Document:

Form of Indenture

 Exhibit 4.7 
 NATIONAL FINANCIAL PARTNERS CORP. 
 INDENTURE 

Dated as of 
 Wells Fargo Bank, National Association 
 Trustee 

 Reconciliation and tie between Trust Indenture Act of 1939 and 

certain sections of this Indenture 
  

			
	 Trust Indenture
 Act Section
	  	 Indenture Section

		
	 § 310 (a)
	  	 11.04(a), 16.02

	           (b)
	  	 11.01(f), 11.04(b), 11.05(1), 16.02

	           (b)(1)
	  	 11.04(b), 16.02

	 § 311
	  	 11.01(f), 16.02

	 § 312
	  	 14.02(d), 16.02

	           (b)
	  	 11.10, 16.02

	           (c)
	  	 11.10, 16.02

	 § 313 (a)
	  	 10.01(a), 16.02

	 § 314
	  	 16.02

	 § 315 (e)
	  	 11.05, 16.02

	 § 316
	  	 16.02

	 § 317
	  	 16.02

	 § 317
	  	 16.02

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

 TABLE OF CONTENTS* 

 

					
	ARTICLE I
	
	DEFINITIONS
			
	Section 1.01	  	Definitions	  	1
	
	ARTICLE II
	
	FORMS OF SECURITIES
			
	Section 2.01	  	Terms of the Securities	  	11
	Section 2.02	  	Form of Trustee’s Certificate of Authentication	  	11
	Section 2.03	  	Form of Trustee’s Certificate of Authentication by an Authenticating Agent	  	12
	
	 ARTICLE III

 
 THE DEBT SECURITIES

			
	Section 3.01	  	Amount Unlimited; Issuable in Series	  	12
	Section 3.02	  	Denominations	  	15
	Section 3.03	  	Execution, Authentication, Delivery and Dating	  	15
	Section 3.04	  	Temporary Securities	  	18
	Section 3.05	  	Registrar and Paying Agent	  	19
	Section 3.06	  	Transfer and Exchange	  	20
	Section 3.07	  	Mutilated, Destroyed, Lost and Stolen Securities	  	23
	Section 3.08	  	Payment of Interest; Interest Rights Preserved	  	24
	Section 3.09	  	Cancellation	  	25
	Section 3.10	  	Computation of Interest	  	26
	Section 3.11	  	Currency of Payments in Respect of Securities	  	26
	Section 3.12	  	Judgments	  	26
	Section 3.13	  	CUSIP Numbers	  	27
	
	 ARTICLE IV

 
 REDEMPTION OF SECURITIES

			
	Section 4.01	  	Applicability of Right of Redemption	  	27
	Section 4.02	  	Selection of Securities to be Redeemed	  	27
	Section 4.03	  	Notice of Redemption	  	28
	Section 4.04	  	Deposit of Redemption Price	  	28
	Section 4.05	  	Securities Payable on Redemption Date	  	29
	Section 4.06	  	Securities Redeemed in Part	  	29

  
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	 ARTICLE V

 
 SINKING FUNDS

			
	Section 5.01	  	Applicability of Sinking Fund	  	29
	Section 5.02	  	Mandatory Sinking Fund Obligation	  	30
	Section 5.03	  	Optional Redemption at Sinking Fund Redemption Price	  	30
	Section 5.04	  	Application of Sinking Fund Payment	  	30
	
	 ARTICLE VI

 
 PARTICULAR COVENANTS OF THE
COMPANY

			
	Section 6.01	  	Payments of Securities	  	32
	Section 6.02	  	Paying Agent	  	32
	Section 6.03	  	To Hold Payment in Trust	  	32
	Section 6.04	  	Merger, Consolidation and Sale of Assets	  	34
	Section 6.05	  	Compliance Certificate	  	35
	Section 6.06	  	Conditional Waiver by Holders of Securities	  	35
	Section 6.07	  	Statement as to Default	  	35
	
	 ARTICLE VII

 
 REMEDIES OF TRUSTEE AND
SECURITYHOLDERS

			
	Section 7.01	  	Events of Default	  	35
	Section 7.02	  	Acceleration; Rescission and Annulment	  	37
	Section 7.03	  	Other Remedies	  	38
	Section 7.04	  	Trustee as Attorney-in-Fact	  	39
	Section 7.05	  	Priorities	  	40
	Section 7.06	  	Control by Securityholders; Waiver of Past Defaults	  	40
	Section 7.07	  	Limitation on Suits	  	41
	Section 7.08	  	Undertaking for Costs	  	41
	Section 7.09	  	Remedies Cumulative	  	42
	
	 ARTICLE VIII

 
 CONCERNING THE SECURITYHOLDERS

			
	Section 8.01	  	Evidence of Action of Securityholders	  	42
	Section 8.02	  	Proof of Execution or Holding of Securities	  	43
	Section 8.03	  	Persons Deemed Owners	  	43
	Section 8.04	  	Effect of Consents	  	44

  
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	 ARTICLE IX

 
 SECURITYHOLDERS’ MEETINGS

			
	Section 9.01	  	Purposes of Meetings	  	44
	Section 9.02	  	Call of Meetings by Trustee	  	44
	Section 9.03	  	Call of Meetings by Company or Securityholders	  	44
	Section 9.04	  	Qualifications for Voting	  	45
	Section 9.05	  	Regulation of Meetings	  	45
	Section 9.06	  	Voting	  	46
	Section 9.07	  	No Delay of Rights by Meeting	  	46
	
	 ARTICLE X

 
 REPORTS BY THE COMPANY AND THE TRUSTEE AND

SECURITYHOLDERS’ LISTS

			
	Section 10.01	  	Reports by Trustee	  	46
	Section 10.02	  	Reports by the Company	  	47
	Section 10.03	  	Securityholders’ Lists	  	47
	
	 ARTICLE XI

 
 CONCERNING THE TRUSTEE

			
	Section 11.01	  	Rights of Trustees; Compensation and Indemnity	  	48
	Section 11.02	  	Duties of Trustee	  	50
	Section 11.03	  	Notice of Defaults	  	51
	Section 11.04	  	Eligibility; Disqualification	  	52
	Section 11.05	  	Registration and Notice; Removal	  	52
	Section 11.06	  	Successor Trustee by Appointment	  	53
	Section 11.07	  	Successor Trustee by Merger	  	55
	Section 11.08	  	Right to Rely on Officer’s Certificate	  	55
	Section 11.09	  	Appointment of Authenticating Agent	  	55
	Section 11.10	  	Communications by Securityholders with Other Securityholders	  	56
	
	 ARTICLE XII

 
 SATISFACTION AND DISCHARGE;
DEFEASANCE

			
	Section 12.01	  	Applicability of Article	  	57
	Section 12.02	  	Satisfaction and Discharge of Indenture	  	57
	Section 12.03	  	Defeasance upon Deposit of Moneys or U.S. Government Obligations	  	58
	Section 12.04	  	Repayment to Company	  	59
	Section 12.05	  	Indemnity for U.S. Government Obligations	  	59
	Section 12.06	  	Deposits to Be Held in Escrow	  	59
	Section 12.07	  	Application of Trust Money	  	60

  
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	Section 12.08	  	Deposits of Non-U.S. Currencies	  	61
	
	 ARTICLE XIII

 
 IMMUNITY OF CERTAIN PERSONS

			
	Section 13.01	  	No Personal Liability	  	61
	
	 ARTICLE XIV

 
 SUPPLEMENTAL INDENTURES

			
	Section 14.01	  	Without Consent of Securityholders	  	61
	Section 14.02	  	With Consent of Securityholders; Limitations	  	63
	Section 14.03	  	Trustee Protected	  	65
	Section 14.04	  	Effect of Execution of Supplemental Indenture	  	65
	Section 14.05	  	Notation on or Exchange of Securities	  	65
	Section 14.06	  	Conformity with TIA	  	65
	
	 ARTICLE XV

 
 SUBORDINATION OF SECURITIES

			
	Section 15.01	  	Agreement to Subordinate	  	65
	Section 15.02	  	Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities	  	66
	Section 15.03	  	No Payment on Securities in Event of Default on Senior Indebtedness	  	67
	Section 15.04	  	Payments on Securities Permitted	  	68
	Section 15.05	  	Authorization of Securityholders to Trustee to Effect Subordination	  	68
	Section 15.06	  	Notices to Trustee	  	68
	Section 15.07	  	Trustee as Holder of Senior Indebtedness	  	69
	Section 15.08	  	Modifications of Terms of Senior Indebtedness	  	69
	Section 15.09	  	Reliance on Judicial Order or Certificate of Liquidating Agent	  	69
	Section 15.10	  	Satisfaction and Discharge; Defeasance and Covenant Defeasance	  	70
	Section 15.11	  	Trustee Not Fiduciary for Holders of Senior Indebtedness	  	70
	
	 ARTICLE XVI

 
 MISCELLANEOUS PROVISIONS

			
	Section 16.01	  	Certificates and Opinions as to Conditions Precedent	  	70
	Section 16.02	  	Trust Indenture Act Controls	  	71
	Section 16.03	  	Notices to the Company and Trustee	  	71
	Section 16.04	  	Notices to Securityholders; Waiver	  	72
	Section 16.05	  	Legal Holiday	  	72
	Section 16.06	  	Effects of Headings and Table of Contents	  	72
	Section 16.07	  	Successors and Assigns	  	72
	Section 16.08	  	Separability Clause	  	73

  
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	 Section 16.09
	 	Benefits of Indenture	  	 	73	  
	 Section 16.10
	 	Counterparts Originals	  	 	73	  
	 Section 16.11
	 	Governing Law	  	 	73	  
	 Section 16.12
	 	Consent to Jurisdiction	  	 	73	  
	 Section 16.13
	 	Waiver of Objections to Venue	  	 	73	  
	 Section 16.14
	 	Service of Process	  	 	74	  
	 Section 16.15
	 	Waiver of Jury Trial	  	 	74	  
	 Section 16.16
	 	Force Majeure	  	 	74	  
	 Section 16.17
	 	USA PATRIOT Act	  	 	74	  

  

	*	The Table of Contents is not a part of the Indenture. 

  
 v 

 INDENTURE dated as of
                    , among National Financial Partners Corp., a Delaware corporation, and Wells Fargo Bank, National Association, a national banking
association, as trustee. 
 W I T N E S S E T H: 
 WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debentures, notes, bonds or other evidences of indebtedness (the
“Securities”) in an unlimited aggregate principal amount to be issued from time to time in one or more series as provided in this Indenture; and 
 WHEREAS, all things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 That, in consideration of the premises and the purchase of the Securities by the Holders thereof for the equal and proportionate benefit of all of the present and future Holders of the Securities, each
party agrees and covenants as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01 Definitions. 
 (a) Unless otherwise
defined in this Indenture or the context otherwise requires, all terms used herein shall have the meanings assigned to them in the Trust Indenture Act. 
 (b) Unless the context otherwise requires, the terms defined in this Section 1.01(b) shall for all purposes of this Indenture have the meanings hereinafter set forth, the following definitions to be
equally applicable to both the singular and the plural forms of any of the terms herein defined: 
 Affiliate: 

The term “Affiliate,” with respect to any specified Person shall mean any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

 Authenticating Agent: 
 The term “Authenticating Agent” shall have the meaning assigned to it in Section 11.09. 
 Board of Directors: 
 The term “Board of Directors” shall mean
either the board of directors of the Company or the executive or any other committee of that board duly authorized to act in respect hereof. 

Board Resolution: 
 The
term “Board Resolution” shall mean a copy of a resolution or resolutions certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors (or by a committee of the Board of Directors
to the extent that any such other committee has been authorized by the Board of Directors to establish or approve the matters contemplated) and to be in full force and effect on the date of such certification and delivered to the Trustee.

 Business Day: 

The term “Business Day,” when used with respect to any Place of Payment or any other particular location referred to in this
Indenture or in the Securities, shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment or other location are authorized or obligated by law or executive order to
close. 
 Capital Stock: 
 The term “Capital Stock” shall mean: 
 (i) in the case of
a corporation, corporate stock; 
 (ii) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (iii) in the
case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and 
 (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of
the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

  
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 Code: 
 The term “Code” shall mean the Internal Revenue Code of 1986 as in effect on the date hereof. 
 Company: 
 The term “Company” shall mean National Financial
Partners Corp., a Delaware corporation, and shall also include its successors and assigns. 
 Company Order: 

The term “Company Order” shall mean a written order signed in the name of the Company by the Chairman of the Board of Directors,
Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Senior Vice President, Treasurer, Assistant Treasurer, Controller, Assistant Controller, Secretary or Assistant Secretary of the Company, and delivered to the
Trustee. 
 Corporate Trust Office: 
 The term “Corporate Trust Office,” or other similar term, shall mean the principal office of the Trustee at which at any particular time its corporate trust business shall be administered, which
office at the date hereof is located at 45 Broadway, 14th
Floor, New York, NY 10006, Attention: Corporate Trust Services, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust officer 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 Company). 
 Currency:

 The term “Currency” shall mean U.S. Dollars or Foreign Currency. 

Default: 
 The term
“Default” shall have the meaning assigned to it in Section 11.03. 
 Defaulted Interest: 

The term “Defaulted Interest” shall have the same meaning assigned to it in Section 3.08(b). 

Depositary: 
 The term
“Depositary” shall mean, with respect to the Securities of any series issuable in whole or in part in the form of one or more Global Securities, the Person designated as Depositary by the Company pursuant to Section 3.01 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 Securities of that series. 

  
 3 

 Designated Currency: 
 The term “Designated Currency” shall have the same meaning assigned to it in Section 3.12. 
 Discharged: 
 The term “Discharged” shall have the meaning
assigned to it in Section 12.03. 
 Event of Default: 
 The term “Event of Default” shall have the meaning specified in Section 7.01. 

Exchange Act: 
 The term
“Exchange Act” shall mean the United States Securities Exchange Act of 1934, and the rules and regulations promulgated by the SEC thereunder and any statute successor thereto, in each case as amended from time to time. 

Floating Rate Security: 

The term “Floating Rate Security” shall mean a Security that provides for the payment of interest at a variable rate determined
periodically by reference to an interest rate index specified pursuant to Section 3.01. 
 Foreign Currency: 

The term “Foreign Currency” shall mean a currency issued by the government of any country other than the United States or a
composite currency, the value of which is determined by reference to the values of the currencies of any group of countries. 
 GAAP:

 The term “GAAP,” with respect to any computations required or permitted hereunder, shall mean generally accepted
accounting principles in effect in the United States, which are applicable at the date of such computation and which are consistently applied for all applicable periods. 
 Global Security: 
 The term “Global Security” shall mean any
Security that evidences all or part of a series of Securities, issued in fully-registered certificated form to the Depositary for such series in accordance with Section 3.03 and bearing the legend prescribed in Section 3.03(g). 

  
 4 

 Holder; Holder of Securities: 

The terms “Holder” and “Holder of Securities” are defined under “Securityholder; Holder of Securities;
Holder.” 
 Indebtedness: 
 The term “Indebtedness” shall mean any and all obligations of a Person for money borrowed which, in accordance with GAAP, would be reflected on the balance sheet of such Person as a liability on
the date as of which Indebtedness is to be determined. 
 Indenture: 

The term “Indenture” or “this Indenture” shall mean this instrument and all indentures supplemental thereto.

 Individual Securities: 
 The term “Individual Securities” shall have the meaning specified in Section 3.01(p). 
 Interest: 
 The term “interest” shall mean, unless the context
otherwise requires, interest payable on any Securities, and with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, interest payable after Maturity. 

Interest Payment Date: 

The term “Interest Payment Date” shall mean, with respect to any Security, the Stated Maturity of an installment of interest on
such Security. 
 Mandatory Sinking Fund Payment: 
 The term “Mandatory Sinking Fund Payment” shall have the meaning assigned to it in Section 5.01(b). 
 Maturity: 
 The term “Maturity,” with respect to any Security,
shall mean the date on which the principal of such Security shall become due and payable as therein and herein provided, whether by declaration, call for redemption or otherwise. 
 Members: 
 The term “Members” shall have the meaning assigned to
it in Section 3.03(i). 

  
 5 

 Officer’s Certificate: 
 The term “Officer’s Certificate” shall mean a certificate signed by any of the Chairman of the Board of Directors, Chief Executive Officer, Chief Financial Officer, the President or a Vice
President, Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary of the Company and delivered to the Trustee. Each such certificate shall include the statements provided for in Section 16.01 if and to the
extent required by the provisions of such Section. The Officer giving an Officer’s Certificate pursuant to Section 6.07 shall be the principal executive officer, principal financial officer or principal accounting officer of the Company.

 Opinion of Counsel: 
 The term “Opinion of Counsel” shall mean an opinion in writing signed by legal counsel, who may be an employee of or of counsel to the Company, or may be other counsel reasonably satisfactory to
the Trustee, that meets the requirements provided for in Section 16.01. 
 Optional Sinking Fund Payment: 

The term “Optional Sinking Fund Payment” shall have the meaning assigned to it in Section 5.01(b). 

Original Issue Discount Security: 
 The term “Original Issue Discount Security” shall mean any Security that is issued with “original issue discount” within the meaning of Section 1273(a) of the Code and the
regulations thereunder and any other Security designated by the Company as issued with original issue discount for United States federal income tax purposes. 
 Outstanding: 
 The term “Outstanding,” when used with respect to
Securities means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Securities or portions thereof for which payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or
set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities or Securities as to which the Company’s obligations have been Discharged; provided, however, that if such
Securities or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 

  
 6 

 (iii) Securities that have been paid pursuant to Section 3.07(b) or in
exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to a Responsible Officer of the Trustee proof
satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company; 

provided, however, that in determining whether the Holders of the requisite principal amount of Securities of a series Outstanding have performed any
action hereunder, Securities owned by the Company or any other obligor upon the Securities of such series or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such action, only Securities of such series that a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned that 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 to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon such Securities
or any Affiliate of the Company or of such other obligor. In determining whether the Holders of the requisite principal amount of Outstanding Securities of a series have performed any action hereunder, the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding for such purpose 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 7.02 and the principal amount of a Security denominated in a Foreign Currency that shall be deemed to be Outstanding for such purpose shall be the amount calculated pursuant to Section 3.11(b). 

Paying Agent: 
 The term
“Paying Agent” shall have the meaning assigned to it in Section 6.02(a). 
 Person: 

The term “Person” shall mean an individual, a corporation, a limited liability company, a partnership, an association, a joint
stock company, a trust, an unincorporated organization or a government or an agency or political subdivision thereof. 
 Place of Payment:

 The term “Place of Payment” shall mean, when used with respect to the Securities of any series, the place or
places where the principal of and premium, if any, and interest on the Securities of that series are payable as specified pursuant to Section 3.01. 
 Predecessor Security: 
 The term “Predecessor Security” shall
mean, with respect to any Security, every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security, and, for the purposes of this definition, any Security authenticated and delivered under
Section 3.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 

  
 7 

 Record Date: 
 The term “Record Date” shall mean, with respect to any interest payable on any Security on any Interest Payment Date, the close of business on any date specified in such Security for the payment
of interest pursuant to Section 3.01. 
 Redemption Date: 
 The term “Redemption Date” shall mean, when used with respect to any Security to be redeemed, in whole or in part, the date fixed for such redemption by or pursuant to this Indenture and the
terms of such Security, which, in the case of a Floating Rate Security, unless otherwise specified pursuant to Section 3.01, shall be an Interest Payment Date only. 
 Redemption Price: 
 The term “Redemption Price,” when used with
respect to any Security to be redeemed, in whole or in part, shall mean the price at which it is to be redeemed pursuant to the terms of the Security and this Indenture. 
 Register: 
 The term “Register” shall have the meaning assigned to
it in Section 3.05(a). 
 Registrar: 
 The term “Registrar” shall have the meaning assigned to it in Section 3.05(a). 

Responsible Officers: 

The term “Responsible Officers” of the Trustee hereunder shall mean any vice president, any assistant vice president, any trust
officer, any assistant trust officer or any other officer associated with the corporate trust department of the Trustee customarily performing functions similar to those performed by any of the above designated officers, and also means, with respect
to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of such person’s knowledge of and familiarity with the particular subject and, in the case of any such officer, who shall have
direct responsibility for the administration of this Indenture. 
 SEC: 

The term “SEC” shall mean the United States Securities and Exchange Commission, as constituted from time to time. 

Securities Act: 
 The
term “Securities Act” shall mean the United States Securities Act of 1933 and the rules and regulations promulgated by the SEC thereunder and any statute successor thereto, in each case as amended from time to time. 

  
 8 

 Security: 
 The term “Security” or “Securities” shall have the meaning stated in the recitals and shall more particularly mean one or more of the Securities duly authenticated by the Trustee and
delivered pursuant to the provisions of this Indenture. 
 Security Custodian: 

The term “Security Custodian” shall mean the custodian with respect to any Global Security appointed by the Depositary, or any
successor Person thereto, and shall initially be the Paying Agent. 
 Securityholder; Holder of Securities; Holder: 

The term “Securityholder” or “Holder of Securities” or “Holder,” shall mean the Person in whose name
Securities shall be registered in the Register kept for that purpose hereunder. 
 Senior Indebtedness: 

The term “Senior Indebtedness” means the principal of (and premium, if any) and unpaid interest on (x) Indebtedness of the
Company, whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed other than (a) any Indebtedness of the Company which when incurred, and without respect to any election under
Section 1111(b) of the Federal Bankruptcy Code, was without recourse to the Company, (b) any Indebtedness of the Company to any of its Subsidiaries, (c) Indebtedness to any employee of the Company, (d) any liability for taxes,
(e) Trade Payables and (f) any Indebtedness of the Company which is expressly subordinate in right of payment to any other Indebtedness of the Company, and (y) renewals, extensions, modifications and refundings of any such
Indebtedness described in part (x) of this definition. For purposes of the foregoing and the definition of “Senior Indebtedness,” the phrase “subordinated in right of payment” means debt subordination only and not lien
subordination, and accordingly, (i) unsecured indebtedness shall not be deemed to be subordinated in right of payment to secured indebtedness merely by virtue of the fact that it is unsecured, and (ii) junior liens, second liens and other
contractual arrangements that provide for priorities among Holders of the same or different issues of indebtedness with respect to any collateral or the proceeds of collateral shall not constitute subordination in right of payment. This definition
may be modified or superseded by a supplemental indenture. 
 Special Record Date: 

The term “Special Record Date” shall have the meaning assigned to it in Section 3.08(b)(i). 

Stated Maturity: 
 The
term “Stated Maturity” when used with respect to any Security or any installment of interest thereon, shall mean the date specified in such Security as the fixed date on which the principal (or any portion thereof) of or premium, if any,
on such Security or such installment of interest is due and payable. 

  
 9 

 Subsidiary: 
 The term “Subsidiary,” when used with respect to any Person, shall mean: 
 (i) any corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business
entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(ii) any partnership (i) the sole general partner or the managing general partner of which is such Person or a
Subsidiary of such Person or (ii) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 Successor Company: 
 The term “Successor Company” shall have the
meaning assigned to it in Section 3.06(i). 
 Trade Payables: 

The term “Trade Payables” means accounts payable or any other Indebtedness or monetary obligations to trade creditors created or
assumed by the Company or any Subsidiary of the Company in the ordinary course of business (including guarantees thereof or instruments evidencing such liabilities). 
 Trust Indenture Act; TIA: 
 The term “Trust Indenture Act” or
“TIA” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations thereunder as in effect on the date of this Indenture, except as provided in Section 14.06 and except to the extent any amendment to the Trust
Indenture Act expressly provides for application of the Trust Indenture Act as in effect on another date. 
 Trustee: 

The term “Trustee” shall mean Wells Fargo Bank, National Association, a national banking association, for the time being, and
any permitted successor trustee, and if at any time there is more than one such trustee, “Trustee” as used with respect to the Securities of any series shall mean the trustee with respect to Securities of that series. 

U.S. Dollars: 
 The term
“U.S. Dollars” shall mean such currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts. 

  
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 U.S. Government Obligations: 
 The term “U.S. Government Obligations” shall have the meaning assigned to it in Section 12.03. 
 United States: 
 The term “United States” shall mean the United
States of America (including the States and the District of Columbia), its territories and its possessions and other areas subject to its jurisdiction. 
 ARTICLE II 
 FORMS OF SECURITIES 

Section 2.01 Terms of the Securities. 

(a) The Securities of each series shall be substantially in the form set forth in a Company Order or in one or more
indentures supplemental hereto, and shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification or
designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange on which any series of the Securities may be listed or of any automated quotation system on which any such series may be quoted, or to conform to usage, all as determined by
the officers executing such Securities as conclusively evidenced by their execution of such Securities. 
 (b)
The terms and provisions of the Securities shall constitute, and are hereby expressly made, a part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture expressly agree to
such terms and provisions and to be bound thereby. 
 Section 2.02 Form of Trustee’s Certificate of
Authentication. 
 (a) Only such of the Securities as shall bear thereon a certificate substantially in the
form of the Trustee’s certificate of authentication hereinafter recited, executed by the Trustee by manual signature, shall be valid or become obligatory for any purpose or entitle the Holder thereof to any right or benefit under this
Indenture, and the certificate of authentication by the Trustee upon any such Security executed on behalf of the Company as aforesaid shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder
and that the holder thereof is entitled to the benefits of this Indenture. 
 (b) Each Security shall be dated
the date of its authentication, except that any Global Security shall be dated as of the date specified as contemplated in Section 3.01. 

  
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 (c) The form of the Trustee’s certificate of authentication to be borne
by the Securities shall be substantially as follows: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	Date of Authentication:
	
	Wells Fargo Bank, National Association, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Section 2.03 Form of Trustee’s Certificate of Authentication by an Authenticating
Agent. 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 by such Authenticating Agent to be borne by Securities of each such series
shall be substantially as follows: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	Date of Authentication:
	
	[                    ], as Authenticating Agent
		
	By:	 	  

		 	Authorized Signatory

 ARTICLE III 
 THE DEBT SECURITIES 
 Section 3.01 Amount Unlimited;
Issuable in Series. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series. There shall be set forth in a Company Order or in one
or more indentures supplemental hereto, prior to the issuance of Securities of any series: 
 (a) the title of
the Securities of the series (which shall distinguish the Securities of such series from the Securities of all other series, except to the extent that additional Securities of an existing series are being issued); 

  
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 (b) 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 transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.04, 3.06, 3.07,
4.06, or 14.05); 
 (c) the dates on which or periods during which the Securities of the series may be issued,
and the dates on, or the range of dates within, which the principal of and premium, if any, on the Securities of such series are or may be payable or the method by which such date or dates shall be determined or extended; 

(d) the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate
or rates shall be determined, whether such interest shall be payable in cash or additional Securities of the same series or shall accrue and increase the aggregate principal amount outstanding of such series (including if such Securities were
originally issued at a discount), the date or dates from which such interest shall accrue, or the method by which such date or dates shall be determined, the Interest Payment Dates on which any such interest shall be payable, and the Record Dates
for the determination of Holders to whom interest is payable on such Interest Payment Dates or the method by which such date or dates shall be determined, the right, if any, to extend or defer interest payments and the duration of such extension or
deferral; 
 (e) if other than U.S. Dollars, the Foreign Currency in which Securities of the series shall be
denominated or in which payment of the principal of, premium, if any, or interest on the Securities of the series shall be payable and any other terms concerning such payment; 

(f) if the amount of payment of principal of, premium, if any, or interest on the Securities of the series may be
determined with reference to an index, formula or other method including, but not limited to, an index based on a Currency or Currencies other than that in which the Securities are stated to be payable, the manner in which such amounts shall be
determined; 
 (g) if the principal of, premium, if any, or interest on Securities of the series are to be
payable, at the election of the Company or a Holder thereof, in a Currency other than that in which the Securities are denominated or stated to be payable without such election, the period or periods within which, and the terms and conditions upon
which, such election may be made and the time and the manner of determining the exchange rate between the Currency in which the Securities are denominated or payable without such election and the Currency in which the Securities are to be paid if
such election is made; 
 (h) the place or places, if any, in addition to or instead of the Corporate Trust
Office of the Trustee where the principal of, premium, if any, and interest on Securities of the series shall be payable, and where Securities of any series may be presented for registration of transfer, exchange or conversion, and the place or
places where notices and demands to or upon the Company in respect of the Securities of such series may be made; 

  
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 (i) the price or prices at which, the period or periods within which or the
date or dates on which, and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option; 

(j) the obligation or right, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any
sinking fund, amortization or analogous provisions or at the option of a Holder thereof and the price or prices at which, the period or periods within which or the date or dates on which, the Currency or Currencies in which and the terms and
conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 
 (k) if other than denominations of $1,000 or any integral multiple thereof, the denominations in which Securities of the series shall be issuable; 

(l) if other than the principal amount thereof, the portion of the principal amount of the Securities of the series which
shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 7.02; 
 (m)
the guarantors, if any, of the Securities of the series, and the extent of the guarantees (including provisions relating to seniority, subordination, and the release of the guarantors), if any, and any additions or changes to permit or facilitate
guarantees of such Securities; 
 (n) whether the Securities of the series are to be issued as Original Issue
Discount Securities and the amount of discount with which such Securities may be issued; 
 (o) provisions, if
any, for the defeasance of Securities of the series in whole or in part and any addition or change in the provisions related to satisfaction and discharge; 
 (p) whether the Securities of the series are to be issued in whole or in part in the form of one or more Global Securities and, in such case, the Depositary for such Global Security or Global Securities,
and the terms and conditions, if any, upon which interests in such Global Security or Global Securities may be exchanged in whole or in part for the Individual Securities represented thereby in definitive form registered in the name or names of
Persons other than such Depositary or a nominee or nominees thereof (“Individual Securities”); 
 (q)
the date as of which any Global Security of the series shall be dated if other than the original issuance of the first Security of the series to be issued; 
 (r) the form of the Securities of the series; 
 (s) if the
Securities of the series are to be convertible into or exchangeable for any securities or property of any Person (including the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable, and any additions
or changes, if any, to permit or facilitate such conversion or exchange; 

  
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 (t) whether the Securities of such series are subject to subordination and
the terms of such subordination; 
 (u) any restriction or condition on the transferability of the Securities of
such series; 
 (v) any addition or change in the provisions related to compensation and reimbursement of the
Trustee which applies to Securities of such series; 
 (w) any addition or change in the provisions related to
supplemental indentures set forth in Sections 14.02 and 14.04 which applies to Securities of such series; 
 (x)
provisions, if any, granting special rights to Holders upon the occurrence of specified events; 
 (y) any
addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to
Section 7.02 and any addition or change in the provisions set forth in Article VII which applies to Securities of the series; 
 (z) any addition to or change in the covenants set forth in Article VI which applies to Securities of the series; and 

(aa) any other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of the
TIA, but may modify, amend, supplement or delete any of the terms of this Indenture with respect to such series). 
 All Securities of any one
series shall be substantially identical, except as to denomination and except as may otherwise be provided herein or set forth in a Company Order or in one or more indentures supplemental hereto. 

