
			
	Section 6.2	  	Certain Rights of the Trustee	  	27
			
	Section 6.3	  	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	  	28
			
	Section 6.4	  	Trustee and Agents May Hold Securities or Coupons; Collections, Etc	  	28
			
	Section 6.5	  	Moneys Held by Trustee	  	29
			
	Section 6.6	  	Compensation and Indemnification of Trustee and its Prior Claim	  	29
			
	Section 6.7	  	Right of Trustee to Rely on Officer’s Certificate, Etc	  	29
			
	Section 6.8	  	Indentures Not Creating Potential Conflicting Interests for the Trustee	  	29
			
	Section 6.9	  	Persons Eligible for Appointment as Trustee	  	30
			
	Section 6.10	  	Resignation and Removal; Appointment of Successor Trustee	  	30
			
	Section 6.11	  	Acceptance of Appointment by Successor Trustee	  	31
			
	Section 6.12	  	Merger, Amalgamation, Conversion, Consolidation or Succession to Business of Trustee	  	32
			
	Section 6.13	  	Preferential Collection of Claims Against the Issuer	  	32
			
	Section 6.14	  	Appointment of Authenticating Agent	  	32
	
	ARTICLE VII
	CONCERNING THE SECURITYHOLDERS
			
	Section 7.1	  	Evidence of Action Taken by Securityholders	  	33
			
	Section 7.2	  	Proof of Execution of Instruments and of Holding of Securities	  	33
			
	Section 7.3	  	Holders to Be Treated as Owners	  	34
			
	Section 7.4	  	Securities Owned by Issuer or Guarantor Deemed Not Outstanding	  	34
			
	Section 7.5	  	Right of Revocation of Action Taken	  	34

  

 ii 

					
	ARTICLE VIII
	SUPPLEMENTAL INDENTURES
			
	Section 8.1	  	Supplemental Indentures Without Consent of Securityholders	  	35
			
	Section 8.2	  	Supplemental Indentures With Consent of Securityholders	  	36
			
	Section 8.3	  	Effect of Supplemental Indenture	  	37
			
	Section 8.4	  	Documents to Be Given to Trustee	  	37
			
	Section 8.5	  	Notation on Securities in Respect of Supplemental Indentures	  	37
			
	Section 8.6	  	Conformity with Trust Indenture Act of 1939	  	37
	
	ARTICLE IX
	CONSOLIDATION, MERGER, AMALGAMATION, SALE OR CONVEYANCE
			
	Section 9.1	  	Issuer and Guarantor May Consolidate, Etc., Only on Certain Terms	  	37
			
	Section 9.2	  	Successor Substituted for the Issuer	  	38
			
	Section 9.3	  	Restrictions on Certain Dispositions	  	38
	
	ARTICLE X
	SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
			
	Section 10.1	  	Termination of Issuer and Guarantor’s Obligations Under the Indenture	  	38
			
	Section 10.2	  	Application of Trust Funds	  	39
			
	Section 10.3	  	Applicability of Defeasance Provisions; Issuer’s Option to Effect Defeasance or Covenant Defeasance	  	39
			
	Section 10.4	  	Defeasance and Discharge	  	40
			
	Section 10.5	  	Covenant Defeasance	  	40
			
	Section 10.6	  	Conditions to Defeasance or Covenant Defeasance	  	40
			
	Section 10.7	  	Deposited Money and U.S. Government Obligations to be Held in Trust	  	42
			
	Section 10.8	  	Repayment to Issuer	  	42
			
	Section 10.9	  	Indemnity For U.S. Government Obligations	  	42
			
	Section 10.10	  	Reimbursement	  	42
	
	ARTICLE XI
	MISCELLANEOUS PROVISIONS
			
	Section 11.1	  	Incorporators, Shareholders, Officers and Directors of Issuer and Guarantor Exempt from Individual Liability	  	42
			
	Section 11.2	  	Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities and Coupons	  	42
			
	Section 11.3	  	Successors and Assigns of Issuer and Guarantor Bound by Indenture	  	43
			
	Section 11.4	  	Notices and Demands on Issuer, Guarantor, Trustee and Holders of Securities and Coupons	  	43
			
	Section 11.5	  	Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein	  	43
			
	Section 11.6	  	Payments Due on Saturdays, Sundays and Holidays	  	44
			
	Section 11.7	  	Conflict of Any Provision of Indenture with Trust Indenture Act of 1939	  	44

  

 iii 

					
	Section 11.8	  	New York Law to Govern; Waiver of Jury Trial	  	44
			
	Section 11.9	  	Counterparts	  	44
			
	Section 11.10	  	Effect of Headings	  	44
			
	Section 11.11	  	Securities in a Foreign Currency or in Euro	  	44
			
	Section 11.12	  	Judgment Currency	  	45
			
	Section 11.13	  	Separability Clause	  	45
			
	Section 11.14	  	Force Majeure	  	45
			
	Section 11.15	  	Submission to Jurisdiction	  	45
	
	ARTICLE XII
	REDEMPTION OF SECURITIES AND SINKING FUNDS
			
	Section 12.1	  	Applicability of Article	  	46
			
	Section 12.2	  	Notice of Redemption; Partial Redemptions	  	46
			
	Section 12.3	  	Payment of Securities Called for Redemption	  	47
			
	Section 12.4	  	Exclusion of Certain Securities from Eligibility for Selection for Redemption	  	48
			
	Section 12.5	  	Mandatory and Optional Sinking Funds	  	48
	
	ARTICLE XIII
	GUARANTEE
			
	Section 13.1	  	Unconditional Guarantee	  	49
			
	Section 13.2	  	Limitation on Liability	  	51
			
	Section 13.3	  	Execution and Delivery of the Indenture	  	51
			
	Section 13.4	  	Waiver of Subrogation	  	51
			
	Section 13.5	  	Assumption by Guarantor	  	51
			
	Section 13.6	  	No Suspension of Remedies	  	52

  

 iv 

 THIS INDENTURE, dated as of
                     among AXIS SPECIALTY FINANCE LLC, a Delaware-limited liability company (the “Issuer”), AXIS CAPITAL HOLDINGS LIMITED,
an exempted company incorporated in Bermuda as a holding company (the “Guarantor”), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”), 
 WITNESSETH: 
 WHEREAS, the Issuer has duly authorized the issue from time to time of its unsecured debentures, notes or other evidences of its unsecured indebtedness to be issued in one or more series (the “Securities”) up to such principal
amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture; 
 WHEREAS, the Issuer
has duly authorized the execution and delivery of this Indenture to provide, among other things, for the authentication, delivery and administration of the Securities; and 
 WHEREAS, the Guarantor has duly authorized the execution and delivery of this Indenture to provide for the full and unconditional guarantee
of the payment obligations due on the Securities and to provide for the issuance from time to time of its guarantee of the Securities. 
 WHEREAS, all things necessary to make this Indenture a valid indenture and legally binding agreement according to its terms have been done; 
 NOW, THEREFORE: 
 In consideration of the premises and the purchases of the
Securities by the holders thereof, the Issuer, the Guarantor and the Trustee covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities and of the Coupons, if any, appertaining thereto as
follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Certain Terms Defined. The following terms
(except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms used
in this Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities Act of 1933 are referred to in the Trust Indenture Act of 1939, including terms defined therein by reference to the Securities Act of
1933 (except as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act of 1939 and in said Securities Act of 1933 as in force at the date of this
Indenture. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “GENERALLY ACCEPTED ACCOUNTING PRINCIPLES” means
such accounting principles as are generally accepted at the time of any computation. The words “HEREIN,” “HEREOF” and “HEREUNDER” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 
 “AUTHENTICATING AGENT” shall have the meaning set forth in Section 6.14. 
 “AUTHORIZED NEWSPAPER” means a newspaper of general circulation, in the official language of the country of publication or in the
English language customarily published on each Business Day whether or not published on Saturdays, Sundays or holidays. Whenever successive publications in an Authorized Newspaper are required hereunder they may be made (unless otherwise expressly
provided herein) on the same or different days of the week and in the same or different Authorized Newspapers. 
  

 1 

 “BOARD OF DIRECTORS” means either the Board of Directors of the Issuer or the
Guarantor, as applicable, or any committee of such Board duly authorized to act on behalf of the Issuer or the Guarantor, as applicable. 
 “BOARD RESOLUTION” means a copy of one or more resolutions, certified by the secretary or an assistant secretary of the Issuer or the Guarantor, as applicable, to have been duly adopted or
consented to by the Board of Directors and to be in full force and effect, and delivered to the Trustee; provided that, for the avoidance of doubt, that a Board Resolution may authorize any officer or committee of the Issuer or Guarantor, as
applicable, to take actions required hereunder, without need for an additional Board Resolution. 
 “BUSINESS DAY”
means, with respect to any Security, a day that in the city (or in any of the cities, if more than one) in which amounts are payable, as specified in the form of such Security, and in The City of New York is not a day on which banking institutions
are authorized or required by law, executive order or regulation to close. 
 “COMMISSION” means the Securities and
Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to
it under the Trust Indenture Act of 1939, then the body performing such duties on such date. 
 “CONSOLIDATED TOTAL
ASSETS” means, in respect of the Guarantor, as of any date of determination, the amount of total assets shown on the consolidated balance sheet of the Guarantor and its consolidated subsidiaries contained in the most recent annual or quarterly
report filed with the Commission, or if the Guarantor is not then subject to the Securities Exchange Act of 1934, the most recent annual or quarterly report to shareholders and, in respect of any Subsidiary as of any date of determination, the
amount of total assets of such Subsidiary and its consolidated subsidiaries from which such consolidated balance sheet of the Guarantor and its consolidated Subsidiaries was derived. 
 “CORPORATE TRUST OFFICE” means the principal office of the Trustee at which, at any time, its corporate trust
business shall be administered, which office at the date hereof is located at 525 William Penn Place, 38th Floor, Pittsburgh, PA 15259, Attention: Corporate Trust Administration, or such other address as the Trustee may
designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the
Issuer). 
 “COUPON” means any interest coupon appertaining to an Unregistered Security. 
 “COVENANT DEFEASANCE” shall have the meaning set forth in Section 10.5. 
 “DEFEASANCE” shall have the meaning set forth in Section 10.4. 
 “DEPOSITARY” means, with respect to the Securities of any series issuable or issued in global form, the Person designated as
Depositary by the Issuer pursuant to Section 2.3 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “DEPOSITARY” shall mean or include each Person who is then a
Depositary hereunder, and if at any time there is more than one such Person, “DEPOSITARY” as used with respect to the Securities of any such series shall mean the Depositary with respect to the Registered Securities in global form of that
series. 
 “DOLLAR” means the coin or currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts. 
 “EURO” means the currency unit referred to in the second
sentence of Council Regulation (EC) No. 974/98 of 3 May 1998. 
 “EVENT OF DEFAULT’ means any event or
condition specified as such in Section 5.1. 
  

 2 

 “FAIR VALUE” when used with respect to Voting Shares means the fair value as
determined in good faith by the Board of Directors of the Guarantor. 
 “FOREIGN CURRENCY” means a currency issued by
the government of a country other than the United States. 
 “GUARANTEE” means the guarantee of the Issuer’s
payment obligations due on the Securities under this Indenture by the Guarantor pursuant to Article XIII. 
 “GUARANTOR” means AXIS Capital Holdings Limited, an exempted company incorporated in Bermuda as a holding company, and, subject to Article IX, its successors and assigns. 
 “GUARANTOR ORDER” means a written statement, request or order of the Guarantor signed in its name by the chairman or deputy
chairman of the Board of Directors, the president, any executive, senior or other vice president or the treasurer of the Guarantor. 
 “HOLDER,” “HOLDER OF SECURITIES,” “SECURITYHOLDER” or other similar terms mean (1) in the case of any Registered Security, the person in whose name such Security is registered in the security register kept
by the Issuer for that purpose in accordance with the terms hereof, and (2) in the case of any Unregistered Security, the bearer of such Security, or any Coupon appertaining thereto, as the case may be. 
 “INDEBTEDNESS” shall have the meaning set forth in Section 5.1. 
 “INDENTURE” means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so
amended or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder. 
 “ISSUER” means AXIS Specialty Finance LLC, a Delaware limited liability company and, subject to Article IX, its successors and assigns. 
 “ISSUER ORDER” means a written statement, request or order of the Issuer signed in its name by the chairman or deputy chairman of
the Board of Directors, the president, any executive, senior or other vice president or the treasurer of the Issuer. 
 “JUDGMENT CURRENCY” shall have the meaning set forth in Section 11.12. 
 “OFFICER’S
CERTIFICATE” means a certificate signed by the chairman or deputy chairman of the Board of Directors, the president or any executive, senior or other vice president or the treasurer of the Issuer or the Guarantor, as applicable, and delivered
to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in Section 11.5. 
 “OPINION OF COUNSEL” means an opinion in writing signed by the General Counsel of the Issuer or the Guarantor, as applicable, or by such other legal counsel who may be an employee of or counsel
to the Issuer or Guarantor, as applicable. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in Section 11.5. 
 “ORIGINAL ISSUE DATE” of any Security (or portion thereof) means the earlier of (1) the date of such Security or (2) the
date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 
 “ORIGINAL ISSUE DISCOUNT SECURITY” means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity
thereof pursuant to Section 5.1. 
  

 3 

 “OUTSTANDING” (except as otherwise provided in Sections 7.4, 10.4 and 10.5), when
used with reference to Securities, shall, subject to the provisions of Sections 7.4, 10.4 and 10.5 mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except 
 (1) Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (2) Securities, or portions thereof, for the payment or redemption of which moneys or U.S. Government Obligations (as provided for in
Section 10.1) in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Issuer) or shall have been set aside, segregated and held in trust by the Issuer or the Guarantor for the Holders
of such Securities (if the Issuer or Guarantor shall act as paying agent), provided that if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided,
or provision satisfactory to the Trustee shall have been made for giving such notice; and 
 (3) Securities which shall have
been paid or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.9 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that
such Security is held by a person in whose hands such Security is a legal, valid and binding obligation of the Issuer) or Securities not deemed outstanding pursuant to Section 12.2. 
 In determining whether the Holders of the requisite principal amount of Outstanding Securities of any or all series have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue 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 5.1. 
 “PERIODIC OFFERING” means an offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation, the rate or rates of interest, if any,
thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such Securities. 
 “PERMITTED LIENS” means liens for taxes or assessments or governmental charges or levies not then due and delinquent or the
validity of which is being contested in good faith or which are less than $1,000,000 in amount and liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings or
which involves claims of less than $1,000,000. 
 “PERSON” means a legal person, including any individual, company,
limited liability company, corporation, estate, partnership, limited liability partnership, joint venture, association, joint shares company, trust, unincorporated organization or government or any agency or political subdivision thereof or any
other entity of whatever nature. 
 “PRINCIPAL” whenever used with reference to the Securities or any Security or any
portion thereof, shall be deemed to include “and premium, if any.” 
 “RECORD DATE” shall have the meaning
set forth in Section 2.7. 
 “REGISTERED SECURITY” means any Security registered on the Security register of the
Issuer. 
 “REQUIRED CURRENCY” shall have the meaning set forth in Section 11.12. 
 “RESPONSIBLE OFFICER” when used with respect to the Trustee means any vice president, any senior trust officer or any trust
officer, any assistant vice president, any assistant treasurer, or any other officer or assistant officer associated with the corporate trust department of the Trustee customarily performing functions similar to those performed by the persons who at
the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
  