Section 3.02 Denominations. In the absence of any specification pursuant to Section 3.01 with respect to Securities of
any series, the Securities of such series shall be issuable only as Securities in denominations of any integral multiple of $1,000, and shall be payable only in U.S. Dollars. 
 Section 3.03 Execution, Authentication, Delivery and Dating. 
 (a) The Securities shall be executed in the name and on behalf of the Company by the manual or facsimile signature of its Chairman of the Board of Directors, its Chief Executive Officer, President, one of
its Vice Presidents or Treasurer. If the Person whose signature is on a Security no longer holds that office at the time the Security is authenticated and delivered, the Security shall nevertheless be valid. 

(b) At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver
Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and 

  
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delivery of such Securities and, if required pursuant to Section 3.01, a supplemental indenture or Company Order setting forth the terms of the Securities of a series. The Trustee shall
thereupon authenticate and deliver such Securities without any further action by the Company. The Company Order shall specify the amount of Securities to be authenticated and the date on which the original issue of Securities is to be authenticated.

 (c) In authenticating the first Securities of any series and accepting the additional responsibilities under
this Indenture in relation to such Securities the Trustee shall receive, and (subject to Section 11.02) shall be fully protected in relying upon 
 (i) an Officer’s Certificate prepared in accordance with Section 16.01 stating that the conditions precedent, if any, provided for in the Indenture have been complied with; and 

(ii) an Opinion of Counsel prepared in accordance with Section 16.01, which shall state: 

(A) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, and will be entitled to the benefits of this Indenture; 

(B) that the Company has the corporate power to issue the Securities, and has duly taken all necessary action with
respect to such issuance; 
 (C) that all requirements of the Indenture applicable to the Company in respect of
the execution and delivery by the Company of the Securities and of such supplemental indenture, if any, have been complied with and, that assuming (a) all requisite corporate authorization on the part of the Trustee, (b) continued
compliance by the Trustee with the terms of the Indenture specifically applicable to the Trustee, and (c) due authentication and delivery of the Securities by the Trustee, the execution and delivery of such supplemental indenture, if any, will
not violate the terms of this Indenture. 
 (d) The Trustee shall have the right to decline to authenticate and
deliver the Securities under this Section 3.03 if the issue of the Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is
not reasonably acceptable to the Trustee. 
 (e) Each Security shall be dated the date of its authentication,
except as otherwise provided pursuant to Section 3.01 with respect to the Securities of such series. 
 (f)
Notwithstanding the provisions of Section 3.01 and of this Section 3.03, if all of the Securities of any series are not to be originally issued at the same time, then the documents required to be delivered pursuant to this
Section 3.03 must be delivered only 

  
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once prior to the authentication and delivery of the first Security of such series; provided, however, that any subsequent request by the Company to the Trustee to authenticate
Securities of such series upon original issuance shall constitute a representation and warranty by the Company that, as of the date of such request, the statements made in any Officer’s Certificate delivered pursuant to this Section 3.03
shall be true and correct as if made on such date. 
 (g) If the Company shall establish pursuant to
Section 3.01 that the Securities of a series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall authenticate and deliver one or more Global Securities that
(i) shall represent an aggregate amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented by such Global Securities, (ii) shall be registered, if in registered form, in the name of the
Depositary for such Global Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instruction and (iv) shall bear a legend substantially to the
following effect: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY] TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [THE NOMINEE OF THE DEPOSITARY] OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY] (AND ANY PAYMENT HEREON IS MADE TO [THE
NOMINEE OF THE DEPOSITARY] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY]), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, [THE NOMINEE OF THE DEPOSITARY], HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY.” 

  
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 The aggregate principal amount of each Global Security may from time to time be increased or
decreased by adjustments made on the records of the Security Custodian, as provided in this Indenture. 
 (h)
Each Depositary designated pursuant to Section 3.01 for a Global Security in registered form must, at the time of its designation and at all times while it serves as such Depositary, be a clearing agency registered under the Exchange Act and
any other applicable statute or regulation. 
 (i) Members of, or participants in, the Depositary
(“Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary or by the Security Custodian under such Global Security, and the Depositary may be treated by the Company, the
Trustee, the Paying Agent and the Registrar and any of their agents as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, the Paying Agent or
the Registrar or any of their agents from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Members, the operation of customary practices of the
Depositary governing the exercise of the rights of an owner of a beneficial interest in any Global Security. The Holder of a Global Security may grant proxies and otherwise authorize any Person, including Members and Persons that may hold interests
through Members, to take any action that a Holder is entitled to take under this Indenture or the Securities. 

(j) No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless
there appears on such Security a certificate of authentication substantially in one of the forms provided for herein duly executed by the Trustee or by an Authenticating Agent by manual signature of one of its Responsible Officers, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

Section 3.04 Temporary Securities. 
 (a) Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities that are printed,
lithographed, typewritten, mimeographed or otherwise reproduced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. Any such temporary Security may be in the form of one or more Global Securities,
representing all or a portion of the Outstanding Securities of such series. Every such temporary Security shall be executed by the Company and shall be authenticated and delivered by the Trustee upon the same conditions and in substantially the same
manner, and with the same effect, as the definitive Security or Securities in lieu of which it is issued. 

  
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 (b) If temporary Securities of any series are issued, the Company will cause
definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series
upon surrender of such temporary Securities at the office or agency of the Company in a Place of Payment for such series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations and of like tenor. Until so exchanged, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 
 (c) Upon any exchange of a portion of a temporary Global Security for a definitive Global Security or for the Individual Securities represented thereby pursuant to this Section 3.04 or
Section 3.06, the temporary Global Security shall be endorsed by the Trustee to reflect the reduction of the principal amount evidenced thereby, whereupon the principal amount of such temporary Global Security shall be reduced for all purposes
by the amount so exchanged and endorsed. 
 Section 3.05 Registrar and Paying Agent. 

(a) The Company will keep, at an office or agency to be maintained by it in a Place of Payment where Securities may be
presented for registration or presented and surrendered for registration of transfer or of exchange, and where Securities of any series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable (the
“Registrar”), a security register for the registration and the registration of transfer or of exchange of the Securities (the registers maintained in such office and in any other office or agency of the Company in a Place of Payment being
herein sometimes collectively referred to as the “Register”), as in this Indenture provided, which Register shall at all reasonable times be open for inspection by the Trustee. Such Register shall be in written form or in any other form
capable of being converted into written form within a reasonable time. The Company may have one or more co-Registrars; the term “Registrar” includes any co-registrar. 

(b) The Company shall enter into an appropriate agency agreement with any Registrar or co-Registrar not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of each such agent. If the Company fails to maintain a Registrar for any series, the
Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 11.01. The Company or any Affiliate thereof may act as Registrar, co-Registrar or transfer agent. 

(c) The Company hereby appoints the Trustee at its Corporate Trust Office as Registrar in connection with the Securities
and this Indenture, until such time as another Person is appointed as such. 

  
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 Section 3.06 Transfer and Exchange. 

(a) Transfer. 
 (i) Upon surrender for registration of transfer of any Security of any series at the Registrar the Company shall execute, and the Trustee or any Authenticating Agent shall authenticate and deliver, in the
name of the designated transferee, one or more new Securities of the same series for like aggregate principal amount of any authorized denomination or denominations. The transfer of any Security shall not be valid as against the Company or the
Trustee unless registered at the Registrar at the request of the Holder, or at the request of his, her or its attorney duly authorized in writing. 
 (ii) Notwithstanding any other provision of this Section, unless and until it is exchanged in whole or in part for the Individual Securities represented thereby, a Global Security representing all or a
portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such
Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 
 (b) Exchange. 
 (i) At the option of the Holder, Securities of any
series (other than a Global Security, except as set forth below) may be exchanged for other Securities of the same series for like aggregate principal amount of any authorized denomination or denominations, upon surrender of the Securities to be
exchanged at the Registrar. 
 (ii) Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 
 (c) Exchange of Global Securities for Individual Securities. Except as provided below, owners of beneficial interests in Global Securities will not be entitled to receive Individual Securities.

 (i) Individual Securities shall be issued to all owners of beneficial interests in a Global Security in
exchange for such interests if: (A) at any time the Depositary for the Securities of a series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or if at any time the Depositary for
the Securities of such series shall no longer be eligible under Section 3.03(h) and, in each case, a successor Depositary is not appointed by the Company within 90 days of such notice, or (B) the Company executes and delivers to the
Trustee and the Registrar an Officer’s Certificate stating that such Global Security shall be so exchangeable. 

  
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 In connection with the exchange of an entire Global Security for Individual Securities
pursuant to this subsection (c), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of
Individual Securities of such series, will authenticate and deliver to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Individual Securities
of authorized denominations. 
 (ii) The owner of a beneficial interest in a Global Security will be entitled to
receive an Individual Security in exchange for such interest if an Event of Default has occurred and is continuing. Upon receipt by the Security Custodian and Registrar of instructions from the Holder of a Global Security directing the Security
Custodian and Registrar to (x) issue one or more Individual Securities in the amounts specified to the owner of a beneficial interest in such Global Security and (y) debit or cause to be debited an equivalent amount of beneficial interest
in such Global Security, subject to the rules and regulations of the Depositary: 
 (A) the Security Custodian
and Registrar shall notify the Company and the Trustee of such instructions, identifying the owner and amount of such beneficial interest in such Global Security; 

(B) the Company shall promptly execute and the Trustee, upon receipt of a Company Order for the authentication and
delivery of Individual Securities of such series, shall authenticate and deliver to such beneficial owner Individual Securities in an equivalent amount to such beneficial interest in such Global Security; and 

(C) the Security Custodian and Registrar shall decrease such Global Security by such amount in accordance with the
foregoing. In the event that the Individual Securities are not issued to each such beneficial owner promptly after the Registrar has received a request from the Holder of a Global Security to issue such Individual Securities, the Company expressly
acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 7.07 hereof, the right of any beneficial Holder of Securities to pursue such remedy with respect to the portion of the Global Security that represents
such beneficial Holder’s Securities as if such Individual Securities had been issued. 
 (iii) If specified
by the Company pursuant to Section 3.01 with respect to a series of Securities, the Depositary for such series of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for Individual Securities
of such series on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, 

(A) to each Person specified by such Depositary a new Individual Security or new Individual Securities of the same
series, of any 

  
 21 

 
authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 

(B) to such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal
amount of the surrendered Global Security and the aggregate principal amount of Individual Securities delivered to Holders thereof. 
 (iv) In any exchange provided for in clauses (i) through (iii), the Company will execute and the Trustee will authenticate and deliver Individual Securities in registered form in authorized
denominations. 
 (v) Upon the exchange in full of a Global Security for Individual Securities, such Global
Security shall be canceled by the Trustee. Individual Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Global Security,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

(d) All Securities issued upon any registration of transfer or exchange of Securities shall be valid obligations of the
Company evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered for such registration of transfer or exchange. 

(e) Every Security presented or surrendered for registration of transfer, or for exchange or payment shall (if so required
by the Company, the Trustee or the Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company, the Trustee and the Registrar, duly executed by the Holder thereof or by his,
her or its attorney duly authorized in writing. 
 (f) No service charge will be made for any registration of
transfer or exchange of Securities. The Company or the Trustee may require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than those expressly provided in this Indenture to be made at the Company’s own expense or without expense or charge to the Holders. 
 (g) The Company shall not be required to (i) register, transfer or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the transmission of
a notice of redemption of Securities of such series selected for redemption under Section 4.03 and ending at the close of business on the day of such transmission, or (ii) register, transfer or exchange any Security so selected for
redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

  
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 (h) Prior to the due presentation for registration of transfer or exchange
of any Security, the Company, the Trustee, the Paying Agent, the Registrar, any co-Registrar or any of their agents may deem and treat the Person in whose name a Security is registered 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 all purposes whatsoever, and none of the Company, the Trustee, the Paying Agent, the Registrar, any co-Registrar or any of their agents shall be
affected by any notice to the contrary. 
 (i) In case a successor Company (“Successor Company”) has
executed an indenture supplemental hereto with the Trustee pursuant to Article XIV, any of the Securities authenticated or delivered pursuant to such transaction may, from time to time, at the request of the Successor Company, be exchanged for other
Securities executed in the name of the Successor Company with such changes in phraseology and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount; and the Trustee, upon
Company Order of the Successor Company, shall authenticate and deliver Securities as specified in such order for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of a Successor Company
pursuant to this Section 3.06 in exchange or substitution for or upon registration of transfer of any Securities, such Successor Company, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities
at the time Outstanding for Securities authenticated and delivered in such new name. 
 (j) Each Holder of a
Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States
federal or state securities laws. 
 (k) 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 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. 

(l) Neither the Trustee nor any agent of the Trustee shall have any responsibility for any actions taken or not taken by
the Depositary. 
 Section 3.07 Mutilated, Destroyed, Lost and Stolen Securities. 

(a) If (i) any mutilated Security is surrendered to the Trustee at its Corporate Trust Office or (ii) the
Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company and the Trustee security or indemnity satisfactory to them to save each of them and any Paying
Agent harmless, and neither the Company nor the Trustee receives notice that such Security has been acquired by a protected purchaser, then the Company shall 

  
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execute and upon Company Order the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of the same series
and of like tenor, form, terms and principal amount, bearing a number not contemporaneously outstanding, that neither gain nor loss in interest shall result from such exchange or substitution. 

(b) In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Security, pay the amount due on such Security in accordance with its terms. 
 (c) Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in respect thereto
and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 (d) Every new
Security of any series issued pursuant to this Section shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 
 (e) The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities. 
 Section 3.08 Payment of Interest; Interest Rights Preserved. 

(a) Interest on any Security that is payable and is punctually paid or duly provided for on any Interest Payment Date
shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest notwithstanding the cancellation of such Security upon any transfer or
exchange subsequent to the Record Date. Payment of interest on Securities shall be made at the Corporate Trust Office (except as otherwise specified pursuant to Section 3.01) or, at the option of the Company, by check mailed to the address of
the Person entitled thereto as such address shall appear in the Register or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the Holder. 

(b) Any interest on any Security that is payable but is not punctually paid or duly provided for on any Interest Payment
Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Record Date by virtue of his, her or its having been such a Holder, and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in clause (i) or (ii) below: 
 (i) The Company may elect to make
payment of any Defaulted Interest to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest (a “Special
Record Date”), which 

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

(ii) The Company may make payment of any Defaulted Interest on Securities in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the Trustee. 
 (c) Subject to the provisions set forth herein
relating to Record Dates, each Security delivered pursuant to any provision of this Indenture in exchange or substitution for, or upon registration of transfer of, any other Security shall carry all the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security. 
 Section 3.09 Cancellation. Unless otherwise specified
pursuant to Section 3.01 for Securities of any series, all Securities surrendered for payment, redemption, registration of transfer or exchange or credit against any sinking fund or otherwise shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee for cancellation and shall be promptly canceled by it and, if surrendered to the Trustee, shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange
for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. The Trustee shall dispose of all canceled Securities held by it in accordance with its then customary procedures and deliver a

  
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certificate of such disposal to the Company. The acquisition of any Securities by the Company shall not operate as a redemption or satisfaction of the Indebtedness represented thereby unless and
until such Securities are surrendered to the Trustee for cancellation. 
 Section 3.10 Computation of Interest.
Except as otherwise specified pursuant to Section 3.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 3.11 Currency of Payments in Respect of Securities. 

(a) Except as otherwise specified pursuant to Section 3.01 for Securities of any series, payment of the principal of
and premium, if any, and interest on Securities of such series will be made in U.S. Dollars. 
 (b) For purposes
of any provision of the Indenture where the Holders of Outstanding Securities may perform an action that requires that a specified percentage of the Outstanding Securities of all series perform such action and for purposes of any decision or
determination by the Trustee of amounts due and unpaid for the principal of and premium, if any, and interest on the Securities of all series in respect of which moneys are to be disbursed ratably, the principal of and premium, if any, and interest
on the Outstanding Securities denominated in a Foreign Currency will be the amount in U.S. Dollars based upon exchange rates, determined as specified pursuant to Section 3.01 for Securities of such series, as of the date for determining whether
the Holders entitled to perform such action have performed it or as of the date of such decision or determination by the Trustee, as the case may be. 
 (c) Any decision or determination to be made regarding exchange rates shall be made by an agent appointed by the Company; provided, that such agent shall accept such appointment in writing and the terms
of such appointment shall, in the opinion of the Company at the time of such appointment, require such agent to make such determination by a method consistent with the method provided pursuant to Section 3.01 for the making of such decision or
determination. All decisions and determinations of such agent regarding exchange rates shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders of the Securities.

 Section 3.12 Judgments. The Company may provide pursuant to Section 3.01 for Securities of any series that
(a) the obligation, if any, of the Company to pay the principal of, premium, if any, and interest on the Securities of any series in a Foreign Currency or U.S. Dollars (the “Designated Currency”) as may be specified pursuant to
Section 3.01 is of the essence and agrees that, to the fullest extent possible under applicable law, judgments in respect of such Securities shall be given in the Designated Currency; (b) the obligation of the Company to make payments in
the Designated Currency of the principal of and premium, if any, and interest on such Securities shall, notwithstanding any payment in any other Currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount
in the Designated Currency that the Holder receiving such payment may, in accordance with normal banking procedures, purchase with the sum paid in such other Currency (after any 

  
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premium and cost of exchange) on the business day in the country of issue of the Designated Currency or in the international banking community (in the case of a composite currency) immediately
following the day on which such Holder receives such payment; (c) if the amount in the Designated Currency that may be so purchased for any reason falls short of the amount originally due, the Company shall pay such additional amounts as may be
necessary to compensate for such shortfall; and (d) any obligation of the Company not discharged by such payment shall be due as a separate and independent obligation and, until discharged as provided herein, shall continue in full force and
effect. 
 Section 3.13 CUSIP Numbers. The Company in issuing any Securities may use CUSIP, ISIN or other similar
numbers, if then generally in use, and thereafter with respect to such series, the Trustee may use such numbers in any notice of redemption or exchange with respect to such series provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP, ISIN or other similar numbers. 

ARTICLE IV 

REDEMPTION OF SECURITIES 
 Section 4.01 Applicability of Right of Redemption. Redemption of Securities (other than pursuant to a sinking fund, amortization or analogous provision) permitted by the terms of any series of
Securities shall be made (except as otherwise specified pursuant to Section 3.01 for Securities of any series) in accordance with this Article; provided, however, that if any such terms of a series of Securities shall conflict with any
provision of this Article, the terms of such series shall govern. 
 Section 4.02 Selection of Securities to be
Redeemed. 
 (a) If the Company shall at any time elect to redeem all or any portion of the Securities of a
series then Outstanding, it shall at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter period shall be satisfactory to the Trustee) notify the Trustee of such Redemption Date and of the principal amount of Securities
to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as the Trustee shall deem appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Security of such series;
provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. In any case where more than one Security of
such series is registered in the same name, the Trustee may treat the aggregate principal amount so registered as if it were represented by one Security of such series. The Trustee shall, as soon as practicable, notify the Company in writing of the
Securities and portions of Securities so selected, in any event no later than 30 days prior to the Redemption Date. 

  
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 (b) For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security that has been or is to be redeemed.

 (c) If the Company shall so direct, Securities registered in the name of the Company, any Affiliate or any
Subsidiary thereof shall not be included in the Securities selected for redemption. 
 Section 4.03 Notice of
Redemption. 
 (a) Notice of redemption shall be given by the Company or, at the Company’s request, by
the Trustee in the name and at the expense of the Company, not less than 30 nor more than 60 days prior to the Redemption Date, to the Holders of Securities of any series to be redeemed in whole or in part pursuant to this Article, in the manner
provided in Section 16.04. Any notice so given shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. Failure to give such notice, or any defect in such notice to the Holder of any Security of a
series designated for redemption, in whole or in part, shall not affect the sufficiency of any notice of redemption with respect to the Holder of any other Security of such series. 

(b) All notices of redemption shall identify the Securities to be redeemed (including CUSIP, ISIN or other similar
numbers, if available) and shall state: 
 (i) such election by the Company to redeem Securities of such series
pursuant to provisions contained in this Indenture or the terms of the Securities of such series or a supplemental indenture establishing such series, if such be the case; 

(ii) the Redemption Date; 
 (iii) the Redemption Price; 
 (iv) if less than all Outstanding
Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the Securities of such series to be redeemed; 

(v) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed,
and that interest thereon, if any, shall cease to accrue on and after said date; 
 (vi) the Place or Places of
Payment where such Securities are to be surrendered for payment of the Redemption Price; and 
 (vii) that the
redemption is for a sinking fund, if such is the case. 
 Section 4.04 Deposit of Redemption Price. On or prior to
11:00 a.m., New York City time, on the Redemption Date for any Securities, the Company shall deposit with the 

  
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Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 6.03) an amount of money in the Currency in which
such Securities are denominated (except as provided pursuant to Section 3.01) sufficient to pay the Redemption Price of such Securities or any portions thereof that are to be redeemed on that date. 

Section 4.05 Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, any Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price and from and after such date (unless the Company shall Default in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price; provided, however, that (unless otherwise provided pursuant to Section 3.01) installments of
interest that have a Stated Maturity on or prior to the Redemption Date for such Securities shall be payable according to the terms of such Securities and the provisions of Section 3.08. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal thereof and premium, if
any, thereon shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

Section 4.06 Securities Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at the
Corporate Trust Office or such other office or agency of the Company as is specified pursuant to Section 3.01 with, if the Company, the Registrar or the Trustee so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company, the Registrar and the Trustee duly executed by the Holder thereof or his, her or its attorney duly authorized in writing, and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of
such Security without service charge, a new Security or Securities of the same series, of like tenor and form, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered; except that if a Global Security is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver to the Depositary for such Global Security, without service
charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. In the case of a Security providing appropriate space for such notation, at the option of the
Holder thereof, the Trustee, in lieu of delivering a new Security or Securities as aforesaid, may make a notation on such Security of the payment of the redeemed portion thereof. 

ARTICLE V 

SINKING FUNDS 
 Section 5.01 Applicability of Sinking Fund. 
 (a)
Redemption of Securities permitted or required pursuant to a sinking fund for the retirement of Securities of a series by the terms of such series of Securities shall be made in accordance with such terms of such series of Securities and this
Article, except as otherwise specified pursuant to Section 3.01 for Securities of such series, provided, however, that if any such terms of a series of Securities shall conflict with any provision of this Article, the terms of
such series shall govern. 

  
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 (b) The minimum amount of any sinking fund payment provided for by the terms
of 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 Securities of any series is herein referred to as an “Optional
Sinking Fund Payment.” If provided for by the terms of Securities of any series, the cash amount of any Mandatory Sinking Fund Payment may be subject to reduction as provided in Section 5.02. 

Section 5.02 Mandatory Sinking Fund Obligation. The Company may, at its option, satisfy any Mandatory Sinking Fund Payment
obligation, in whole or in part, with respect to a particular series of Securities by (a) delivering to the Trustee Securities of such series in transferable form theretofore purchased or otherwise acquired by the Company or redeemed at the
election of the Company pursuant to Section 4.03 or (b) receiving credit for Securities of such series (not previously so credited) acquired by the Company and theretofore delivered to the Trustee. The Trustee shall credit such Mandatory
Sinking Fund Payment obligation with an amount equal to the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such Mandatory Sinking Fund Payment shall be reduced accordingly. If the
Company shall elect to so satisfy any Mandatory Sinking Fund Payment obligation, it shall deliver to the Trustee not less than 45 days prior to the relevant sinking fund payment date a Company Order, which shall designate the Securities (and
portions thereof, if any) so delivered or credited and which shall be accompanied by such Securities (to the extent not theretofore delivered) in transferable form. In case of the failure of the Company, at or before the time so required, to give
such notice and deliver such Securities the Mandatory Sinking Fund Payment obligation shall be paid entirely in moneys. 

Section 5.03 Optional Redemption at Sinking Fund Redemption Price. In addition to the sinking fund requirements of
Section 5.02, to the extent, if any, provided for by the terms of a particular series of Securities, the Company may, at its option, make an Optional Sinking Fund Payment with respect to such Securities. Unless otherwise provided by such terms,
(a) to the extent that the right of the Company to make such Optional Sinking Fund Payment shall not be exercised in any year, it shall not be cumulative or carried forward to any subsequent year, and (b) such optional payment shall
operate to reduce the amount of any Mandatory Sinking Fund Payment obligation as to Securities of the same series. If the Company intends to exercise its right to make such optional payment in any year it shall deliver to the Trustee not less than
45 days prior to the relevant sinking fund payment date a Company Order stating that the Company will exercise such optional right, and specifying the amount which the Company will pay on or before the next succeeding sinking fund payment date. Such
Company Order shall also state that no Event of Default has occurred and is continuing. 
 Section 5.04 Application of
Sinking Fund Payment. 
 (a) If the sinking fund payment or payments made in funds pursuant to either
Section 5.02 or 5.03 with respect to a particular series of Securities plus any unused balance of any preceding sinking fund payments made in funds with respect to such 

  
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series shall exceed $50,000 (or a lesser sum if the Company shall so request, or such equivalent sum for Securities denominated other than in U.S. Dollars), it shall be applied by the Trustee on
the sinking fund payment date next following the date of such payment, unless the date of such payment shall be a sinking fund payment date, in which case such payment shall be applied on such sinking fund payment date, to the redemption of
Securities of such series at the redemption price specified pursuant to Section 4.03(b). The Trustee shall select, in the manner provided in Section 4.02, for redemption on such sinking fund payment date, a sufficient principal amount of
Securities of such series to absorb said funds, as nearly as may be, and shall, at the expense and in the name of the Company, thereupon cause notice of redemption of the Securities to be given in substantially the manner provided in
Section 4.03(a) for the redemption of Securities in part at the option of the Company, except that the notice of redemption shall also state that the Securities are being redeemed for the sinking fund. Any sinking fund moneys not so applied by
the Trustee to the redemption of Securities of such series shall be added to the next sinking fund payment received in funds by the Trustee and, together with such payment, shall be applied in accordance with the provisions of this
Section 5.04. Any and all sinking fund moneys held by the Trustee on the last sinking fund payment date with respect to Securities of such series, and not held for the payment or redemption of particular Securities of such series, shall be
applied by the Trustee to the payment of the principal of the Securities of such series at Maturity. 
 (b) On or
prior to each sinking fund payment date, the Company shall pay to the Trustee a sum equal to all interest accrued to but not including the date fixed for redemption on Securities to be redeemed on such sinking fund payment date pursuant to this
Section 5.04. 
 (c) The Trustee shall not redeem any Securities of a series with sinking fund moneys or
mail any notice of redemption of Securities of such series by operation of the sinking fund during the continuance of a Default in payment of interest on any Securities of such series or of any Event of Default (other than an Event of Default
occurring as a consequence of this paragraph) of which a Responsible Officer of the Trustee has actual knowledge, except that if the notice of redemption of any Securities of such series shall theretofore have been mailed in accordance with the
provisions hereof, the Trustee shall redeem such Securities if funds sufficient for that purpose shall be deposited with the Trustee in accordance with the terms of this Article. Except as aforesaid, any moneys in the sinking fund at the time 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 held as security for the payment of all the Securities of such series; provided,
however, that in case such Default or Event of Default shall have been cured or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date on which such moneys are required to be applied pursuant to the
provisions of this Section 5.04. 

  
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 ARTICLE VI 
 PARTICULAR COVENANTS OF THE COMPANY 
 The Company hereby covenants
and agrees as follows: 
 Section 6.01 Payments of Securities. The Company will duly and punctually pay the
principal of and premium, if any, on each series of Securities, and the interest which shall have accrued thereon, at the dates and place and in the manner provided in the Securities and in this Indenture. 

Section 6.02 Paying Agent. 
 (a) The Company will maintain in each Place of Payment for any series of Securities, if any, an office or agency where Securities may be presented or surrendered for payment, where Securities of such
series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served (the “Paying Agent”). The Company will give prompt
written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as Paying Agent to receive all presentations, surrenders, notices and
demands. 
 (b) The Company may also from time to time designate different or additional offices or agencies
where the Securities of any series may be presented or surrendered for any or all such purposes (in or outside of such Place of Payment), and may from time to time rescind any such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its obligations described in the preceding paragraph. The Company will give prompt written notice to the Trustee of any such additional designation or rescission of designation and
of any change in the location of any such different or additional office or agency. The Company shall enter into an appropriate agency agreement with any Paying Agent not a party to this Indenture. The agreement shall implement the provisions of
this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of each such agent. The Company or any Affiliate thereof may act as Paying Agent. 

Section 6.03 To Hold Payment in Trust. 

(a) If the Company or an Affiliate thereof shall at any time act as Paying Agent with respect to any series of Securities,
then, on or before the date on which the principal of and premium, if any, or interest on any of the Securities of that series by their terms or as a result of the calling thereof for redemption shall become payable, the Company or such Affiliate
will segregate and hold in trust for the benefit of the Holders of such Securities or the Trustee a sum sufficient to pay such principal and premium, if any, or interest which shall have so become payable until such sums shall be paid to such

  
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Holders or otherwise disposed of as herein provided, and will notify the Trustee of its action or failure to act in that regard. Upon any proceeding under any federal bankruptcy laws with respect
to the Company or any Affiliate thereof, if the Company or such Affiliate is then acting as Paying Agent, the Trustee shall replace the Company or such Affiliate as Paying Agent. 

(b) If the Company shall appoint, and at the time have, a Paying Agent for the payment of the principal of and premium, if
any, or interest on any series of Securities, then prior to 11:00 a.m., New York City time, on the date on which the principal of and premium, if any, or interest on any of the Securities of that series shall become payable as aforesaid, whether by
their terms or as a result of the calling thereof for redemption, the Company will deposit with such Paying Agent a sum sufficient to pay such principal and premium, if any, or interest, such sum to be held in trust for the benefit of the Holders of
such Securities or the Trustee, and (unless such Paying Agent is the Trustee), the Company or any other obligor of such Securities will promptly notify the Trustee of its payment or failure to make such payment. 

(c) If the Paying Agent shall be other than the Trustee, the Company will cause such Paying Agent 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 6.03, that such Paying Agent shall: 

(i) hold all moneys held by it for the payment of the principal of and premium, if any, or interest on the Securities of
that series in trust for the benefit of the Holders of such Securities until such sums shall be paid to such Holders or otherwise disposed of as herein provided; 

(ii) give to the Trustee notice of any Default by the Company or any other obligor upon the Securities of that series in
the making of any payment of the principal of and premium, if any, or interest on the Securities of that series; and 
 (iii) at any time during the continuance of any such Default, upon the written request of the Trustee, pay to the Trustee all sums so held in trust by such Paying Agent. 

(d) Anything in this Section 6.03 to the contrary notwithstanding, the Company may at any time, for the purpose of
obtaining a release, satisfaction or discharge of this Indenture or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or by any Paying Agent other than the Trustee as required by this
Section 6.03, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent. 
 (e) Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of and premium, if any, or interest on any Security of any series 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 

  
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Company upon Company Order along with any interest that has accumulated thereon as a result of such money being invested at the direction of the Company, or (if then held by the Company) shall be
discharged from such trust, and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment of such amounts without interest thereon, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent before being required to make any such repayment, may at the expense of the Company
cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 6.04 Merger, Consolidation and Sale of Assets. Except as otherwise contemplated by Section 3.01 with respect to any series of Securities: 

(a) The Company will not consolidate with any other entity or accept a merger of any other entity into the Company or
permit the Company to be merged into any other entity, or sell other than for cash or lease all or substantially all its assets to another entity, or purchase all or substantially all the assets of another entity, unless (i) either the Company
shall be the continuing entity, or the successor, transferee or lessee entity (if other than the Company) shall expressly assume, by indenture supplemental hereto reasonably satisfactory to the Trustee, executed and delivered by such entity prior to
or simultaneously with such consolidation, merger, sale or lease, the due and punctual payment of the principal of and interest and premium, if any, on all the Securities, according to their tenor, and the due and punctual performance and observance
of all other obligations to the Holders and the Trustee under this Indenture or under the Securities to be performed or observed by the Company; and (ii) immediately after such consolidation, merger, sale, lease or purchase the Company or the
successor, transferee or lessee entity (if other than the Company) would not be in Default in the performance of any covenant or condition of this Indenture. A purchase by a Subsidiary of all or substantially all of the assets of another entity
shall not be deemed to be a purchase of such assets by the Company. 
 (b) Upon any consolidation with or merger
into any other entity, or any sale other than for cash, or any conveyance or lease of all or substantially all of the assets of the Company in accordance with this Section 6.04, the successor entity formed by such consolidation or into or with
which the Company is merged or to which the Company is sold or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same
effect as if such successor entity had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Company shall be relieved of all obligations and covenants under this Indenture and the Securities, and from time
to time such entity may exercise each and every right and power of the Company under this Indenture, in the name of the Company, or in its own name; and any act or proceeding by any provision of this Indenture required or permitted to be done by

  
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the Board of Directors or any officer of the Company may be done with like force and effect by the like board or officer of any entity that shall at the time be the successor of the Company
hereunder. In the event of any such sale or conveyance, but not any such lease, the Company (or any successor entity which shall theretofore have become such in the manner described in this Section 6.04) shall be discharged from all obligations
and covenants under this Indenture and the Securities and may thereupon be dissolved and liquidated. 
 Section 6.05
Compliance Certificate. The Company shall furnish to the Trustee annually, within 120 days after the end of each fiscal year, a brief certificate from the principal executive officer, principal financial officer, principal accounting officer,
any vice president or treasurer as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture (which compliance shall be determined without regard to any period of grace or requirement of notice
provided under this Indenture) and, in the event of any Default, specifying each such Default and the nature and status thereof of which such person may have knowledge. Such certificates need not comply with Section 16.01 of this Indenture.

 Section 6.06 Conditional Waiver by Holders of Securities. Anything in this Indenture to the contrary
notwithstanding, the Company may fail or omit in any particular instance to comply with a covenant or condition set forth herein with respect to any series of Securities if the Company shall have obtained and filed with the Trustee, prior to the
time of such failure or omission, evidence (as provided in Article VIII) of the consent of the Holders of a majority in aggregate principal amount of the Securities of such series at the time Outstanding, either waiving such compliance in such
instance or generally waiving compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, or impair any right consequent thereon and, until such waiver
shall have become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 
 Section 6.07 Statement as to Default. The Company shall deliver to the Trustee as soon as possible and in any event within 30 days after the Company becomes aware of the occurrence of any
Event of Default or an event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or Default and the action which the
Company proposes to take with respect thereto. 
 ARTICLE VII 

REMEDIES OF TRUSTEE AND SECURITYHOLDERS 
 Section 7.01 Events of Default. Except where otherwise indicated by the context or where the term is otherwise defined for a specific purpose, the term “Event of Default” as used in
this Indenture with respect to Securities of any series shall mean one of the following described events unless it is either inapplicable to a particular series or it is specifically deleted or modified in the manner contemplated in
Section 3.01: 
 (a) the failure of the Company to pay any installment of interest on any Security of such
series when and as the same shall become payable, which failure shall have continued unremedied for a period of 30 days; 

  
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 (b) the failure of the Company to pay the principal of (and premium, if any,
on) any Security of such series, when and as the same shall become payable, whether at Maturity as therein expressed, by call for redemption (otherwise than pursuant to a sinking fund), by declaration as authorized by this Indenture or otherwise;

 (c) the failure of the Company to pay a sinking fund installment, if any, when and as the same shall become
payable by the terms of a Security of such series, which failure shall have continued unremedied for a period of 30 days; 
 (d) the failure of the Company, subject to the provisions of Section 6.06, to perform any covenants or agreements contained in this Indenture (including any indenture supplemental hereto pursuant to
which the Securities of such series were issued as contemplated by Section 3.01) (other than a covenant or agreement which has been expressly included in this Indenture solely for the benefit of a series of Securities other than that series and
other than a covenant or agreement a default in the performance of which is elsewhere in this Section 7.01 specifically addressed), which failure shall not have been remedied, or without provision deemed to be adequate for the remedying thereof
having been made, for a period of 90 days after written notice shall have been given to the Company by the Trustee or shall have been given to the Company and the Trustee by Holders of 25% or more in aggregate principal amount of the Securities of
such series then Outstanding, specifying such failure, requiring the Company to remedy the same and stating that such notice is a “Notice of Default” hereunder; 

(e) the entry by a court having jurisdiction in the premises of a decree or order for relief in respect of the Company in
an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee or sequestrator (or similar official) of the Company or of substantially all the property of the Company or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a
period of 90 consecutive days; 
 (f) the commencement by the Company of a voluntary case under the federal
bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company to the entry of an order for relief in an involuntary
case under any such law, or the consent by the Company to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company or of substantially all the property of
the Company or the making by it of an assignment for the benefit of creditors or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any
action; or 

  
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 (g) the occurrence of any other Event of Default with respect to Securities
of such series as contemplated by Section 3.01; 
 provided, however, that no event described in clause (d) (other than
with respect to a payment default) or (g) above shall constitute an Event of Default hereunder until a Responsible Officer of the Trustee has actual knowledge thereof or until a written notice of any such event is received by the Trustee at the
Corporate Trust Office, and such notice refers to the facts underlying such event, the Securities generally, the Company and the Indenture. 
 Section 7.02 Acceleration; Rescission and Annulment. 

(a) Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, if any one
or more of the above-described Events of Default (other than an Event of Default specified in Section 7.01(e) or 7.01(f)) shall happen with respect to Securities of any series at the time Outstanding, then, and in each and every such case,
during the continuance of any such Event of Default, the Trustee or the Holders of 25% or more in principal amount of the Securities of such series then Outstanding may declare the principal (or, if the Securities of that series are Original Issue
Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of and all accrued but unpaid interest on all the Securities of such series then Outstanding to be due and payable immediately by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in Section 7.01(e) or 7.01(f)
occurs and is continuing, then in every such case, the principal amount of all of the Securities of that series then Outstanding shall automatically, and without any declaration or any other action on the part of the Trustee or any Holder, become
due and payable immediately. Upon payment of such amounts in the Currency in which such Securities are denominated (subject to Section 7.01 and except as otherwise provided pursuant to Section 3.01), all obligations of the Company in
respect of the payment of principal of and interest on the Securities of such series shall terminate. 
 (b) The
provisions of Section 7.02(a), however, are subject to the condition that, at any time after the principal of all the Securities of such series, to which any one or more of the above-described Events of Default is applicable, shall have been so
declared to be due and payable, and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Event of Default giving rise to such declaration of acceleration shall,
without further act, be deemed to have been waived, and such declaration and its consequences shall, without further act, be deemed to have been rescinded and annulled, if: 

(i) the Company has paid or deposited with the Trustee or Paying Agent a sum in the Currency in which such Securities are
denominated (subject to Section 7.01 and except as otherwise provided pursuant to Section 3.01) sufficient to pay 

  
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 (A) all amounts owing the Trustee and any predecessor trustee hereunder
under Section 11.01(a) (provided, however, that all sums payable under this clause (A) shall be paid in U.S. Dollars); 
 (B) all arrears of interest, if any, upon all the Securities of such series (with interest, to the extent that interest thereon shall be legally enforceable, on any overdue installment of interest at the
rate borne by such Securities at the rate or rates prescribed therefor in such Securities); and 
 (C) the
principal of and premium, if any, on any Securities of such series that have become due otherwise than by such declaration of acceleration and interest thereon; 

(D) all other sums payable under this Indenture (except the principal of the Securities of such series which would not be
due and payable were it not for such declaration); and 
 (ii) every other Default and Event of Default with
respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 7.06. 

(c) No such rescission shall affect any subsequent default or impair any right consequent thereon. 

(d) Any declaration by the Trustee pursuant to this Section 7.02 shall be by written notice to the Company, and any
declaration or waiver by the Holders of Securities of any series pursuant to this Section 7.02 shall be by written notice to the Company and the Trustee. 
 (e) 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. 
 Section 7.03 Other
Remedies. If the Company shall fail for a period of 30 days to pay any installment of interest on the Securities of any series or shall fail to pay the principal of and premium, if any, on any of the Securities of such series when and as the
same shall become due and payable, whether at Maturity, or by call for redemption (other than pursuant to the sinking fund), by declaration as authorized by this Indenture, or otherwise, or shall fail for a period of 30 days to make any required
sinking fund payment as to a series of Securities, then, upon demand of the Trustee, the Company will pay to the Paying Agent for the 

  
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benefit of the Holders of Securities of such series then Outstanding the whole amount which then shall have become due and payable on all the Securities of such series, with interest on the
overdue principal and premium, if any, and (so far as the same may be legally enforceable) on the overdue installments of interest at the rate borne by the Securities of such series, and all amounts owing the Trustee and any predecessor trustee
hereunder under Section 11.01(a). 
 In case the Company 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 proceeding at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding
to judgment or final decree, and may enforce any such judgment or final decree against the Company or any other obligor upon the Securities of such series, and collect the moneys adjudged or decreed to be payable out of the property of the Company
or any other obligor upon the Securities of such series, wherever situated, in the manner provided by law. Every recovery of judgment in any such action or other proceeding, subject to the payment to the Trustee of all amounts owing the Trustee and
any predecessor trustee hereunder under Section 11.01(a), shall be for the ratable benefit of the Holders of such series of Securities which shall be the subject of such action or proceeding. All rights of action upon or under any of the
Securities or this Indenture may be enforced by the Trustee without the possession of any of the Securities and without the production of any thereof at any trial or any proceeding relative thereto. 

Section 7.04 Trustee as Attorney-in-Fact. The Trustee is hereby appointed, and each and every Holder of the Securities, by
receiving and holding the same, shall be conclusively deemed to have appointed the Trustee, the true and lawful attorney-in-fact of such Holder, with authority to make or file (whether or not the Company shall be in Default in respect of the payment
of the principal of, or interest on, any of the Securities), in its own name and as trustee of an express trust or otherwise as it shall deem advisable, in any receivership, insolvency, liquidation, bankruptcy, reorganization or other judicial
proceeding relative to the Company or any other obligor upon the Securities or to their respective creditors or property, any and all claims, proofs of claim, proofs of debt, petitions, consents, other papers and documents and amendments of any
thereof, as may be necessary or advisable in order to have the claims of the Trustee and any predecessor trustee hereunder and of the Holders of the Securities allowed in any such proceeding and to collect and receive any moneys or other property
payable or deliverable on any such claim, and to execute and deliver any and all other papers and documents and to do and perform any and all other acts and things, as it may deem necessary or advisable in order to enforce in any such proceeding any
of the claims of the Trustee and any predecessor trustee hereunder and of any of such Holders in respect of any of the Securities; and any receiver, assignee, trustee, custodian or debtor in any such proceeding is hereby authorized, and each and
every taker or Holder of the Securities, by receiving and holding the same, shall be conclusively deemed to have authorized any such receiver, assignee, trustee, custodian or debtor, to make any such payment or delivery only to or on the order of
the Trustee, and to pay to the Trustee any amount due it and any predecessor trustee hereunder under Section 11.01(a); provided, however, that nothing herein contained shall be deemed to authorize or empower the Trustee to consent to or accept
or adopt, on behalf of any Holder of Securities, any plan of reorganization or readjustment affecting the Securities or the rights of any Holder thereof, or to authorize or empower the Trustee to vote in respect of the claim of any Holder of any
Securities in any such proceeding. 

  
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 Section 7.05 Priorities. Any moneys or properties collected by the Trustee with
respect to a series of Securities under this Article VII shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys or properties and, in the case of the distribution of such moneys or
properties on account of the Securities of any series, upon presentation of the Securities of such series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

First: To the payment of all amounts due to the Trustee and any predecessor trustee hereunder under Section 11.01(a).

 Second: In case the principal of the Outstanding Securities of such series shall not have become due and be
unpaid, to the payment of interest on the Securities of such series, in the chronological order of the Maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue
installments of interest at the rate borne by such Securities, such payments to be made ratably to the Persons entitled thereto. 
 Third: In case the principal of the Outstanding Securities of such series shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon the Securities
of such series for principal and premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate
borne by the Securities of such series, and in case such moneys shall be insufficient to pay in full the whole amounts so due and unpaid upon the Securities of such series, then to the payment of such principal and premium, if any, and interest
without preference or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Security of such series over any
other Security of such series, ratably to the aggregate of such principal and premium, if any, and accrued and unpaid interest. 
 Any surplus
then remaining shall be paid to the Company or as directed by a court of competent jurisdiction. 
 Section 7.06
Control by Securityholders; Waiver of Past Defaults. The Holders of a majority in principal amount of the Securities of any series at the time Outstanding may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee hereunder, or of exercising any trust or power hereby conferred upon the Trustee with respect to the Securities of such series, provided, however, that, subject to the provisions of Sections 11.01 and 11.02, the Trustee
shall have the right to decline to follow any such direction if the Trustee being advised by counsel determines that the action so directed may not lawfully be taken or would be unduly prejudicial to Holders not joining in such direction or would
involve the Trustee in personal liability. Prior to any declaration accelerating the Maturity of the Securities of any series, the Holders of a majority in aggregate principal amount of such series of Securities at the time Outstanding may on behalf
of the Holders of all of the Securities of such series waive any past Default or Event of Default hereunder and its consequences except a Default in the payment of interest or any premium on or the principal of the Securities of such

  
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series. Upon any such waiver the Company, the Trustee and the Holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such
waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 7.06, said Default or
Event of Default shall for all purposes of the Securities of such series and this Indenture be deemed to have been cured and to be not continuing. 
 Section 7.07 Limitation on Suits. No Holder of any Security of any series shall have any right to institute any action, suit or proceeding at law or in equity for the execution of any trust
hereunder or for the appointment of a receiver or for any other remedy hereunder, in each case with respect to an Event of Default with respect to such series of Securities, unless such Holder previously shall have given to the Trustee written
notice of one or more of the Events of Default herein specified with respect to such series of Securities, and unless also the Holders of 25% in principal amount of the Securities of such series then Outstanding shall have requested the Trustee in
writing to take action in respect of the matter complained of, and unless also there shall have been offered to the Trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and
the Trustee, for 60 days after receipt of such notification, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and such notification, request and offer of indemnity are hereby declared
in every such case to be conditions precedent to any such action, suit or proceeding by any Holder of any Security of such series; it being understood and intended that no one or more of the Holders of Securities of such series shall have any right
in any manner whatsoever by his, her, its or their action to enforce any right hereunder, except in the manner herein provided, and that every action, suit or proceeding at law or in equity shall be instituted, had and maintained in the manner
herein provided and for the equal benefit of all Holders of the Outstanding Securities of such series; provided, however, that nothing in this Indenture or in the Securities of such series shall affect or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest on the Securities of such series to the respective Holders of such Securities at the respective due dates in such Securities stated, or affect or impair the right,
which is also absolute and unconditional, of such Holders to institute suit to enforce the payment thereof. 

Section 7.08 Undertaking for Costs. All parties to this Indenture and each Holder of any Security, by such Holder’s
acceptance thereof, shall be deemed to have agreed that any court may in its discretion require, in any action, suit or proceeding for the enforcement of any right or remedy under this Indenture, or in any action, suit or proceeding against the
Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such action, suit or proceeding of an undertaking to pay the costs of such action, suit or proceeding, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such action, suit or proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided,
however, that the provisions of this Section 7.08 shall not apply to any action, suit or proceeding instituted by the Trustee, to any action, suit or proceeding instituted by any one or more Holders of Securities holding in the aggregate more
than 10% in principal amount of the Securities of any series Outstanding, or to any action, suit or proceeding instituted by any Holder of Securities of 

  
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any series for the enforcement of the payment of the principal of or premium, if any, or the interest on, any of the Securities of such series, on or after the respective due dates expressed in
such Securities. 
 Section 7.09 Remedies Cumulative. No remedy herein conferred upon or reserved to the Trustee or
to the Holders of Securities of any series is intended to be exclusive of any other remedy or remedies, and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law
or in equity or by statute. No delay or omission of the Trustee or of any Holder of the Securities of any series to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power or shall be construed
to be a waiver of any such Default or Event of Default or an acquiescence therein; and every power and remedy given by this Article VII to the Trustee and to the Holders of Securities of any series, respectively, may be exercised from time to time
and as often as may be deemed expedient by the Trustee or by the Holders of Securities of such series, as the case may be. In case the Trustee or any Holder of Securities of any series shall have proceeded to enforce any right under this Indenture
and the proceedings for the enforcement thereof shall have been discontinued or abandoned because of waiver or for any other reason or shall have been adjudicated adversely to the Trustee or to such Holder of Securities, then and in every such case
the Company, the Trustee and the Holders of the Securities of such series shall severally and respectively be restored to their former positions and rights hereunder, and thereafter all rights, remedies and powers of the Trustee and the Holders of
the Securities of such series shall continue as though no such proceedings had been taken, except as to any matters so waived or adjudicated. 
 ARTICLE VIII 
 CONCERNING THE SECURITYHOLDERS 

Section 8.01 Evidence of Action of Securityholders. Whenever in this Indenture it is provided that the Holders of a
specified percentage or a majority in aggregate principal amount of the Securities or of any series of Securities may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any
other action), the fact that at the time of taking any such action the Holders of such specified percentage or majority have joined therein may be evidenced by (a) any instrument or any number of instruments of similar tenor executed by
Securityholders in person, by an agent or by a proxy appointed in writing, including through an electronic system for tabulating consents operated by the Depositary for such series or otherwise (such action becoming effective, except as herein
otherwise expressly provided, when such instruments or evidence of electronic consents are delivered to the Trustee and, where it is hereby expressly required, to the Company), or (b) by the record of the Holders of Securities voting in favor
thereof at any meeting of Securityholders duly called and held in accordance with the provisions of Article IX, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Securityholders. 

  
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 Section 8.02 Proof of Execution or Holding of Securities. Proof of the
execution of any instrument by a Securityholder or his, her or its agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 

(a) The fact and date of the execution by any Person of any such instrument may be proved (i) by the certificate of
any notary public or other officer in any jurisdiction who, by the laws thereof, has power to take acknowledgments or proof of deeds to be recorded within such jurisdiction, that the Person who signed such instrument did acknowledge before such
notary public or other officer the execution thereof, or (ii) by the affidavit of a witness of such execution sworn to before any such notary or other officer. Where such execution is by a Person acting in other than his or her individual
capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority. 
 (b)
The ownership of Securities of any series shall be proved by the Register of such Securities or by a certificate of the Registrar for such series. 
 (c) The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06. 
 (d) The Trustee may require such additional proof of any matter referred to in this Section 8.02 as it shall deem appropriate or necessary, so long as the request is a reasonable one. 

(e) If the Company shall solicit from the Holders of Securities of any series any action, the Company may, at its option
fix in advance a record date for the determination of Holders of Securities entitled to take such action, but the Company shall have no obligation to do so. Any such record date shall be fixed at the Company’s discretion. If such a record date
is fixed, such action may be sought or given before or after the record date, but only the Holders of Securities of record at the close of business on such record date shall be deemed to be Holders of Securities for the purpose of determining
whether Holders of the requisite proportion of Outstanding Securities of such series have authorized or agreed or consented to such action, and for that purpose the Outstanding Securities of such series shall be computed as of such record date.

 Section 8.03 Persons Deemed Owners. 

(a) The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any Security
is registered as the owner of such Security for the purpose of receiving payment of principal of and premium, if any, and (subject to Section 3.08) interest, if any, on, such Security and for all other purposes whatsoever, whether or not such
Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. All payments made to any Holder, or upon his, her or its order, shall be valid, and, to the extent of
the sum or sums paid, effectual to satisfy and discharge the liability for moneys payable upon such Security. 

(b) None of the Company, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  
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 Section 8.04 Effect of Consents. After an amendment, supplement, waiver or
other action becomes effective as to any series of Securities, a consent to it by a Holder of such series of Securities is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Securities or portion
thereof, and of any Security issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. An amendment, supplement or waiver becomes effective in accordance with its
terms and thereafter binds every Holder. 
 ARTICLE IX 

SECURITYHOLDERS’ MEETINGS 
 Section 9.01 Purposes of Meetings. A meeting of Securityholders of any or all series may be called at any time and from time to time pursuant to the provisions of this Article IX for any of
the following purposes: 
 (a) to give any notice to the Company or to the Trustee, or to give any directions to
the Trustee, or to consent to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant to any of the provisions of Article VIII; 

(b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article XI; 

(c) to consent to the execution of an Indenture or of indentures supplemental hereto pursuant to the provisions of
Section 14.02; or 
 (d) to take any other action authorized to be taken by or on behalf of the Holders of
any specified aggregate principal amount of the Securities of any one or more or all series, as the case may be, under any other provision of this Indenture or under applicable law. 

Section 9.02 Call of Meetings by Trustee. The Trustee may at any time call a meeting of all Securityholders of all series
that may be affected by the action proposed to be taken, to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Securityholders of a series, setting
forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to Holders of Securities of such series at their addresses as they shall appear on the Register of the Company. Such
notice shall be mailed not less than 20 nor more than 90 days prior to the date fixed for the meeting. 
 Section 9.03
Call of Meetings by Company or Securityholders. In case at any time the Company or the Holders of at least 10% in aggregate principal amount of the Securities of a series (or of all series, as the case may be) then Outstanding that may be
affected by the action proposed to be taken, shall have requested the Trustee to call a meeting of 

  
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Securityholders of such series (or of all series), by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the
notice of such meeting within 20 days after receipt of such request, then the Company or such Securityholders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by
mailing notice thereof as provided in Section 9.02. 
 Section 9.04 Qualifications for Voting. To be entitled
to vote at any meeting of Securityholders, a Person shall (a) be a Holder of one or more Securities affected by the action proposed to be taken at the meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of
one or more such Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel. 
 Section 9.05 Regulation of Meetings. 

(a) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may
deem advisable for any meeting of Securityholders, in regard to proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem fit. 
 (b) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Securityholders as provided in
Section 9.03, in which case the Company or the Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chair. A permanent chairman and a permanent secretary of the meeting shall be elected by majority
vote of the meeting. 
 (c) At any meeting of Securityholders of a series, each Securityholder of such series of
such Securityholder’s proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such series Outstanding held or represented by him; provided, however, that no vote shall be cast or counted at any
meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Securities of such series held by him or
her or instruments in writing as aforesaid duly designating him or her as the Person to vote on behalf of other Securityholders. At any meeting of the Securityholders duly called pursuant to the provisions of Section 9.02 or 9.03 the presence
of Persons holding or representing Securities in an aggregate principal amount sufficient to take action upon the business for the transaction of which such meeting was called shall be necessary to constitute a quorum, and any such meeting may be
adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

  
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 Section 9.06 Voting. The vote upon any resolution submitted to any meeting of
Securityholders of a series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts of the Securities of such series held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in
Section 9.02. The record shall show the principal amounts of the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one
of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee. 
 Any record
so signed and verified shall be conclusive evidence of the matters therein stated. 
 Section 9.07 No Delay of Rights
by Meeting. Nothing contained in this Article IX shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Securityholders of any series or any rights expressly or impliedly conferred hereunder to make such call,
any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Securityholders of such series under any of the provisions of this Indenture or of the Securities of such series. 

ARTICLE X 

REPORTS BY THE COMPANY AND THE TRUSTEE AND 
 SECURITYHOLDERS’ LISTS 
 Section 10.01 Reports by
Trustee. 
 (a) So long as any Securities are outstanding, the Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided therein. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall,
within 60 days after each anniversary following the date of this Indenture deliver to Holders a brief report which complies with the provisions of such Section 313(a). 

(b) The Trustee shall, at the time of the transmission to the Holders of Securities of any report pursuant to the
provisions of this Section 10.01, file a copy of such report with each stock exchange upon which the Securities are listed, if any, and also with the SEC in respect of a Security listed and registered on a national securities exchange, if any.
The Company agrees to notify the Trustee when, as and if the Securities become listed on any stock exchange. 

  
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 The Company will reimburse the Trustee for all expenses incurred in the preparation and
transmission of any report pursuant to the provisions of this Section 10.01 and of Section 10.02. 

Section 10.02 Reports by the Company. 

(a) The Company shall file with the Trustee and the SEC, and transmit to Holders, such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided in the Trust Indenture Act; provided that, unless available on EDGAR, any such information, documents or reports
required to be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 30 days after the same is filed with the SEC. The Trustee shall have no responsibility to determine whether any
information is available on EDGAR. 
 (b) The Company shall file with the Trustee and the SEC, in the manner and
to the extent provided in Section 314(a) of the Trust Indenture Act, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture. 

(c) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 10.03 Securityholders’
Lists. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee: 
 (a)
semi-annually, within 15 days after each Record Date, but in any event not less frequently than semi-annually, a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of Securities to which such Record
Date applies, as of such Record Date, and 
 (b) at such other times as the Trustee may request in writing,
within 30 days after receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 provided, however, that so long as the Trustee shall be the Registrar, such lists shall not be required to be furnished. 

  
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 ARTICLE XI 
 CONCERNING THE TRUSTEE 
 Section 11.01 Rights of Trustees;
Compensation and Indemnity. The Trustee accepts the trusts created by this Indenture upon the terms and conditions hereof, including the following, to all of which the parties hereto and the Holders from time to time of the Securities agree:

 (a) The Trustee shall be entitled to such compensation as the Company and the Trustee shall from time to time
agree to in writing for all services rendered by it hereunder (including in any agent capacity in which it acts). The compensation of the Trustee shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust. The Company shall reimburse the Trustee promptly upon its request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee (including the reasonable expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be attributable to its negligence, bad faith or willful misconduct. 
 The Company also agrees to indemnify each of the Trustee and any predecessor Trustee hereunder for, and to hold it harmless against, any and all loss, liability, damage, claim, or expense incurred without
its own negligence, bad faith or willful misconduct, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of its duties (including in any agent capacity in which it acts), as well
as the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel of its selection and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not
pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 As security for the
performance of the obligations of the Company under this Section 11.01(a), the Trustee shall have a lien upon all property and funds held or collected by the Trustee as such, except funds held in trust by the Trustee to pay principal of and
interest on any Securities. Notwithstanding any provisions of this Indenture to the contrary, the obligations of the Company to compensate and indemnify the Trustee under this Section 11.01(a) shall survive the resignation or removal of the
Trustee and any satisfaction and discharge under Article XII. When the Trustee incurs expenses or renders services after an Event of Default specified in clause (e) or (f) of Section 7.01 occurs, the expenses and compensation for the
services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or similar laws. 
 (b) The Trustee may execute any of the trusts or powers hereof and perform any duty hereunder either directly or by its agents and attorneys and shall not be responsible for any misconduct or negligence
on the part of any agent or attorney appointed with due care by it hereunder. 
 (c) The Trustee shall not be
responsible in any manner whatsoever for the correctness of the recitals herein or in the Securities (except its certificates of authentication thereon) contained, all of which are made solely by the Company; and the Trustee shall not be responsible
or accountable in any manner whatsoever for or with respect to the validity or execution or sufficiency of this Indenture or of the Securities 

  
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(except its certificates of authentication thereon), and the Trustee makes no representation with respect thereto, except that the Trustee represents that it is duly authorized to execute and
deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set
forth therein. The Trustee shall not be accountable for the use or application by the Company of any Securities, or the proceeds of any Securities, authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

 (d) The Trustee may consult with counsel of its selection, and, to the extent permitted by Section 11.02,
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the Trustee hereunder in good faith and in accordance with such Opinion of Counsel. 

(e) The Trustee, to the extent permitted by Section 11.02, may rely upon the certificate of the Secretary or one of
the Assistant Secretaries of the Company as to the adoption of any Board Resolution or resolution of the stockholders of the Company, and any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by, and
whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, offering or omitting any action hereunder, the Trustee may rely upon, an Officer’s Certificate of the
Company (unless other evidence in respect thereof be herein specifically prescribed). 
 (f) Subject to
Section 11.04, the Trustee or any agent of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the
Company with the same rights it would have had if it were not the Trustee or such agent. 
 (g) Money held by the
Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

 (h) Any action taken by the Trustee pursuant to any provision hereof at the request or with the consent of any
Person who at the time is the Holder of any Security shall be conclusive and binding in respect of such Security upon all future Holders thereof or of any Security or Securities which may be issued for or in lieu thereof in whole or in part, whether
or not such Security shall have noted thereon the fact that such request or consent had been made or given. 

(i) Subject to the provisions of Section 11.02, the Trustee may conclusively rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties. 

  
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 (j) Subject to the provisions of Section 11.02, the Trustee shall not
be under any obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders of the Securities, pursuant to any provision of this Indenture, unless one or more of the Holders
of the Securities shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred by it therein or thereby. 

(k) Subject to the provisions of Section 11.02, 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 its discretion or within the rights or powers conferred upon it by this Indenture. 
 (l) Subject to the provisions of Section 11.02, the Trustee shall not be deemed to have knowledge or notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless the Holders of not less than 25% of the Outstanding Securities notify the Trustee thereof. 
 (m) Subject to the provisions of the first paragraph of Section 11.02, 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, may, but shall not be required to, make further inquiry or
investigation into such facts or matters as it may see fit. 
 (n) 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. 