 4 

 “RESTRICTED SUBSIDIARY” means (1) AXIS Specialty Limited; (2) any other
future or present Subsidiary of the Guarantor the Consolidated Total Assets of which constitute 20 percent or more of the Consolidated Total Assets of the Guarantor; and (3) any Subsidiary which is a successor, by merger or otherwise, to
substantially all of the business or properties of any Subsidiary referred to or described in the foregoing clauses (1) or (2). 
 “SECURITY” or “SECURITIES” has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities that have been authenticated and delivered under this Indenture. 
 “SUBSIDIARY” means any corporation, partnership or other entity of which at the time of determination the Issuer or the Guarantor,
as applicable, owns or controls directly or indirectly more than 50% of the shares of Voting Shares. 
 “TRUST INDENTURE
ACT OF 1939” (except as otherwise provided in Sections 8.1 and 8.2) means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was originally executed. 
 “TRUSTEE” means the Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of
Article VI, shall also include any successor trustee. “Trustee” shall also 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 the Securities of such series. 
 “UNREGISTERED
SECURITY” means any Security other than a Registered Security. 
 “U.S. GOVERNMENT OBLIGATIONS” means securities
which are (1) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the
United States of America the timely payment of which is unconditionally guaranteed by the full faith and credit of the United States of America which, in either case, are not callable or redeemable at the option of the issuer thereof or otherwise
subject to prepayment, and shall also include a depository receipt issued by a New York Clearing House bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment or 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 or from any amount held by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 
 “VOTING SHARES” means shares of any class or classes having general voting power under ordinary circumstances to elect a majority
of the board of directors, managers or trustees of the corporation in question, provided that, for the purposes hereof, shares which carry only the right to vote conditionally on the happening of an event shall not be considered voting shares
whether or not such event shall have happened. 
 “YIELD TO MATURITY” means the yield to maturity on a series of
securities, calculated at the time of issuance of such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 
 ARTICLE II 
 SECURITIES 
 Section 2.1 Forms Generally. The Securities of each series and the Coupons, if any, to be
attached thereto shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in a Board Resolution or, to the extent established pursuant

  

 5 

 
to rather than set forth in a Board Resolution, an Officer’s Certificate detailing such establishment) or in one or more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this
Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the officers executing such Securities
and Coupons, if any, as evidenced by their execution of such Securities and Coupons. If temporary Securities of any series are issued as permitted by Section 2.11, the form thereof also shall be established as provided in the preceding
sentence. If the forms of Securities and Coupons, if any, of the series are established by, or by action taken pursuant to, a Board Resolution, a copy of the Board Resolution together with an appropriate record of any such action taken pursuant
thereto, including a copy of the approved form of Securities or Coupons, if any, shall be certified by the Secretary or an Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Issuer Order contemplated by
Section 2.4 for the authentication and delivery of such Securities. 
 The definitive Securities and Coupons, if any, shall
be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities and Coupons, if any, as evidenced by their execution of such Securities and Coupons,
if any. 
 Section 2.2 Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of
authentication on all Securities shall be in substantially the following form: 
 “This is one of the Securities referred
to in the within mentioned Senior Indenture. 
  

					
	  
	 	
	as Trustee	 	
			
	By	 	  
	 	
		 	Authorized Signatory”	 	
		
	Dated:                     	 	

 If at any time there shall be an Authenticating Agent appointed with respect to any series of
Securities, then the Trustee’s Certificate of Authentication to be borne by the Securities of each such series shall be substantially as follows: 
 “This is one of the Securities referred to in the within mentioned Senior Indenture. 

							
	  
	 	,	 	
	as Authenticating Agent	 		 	
				
	By	 	  
	 		 	
		 	Authorized Signatory”	 		 	

 Section 2.3 Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or
more series and each such series shall rank equally and pari passu with all other unsecured and unsubordinated debt of the Issuer. There shall be established in or pursuant to one or more Board Resolutions (and to the extent established pursuant to
rather than set forth in a Board Resolution, in an Officer’s Certificate detailing such establishment) or established in one or more indentures supplemental hereto, prior to the initial issuance of Securities of any series, 
  

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 (1) the designation of the Securities of the series, including CUSIP numbers, if available,
which shall distinguish the Securities of the series from the Securities of all other series; 
 (2) any limit upon the
aggregate principal amount of the Securities of the series that 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 2.8, 2.9, 2.11, 8.5 or 12.3); 
 (3) if other than Dollars, the coin or
currency in which the Securities of that series are denominated (including, but not limited to, any Foreign Currency or Euro); 
 (4) the date or dates on which the principal of the Securities of the series is payable; 
 (5) the rate or rates at
which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, on which such interest shall be payable and (in the case of Registered Securities) on which a record shall be taken for the
determination of Holders to whom interest is payable and/or the method by which such rate or rates or date or dates shall be determined; 
 (6) the place or places where the principal of and any interest on Securities of the series shall be payable (if other than as provided in Section 3.2); 
 (7) the right, if any, of the Issuer to redeem Securities, in whole or in part, at its option and the period or periods within which, the
price or prices at which and any terms and conditions upon which Securities of the series may be so redeemed, pursuant to any sinking fund or otherwise; 
 (8) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of the series pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a Holder
thereof and the price or prices at which and the period or periods within which and any terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 
 (9) if other than denominations of $2,000 and any integral multiple of $1,000 in the case of Registered Securities, or $1,000 and $5,000 in
the case of Unregistered Securities, the denominations in which Securities of the series shall be issuable; 
 (10) if other
than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon acceleration of the maturity thereof; 
 (11) if other than the coin or currency in which the Securities of that series are denominated, the coin or currency in which payment of the principal of or interest on the Securities of such series shall
be payable; 
 (12) if the principal of or interest on the Securities of such series are to be payable, at the election of the
Issuer, the Guarantor or a Holder thereof, in a coin or currency other than that in which the Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 
 (13) if the amount of payments of principal of and interest on the Securities of the series may be determined with reference to an index
based on a coin or currency other than that in which the Securities of the series are denominated, the manner in which such amounts shall be determined; 
 (14) whether the Securities of the series will be issuable as Registered Securities or Unregistered Securities (with or without Coupons), and whether such Securities will be issuable in global form or any
combination of the foregoing, any restrictions applicable to the offer, sale or delivery of Unregistered Securities or the payment of interest thereon and, if other than as provided in Section 2.8, the terms upon and locations at which
Unregistered Securities of any series may be exchanged for Registered Securities of such series and vice versa; 
  

 7 

 (15) [Reserved]; 
 (16) if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 
 (17) any Trustees, Depositaries, Authenticating Agents, paying or transfer Agents or Registrars or any other agents with respect to the
Securities of such series; 
 (18) any deletions from, modifications of or additions to the Events of Default or covenants with
respect to the Securities of such series; 
 (19) provisions, if any, granting special rights to the Holders of Securities of
the series upon the occurrence of such events as may be specified; 
 (20) the date as of which any Unregistered Securities of
the series and any temporary Security in global form representing Outstanding Securities of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued; 
 (21) the applicability, if any, to the Securities of or within the series of Article X, or such other means of Defeasance or Covenant
Defeasance as may be specified for the Securities and Coupons, if any, of such series; 
 (22) if the Securities of the series
shall be issued in whole or in part in global form (a) the Depositary for such global Securities, (b) the form of any legend in addition to or in lieu of that in Section 2.4 which shall be borne by such global security,
(c) whether beneficial owners of interests in any Securities of the series in global form may exchange such interests for certificated Securities of such series and of like tenor of any authorized form and denomination, and (d) if other
than as provided in Section 2.8, the circumstances under which any such exchange may occur; 
 (23) the right of the Issuer
and/or the Guarantor, if any, to defer any payment of principal of or interest on the Securities of the series, or any tranche thereof, and the maximum length of any such deferral period; and 
 (24) any other terms of the series or the related Guarantee (which terms shall not be inconsistent with the provisions of this Indenture).

 All Securities of any one series and Coupons, if any, appertaining thereto, shall be substantially identical, except in the
case of Registered Securities as to denomination and except as may otherwise be provided by or pursuant to the Board Resolution or Officer’s Certificate referred to above or as set forth in any such indenture supplemental hereto. All Securities
of any one series need not be issued at the same time and may pursuant to the Board Resolution or Officer’s Certificate be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board
Resolution, such Officer’s Certificate or in any such indenture supplemental hereto. 
 Section 2.4 Authentication and
Delivery of Securities. 
 (1) The Issuer may deliver Securities of any series having attached thereto appropriate Coupons,
if any, executed by the Issuer to the Trustee for authentication together with the applicable documents referred to below in this Section, and the Trustee shall thereupon authenticate and deliver such Securities to or upon the order of the Issuer
(contained in the Issuer Order referred to below in this Section) or pursuant to such procedures acceptable to the Trustee and to such recipients as may be specified from time to time by an Issuer Order. The maturity date, original issue date,
interest rate and any other terms of the Securities of such series and Coupons, if any, appertaining thereto shall be determined by or pursuant to such Issuer Order and procedures. In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such

  

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Securities, the Trustee shall receive and (subject to Section 6.1) shall be fully protected in relying upon, unless and until such documents have been superseded or revoked: 
 (a) an Issuer Order requesting such authentication and setting forth delivery instructions if the Securities and Coupons, if any, are not
to be delivered to the Issuer, provided that, with respect to Securities of a series subject to a Periodic Offering, (i) such Issuer Order may be delivered by the Issuer to the Trustee prior to the delivery to the Trustee of such Securities for
authentication and delivery, (ii) the Trustee shall authenticate and deliver Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount established for such
series, pursuant to an Issuer Order or pursuant to procedures acceptable to the Trustee as may be specified from time to time by an Issuer Order and (iii) the maturity date or dates, original issue date or dates, interest rate or rates and any
other terms of Securities of such series shall be determined by an Issuer Order or pursuant to such procedures; 
 (b) any
Board Resolution, Officer’s Certificate and/or executed supplemental indenture referred to in Sections 2.1 and 2.3 by or pursuant to which the forms and terms of the Securities, and Coupons, if any, were established; 
 (c) an Officer’s Certificate setting forth the form or forms and terms of the Securities and Coupons, if any, stating that the form or
forms and terms of the Securities and Coupons, if any, have been established pursuant to Sections 2.1 and 2.3 and comply with this Indenture, and covering such other matters as the Trustee may reasonably request; and 
 (d) at the option of the Issuer, either one or more Opinions of Counsel, or a letter addressed to the Trustee permitting it to conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, on one or more Opinions of Counsel, substantially to the effect that: 
 (i) the forms of the Securities and Coupons, if any, have been duly authorized and established in conformity with the
provisions of this Indenture; 
 (ii) in the case of an underwritten offering, the terms of the Securities have
been duly authorized and established in conformity with the provisions of this Indenture, and, in the case of an offering that is not underwritten, certain terms of the Securities have been established pursuant to a Board Resolution, an
Officer’s Certificate or a supplemental indenture in accordance with this Indenture, and when such other terms as are to be established pursuant to procedures set forth in an Issuer Order shall have been established, all such terms will have
been duly authorized by the Issuer and will have been established in conformity with the provisions of this Indenture; 
 (iii) the Guarantor has duly taken all necessary action with respect to the issuance of the Guarantee; 
 (iv) when the Securities and Coupons, if any, have been executed by the Issuer and authenticated by the Trustee in accordance with the provisions of this Indenture and delivered to and duly paid for by the purchasers thereof, they will have
been duly issued under this Indenture, will be entitled to the benefits of this Indenture, and will be valid and binding obligations of the Issuer, and such Guarantee, when the Securities and Coupons, if any, have been executed by the Issuer and
authenticated by the Trustee in accordance with the provisions of this Indenture and delivered to and duly paid for by the purchasers thereof, will be valid and binding obligations of the Guarantor, in each case enforceable in accordance with their
respective terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and (ii) rights of acceleration, if any, and the availability of equitable
remedies may be limited by equitable principles of general applicability; and 
 (v) that all applicable laws
and requirements in respect of the execution and delivery by the Issuer of such Securities have been complied with. 
  

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 In rendering such opinions, any counsel may qualify any opinions as to enforceability by
stating that such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium and other similar laws affecting the rights and remedies of creditors and is subject to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). Such counsel may rely upon opinions of other counsel (copies of which shall be delivered to the Trustee), in which case the opinion shall state that such counsel
believes he or she and the Trustee are entitled so to rely. Such counsel may also state that, insofar as such opinion involves factual matters, he or she has relied, to the extent he or she deems proper, upon certificates of officers of the Issuer
and its subsidiaries and certificates of public officials. 
 (2) The Trustee shall have the right to decline to authenticate
and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive
committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights, duties or immunities
under the Securities, this Indenture or otherwise. 
 (3) If the Issuer shall establish pursuant to Section 2.3 that the
Securities of a series are to be issued in whole or in part in global form, then the Issuer shall execute and the Trustee shall, in accordance with this Section and the Issuer Order with respect to such series, authenticate and deliver one or more
Securities in global form that (a) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Securities of such series issued and not yet canceled, (b) if such Securities are Registered
Securities, shall be registered in the name of the Depositary for such Security or Securities in global form or the nominee of such Depositary, (c) if such Securities are Registered Securities, shall be delivered by the Trustee to such
Depositary or pursuant to such Depositary’s instructions and (d) shall bear a legend substantially to the following effect: 
 “Unless and until it is exchanged in whole or in part for Securities in definitive form, this Security may not be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.” 
 (4) Each Depositary designated pursuant to Section 2.3 must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Securities
Exchange Act of 1934 and any other applicable statute or regulation. 
 Section 2.5 Execution of Securities. The
Securities and, if applicable, each Coupon appertaining thereto shall be signed on behalf of the Issuer by the chairman or deputy chairman of its Board of Directors or its president or any executive, senior or other vice president or its treasurer,
which may, but need not, be attested. Such signatures may be the manual or facsimile signatures of the present or any future such officers. Typographical and other minor errors or defects in any such signature shall not affect the validity or
enforceability of any Security that has been duly authenticated and delivered by the Trustee. 
 In case any officer of the
Issuer who shall have signed any of the Securities or Coupons, if any, shall cease to be such officer before the Security or Coupon so signed (or the Security to which the Coupon so signed appertains) shall be authenticated and delivered by the
Trustee or disposed of by the Issuer, such Security or Coupon nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security or Coupon had not ceased to be such officer of the Issuer; and any Security or
Coupon may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security or Coupon, shall be the proper officers of the Issuer, although at the date of the execution and delivery of this Indenture any
such person was not such an officer. 
 Section 2.6 Certificate of Authentication. Only such Securities as shall bear
thereon a certificate of authentication substantially in the form herein before recited, executed by the Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be valid or
obligatory for any purpose. No Coupon shall be entitled to the benefits of this Indenture or shall be valid and obligatory for any purpose until the certificate of authentication on the Security to which such Coupon appertains 
  

 10 

 
shall have been duly executed by the Trustee. The execution of such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 
 Section 2.7 Denomination and Date of Securities; Payments of Interest. The Securities of each series shall be issuable as Registered Securities or Unregistered Securities in denominations established as contemplated by
Section 2.3 or, with respect to the Registered Securities of any series, if not so established, in denominations of $2,000 and any larger integral multiple of $1,000. If denominations of Unregistered Securities of any series are not so
established, such Securities shall be issuable in denominations of $1,000 and $5,000. The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer
executing the same may determine with the approval of the Trustee, as evidenced by the execution and authentication thereof. 
 Each Registered Security shall be dated the date of its authentication. Each Unregistered Security shall be dated as provided in the resolution or resolutions of the Board of Directors referred to in Section 2.3. The Securities of each
series shall bear interest, if any, from the date, and such interest shall be payable on the dates, established as contemplated by Section 2.3. 
 The person in whose name any Registered Security of any series is registered at the close of business on any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Registered Security subsequent to the record date and prior to such interest payment date, except
if and to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted interest shall be paid to the persons in whose names Outstanding Registered Securities for
such series are registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of Registered Securities not less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest) for the
Securities of any series shall mean the date specified as such in the terms of the Registered Securities of such series established as contemplated by Section 2.3, or, if no such date is so established, if such interest payment date is the
first day of a calendar month, the fifteenth day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business
Day. 
 Section 2.8 Registration, Transfer and Exchange. 
 (1) The Issuer will keep at each office or agency to be maintained for the purpose as provided in Section 3.2 for each series of
Securities a register or registers in which, subject to such reasonable regulations as it may prescribe, it will provide for the registration of Registered Securities of such series and the registration of transfer of Registered Securities of such
series. Such register shall be in written form in the English language. At all reasonable times such register or registers shall be open for inspection by the Trustee. 
 (2) Upon due presentation for registration of transfer of any Registered Security of any series at any such office or agency to be maintained for the purpose as provided in Section 3.2, the Issuer
shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Registered Security or Registered Securities of the same series, maturity date, interest rate and original issue date in authorized
denominations for a like aggregate principal amount. 
 Unregistered Securities (except for any temporary Unregistered
Securities in global form) and Coupons (except for Coupons attached to any temporary Unregistered Securities in global form) shall be transferable by delivery. 
 (3) (a) At the option of the Holder thereof, Registered Securities of any series (other than a Registered Security in global form, except as set forth below) may be exchanged for a Registered Security or
Registered Securities of such series having authorized denominations and an equal aggregate principal amount, upon surrender of such Registered Securities to be exchanged at the agency of the Issuer that shall be maintained for such

  

 11 

 
purpose in accordance with Section 3.2 and upon payment, if the Issuer shall so require, of the charges hereinafter provided. Whenever any Registered Securities are so surrendered for
exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. 
 (b) Unless otherwise specified as contemplated by Section 2.3, at the option of the Holder, Unregistered Securities of such series may
be exchanged for Registered Securities (if the Securities of such series are issuable in registered form) or Unregistered Securities (if Unregistered Securities of such series are issuable in more than one denomination and such exchanges are
permitted by such series) of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in
accordance with Section 3.2, with all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of an Unregistered Security is unable to produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in
default, such exchange may be effected if the Unregistered Securities are accompanied by payment in funds acceptable to the Issuer and the Trustee in an amount equal to the face amount of such missing Coupon or Coupons, or the surrender of such
missing Coupon or Coupons may be waived by the Issuer and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any paying agent harmless. If thereafter the Holder of such Security shall
surrender to any paying agent any such missing Coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment as provided in Section 3.2. Notwithstanding the foregoing, in
case any Unregistered Security of any series is surrendered at any such office or agency in exchange for a Registered Security of the same series after the close of business at such office or agency on (i) any record date and before the opening
of business at such office or agency on the relevant interest payment date, or (ii) any special record date for payment of defaulted interest and before the opening of business at such office or agency on the related date for payment of
defaulted interest, such Unregistered Security shall be surrendered without the Coupon relating to such interest or defaulted interest payment date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such
Unregistered Security, such Coupon shall be returned to the person so surrendering the Unregistered Security), and interest or defaulted interest, as the case may be, will not be payable on such date or proposed date for payment, as the case may be,
in respect of the Registered Security issued in exchange for such Unregistered Security, but will be payable only to the Holder of such Coupon, when due in accordance with the provisions of this Indenture. 
 (c) Registered Securities of any series may not be exchanged for Unregistered Securities of such series unless (i) otherwise specified
pursuant to Section 2.3 and (ii) the Issuer has delivered to the Trustee an Opinion of Counsel that (A) the Issuer has received from the Internal Revenue Service a ruling or (B) since the date hereof, there has been a change in
the applicable Federal income tax law, in either case to the effect that the inclusion of terms permitting Registered Securities to be exchanged for Unregistered Securities would result in no adverse Federal income tax effect to the Issuer, or to
any Holder. Whenever any Securities are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. All Securities and Coupons
surrendered upon any exchange or transfer provided for in this Indenture shall be canceled promptly and disposed of by the Trustee in accordance with its procedures for the disposition of cancelled securities in effect as of the date of such
cancellation and the Trustee will deliver a certificate of disposition thereof to the Issuer. 
 (4) All Registered Securities
presented for registration of transfer, exchange, redemption or payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer
and the Trustee duly executed by the Holder or his or her attorney duly authorized in writing. 
 The Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction. 
 The Issuer shall not be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days next
preceding the first mailing of notice of redemption of Securities of such series to be redeemed or (b) any Securities selected, called or being called for redemption, in whole or in part, except, in the case of any Security to be redeemed in
part, the portion thereof not so to be redeemed. 
  

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 (5) Notwithstanding any other provision of this Section 2.8, unless and until it is
exchanged in whole or in part for Securities in definitive registered form, a Registered Security in global form representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series
to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor
Depositary. 
 If at any time the Depositary for any Registered Securities of a series represented by one or more Registered
Securities in global form notifies the Issuer that it is unwilling or unable to continue as Depositary for such Registered Securities or if at any time the Depositary for such Registered Securities shall no longer be eligible under Section 2.4,
the Issuer shall appoint a successor Depositary eligible under Section 2.4 with respect to such Registered Securities. If a successor Depositary eligible under Section 2.4 for such Registered Securities is not appointed by the Issuer
within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer’s election pursuant to Section 2.3 that such Registered Securities be represented by one or more Registered Securities in global form
shall no longer be effective and the Issuer will execute, and the Trustee, upon receipt of an Officer’s Certificate for the authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such
series in definitive registered form without Coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Registered Security or Securities in global form representing such Registered Securities in
exchange for such Registered Security or Securities in global form. 
 The Issuer may at any time and in its sole discretion
determine that the Registered Securities of any series issued in the form of one or more Registered Securities in global form shall no longer be represented by a Registered Security or Securities in global form. In such event the Issuer will
execute, and the Trustee, upon receipt of an Officer’s Certificate for the authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive registered form without
Coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Registered Security or Securities in global form representing such Registered Securities, in exchange for such Registered Security or
Securities in global form. 
 If specified by the Issuer pursuant to Section 2.3 with respect to Securities represented by
a Registered Security in global form, the Depositary for such Registered Security in global form may surrender such Registered Security in global form in exchange in whole or in part for Registered Securities of the same series in definitive form on
such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee shall authenticate and deliver, without service charge, 
 (a) to the Person specified by such Depositary a new Registered Security or Securities of the same series, of any authorized denominations
as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Registered Security in global form; and 
 (b) to such Depositary a new Registered Security in global form in a denomination equal to the difference, if any, between the principal
amount of the surrendered Registered Security in global form and the aggregate principal amount of Registered Securities authenticated and delivered pursuant to clause (a) above. 
 Upon the exchange of a Registered Security in global form for Registered Securities in definitive form without Coupons, in authorized
denominations, such Registered Security in global form shall be canceled by the Trustee or an agent of the Issuer or the Trustee. Registered Securities in definitive form issued in exchange for a Registered Security in global form pursuant to this
Section 2.8 shall be registered in such names and in such authorized denominations as the Depositary for such Registered Security in global form, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the
Trustee or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered. 
  

 13 

 (6) All Securities issued upon any transfer or exchange of Securities shall be valid
obligations of the Issuer (and with respect to the Guarantee, the Guarantor), evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 (7) Notwithstanding anything herein or in the terms of any series of Securities to the contrary, none of the Issuer, the Trustee or any
agent of the Issuer or the Trustee (any of which, other than the Issuer, shall conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, on an Officer’s Certificate and an Opinion of Counsel)
shall be required to exchange any Unregistered Security for a Registered Security if such exchange would result in adverse income tax consequences to the Issuer. 
 (8) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to
any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 Section 2.9 Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any Security or any Coupon appertaining to any
Security shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request of any officer of the Issuer, the Trustee shall authenticate and deliver a new Security of the same
series, maturity date, interest rate and original issue date, bearing a number or other distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and in substitution
for the Security so destroyed, lost or stolen with Coupons corresponding to the Coupons appertaining to the Securities so mutilated, defaced, destroyed, lost or stolen, or in exchange or substitution for the Security to which such mutilated,
defaced, destroyed, lost or stolen Coupon appertained, with Coupons appertaining thereto corresponding to the Coupons so mutilated, defaced, destroyed, lost or stolen. In every case the applicant for a substitute Security or Coupon shall furnish to
the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity satisfactory to them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their
satisfaction of the destruction, loss or theft of such Security or Coupon and of the ownership thereof and in the case of mutilation or defacement shall surrender the Security and related Coupons to the Trustee or such agent. 
 Upon the issuance of any substitute Security or Coupon, the Issuer 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) or its agent connected therewith. In case any Security or Coupon which has matured or is about to mature or has been
called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may instead of issuing a substitute Security, pay or authorize the payment of the same or the relevant Coupon (without surrender thereof
except in the case of a mutilated or defaced Security or Coupon), if the applicant for such payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity satisfactory to them to save
each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft of
such Security or Coupon and of the ownership thereof. 
 Every substitute Security or Coupon of any series issued pursuant to
the provisions of this Section by virtue of the fact that any such Security or Coupon is destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer (and with respect to the Guarantee, the Guarantor), whether or not
the destroyed, lost or stolen Security or Coupon shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately
with any and all other Securities or Coupons of such series duly authenticated and delivered hereunder. All Securities and Coupons shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, defaced or destroyed, lost or stolen Securities and Coupons and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted
to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 
  

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 Section 2.10 Cancellation of Securities. All Securities and Coupons surrendered for
payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer, the Guarantor or any agent of the Guarantor or the
Trustee or any agent of the Trustee, shall be delivered to the Trustee or its agent for cancellation or, if surrendered to the Trustee, shall be canceled by it; and no Securities or Coupons shall be issued in lieu thereof except as expressly
permitted by any of the provisions of this Indenture. The Trustee or its agent shall dispose of canceled Securities and Coupons held by it in accordance with its customary procedures for the disposition of cancelled securities in effect as of the
date of such cancellation. If the Issuer or its agent or the Guarantor or its agent shall acquire any of the Securities or Coupons, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities
or Coupons unless and until the same are delivered to the Trustee or its agent for cancellation. 
 Section 2.11 Temporary
Securities. Pending the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced,
in each case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable as Registered Securities without Coupons, or as Unregistered Securities with or without Coupons attached thereto, of any authorized denomination,
and substantially in the form of the definitive Securities of such series but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of the Trustee
as evidenced by the execution and authentication thereof. Temporary Securities may contain such references to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by the Issuer and be authenticated by
the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive Securities of such series and thereupon
temporary Registered Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.2 and, in the case of Unregistered Securities,
at any agency maintained by the Issuer for such purpose as specified pursuant to Section 3.2, and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such series an equal aggregate principal amount of
definitive Securities of the same series having authorized denominations and, in the case of Unregistered Securities, having attached thereto any appropriate Coupons. Until so exchanged, the temporary Securities of any series shall be entitled to
the same benefits under this Indenture as definitive Securities of such series, unless otherwise established pursuant to Section 2.3. The provisions of this Section are subject to any restrictions or limitations on the issue and delivery of
temporary Unregistered Securities of any series that may be established pursuant to Section 2.3 (including any provision that Unregistered Securities of such series initially be issued in the form of a single Unregistered Security in global
form to be delivered to a Depositary or agency located outside the United States and the procedures pursuant to which Unregistered Securities in definitive or global form of such series would be issued in exchange for such temporary Unregistered
Security in global form). 
 Section 2.12 Global Securities. Neither the Trustee nor any agent shall have any
responsibility for any actions taken or not taken by the Depositary. 
 Section 2.13 CUSIP Numbers. The Issuer in issuing
the Securities may use “CUSIP” numbers (if then generally in use), and, if so used by the Issuer, 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 identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
 ARTICLE III 
 COVENANTS OF THE ISSUER 
 Section 3.1 Payment of Principal, Premium and Interest. The Issuer covenants
and agrees for the benefit of each series of Securities that it will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest on, each of the Securities of such series at the place or places, at the respective
times and in the manner provided in such Securities and in the Coupons, if any, appertaining thereto and in this 
  

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Indenture. The interest on Securities with Coupons attached shall be payable only upon presentation and surrender of the several Coupons for such interest installments as are evidenced thereby as
they severally mature. If any temporary Unregistered Security provides that interest thereon may be paid while such Security is in temporary form, the interest on any such temporary Unregistered Security shall be paid, as to the installments of
interest evidenced by Coupons attached thereto, if any, only upon presentation and surrender thereof, and, as to the other installments of interest, if any, only upon presentation of such Securities for notation thereon of the payment of such
interest, in each case subject to any restrictions that may be established pursuant to Section 2.3. The interest on Registered Securities shall be payable only to or upon the written order of the Holders thereof and, at the option of the Issuer
or the Guarantor, may be paid by wire transfer or by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as they appear on the registry books of the Issuer. 
 Section 3.2 Offices for Payments, Etc. So long as any Securities are issued as Registered Securities, the Issuer will maintain in the
Borough of Manhattan, The City of New York, an office or agency where the Registered Securities of each series may be presented for payment, where the Securities of each series may be presented for exchange as is provided in this Indenture and, if
applicable, pursuant to Section 2.3 and where the Registered Securities of each series may be presented for registration of transfer as in this Indenture provided. 
 So long as any Securities are issued as Unregistered Securities, the Issuer will maintain one or more offices or agencies in a city or cities located outside the United States (including any city in which
such an agency is required to be maintained under the rules of any shares exchange on which the Securities of such series are listed) where the Unregistered Securities, if any, of each series and Coupons, if any, appertaining thereto may be
presented for payment. No payment on any Unregistered Security or Coupon will be made upon presentation of such Unregistered Security or Coupon at an agency of the Issuer within the United States nor will any payment be made by transfer to an
account in, or by mail to an address in, the United States unless pursuant to applicable United States laws and regulations then in effect such payment can be made without adverse tax consequences to the Issuer. Notwithstanding the foregoing,
payments in Dollars on Unregistered Securities of any series and Coupons appertaining thereto which are payable in Dollars may be made at an agency of the Issuer maintained in the Borough of Manhattan, The City of New York, if such payment in
Dollars at each agency maintained by the Issuer outside the United States for payment on such Unregistered Securities is illegal or effectively precluded by exchange controls or other similar restrictions. 
 The Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the
Issuer in respect of the Securities of any series, the Coupons appertaining thereto or this Indenture may be served. 
 The
Issuer will give to the Trustee written notice of the location of each such office or agency and of any change of location thereof. In case the Issuer shall fail to maintain any agency required by this Section, or shall fail to give such notice of
the location or of any change in the location of any of the above agencies, presentations and demands may be made and notices may be served at the Corporate Trust Office of the Trustee. 
 The Issuer may from time to time designate one or more additional offices or agencies where the Securities of a series and any Coupons
appertaining thereto may be presented for payment, where the Securities of that series may be presented for exchange as provided in this Indenture and pursuant to Section 2.3 and where the Registered Securities of that series may be presented
for registration of transfer as in this Indenture provided, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no such designation or rescission shall in any
manner relieve the Issuer of its obligation to maintain the agencies provided for in this Section. The Issuer will give to the Trustee prompt written notice of any such designation or rescission thereof. 
 Section 3.3 Money for Security Payments to be Held in Trust; Unclaimed Money. If the Issuer or the Guarantor shall at any time act as
paying agent, it will, on or before each due date of the principal of and premium, if any, or interest on any of the Securities, segregate and hold in trust for the benefit of the Holders entitled thereto a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due until such sums shall be paid to such Holders or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 
  

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 Whenever the Issuer shall have one or more paying agents, it will, on or prior to each due
date of the principal of and premium, if any, or interest on any Securities, deposit with the paying agent or paying agents a sum sufficient to pay the principal, premium, if any, or interest so becoming due, such sum to be held in trust for the
benefit of the Holders entitled to such principal, premium, if any, or interest, and, unless such paying agent is the Trustee, the Issuer will promptly notify the Trustee of its action or failure so to act. 
 The Issuer will cause each paying agent other than the Trustee to execute and deliver to the Trustee an instrument in which such paying
agent shall agree with the Trustee, subject to the provisions of this Section, that such paying agent will: 
 (1) hold all sums
held by it for the payment of the principal of and premium, if any, or interest on Securities in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 (2) give the Trustee notice of any default by the Issuer (or any other obligor upon the Securities) in the making of any
payment of principal and premium, if any, or interest; and 
 (3) at any time during the continuance of any such default, upon
the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent. 
 The Issuer
or the Guarantor may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order or Guarantor Order direct any paying agent to pay, to the Trustee all sums held in
trust by the Issuer, the Guarantor or such paying agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer, the Guarantor or such paying agent; and, upon such payment by any paying agent
to the Trustee, such paying agent shall be released from all further liability with respect to such money. 
 Any money
deposited with the Trustee or any paying agent, or then held by the Issuer or the Guarantor in trust for the payment of the principal of and premium, if any, or interest on any Security and remaining unclaimed for two years after such principal and
premium, if any, or interest has become due and payable shall be paid to the Issuer or Guarantor, as applicable, on Issuer Order or Guarantor Order, or, if then held by the Issuer or the Guarantor, shall be discharged from such trust; and the Holder
of such Security shall thereafter, as an unsecured general creditor, look only to the Issuer or the Guarantor, as applicable, for payment thereof, and all liability of the Trustee or such paying agent with respect to such trust money, and all
liability of the Issuer or the Guarantor, as applicable, as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such paying agent, before being required to make any such repayment, shall at the expense of the Issuer or the
Guarantor, as applicable, cause to be published at least once, in an Authorized Newspaper in the Borough of Manhattan, The City of New York, and at least once in an Authorized Newspaper in London, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer or the Guarantor, as applicable. 
 Section 3.4 Statements of Officers of Issuer and Guarantor as to Default; Notice of Default. 
 (1) The Issuer and the Guarantor will deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer ending after
the date hereof, a certificate, signed by the principal executive officer, principal financial officer or principal accounting officer, stating whether or not to the best knowledge of the signer thereof the Issuer or the Guarantor, as applicable is
in default (without regard to periods of grace or requirements of notice) in the performance and observance of any of the terms, provisions and conditions hereof, and if the Issuer or the Guarantor, as applicable, shall be in default, specifying all
such defaults and the nature and status thereof of which they may have knowledge. 
 (2) The Issuer and the Guarantor shall file
with the Trustee written notice of the occurrence of any default or Event of Default within five Business Days of its becoming aware of any such default or Event of Default. 
  