(o) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (p) The Trustee may request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture (i.e., an incumbency certificate). 
 Section 11.02 Duties of Trustee. 
 (a) If one or more
of the Events of Default specified in Section 7.01 with respect to the Securities of any series shall have happened, then, during the continuance thereof, the Trustee shall, with respect to such Securities, exercise such of the rights and
powers vested in it by this Indenture, and shall use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) None of the provisions of this Indenture shall be construed as relieving the Trustee from liability for its own
negligent action, negligent failure to act, or its own willful misconduct, except that, anything in this Indenture contained to the contrary notwithstanding, 

  
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 (i) unless and until an Event of Default specified in Section 7.01 with
respect to the Securities of any series shall have happened which at the time is continuing, 
 (A) the Trustee
undertakes to perform such duties and only such duties with respect to the Securities of that series as are specifically set out in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee, whose
duties and obligations shall be determined solely by the express provisions of this Indenture; and 
 (B) the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, in the absence of bad faith on the part of the Trustee, upon certificates and opinions furnished to it pursuant to the express
provisions of this Indenture; but in the case of any such certificates or opinions which, by the provisions of this Indenture, 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); 

(ii) the Trustee shall not be liable to any Holder of Securities or to any other Person for any error of judgment made in
good faith by a Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable to any Holder of Securities or to any other Person with respect to any action taken
or omitted to be taken by it in good faith, in accordance with the direction of Securityholders given as provided in Section 7.06, relating to the time, method and place of conducting any proceeding for any remedy available to it or exercising
any trust or power conferred upon it by this Indenture. 
 (c) None of the provisions of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise to incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 11.02. 
 Section 11.03 Notice of Defaults. Within 90 days after the occurrence
thereof, and if known to the Trustee, the Trustee shall give to the Holders of the Securities of a series notice of each Default or Event of Default with respect to the Securities of such series known to the Trustee, by transmitting such notice to
Holders at their addresses as the same shall 

  
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then appear on the Register of the Company, unless such Default shall have been cured or waived before the giving of such notice (the term “Default” being hereby defined to be the
events specified in Section 7.01, which are, or after notice or lapse of time or both would become, Events of Default as defined in said Section). Except in the case of a Default or Event of Default in payment of the principal of, premium, if
any, or interest on any of the Securities of such series when and as the same shall become payable, or to make any sinking fund payment as to Securities of the same series, the Trustee shall be protected in withholding such notice, if and so long as
a Responsible Officer or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities of such series. 

Section 11.04 Eligibility; Disqualification. 

(a) The Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Trustee shall have a combined
capital and surplus of at least $50 million as set forth in its most recent published annual report of condition, and shall have a Corporate Trust Office. If at any time the Trustee shall cease to be eligible in accordance with the provisions of
this Section 11.04, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 (b) The Trustee shall comply with TIA Section 310(b); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(i) any indenture or indentures under
which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(i) are met. If the Trustee has or shall acquire a
conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture
Act and this Indenture. If Section 310(b) of the Trust Indenture Act is amended any time after the date of this Indenture to change the circumstances under which a Trustee shall be deemed to have a conflicting interest with respect to the
Securities of any series or to change any of the definitions in connection therewith, this Section 11.04 shall be automatically amended to incorporate such changes. 
 Section 11.05 Registration and Notice; Removal. The Trustee, or any successor to it hereafter appointed, may at any time resign and be discharged of the trusts hereby created with respect to
any one or more or all series of Securities by giving to the Company notice in writing and by mailing notice thereof to the holders of Securities of such series at their addresses as the same shall then appear in the Register of the Company. Such
resignation shall take effect upon the appointment of a successor Trustee and the acceptance of such appointment by such successor Trustee. Any Trustee hereunder may be removed with respect to any series of Securities at any time by the filing with
such Trustee and the delivery to the Company of an instrument or instruments in writing signed by the Holders of a majority in principal amount of the Securities of such series then Outstanding, specifying such removal and the date when it shall
become effective. 
 If at any time: 
 (a) the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at
least six months (or, if it is a shorter period, the period since the initial issuance of the Securities of such series), or 

  
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 (b) the Trustee shall cease to be eligible under Section 11.04 and
shall fail to resign after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months (or, if it is a shorter period, the period since the initial issuance of the Securities of such
series), or 
 (c) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a
receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (i) the Company by written notice to the Trustee may remove the Trustee and appoint a successor Trustee with respect to all
Securities, or (ii) subject to TIA Section 315(e), any Securityholder who has been a bona fide Holder of a Security for at least six months (or, if it is a shorter period, the period since the initial issuance of the Securities of such
series) may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

Upon its resignation or removal, any Trustee shall be entitled to the payment of reasonable compensation for the services rendered
hereunder by such Trustee and to the payment of all reasonable expenses incurred hereunder and all moneys then due to it hereunder. The Trustee’s rights to indemnification provided in Section 11.01(a) shall survive its resignation or
removal. 
 Section 11.06 Successor Trustee by Appointment. 

(a) In case at any time the Trustee shall resign, or shall be removed (unless the Trustee shall be removed as provided in
Section 11.04(b), in which event the vacancy shall be filled as provided in said subdivision), or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or if a receiver of the Trustee or of its property shall be
appointed, or if 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 with respect to the Securities of one or more series, a successor Trustee
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee
with respect to the Securities of any series) may be appointed by the Holders of a majority in principal amount of the Securities of that or those series then Outstanding, by an instrument or instruments in writing signed in duplicate by such
Holders and filed, one original thereof with the Company and the other with the successor Trustee; but, until a successor Trustee shall have been so appointed by the Holders of Securities of that or those series as herein authorized, the Company,
or, in case all or substantially all the assets of the Company shall be in the possession of one or 

  
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more custodians or receivers lawfully appointed, or of trustees in bankruptcy or reorganization proceedings (including a trustee or trustees appointed under the provisions of the federal
bankruptcy laws, as now or hereafter constituted), or of assignees for the benefit of creditors, such receivers, custodians, trustees or assignees, as the case may be, by an instrument in writing, shall appoint a successor Trustee with respect to
the Securities of such series. Subject to the provisions of Sections 11.04 and 11.05, upon the appointment as aforesaid of a successor Trustee with respect to the Securities of any series, the Trustee with respect to the Securities of such series
shall cease to be Trustee hereunder. After any such appointment other than by the Holders of Securities of that or those series, the Person making such appointment shall forthwith cause notice thereof to be mailed to the Holders of Securities of
such series at their addresses as the same shall then appear on the Register of the Company but any successor Trustee with respect to the Securities of such series so appointed shall, immediately and without further act, be superseded by a successor
Trustee appointed by the Holders of Securities of such series in the manner above prescribed, if such appointment be made prior to the expiration of one year from the date of the mailing of such notice by the Company, or by such receivers, trustees
or assignees. 
 (b) If any Trustee with respect to the Securities of one or more series shall resign because of
conflicting interest as provided in Section 11.04(b) and a successor Trustee shall not have been appointed by the Company or by the Holders of the Securities of such series or, if any successor Trustee so appointed shall not have accepted its
appointment within 30 days after such appointment shall have been made, the resigning Trustee at the expense of the Company may apply to any court of competent jurisdiction for the appointment of a successor Trustee. If in any other case a successor
Trustee shall not be appointed pursuant to the foregoing provisions of this Section 11.06 within three months after such appointment might have been made hereunder, the holder of any Security of the applicable series or any retiring Trustee at
the expense of the Company may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, in any such case, after such notice, if any, as such court may deem proper and prescribe, appoint a successor
Trustee. 
 (c) Any successor Trustee appointed hereunder with respect to the Securities of one or more series
shall execute, acknowledge and deliver to its predecessor Trustee and to the Company, or to the receivers, trustees, assignees or court appointing it, as the case may be, an instrument accepting such appointment hereunder, and thereupon such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations with respect to such series of such predecessor Trustee with like effect as if
originally named as Trustee hereunder, and such predecessor Trustee, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to pay over, and such successor Trustee shall be entitled to receive, all moneys and
properties held by such predecessor Trustee as Trustee hereunder, subject nevertheless to its lien provided for in Section 11.01(a). Nevertheless, on the written request of the Company or of the successor Trustee or of the Holders of at least
10% in principal amount of the Securities of such series then Outstanding, such predecessor Trustee, upon payment of its said charges and disbursements, shall execute and deliver an instrument transferring to such successor

  
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Trustee upon the trusts herein expressed all the rights, powers and trusts of such predecessor Trustee and shall assign, transfer and deliver to the successor Trustee all moneys and properties
held by such predecessor Trustee, subject nevertheless to its lien provided for in Section 11.01(a); and, upon request of any such successor Trustee and the Company shall make, execute, acknowledge and deliver any and all instruments in writing
for more fully and effectually vesting in and confirming to such successor Trustee all such authority, rights, powers, trusts, immunities, duties and obligations. 
 Section 11.07 Successor Trustee by Merger. Any Person into which the Trustee or any successor to it in the trusts created by this Indenture shall be merged or converted, or any Person with
which it or any successor to it shall be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee or any such successor to it shall be a party, or any Person to which the Trustee or any successor to it
shall sell or otherwise transfer all or substantially all of the corporate trust business of the Trustee, shall be the successor Trustee under this Indenture without the execution or filing of any paper or any further act on the part of any of the
parties hereto; provided that such Person shall be otherwise qualified and eligible under this Article. In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture with respect to one or more series of
Securities, any of such Securities shall have been authenticated but not delivered by the Trustee then in office, any successor to such 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 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 certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of
authentication of any predecessor Trustee or authenticate Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

Section 11.08 Right to Rely on Officer’s Certificate. Subject to Section 11.02, and subject to the provisions of
Section 16.01 with respect to the certificates required thereby, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or
suffering 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 with respect thereto delivered to the Trustee, and such Officer’s 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 11.09 Appointment of Authenticating Agent. The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Company to authenticate the Securities,
and the Trustee shall give written notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Unless limited by the terms of such appointment, any such Authenticating Agent may
authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to 

  
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authentication by the Trustee includes authentication by the Authenticating Agent. Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. 
 Each Authenticating Agent shall at all times be a
corporation organized and doing business and in good standing under the laws of the United States, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not
less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Article XI, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Article XI, it shall resign immediately in the manner and with the effect specified in this Article XI. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Article XI, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 11.09, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give written notice of such appointment to all
Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 11.09. 

The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this
Section 11.09, and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 11.01. 
 Section 11.10 Communications by Securityholders with Other Securityholders. Holders of Securities may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders
with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the Trust Indenture Act with respect to such communications. 

  
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 ARTICLE XII 
 SATISFACTION AND DISCHARGE; DEFEASANCE 
 Section 12.01
Applicability of Article. If, pursuant to Section 3.01, provision is made for the defeasance of Securities of a series and if the Securities of such series are denominated and payable only in U.S. Dollars (except as provided pursuant to
Section 3.01), then the provisions of this Article shall be applicable except as otherwise specified pursuant to Section 3.01 for Securities of such series. Defeasance provisions, if any, for Securities denominated in a Foreign Currency
may be specified pursuant to Section 3.01. 
 Section 12.02 Satisfaction and Discharge of Indenture. This
Indenture, with respect to the Securities of any series (if all series issued under this Indenture are not to be affected), shall, upon Company Order, cease to be of further effect (except as to any surviving rights of registration of transfer or
exchange of such Securities herein expressly provided for and rights to receive payments of principal of and premium, if any, and interest on such Securities) and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when, 
 (a) either: 

(i) all Securities of such series theretofore authenticated and delivered (other than (A) Securities that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 3.07 and (B) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust, as provided in Section 6.03) have been delivered to the Trustee for cancellation; or 
 (ii) all Securities of such series not theretofore delivered to the Trustee for cancellation, 
 (A) have become due and payable, or 
 (B) will become due and
payable at their Stated Maturity within one year, or 
 (C) are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice by the Trustee in the name, and at the expense, of the Company, 
 and in the case of (A), (B) or (C) above, the Company has deposited or caused to be deposited with the Trustee or Paying Agent as trust funds in trust for the purpose an amount in the Currency
in which such Securities are denominated (except as otherwise provided pursuant to Section 3.01) sufficient to pay and discharge the entire Indebtedness on such Securities for principal and premium, if any, and interest to the date of such
deposit (in the case of Securities that have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; provided, however, in the event a 

  
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petition for relief under federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, is filed with respect to
the Company within 91 days after the deposit and the Trustee is required to return the moneys then on deposit with the Trustee to the Company, the obligations of the Company under this Indenture with respect to such Securities shall not be deemed
terminated or discharged; 
 (b) the Company has paid or caused to be paid all other sums payable hereunder by
the Company; and 
 (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such series have been complied with. Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 11.01 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (a)(i) of this Section, the obligations of the Trustee under
Section 12.07 and the last paragraph of Section 6.03(e) shall survive. 
 Section 12.03 Defeasance upon
Deposit of Moneys or U.S. Government Obligations. At the Company’s option, either (a) the Company shall be deemed to have been Discharged (as defined below) from its obligations with respect to Securities of any series on the first day
after the applicable conditions set forth below have been satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 6.04 and Section 10.02 with respect to
Securities of any series (and, if so specified pursuant to Section 3.01, any other restrictive covenant added for the benefit of such series pursuant to Section 3.01) at any time after the applicable conditions set forth below have been
satisfied: 
 (a) The Company shall have deposited or caused to be deposited irrevocably with the Trustee as
trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series (i) money in an amount, or (ii) U.S. Government Obligations (as defined below) that 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, money in an amount or (iii) a combination of (i) and (ii), sufficient to pay
and discharge each installment of principal (including any mandatory sinking fund payments) of and premium, if any, and interest on, the Outstanding Securities of such series on the dates such installments of interest or principal and premium are
due; 
 (b) No Default with respect to the Securities of such series shall have occurred and be continuing on the
date of such deposit (other than a Default resulting from the borrowing of funds and the grant of any related liens to be applied to such deposit); and 
 (c) The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such series will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of the Company’s exercise of its 

  
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option under this Section and will be subject to federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such action had not been
exercised and, in the case of the Securities of such series being Discharged accompanied by a ruling to that effect received from or published by the Internal Revenue Service. 
 “Discharged” means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by, and obligations under, the Securities of such series and to have satisfied
all the obligations under this Indenture relating to the Securities of such series (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except (A) the rights of Holders of Securities of such
series to receive, from the trust fund described in clause (a) above, payment of the principal of and premium, if any, and interest on such Securities when such payments are due, (B) the Company’s obligations with respect to
Securities of such series under Sections 3.04, 3.06, 3.07, 6.02, 12.06 and 12.07 and (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder. 
 “U.S. Government Obligations” means securities that are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely of payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, that, in either case under
clauses (i) or (ii) are not callable or redeemable at the action of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a
specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depositary 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 depositary receipt from any amount received 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 depositary receipt. 
 Section 12.04 Repayment to Company. The Trustee and any Paying Agent shall
promptly pay to the Company (or to its designee) upon Company Order any excess moneys or U.S. Government Obligations held by them at any time, including any such moneys or obligations held by the Trustee under any escrow trust agreement entered into
pursuant to Section 12.06. The provisions of the last paragraph of Section 6.03 shall apply to any money held by the Trustee or any Paying Agent under this Article that remains unclaimed for two years after the Maturity of any series of
Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 12.03. 

Section 12.05 Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the deposited U.S. Government Obligations or the principal or interest received on such U.S. Government Obligations. 
 Section 12.06 Deposits to Be Held in Escrow. Any deposits with the Trustee referred to in Section 12.03 above shall be irrevocable (except to the extent provided in Sections 12.04 and
12.07) and shall be made under the terms of an escrow trust agreement in form and 

  
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substance reasonably satisfactory to the Trustee. If any Outstanding Securities of a series are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption
provisions or in accordance with any mandatory or optional sinking fund requirement, the applicable escrow trust agreement shall provide therefor and the Company shall make such arrangements as are satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company. The agreement shall provide that, upon satisfaction of any mandatory sinking fund payment requirements, whether by deposit of moneys, application of proceeds of
deposited U.S. Government Obligations or, if permitted, by delivery of Securities, the Trustee shall pay or deliver over to the Company as excess moneys pursuant to Section 12.04 all funds or obligations then held under the agreement and
allocable to the sinking fund payment requirements so satisfied. 
 If Securities of a series with respect to which such
deposits are made may be subject to later redemption at the option of the Company or pursuant to optional sinking fund payments, the applicable escrow trust agreement may, at the option of the Company, provide therefor. In the case of an optional
redemption in whole or in part, such agreement shall require the Company to deposit with the Trustee on or before the date notice of redemption is given funds sufficient to pay the Redemption Price of the Securities to be redeemed together with all
unpaid interest thereon to the Redemption Date. Upon such deposit of funds, the Trustee shall pay or deliver over to the Company as excess funds pursuant to Section 12.04 all funds or obligations then held under such agreement and allocable to
the Securities to be redeemed. In the case of exercise of optional sinking fund payment rights by the Company, such agreement shall, at the option of the Company, provide that upon deposit by the Company with the Trustee of funds pursuant to such
exercise the Trustee shall pay or deliver over to the Company as excess funds pursuant to Section 12.04 all funds or obligations then held under such agreement for such series and allocable to the Securities to be redeemed. 

Section 12.07 Application of Trust Money. 

(a) Neither the Trustee nor any other Paying Agent shall be required to pay interest on any moneys deposited pursuant to
the provisions of this Indenture, except such as it shall agree with the Company to pay thereon. Any moneys so deposited for the payment of the principal of, or premium, if any, or interest on the Securities of any series and remaining unclaimed for
two years after the date of the maturity of the Securities of such series or the date fixed for the redemption of all the Securities of such series at the time outstanding, as the case may be, shall be repaid by the Trustee or such other Paying
Agent to the Company upon its written request and thereafter, anything in this Indenture to the contrary notwithstanding, any rights of the Holders of Securities of such series in respect of which such moneys shall have been deposited shall be
enforceable only against the Company, and all liability of the Trustee or such other Paying Agent with respect to such moneys shall thereafter cease. 
 (b) Subject to the provisions of the foregoing paragraph, any moneys which at any time shall be deposited by the Company or on its behalf with the Trustee or any other Paying Agent for the purpose of
paying the principal of, premium, if any, and interest on any of the Securities shall be and are hereby assigned, transferred and set over to the Trustee or such other Paying Agent in trust for the respective Holders of the Securities for the
purpose for which such moneys shall have been deposited; but such moneys need not be segregated from other funds except to the extent required by law. 

  
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 Section 12.08 Deposits of Non-U.S. Currencies. Notwithstanding the foregoing
provisions of this Article, if the Securities of any series are payable in a Currency other than U.S. Dollars, the Currency or the nature of the government obligations to be deposited with the Trustee under the foregoing provisions of this Article
shall be as set forth in the Officer’s Certificate or established in the supplemental indenture under which the Securities of such series are issued. 
 ARTICLE XIII 
 IMMUNITY OF CERTAIN PERSONS 

Section 13.01 No Personal Liability. No recourse shall be had for the payment of the principal of, or the premium, if any,
or interest on, any Security or for any claim based thereon or otherwise in respect thereof or of the Indebtedness represented thereby, or upon any obligation, covenant or agreement of this Indenture, against any incorporator, stockholder, officer
or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitutional provision, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture and the Securities are solely corporate obligations, and that no personal liability whatsoever shall attach to, or be incurred by,
any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, because of the incurring of the Indebtedness
hereby authorized or under or by reason of any of the obligations, covenants, promises or agreements contained in this Indenture or in any of the Securities, or to be implied herefrom or therefrom, and that all liability, if any, of that character
against every such incorporator, stockholder, officer and director is, by the acceptance of the Securities and as a condition of, and as part of the consideration for, the execution of this Indenture and the issue of the Securities expressly waived
and released. 
 ARTICLE XIV 
 SUPPLEMENTAL INDENTURES 
 Section 14.01 Without Consent of
Securityholders. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any one or more of or all the following purposes: 
 (a) to add
to the covenants and agreements of the Company, to be observed thereafter and during the period, if any, in such supplemental indenture or indentures expressed, and to add Events of Default, in each case for the protection or benefit of the Holders
of all or any series of the Securities (and if such covenants, agreements and 

  
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Events of Default are to be for the benefit of fewer than all series of Securities, stating that such covenants, agreements and Events of Default are expressly being included for the benefit of
such series as shall be identified therein), or to surrender any right or power herein conferred upon the Company; 
 (b) to delete or modify any Events of Default with respect to all or any series of the Securities, the form and terms of which are being established pursuant to such supplemental indenture as permitted in
Section 3.01 (and, if any such Event of Default is applicable to fewer than all such series of the Securities, specifying the series to which such Event of Default is applicable), and to specify the rights and remedies of the Trustee and the
Holders of such Securities in connection therewith; 
 (c) to add to or change any of the provisions of this
Indenture to provide, change or eliminate any restrictions on the payment of principal of or premium, if any, on Securities; provided that any such action shall not adversely affect the interests of the Holders of Securities of any series in any
material respect; 
 (d) to change or eliminate any of the provisions of this Indenture; provided that any
such change or elimination shall become effective only when there is no Outstanding Security of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision and as to which such
supplemental indenture would apply; 
 (e) to evidence the succession of another corporation to the Company, or
successive successions, and the assumption by such successor of the covenants and obligations of the Company contained in the Securities of one or more series and in this Indenture or any supplemental indenture; 

(f) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to one or more
series of Securities and to add to or change any of the provisions of this Indenture as shall be necessary for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 11.06(c);

 (g) to secure any series of Securities; 

(h) to evidence any changes to this Indenture pursuant to Sections 11.05, 11.06 or 11.07 hereof as permitted by the terms
thereof; 
 (i) to cure any ambiguity or to correct or supplement any provision contained herein or in any
indenture supplemental hereto which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture or to conform the terms hereof, as amended and supplemented, that are applicable to the Securities of any
series to the description of the terms of such Securities in the offering memorandum, prospectus supplement or other offering document applicable to such Securities at the time of initial sale thereof; 

  
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 (j) to add to or change or eliminate any provision of this Indenture as
shall be necessary or desirable in accordance with any amendments to the Trust Indenture Act; 
 (k) to add
guarantors or co-obligors with respect to any series of Securities or to release guarantors from their guarantees of Securities in accordance with the terms of the applicable series of Securities; 

(l) to make any change in any series of Securities that does not adversely affect in any material respect the interests of
the Holders of such Securities; 
 (m) to permit or facilitate the issue of Securities of any series in
uncertificated form; 
 (n) to supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of Securities; provided that any such action shall not adversely affect the interests of the Holders of Securities of any series in any material respect; 

(o) to prohibit the authentication and delivery of additional series of Securities; or 

(p) to establish the form and terms of Securities of any series as permitted in Section 3.01, or to authorize the
issuance of additional Securities of a series previously authorized or to add to the conditions, limitations or restrictions on the authorized amount, terms or purposes of issue, authentication or delivery of the Securities of any series, as herein
set forth, or other conditions, limitations or restrictions thereafter to be observed. 
 Subject to the provisions of
Section 14.03, the Trustee is authorized to join with the Company in the execution of any such supplemental indenture, to make the further agreements and stipulations which may be therein contained and to accept the conveyance, transfer,
assignment, mortgage or pledge of any property or assets thereunder. 
 Any supplemental indenture authorized by the provisions
of this Section 14.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Securities at the time Outstanding. 
 Section 14.02 With Consent of Securityholders; Limitations. 
 (a) With the consent of the Holders (evidenced as provided in Article VIII) of a majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental indenture
voting separately, the Company and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any provisions of
this Indenture or of modifying in any manner the rights of the Holders of the Securities of such series to be affected; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of
each such series affected thereby, 

  
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 (i) extend the Stated Maturity of the principal of, or any installment of
interest on, any Security, or reduce the principal amount thereof or the interest thereon or any premium payable upon redemption thereof, or extend the Stated Maturity of, or change the Currency in which the principal of and premium, if any, or
interest on such Security is denominated or payable, or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 7.02,
or impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or materially adversely affect the economic terms of any right to
convert or exchange any Security as may be provided pursuant to Section 3.01; or 
 (ii) reduce the
percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of
this Indenture or certain Defaults hereunder and their consequences provided for in this Indenture; or 
 (iii)
modify any of the provisions of this Section, Section 7.06 or Section 6.06, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder
of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section
and Section 6.06, or the deletion of this proviso, in accordance with the requirements of Sections 11.06 and 14.01(f); or 
 (iv) modify, without the written consent of the Trustee, the rights, duties or immunities of the Trustee. 
 (b) A supplemental indenture that changes or eliminates any provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities or which
modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

(c) It shall not be necessary for the consent of the Securityholders under this Section 14.02 to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 (d) The Company may set a record date for purposes of determining the identity of the Holders of each series of Securities entitled to give a written consent or waive compliance by the Company as
authorized or permitted by this Section. Such record date shall not be more than 30 days prior to the first solicitation of such consent or waiver or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation
pursuant to Section 312 of the Trust Indenture Act. 

  
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 (e) Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section 14.02, the Company shall mail a notice, setting forth in general terms the substance of such supplemental indenture, to the Holders of Securities at their addresses as the same
shall then appear in the Register of the Company. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 14.03 Trustee Protected. Upon the request of the Company, accompanied by the Officer’s Certificate and Opinion
of Counsel required by Section 16.01, the Trustee shall join with the Company in the execution of said supplemental indenture unless said 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 said supplemental indenture. 
 Section 14.04 Effect of Execution of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions of this Article XIV, this Indenture shall be deemed to
be modified and amended in accordance therewith and, except as herein otherwise expressly provided, the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders of
all of the Securities or of the Securities of any series affected, as the case may be, 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 14.05 Notation on or Exchange of Securities. 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 the form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Securities so modified as to conform, in the opinion of the Trustee
and the Board of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for the Securities
then Outstanding in equal aggregate principal amounts, and such exchange shall be made without cost to the Holders of the Securities. 
 Section 14.06 Conformity with TIA. Every supplemental indenture executed pursuant to the provisions of this Article shall conform to the requirements of the Trust Indenture Act as then in
effect. 
 ARTICLE XV 
 SUBORDINATION OF SECURITIES 
 Section 15.01 Agreement to
Subordinate. In the event a series of Securities is designated as subordinated pursuant to Section 3.01, and except as otherwise provided in a Company Order or in one or more indentures supplemental hereto, the Company, for itself, its
successors and assigns, covenants and agrees, and each Holder of Securities of such series by his, 

  
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her or its acceptance thereof, likewise covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Securities of such series is
hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness. In the event a series of Securities is not designated as subordinated pursuant to
Section 3.01(s), this Article XV shall have no effect upon the Securities. 
 Section 15.02 Distribution on
Dissolution, Liquidation and Reorganization; Subrogation of Securities. Subject to Section 15.01, upon any distribution of assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in
bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a court of competent
jurisdiction to make other equitable provision reflecting the rights conferred in this Indenture upon the Senior Indebtedness and the holders thereof with respect to the Securities and the holders thereof by a lawful plan of reorganization under
applicable bankruptcy law): 
 (a) the holders of all Senior Indebtedness shall be entitled to receive payment in
full of the principal thereof (and premium, if any) and interest due thereon before the Holders of the Securities are entitled to receive any payment upon the principal (or premium, if any) or interest, if any, on Indebtedness evidenced by the
Securities; and 
 (b) any payment or distribution of assets of the Company of any kind or character, whether in
cash, property or securities, to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XV shall be paid by the liquidation trustee or agent or other Person making such payment or distribution,
whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments
evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of (and premium, if any) and interest on the Senior Indebtedness held or represented by each, to
the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness; and 

(c) in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities prohibited by the foregoing, shall be received by the Trustee or the Holders of the Securities before all Senior Indebtedness is paid in full, such payment or distribution shall be paid over, upon
written notice to a Responsible Officer of the Trustee, to the holder of such Senior Indebtedness or his, her or its representative or representatives or to the trustee or trustees under any indenture under which any instrument evidencing any of
such Senior Indebtedness may have been issued, ratably as aforesaid, as calculated by the Company, for application to payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving
effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 

  
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 (d) Subject to the payment in full of all Senior Indebtedness, the Holders
of the Securities shall be subrogated to the rights of the holders of Senior Indebtedness (to the extent that distributions otherwise payable to such holder have been applied to the payment of Senior Indebtedness) to receive payments or
distributions of cash, property or securities of the Company applicable to Senior Indebtedness until the principal of (and premium, if any) and interest, if any, on the Securities shall be paid in full and no such payments or distributions to the
Holders of the Securities of cash, property or securities otherwise distributable to the holders of Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Securities be
deemed to be a payment by the Company to or on account of the Securities. It is understood that the provisions of this Article XV are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the
one hand, and the holders of the Senior Indebtedness, on the other hand. Nothing contained in this Article XV or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company, its creditors other than the
holders of Senior Indebtedness, and the Holders of the Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Securities the principal of (and premium, if any) and interest, if any, on the
Securities as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall
anything herein or in the Securities prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article XV of the
holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee, subject to
the provisions of Section 15.05, shall be entitled to conclusively rely upon a certificate of the liquidating trustee or agent or other person making any distribution to the Trustee for the purpose of ascertaining the Persons entitled to
participate in such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereof and all other facts pertinent thereto or to this
Article XV. 
 Section 15.03 No Payment on Securities in Event of Default on Senior Indebtedness. 

(a) Subject to Section 15.01, no payment by the Company on account of principal (or premium, if any), sinking funds
or interest, if any, on the Securities shall be made at anytime if: (i) a default on Senior Indebtedness exists that permits the holders of such Senior Indebtedness to accelerate its maturity and (ii) the default is the subject of judicial
proceedings or the Company has received notice of such default. The Company may resume payments on the Securities when full payment of amounts then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made
or duly provided for in money or money’s worth. 
 (b) In the event that, notwithstanding the foregoing, any
payment shall be received by the Trustee when such payment is prohibited by Section 15.03(a), such 

  
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payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Senior Indebtedness or their respective representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, but only to the extent that the holders of such Senior Indebtedness (or
their representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on such Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be
paid to the holders of such Senior Indebtedness. 
 Section 15.04 Payments on Securities Permitted. Subject to
Section 15.01, nothing contained in this Indenture or in any of the Securities shall (a) affect the obligation of the Company to make, or prevent the Company from making, at any time except as provided in Sections 15.02 and 15.03, payments
of principal of (or premium, if any) or interest, if any, on the Securities or (b) prevent the application by the Trustee of any moneys or assets deposited with it hereunder to the payment of or on account of the principal of (or premium, if
any) or interest, if any, on the Securities, unless a Responsible Officer of the Trustee shall have received at its Corporate Trust Office written notice of any fact prohibiting the making of such payment from the Company or from the holder of any
Senior Indebtedness or from the trustee for any such holder, together with proof satisfactory to the Trustee of such holding of Senior Indebtedness or of the authority of such trustee more than two Business Days prior to the date fixed for such
payment. 
 Section 15.05 Authorization of Securityholders to Trustee to Effect Subordination. Subject to
Section 15.01, each Holder of Securities by his acceptance thereof authorizes and directs the Trustee on his, her or its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article
XV and appoints the Trustee his attorney-in-fact for any and all such purposes. 
 Section 15.06 Notices to
Trustee. Subject to Section 15.01, notwithstanding the provisions of this Article XV or any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall be charged with knowledge of the
existence of any Senior Indebtedness or of any fact which would prohibit the making of any payment of moneys or assets to or by the Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee or such Paying Agent shall have
received (in the case of a Responsible Officer of the Trustee, at the Corporate Trust Office of the Trustee) written notice thereof from the Company or from the holder of any Senior Indebtedness or from the trustee for any such holder, together with
proof satisfactory to the Trustee of such holding of Senior Indebtedness or of the authority of such trustee and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects conclusively to presume that no such
facts exist; provided, however, that if at least two Business Days prior to the date upon which by the terms hereof any such moneys or assets may become payable for any purpose (including, without limitation, the payment of either the
principal (or premium, if any) or interest, if any, on any Security) a Responsible Officer of the Trustee shall not have received with respect to such moneys or assets the notice provided for in this Section 15.06, then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys or assets and to apply the same to the purpose for which they were received, and shall

  
 68 

 
not be affected by any notice to the contrary which may be received by it within two Business Days prior to such date. The Trustee shall be entitled to rely on the delivery to it of a written
notice by a Person representing himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such a notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the
event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article XV, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the rights of such Person under this Article XV and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

 Section 15.07 Trustee as Holder of Senior Indebtedness. Subject to Section 15.01, the Trustee in its
individual capacity shall be entitled to all the rights set forth in this Article XV in respect of any Senior Indebtedness at any time held by it to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall be
construed to deprive the Trustee of any of its rights as such holder. Nothing in this Article XV shall apply to claims of, or payments to, the Trustee under or pursuant to Sections 7.05 or 11.01. 