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 Section 3.5 Existence. Subject to Article IX, the Issuer will do or cause to be done
all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises and those of each of its Subsidiaries; provided, however, that the Issuer shall not be required to preserve any such
right or franchise if the Issuer shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or the business of any Subsidiary and that the loss thereof is not disadvantageous in any material
respect to the Holders. 
 Section 3.6 Maintenance of Properties. The Issuer will cause all properties used or useful in
the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Issuer may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this
Section shall prevent the Issuer from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Issuer, desirable in the conduct of its business or the business of any Subsidiary and not
disadvantageous in any material respect to the Holders. 
 Section 3.7 Payment of Taxes and Other Claims. The Issuer
shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges (including withholding taxes and any penalties, interest and additions to taxes) levied or
imposed upon the Issuer or any Subsidiary or upon the income, profits or property of the Issuer or any Subsidiary, and (2) all material lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the
property of the Issuer or any Subsidiary; provided, however, that the Issuer shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being
contested in good faith by appropriate proceedings and for which disputed amounts adequate reserves have been made. 
 Section
3.8 Further Instruments and Acts. Upon request of the Trustee or as necessary, the Issuer and the Guarantor will execute and deliver such further instruments and perform such further acts as may be reasonably necessary or proper to carry out
more effectively the purposes of this Indenture. 
 Section 3.9 Limitation on Liens. The Guarantor and its Restricted
Subsidiaries may not issue, assume, incur, suffer to exist or guarantee any indebtedness for borrowed money secured by a mortgage, pledge, lien or other encumbrance, directly or indirectly, upon any shares of the Voting Shares of a Restricted
Subsidiary which shares are owned by the Guarantor or its Restricted Subsidiaries without effectively providing that the Securities (and if the Issuer or the Guarantor so elects, any other indebtedness of the Issuer or the Guarantor ranking on a
parity with the Securities) shall be secured equally and ratably with, or prior to, any such secured indebtedness so long as such indebtedness remains outstanding. This Section 3.9 shall not apply to Permitted Liens upon any shares of Voting
Shares of any Person existing at the time such Person becomes a Restricted Subsidiary and any extensions, renewals or replacements thereof. 
 Section 3.10 Commission Reports. The Guarantor shall provide to the Trustee, within 15 days after it files such annual and quarterly reports, information, documents and other reports with the
Commission, copies of its annual report and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) which the Guarantor is required to file with
the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s or the Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates). The Trustee shall be under no obligation to analyze or make any credit decisions with respect to reports or other information received by it pursuant to this Section, but shall hold such
reports and other information solely for the benefit of, and review by, the security holders. 
  

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 Section 3.11 Calculation of Original Issue Discount. The Issuer shall file with the
Trustee promptly at the end of each calendar year (1) a written notice specifying the amount of original issue discount (including daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year and
(2) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 
 ARTICLE IV 
 SECURITYHOLDERS LISTS AND REPORTS BY
THE ISSUER AND THE TRUSTEE 
 Section 4.1 Issuer to Furnish Trustee Information as to Names and Addresses of
Securityholders. If and so long as the Trustee shall not be the Security Registrar for the Securities of any series, the Issuer and any other obligor on the Securities will furnish or cause to be furnished to the Trustee a list in such form as
the Trustee may reasonably require of the names and addresses of the Holders of the Registered Securities of such series pursuant to Section 312 of the Trust Indenture Act of 1939 (1) semi-annually not more than 5 days after each record
date for the payment of interest on such Registered Securities, as hereinabove specified, as of such record date and on dates to be determined pursuant to Section 2.3 for non-interest bearing Registered Securities in each year, and (2) at
such other times as the Trustee may request in writing, within thirty days after receipt by the Issuer of any such request as of a date not more than 15 days prior to the time such information is furnished. 
 Section 4.2 Preservation of Information; Communications to Holders. 
 (1) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most
recent list furnished to the Trustee as provided in Section 4.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar or paying agent. The Trustee may destroy any list furnished to it as provided
in Section 4.1 upon receipt of a new list so furnished. 
 (2) The rights of Holders to communicate with other Holders with
respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act of 1939. 
 (3) Every Holder of Securities, by receiving and holding the same, agrees with the Issuer and the Trustee that neither the Issuer nor the
Trustee nor any agent of any of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Sections 4.1 and 4.2(2), regardless of the source from which such
information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 4.2(2). 
 Section 4.3 Reports by the Trustee. Any Trustee’s report required under Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted within 60 days after May 15 in each
year beginning in 2010, as provided in Section 313(c) of the Trust Indenture Act of 1939, so long as any Securities are Outstanding hereunder, and shall be dated as of May 15, if required by and in compliance with Section 313(a) of
the Trust Indenture Act of 1939. 
 A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each securities exchange, if any, upon which the Securities are listed, with the Commission and with the Issuer. The Issuer will promptly notify the Trustee when the Securities are listed on any securities exchange and of any
delisting thereof. 
 Section 4.4 [Reserved]. 
 Section 4.5 [Reserved]. 
  

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 ARTICLE V 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 
 Section 5.1 Event of Default Defined; Acceleration of Maturity; Waiver of Default. “Event of Default” with respect to Securities of any series wherever used herein, means each one of the
following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body) unless it is either inapplicable to a particular series or it is specifically deleted or modified in an indenture supplemental hereto, if any, under which such series of
Securities is issued: 
 (1) default in the payment of any installment of interest upon any of the Securities of such series as
and when the same shall become due and payable, and continuance of such default for a period of 30 days and the interest payment date has not been properly extended or deferred; provided, however, that if the Issuer and the Guarantor are permitted
by the terms of the Securities of the applicable series to defer the payment in question, the date on which such payment is due and payable shall be the date on which the Issuer and the Guarantor are required to make payment following such deferral,
if such deferral has been elected pursuant to the terms of the Securities of that series (subject to any deferral of any due date in the case of an extension period); or 
 (2) default in the payment of all or any part of the principal of, or premium, if any, on any of the Securities of such series as and when the same shall become due and payable either at maturity, upon
any redemption, by declaration or otherwise; provided, however, that if the Issuer and the Guarantor are permitted by the terms of the Securities of the applicable series to defer the payment in question, the date on which such payment is due and
payable shall be the date on which the Issuer and the Guarantor are required to make payment following such deferral, if such deferral has been elected pursuant to the terms of the Securities of that series (subject to any deferral of any due date
in the case of an extension period); or 
 (3) default in the payment of any sinking fund installment as and when the same shall
become due and payable by the terms of the Securities of such series; or 
 (4) failure on the part of the Issuer or the
Guarantor duly to observe or perform any other of the covenants or agreements on the part of the Issuer or the Guarantor, as applicable, in the Securities of such series (other than a covenant or agreement in respect of the Securities of such series
a default in the performance or breach of which is elsewhere in this Section specifically dealt with) or contained in this Indenture (other than a covenant or agreement included in this Indenture solely for the benefit of a series of Securities
other than such series) for a period of 90 days after the date on which written notice specifying such failure, stating that such notice is a “Notice of Default” hereunder and demanding that the Issuer and/or the Guarantor remedy the same,
shall have been given by registered or certified mail, return receipt requested, to the Issuer and the Guarantor by the Trustee, or to the Issuer, the Guarantor and the Trustee by the holders of at least 33% in aggregate principal amount of the
Outstanding Securities of such series; or 
 (5) a decree or order by a court having jurisdiction in the premises shall have
been entered adjudging the Issuer, the Guarantor or any Restricted Subsidiary as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization of the Issuer, the Guarantor or any Restricted Subsidiary under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, and such decree or order shall have continued undischarged and unstayed for a period of 120 days; or a decree or order of a court having jurisdiction in the premises for the
appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Issuer, the Guarantor or any Restricted Subsidiary or of its or their property, or for the winding up or liquidation of its or their affairs, shall
have been entered, and such decree or order shall have remained in force and unstayed for a period of 120 days; or 
 (6) the
Issuer, the Guarantor or any Restricted Subsidiary shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case
under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer, the Guarantor or any Restricted Subsidiary or for any substantial
part of its or their property, or make any general assignment for the benefit of creditors, or shall admit in writing its inability to pay its or their respective debts generally as they become due; or 
 (7) an event of default, as defined in any one or more mortgages, indentures, instruments, bonds, debentures, notes or other similar
instruments under which there may be issued, or by which there may be secured or evidenced, any indebtedness (other than the Securities of such series or nonrecourse obligations) (“Indebtedness”) in excess of $100,000,000 for money
borrowed by the Issuer or the Guarantor shall occur (after giving effect to any applicable grace period), if such event of default shall result in the acceleration of such Indebtedness prior to its expressed maturity unless such Indebtedness is
discharged or such acceleration is cured, waived, rescinded or annulled within 30 days after written notice thereof shall have been given by registered or certified mail, return receipt requested, to the Issuer and the Guarantor by the Trustee or to
the Issuer, the Guarantor and the Trustee by the Holders of at least 33% in aggregate principal amount of the Outstanding Securities (treated as one class) which notice shall state that it is a “Notice of Default” hereunder; or 

 

 20 

 (8) other than as expressly permitted in this Indenture, the Guarantee ceases to be in full
force and effect with respect to any Outstanding Securities of such series or is declared to be full and void and unenforceable; or 
 (9) any other Event of Default provided in the supplemental indenture under which such series of Securities is issued or in the form of Security for such series; provided that if any such default shall cease or be cured, waived, rescinded
or annulled, then the Event of Default hereunder by reason thereof shall be deemed likewise to have been thereupon cured. 
 If
an Event of Default described in clause (1), (2), (3), (4), (7), (8) or (9) occurs and is continuing, then, and in each and every such case, except for any series of Securities the principal of which shall have already become due and payable,
either the Trustee or the Holders of not less than 33% in aggregate principal amount of the Securities of each such affected series then Outstanding hereunder (voting as separate classes) by notice in writing to the Issuer and the Guarantor (and to
the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of any such affected series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such
series) of such Securities, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become immediately due and payable. If an Event of Default specified in clause (5) or
(6) occurs, all unpaid principal (or, if any Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof) of all the Securities then Outstanding, and interest accrued thereon, if
any, shall be due and payable immediately, without any declaration or other act on the part of the Trustee or any Securityholder. 
 The foregoing provisions, however, are subject to the condition that if, at any time after the principal (or, if the Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof)
of the Securities of any series (or of all the Securities, as the case may be) shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, the Issuer or the Guarantor shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of such series (or of all the Securities, as the case may be) and the principal of
any and all Securities of each such series (or of all the Securities, as the case may be) which shall have become due otherwise than by acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable
under applicable law, on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of each such series (or at the respective rates
of interest or Yields to Maturity of all the Securities, as the case may be) to the date of such payment or deposit) and such amount as shall be sufficient to cover reasonable compensation to the Trustee and each predecessor Trustee, its agents,
attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence, bad faith or willful misconduct, and if any and all Events of Default under
the Indenture, other than the non-payment of the principal of Securities which shall have become due by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then and in every such case the Holders of a majority in
aggregate principal amount of all the Securities of each such series, or of all the Securities, in each case voting as a single class, then Outstanding, by written notice to the Issuer, the Guarantor and to the Trustee, may waive all defaults with
respect to each such series (or with respect to all the Securities, as the case may be) and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent
default or shall impair any right consequent thereon. 
 For all purposes under this Indenture, if a portion of the principal of
any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount
of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as
shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 
  

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 Section 5.2 Collection of Indebtedness by Trustee; Trustee May Prove Debt.

 (1) The Issuer covenants that (a) in case default shall be made in the payment of any installment of interest on any of
the Securities of any series when such interest shall have become due and payable, and such default shall have continued for a period of 30 days or (b) in case default shall be made in the payment of all or any part of the principal of the
Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption or by declaration or otherwise, then upon demand of the Trustee, the Issuer will pay to the
Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become due and payable on all Securities of such series, and such Coupons, for principal or interest, as the case may be (with interest to
the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case
of Original Issue Discount Securities) specified in the Securities of such series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee
and each predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of its negligence, bad faith or willful
misconduct. 
 Until such demand is made by the Trustee, the Issuer may pay the principal of and interest on the Securities of
any series to the registered holders, whether or not the Securities of such series be overdue. 
 (2) In case the Issuer shall
fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due
and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer, the Guarantor or other obligor upon the Securities and collect in the manner provided by
law out of the property of the Issuer, the Guarantor or other obligor upon the Securities, wherever situated the moneys adjudged or decreed to be payable. 
 (3) In case there shall be pending proceedings relative to the Issuer, the Guarantor or any other obligor upon the Securities under Title 11 of the United States Code or any other applicable Federal or
state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its
property, the Guarantor or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer, the Guarantor or other obligor upon the Securities, or to the creditors or property of the Issuer, the
Guarantor or such other obligor, 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 pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 
 (a) to file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of
such series) owing and unpaid in respect of the Securities of any series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the
Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of
negligence, bad faith or willful misconduct) and of the Securityholders allowed in any judicial proceedings relative to the Issuer, the Guarantor or other obligor upon the Securities, or to the creditors or property of the Issuer, the Guarantor or
such other obligor, 
 (b) unless prohibited by applicable law and regulations, to vote on behalf of the holders of the
Securities of any series in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and 
  

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 (c) to collect and receive any moneys or other property payable or deliverable on any such
claims, and to distribute all amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized by each of the
Securityholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation
to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence, bad
faith or willful misconduct. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or
vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Securityholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
 (4) All rights of action and of asserting claims under this Indenture, or under any of the Securities of any series or Coupons appertaining to such Securities, may be enforced by the Trustee without the
possession of any of such Securities or Coupons or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the
Securities or Coupons appertaining to such Securities in respect of which such action was taken. 
 (5) In any proceedings
brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Securities or Coupons appertaining
to such Securities in respect to which such action was taken, and it shall not be necessary to make any Holders of such Securities or Coupons appertaining to such Securities parties to any such proceedings. 
 Section 5.3 Application of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of any series shall be
applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the several Securities and Coupons appertaining to such Securities in
respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if only partially paid, or
upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses applicable to such series in respect of
which monies have been collected, including reasonable compensation to the Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee and each
predecessor Trustee except as a result of negligence, bad faith or willful misconduct; 
 SECOND: In case the principal of the
Securities of such series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of
such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in such Securities, such payments to be made ratably to the persons entitled thereto, without discrimination or preference; 
 THIRD: In case the principal of the Securities of such series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the whole amount then
owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same
rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon
the Securities of such series, then to the payment of such principal, interest or Yield to Maturity,

  

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without preference or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of
interest, or of any Security of such series over any other Security of such series, ratably to the aggregate of such principal, accrued and unpaid interest or Yield to Maturity; and 
 FOURTH: To the payment of the remainder, if any, to the Issuer or as a court of competent jurisdiction shall direct in writing. 