Section 15.08 Modifications of Terms of Senior Indebtedness. Subject to Section 15.01, any renewal or extension of the
time of payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under any instrument creating or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder,
may be made or done all without notice to or assent from the Holders of the Securities or the Trustee. No compromise, alteration, amendment, modification, extension, renewal or other change of, or waiver, consent or other action in respect of, any
liability or obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or not such release is in
accordance with the provisions of any applicable document, shall in any way alter or affect any of the provisions of this Article XV or of the Securities relating to the subordination thereof. 

Section 15.09 Reliance on Judicial Order or Certificate of Liquidating Agent. Subject to Section 15.01, upon any
payment or distribution of assets of the Company referred to in this Article XV, the Trustee and the Holders of the Securities shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such
insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of
creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of
Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XV. 

  
 69 

 Section 15.10 Satisfaction and Discharge; Defeasance and Covenant Defeasance.
Subject to Section 15.01, amounts and U.S. Government Obligations deposited in trust with the Trustee pursuant to and in accordance with Article XII and not, at the time of such deposit, prohibited to be deposited under Sections 15.02 or 15.03
shall not be subject to this Article XV. 
 Section 15.11 Trustee Not Fiduciary for Holders of Senior Indebtedness.
With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or observe only such of its covenants and obligations as are specifically set forth in this Article XV, and no implied covenants or obligations with respect to the
holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness. The Trustee shall not be liable to any such holder if it shall pay
over or distribute to or on behalf of Holders of Securities or the Company, or any other Person, moneys or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article XV or otherwise. 

ARTICLE XVI 
 MISCELLANEOUS PROVISIONS 
 Section 16.01 Certificates and
Opinions as to Conditions Precedent. 
 (a) Upon any request or application by the Company to the Trustee to
take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such document is
specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

(b) 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 (other than the certificates provided pursuant to Section 6.05 of this Indenture) shall include (i) a statement that the Person giving such certificate or opinion has read such
covenant or condition; (ii) 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; (iii) a statement that, in the view or
opinion of such Person, he or she has made such examination or investigation as is necessary to enable such Person to express an informed view or opinion as to whether or not such covenant or condition has been complied with; and (iv) a
statement as to whether or not, in the view or opinion of such Person, such condition or covenant has been complied with. 
 (c) Any certificate, statement or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable 

  
 70 

 
care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate, statement or opinion is based are erroneous. Any certificate,
statement or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate, statement or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such
factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate, statement or opinion or representations with respect to such matters are erroneous. 

(d) Any certificate, statement or opinion of an officer of the Company or of counsel to the Company 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, unless such officer or counsel, as the case may be, knows, or in the exercise of reasonable care should know, 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 are erroneous. Any certificate or opinion of any firm of independent registered public
accountants filed with the Trustee shall contain a statement that such firm is independent. 
 (e) In any case
where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
 (f) Where any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 16.02 Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or another provision included
in this Indenture which is required to be included in this Indenture by any of the provisions of Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. 

Section 16.03 Notices to the Company and Trustee. Any notice or demand authorized by this Indenture to be made upon, given
or furnished to, or filed with, the Company or the Trustee shall be sufficiently made, given, furnished or filed for all purposes if it shall be mailed, delivered or telefaxed to: 

(a) the Company, at 340 Madison Avenue, 20th Floor, New York, New York 10173, Attention: Stancil E. Barton, Esq.,
Executive Vice President and General Counsel, fax: (212) 301-4001, or at such other address or facsimile number as may have been furnished in writing to the Trustee by the Company. 

  
 71 

 (b) the Trustee, at the Corporate Trust Office of the Trustee, Attention:
National Financial Partners Corp. Administrator. 
 Any such notice, demand or other document shall be in the English language. 

Section 16.04 Notices to Securityholders; Waiver. Any notice required or permitted to be given to Securityholders shall be
sufficiently given (unless otherwise herein expressly provided), 
 (a) if to Holders, if given in writing by
first class mail, postage prepaid, to such Holders at their addresses as the same shall appear on the Register of the Company. 
 (b) In the event of suspension of regular mail service or by reason of any other cause it shall be impracticable to give notice by mail, then such notification as shall be given with the approval of the
Trustee shall constitute sufficient notice for every purpose hereunder. 
 (c) 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 on such waiver. In any case where notice to Holders is given by mail; neither the failure to mail such notice nor any defect in any notice so
mailed to any particular Holder shall affect the sufficiency of such notice with respect to other Holders, and any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given. In any case where notice
to Holders is given by publication, any defect in any notice so published as to any particular Holder shall not affect the sufficiency of such notice with respect to other Holders, and any notice that is published in the manner herein provided shall
be conclusively presumed to have been duly given. 
 Section 16.05 Legal Holiday. Unless otherwise specified
pursuant to Section 3.01, in any case where any Interest Payment Date, Redemption Date or Maturity of any Security of any series shall not be a Business Day at any Place of Payment for the Securities of that series, then payment of principal
and premium, if any, or interest need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on such Interest Payment Date, Redemption
Date or Maturity and no interest shall accrue on such payment for the period from and after such Interest Payment Date, Redemption Date or Maturity, as the case may be, to such Business Day if such payment is made or duly provided for on such
Business Day. 
 Section 16.06 Effects of Headings and Table of Contents. The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 16.07
Successors and Assigns. All covenants and agreements in this Indenture by the parties hereto shall bind their respective successors and assigns and inure to the benefit of their permitted successors and assigns, whether so expressed or not.

  
 72 

 Section 16.08 Separability Clause. In case any provision in this Indenture or
in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 16.09 Benefits of Indenture. Nothing in this Indenture expressed and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or to give to, any Person or corporation other than the parties hereto and their successors and the Holders of the Securities any benefit or any right, remedy or claim under or by
reason of this Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Indenture contained shall be for the sole and exclusive benefit of the
parties hereto and their successors and of the Holders of the Securities. 
 Section 16.10 Counterparts Originals.
This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 16.11 Governing Law. This Indenture and the Securities shall be deemed to be contracts made under the law of the
State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

Section 16.12 Consent to Jurisdiction. The Company irrevocably and unconditionally submits, for itself and its property, to
the jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out
of or relating to this Indenture and any of the Notes, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding may be heard and determined in such New York State or, to
the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Indenture shall affect any right that the Trustee, Agent, or Holder any otherwise have to bring any action or proceeding relating to this Indenture against the Company or their properties in the courts of any
jurisdiction to enforce any judgment, order or process entered by such courts situate within the State of New York or to enjoin any violations hereof or for relief ancillary hereto or otherwise to collect on loans or enforce the payment of any Notes
or to enforce, protect or maintain their rights and Claims or for any other lawful purpose. The Company further agrees that any action or proceeding brought against either Trustee, Agent or any Holder, if brought by the Company, shall be brought
only in New York State or, to the extent permitted by law, in such Federal Court. 
 Section 16.13 Waiver of Objections
to Venue. The Company hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out
of or relating to this Indenture in any court referred to in Section 16.13 other than a court 

  
 73 

 
referred to in the last sentence thereof that is not referred to elsewhere therein. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. 
 Section 16.14 Service of
Process. The Company agrees that so long as any Note or other obligations under this Indenture shall be outstanding, that it shall maintain a duly appointed agent for the service of summons and other legal process in New York, New York, for
purposes of any legal action, suit or proceeding brought by the Trustee, Agent or Holder in respect of the Indenture. The Company further irrevocably consents, if for any reason there is no authorized agent for the service of process in New York, to
the service of process out of said courts by mailing copies thereof by registered United States air mail, postage prepaid, to the. The serving of process in the manner provided in this Section 16.15 shall be deemed personal service and accepted
by the Company, and shall be valid and bringing upon the Company for all the purposes of any action, suit or proceeding in any jurisdiction. Nothing in this Indenture will affect the right of any party to this Indenture to serve process in any other
manner permitted by law. 
 Section 16.15 Waiver of Jury Trial. THE COMPANY HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INDENTURE, ANY NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY). EACH PARTY HERETO (A) 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 (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 16.16. 

Section 16.16 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 that are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 16.17 USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.

  
 74 

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

			
	 NATIONAL FINANCIAL PARTNERS CORP.,

 as Issuer

		
	By:	 	  

		 	Name:
		 	Title:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 75Agreement for Surrender of Headlease and Lease

 Exhibit 10.1 
 DATED 4 SEPTEMBER 2012 
  

	 	(1)	WOODCOCK BROTHERS (WIMBLEDON) LIMITED 

  

	 	(2)	ZIPCAR (UK) LIMITED 

  

	 	(3)	HEINEKEN UK LIMITED 

AGREEMENT FOR SURRENDER OF HEADLEASE AND LEASE 
 of premises at 
 Melbury House 

49-57 Wimbledon Hill Road 
 London 
 SW19 7QW 

 
 

 

 CONTENTS 

 

							
	Clause	  	 	  	Page	 
			
	 1.
	  	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
			
	 2.
	  	 AGREEMENT
	  	 	4	  
			
	 3.
	  	 RISK AND INSURANCE
	  	 	4	  
			
	 4.
	  	 INITIAL RENT SERVICE CHARGE AND INSURANCE RENT
	  	 	4	  
			
	 5.
	  	 TITLE
	  	 	4	  
			
	 6.
	  	 REPRESENTATIONS
	  	 	4	  
			
	 7.
	  	 COMPLETION OF THE LEASE AND SECURITY DEPOSIT DEED
	  	 	5	  
			
	 8.
	  	 ALIENATION
	  	 	5	  
			
	 9.
	  	 COMPLETION OF THE SURRENDER
	  	 	5	  
			
	 10.
	  	 AIR CONDITIONING WORKS
	  	 	6	  
			
	 11.
	  	 VAT
	  	 	6	  
			
	 12.
	  	 TERMINATION ON TENANT’S DEFAULT
	  	 	6	  
			
	 13.
	  	 NOTICES
	  	 	7	  
			
	 14.
	  	 NON-MERGER
	  	 	7	  
			
	 15.
	  	 LAW AND JURISDICTION
	  	 	7	  
			
	 16.
	  	 LEGAL COSTS
	  	 	8	  
			
	 17.
	  	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	  	 	8	  
			
	 18.
	  	 CONFIDENTIALITY
	  	 	8	  
			
	 19.
	  	 INTEREST
	  	 	8	  
			
	 20.
	  	 AGREEMENT FOLLOWING EXPIRY OF THE EXISTING LEASE
	  	 	8	  
			
	 21.
	  	 EXCLUSION OF SECTIONS 24 - 28 OF THE LTA 1954 IN RELATION TO THE SURRENDER
	  	 	9	  
			
	 22.
	  	 EXCLUSION OF SECTIONS 24 - 28 OF THE LTA 1954 IN RELATION TO THE LICENCE TO OCCUPY
	  	 	9	  

 ANNEXES 
  

									
		  	Annex 1	 	-	    	the Lease	  	
					
		  	Annex 2	 	-	    	Side Letter	  	
					
		  	Annex 3	 	-	    	Security Deposit Deed	  	
					
		  	Annex 4	 	-	    	Deed of Surrender	  	

 THIS AGREEMENT is made 4th September 2012 
 BETWEEN 
  

	(1)	WOODCOCK BROTHERS (WIMBLEDON) LIMITED (Company registration number 00481173) whose registered office is at Fifth Floor 7-10 Chandos Street London WC1M 9DE
(“the Landlord”) 

  

	(2)	ZIPCAR (UK) LIMITED (Company registration number 04525217) whose registered office is at Melbury House 51 Wimbledon Hill Road London SW19 7QW (“the
Tenant”) 

  

	(3)	HEINEKEN UK LIMITED (Company registration number SC065527) whose registered office is at 2-4 Broadway Park South Gyle Broadway Edinburgh EH12 9JZ
(“Heineken”) 

 RECITALS 
  

	(A)	The Tenant changed its name from Streetcar Limited to Zipcar (UK) Limited on 20 December 2011 

 

	(B)	Heineken changed its name from Scottish & Newcastle UK Limited to Heineken UK Limited on 22 November 2009 

 

	(C)	Heineken and the Landlord have agreed to surrender the Headlease 

  

	(D)	The parties wish to document the grant of the Lease following determination of the Headlease and also wish to cater for the period between 1 September 2012
(expiry of the Existing Lease) and 28 September 2012 (expiry of the Headlease) when the Tenant shall be entitled to remain in occupation of the Premises 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this agreement unless the context otherwise requires the following expressions shall have the following meanings: 

 

			
		
	“Completion Date”	  	means 28 September 2012
		
	“Deed of Surrender”	  	means the deed of surrender in the form TR1 set out in Annex 4 to be entered into between the Landlord and Heineken in respect of the Headlease
		
	“Datix Lease”	  	means the means the lease dated 17 November 2008 made between (1) Heineken and (2) Datix Limited for a term expiring on 30 September 2012 of the third floor of Melbury House 49-57
Wimbledon Hill Road London
		
	“Existing Lease”	  	means the lease dated 22 October 2008 made between (1) Heineken and (2) the Tenant for a term expiring on 1 September 2012 of the second floor of Melbury House 49-57 Wimbledon Hill
Road London
		
	“Headlease”	  	means the lease dated 14 October 2002 made between (1) the Landlord (2) Heineken (UK) Limited (CRN 00973941) (3) Heineken Bronwerijen BV (CRN FC 020047) of the Headlease
Premises

			
		
	“Headlease Premises”	  	the premises known as Second and Third Floors Melbury House 49-57 Wimbledon Hill Road London SW19 7QW as more particularly described in the Headlease
		
	“Initial Rent”	  	in respect of the period 28 September 2012 until 27 September 2013 the rent of ONE HUNDRED THOUSAND ONE HUNDRED AND TWENTY THREE POUNDS AND FIFTY PENCE (£100,123.50) and in
respect of the period from 28 September 2013 until 3 January 2016 the yearly rent of TWO HUNDRED THOUSAND AND TWO HUNDRED AND FORTY SEVEN POUNDS (£200,247.00)
		
	“Insurance Rent”	  	the insurance rent or charge payable by the Tenant under the Lease
		
	“Landlord”	  	includes its successors in title
		
	“Land Registry”	  	Her Majesty’s Land Registry as referred to in section 99 of LRA 2002
		
	“Lease”	  	the lease of the Premises to be granted to the Tenant by the Landlord under this agreement which lease shall be for a term of years commencing on the Term Commencement Date and
shall be in the form contained in Annex 1
		
	“LRA 2002”	  	the Land Registration Act 2002
		
	“Planning Acts”	  	“the consolidating Acts” as defined in the Planning (Consequential Provisions) Act 1990 and any other legislation relating to town and country planning in force from time
to time
		
	“Premises”	  	the premises known as 2nd Floor Melbury House 49-57 Wimbledon Hill Road London SW19 7QW as more particularly described in the Lease
		
	“Prescribed Rate”	  	four percent per annum above the base rate of Barclays Bank Plc or such other London clearing bank as the Landlord may from time to time nominate
		
	“Rent Commencement Date”	  	the Term Commencement Date
		
	“Rent Deposit”	  	means the deposit held by Heineken pursuant to the security deposit deed dated 22 October 2008 made between (1) Heineken and (2) Zipcar which at the date of this agreement stands at
£119, 042.85
		
	“Security Deposit Deed”	  	means the Security Deposit Deed in the form contained at Annex 3
		
	“Service Charge”	  	the service charge payable by the Tenant under the Lease
		
	“Side Letter”	  	means the side letter in the form contained at Annex 2

  
 PAGE 2

			
		
	“Statutory Requirements”	  	any Acts of Parliament and any instruments rules orders regulations notices directions bye-laws permissions and plans for the time being made under or deriving validity from it any
European Directives or Regulations legally enforceable in England and Wales and any rules regulations building regulations order bye-laws or codes of practice of any local or other competent authority
		
	“Tenant”	  	does not include the Tenant’s successors in title and assigns this agreement being personal to the Tenant
		
	“Term Commencement Date”	  	the date which is the earliest of:
		
		  	 (a)    the Lease Completion Date; and

		
		  	 (b)    the date that the Lease is actually completed

		
	“VAT”	  	value added tax as imposed by the Value Added Tax Act 1994 at the rate in force when the relevant supply is made and includes any similar tax from time to time replacing
it
		
	“Working Day”	  	any day except Saturday Sunday and bank or other public holidays in England

  

	1.2	In this agreement unless the context otherwise requires: 

  

	1.2.1	words importing one gender include any other gender and words importing the singular number include the plural number and vice versa and any reference to a person
includes a reference to a company authority board department or other body 

  

	1.2.2	unless otherwise expressly stated all references to a clause or schedule mean a clause of or schedule to this agreement 

 

	1.2.3	any reference to a statute (whether specifically named or not) or a section of a statute include any amendment or modification or re-enactment of such statute for the
time being in force and all instruments orders notices regulations directions bye-laws permissions and plans for the time being made issued or given under or deriving validity from the same 

 

	1.2.4	headings and titles to clauses are for reference purposes only and shall not affect the construction or interpretation of this agreement 

 

	1.2.5	unless otherwise expressly stated all references to an annex mean the annex so marked and forming part of this agreement and signed by or on behalf of each of the
parties hereto by way of identification 

  

	1.2.6	at any time when any party to this agreement comprises two or more persons all references to such party include all or any of such persons and obligations expressed or
implied to be made by or with any of them shall be deemed to be made by or with all or any two or more of such persons jointly and each of them severally 

  

	1.2.7	any obligations on a party to do any act matter or thing includes an obligation to procure that it be done and any obligation on a party not to do or omit to do any act
matter or thing includes an obligation not to permit or suffer such act matter or thing to be done or omitted to be done by any person under its control 

  
 PAGE 3

	2.	AGREEMENT 

  

	2.1	On the Completion Date subject to the terms of this agreement: 

  

	2.1.1	Heineken will surrender the Headlease subject to the Datix Lease and the Landlord will accept the surrender; and 

 

	2.1.2	the Landlord will grant and the Tenant shall accept the Lease. 

  

	3.	RISK AND INSURANCE 

  

	3.1	The Landlord shall insure the Premises in accordance with its covenant to insure contained in the Lease as if the Lease has been completed 

 

	3.2	No damage to or destruction of the Premises or any part of them occurring after the date of this agreement shall in any way affect the obligations of the parties under
this agreement 

  

	4.	INITIAL RENT SERVICE CHARGE AND INSURANCE RENT 

  

	4.1.1	The Initial Rent shall commence to be payable on the Rent Commencement Date 

 

	4.1.2	The Service Charge shall commence to be payable on the Rent Commencement Date 

 

	4.1.3	The Insurance Rent shall commence to be payable on the Rent Commencement Date 

 

	5.	TITLE 

  

	5.1	The Landlord’s title to the Premises has been deduced to the Tenant’s solicitors before the date of this agreement and the Tenant shall be deemed to have
accepted such title and shall not be entitled to raise any objection or requisition concerning such title save for matters arising from the Tenant’s usual pre-completion searches 

 

	5.2	If the Lease shall be a registrable disposition within the meaning of LRA 2002 the Tenant shall as soon as practicable following completion of the registration of the
Lease procure that there are supplied to the Landlord’s solicitors an official copy of the registers of the title to the Lease and an official copy of the title plan 

 

	6.	REPRESENTATIONS 

 The
Tenant acknowledges that this agreement constitutes the entire contract between the Landlord and the Tenant to the exclusion of any antecedent statement or representation whether oral written or implied or whether contained in any advertisement
particulars or other matters issued or in any correspondence entered into by the Landlord or its employees or agents and the Tenant acknowledges that the Tenant has not entered into this agreement in reliance upon any such statement or
representation other than those (if any) given in writing by the Landlord’s solicitors in response to written enquiries submitted by the Tenant’s solicitors prior to the date of this agreement 

  
 PAGE 4

	7.	COMPLETION OF THE LEASE AND SECURITY DEPOSIT DEED 

  

	7.1	The Landlord shall procure that its solicitors prepare the engrossments of the Lease and Security Deposit Deed and counterpart and deliver the counterpart to the
Tenant’s solicitors 

  

	7.2	The term of the Lease shall commence on the Term Commencement Date 

  

	7.3	On or before the Completion Date: 

  

	7.3.1	the Landlord will execute and grant (or cause to be executed and granted) to the Tenant the Lease, Security Deposit Deed and Side Letter and the Tenant will accept the
Lease, Security Deposit Deed and Side Letter; and 

  

	7.3.2	the Tenant will execute and deliver to the Landlord a counterpart of the Lease, Security Deposit Deed and Side Letter. 

 

	7.4	Completion of the Lease, Security Deposit Deed and Side Letter shall take place at the offices of the Landlord’s solicitors or as they reasonably require in
England 

  

	7.5	At any time on or after the Completion Date either the Landlord or the Tenant being ready and willing to complete the Lease and perform its other obligations under this
agreement may (but without limiting or affecting any other available rights or remedies) by written notice to the other or to the other’s solicitors require completion of the Lease as referred to in clause 7.6 

 

	7.6	Upon service of a notice under clause 7.5 it shall become and be a term of this agreement (in respect of which time shall be of the essence) that the Lease shall be
completed within ten Working Days after service of such notice (exclusive of the day of service) 

  

	8.	ALIENATION 

  

	8.1	The Tenant shall not assign underlet charge part with or otherwise deal in any way with the Tenant’s interest under this agreement 

 

	8.2	The Tenant (as named in this agreement) will itself take up the grant of the Lease and the Landlord shall not be obliged to grant the Lease to any other person

  

	9.	COMPLETION OF THE SURRENDER 

  

	9.1	Heineken shall procure that its solicitors prepare the engrossments of the Deed of Surrender and counterpart and deliver the counterpart to the Landlord’s
solicitors 

  

	9.2	On or before the Completion Date: 

  

	9.2.1	Heineken will execute and deliver (or cause to be executed and delivered) to the Landlord the Deed of Surrender together with the Headlease and associated documents and
the Landlord will accept the Deed of Surrender; 

  

	9.2.2	the Landlord will execute and deliver to Heineken a counterpart of the Deed of Surrender; 

 

	9.2.3	Heineken shall pay to the Landlord in full and final settlement of all liability under the Headlease the Reverse Premium (as defined in the Deed of Surrender); and

  

	9.3	 Heineken shall pay to the Landlord (within 10 working days of receiving an apportioned demand) the amount of any insurance premium and service charge

  
 PAGE 5

	 	
pursuant to the Headlease apportioned up to the Completion Date provided that if the apportionment has not been finalised and delivered to Heineken 10 working days prior to the Completion Date
the payment shall not be required to be made on the Completion Date but will remain a debt due from Heineken to the Landlord payable within 10 working days of receipt of an apportioned demand. 

 

	9.4	Completion of the Deed of Surrender shall take place at the offices of Heineken’s solicitors or as they reasonably require in England 

 

	9.5	Completion of the Deed of Surrender shall take place notwithstanding that there is a delay in completion of the Lease or any other documents to be entered into between
the Landlord and the Tenant. 

  

	9.6	Heineken shall not pursue any claim for dilapidations against the tenants under the Existing Lease and the Datix Lease and it is intended that the tenant of the Datix
Lease shall be entitled to enforce this obligation 

  

	10.	AIR CONDITIONING WORKS 

The Landlord will procure as soon as is reasonably practicable and at no cost to the Tenant that the supplementary air conditioning system
in the Premises is disconnected from the supplementary air conditioning system in the third floor of the building known as Melbury House aforesaid and that controls are provided and the supplementary air conditioning system in the premises is
re-commissioned so that the systems on each of the second and third floors are capable of being operated independently 
  

	11.	VAT 

  

	11.1	Save as the context requires or as otherwise stated all sums or other consideration required to be paid or provided under or in connection with this agreement for a
taxable supply of goods or services are exclusive of VAT which shall be paid in addition by the recipient of the supply 

  

	11.2	Any person making a taxable supply under the terms of this agreement shall issue a valid VAT invoice to the recipient of that supply upon receipt of the consideration
(including VAT) due 

  

	11.3	To the extent that any payment made pursuant to this agreement constitutes a reimbursement of any expense incurred and disbursed by the recipient of that payment it
shall include an amount sufficient to compensate the recipient in respect of any VAT comprised in that expense which is not recoverable by the recipient (or by the representative member of the value added tax group of which the recipient is a
member) as input tax pursuant to sections 25 and 26 of the Value Added Tax Act 1994 

  

	12.	TERMINATION ON TENANT’S DEFAULT 

  

	12.1	For the purposes of this clause an event of default occurs if at any time before completion of the Lease: 

 

	12.1.1	the Tenant (or where the Tenant comprises more than one person any one or more of them) is an individual and such individual dies or 

 

	12.1.2	there occurs in relation to the Tenant (or where the Tenant comprises more than one person there occurs in relation to any one or more of those persons) a Terminating
Event (as defined in the Lease) or 

  
 PAGE 6

	12.2	On or after the occurrence of an event of default the Landlord may (in addition to and without affecting any other rights and remedies it may have) determine this
agreement by way of rescission by giving a written notice to the Tenant to that effect 

  

	12.3	Upon any determination pursuant to this clause: 

  

	12.3.1	the Tenant shall immediately vacate the Premises and remove from the Premises all chattels and other things belonging to the Tenant and (if any) all building and other
materials and equipment on the Premises making good to the reasonable satisfaction of the Landlord any damage caused by such removal 

  

	12.3.2	the rights of either party against the other(s) under this agreement in respect of any prior breach shall not be affected 

 

	13.	NOTICES 

  

	13.1	Any notice to be served on or communication to be sent to any party to this agreement shall be in writing and shall be regarded as properly served or sent if served or
sent to the persons and the addresses specified in clause 13.2.3 by either: 

  

	13.1.1	personal delivery or 

  

	13.1.2	pre-paid registered or recorded delivery mail 

  

	13.2	Notices and communications shall be deemed to have been served or received as follows: 

 

	13.2.1	in the case of personal delivery on the date of delivery 

  

	13.2.2	in the case of pre-paid registered or recorded delivery mail on the second Working Day after the notice or communication is posted 

 

	13.2.3	Notices and communications to the Landlord shall be addressed to Garry Woodcock Woodcock Brothers (Wimbledon) Limited of Woodcock House Gibbard Mews High Street
Wimbledon Village London SW19 5BY with a copy to Arnold Isaacson of Russell Cooke 2 Putney Hill Putney London SW15 6AB (Ref: 14.AMI.112330.123) 

  

	13.2.4	Notices and communications to the Tenant shall be addressed to David Pillinger Zipcar Limited of Melbury House 51 Wimbledon Hill Road London SW19 7QW with a copy to
Malcolm Headley of Lawrence Graham LLP 4 More London Riverside London SE1 2AU (Ref: MAH/S716/7) 

  

	13.2.5	Notices and communications to Heineken shall be addressed to Lynne Winter, Heineken UK Limited 2-4 Broadway Park South Gyle Broadway Edinburgh EH12 9JZ with a copy to
Michael O’Haire of Osborne Clarke 2 Temple Back East Temple Quay Bristol BS1 6EG (Ref: MOH/0934488) 

  

	14.	NON-MERGER 

 In so far as
any obligations under this agreement are outstanding or remain to be performed after completion of the Lease they shall remain to be performed and observed notwithstanding the grant of the Lease 

 

	15.	LAW AND JURISDICTION 

This agreement is governed by English law and the parties to this agreement submit to the non-exclusive jurisdiction of the English courts

  
 PAGE 7

	16.	LEGAL COSTS 

 Each party
shall bear its own legal and other costs in relation to this agreement 
  

	17.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

  

	17.1	Unless the right of enforcement is expressly provided for in this agreement a person who is not a party to this agreement may not by virtue of the Contracts (Rights of
Third Parties) Act 1999 enforce any of its terms 

  

	17.2	Except to the extent that there is express provision in this agreement to the contrary the parties may by agreement rescind or vary this agreement without the consent
of any such person 

  

	18.	CONFIDENTIALITY 

  

	18.1	Subject to clause 18.2 no party to this agreement shall without the prior written consent of each of the others disclose or publish or cause disclosure or publication
of the existence and/or financial terms of this agreement and (once granted) the Lease and each party shall keep all such information confidential 

  

	18.2	The parties to this agreement shall not be prevented from disclosing the existence or financial terms of this agreement 

 

	18.2.1	where disclosure is required in order to comply with a Statutory Requirement or the rules of the London Stock Exchange or an order of the English court

  

	18.2.2	to any professional adviser who shall agree to keep such information confidential 

 

	19.	INTEREST 

 Any sum due
from one party to another party (both being parties to this agreement) which is not paid when it is due (or within any period specifically allowed by this agreement) shall bear interest at the Prescribed Rate in respect of the period when it became
due to the date of payment 
  

	20.	AGREEMENT FOLLOWING EXPIRY OF THE EXISTING LEASE 

  

	20.1	Following expiry of the Existing Lease on 1 September 2012 and up to the Completion Date (the “Intervening Period”) Heineken will allow and the Landlord
will not object to the Tenant remaining in occupation of the Premises by way of licence 

  

	20.2	During the Intervening Period the Tenant shall (i) observe and be bound by the same tenant’s covenants exceptions reservations conditions and other provisions
as are contained in the Existing Lease (and without limitation the Tenant shall be responsible for all rates and other outgoings in respect to the Premises) and (ii) pay to Heineken licence fees equal to the rents payable under the Existing
Lease as though the Existing Lease were in place and such licence fees shall be payable in the same manner as provided for in the Existing Lease 

  

	20.3	The Landlord and Heineken confirm and acknowledge that they shall not take any action against the Tenant whilst it remains in occupation of the Premises prior to
completion of the Lease provided that the Tenant is not in material breach of its obligations in this clause 

  

	20.4	Heineken shall pay the balance of the Rent Deposit to the Tenant on the Completion Date 

  
 PAGE 8

	21.	EXCLUSION OF SECTIONS 24 - 28 OF THE LTA 1954 IN RELATION TO THE SURRENDER 

 

	21.1	The parties confirm that: 

  

	21.1.1	The Landlord served a notice on Heineken as required by section 38A(4)(a) of the LTA 1954 applying to the surrender of the Headlease before this agreement was entered
into 

  

	21.1.2	Michael O’Haire who was duly authorised by Heineken to do so made a statutory declaration dated 16 August 2012 in accordance with the requirements of section
38A(4)(b) of the LTA 1954 

  

	21.2	The parties agree that the provisions of sections 24 to 28 of the LTA 1954 are excluded in relation to the agreement to surrender of the Headlease

  

	22.	EXCLUSION OF SECTIONS 24 - 28 OF THE LTA 1954 IN RELATION TO THE LICENCE TO OCCUPY 

 

	22.1	The parties confirm that: 

  

	22.1.1	Heneiken served a notice on the Tenant as required by section 38A(3)(a) of the LTA 1954 applying to any tenancy created by the Licence before this agreement was entered
into 

  

	22.1.2	Malcolm Headley who was duly authorised by Heineken to do so made a statutory declaration dated 15 August 2012 in accordance with the requirements of section 38A(3)(b)
of the LTA 1954 

  

	22.2	The parties agree that the provisions of sections 24 to 28 of the LTA 1954 are excluded in relation to any tenancy created by the licence 

SIGNED by the parties to this agreement on the date first above written 
  

							
	Signed by	 		 		 	
	for and on behalf of	 		 	 /s/ Gary Woodcock

	WOODCOCK BROTHERS (WIMBLEDON) LIMITED	 		 	Print name	 	 Gary Woodcock

				
	Signed by	 		 		 	
	for and on behalf of	 		 	 /s/ Edward G. Goldfinger

	ZIPCAR (UK) LIMITED	 		 	Print name	 	 Edward G. Goldfinger

			
	Signed by	 		 	
	for and on behalf of	 		 	 /s/ Jos van der Burg

	HEINEKEN UK LIMITED	 		 	Print name	 	 Jos van der Burg

  
 PAGE 9

 Annex 1 
 DATED                     2012 

(1) WOODCOCK BROTHERS (WIMBLEDON) LIMITED 
 - and - 
 (2) ZIPCAR (UK) LIMITED 

LEASE 

relating to 

Second Floor, Melbury House 
 49-57 Wimbledon Hill Road, 
 London SW19 7QW 

Term: Expiring 4 January 2020 
 Initial Rent: £200,247 p.a. 
 Russell-Cooke 

2 Putney Hill 
 Putney 
 London SW15 6AB 

REF : 14.AMI.BD.Woodcock.112330.123 
 Eng: 20.8.2012 

 PRESCRIBED CLAUSES 
  

					
	LR1.	  	Date of Lease	  	—                     
2012
			
	LR2.	  	Title number(s)	  	 LR2.1 Landlord’s title number: SY227468
  

(Title number(s) out of which this lease is granted. Leave blank if not registered.)