Section 5.4 Suits for Enforcement. In case an Event of Default has occurred, has not been waived and is continuing, the Trustee
may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law. 
 Section 5.5 Restoration of Rights on Abandonment of Proceedings. In case the
Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the Issuer, the
Guarantor and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been
taken. 
 Section 5.6 Limitations on Suits by Securityholders. No Holder of any Security of any series or of any Coupon
appertaining thereto shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture, or for the
appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof, as
hereinbefore provided, and unless also the Holders of not less than 33% in aggregate principal amount of the Securities of each affected series then Outstanding (treated as a single class) shall have made written request upon the Trustee to
institute such action or proceedings in its own name as trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby and the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant
to Section 5.9; it being understood and intended, and being expressly covenanted by the taker and Holder of every Security or Coupon with every other taker and Holder and the Trustee, that no one or more Holders of Securities of any series or
Coupons appertaining to such Securities shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities or Coupons appertaining
to such Securities, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders
of Securities of the applicable series and Coupons appertaining to such Securities. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity. 
 Section 5.7 Unconditional Right of Securityholders to Institute Certain Suits.
Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security or Coupon to receive payment of the principal of and interest on such Security or Coupon on or after the respective due
dates expressed in such Security or Coupon, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 5.8 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in Section 5.6, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or Coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
  

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 No delay or omission of the Trustee or of any Holder of Securities or Coupons to exercise
any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to
Section 5.6, every power and remedy given by this Indenture or by law to the Trustee or to the Holders of Securities or Coupons may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders of
Securities or Coupons. 
 Section 5.9 Control by Holders of Securities. The Holders of a majority in aggregate principal
amount of the Securities of each series affected (with all such series voting as a single class) at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the provisions of this Indenture; provided
further that (subject to the provisions of Section 6.1) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee, or a trust committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed would involve
the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series
so affected not joining in the giving of said direction, it being understood that (subject to Section 6.1) the Trustee shall have no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders.

 Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the
Trustee and which is not inconsistent with such direction or directions by Securityholders. 
 Section 5.10 Waiver of Past
Defaults. Prior to the acceleration of the maturity of any Securities as provided in Section 5.1, the Holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding with respect to which an Event
of Default shall have occurred and be continuing, may (voting as a single class) on behalf of the Holders of all such Securities waive any past default or Event of Default described in Section 5.1 and its consequences, except a default in
respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such waiver, the Issuer, the Guarantor the Trustee and the Holders of all such Securities
shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 Upon any such waiver, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

 Section 5.11 Trustee to Give Notice of Default, but May Withhold in Certain Circumstances. The Trustee shall, within
ninety days after the occurrence of a default with respect to the Securities of any series, give notice of all defaults with respect to that series actually known to a Responsible Officer of the Trustee (1) if any Unregistered Securities of
that series are then Outstanding, to the Holders thereof, by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York and at least once in an Authorized Newspaper in London and (2) to all Holders of
Securities of such series in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act of 1939, unless in each case such defaults shall have been cured before the mailing or publication of such notice (the term
“defaults” for the purpose of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); provided that, except in the case of default in the
payment of the principal of or interest on any of the Securities of such series, or in the payment of any sinking fund installment on such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors,
the executive committee, or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders of such series. 
  

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 Section 5.12 Right of Court to Require Filing of Undertaking to Pay Costs. All
parties to this Indenture agree, and each Holder of any Security or Coupon by his or her 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 and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of
this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such
series, or, in the case of any suit relating to or arising under clause (4) or (9) of Section 5.1 (if the suit relates to Securities of more than one but less than all series), 10% in aggregate principal amount of Securities then
Outstanding and affected thereby, or in the case of any suit relating to or arising under clause (4) or (9) (if the suit under clause (4) or (9) relates to all the Securities then Outstanding), (5), (6), (7) or (8) of
Section 5.1, 10% in aggregate principal amount of all Securities then Outstanding, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due date
expressed in such Security or any date fixed for redemption. 
 ARTICLE VI 
 CONCERNING THE TRUSTEE 
 Section 6.1 Duties and Responsibilities of the Trustee: During Default; Prior to Default. 
 (1) With respect to the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after
the curing or waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to
the Securities of a series has occurred (which has not been cured or waived), the Trustee shall exercise with respect to such series of Securities such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (2) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that 
 (a) prior to the occurrence of an Event of Default with respect to the Securities of any series and after the curing or waiving of all such
Events of Default with respect to such series which may have occurred: 
 (i) the duties and obligations of the
Trustee with respect to the Securities of any series shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein unless specifically required by
this Indenture); 
  

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 (b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (c) the Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture;

 (d) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders pursuant to Section 5.9 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; and 
 (e) the Trustee shall not be required to take notice, and shall not be deemed to have notice, of any
default or Event of Default hereunder, except Events of Default described in paragraphs (1), (2) and (3) of Section 5.1 hereof, unless a Responsible Officer of the Trustee shall be notified specifically of the default or Event of
Default on a written instrument or document delivered to it at its notice address by the Issuer, the Guarantor or by the Holders of at least 10% of the aggregate principal amount of Securities then outstanding. In the absence of delivery of notice
satisfying those requirements, the Trustee may assume conclusively that there is no default or Event of Default, except as noted. 
 (3) None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights
or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such liability is not reasonably assured to it. 
 The provisions of this Section 6.1 are in furtherance of and subject to Section 315 of the Trust Indenture Act of 1939.

 Section 6.2 Certain Rights of the Trustee. In furtherance of and subject to the Trust Indenture Act of 1939, and
subject to Section 6.1: 
 (1) the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond,
debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (2) any request, direction, order or demand of the Issuer or the Guarantor mentioned herein shall be sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be
herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Issuer or the Guarantor, as applicable; 
 (3) the Trustee may consult with legal counsel of its choice or other experts, and the advice of such experts within the scope of such
expert’s area of expertise or opinion of counsel with respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in
accordance with such advice or opinion. 
 (4) the Trustee shall be under no obligation to exercise any of the trusts or powers
vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably satisfactory
to it against the costs, expenses and liabilities which might be incurred therein or thereby; 
 (5) prior to the occurrence of
an Event of Default hereunder and after the curing or waiving of all Events of Default, 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, consent, order, approval, appraisal,

  

 27 

 
bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Securities
of all series affected by such Event of Default and then Outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in
the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity satisfactory to it against such expenses or liabilities as a condition to proceeding;
the reasonable expenses of every such investigation shall be paid by the Issuer or the Guarantor or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Issuer or the Guarantor upon demand; 
 (6) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder; 
 (7) 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; 
 (8) the Trustee
may request that the Issuer and/or Guarantor 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, which Certificate may be signed by any
person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; 
 (9) 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, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer or the Guarantor, at a time reasonably determined by the Issuer or the Guarantor, as applicable, personally or by
agent or attorney at the sole cost of the Issuer or the Guarantor, as applicable, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; and 
 (10) in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 6.3 Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals
contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer or the Guarantor, as applicable, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee makes no representation as to the validity or sufficiency of this Indenture or of any Securities or Coupons. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds
thereof. 
 Section 6.4 Trustee and Agents May Hold Securities or Coupons; Collections, Etc. The Trustee or any agent of
the Issuer, the Guarantor or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons with the same rights it would have if it were not the Trustee or such agent and may otherwise deal with the
Issuer or the Guarantor and receive, collect, hold and retain collections from the Issuer or the Guarantor with the same rights it would have if it were not the Trustee or such agent. 
 Section 6.5 Moneys Held by Trustee. Subject to the provisions of Section 3.3 hereof, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Neither the Trustee nor any agent of
the Issuer, the Guarantor or the Trustee shall be under any liability for interest on any moneys received by it hereunder. 
  

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 Section 6.6 Compensation and Indemnification of Trustee and its Prior Claim. The
Issuer and the Guarantor covenant and agree to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation as shall be agreed in writing between the Issuer, the Guarantor and the Trustee from time to time (which
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Issuer and the Guarantor covenant and agree to pay or reimburse the Trustee and each predecessor Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all
agents and other persons not regularly in its employ) except any such expense, disbursement or advance as shall be determined to have been caused by its own negligence, bad faith or willful misconduct. The Issuer and the Guarantor, jointly and
severally, also covenant to indemnify the Trustee, each predecessor Trustee and their respective directors, officers, employees, and agents (the “indemnitees”) for, and to hold the indemnitees harmless against, any and all loss, liability,
claim, damage, penalty, fine or expense, including taxes and reasonable out-of-pocket expenses, reasonable incidental expenses and reasonable legal fees and expenses incurred without negligence, bad faith or willful misconduct on the
indemnitees’ part, arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder and the indemnitees’ duties hereunder, including the costs and expenses of defending themselves against or
investigating any claim, whether asserted by the Issuer, the Guarantor or any Holder or any other Person, or liability in connection with the exercise or performance of the indemnitees’ duties or obligations hereunder. The obligations of the
Issuer and the Guarantor under this Section to compensate and indemnify the indemnitees and to pay or reimburse the indemnitees for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the
satisfaction and discharge of this Indenture and the resignation or removal of the Trustee in accordance with Section 6.10 herein. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held
or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities or Coupons, and the Securities are hereby subordinated to such senior claim. 
 The Trustee shall have a lien prior to the Securities as to all property and funds held by it hereunder for any amount owing it or any
predecessor Trustee pursuant to this Section 6.6, except with respect to funds held in trust for the benefit of the Holders of particular Securities. 
 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.1(5) or Section 5.1(6), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law. 
 The provisions of this section shall survive the termination of this Indenture. 
 Section 6.7 Right of Trustee to Rely on Officer’s Certificate, Etc. Subject to Sections 6.1 and 6.2, whenever in the
administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee,
and such certificate, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the
faith thereof. 
 Section 6.8 Indentures Not Creating Potential Conflicting Interests for the Trustee. The following
indentures are hereby specifically described for the purposes of Section 310(b)(1) of the Trust Indenture Act of 1939: this Indenture with respect to the Securities of any series. 
 Section 6.9 Persons Eligible for Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times be a
corporation or banking association organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a combined capital and surplus of at least $50,000,000, and which is authorized under
such laws to exercise corporate trust powers and is subject to supervision or examination by Federal, State or District of Columbia authority. Such corporation or banking association shall have a place of business or an affiliate with a place of
business in the Borough of Manhattan, The City of New York if there be such a corporation or association in such location willing to act upon 
  

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reasonable and customary terms and conditions. If such corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. 
 The provisions of this Section 6.9 are in furtherance of and subject to Section 310(a) of the Trust Indenture Act of 1939. 
 Section 6.10 Resignation and Removal; Appointment of Successor Trustee. 
 (1) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of
Securities by giving written notice of resignation to the Issuer and the Guarantor and (a) if any Unregistered Securities of a series affected are then Outstanding, by giving notice of such resignation to the Holders thereof, by publication, at
the Issuer’s expense, at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York, and at least once in an Authorized Newspaper in London, (b) if any Unregistered Securities of a series affected are then
Outstanding, by mailing notice of such resignation to the Holders thereof who have filed their names and addresses with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act of 1939 at such addresses as were so furnished to the
Trustee and (c) by mailing notice of such resignation to the Holders of then Outstanding Registered Securities of each series affected at their addresses as they shall appear on the registry books. Upon receiving such notice of resignation, the
Issuer shall promptly appoint a successor Trustee or Trustees with respect to the applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor Trustee or Trustees. If no successor Trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning
Trustee may, at the Issuer’s expense, petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at
least six months may, subject to the provisions of Section 5.12, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, appoint a successor Trustee. 
 (2) In case at any time any of the following shall
occur: 
 (a) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939
with respect to any series of Securities after written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or 
 (b) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.9 and Section 310(a) of the Trust
Indenture Act of 1939 and shall fail to resign after written request therefor by the Issuer or by any Securityholder; or 
 (c)
the Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any
such case, the Issuer may remove the Trustee with respect to the applicable series of Securities and appoint a successor Trustee for such series by written instrument, in duplicate, executed by order of the Board of Directors of the Issuer, one copy
of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has been a bona fide Holder of a
Security or Securities of such series for at least six months may on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper, remove the Trustee and appoint a successor Trustee. 
  

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 (3) The Holders of a majority in aggregate principal amount of the Securities of each series
at the time Outstanding may at any time remove the Trustee with respect to Securities of such series and appoint a successor Trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor Trustee so
appointed and to the Issuer the evidence provided for in Section 7.1 of the action in that regard taken by such Securityholders. 
 (4) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor Trustee with respect to such series pursuant to any of the provisions of this Section 6.10 shall become effective upon
acceptance of appointment by the successor Trustee as provided in Section 6.11. 
 Section 6.11 Acceptance of
Appointment by Successor Trustee. Any successor Trustee appointed as provided in Section 6.10 shall execute and deliver to the Issuer, the Guarantor and to its predecessor Trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor Trustee with respect to all or any applicable series shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers,
duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as Trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or the Guarantor or of the
successor Trustee, upon payment of its charges then unpaid, the Trustee ceasing to act shall, subject to Section 3.3, pay over to the successor Trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument
transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor Trustee, the Issuer and the Guarantor shall execute any and all instruments in writing for more fully and certainly vesting in
and confirming to such successor Trustee all such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such Trustee to secure any amounts then due it pursuant to the
provisions of Section 6.6. 
 If a successor Trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the Guarantor, the predecessor Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to-the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested
in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts under separate indentures. 
 No successor Trustee with respect to any series of Securities shall accept appointment as provided in this Section 6.11 unless at the
time of such acceptance such successor Trustee shall be qualified under Section 310(b) of the Trust Indenture Act of 1939 and eligible under the provisions of Section 6.9. 
 Upon acceptance of appointment by any successor Trustee as provided in this Section 6.11, the Issuer shall give notice thereof
(1) if any Unregistered Securities of a series affected are then Outstanding, to the Holders thereof, by publication of such notice at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York, and at least once in
an Authorized Newspaper in London and (2) if any Unregistered Securities of a series affected are then Outstanding, to the Holders thereof who have filed their names and addresses with the Trustee pursuant to Section 313(c)(2) of the Trust
Indenture Act of 1939, by mailing such notice to such Holders at such addresses as were so furnished to the Trustee (and the Trustee shall make such information available to the Issuer for such purpose) and (3) if any Registered Securities of a
series affected are then Outstanding, to the Holders thereof, by mailing such notice to such Holders at their addresses as they shall appear on the registry books. If the acceptance of appointment is substantially contemporaneous with the
resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 6.10. If the Issuer fails to give such notice within ten days after acceptance of appointment by the successor Trustee, the
successor Trustee shall cause such notice to be given at the expense of the Issuer. 
 Section 6.12 Merger, Amalgamation,
Conversion, Consolidation or Succession to Business of Trustee. Any corporation or national banking association into which the Trustee may be merged or amalgamated or converted or with which it may be consolidated, or any corporation or national
banking association resulting from 
  

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any merger, amalgamation, conversion or consolidation to which the Trustee shall be a party, or any corporation or national banking association succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation or national banking association shall be qualified under Section 310(b) of the Trust Indenture Act of 1939 and eligible
under the provisions of Section 6.9, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
 In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Securities of any series
shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities
of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in all such cases such certificate shall have
the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of authentication of any predecessor Trustee or to
authenticate Securities of any series in the name of any predecessor Trustee shall apply only to its successor or successors by merger, amalgamation, conversion or consolidation. 
 Section 6.13 Preferential Collection of Claims Against the Issuer. The Trustee shall comply with Section 311(a) of the Trust
Indenture Act of 1939, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act of 1939. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act of 1939 to the
extent indicated therein. 
 Section 6.14 Appointment of Authenticating Agent. As long as any Securities of a series
remain Outstanding, the Trustee may, by an instrument in writing, appoint with the approval of the Issuer and the Guarantor an authenticating agent (the “Authenticating Agent”) which shall be authorized to act on behalf of the Trustee to
authenticate Securities, including Securities issued upon exchange, registration of transfer, partial redemption or pursuant to Section 2.9. Securities of each such series authenticated by such Authenticating Agent shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee. Whenever reference is made in this Indenture to the authentication and delivery of Securities of any series by the Trustee or to the
Trustee’s Certificate of Authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent for such series and a Certificate of Authentication executed on behalf of the
Trustee by such Authenticating Agent. Such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States of America or of any State, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000 (determined as provided in Section 6.9 with respect to the Trustee) and subject to supervision or examination by Federal or State authority. 
 Any corporation into which any Authenticating Agent may be merged, amalgamated or converted, or with which it may be consolidated, or any
corporation resulting from any merger, amalgamation or conversion or consolidation to which any Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency business of any Authenticating
Agent, shall continue to be the Authenticating Agent with respect to all series of Securities for which it served as Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or such
Authenticating Agent. The Trustee may at any time terminate the Authenticating Agent. Any Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice of resignation to the Trustee and to the
Issuer and the Guarantor. 
 Upon receiving such a notice of resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14 with respect to one or more series of Securities, the Trustee shall upon receipt of an Issuer Order or Guarantor Order appoint a successor
Authenticating Agent and the Issuer shall provide notice of such appointment to all Holders of Securities of such series in the manner and to the extent provided in Section 11.4. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Issuer agrees to pay to the Authenticating Agent for
such series from time to time reasonable compensation. The Authenticating Agent for the Securities of any series shall have no responsibility or liability for any action taken by it as such at the direction of the Trustee. 
  