			
		  		  	 LR2.2 Other title number(s): None
  

(Existing title number(s) against which entries of matters referred to in LR9, LR10, LR11 and LR13 are to be made.)

			
	LR3.	  		  	Landlord: Woodcock Brothers (Wimbledon) Limited
			
		  	Parties to this lease	  	
		  		  	Tenant: Zipcar (UK) Limited
			
		  	Give full names, addresses and company’s registered number, if any, of each of the parties. For Scottish companies use a SC prefix and for limited liability
partnerships use an OC prefix. For foreign companies give territory in which incorporated.	  	Other parties: N/A
	  	  	(Specify capacity of each party, for example “management company”, “guarantor” etc.)
			
	LR4.	  	Property	  	In the case of a conflict between this clause and the remainder of the lease then, for the purposes of registration, this clause shall prevail.
			
		  	 Insert a full description of the land being leased or refer to the clause, schedule or paragraph of a schedule in this lease in which
the land being leased is more fully described.
  
 Where there is a
letting of part of a registered title, a plan must be attached to this lease and any floor levels must be specified.
	  	Second Floor, Melbury House, 49-57 Wimbledon Hill Road, London SW19 7QW as defined at clause 1.31 herein
			
	LR5.	  	Prescribed statements etc.	  	 LR5.1 Statements prescribed under rules 179 (dispositions in favour of a charity), 180 (dispositions by a charity) or 196 (leases under
the Leasehold Reform, Housing and Urban Development Act 1993) of the Land Registration Rules 2003.
  
 None
  
 If this lease
includes a statement falling within LR5.1, insert under that sub-clause the relevant statement or refer to the clause, schedule or paragraph of a schedule in this lease which contains the
statement.

  
 1 

					
			
		  		  	 LR5.2 This lease is made under, or by reference to, provisions of:

 
 N/A

			
	LR6.	  	Term for which the Property is leased	  	The term as specified in this lease at paragraph 1.9 of the Particulars.
			
		  	NOTE: The information you provide, or refer to, here will be used as part of the particulars to identify the lease under rule 6 of the Land Registration Rules 2003.	  	
			
	LR7.	  		  	None
			
		  	 Premium
  

Specify the total premium, inclusive of any VAT where payable.
	  	
			
	LR8.	  	Prohibitions or restrictions on disposing of this lease	  	This lease does contain a provision that prohibits or restricts dispositions.
			
	LR9.	  		  	N/A
			
		  	 Rights of acquisition etc.
  

Insert the relevant provisions in the sub-clauses or refer to the clause, schedule or paragraph of a schedule in this lease which contains the
provisions.
	  	
			
	LR10.	  	 Restrictive covenants given in this lease by the Landlord in respect of land other than the Property

 
 Insert the relevant provisions in the sub-clauses or refer to the clause, schedule
or paragraph of a schedule in this lease which contains the provisions.
	  	Not applicable

  
 2 

					
			
	LR11.	  		  	LR11.1 Easements granted by this lease for the benefit of the Property:
			
		  	 Easements
  

Refer here only to the clause, schedule or paragraph of a schedule in this lease which sets out the easements.
	  	As set out in schedule 2
			
		  		  	 LR11.2 Easements granted or reserved by the lease over the Property for the benefit of other property:

 
 As set out in schedule 3

			
	LR12.	  	 Estate rentcharge burdening the Property
  

Refer here only to the clause, schedule or paragraph of a schedule in this lease which sets out the rentcharge.
	  	Not applicable
			
	LR13.	  	 Application for standard form of restriction
  

Set out the full text of the standard form of restriction and the title against which it is to be entered. If you wish to apply for more than one
standard form of restriction use this clause to apply for each of them, tell us who is applying against each title and set out the full text of the restriction you are applying for.

 
 Standard forms of restriction are set out in Schedule 4 to the Land Registration
Rules 2003.
	  	N/A
			
	LR14.	  	 Declaration of trust where there is more than one person comprising the Tenant

 
 If the Tenant is one person, omit or delete all the alternative
statements.
  
 If the Tenant is more than one person, complete this
clause by omitting or deleting all inapplicable alternative statements.
	  	N/A

  
 3 

 THIS LEASE is made the      day of
             2012 
 BETWEEN: 

 

	(1)	WOODCOCK BROTHERS (WIMBLEDON) LIMITED (Company Registration Number 00481173) the registered office of which is at Fifth Floor, 7-10 Chandos Street, London WC1M 9DE
(Company Registration number 481173) and whose address for service is Woodcock House, Gibbard Mews, High Street, Wimbledon Village, London SW19 5BY (“the Landlord”) 

 

	(2)	ZIPCAR (UK) LIMITED the registered office of which is in England and Wales is at Melbury House, 51 Wimbledon Hill Road, London SW19 7QW (Company Registration number
04525217) (“the Tenant”) 

 NOW THIS DEED WITNESSES as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

 For all purposes of this Lease the terms defined in this clause have the meanings specified. 

DEFINITIONS 
  

	1.1	“Accountant” 

 “Accountant” means a qualified accountant or firm of accountants appointed by the Landlord from time to time. The Accountant may be an employee of the Landlord or a Group Company. 

 

	1.2	“Adjoining Conduits” 

 “Adjoining Conduits” means all the pipes, sewers, drains, mains, ducts, conduits, gutters, watercourses, wires, cables, laser optical fibres, data or impulse transmission communication reception
systems, channels, flues and all other conducting media and includes any fixings, louvres, cowls, covers and other ancillary apparatus that are in, on or under the Building and serve the Premises. 

 

	1.3	“Basement Car Park” 

 “Basement Car Park” means the car park in the basement of the Building shown for the purpose of identification only edged brown on Plan 1 and the ramp leading therefrom to Alwyne Road.

  
 4 

	1.4	“Break Date” 

“Break Date” means 4 January 2015 (“2015 Break”) and 30 June 2017 (“2017 Break”) 

 

	1.5	“Building” 

“Building” means all that land and the building situate at 49 to 57 Wimbledon Hill Road, Wimbledon, London SW19 and known as
Melbury House being the whole of the land registered with Title Absolute at the Land Registry under Title No. SY227468 and shown for the purposes of identification only edged blue on Plan 2 

 

	1.6	“Car Park and Service Area Percentage” 

 “Car Park and Service Area Percentage” means 23.4% subject to the provisions for variation contained in paragraph 2.6 of Schedule 6. 

 

	1.7	“Common Parts” 

“Common Parts” means the areas in the Building made available from time to time by the Landlord for use in common by the Tenants
and occupiers of the first, second and third floors of the Building and all persons expressly or by implication authorised by them including the entrance halls, landings, lifts, staircases and passages, but not limited to them. 

 

	1.8	“Conduits” 

“Conduits” means the pipes, sewers, drains, mains, ducts, conduits, gutters, watercourses, wires, cables, laser optical fibres,
data or impulse transmission, communication reception systems, channels, flues and all other conducting media - including any fixings, louvres, cowls, covers and any other ancillary apparatus - that are in or on over or under the Premises.

  

	1.9	“Contractual Term” 

 “Contractual Term” means the period years commencing on and including the 28 September 2012, up to and including 4 January 2020. 

 

	1.10	“Decorating Years” 

 “Decorating Years” means every fifth year of the Term and the last year of the Term however determined. 
  

	1.11	“Development” 

References to “development” are references to development as defined by the Town and Country Planning Act 1990 section 55.

  

	1.12	“Group Company” 

“Group Company” means a company that is a member of the same group as the Tenant within the meaning of the 1954 Act
Section 42. 

  
 5 

	1.13	“Inherent Defects” 

 “Inherent Defects” means any defect in the construction of the Building including (without limitation) the external walls, floors, stairs, roofs, roof structures, foundations, columns, beams and
other structural elements or any mechanical or electrical services within it which is wholly or partly attributable to faulty or defective design workmanship or materials. 

 

	1.14	“Initial Provisional Service Charge” 

 “Initial Provisional Service Charge” means £43,000 per year. 
  

	1.15	“Initial Rent” 

“Initial Rent” means in respect of the period from the 28 September 2012 until the 27 September 2013 the rent of
£100,123.50 and as from the 28 September 2013 until 3 January 2016 a rent of £200,247 per annum (subject to the provisions of Schedule 4 hereof). 

 

	1.16	“Insurance Rent” 

“Insurance Rent” means the Insurance Rent Percentage of the sums that the Landlord is from time to time liable to pay: -

  

	1.16.1	by way of annual premium for insuring the Building, including insuring for loss of rental and service charge income in accordance with its obligations contained in this
Lease 

  

	1.16.2	by way of premium for insuring in such amount and on such terms as the Landlord considers reasonably appropriate against all liability of the Landlord to third parties
arising out of or in connection with any matter involving or relating to the Building, and 

  

	1.16.3	for insurance valuations, and all of any increased premium payable by reasons of any act or omission of the Tenant. 

 

	1.17	“Insurance Rent Percentage” 

 “Insurance Rent Percentage” means 23.4% subject to the provisions for variation contained in clause 5.7 
  

	1.18	“Insured Risks” 

“Insured Risks” means the risks of loss or damage by fire, storm, tempest, earthquake, lightning, explosion, riot, civil
commotion, malicious damage, malicious persons, subsidence, landslip and heave, impact by vehicles and by aircraft and articles dropped from aircraft (other than war risks), flood damage and bursting and overflowing of water pipes and tanks and any
other apparatus and terrorism provided that the premium for insuring against terrorism is not excessive - and such other risks, whether or not in the nature of the foregoing, as the Landlord from time to time reasonably considers necessary to insure
against. 

  
 6 

	1.19	“Interest” 

Unless the context requires otherwise, references to “Interest” are references to interest during the period from the date on
which the payment is due to the date of payment, both before and after any judgement, at the Interest Rate then prevailing or, should the base rate referred to in clause 1.20 cease to exist, at another rate of interest closely comparable with the
Interest Rate to be determined upon by the Landlord acting reasonably. 
  

	1.20	“Interest Rate” 

“Interest Rate” means the rate of 4% per year above the base lending rate of National Westminster Bank plc or such other
bank being a member of the Committee of London and Scottish Bankers as the Landlord from time to time nominates in writing. 
  

	1.21	“Landlord’s Expenses” 

 “Landlord’s Expenses” means the costs and expenditure - including all charges, commissions, premiums, fees and interest - properly and reasonably paid or incurred, in accordance with the
provisions of paragraph 2.3 of schedule 6 to be paid or incurred, by the Landlord in respect of or properly incidental to all or any of the Services or otherwise required to be taken into account for the purpose of calculating the Service Charge,
except where such cost and expenditure is recovered from any insurance policy effected by the Landlord pursuant to clause 5.2 provided always that the Landlord’s expenses shall not include any works carried out or required to be carried out
before 26 September 2014 due to an inherent defect whether to the Building or the plant within 
  

	1.22	“Liability Period” 

 “Liability Period” means - 
 1.22.1 in the case of any guarantor
required pursuant to subclause 3.9.5.2 of clause 3.9.5 the period during which the relevant assignee is bound by the tenant covenants of this Lease together with any additional period during which that assignee is liable under an authorised
guarantee agreement, 
 1.22.2 in the case of any guarantor under an authorised guarantee agreement, the period during
which the relevant assignee is bound by the tenant covenants of this Lease, and 
 1.22.3 in the case of any guarantor
required pursuant to subclause 3.9.8.7 of clause 3.9.8 the period during which the relevant assignee of the sublease is bound by the tenant covenants of that sublease. 

  
 7 

	1.23	“Losses” 

References to “losses” are references to liabilities, damages or losses awards, of damages or compensation, penalties, costs,
disbursements or expenses arising from any claim, demand, action or proceedings. 
  

	1.24	“1954 Act” 

“1954 Act” means the Landlord and Tenant Act 1954 and all statutes regulations and orders included by virtue of clause 1.54.

  

	1.25	“1995 Act” 

“1995 Act” means the Landlord and Tenant (Covenants) Act 1995 and all statutes, regulations and orders included by virtue of
clause 1.54. 
  

	1.26	“Office Covenants” 

 “Office Covenants” means the covenants set out in Schedule 5. 
  

	1.27	“Office Percentage” 

 “Office Percentage” means [34.35]% subject to the provisions for variation contained in paragraph 2.6 of Schedule 6 

 

	1.28	“Office/Retail/Leisure Percentage” 

 “Office/Retail/Leisure Service Charge Percentage” means 23.4% subject to the provisions for variation contained in paragraph 2.6 of Schedule 6 

 

	1.29	“Parking Bays” 

“Parking bays” means the five (5) parking bays in the Basement Car Park shown edged red on Plan [1] or such other parking
bays in the Basement Car Park shown on Plan [1] or as shall be created in the Basement Car Park as shall be allocated to the Tenant in place of one or more of the five parking bays . 

 

	1.30	“Plan” 

 means
plan 1, plan 2 and plan 3 annexed to this Lease. 
  

	1.31	“Planning Acts” 

“Planning acts” means the Town and Country Planning Act 1990 and all statutes, regulations and orders included by virtue of
clause 1.54. 
  

	1.32	“Premises” 

  

	 	1.32.1	Definition of “Premises” 

 the part of the second floor of the Building shown edged red on Plan 3 and as more particularly defined in schedule 1. 

 

  
 8 

	 	1.32.2	Interpretation of “Premises” 

 In the absence of any provision to the contrary, references to “Premises” include any part of the Premises. 
  

	1.33	“Rent” and “Rent Commencement Date” 

 1.33.1 “Rent” means the Initial Rent. Thereafter “Rent” means the sum ascertained in accordance with Schedule 4. “Rent” does not include the Insurance Rent, but the term
“Lease Rents” means both the Rent and the Insurance Rent. 
 1.33.2 “The Rent Commencement Date” means
28 September 2012. 
  

	1.33	“Retained Parts” 

“Retained Parts” means the parts of the Building that are not let or constructed or adapted for letting, including, without
prejudice to the generality of the foregoing, the Common Parts and such parts of the main structure, walls, foundations and roofs of the Building as are not included in the Premises and would not be included in premises demised by leases of other
units in the Building if let on the same terms as this Lease, and also including office accommodation for the Building manager and ancillary staff. 
  

	1.34	“Review Date” 

4 January 2016 
  

	1.35	“Service Charge” 

“Service Charge” means: 
  

	 	1.35.1	the Office Percentage of the Landlord’s Expenses for the services referred to in paragraph 3.1 of Schedule 6 

 

	 	1.35.2	the Office/Retail/Leisure percentage of the services forming part of the Landlord’s Expenses referred to in paragraph 3.2 of Schedule 6, and

  

	 	1.35.3	the Car Park and Service Area Percentage of the services forming part of the Landlord’s Expenses referred to in paragraph 3.3 of Schedule 6

  

	1.36	“Services” 

“Services” means the services, facilities and amenities specified in paragraph 3 of schedule 6 

  
 9 

	1.37	“Service Hours” 

“Service Hours” means the period 7.00am to 7.30pm from Mondays to Fridays (inclusive) each week (but excluding public holidays)
or such other reasonable hours as the Landlord may reasonably prescribe from time to time 
  

	1.38	“Surveyor” 

“Surveyor” means any person or firm appointed by the Landlord from time to time. The Surveyor may be an employee of the Landlord
or a Group Company but shall at all times be a member or fellow of the Royal Institution of Chartered Surveyors. The expression “the Surveyor” includes the person or firm appointed by the Landlord to collect the Lease Rents. 

 

	1.39	“Term” 

“Term” means the Contractual Term and any period of holding-over or extension or continuance of the Contractual Term by statute
or common law. 
  

	1.40	Terms from the 1995 Act 

Where the expressions “landlord covenants”, “tenant covenants”, or “authorised guarantee agreement” are used
in this Lease they are to have the meaning given by the 1995 Act section 28(1). 
  

	1.41	“VAT” 

“VAT” means value added tax or any other tax of a similar nature and, unless otherwise expressly stated, all references to rents
or other sums payable by the Tenant are exclusive of VAT. 
 INTERPRETATION 

 

	1.42	Gender and number 

 Words
importing one gender include all other genders; words importing the singular include the plural and vice versa. 
  

	1.43	Headings 

 The clause,
paragraph and schedule headings and the table of contents do not form part of this document and are not to be taken into account in its construction or interpretation. 
  

	1.44	Interpretation of ‘consent’ and ‘approved’ 

  

	 	1.44.1	Prior written consent or approval 

 References to ‘consent of the Landlord’ or words to similar effect are references to a prior written consent signed by or on behalf of the Landlord and references to the need for anything to be
‘approved by the Landlord’ or words to similar effect are references to the need for a prior written approval by or on behalf of the Landlord. 

  
 10 

	 	1.44.2	Consent or approval of mortgagee 

 Any provisions in this Lease referring to the consent or approval of the Landlord are to be construed as also requiring the consent or approval of any mortgagee of the Premises, where that consent is
required, but on the same terms and subject to the same qualifications as apply to the Landlord under this Lease 
  

	1.45	Interpretation of “The Guarantor” 

 The expression “the Guarantor” includes any person who enters into covenants with the Landlord pursuant to subclause 3.9.5.2 of clause 3.9.5 or clause 3.23 

 

	1.46	Interpretation of “the Landlord” 

 The expression “the Landlord” includes the person or persons from time to time entitled to possession of the Premises when this Lease comes to an end. 

 

	1.47	Interpretation of “the last year of the Term” and “the end of the Term” 

References to “the last year of the Term” are references to the actual last year of the Term howsoever it determines, and
references to “the end of the Term” are references to the end of the Term whensoever and howsoever it determines. 
  

	1.48	Interpretation of “the Tenant” 

 “the Tenant” includes any person who is for the time being bound by the tenant covenants of this Lease. 
  

	1.49	Interpretation of “this Lease” 

 Unless expressly stated to the contrary, the expression “this Lease” includes any document supplemental to or collateral with this document or entered into in accordance with this document.

  

	1.50	Joint and several liability 

 Where any party to this Lease for the time being comprises two or more persons, obligations expressed or implied to be made by or with that party are deemed to be made by or with the persons comprising
the party jointly and severally. 
  

	1.51	Obligation not to permit or suffer 

 Any covenant by the Tenant not to do anything includes an obligation not to permit or knowingly suffer that thing to be done by another person. 

 

	1.52	References to clauses and schedules 

 Any reference in this document to a clause, subclause or schedule without further designation is to be construed as a reference to the clause, subclause or schedule to this document so numbered.

  
 11 

	1.53	References to rights of access 

 References to any right of the Landlord to have access to the Premises are to be construed as extending to any mortgagee of the Premises and to all persons authorised in writing by the Landlord -
including agents, professional advisers, contractors, workmen and others. 
  

	1.54	References to statutes 

Unless expressly stated to the contrary any references to a specific statute include any statutory extension or modification, amendment or
re-enactment of that statute and any regulations or orders made under that statute, and any general reference to a statute includes any regulations or orders made under that statute. 

 

	2.	DEMISE 

 The Landlord
demises the Premises to the Tenant with full title guarantee together with the rights specified in schedule 2 but excepting and reserving to the Landlord the rights specified in schedule 3 to hold to the Tenant for the Contractual Term subject to
any matters contained or referred to in schedule 7 yielding and paying to the Landlord: - 
  

	2.1	the Rent, without any deduction or set-off except deductions made by the Tenant under the provisions of clause 4.3.11 of this Lease, by equal quarterly payments
in advance on the usual quarter days in every year and proportionately for any period of less than a year 

  

	2.2	by way of further rent the Service Charge payable in accordance with schedule 6 and the Insurance Rent payable within fourteen (14) days of written demand
in accordance with clause 5.3 

  

	3.	THE TENANT’S COVENANTS 

 The Tenant covenants with the Landlord to observe and perform the requirements of this clause 3. 
  

	3.1	Rent 

  

	 	3.1.1	Payment of the Lease Rents 

 The Tenant must pay the Lease Rents on the days and in the manner set out in this Lease, and must not exercise or seek to exercise any right or claim to withhold rent, or any right or claim to legal or
equitable set-off except deductions made by the Tenant under the provisions of clause 4.3.11 of this Lease. 

  
 12 

	 	3.1.2	Payment by banker’s order 

 If so required in writing by the Landlord, the Tenant must pay the Lease Rents by banker’s order or credit transfer to any bank and account in the United Kingdom that the Landlord nominates from time
to time. 
  

	3.2	Outgoings and VAT 

  

	 	3.2.1	Outgoings exclusive to the Premises 

 The Tenant must pay, and must indemnify the Landlord against: 
  

	 	3.2.1.1	all reasonable and proper rates, taxes, assessments, duties, charges, impositions and outgoings that are now or may at any time during the Term be charged,
assessed or imposed on the Premises or on the owner or occupier of them, excluding any payable by the Landlord occasioned by receipt of the Lease Rents or by any disposition of or dealing with any interest reversionary to the interest created by
this Lease. 

  

	 	3.2.1.2	all VAT from time to time charged on the Lease Rents or other sums payable by the Tenant under this Lease, and 

 

	 	3.2.1.3	all VAT incurred in relation to any costs that the Tenant is obliged to pay or in respect of which he is required to indemnify the Landlord under the terms of
this Lease save where such VAT is recoverable or available for set-off by the Landlord as input tax. 

  

	 	3.2.2	Outgoings assessed on the Premises and other property 

 The Tenant must pay, and must indemnify the Landlord against, the proportion reasonably attributable to the Premises - to be determined from time to time by the Surveyor, acting as an expert and not as an
arbitrator - of all rates, taxes, assessments, duties, charges, impositions and outgoings that are now or at any time during the Term may be charged, assessed or imposed on the Premises and any other property, including the rest of the Building any
adjoining property of the Landlord or on the owner or occupier of them and it. 
  

	3.3	Cost of services consumed 

  

	 	3.3.1.	The Tenant must pay to the suppliers, and indemnify the Landlord against, all charges for electricity, water, gas, telecommunications and other services consumed or
used at or in relation to the Premises, including meter rents and standing charges, and must comply with the lawful requirements and regulations of the respective suppliers. 

 

	 	3.3.2	The Tenant shall pay upon demand to the Landlord the cost of all electricity supplied to the Premises via the check meter. 

  
 13 

	3.4	Repair, cleaning and decoration 

  

	 	3.4.1	Repair of the Premises 

The Tenant must repair the Premises and keep them in good repair, except for damage caused by one or more of the Insured Risks or
structural or inherent defects save to the extent that the insurance money is irrecoverable due to any act or default of the Tenant or anyone at the Premises expressly or by implication with its authority Provided That where the insurance money is
not wholly irrecoverable such sums as are recovered shall be made available to the Tenant as soon as possible to apply to the repairs of the Premises. 
  

	 	3.4.2	Replacement of landlord’s fixtures 

 The Tenant must replace any landlord’s fixtures and fittings in the Premises that are beyond repair at any time during or at the end of the Term. 

 

	 	3.4.3	Cleaning and tidying 

The Tenant must keep the Premises clean and tidy and clear of all rubbish and for the avoidance of doubt the Tenant shall be responsible
for cleaning the Premises including the plant windows and the toilets and providing appropriate toilet supplies. 
  

	 	3.4.4	The Parking Bays 

  

	 	3.4.4.1	Care of the Parking Bays 

The Tenant must use the Parking Bays for car parking only and shall not run the engine of such cars in the Basement Car Park except for
the purpose of entering and leaving the Parking Bays and shall not carry out any maintenance or repairs to such cars whilst parked in the Parking Bays save in case of an emergency 

 

	 	3.4.4.2	Storage on the Parking Bays 

 The Tenant must not store anything on the Parking Bays and Service Area or bring anything on to them that is or might become untidy, unclean, unsightly or in any way detrimental to the Building or the
area generally. 
  

	 	3.4.4.3	Rubbish on the Parking bays and Service Area 

 The Tenant must not deposit any waste, rubbish or refuse on the Parking Bays or place any receptacle, waste, rubbish or refuse on them except in such receptacles and in such parts thereof as shall have
been provided or allocated for such use 
  

	 	3.4.4.4	Caravans on the Parking Bays 

 The Tenant must not keep or store any caravan or moveable dwelling on the Parking Bays. 

  
 14 

	 	3.4.5	Decoration 

 The Tenant
must redecorate the Premises in a good and workmanlike manner, with appropriate materials of good quality, and to the reasonable satisfaction of the Surveyor, in the Decorating Years, and the tints colours and patterns of the decoration of the
interior of the Premises to be approved by the Landlord in the last year of the Term and such approvals shall not be unreasonably withheld or delayed and to be given without cost to the Tenant. 

 

	3.5	Waste and alterations 

  

	 	3.5.1	Waste, additions and alterations 

 The Tenant must not commit any waste, make any addition to the Premises, unite the Premises with any adjoining premises, or make any alteration to the Premises except as permitted by the provisions of
this clause 3.5 and provided that the Tenant shall be entitled to install, remove and alter internal demountable partitions at the premises without the need to obtain Landlord’s previous consent in writing. 

 

	 	3.5.2	Pre-conditions for alterations 

 The Tenant must not make any internal non-structural alterations to the Premises unless it first: - 
 3.5.2.1 obtains and complies with the necessary consents of the competent authorities and pays their charges for them, 
 3.5.2.2 makes an application to the Landlord for consent, supported by drawings and where appropriate a specification in duplicate, 

3.5.2.3 pays the properly incurred reasonable fees of the Landlord, any head Landlord, any mortgagee and their respective
professional advisers, 
 3.5.2.4. enters into any reasonable covenants the Landlord requires as to the execution and
reinstatement of the alterations, and 
 3.5.2.5 obtains the consent of the Landlord, whose consent may not be
unreasonably withheld or delayed 
  

	 	3.5.3	Removal of alterations 

3.5.3.1 At the end of the Term, if so requested by the Landlord, the Tenant must remove any additions, alterations or improvements
made to the Premises, and must make good any part of the Premises damaged by their removal. 
 3.5.3.2 [At the end of the
Term, if so requested by the Landlord the Tenant shall reinstate the Premises and restore the same to the plan and design as if the works authorised by a Licence dated 31 October 2008 and made between (1) the Landlord
(2) Scottish & Newcastle (UK) Limited (3) Heineken Browerijen BV and (4) The Tenant had not been made] 

  
 15 

	 	3.5.4	Connection to the Conduits 

 The Tenant must not make any connection with the Conduits that serve the Premises without the prior written consent of the Landlord such consent not to be unreasonably withheld or delayed 

 

	3.6	Aerials signs and advertisements 

  

	 	3.6.1	Masts and wires 

 The
Tenant must not erect any pole or mast or without the prior written consent of the Landlord which shall not be unreasonably withheld or delayed install any cable or wire on the Premises, whether in connection with the telecommunications or
otherwise. 
  

	 	3.6.2	Advertisements 

 The
Tenant must not fix to or exhibit on the outside of the Premises, or fix to or exhibit through any window of the Premises, or display anywhere on the Premises any placard, sign, notice, fascia, board or advertisement, except, with the consent of the
Landlord such consent not to be unreasonably withheld or delayed. 
  

	3.7	Statutory obligations 

  

	 	3.7.1	General provision 

 The
Tenant must comply in all respects with the requirements of any statutes applicable to the Premises or the business for the time being carried on there and any other obligations so applicable imposed by law or by any byelaws (subject to the same
exclusions regarding inherent defects as is contained in clause 3.4). 
  

	 	3.7.2	Particular obligations 

  

	 	3.7.2.1	Works required by statute, department or authority 

 Without prejudice to the generality of clause 3.7.1, the Tenant must execute all works and provide and maintain all arrangements on or in respect of the Premises or the use to which the Premises are being
put that are required in order to comply with the requirements of any statute already or in the future to be passed, or the requirements of any government department, local authority or other public or competent authority or court of competent
jurisdiction, regardless of whether such requirements are imposed on the owner, the occupier, or any other person 

  
 16 

	 	3.7.2.2	Acts causing losses 

Without prejudice to the generality of clause 3.7.1, the Tenant must not do in or near the Premises anything by reason of which the
Landlord may incur any losses under any statute. 
  

	 	3.7.2.3	Construction (Design and Maintenance) Regulations 

 Without prejudice to the generality of clause 3.7.1, the Tenant must comply with the provisions of the Construction (Design and Management) Regulations 1994 (“CDM Regulations”), be the only
client as defined in the provisions of the CDM Regulations, fulfil in relation to all and any works all the obligations of the client as set out in or reasonably to be inferred from the CDM Regulations, and make a declaration to that effect to the
Health and Safety Executive in accordance with the Approved Code of Practice published from time to time by the Health and Safety Executive in relation to the CDM Regulations. 

 

	 	3.7.2.4	Delivery of health and safety files 

 At the end of the Term, the Tenant must forthwith deliver to the Landlord any and all health and safety files relating to the premises in accordance with the CDM Regulations. 