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 Sections 6.2, 6.3, 6.4, 6.6 and 7.3 shall be applicable to any Authenticating Agent.

 ARTICLE VII 
 CONCERNING THE SECURITYHOLDERS 
 Section 7.1 Evidence of Action Taken by
Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Sections 6.1 and 6.2) conclusive in favor of the Trustee, the Issuer and the Guarantor, if made in the manner provided in this Article. 
 Section 7.2 Proof of Execution of Instruments and of Holding of Securities. Subject to Sections 6.1 and 6.2, the execution of any instrument by a Securityholder or his or her agent or proxy may be,
proved in the following manner: 
 (1) The fact and date of the execution by any Holder of any instrument may be proved by the
certificate of any notary public or other officer of any jurisdiction authorized to take acknowledgments of deeds or administer oaths that the person executing such instruments acknowledged to him or her the execution thereof, or by an affidavit of
a witness to such execution sworn to before any such notary or other such officer. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute sufficient proof of the
authority of the person executing the same. 
 (2) The fact of the holding by any Holder of an Unregistered Security of any
series, and the identifying number of such Security and the date of his or her holding the same, may be proved by the production of such Security or by a certificate executed by any trust company, bank, banker or recognized securities dealer
wherever situated satisfactory to the Trustee, if such certificate shall be deemed by the Trustee to be satisfactory. Each such certificate shall be dated and shall state that on the date thereof a Security of such series bearing a specified
identifying number was deposited with or exhibited to such trust company, bank, banker or recognized securities dealer by the person named in such certificate. Any such certificate may be issued in respect of one or more Unregistered Securities of
one or more series specified therein. The holding by the person named in any such certificate of any Unregistered Securities of any series specified therein shall be presumed to continue for a period of one year from the date of such certificate
unless at the time of any determination of such holding (a) another certificate bearing a later date issued in respect of the same Securities shall be produced, or (b) the Securities of such series specified in such certificate shall be
produced by some other person, or (c) the Securities of such series specified in such certificate shall have ceased to be Outstanding. Subject to Sections 6.1 and 6.2, the fact and date of the execution of any such instrument and the amount and
numbers of Securities of any series held by the person so executing such instrument and the amount and numbers of any Security or Securities for such series may also be proven in accordance with such reasonable rules and regulations as may be
prescribed by the Trustee for such series or in any other manner which the Trustee for such series may deem sufficient. 
 (3)
In the case of Registered Securities, the ownership of such Securities shall be proved by the Security register or by a certificate of the Security registrar. 
 The Issuer may set a record date for purposes of determining the identity of Holders of Registered Securities of any series entitled to vote or consent to any action referred to in Section 7.1, which
record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or
consent, and thereafter, notwithstanding any other provisions hereof, with respect to Registered Securities of any series, only Holders of Registered Securities of such series of record on such record date shall be entitled to so vote or give such
consent or revoke such vote or consent. 
  

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 Section 7.3 Holders to Be Treated as Owners. The Issuer, the Guarantor, the Trustee
and any agent of the Issuer, the Guarantor or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether or not such Security
shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security and for
all other purposes; and none of the Issuer, the Guarantor, the Trustee or any agent of the Issuer, the Guarantor or the Trustee shall be affected by any notice to the contrary. The Issuer, Guarantor, the Trustee and any agent of the Issuer, the
Guarantor or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the
purpose of receiving payment thereof or on account thereof and for all other purposes and none of the Issuer, the Guarantor, the Trustee, or any agent of the Issuer, the Guarantor or the Trustee shall be affected by any notice to the contrary. All
such payments so made to any such person, or upon his or her order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Unregistered Security or Coupon.

 Section 7.4 Securities Owned by Issuer or Guarantor Deemed Not Outstanding. In determining whether the Holders of the
requisite aggregate principal amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Issuer, the Guarantor or any other obligor on the
Securities with respect to which such determination is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer, the Guarantor or any other obligor on the Securities
with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on
any such direction, consent or waiver only Securities which 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 may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer, the Guarantor or any other obligor upon the Securities or any person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Issuer, the Guarantor or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in
respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Securities, if any, known by the
Issuer to be owned or held by or for the account of any of the above-described Persons; and, subject to Sections 6.1 and 6.2, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set
forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination. 
 Section 7.5 Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.1, of the taking of any action by the Holders of the percentage in aggregate principal
amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of
the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as
aforesaid any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on
registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series,
as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer, the Guarantor, the Trustee and the Holders of all the Securities affected by such action. 
  

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 ARTICLE VIII 
 SUPPLEMENTAL INDENTURES 
 Section 8.1 Supplemental
Indentures Without Consent of Securityholders. 
 (1) In addition to any supplemental indenture otherwise authorized by this
Indenture, the Issuer and the Guarantor, each when authorized by a resolution of its Board of Directors (which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order or Guarantor Order, as applicable), and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto, which comply with the Trust Indenture
Act of 1939, as then in effect, without the consent of the Holders, for one or more of the following purposes: 
 (a) to
convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities of one or more series any property or assets; 
 (b) to evidence the succession of another Person to the Issuer or the Guarantor, as the case may be, or successive successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Issuer or the Guarantor, as the case may be, pursuant to Article IX; 
 (c) to add to the covenants of the
Issuer or the Guarantor such further covenants, restrictions, conditions or provisions as the Issuer, the Guarantor and the Trustee shall consider to be for the protection of the Holders of Securities or Coupons, and to make the occurrence, or the
occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth;
provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the
case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate
principal amount of the Securities of such series to waive such an Event of Default; 
 (d) to cure any ambiguity or to correct
or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to make any other provisions as the Issuer or
Guarantor may deem necessary or desirable, provided that no such action shall materially adversely affect the interests of the Holders of the Securities or Coupons; 
 (e) to establish the forms or terms of Securities of any series or of the Coupons appertaining to such Securities as permitted by Sections 2.1 and 2.3; 
 (f) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11;
and 
 (g) to make any other changes that do not materially adversely affect holders of the affected Securities. 
 (2) The Trustee is hereby authorized to join with the Issuer and the Guarantor in the execution of any such supplemental indenture, to make
any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  

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 (3) Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities at the time outstanding, notwithstanding any of the provisions of Section 8.2. 
 Section 8.2 Supplemental Indentures With Consent of Securityholders. 
 (1)
With the consent (evidenced as provided in Article VII) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such supplemental indenture, the Issuer and the
Guarantor, each when authorized by a resolution of its Board of Directors (which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or
pursuant to an Issuer Order or Guarantor Order, as applicable), and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto, which comply with the Trust Indenture Act of 1939, as then in effect,
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such
series or of the Coupons appertaining to such Securities; provided, that no such supplemental indenture shall (a) extend the final maturity of any then issued Security, or reduce the principal amount thereof, or reduce the rate or extend the
time of payment of interest thereon or reduce any amount payable on redemption thereof, or make the principal thereof (including any amount in respect of original issue discount), or interest thereon payable in any coin or currency other than that
provided in such Securities and any Coupons thereon or in accordance with the terms thereof, or reduce the amount of the principal of a then issued Original Issue Discount Security that would be due and payable upon an acceleration of the maturity
thereof pursuant to Section 5.1 or the amount thereof provable in bankruptcy pursuant to Section 5.2, or impair or affect the right of any Securityholder to institute suit for the payment thereof or, if such Securities provide therefor,
any right of repayment at the option of the Securityholder, in each case without the consent of the Holder of each Security so affected, (b) reduce the percentage in principal amount of then issued Securities of any series, the consent of the
Holders of which is required for any such supplemental indenture, without the consent of the Holders of each Security so affected or (c) other than as expressly permitted in this Indenture, modify the Guarantee with respect to such series in a
manner that adversely affects the Holders of Securities of such series, without the consent of the Holder of each Security so affected. 
 (2) A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of
Securities, or which modifies the rights of Holders of Securities of such series, or of Coupons appertaining to such Securities, with respect to such covenant or provision, shall be deemed not to affect the rights under this Indenture of the Holders
of Securities of any other series or of the Coupons appertaining to such Securities. 
 (3) Upon the request of the Issuer or
the Guarantor, accompanied by a copy of a resolution of the Board of Directors (which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or
pursuant to an Issuer Order or Guarantor Order, as applicable) certified by the secretary or an assistant secretary of the Issuer or Guarantor, as applicable, authorizing the execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of the Holders of the Securities as aforesaid and other documents, if any, required by Section 7.1, the Trustee shall join with the Issuer and the Guarantor in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 (4) It shall not be necessary for the consent of the Securityholders under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 (5) Promptly
after the execution by the Issuer, the Guarantor and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall give notice thereof (a) if any Registered Securities of a series affected thereby are
then Outstanding, to the Holders thereof by mailing a notice thereof by first-class mail to such Holders at their addresses as they shall appear on the Security register, (b) if any Unregistered Securities of a series affected thereby are then
Outstanding, to the Holders thereof who have filed their

  

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names and addresses with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act of 1939, by mailing a notice thereof by first-class mail to such Holders at such addresses as
were so furnished to the Trustee and (c) if any Unregistered Securities of a series affected thereby are then Outstanding, to all Holders thereof, by publication of a notice thereof at least once in an Authorized Newspaper in the Borough of
Manhattan, The City of New York, and at least once in an Authorized Newspaper in London and in each case such notice shall set forth in general terms the substance of such supplemental indenture. Any failure of the Trustee to give such notice, or
any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 Section
8.3 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer, the Guarantor and the Holders of Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 8.4 Documents to Be Given to Trustee. The Trustee, subject to the provisions of Sections 6.1 and 6.2, shall be provided
with, and shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article VIII is authorized or permitted by the Indenture.

 Section 8.5 Notation on Securities in Respect of Supplemental Indentures. Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series as to any matter provided for by such supplemental indenture or as to any
action taken by Securityholders. If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors of each of the Issuer and the Guarantor, to any
modification of this Indenture contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 
 Section 8.6 Conformity with Trust Indenture Act of 1939. Every supplemental indenture executed pursuant to this Article shall conform
to the requirements of the Trust Indenture Act of 1939 as then in effect. 
 ARTICLE IX 
 CONSOLIDATION, MERGER, AMALGAMATION, SALE OR CONVEYANCE 
 Section 9.1 Issuer and Guarantor May Consolidate, Etc., Only on Certain Terms. Neither the Issuer nor the Guarantor shall consolidate with or merge or amalgamate into another Person or sell other
than for cash all or substantially all its assets to another Person, or purchase all or substantially all the assets of another Person, unless: 
 (1) either the Issuer or the Guarantor is the continuing Person, or the successor Person (if other than the Issuer or the Guarantor) expressly assumes by supplemental indenture the obligations and
covenants evidenced by the Indenture and the Securities (in which case, the Issuer or the Guarantor, as applicable, will be discharged therefrom), 
 (2) if the Issuer or the Guarantor is not the continuing Person, the successor Person shall be a corporation or limited liability company organized and existing under the laws of the United States of
America, any state thereof, the District of Columbia, Bermuda, the Cayman Islands, Barbados or any country or state which is a member of the Organization for Economic Cooperation and Development; 
 (3) immediately thereafter, the Issuer, the Guarantor or the successor Person (if other than the Issuer or the Guarantor) would not be in
default in the performance of any covenant or condition contained herein, and 
  

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 (4) a specified Officers’ Certificate and an Opinion of Counsel are delivered to the
Trustee, each (a) stating that such transaction and any supplemental indenture pertaining thereto, comply with Article VIII and Article IX, respectively, and (b) otherwise complying with Section 11.5. 
 Section 9.2 Successor Substituted for the Issuer. Upon any consolidation of the Issuer or the Guarantor with, or merger or
amalgamation of the Issuer or the Guarantor into, any other Person or any conveyance or transfer of the properties and assets of the Issuer of the Guarantor, substantially as an entirety, as the case may be, in accordance with Section 9.1, the
successor Person formed by such consolidation or into which the Issuer or the Guarantor is merged or amalgamated or to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Issuer or the Guarantor, as the case may be, under this Indenture with the same effect as if such successor Person had been named as the Issuer or the Guarantor herein, and thereafter, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities. 
 Section 9.3 Restrictions on Certain Dispositions. As long as any of
the Securities remain Outstanding, the Guarantor will not, and will not permit any Restricted Subsidiary to, issue, sell, assign, transfer or otherwise dispose of, directly or indirectly, any of the Voting Shares of any Restricted Subsidiary,
unless: 
 (1) the issuance, sale, assignment, transfer or other disposition is required to comply with the order of a court or
regulatory authority of competent jurisdiction, other than an order issued at the request of the Issuer, the Guarantor or of one of the Restricted Subsidiaries; 
 (2) all of the Voting Shares of a Restricted Subsidiary then owned by the Guarantor or by its Restricted Subsidiaries is disposed of in a single transaction or in a series of related transactions, for a
consideration consisting of cash or other property the fair market value of which (as determined in good faith by the Board of Directors of the Guarantor) is at least equal to the Fair Value of such Voting Shares; 
 (3) the issuance, sale, assignment, transfer or other disposition is made to the Issuer, the Guarantor or another Restricted Subsidiary; or

 (4) after giving effect to the issuance sale, assignment, transfer or other disposition, the Guarantor and its Restricted
Subsidiaries would own directly or indirectly at least 80% of the issued and outstanding Voting Shares of such Restricted Subsidiary and such issuance, sale, assignment, transfer or other disposition is made for a consideration consisting of cash or
other property which is at least equal to the Fair Value of such Voting Shares, as determined in good faith by the Board of Directors of the Guarantor. 
 Notwithstanding the foregoing, the Issuer and Guarantor may merge or consolidate any of their other respective Subsidiaries into or with another Person and the Issuer and Guarantor may sell, transfer or
otherwise dispose of the assets of any Restricted Subsidiary or the Guarantor’s business in accordance with the provisions of this Indenture. Furthermore, the foregoing covenant will not prohibit any issuance or disposition of securities by any
other Subsidiary. 
 ARTICLE X 
 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 
 Section 10.1
Termination of Issuer and Guarantor’s Obligations Under the Indenture. 
 (1) This Indenture shall upon an Issuer
Order cease to be of further effect with respect to Securities of or within any series and any Coupons appertaining thereto (except as to any surviving rights of registration of transfer or exchange of such Securities and replacement of such
Securities which may have been lost, stolen or mutilated as herein expressly provided for) and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to
such Securities and any Coupons appertaining thereto when 
 (a) either 
  