 

	3.8	Entry to inspect and notice to repair 

  

	 	3.8.1	Entry and notice 

 The
Tenant must permit the Landlord at reasonable times on reasonable notice during normal business hours except in emergency (where no notice is required): - 
  

	 	3.8.1.1	to enter the Premises to ascertain whether or not the covenants and conditions of this Lease have been observed and performed, 

 

	 	3.8.1.2	to view the state of repair and condition of the Premises (but not to open up floors and other parts of the Premises) and 

 

	 	3.8.1.3	to give to the Tenant, or notwithstanding clause 8.4.2 leave on the Premises, a notice (“a notice to repair”) specifying the works required to remedy
any breach of the Tenant’s obligations in this Lease, 

 Provided that any damage caused by
such entries must be made good by and at the cost of the Landlord. 
 The aforementioned rights of entry shall
only be exercised subject to the following conditions: - 
  

	 	a)	Entry on to the Premises is the only reasonably practicable way in which the works which the Landlord wishes to carry out can be executed; 

  
 17 

	 	b)	Entry shall only be effected on such part of the Premises as is reasonably necessary; 

 

	 	c)	The person exercising the right shall cause as little damage inconvenience annoyance and disturbance to the Premises and the Tenant underlessees and all other
authorised occupiers and its or their respective business or trade as reasonably possible; 

  

	 	d)	The Landlord shall make good to the reasonable satisfaction of the Tenant any damage to the Premises caused by such entry. 

 

	 	3.8.2	Works to be carried out 

The Tenant must commence to carry out the works specified in a notice to repair and complete such works as soon as practical. 

 

	 	3.8.3	Landlord’s power in default 

 If within two (2) months of the service of a notice to repair the Tenant has not started to execute the work referred to in that notice or is not proceeding diligently with it, or if the Tenant fails
to finish the work within three (3) months, the Tenant must permit the Landlord to enter the Premises to execute the outstanding work, and must, within twenty one (21) days of a written demand, pay to the Landlord the reasonable and proper
cost of so doing and all reasonable and proper expenses incurred by the Landlord, including legal costs and surveyor’s fees. 
  

	3.9	Alienation 

  

	 	3.9.1	Alienation prohibited 

The Tenant must not hold the Premises on trust for another. The Tenant must not part with possession of the Premises or any part of them
or permit another to occupy them or any part of them except pursuant to a transaction permitted by and effected in accordance with the provisions of this Lease. 
  

	 	3.9.2	Assignment and charging of part 

 The Tenant must not assign or charge part only of the Premises. 
  

	 	3.9.3	Assignment of the whole 

Subject to clause 3.9.4 and 3.9.5, the Tenant must not assign the whole of the Premises without the consent of the Landlord, whose
consent may not be unreasonably withheld or delayed. 
  

	 	3.9.4	Circumstances 

 If any of
the following circumstances - which are specified for the purposes of the Landlord and Tenant Act 1927 section 19(1 A) - applies 

  
 18 

 
either at the date when application for consent to assign is made to the Landlord, or after that date but before the Landlord’s consent is given, the Landlord may withhold its consent. The
circumstances are: - 
  

	 	3.9.4.1	that Lease Rents due from the Tenant under this Lease remains unpaid. 

 

	 	3.9.4.2	that in the Landlord’s reasonable opinion taking into account any Guarantor or other security offered the assignee is not a person who is likely to be able
to comply with the tenant covenants of this Lease and to continue to be able to comply with them following the assignment, 

  

	 	3.9.4.3	that without prejudice to subclause 3.9.4.2, in the case of an assignment to a Group Company in the Landlord’s reasonable opinion the assignee is a person
who is, or may become, less likely to be able to comply with the tenant covenants of this Lease than the Tenant requesting consent to assign, which likelihood is adjudged by reference in particular to the financial strength of that Tenant aggregated
with that of any guarantor of the obligations of that Tenant and the value of any other security for the performance of the tenant covenants of this Lease when assessed at the date of grant or - where that Tenant is not the original Tenant - the
date of the assignment of this Lease to that Tenant, or 

  

	 	3.9.4.4	that the assignee or any guarantor for the assignee, other than any guarantor under an authorised guarantee agreement, is a corporation registered - or otherwise
resident - in a jurisdiction in which the order of a court obtained in England and Wales will not necessarily be enforced against the assignee or guarantor without any consideration of the merits of the case. 

 

	 	3.9.5	Conditions 

 The Landlord
may if it is reasonable so to do impose any or all of the following conditions - which are specified for the purposes of the Landlord and Tenant Act 1927 section 19(1 A) - on giving any consent for an assignment by the Tenant, and any such consent
is to be treated as being subject to each of the following: 
  

	 	3.9.5.1	a condition that if reasonably so required by the Landlord on or before any assignment, the Tenant requesting consent to assign, together with any former tenant
who by virtue of the 1995 Act section 11 was not released on an earlier assignment of this Lease, must enter into an authorised guarantee agreement in favour of the Landlord in the terms set out in schedule 8, 

 

	 	3.9.5.2	 a condition that if reasonably so required by the Landlord on an assignment to a limited company, the assignee must ensure that a guarantor or
up to two guarantors reasonably acceptable to the 

  
 19 

	 	
Landlord, enter into direct covenants with the Landlord in the form of the guarantor’s covenants contained in clause 6 with “the Assignee” substituted for “the Tenant”,

  

	 	3.9.6	Charging of the whole 

The Tenant must not charge the whole of the Premises without the consent of the Landlord, whose consent may not be unreasonably withheld
or delayed. 
  

	 	3.9.7	Subletting 

  

	 	3.9.7.1	The Tenant shall not sublet part of the Premises otherwise than in accordance with Clause 3.9.7 

 

	 	3.9.7.2	There shall not be more than two subleases of any part of the Premises granted at any time (on the basis there are only 2 separate occupiers of the Premises at
any one time) 

  

	 	3.9.7.3	The Tenant must not sublet the whole or part of the Premises without the consent of the Landlord whose consent may not be unreasonably withheld or delayed.

  

	 	3.9.8	Terms of a permitted sublease 

 Every permitted sublease must be granted, without a fine or premium, at a rent not less than the then open market rent payable in respect of the Premises or the due proportion in the case of the permitted
part to be approved by the Landlord (such approval not to be unreasonably withheld or delayed) to be payable in advance on the days on which the Rent is payable under this Lease. Every permitted sublease must contain provisions approved by the
Landlord: 
  

	 	3.9.8.1	for the upwards only review of the rent reserved by it, on the basis set out in schedule 4 and on the Review Date 

 

	 	3.9.8.2	prohibiting the subtenant from doing or allowing anything in relation to the Premises inconsistent with or in breach of the provisions of this Lease,

  

	 	3.9.8.3	for re-entry by the sublandlord on breach of any covenant by the subtenant, 

 

	 	3.9.8.4	imposing an absolute prohibition against all dealings with the Premises other than assignment or charging of the whole, 

 

	 	3.9.8.5	prohibiting assignment, or charging of the whole of the Premises without the prior consent of the Landlord under this Lease, 

 

	 	3.9.8.6	requiring the assignee on any assignment of the sublease to enter into direct covenants with the Landlord to the same effect as those contained in clause 3.9.9,

  
 20 

	 	3.9.8.7	requiring on each assignment of the sublease that where the Landlord reasonably so requires the assignor enters into an authorised guarantee agreement in favour
of the Landlord in the terms set out in schedule 8 but adapted to suit the circumstances in which the guarantee is given, 

  

	 	3.9.8.8	prohibiting the subtenant from holding on trust for another or permitting another to share or occupy the whole or any part of the Premises save that the
subtenant may share the occupation of the whole or any part of the Premises with a company which is a member of the same group as the subtenant (within the meaning of section 42 or the 1954 Act). 

 

	 	3.9.8.9	imposing in relation to any permitted assignment or charge the same obligations for registration with the Landlord as are contained in this Lease in relation to
dispositions by the Tenant. 

  

	 	3.9.8.10	excluding the provisions of Sections 24 to 28 of the 1954 Act from the letting created by the sublease 

provided that the Landlord’s approvals specified above may not be unreasonably withheld or delayed 

 

	 	3.9.9	Subtenant’s direct covenants 

 Before any permitted subletting, the Tenant must ensure that the subtenant enters into a direct covenant with the Landlord that while the subtenant is bound by the tenant covenants of the sublease the
subtenant will observe and perform the tenant covenants contained in this Lease except the covenant to pay the rent reserved by this Lease - and in that sublease or in the case of a subletting of one of the said units the covenants which relate to
the part so sublet. 
  

	 	3.9.10	Enforcement, waiver and variation of subleases 

 The Tenant must enforce the performance and observance by the subtenant of the provisions of every permitted sublease, and must not at any time either expressly or by implication waive any breach of the
covenants or conditions on the part of any subtenant or assignee of any sublease, or - without the consent of the Landlord, whose consent may not be unreasonably withheld or delayed - vary the terms of any permitted sublease. 

 

	 	3.9.11	Sublease rent review 

 In
relation to any permitted sublease: 
  

	 	3.9.11.1	the Tenant must ensure that the rent is reviewed in accordance with the terms of the sublease, 

  
 21 

	 	3.9.11.2	the Tenant must give notice to the Landlord of the details of the determination of every rent review within twenty-eight (28) days 

 

	 	3.9.12	Registration of permitted dealings 

 Within twenty eight (28) days of any assignment, charge, sublease, or any transmission or other devolution relating to the Premises, the Tenant must produce a certified copy of any relevant document
for registration with the Landlord’s solicitor, and must pay the Landlord’s solicitors’ reasonable charges for registration of at least £50 plus VAT thereon. 

 

	 	3.9.13	Sharing with a Group Company 

 Notwithstanding clause 3.9.1 the Tenant may share the occupation of the whole or any part of the Premises with a Group Company, for so long as both companies remain members of that group and otherwise
than in a manner that transfers or creates a legal estate. 
  

	3.10	Nuisance and residential restrictions 

  

	 	3.10.1	Nuisance 

 The Tenant
must not do anything on the Premises or allow anything to remain on them that may be or become or cause an actionable nuisance, disturbance, injury or damage to the Landlord or his tenants or the owners or occupiers of adjacent or neighbouring
premises. 
  

	 	3.10.2	Auctions, trades and immoral purposes 

 The Tenant must not use the Premises for a sale by auction or for any dangerous, noxious, noisy or offensive trade, business, manufacture or occupation, or any illegal or immoral act or purpose.

  

	 	3.10.3	Residential use, sleeping and animals 

 The Tenant must not use the Premises as sleeping accommodation or for residential purposes, or keep any animal on them. 
  

	3.11	Costs of applications, notices and recovery arrears 

 The Tenant must pay to the Landlord on an indemnity basis all reasonable and proper costs, fees, charges, disbursements and expenses - including without prejudice to the generality of the above those
payable to counsel, solicitors, surveyors and bailiffs - reasonably and properly incurred by the Landlord in relation to or incidental to: 
  

	 	3.11.1	every application made by the Tenant for a consent or licence required by the provisions of this Lease, whether it is granted, refused or offered subject to any
qualification or condition, or the application is withdrawn 

  
 22 

	 	3.11.2	preparation and service of a notice under the Law of Property Act 1925 section 146 or 147 of that Act, even if forfeiture is avoided otherwise than by relief
granted by the court, 

  

	 	3.11.3	the recovery or attempted recovery of arrears of rent or other sums due under this Lease, and 

 

	 	3.11.4	service of a schedule of dilapidations during or after the end of the Contractual Term but no more than three (3) months after the end of the said term.

  

	3.12	Planning and development 

  

	 	3.12.1	Compliance with the Planning Acts 

 The Tenant must observe and comply with the provisions and requirements of the Planning Acts affecting the Premises and their use, and must indemnify the Landlord, and keep him indemnified, both during
and following the end of the Term, against all losses in respect of any contravention of those Acts. 
  

	 	3.12.2	Consent for applications 

The Tenant must not make any application for planning permission without the consent of the Landlord, whose consent may not be
unreasonably withheld or delayed in any case where application for and implementation of the planning permission will not create or give rise to any tax liability for the Landlord or where the Tenant indemnifies the Landlord against such liability.

  

	 	3.12.3	Permissions and notices 

The Tenant must obtain any planning permissions and serve any notices that may be required to carry out any development on or at the
Premises. 
  

	 	3.12.4	Charges and levies 

Subject only to any statutory direction to the contrary, the Tenant must pay and satisfy any charge or levy that may subsequently be
imposed under the Planning Acts in respect of carrying out or maintaining any development on or at the Premises. 
  

	3.13	Plans, documents and information 

  

	 	3.13.1	Evidence of compliance with this Lease 

 If so requested, the Tenant must produce to the Landlord or the Surveyor any plans, documents and other evidence the Landlord reasonably requires to reasonably satisfy himself that the provisions of this
Lease have been complied with. 

  
 23 

	 	3.13.2	Information for renewal or rent review 

 If so requested, the Tenant must produce to the Landlord, the Surveyor or any person acting as the third party determining the Rent in default of agreement between the Landlord and the Tenant under the
provisions for rent review contained in this Lease, any information reasonably requested in writing in relation to any pending or intended step under the 1954 Act or the implementation of any provisions for rent review. 

 

	3.14	Indemnities 

 The Tenant
must keep the Landlord fully indemnified against all losses arising directly or indirectly out of any act, omission or negligence of the Tenant, or any persons at the Premises expressly or impliedly with his authority or any breach or non-observance
by the Tenant of the covenants, conditions or other provisions of this Lease or any of the matters to which this demise is subject. 
  

	3.15	Reletting boards and viewing 

 The Tenant must permit the Landlord to enter the Premises on reasonable notice during normal business hours during the last six months of the Contractual Term during the times as specified above and
(except where the Tenant has applied to Court to renew this Lease) and to fix and retain anywhere on the Premises a board advertising them for reletting which locations shall be agreed between the parties. While any such board is on the Premises the
Tenant must permit viewing of them at reasonable times of the day. 
  

	3.16	Obstruction and encroachment 

  

	 	3.16.1	Obstruction of windows 

The Tenant must not stop up, darken or obstruct any window or light belonging to the Premises. 

 

	 	3.16.2	Encroachments 

 The
Tenant must take all reasonable steps to prevent the construction of any new window, light, opening, doorway, path, passage, pipe or the making of any encroachment or the acquisition of any easement in relation to the Premises and must notify the
Landlord immediately if any such thing is constructed, encroachment is made or easement acquired, or if any attempt is made to encroach or acquire an easement. At the request and cost of the Landlord the Tenant must adopt such means as are
reasonably required to prevent the making of any encroachment or the acquisition of any easement. 
  

	3.17	Yielding up 

 At the end
of the Term the Tenant must yield up the Premises with vacant possession, decorated and repaired in accordance with and in the condition 

  
 24 

 
required by the provisions of this Lease, give up all keys of the Premises to the Landlord, remove tenant’s fixtures and fittings, and remove all signs erected by the Tenant or any of his
predecessors in title in, on or near the Premises, as soon as reasonably practicable making good any damage caused by their removal. 
  

	3.18	Interest on arrears 

 The
Tenant must pay Interest on any of the Lease Rents or other sums due under this Lease that are not paid within fourteen days of the date due, whether formally demanded or not, the Interest to be recoverable as rent. Nothing in this clause is to
entitle the Tenant to withhold or delay any payment of the Rent or any other sum due under this Lease or affect the rights of the Landlord in relation to any non-payment. 

 

	3.19	Statutory notices 

 The
Tenant must give the Landlord full particulars of any notice, direction, order or proposal relating to the Premises made, given or issued to the Tenant by any government department or local, public, regulatory or other authority or court within
seven days of receipt, and if so requested by the Landlord must produce a certified copy of it to the Landlord. The Tenant must without delay take all necessary steps to comply with the notice, direction or order. At the request and cost of the
Landlord, the Tenant must make or join with the Landlord in making any objection or representation the Landlord (acting reasonably) deems expedient against or in respect of a notice, direction, order or proposal. 

 

	3.20	Keyholders 

 The Tenant
must ensure that at all times the Landlord has written notice of the name, home address and home telephone number of at least two keyholders of the Premises. 
  

	3.21	Viewing on sale of reversion 

 The Tenant must, on reasonable notice, at any time during the Term, permit prospective purchasers of the Landlord’s reversion or any other interest superior to the Term, or agents instructed in
connection with the sale of the reversion or 
 such an interest, to view the Premises without interruption provided they have
the prior written authority of the Landlord or his agents. 
  

	3.22	Defective premises 

 The
Tenant must give notice to the Landlord of any defect in the Premises that might give rise to an obligation on the Landlord to do or refrain from doing anything in order to comply with the provisions of this Lease or the duty of care imposed on the
Landlord, whether pursuant to the Defective Premises Act 1972 or otherwise, and must at all times display and maintain any notices the Landlord from time to time reasonably requires him to display at the Premises in connection with such Act.

  
 25 

	3.23	Replacement guarantor 

  

	 	3.23.1	Guarantor replacement events 

 In this clause 3.23 references to a “guarantor replacement event” are references, in the case of an individual, to death, bankruptcy, having a receiving order made against him or having a
receiver appointed under the Mental Health Act 1983, and, in the case of company, to passing a resolution to wind up, entering into liquidation or having a receiver appointed. 

 

	 	3.23.2	Action on occurrence of a guarantor replacement event 

 Where during the relevant Liability Period a guarantor replacement event occurs to the Guarantor or any person who has entered into an authorised guarantee agreement, the Tenant must give notice of the
event to the Landlord within twenty eight (28) days of his becoming aware of it. If so required by the Landlord, the Tenant must within two (2) months obtain some other person acceptable to the Landlord to execute a guarantee in the form
of the Guarantor’s covenants in clause 6 or the authorised guarantee agreement in schedule 8, as the case may be, for the residue of the relevant Liability Period. 
  

	3.24	Exercise of the Landlord’s rights 

 The Tenant must permit the Landlord to exercise any of the rights granted to it by virtue of the provisions of this Lease at all times during the Term without interruption or interference. 

 

	3.25	The Office Covenants 

 The
Tenant must observe and perform the Office Covenants. 
  

	3.26	The Services 

 The Tenant
must observe and perform its obligations contained in schedule 6. 
  

	4	THE LANDLORD’S COVENANTS 

 The Landlord covenants with the Tenant to observe and perform the requirements of this clause 4. 
  

	4.1	Quiet enjoyment 

 The
Landlord covenants with the Tenant to permit the Tenant peaceably and quietly to hold and enjoy the Premises without any interruption or disturbance from or by the Landlord or any person claiming under or in trust for him. 

  
 26 

	4.2	The Services 

  

	 	4.2.1	Provision of the Services 

If the Tenant pays the Service Charge the Landlord must use all reasonable endeavours to provide the Services. 

 

	 	4.2.2	Relief from liability 

The Landlord is not to be liable to the Tenant for any breach of its obligations under clause 4.2.1, where the breach is caused by
something beyond its control - provided it uses reasonable endeavours to remedy the breach as expeditiously as possible - except to the extent that the breach: - 
  

	 	4.2.2.1	could have been prevented, or 

  

	 	4.2.2.2	its consequences could have been lessened, or 

  

	 	4.2.2.3	the time during which its consequences were experienced could have been shortened, 

by the exercise of reasonable skill by the Landlord or those undertaking the obligation on its behalf. 

 

	 	4.2.3	Variation and withholding of the Services 

 The Landlord may add to, withhold or vary the Services if it reasonably considers the addition, withholding or variation to be necessary or desirable in the interests of good estate management even if it
increases the Landlord’s Expenses, or if it is required to do so by a competent authority. 
  

	 	4.2.4	Special services 

 Any
services rendered to the Tenant by staff employed by the Landlord, other than services referred to in paragraph 3 of Schedule 6, are to be deemed to be special services for which, and for the consequences of which, the Tenant will be entirely
responsible. The Tenant is not to be entitled to any services from such staff that may in any way whatever interfere with the performance of their duties to the Landlord. 

 

	4.3	Rectification of Inherent Defects 

  

	 	4.3.1	The Landlord shall rectify forthwith and at the Landlord’s cost all Inherent Defects in the Premises notified to it in writing by the Tenant at any time
after the commencement of the Contractual Term up to 26 September 2014. 

  

	 	4.3.2	 If after receiving a notification given under the provisions of clause 4.3.1, the Landlord has not rectified any Inherent Defects in the
Premises or in other parts of the Building which adversely affect either the beneficial occupation of the Premises by the Tenant or the Services supplied to the 

  
 27 

	 	
Tenant by the Landlord or which prevent the Tenant from complying with its obligations under this Lease (hereinafter called “Defects to be Rectified”) the Tenant may give written notice
to the Landlord that it intends to rectify the Defects to be Rectified itself if the landlord has not rectified them within a specified reasonable time or immediately in the case of emergency (hereinafter called “the Tenant’s
Notice”). 

  

	 	4.3.3	On receipt of the Tenant’s Notice the Landlord may give to the Tenant within 5 working days of receipt of such notice written notice to the Tenant that it
does not agree that there are Defects to be Rectified or that some of the Inherent Defects are not Defects to be Rectified (hereinafter called “a Landlord’s Notice”). 

 

	 	4.3.4	If the Landlord gives a Landlord’s Notice a Chartered Surveyors (hereinafter called “the Defects Surveyor”) shall be appointed to decide whether
all or some of the Inherent Defects are defects to be rectified. 

  

	 	4.3.5	The Defects Surveyor shall be appointed by agreement between the Landlord and Tenant within 10 working days of the Landlord giving a Landlord’s notice and
in default of agreement either of the Landlord or the Tenant may apply to the President for the time being of the Royal Institution of Chartered Surveyors or his duly appointed deputy or any person authorised by him to make appointments to appoint
the Defects Surveyor. 

  

	 	4.3.6	The Defects Surveyor shall act as an expert and not as an arbitrator and his decision shall be final and binding on the Landlord and Tenant.

  

	 	4.3.7	The Defects Surveyor shall invite the Landlord and Tenant to submit to him any representations about the dispute that may respectively wish to make within the
time limits he directs and he must have regard to any of the representations, if any, which he reasonably considers appropriate. 

  

	 	4.3.8	The fees and expenses of the Defects Surveyors including the cost of his appointment shall be borne by the parties in such proportions as the Defects Surveyor
directs or if he shall make no direction shall be borne equally between the parties. 

  

	 	4.3.9	If the Landlord has not rectified the defects to be rectified referred to in the Tenant’s Notice within the reasonable time specified in such notice and
also if the Landlord has given a Landlord’s Notice the Defects Surveyor has determined that all or some of the Inherent Defects and Defects to be rectified the Tenant may itself rectify the Defects to be rectified or such Inherent Defects as
the Defects Surveyor has determined are Defects to be Rectified. 

  

	 	4.3.10	The Landlord shall reimburse to the Tenant all costs and expenses properly and reasonably incurred including professional fees in rectifying the Defects to be
rectified in accordance with Clause 4.3.9 within 14 days of written demand provided that the Tenant has given to the Landlord such details of those costs and expenses which the Landlord shall reasonably require. 

  
 28 

	 	4.3.11	If the Landlord has not reimbursed the Tenant in accordance with the provisions of clause 4.3.10 the Landlord shall pay interest on such costs and expenses at
the Interest Rate from the date the costs and expenses should have been paid to the date of actual payment and if Lease Rents are due to the Landlord before such costs and expenses and any interest due have been paid the Tenant may deduct the total
costs expenses and any interest from such Lease Rents. 

  

	5.	INSURANCE 

  

	5.1	Covenant to insure 

 The
Landlord covenants with the Tenant to insure the Building unless the insurance is vitiated by any act of the Tenant or by anyone at the Building expressly or by implication with his authority. 

 

	5.2	Details of the insurance 

  

	 	5.2.1	Office, underwriters and agency 

 Insurance is to be effected in such insurance office, or with such reputable underwriters, and through such agency as the Landlord from time to time properly decides. 

 

	 	5.2.2	Insurance cover 

Insurance must be effected for the following amounts: 
  

	 	5.2.2.1	the full cost of rebuilding and reinstating the Building, including VAT, architects’, surveyors, engineers, solicitors’ and all other professional
persons’ fees, the fees payable on any applications for planning permission or other permits or consents that may be required in relation to rebuilding or reinstating the Building, the cost of preparation of the site including shoring-up,
debris removal, demolition, site clearance and any works that may be required by statute, and incidental expenses, and 

  

	 	5.2.2.2	loss of rental and service charge income from the Building, taking account of any rent review that may be due, for three years. 

 

	 	5.2.3	Risks insured 

 Insurance
must be effected against damage or destruction by any of the Insured Risks to the extent that such insurance may ordinarily be arranged for properties such as the Building, subject to such excesses, exclusions or limitations as the insurer requires
as may ordinarily be imposed for properties such as the Building. 

  
 29 

	5.3	Payment of the Insurance Rent 

 The Tenant covenants to pay the Insurance Rent for the period starting on the date hereof and ending on the day before the next policy renewal date on the date of this document, and subsequently to pay
the Insurance Rent on demand and, if so demanded in writing by the Landlord, in advance of the policy renewal date but not more than fourteen days in advance. 
  

	5.4	Suspension of the Rent 

  

	 	5.4.1	Events giving rise to suspension 

 If and whenever the Building or any part of it is damaged or destroyed by one or more of the Insured Risks except one against which insurance may not ordinarily be arranged for properties such as the
Building unless the Landlord has in fact insured against that risk - so that the Premises are unfit for occupation or use or inaccessible, and payment of the insurance money is not wholly or partly refused because of any act or default of the Tenant
or anyone at the Building expressly or by implication with his authority then the provisions of clause 5.4.2 are to have effect. 
  

	 	5.4.2	Suspending the Rent 

 In
the circumstances mentioned in clause 5.4.1 the Rent and the Service Charge, or a fair proportion of the Rent and the Service Charge according to the nature and the extent of the damage sustained, is to cease to be payable until the Building has
been rebuilt or reinstated so as to render the Premises fit for occupation and use, or until the end of three years from the destruction or damage whichever period is the shorter, any dispute as to the proportion of the Rent and the Service Charge
suspended and the period of the suspension to be determined in accordance with Arbitration Act 1996 by an arbitrator to be appointed by agreement between the Landlord and the Tenant or in default by the President or other proper officer for the time
being of the Royal Institution of Chartered Surveyors upon the application of either the Landlord or the Tenant. 
  

	5.5	Reinstatement and termination 

  

	 	5.5.1	Obligation to obtain permissions 

 If and whenever the Building or any part of it is damaged or destroyed by one or more of the Insured Risks - except one against which insurance may not ordinarily be arranged for properties such as the
Building unless the Landlord has in fact insured against that risk, and payment of the insurance money is not wholly or partly refused because of any act or default of the Tenant, or anyone at the Building expressly or by implication with his
authority, then the Landlord must use all reasonable endeavours to obtain any planning permissions or other permits and consents (“permissions”) that are required under the Planning Acts or otherwise to enable it to rebuild and reinstate
the Building as soon as reasonably practicable. 

  
 30 

	 	5.5.2	Obligation to reinstate 

Subject to the provisions of clauses 5.5.3 and, if any permissions are required, after they have been obtained, the Landlord must as soon
as reasonably practicable apply all money received in respect of such insurance, except sums in respect of loss of the Rent, in rebuilding or reinstating the parts of the Building destroyed or damaged and make up any deficiencies from the monies
received itself. 
  

	 	5.5.3	Relief from the obligation to reinstate 

 The Landlord need not rebuild or reinstate the Building if and for so long as the rebuilding or reinstating is prevented because; - 

 

	 	5.5.3.1	the Landlord, despite using its reasonable endeavours, cannot obtain a necessary permission, or 

 

	 	5.5.3.2	any permission granted subject to a lawful condition with which either it is impossible for the Landlord to comply or in all the circumstances it is unreasonable
to expect the Landlord to comply, or 

  

	 	5.5.3.3	there is some defect or deficiency in the site on which the rebuilding or reinstatement is to take place that either renders it impossible or means it can only
be undertaken at a cost that is unreasonable in all the circumstances, or 

  

	 	5.5.3.4	the Landlord is unable to obtain access to the site to rebuild or reinstate, or 

 

	 	5.5.3.5	the rebuilding or reinstating is prevented by war, act of God, government action, strike or lock-out, or 

 

	 	5.5.3.6	because of the occurrence of any other circumstances beyond the Landlord’s reasonable and proper control. 

 

	 	5.5.4	Notice to terminate 

 If
the Premises are still not fit for the Tenant’s occupation and use at the end of three (3) years starting on the date of the damage or destruction, either the Landlord or the Tenant may by notice at the end of that period (“a notice
to terminate following failure to reinstate”) implement the provisions of clause 5.5.5 provided that the Landlord is only entitled to serve such notice if it is in all material respects compiled with its obligations contained in this clause
5.5. 
  

	 	5.5.5	Termination following failure to reinstate 

 On service of a notice to terminate following failure to reinstate, the Term is to cease absolutely - but without prejudice to any rights or remedies that may have accrued - and all money received in
respect of the insurance effected by the Landlord pursuant to this Lease is to belong to the Landlord absolutely. 

  
 31 

	5.6	Tenant’s further insurance covenants 

 The Tenant covenants with the Landlord to observe and perform the requirements contained in this clause 5.6. 
  

	 	5.6.1	Requirements of insurers 

The Tenant must comply with all the requirements and recommendations of the insurers notified in writing by the Landlord. 

 

	 	5.6.2	Policy avoidance and additional premiums 

 The Tenant must not do or omit anything that could cause any insurance policy on or in relation to the Building to become wholly or partly void or voidable, or do or omit anything by which additional
insurance premiums may become payable unless he has previously notified the Landlord and has agreed to pay the increased premium. 
  

	 	5.6.3	Fire-fighting equipment 

The Tenant must keep the Premises supplied with such fire fighting equipment as the insurers and the fire authority require and must
maintain the equipment to the reasonable satisfaction of the insurers and the fire authority and in efficient working order. As often as reasonably necessary the Tenant must have the fire fighting equipment inspected by a competent person.

  

	 	5.6.4	Combustible materials 

The Tenant must not store on the Premises or bring onto them anything of a specially combustible, inflammable or explosive nature, and
must comply with the requirements and recommendations of the fire authority and the reasonable requirements of the Landlord notified to the Tenant in writing as to fire precautions relating to the Premises. 

 

	 	5.6.5	Fire escapes, equipment and doors 

 The Tenant must not obstruct the access to any fire equipment or the means of escape from the Premises or lock any fire door while the Premises are occupied. 

 

	 	5.6.6	Notice of events affecting the policy 

 The Tenant must give immediate notice to the Landlord of any event that might affect any insurance policy on or relating to the Premises, and of any event against which the Landlord may have insured under
this Lease. 

  
 32 

	 	5.6.7	Other Insurance 

 If at
any time the Tenant is entitled to the benefit of any insurance of the Premises that is not effected or maintained in pursuance of any obligation contained in this Lease, the Tenant must apply ail money received by virtue of such insurance in making
good the loss or damage in respect of which the money is received. 
  