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 (i) all such Securities previously authenticated and delivered and all
Coupons appertaining thereto (other than (A) such Coupons appertaining to Unregistered Securities surrendered in exchange for Registered Securities and maturing after such exchange, surrender of which is not required or has been waived as
provided in Section 2.8, (B) such Securities and Coupons which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.9, (C) such Coupons appertaining to Unregistered Securities called
for redemption and maturing after the date fixed for redemption thereof, surrender of which has been waived as provided in Section 12.3 and (D) such Securities and Coupons for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuer or the Guarantor and thereafter repaid to the Issuer or the Guarantor or discharged from such trust as provided in Section 3.3) have been delivered to the Trustee for cancellation; or 
 (ii) all Securities of such series and, in the case of (X) or (Y) below, all Coupons appertaining thereto not
theretofore delivered to the Trustee for cancellation (X) have become due and payable, or (Y) will become due and payable within one year, or (Z) if redeemable at the option of the Issuer, 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 Issuer, and the Issuer, in the case of (X), (Y) or (Z) above, has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency or currencies or currency unit or units in which the Securities of such series are payable, sufficient to pay and discharge the entire
indebtedness on such Securities and such Coupons not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and interest, with respect thereto, to the date of such deposit (in the case of Securities which have become
due and payable) or maturity date or redemption date, as the case may be; 
 (b) the Issuer has paid or caused to be paid all
other sums payable hereunder by the Issuer; and 
 (c) the Issuer has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 
 (2) Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer and the Guarantor to the Trustee and any
predecessor Trustee under Section 6.6, the obligations of the Issuer and the Guarantor to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to (1)(a)(ii) of this Section, the
obligations of the Trustee under Section 10.2 and the last paragraph of Section 3.3 shall survive such satisfaction and discharge. 
 Section 10.2 Application of Trust Funds. Subject to the provisions of the last paragraph of Section 3.3, all money deposited with the Trustee pursuant to Section 10.1 shall be held in
trust and applied by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to the payment, either directly or through any paying agent (including the Issuer or the Guarantor acting as paying agent) as the Trustee
may determine, to the Persons entitled thereto of the principal, premium, if any, and any interest for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated from other funds except to the
extent required by law. 
 Section 10.3 Applicability of Defeasance Provisions; Issuer’s Option to Effect Defeasance or
Covenant Defeasance. If pursuant to Section 2.3 provision is made for either or both of (1) defeasance of the Securities of or within a series under Section 10.4 or (2) covenant defeasance of the Securities of or within a
series under Section 10.5, then the provisions of such Section or Sections, as the case may be, together with the provisions of Sections 10.6 through 10.9 inclusive, with such modifications thereto as may be specified pursuant to
Section 2.3 with respect to any Securities, shall be applicable to such Securities and any Coupons appertaining thereto, and the Issuer may at its option by or pursuant to Board Resolution, at any time, with respect to such Securities and any
Coupons appertaining thereto, elect to have Section 10.4 (if applicable) or Section 10.5 (if applicable) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions set forth below in
this Article. 
  

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 Section 10.4 Defeasance and Discharge. Upon the Issuer’s exercise of the option
specified in Section 10.3 applicable to this Section with respect to the Securities of or within a series, the Issuer and the Guarantor shall be deemed to have been discharged from their respective obligations with respect to such Securities
and any Coupons appertaining thereto and the related Guarantee on and after the date the conditions set forth in Section 10.6 are satisfied (hereinafter “defeasance”). For this purpose, such defeasance means that the Issuer and the
Guarantor shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and any Coupons appertaining thereto and the related Guarantee which shall thereafter be deemed to be “Outstanding” only for the
purposes of Section 10.7 and the other Sections of this Indenture referred to in clause (2) of this Section, and to have satisfied all of their other obligations under such Securities and any Coupons appertaining thereto and the related
Guarantee and this Indenture insofar as such Securities and any Coupons appertaining thereto and the related Guarantee are concerned (and the Trustee, at the expense of the Issuer or the Guarantor, as applicable, shall on an Issuer Order or
Guarantor Order execute proper instruments acknowledging the same), except the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities and any Coupons appertaining thereto
to receive, solely from the trust funds described in Section 10.6(1) and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, and interest, on such Securities or any Coupons appertaining thereto
when such payments are due; (2) the Issuer and the Guarantor’s obligations with respect to such Securities under Sections 2.8, 2.9, 3.2 and 3.3 and Article XIII; (3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (4) this Article X. Subject to compliance with this Article X, the Issuer or the Guarantor may exercise the option under this Section notwithstanding the prior exercise of the option under Section 10.5 with respect to such
Securities and any Coupons appertaining thereto. Following a defeasance, payment of such Securities may not be accelerated because of an Event of Default. 
 Section 10.5 Covenant Defeasance. Upon the Issuer’s exercise of the option specified in Section 10.3 applicable to this Section with respect to any Securities of or within a series, the
Issuer and the Guarantor shall be released from their respective obligations under Sections 9.1, 3.5, 3.6, 3.7 and 3.9, if specified pursuant to Section 2.3, their obligations under any other covenant with respect to such Securities and
any Coupons appertaining thereto and the related Guarantee on and after the date the conditions set forth in Section 10.6 are satisfied (hereinafter, “covenant defeasance”), and such Securities and any Coupons appertaining thereto and
the related Guarantee shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with Sections 9.1 and Article
III or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Securities and any Coupons appertaining thereto, the
Issuer and Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default or an Event of
Default under Section 5.1(4) or (9) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any Coupons appertaining thereto shall be unaffected thereby. 
 Section 10.6 Conditions to Defeasance or Covenant Defeasance. The following shall be the conditions to application of
Section 10.4 or Section 10.5 to any Securities of or within a series and any Coupons appertaining thereto: 
 (1) The
Issuer or the Guarantor shall have deposited or caused to be deposited irrevocably with the Trustee (or another Trustee satisfying the requirements of Section 6.9 who shall agree to comply with, and shall be entitled to the benefits of, the
provisions of Sections 10.3 through 10.9 inclusive and the last paragraph of Section 3.3 applicable to the Trustee, for purposes of such Sections also a “Trustee”) as trust funds in trust for the purpose of making the payments
referred to in clauses (X) and (Y) of this Section 10.6(1), specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any Coupons appertaining thereto, with instructions to the
Trustee as to the application thereof, (a) money in an amount (in such currency, currencies or currency unit or units in which such Securities and any Coupons appertaining thereto are then specified as payable at maturity), or (b) if
Securities of such series are not subject to repayment at the option of Holders, U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day
before the due date of any payment referred to in clause (X) or (Y) of this Section 10.6(1), money in an amount or (c) a combination thereof in an amount sufficient, in the opinion of a

  

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nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee to pay and discharge, (X) the principal of, premium, if any, and interest on Securities and any Coupons appertaining thereto on the maturity of such principal or installment of principal or interest and (Y) any mandatory
sinking fund payments applicable to such Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and such Securities and any Coupons appertaining thereto. Before such a deposit the Issuer may
make arrangements satisfactory to the Trustee for the redemption of Securities at a future date or dates in accordance with Article XII which shall be given effect in applying the foregoing. 
 (2) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default or Event of Default under,
this Indenture or result in a breach or violation of, or constitute a default under, any other material agreement or instrument to which the Issuer or the Guarantor is a party or by which it is bound. 
 (3) In the case of an election under Section 10.4, the Issuer shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (a) the Issuer or the Guarantor has received from, or there has been published by, the Internal Revenue Service a ruling, or (b) 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 shall confirm that, the Holders of such Securities and any Coupons appertaining thereto will not recognize income, gain or loss for Federal
income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same 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.

 (4) In the case of an election under Section 10.5, the Issuer shall have delivered to the Trustee an Opinion of Counsel
to the effect that the Holders of such Securities and any Coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 
 (5) The Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance under Section 10.4 or the covenant defeasance under
Section 10.5 (as the case may be), including those contained in this Section 10.6 other than the 90 day period specified in Section 10.6(7), have been complied with. 
 (6) This Issuer shall have delivered to the Trustee an Officer’s Certificate to the effect that neither such Securities nor any other
Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit. 
 (7)
No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event
specified in Sections 5.1(5) and (6), at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day). 
 (8) Such defeasance or covenant defeasance shall not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act of 1940 unless such trust shall be registered under such Act or exempt from registration thereunder. 
 (9) Such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Issuer in connection therewith as
contemplated by Section 2.3. 
 Section 10.7 Deposited Money and U.S. Government Obligations to be Held in Trust.
Subject to the provisions of the last paragraph of Section 3.3, all money and U.S. Government Obligations (or other property as may be provided pursuant to Section 2.3) (including the proceeds thereof) deposited with the Trustee

  

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pursuant to Section 10.6 in respect of any Securities of any series and any Coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions
of such Securities and any Coupons appertaining thereto and this Indenture, to the payment, either directly or through any paying agent (including the Issuer or the Guarantor acting as paying agent) as the Trustee may determine, to the Holders of
such Securities and any Coupons appertaining thereto of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 Section 10.8 Repayment to Issuer. The Trustee (any paying agent) shall promptly pay to the Issuer upon Issuer Order
any excess money or securities held by them at any time. 
 Section 10.9 Indemnity For U.S. Government Obligations. The
Issuer shall pay, and shall indemnify the Trustee against, any tax, fee or other charge imposed on or assessed against U.S. Government Obligations deposited pursuant to this Article or the principal and interest and any other amount received on such
U.S. Government Obligations. 
 Section 10.10 Reimbursement. If the Trustee or the paying agent is unable to apply any
money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or government authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture
and such Securities from which the Issuer and the Guarantor have been discharged or released pursuant to Section 10.4 or 10.5 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such
Securities, until such time as the Trustee or paying agent is permitted to apply all money held in trust pursuant to Section 10.7 with respect to such Securities in accordance with this Article; provided, however, that if the Issuer or the
Guarantor makes any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Issuer or the Guarantor, as applicable, shall be subrogated to the rights (if any) of the Holders of
such Securities to receive such payment from the money so held in trust. 
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
 Section 11.1 Incorporators, Shareholders, Officers and Directors of Issuer and Guarantor Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement contained
in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future shareholder, officer or director, as such, of the Issuer, the Guarantor or
of any successor, either directly or through the Issuer, the Guarantor or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all
such liability being expressly waived and released by the acceptance of the Securities and the Coupons appertaining thereto by the Holders thereof and as part of the consideration for the issue of the Securities and the Coupons appertaining thereto.

 Section 11.2 Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities and Coupons. Nothing in
this Indenture, in the Securities or in the Coupons appertaining thereto, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the
Securities or Coupons, if any, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their
successors and of the Holders of the Securities or Coupons, if any. 
 Section 11.3 Successors and Assigns of Issuer and
Guarantor Bound by Indenture. All the covenants, stipulations, promises and agreements in this Indenture contained by or in behalf of the Issuer or the Guarantor, as applicable, shall bind its respective successors and assigns, whether so
expressed or not. 
 Section 11.4 Notices and Demands on Issuer, Guarantor, Trustee and Holders of Securities and
Coupons. Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities or Coupons to or on (i) the Issuer, shall be in writing (which may be by
facsimile) and may be given or served by being deposited postage prepaid, first-class mail (except as 
  

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otherwise specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to AXIS Specialty Finance LLC, 11680 Great Oaks Way, Suite 500,
Alpharetta, GA 30022, Attn: General Counsel, or to or on (ii) the Guarantor, shall be in writing (which may be by facsimile) and may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically
provided herein) addressed (until another address of the Guarantor is filed by the Guarantor with the Trustee) to AXIS Capital Holdings Limited, 92 Pitts Bay Road, Pembroke HM 08, Bermuda, Attn: General Counsel. Any notice, direction, request or
demand by the Issuer, the Guarantor or any Holder of Securities or Coupons to or upon the Trustee shall be deemed to have been sufficiently given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically
provided herein) addressed (until another address of the Trustee is filed by the Trustee with the Issuer and the Guarantor) to The Bank of New York Mellon Trust Company, N.A., 525 William Penn Place, 38th Floor, Pittsburgh, PA 15259, Attn: Corporate Trust Administration.

 Where this Indenture provides for notice to Holders of Registered Securities, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his or her last address as it appears in the Security register. In any case where notice to such Holders is given by
mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case, by reason of
the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer or the Guarantor when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be reasonably satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 
 Section
11.5 Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein. Upon any application or demand by the Issuer or the Guarantor to the Trustee to take any action under any of the provisions of this Indenture, the
Issuer or the Guarantor, as applicable, shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent have been complied with. 
 Each certificate or
opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include (1) a statement that the person making such certificate or opinion has read
such covenant or condition, (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (3) a statement that, in the opinion
of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with and (4) a statement as to whether or
not, in the opinion of such person, such condition or covenant has been complied with. 
 Any certificate, statement or opinion
of an officer of the Issuer or the Guarantor, as applicable, may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or
representations with respect to the matters upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or
opinion of counsel may be based, insofar as it relates to factual matters, information with respect to which is in the possession of the Issuer or the Guarantor, as applicable, upon the certificate, statement or opinion of or representations by an
officer or officers of the Issuer or the Guarantor, as applicable, unless such counsel actually knows that the certificate, statement or opinion or representations with respect to the matters upon which his or her certificate, statement or opinion
may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 
  

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 Any certificate, statement or opinion of an officer of the Issuer or the Guarantor, as
applicable, or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer or the Guarantor, as applicable, unless such
officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous. 
 Any certificate or opinion of any independent firm of
public accountants filed with and directed to the Trustee shall contain a statement that such firm is independent. 
 Section
11.6 Payments Due on Saturdays, Sundays and Holidays. If the date of maturity of interest on or principal of the Securities of any series or any Coupons appertaining thereto or the date fixed for redemption or repayment of any such Security
or Coupon shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for
redemption, and no interest shall accrue for the period after such date. 
 Section 11.7 Conflict of Any Provision of
Indenture with Trust Indenture Act of 1939. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this
Indenture by operation of, Sections 310 to 318, inclusive, of the Trust Indenture Act of 1939, such imposed duties or incorporated provision shall control. 
 Section 11.8 New York Law to Govern; Waiver of Jury Trial. This Indenture and each Security and Coupon shall be deemed to be a contract under the laws of the State of New York, and for all purposes
shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law. 
 EACH OF THE ISSUER, THE GUARANTOR 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
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 11.9 Counterparts. This Indenture may be executed in any number
of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
 Section 11.10 Effect of Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 11.11 Securities in a Foreign Currency or in Euro. Unless otherwise specified in an Officer’s Certificate delivered
pursuant to Section 2.3 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 in a coin or currency other than Dollars (including Euros), 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 that amount of Dollars that could be obtained for such amount at the Market Exchange Rate. For purposes of this
Section 11.11, Market Exchange Rate shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of Euros, Market Exchange Rate
shall mean the rate of exchange determined by the Commission of the European Communities (or any successor thereto) as published in the Official Journal of the European Communities (such publication or any successor publication, the
“Journal”). If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation, of the Federal Reserve Bank of New
York or, in the case of Euros, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of Euros, rates of exchange from one or more major banks in The City of New York or in the country
of issue of the currency in question, which for purposes of the Euro shall be Brussels, Belgium, or such other quotations or, in the case of Euro, rates of exchange as the Trustee shall deem appropriate. The provisions of this paragraph shall apply
in determining the equivalent principal amount in respect of Securities of a series denominated in a currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
  

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 All decisions and determinations of the Trustee regarding the Market Exchange Rate or any
alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Issuer, the
Guarantor and all Holders. 
 Section 11.12 Judgment Currency. The Issuer and the Guarantor agree, each to the fullest
extent that it may effectively do so under applicable law, that (1) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, any premium, interest 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 Business Day, then, to the extent permitted by applicable law, 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 Business Day preceding the day on which final
unappealable judgment is entered and (2) its obligations under this Indenture to make payments in the Required Currency (a) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not
entered in accordance with subsection (1)), 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, (b) 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 (c) shall not be affected by judgment being obtained for any other sum due under this Indenture. 
 Section 11.13 Separability Clause. If any provision of this Indenture or of the Securities, or the application of any such provision to any Person or circumstance, shall be held to be invalid,
illegal or unenforceable, the remainder of this Indenture or of the Securities, or the application of such provision to Persons or circumstances other than those as to whom or which it is invalid, illegal or unenforceable, shall not in any way be
affected or impaired thereby. 
 Section 11.14 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
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 11.15 Submission to Jurisdiction. The Issuer and the Guarantor each agrees that any judicial proceedings instituted in relation to any matter arising under this Indenture or the Securities
appertaining thereto may be brought in any United States Federal or New York State court sitting in the Borough of Manhattan, The City of New York, New York to the extent that such court has subject matter jurisdiction over the controversy, and, by
execution and delivery of this Indenture, the Issuer and the Guarantor each hereby irrevocably accepts, generally and unconditionally, the jurisdiction of the aforesaid courts, acknowledges their competence and irrevocably agrees to be bound by any
judgment rendered in such proceeding. The Issuer and the Guarantor each also irrevocably and unconditionally waives for the benefit of the Trustee and the Holders of the Securities any immunity from jurisdiction and any immunity from legal process
(whether through service or notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) in respect of this Indenture. The Issuer and the Guarantor each hereby irrevocably designates and appoints for the benefit
of the Trustee and the Holders of the Securities for the term of this Indenture CT Corporation System, 111 Eighth Avenue, New York, New York 10011, as its agent to receive on its behalf service of all process (with a copy of all such service of
process to be delivered to (i) if to the Issuer, AXIS Specialty Finance LLC, 11680 Great Oaks Way, Suite 500, Alpharetta, GA 30022, Attention: General Counsel and (ii) if to the Guarantor, AXIS Capital Holdings Limited 92 Pitts Bay Road,

  

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Pembroke HM 08, Bermuda, Attention: General Counsel) brought against it with respect to any such proceeding in any such court in The City of New York, such service being hereby acknowledged by
the Issuer and the Guarantor to be effective and binding service on it in every respect whether or not the Issuer or the Guarantor, as applicable, shall then be doing or shall have at any time done business in New York. Such appointment shall be
irrevocable so long as any of the Securities or the obligations of the Issuer or the Guarantor, as applicable, hereunder remain outstanding until the appointment of a successor by the Issuer or the Guarantor, as applicable, and such successor’s
acceptance of such appointment. Upon such acceptance, the Issuer or the Guarantor, as applicable, shall notify the Trustee in writing of the name and address of such successor. The Issuer and the Guarantor each further agrees for the benefit of the
Trustee and the Holders of the Securities to take any and all action, including the execution and filing of any and all such documents and instruments, as its agent in full force and effect so long as any of the Securities or the obligations of the
Issuer or the Guarantor, as applicable, hereunder shall be outstanding. The Trustee shall not be obligated and shall have no responsibility with respect to any failure by the Issuer or the Guarantor to take any such action. Nothing herein shall
affect the right to serve process in any other manner permitted by any law or limit the right of the Trustee or any Holder to institute proceedings against the Issuer or the Guarantor in the courts of any other jurisdiction or jurisdictions.

 ARTICLE XII 
 REDEMPTION OF SECURITIES AND SINKING FUNDS 
 Section 12.1 Applicability
of Article. The provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as
contemplated by Section 2.3 for Securities of such series. 
 Section 12.2 Notice of Redemption; Partial
Redemptions. Notice of redemption to the Holders of Registered Securities of any series to be redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at
least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series at their last addresses as they shall appear upon the registry books. Notice of redemption to the Holders of Unregistered
Securities to be redeemed as a whole or in part, who have filed their names and addresses with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act of 1939 shall be given at the Issuer’s expense by mailing notice of such
redemption, by first class mail, postage prepaid, at least 30 days and not more than 60 prior to the date fixed for redemption, to such Holders at such addresses as were so furnished to the Trustee (and, in the case of any such notice given by the
Issuer, the Trustee shall make such information available to the Issuer for such purpose). Notice of redemption to all other Holders of Unregistered Securities shall be published in an Authorized Newspaper in the Borough of’ Manhattan, The City
of New York, and in an Authorized Newspaper in London, in each case, once in each of three successive calendar weeks, the first publication to be not less than 30 nor more than 60 days prior to the date fixed for redemption. Any notice which is
mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series
designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of such series. 
 The notice of redemption to each such Holder shall identify the securities to be redeemed (including CUSIP numbers), shall specify, the principal amount of each Security of such series held by such Holder
to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities and, in the case of Securities with Coupons attached thereto, of all
Coupons appertaining thereto maturing after the date fixed for redemption, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid
as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state the
portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion
thereof will be issued. 
  

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 The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee (provided it receives the Officer’s Certificate below) in the name and at the expense of the Issuer. 
 On or before 10:00 a.m., New York City time, the redemption date specified in the notice of redemption given as provided in this Section,
the Issuer will deposit with the Trustee or with one or more paying agents (or, if the Issuer or the Guarantor is acting as paying agent, set aside, segregate and hold in trust as provided in Section 3.3) an amount of money sufficient to redeem
on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. The Issuer will deliver to the Trustee at least 75 days prior to
the date fixed for redemption an Officer’s Certificate stating the aggregate principal amount of Securities to be redeemed. In case of a redemption at the election of the Issuer prior to the expiration of any restriction on such redemption, the
Issuer shall deliver to the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section, an Officer’s Certificate stating that such restriction has been complied with. 
 If less than all the Securities of a series are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and
fair, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Securities of such series or any multiple thereof. The Trustee shall promptly notify
the Issuer in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which
has been or is to be redeemed. 
 Section 12.3 Payment of Securities Called for Redemption. If notice of redemption has
been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the
date fixed for redemption, and on and after said date (unless the Issuer shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so
called for redemption shall cease to accrue, and the unmatured Coupons, if any, appertaining thereto shall be void, and, except as provided in Sections 3.3 and 6.5, such Securities shall cease from and after the date fixed for redemption to be
entitled to any benefit or security under this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On
presentation and surrender of such Securities at a place of payment specified in said notice, together with all Coupons, if any, appertaining thereto maturing after the date fixed for redemption, said Securities or the specified portions thereof
shall be paid and redeemed by the Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided that payment of interest becoming due on or prior to the date fixed for redemption shall
be payable in the case of Securities with Coupons attached thereto, to the Holders of the Coupons for such interest upon surrender thereof, and in the case of Registered Securities, to the Holders of such Registered Securities registered as such on
the relevant record date subject to the terms and provisions of Sections 2.3 and 2.7 hereof. 
 If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original
Issue Discount Security) borne by such Security. 
 If any Security with Coupons attached thereto is surrendered for redemption
and is not accompanied by all appurtenant Coupons maturing after the date fixed for redemption, such Security may be redeemed after deducting from the redemption price any amount equal to the face amount of all such missing Coupons, or the surrender
of such missing Coupon or Coupons may be waived by the Issuer and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any paying agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any paying agent any such missing Coupon in respect of which a deduction shall have been made from the redemption price, such Holder shall be entitled to receive the amount so deducted; provided, however, that
interest represented by Coupons shall be payable as provided in Section 2.9 and, unless otherwise specified as contemplated by Section 2.3, only upon presentation and surrender of those Coupons. 
  

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 Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the
Security so presented. 
 Section 12.4 Exclusion of Certain Securities from Eligibility for Selection for Redemption.
Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in an Officer’s Certificate delivered to the Trustee at least 40 days prior to the last date on which
notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer, (b) the Guarantor or (c) an entity specifically identified in such written statement as directly
or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or the Guarantor. 
 Section 12.5 Mandatory and Optional Sinking Funds. 
 (1) 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 payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to
as an “optional sinking fund payment”. The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date”. 
 (2) In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may
at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10, (b) receive credit for optional sinking fund payments (not
previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision contained in the terms of such series.
Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. 
 (3) On or before the 60th day next preceding each sinking fund payment date for any series, the Issuer will deliver to the Trustee an Officer’s Certificate (which need not contain the statements
required by Section 11.5) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit,
(b) stating that none of the Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or
cured) and are continuing and (d) stating whether or not the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which
the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Issuer to be entitled to credit therefor as aforesaid
which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such Officer’s Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such
Officer’s Certificate shall be irrevocable and upon its receipt by the Trustee the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking
fund payment date. Failure of the Issuer, on or before any such 60th day, to deliver such Officer’s Certificate and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series
in respect thereof and (ii) that the Issuer will make no optional sinking fund payment with respect to such series as provided in this Section. 
 (4) If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign Currency or Euro) or a lesser sum in Dollars (or the equivalent thereof in any Foreign Currency or Euro) if the Issuer shall so request with respect to the
Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment

  

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date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $50,000 (or the
equivalent thereof in any Foreign Currency or Euro) or less and the Issuer makes no such request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign Currency or Euro) is available. The Trustee
shall select, in the manner provided in Section 12.2, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by
the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and
certificate number in an Officer’s Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer,
(b) the Guarantor or (c) an entity specifically identified in such Officer’s Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or the Guarantor. The Trustee,
in the name and at the expense of the Issuer (or the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.2 (and
with the effect provided in Section 12.3) for the redemption of Securities of such series in part at the option of the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series
shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the
Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for
the purpose, to the payment of the principal of, and interest on, the Securities of such series at maturity. 
 (5) On or before
each sinking fund payment date, the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest accrued to the date fixed for redemption on Securities to be redeemed on the next following sinking fund payment
date. 
 (6) The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give
any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default except that, where the giving of notice of redemption of
any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the
sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected
under Article V and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 5.10 or the default cured on or before the sixtieth day preceding the sinking fund payment date in any
year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities. 
 ARTICLE XIII 
 GUARANTEE 
 Section 13.1 Unconditional Guarantee. 
 The Guarantor does hereby fully and unconditionally guarantee (the “Guarantee”) to the Holders and to the Trustee all payment obligations of the Issuer due under this Indenture, including
without limitation on each series of Securities when due, in accordance with the provisions of this Indenture, as provided below. The Guarantee shall rank equally in right of payment with other unsecured, senior indebtedness of the Guarantor.

 The Guarantor hereby waives notice of acceptance of the Guarantee and of default of performance by the Issuer, and hereby
agrees that payment under the Guarantee shall be subject to no condition other than the giving of a written request for payment, stating the fact of default of performance. This Guarantee is a guarantee of payment and not of collection. 

 

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 The obligations of the Guarantor under the Guarantee shall in no way be impaired by:
(1) any extension, amendment, modification or renewal of a series of Securities; (2) any waiver of any Event of Default, extension of time or failure to enforce any series of Securities; or (3) any extension, moratorium or other
relief granted to the Issuer pursuant to any applicable law or statute. 
 The Guarantor shall be obligated to make payment
under the Guarantee, for the benefit of the Holders, at the same place as the Issuer is obligated to make payment. 
 Subject to
the provisions of this Article XIII, the Guarantor hereby agrees that: 
 (a) each series of Securities will be paid strictly
in accordance with the terms of this Indenture, regardless of the value, genuineness, validity, regularity or enforceability of such series of Securities, and of any law, regulation or order now or hereafter in effect in any jurisdiction affecting
any of such terms or the rights of the Trustee with respect thereto; and 
 (b) the liability of the Guarantor to the extent
herein set forth shall be absolute, unconditional and irrevocable, not subject to any reduction, limitation, impairment, termination (other than payment in full of the series of Securities), defense, offset, counterclaim or recoupment whatsoever
(all of which are hereby expressly waived by the Guarantor to the extent permitted by law) whether by reason of any claim of any character whatsoever, including, without limitation, any claim of waiver, release, surrender, alteration or compromise,
or by reason of any liability at any time to the Guarantor or otherwise, whether based upon any obligations or any other agreement or otherwise, and howsoever arising, whether out of action or inaction or otherwise and whether resulting from
default, willful misconduct, gross negligence or otherwise, and without limiting the foregoing, irrespective of: 
 (i) any lack of validity or enforceability of any agreement or instrument relating to such series of Securities; 
 (ii) any change in the time, manner or place of payment of, or in any other term in respect of, all or any of such series of Securities, or any rescission, amendment or other modification or waiver of or
consent to any departure from any of the terms or provisions of this Indenture, the Securities or any other agreement relating to any Securities of such series; 
 (iii) any increase in, addition to, exchange or release of, or nonperfection of any lien on or security interest in, any
collateral, or any release or amendment or waiver of or consent to any departure from or failure to enforce any other guarantee, for all or any of such series of Securities; 
 (iv) any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Issuer in respect
of such series of Securities; 
 (v) the absence of any action on the part of the Trustee to obtain payment of
such series of Securities from the Issuer; 
 (vi) any insolvency, bankruptcy, reorganization or dissolution, or
any similar proceeding of the Issuer, including, without limitation, rejection of such series of Securities in such bankruptcy; or 
 (vii) the absence of notice or any delay in any action to enforce any Securities of such series or to exercise any right or remedy against the Guarantor or the Issuer, whether hereunder, under any
Securities of such series or any agreement or any indulgence, compromise or extension granted. 
 Notwithstanding anything to
the contrary in this Guarantee, the Guarantor does not waive any defense that would be available to the Issuer based on a breach, default or misrepresentation by the Trustee, or failure of any condition to the Issuer’s obligations under this
Indenture or the illegality of any provision of this Indenture. 
  

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 The Guarantor further agrees that, to the extent that the Issuer or the Guarantor makes a
payment or payments to the Trustee, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to the Issuer or the Guarantor or their respective
estate, trustee, receiver or any other party under any federal bankruptcy laws, state or federal law, common law or equitable cause, then to the extent of such payment or repayment, this Guarantee and the advances or part thereof which have been
paid, reduced or satisfied by such amount (and the provisions of this Indenture in respect of the Guarantee) shall be reinstated and continued in full force and effect as of the date such initial payment, reduction or satisfaction occurred.

 Section 13.2 Limitation on Liability. 
 The Guarantor, and by its acceptance of Securities of any series, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee not constitute a fraudulent transfer or
conveyance for purposes of the United States Bankruptcy Code or any similar state law to the extent applicable to any Guarantee. Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the obligations
guaranteed hereunder by the Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to the Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer or similar laws affecting the rights of creditors generally. 
 Section 13.3 Execution and Delivery of the
Indenture. 
 If an officer whose signature is on this Indenture no longer holds that office at the time the Trustee
authenticates Securities of any series with respect to which the Guarantee is made or at any time thereafter, the Guarantee shall be valid nevertheless. 
 The delivery of Securities of any series by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantor.

 Section 13.4 Waiver of Subrogation. 
 The Guarantor shall be subrogated to all rights of the Holders of each series of Securities and the Trustee against the Issuer in respect of any amounts paid to such Holders by the Guarantor pursuant to
the provisions of the Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon such right of subrogation until the principal of, interest on and additional interest,
if any, payable in respect of all Securities of such series issued under such Indenture shall have been paid in full. 
 Section
13.5 Assumption by Guarantor. 
 The Guarantor may, without the consent of the Holders, assume all of the rights and
obligations of the Issuer hereunder with respect to a series of Securities and under the Securities of such series if, after giving effect to such assumption, no Event of Default or event which with the giving of notice or lapse of time, or both,
would become an Event of Default, shall have occurred and shall be continuing. Upon such an assumption, the Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Issuer and the Issuer
shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such series. 
 Section 13.6 No Suspension of Remedies. 
 Nothing contained in this Article XIII shall limit the right of the
Trustee or the Holders of Securities of any series to take any action to accelerate the maturity of the Securities of such series pursuant to Article V or to pursue any rights or remedies hereunder or under applicable law. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
.. 
  

			
	AXIS SPECIALTY FINANCE LLC, as Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	AXIS CAPITAL HOLDINGS LIMITED, as Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]