	5.7	Variation of the Insurance Rent Percentage 

 The Insurance Rent Percentage may be varied to the extent that the Surveyor fairly and reasonably considers appropriate in the interests of good estate management but always by reference to the percentage
that the Net Internal Area of the Premises relates to the Net Internal Area of the Building 
  

	5.8	Copy policy 

 The Landlord
must produce to the Tenant on demand and without cost to the Tenant but not more than once in any year of the Term, a copy of the insurance policy together with the policy schedule it has effected pursuant to its obligations in this Lease and
evidence that the last premium has been paid. 
  

	6.	THE GUARANTOR’S COVENANTS 

  

	6.1	Nature and duration 

 The
Guarantor’s covenants with the Landlord are given as sole or principal debtor or covenantor, with the landlord for the time being and with all its successors in title without the need for any express assignment, and the Guarantor’s
obligations to the Landlord will last throughout the Liability Period. 
  

	6.2	Payment of rent and performance of the Lease 

 The Tenant must pay the Lease Rents and VAT charged on them punctually and observe and perform the covenants and other terms of this Lease, and if, at any time during the Liability Period while the Tenant
is bound by the tenant covenants of this Lease, the Tenant defaults in paying the Lease Rents or in observing or performing any of the covenants or other terms of this Lease, then the Guarantor must pay the Lease Rents and observe or perform the
covenants or terms in respect of which the Tenant is in default and make good to the Landlord on demand, and indemnify the Landlord against, all losses resulting from such non payment, non-performance or non-observance notwithstanding: - 

 

	 	6.2.1	any time or indulgence granted by the Landlord to the Tenant, any neglect or forbearance of the Landlord in enforcing the payment of the Lease Rents or the
observance or performance of the covenants or other terms of this Lease, or any refusal by the Landlord to accept rent tendered by or on behalf of the Tenant at a time when the Landlord is entitled - or will after the service of a notice under the
Law of Property Act 1925 section 146 be entitled - to re-enter the Premises 

  

	 	6.2.2	that the terms of this Lease may have been varied by agreement between the Landlord and the Tenant, 

  
 33 

	 	6.2.3	that the Tenant has surrendered part of the Premises - in which event the liability of the Guarantor under this Lease is to continue in respect of the part of
the Premises not surrendered after making any necessary apportionments under the Law of Property Act 1925 section 140, and 

  

	 	6.2.4	anything else by which, but for this clause 6.2 the Guarantor would be released. 

 

	6.3	New lease following disclaimer 

 If, at any time during the Liability Period while the Tenant is bound by the tenant covenants of this Lease, any trustee in bankruptcy or liquidator of the Tenant disclaims this Lease, the Guarantor must,
if so required by notice served by the Landlord within sixty days of the Landlord’s becoming aware of the disclaimer, take from the Landlord forthwith a lease of the Premises for the residue of the Contractual Term as at the date of the
disclaimer, at the Rent then payable under this Lease and subject to the same covenants and terms as in this Lease - except that the guarantor need not ensure that any other person is made a party to that lease as guarantor - the new lease to
commence on the date of the disclaimer. The Guarantor must pay the costs of the new lease and VAT charged thereon, save where such VAT is recoverable or available for set-off by the Landlord as input tax, and execute and deliver to the Landlord a
counterpart of the new lease. 
  

	6.4	Payments following disclaimer 

 If this Lease is disclaimed and the Landlord does not require the Guarantor to accept a new lease of the Premises in accordance with clause 6.2.2, the Guarantor must pay to the Landlord 14 days after
written demand an amount equal to the Lease Rents for the period commencing with the date of the disclaimer and ending on whichever is the earlier of the date six months after the disclaimer, the date, if any, upon which the Premises are relet, and
the end of the Contractual Term. 
  

	6.5	Guarantee of the Tenant’s liabilities under an authorised guarantee agreement 

If, at any time during the Liability Period while the Tenant is bound by an authorised guarantee agreement, the Tenant makes any default
in its obligations under that agreement, the Guarantor must make good to the Landlord on demand, and indemnify the Landlord against, all Losses resulting from that default notwithstanding: - 

 

	 	6.5.1	any time or indulgence granted by the Landlord to the Tenant, or neglect or forbearance of the Landlord in enforcing the payment of any sum or the observance or
performance of the covenants of the authorised guarantee agreement, 

  

	 	6.5.2	that the terms of the authorised guarantee agreement may have been varied by agreement between the Landlord and the Tenant, or 

  
 34 

	 	6.5.3	anything else by which, but for this clause 6.5, the Guarantor would be released. 

 

	6.6	Severance 

  

	 	6.6.1	Severance of void provisions 

 Any provision of this clause 6 rendered void by virtue of the 1995 Act section 25 is to be severed from all remaining provisions, and the remaining provisions are to be preserved. 

 

	 	6.6.2	Limitation of provisions 

If any provision in this clause 6 extends beyond the limits permitted by the 1995 Act section 25, that provision is to be varied so as
not to extend beyond those limits. 
  

	7	FORFEITURE 

 If and whenever during the
Term: - 
  

	7.1	the Lease Rents, or any of them or any part of them, or any VAT payable on them, are outstanding for twenty one (21) days after becoming due, whether
formally demanded or not, or 

  

	7.2	the Tenant breaches any covenant or other term of this Lease, or 

  

	7.3	the Tenant being an individual having an interest in possession, becomes bankrupt, or 

 

	7.4	the Tenant having an interest in possession being a company, enters into liquidation whether compulsory or voluntary - but not if the liquidation is for
amalgamation or reconstruction of a solvent company - or has a receiver appointed, or 

  

	7.5	the Tenant having an interest in possession enters into an arrangement for the benefit of his creditors, or 

the Landlord may at any time re-enter the Premises or any part of them in the name of the whole - even if any previous right of re-entry
has been waived - and thereupon the Term is to cease absolutely but without prejudice to any rights or remedies that may have accrued to the Landlord against the Tenant or the Guarantor in respect of any breach of covenant or other term of this
Lease, including the breach in respect of which the re-entry is made. 

  
 35 

	8	MISCELLANEOUS 

  

	8.1	Exclusion of warranty as to use 

 Nothing in this Lease or in any consent granted by the Landlord under this Lease is to imply or warrant that the Premises may lawfully be used under the Planning Acts as offices. 

 

	8.2	Representations 

 The
Tenant acknowledges that this Lease has not been entered into wholly or partly in reliance on any statement or representation made by or on behalf of the Landlord except any such statement or representation expressly set out in this Lease or made by
the Landlord’s solicitors in any written response to enquiries raised by the Tenant’s solicitors in connection with the grant of this Lease. 
  

	8.3	Tenant’s property 

If, after the Tenant has vacated the Premises at the end of the Term any property of the Tenant remains in or on the Premises and it fails
to remove it within fourteen (14) days of the end of the Term then the Landlord may sell that property as the agent of the Tenant. The Tenant must indemnify the Landlord against any liability incurred by the Landlord to any third party whose
property is sold by it in the mistaken belief held in good faith - which is to be presumed unless the contrary is proved - that the property belonged to the Tenant. The Landlord may retain the proceeds of sale absolutely unless the Tenant claims
them within two months of the date upon which it vacated the Premises. The Tenant must indemnify the Landlord against any damage occasioned to the Premises and any losses caused by or related to the presence of the property in or on the Premises.

  

	8.4	Notices 

  

	 	8.4.1	Form and service of notices 

 A notice under this Lease must be in writing and, unless the receiving party or its authorised agent acknowledges receipt, is valid if, and only if: - 

 

	 	8.4.1.1	it is given by hand, sent by registered post or recorded delivery, or sent by registered post or recorded delivery on the same day, and 

 

	 	8.4.1.2	it is served: - 

  

	 	(a)	where the receiving party is the Tenant, at the Premises, or 

  

	 	(b)	where the receiving party is a company incorporated within Great Britain, at the registered office, or 

 

	 	(c)	where the receiving party is the Landlord or the Guarantor and that party is not such a company, at that party’s address shown in this Lease or at any address
specified in a notice given by that party to the other parties. 

  
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	 	8.4.2	Deemed delivery 

  

	 	8.4.2.1	By registered post or recorded delivery 

 Unless it is returned through the Royal Mail undelivered, a notice sent by registered post or recorded delivery is to be treated as served on the third working day after posting whenever, and whether or
not, it is received. 
  

	 	8.4.2.2	“A working day” 

References to a “a working day” are references to a day when the United Kingdom clearing banks are open for business in the
City of London. 
  

	 	8.4.3	Joint Recipients 

 If the
receiving party consists of more than one person, a notice to one of them is notice to all. 
  

	8.5	Rights and easements 

 The
operation of the Law of Property Act 1925 section 62 is excluded from this Lease and the only rights granted to the Tenant are those expressly set out in this Lease and the Tenant is not to be entitled to any other rights affecting any adjoining
property of the Landlord. 
  

	8.6	Covenants relating to other parts of the Building 

 The Tenant is not to be entitled to the benefit of or the right to enforce or to prevent the release or modification of any covenant agreement or condition entered into by any tenant of the Landlord in
respect of any other part of the Building 
  

	8.7	Disputes with adjoining occupiers 

 If any dispute arises between the Tenant and the tenants or occupiers of any other parts of the Building in connection with the Premises and any of those other parts, it is to be decided by the Surveyor
acting as an independent expert 
  

	8.8	Effect of waiver 

 Each of
the Tenant’s covenants is to remain in full force both at law and in equity even if the Landlord has waived or released that covenant, or waived or released any similar covenant affecting any adjoining property of the Landlord. 

 

	8.9	The perpetuity period 

The perpetuity period applicable to this Lease is eighty years from the commencement of the Contractual Term, and whenever in this Lease
any party is granted a future interest it must vest within that period or be void for remoteness. 

  
 37 

	8.10	Exclusion of liability 

The Landlord is not to be responsible to the Tenant or to anyone at the Premises or the Estate expressly or by implication with the
Tenant’s authority for any accident happening or injury suffered or for any damage to or loss of any chattel sustained in the Premises or on the Estate. 
  

	9	Tenant’s Option to Determine 

  

	9.1	If the Tenant wishes to determine this Lease on either Break Date and gives to the Landlord in the case of the 2015 Break not less than six (6) months
written notice of that wish and in the case of the 2017 Break not less than five (5) months written notice of that wish and provided in either case that up to the time of the determination the Tenant has paid the Rent, Lease Rents and interim
service charge invoiced up to that date and gives up vacant possession then on the relevant Break Date the Term is to cease and determine immediately but without prejudice to any rights or remedies that may have accrued to either party.

  

	10	New lease 

 This lease is
a new tenancy for the purposes of the 1995 Act section 1. 
  

	11	Contracts (Rights of Third Parties) Act 1999 

 Unless the right of enforcement is expressly provided herein it is not intended that a third party should have the right to enforce a provision of this Lease under the Contracts (Rights of Third Parties)
Act 1999. 
 IN WITNESS whereof the parties hereto have executed this deed and delivered it on the date of this deed 

  
 38 

 SCHEDULE 1 
 THE PREMISES 
 The expression “the Premises” includes: - 

 

	1.	the floor and ceiling finishes, but not any other part of the floor slabs and ceiling slabs that bound the Premises, 

 

	2	the inner half severed medially of the internal non-loadbearing walls that divide the Premises from any other premises, 

 

	3	the interior plaster and decorative finishes of all walls bounding the Premises, 

 

	4	the doors, door frames, door units, windows, window frames and window units at the Premises but excluding all such that are fitted into the exterior of the Building,

  

	5.	all additions and improvements to the Premises, 

  

	6.	all the landlord’s fixtures and fittings and fixtures of every kind that are from time to time in or on the Premises - whether originally fixed or fastened to or
on the Premises or otherwise - except any fixtures installed by the Tenant or any predecessors in title that can be removed from the Premises without defacing them, and 

 

	7.	the Conduits exclusively serving the Premises 

but excludes all structural parts of the Building including without limitation to the generality of the foregoing the roofs and the roof spaces, the
foundations, and all.external, structural or loadbearing walls, columns, beams and supports and all doors, door frames, door units, windows, window frames and window units fitted into the exterior of the Building. 

  
 39 

 SCHEDULE 2 
 THE RIGHTS GRANTED 
  

	1.	Right to park vehicles in the Parking Bays 

 The right to park five (5) cars in the Parking Bays. 
  

	2	Right to Use the Common Parts and the access to the Basement Car Park 

 The right, subject to reasonable interruption for repair, (which the Landlord will keep to the minimum reasonably possible) alteration, rebuilding or replacement, for the Tenant and all persons expressly
or by implication authorised by the Tenant in common with the Landlord and all other persons having a like right to use such parts of the Common Parts on foot only as are designed therefor for the purpose of gaining access to and egress from the
Premises including the use of the lift in the Building and to access the Basement Car Park and the ramp and staircase leading to the Basement Car Park from Alwyne Road in cars and on foot as are necessary for the purpose of gaining vehicular access
to and egress from the Parking Bays. 
  

	3	Service Area 

 The right
to use the service area shown edged brown on plan 2 (hereinafter called “the Service Area”) for the delivery of goods to the Premises. 
  

	4	Nameplates and Signs 

 The
right to maintain nameplates/signs in the ground floor reception area of the Building subject to the prior written approval of the Landlord of the position size and design thereof such approval not to be unreasonably withheld or delayed. 

 

	5	Passage and running through the Adjoining Conduits 

 The right, subject to temporary interruption for repair, alteration or replacement, (which the Landlord will keep to the minimum reasonably possible) to the free passage and running of all services and
supplies through the appropriate Adjoining Conduits, in common with the Landlord and all other persons having a like right. 
  

	6	Support and Protection 

The right of support and protection for the benefit of the Premises that is now enjoyed from all other parts of the Building. 

 

	7	Emergency Access 

 The
right of access in case of emergency through any other parts of the Building. 

  
 40 

	8	Aerials and Entryphone 

The right to maintain TV aerials and satellite dishes upon the roof of the Building of a size and in a location to be approved by the
Landlord (such approval not to be unreasonably withheld or delayed) and the right to use the entryphone systems in the Building. 
  

	9	Entry for Repair 

 In
accordance with the provisions of clause 4.3.9 of this Lease the right to enter upon other parts of the building to carry out any remedial work to the Building or the plant in the event of a failure on the part of the Landlord to observe its
obligations contained in this Lease. 

  
 41 

 SCHEDULE 3 
 THE RIGHTS RESERVED 
  

	1.	Passage and running through the Conduits 

 The right to the free and uninterrupted passage and running of all appropriate services or supplies from and to other parts of the Building or any adjoining property of the Landlord in and through the
Conduits and through any structures of a similar use or nature that may at any time be in over or under the Premises. 
  

	2.	Construction of Conduits 

The right to construct and to maintain at any time any pipes, sewers, drains, mains, ducts, conduits, gutters, watercourses, wires,
cables, laser optical fibres, data or impulse transmission, communication or reception systems, channels, flues and other necessary conducting media for the provision of services or supplies, including any fixings, louvres, cowls and any other
ancillary apparatus for the benefit of any other part of the Building or any of the Adjoining Property, making good any damage caused to the Premises by the exercise of the right. 

 

	3.	Access 

  

	3.1	Access to inspect 

 The
right at reasonable times on reasonable notice (except in emergency) to enter, or in emergency to break into and enter the Premises: - 
  

	 	3.1.1	to inspect the condition and the state of repair of the Premises 

  

	 	3.1.2	to inspect, clean, connect with, repair, remove, replace with others, alter or execute any works whatever to or in connection with the conduits, easements,
supplies or services referred to in paragraphs 3.1 and 3.2 of this schedule where this work cannot reasonably be undertaken without such access 

  

	 	3.1.3	to view the state and condition of and repair and maintain the Building where such viewing or work would not otherwise be reasonably practicable

  

	 	3.1.4	to carry out work or do anything whatever that the Landlord is obliged to do under this Lease where such work cannot reasonably be undertaken without such access

  

	 	3.1.5	to take schedules or inventories or fixtures and other items to be yielded up at the end of the Term, and 

 

	 	3.1.6	to exercise any of the rights granted to the Landlord by this Lease 

 but in each case subject to the proviso and conditions at Clause 3.8 of this Lease. 

  
 42 

	3.2	Access on renewal or rent review 

 The right with the Surveyor and any person acting as the third party determining the Rent in default of agreement under any renewal of the Lease at convenient hours and on reasonable written notice to
enter and to inspect and measure the Premises for all purposes connected with any pending or intended step under the 1954 Act or the implementation and the provisions for rent review 

 

	4.	Scaffolding 

 The right to
erect scaffolding for the minimum time reasonably practicable for any necessary purpose connected with or related to the Building even if it temporarily restricts the use and enjoyment of the Premises 

 

	5.	Support 

 The rights of
light, air, support protection, shelter and all other easements and rights at the date of this Lease belonging to or enjoyed by other parts of the Building. 
  

	6.	Right to erect new buildings 

 Full right and liberty at any time after the date of this Lease to erect any new buildings of any height on any other part of the Building in such manner as the Landlord thinks fit but not so as to
obstruct or affect the passage of light and air to the Premises. 
  

	7.	Emergency Access 

 The
right in case of emergency of access for the Landlord and other Tenants and occupiers of the Building through the Premises and to pass through the Premises to use the fire escape staircase. 

  
 43 

 SCHEDULE 4 
 THE RENT AND RENT REVIEW 
  

	1.	Definitions 

 For all
purposes of this schedule the terms defined in this paragraph 1 have the meanings specified. 
  

	1.1	“Assumptions” means: - 

  

	1.1.1	the assumption that no work has been carried out on the Premises during the Term by the Tenant, its subtenants or their predecessors in title or any occupiers
that has diminished the rental value of the Premises; 

  

	1.1.2	the assumption that if the Premises have been destroyed or damaged they have been fully rebuilt or reinstated; 

 

	1.1.3	the assumption that the covenants contained in this Lease on the part of the Tenant have been fully performed and observed; 

 

	1.1.4	the assumption that the Premises are available to let by a willing Landlord to a willing Tenant in the open market by one lease (“the Hypothetical
Lease”) without a premium being paid by either party and with vacant possession; 

  

	1.1.5	the assumption that the Premises are fit for occupation by the incoming tenant from the beginning of the Hypothetical Lease for all purposes required by the
incoming tenant that would be permitted under this Lease; 

  

	1.1.6	the assumption that the Hypothetical Lease contains the same terms as this Lease, except the amount of the Initial Rent but including the provisions for rent
review on the Review Date, and except as set out in subparagraph 1.1.7 of this schedule; 

  

	1.1.7	the assumption that the term of the Hypothetical Lease will be the residue of the Contractual Term remaining unexpired at the Review Date and that such term
begins on the Review Date, and that the rent commences to be payable on that date, and that the years during which the tenant covenants to decorate the Premises are at the same intervals after the beginning of the term of the Hypothetical Lease as
those specified in this Lease, and 

  

	1.1.8	the assumption that every prospective willing Tenant is able to recover VAT in full. 

 

	 	1.2	“Disregarded Matters” 

 “Disregarded matters” means: - 
  

	 	1.2.1	any effect on rent of the fact that the Tenant, its subtenants, or their predecessors in title or any lawful occupier have been in occupation of the Premises;

  
 44 

	 	1.2.2	any goodwill attached to the Premises because the business of the Tenant, its subtenants, or their predecessors in title or any lawful occupier in their
respective business is or was carried on there; 

  

	 	1.2.3	any increase in rental value of the Premises attributable at the Review Date to any improvement to the Premises carried out, with consent where required,
otherwise then in pursuance of an obligation (except an obligation contained in clause 3.7) to the Landlord or its predecessors in title by the Tenant, its subtenants, or their predecessors in title or any lawful occupier and

  

	 	1.2.4	the taxable status of the Landlord or the Tenant for the purpose of VAT. 

 

	 	1.3	“President” 

“President” means the President for the time being of the Royal Institution of Chartered Surveyors or any person authorised by
him to make appointments on his behalf. 
  

	 	1.4	“Review Period” 

References to the “Review Period” are references to the period beginning on the Review Date and ending on the last day of the
Contractual Term. 
  

	 	1.5	“Surveyor” 

“Surveyor” means an independent Surveyor appointed to determine the amount of the Rent under this schedule (and for the
avoidance of doubt the definition in clause 1.40 of this Lease shall not apply). 
  

	 	2.	Ascertaining the Rent 

  

	 	2.1	The Rent 

 Until the
first Review Date the Rent is to be the Initial Rent, and thereafter during the Review Period the Rent is to be a sum equal to the greater of the Rent payable under this Lease immediately before the Review Date, or, if payment of Rent has been
suspended as provided for in this Lease, the Rent that would have been payable had there been no such suspension, and the revised Rent ascertained in accordance with this schedule. 

 

	 	2.2	Agreement or Determination of the Rent 

  

	 	2.2.1	The Landlord and the Tenant may at any time agree the Rent for the Review Period and such agreement may include agreement that the Rent for the Review Period is
formulated in terms which provide for different amounts to be paid for different specified periods during the Review Period. 

  
 45 

	 	2.2.2	Determination 

 If no
agreement as to the amount of the Rent payable for the Review Period shall have been reached between the Landlord and the Tenant three months prior to the Review Date then either the Landlord or the Tenant may by notice to the other require the
determination of the amount of the Rent payable for the Review Period by the Surveyor. 
  

	 	2.2.3	Appointment of Surveyor 

The Surveyor may be agreed upon by the Landlord and the Tenant or if they do not agree the Surveyor shall be appointed by or on behalf of
the President on the application of either the Landlord or the Tenant in accordance with the provisions of this schedule. 
  

	 	2.2.4	Arbitrator 

 The Surveyor
shall act as an arbitrator in accordance with the Arbitration Act 1996. 
  

	 	2.2.5	Notice of Appointment 

The Surveyor shall give notice to the Landlord and to the Tenant of his appointment. 

 

	 	2.2.6	Replacement of the Surveyor 

 If the Surveyor shall fail to determine the Rent payable for the Review Period and give notice to the Landlord and the Tenant of his determination within four months of his appointment or if he shall die
or become unwilling to act or incapable of acting for any reason either party may apply to the President for a substitute to be appointed in his place which procedure may be repeated as often as necessary. 

 

	 	2.2.7	Fees and Expenses 

 The
fees and expenses of the Surveyor shall be in his award but otherwise shall be shared equally between the Landlord and the Tenant and if the Landlord or the Tenant shall fail to pay within twenty one days of demand any part of those fees which it is
due to pay they may be paid by the other party and in the case of the Landlord shall be recoverable by the Landlord as rent in arrears. 
  

	 	2.3	Open Market Rent 

 The
sum to be determined by the Surveyor as the Rent for the Review Period must be the sum at which he decides the Premises might reasonably be expected to be let in the open market at the Review Date making the Assumptions but disregarding the
Disregarded Matters. 

  
 46 

	 	2.4	Memorandum of Agreement 

When the Rent has been ascertained in accordance with this schedule, memoranda to that effect must be signed by or on behalf of the
Landlord and the Tenant and annexed to this document and its counterpart, and the Landlord and the Tenant must bear their own costs in this respect. 
  

	 	3.	Payment of the Rent as ascertained 

  

	 	3.1	Where the Rent is not ascertained by the Review Date 

 If the Rent payable during the Review Period has not been ascertained by the Review Date, then rent is to continue to be payable at the rate previously payable, such payments being on account of the Rent
for the Review Period (but the Tenant has the right at its own discretion to make interim payments on account). 
  

	 	3.2	Where a review date is not a quarter day 

 If the Rent for the Review Period is ascertained on or before the Review Date but that date is not a quarter day, then the Tenant must pay to the Landlord on the Review Date the difference between the
Rent due for that quarter and the Rent already paid for it. 
  

	 	3.3	Back-payment where review delayed 

 If the Rent payable during the Review Period has not been ascertained by the Review Date then the Tenant must pay to the Landlord within fourteen (14) days of the date on which the Rent is agreed or
the arbitrator’s award is received by him, any shortfall between the Rent that would have been paid for that period had it been ascertained on or before the Review Date and the payments made by the Tenant on account and any VAT payable thereon;
and interest, at the base lending rate from time to time of the bank referred to in or nominated pursuant to clause 1.19, in respect of each instalment of rent due on or after the Review Date on the amount by which the instalment of the Rent that
would have been paid had it been ascertained exceeds the amount paid by the Tenant on account the interest to be payable for the period from the date on which the instalment was due up the date of payment of the shortfall. 

 

	 	4.	Effect of Counter-inflation provisions 

 If at the Review Date a statute prevents, restricts or modifies the Landlord’s right either to review the Rent in accordance with this Lease or to recover any increase in the Rent, then the Landlord
may, when the restriction or modification is removed, relaxed or varied - without prejudice to his rights, if any, to recover any rent the payment of which has only been deferred by statute - on giving not less than one month’s nor more than
three month’s notice to the Tenant require the Tenant to proceed with any review of the Rent further where the Landlord’s right was restricted or modified. The date of expiry of the notice is to be treated as a Review Date - provided that
nothing in this paragraph is to be construed as varying any subsequent Review Date. The Landlord may recover any increase in the Rent with effect from the earliest date permitted by law. 

  
 47 

	 	5.	Time not of essence 

Time shall not be of the essence in relation to the review of the Rent or the service of notices in connection with such review unless
expressly stated otherwise. 
  

	 	6.	Guarantor 

 No Guarantor
or any predecessor in title of the Tenant shall have any right to take part in the agreement or determination of the Rent upon review. 

  
 48 

 SCHEDULE 5 
 THE OFFICE COVENANTS 
  

	1.	Use 

  

	1.1	Use as Offices 

 The
Tenant must not use the Premises for any other purpose than for offices within the definition of Class B1 to the Town and Country Planning (Use Classes) Order 1987. 
  

	1.2	Cesser of Business 

 The
Tenant must not leave the Premises continuously unoccupied for more than one month without notifying the Landlord and providing such caretaking or security arrangements for the protection of the Premises as the Landlord reasonably requires and the
insurers or underwriters require. 
  

	1.3	Noxious discharges 

 The
Tenant must not discharge into any of the Conduits or the Adjoining Conduits any oil, grease or other deleterious matter, or any substance that might be or become a source of danger or injury to the drainage system. 

 

	1.4	Window cleaning 

 The
Tenant must clean the inside and outside of all windows and window frames in the Premises as often as shall be necessary. 
  

	1.5	Sound audible outside 

The Tenant must not play or use in the Premises any musical instrument, audio or other equipment or apparatus that produces sound which
may be heard outside the Premises or if the Landlord in its reasonable opinion considers such sounds to be undesirable and gives notice to the Tenant to that effect. 
  

	2.	Ceiling and floor loading 

  

	2.1	Heavy items 

 The Tenant
must not bring onto or permit to remain on the Premises any safes, machinery, goods or other articles that will or may strain or damage the Premises or any part of them. 

  
 49 

	2.2	Protection of ceilings 

The Tenant must not without the consent of the Landlord such consent not to be unreasonably withheld or delayed suspend anything from any
ceiling of the Premises other than standard fixtures and fittings and light fittings subject in all instances to compliance with all statutory and safety requirements. 
  

	2.3	Expert advice 

 If the
Tenant applies for the Landlord’s consent under paragraph 2.2 of this schedule the Landlord may consult any engineer or other person in relation to the ceiling loading proposed by the Tenant, and the Tenant must repay the reasonable and proper
fees of the engineer or other person to the Landlord on demand. 
  

	3.	Retained Parts 

  

	3.1	Care of the Retained Parts 

The Tenant must not cause the Retained Parts or any other land, roads or pavements adjoining the Building to become untidy or dirty.

  

	3.2	Display of goods outside 

The Tenant must not display or deposit anything whatsoever outside the Premises for display or sale or for any other purpose, or cause any
obstruction of the Retained Parts. 
  

	4.	Machinery 

 Noisy
machinery 
 The Tenant must not install or use in or on the Premises any machinery or apparatus that will cause noise or
vibration that can be heard or felt in nearby premises or outside the Premises or that may cause structural damages save for usual office machinery. 
  

	5.	Standing vehicles 

 Except
for cars parked in the parking bays the Tenant must not permit any vehicles belonging to it, its employees or any persons calling on the Premises expressly or by implication with its authority to stand on the Service Area or Basement Car park except
when goods are being loaded or unloaded and provided they do not cause congestion or inconvenience to any other user of the Service Area and must ensure that such persons do not permit any vehicle to stand. 

 

	6.	Heating, Cooling and Ventilation 

  

	6.1	Interference prohibited 

The Tenant must not do anything that interferes with the heating, cooling, ventilation or air conditioning of the Retained Parts or that
imposes an additional load on any heating, cooling, ventilation or air conditioning plant and equipment in the Building without the consent of the Landlord not to be unreasonably withheld 

  
 50 

	6.2	Operation of Equipment 

During the Service Hours, the Tenant must operate the heating, cooling, ventilation and air conditioning equipment in the Premises in
accordance with the regulations made by the Landlord from time to time for that purpose to be notified in writing by the Landlord. 
  

	7.	Regulations 

 The Tenant
must comply with all reasonable regulations made by the Landlord from time to time for the management of the Service Area notified in writing provided that nothing in the regulations may purport to amend the terms of this Lease and, in the event of
any inconsistency between the terms of this Lease and the regulations, the terms of this Lease are to prevail. 
  

	8.	Nameplates or signs 

Subject to the provisions of paragraph 4 in Schedule 2 before occupying the Premises for the purpose of its business at the commencement
of the Term and following a permitted assignment or subletting, the Tenant must provide the Landlord with details of the information that it wishes to have displayed and must pay to the Landlord on demand the reasonable and proper charges of the
Landlord for making and installing every such nameplate or sign. 

  
 51 

 SCHEDULE 6 
 THE SERVICE CHARGE AND SERVICES 
  

	1.	Definitions 

  

	1.1	“Financial year” 

References to a “Financial year” are references to the period commencing on 1st January in any year and ending on
31st December in the same year or such other annual period as the Landlord in his discretion determines as being that for which his accounts, either generally or in respect of the Building, are to be made up. 

 

	1.2	“Management Premises” 

 “Management Premises” means all the administrative and control offices and storage areas, staff room and other areas maintained by the Landlord for the purpose of managing the Building and
performing the Landlord’s obligations under this Lease. 
  

	1.3	“Other Lettable Premises” 

 References to “other lettable premises” are references to the premises in the Building that are let, or are from time to time allocated for letting, by the Landlord, other than the Premises, and
respectively include and exclude, where applicable, the equivalent parts of the Building included in and excluded from the Premises as described in Schedule 1. 
  

	1.4	“Plant” 

“Plant” means all the electrical, mechanical and other plant, machinery, equipment, furnishings, furniture, fixtures and
fittings of any ornament or utility in use for common benefit from to time on, in or at the Building, including without prejudice to the generality of the foregoing, goods and passenger lifts, lift, shafts, escalators, passenger conveyors, heating,
cooling, lighting, ventilation, air conditioning equipment, cleaning equipment, internal and public telephones, public address systems, fire precaution equipment, fire and burglar alarm systems, closed circuit television, refuse compactors and all
other such equipment including stand-by and emergency systems which serve the ground floor entrance hall the Common Parts and the first, second and third floors of the Building except for such plant for which the Tenant is responsible. 

  
 52 

	2.	Service charge provisions 

  

	2.1	Certificate of the Landlord’s Expenses 

 As soon as reasonably practicable after each financial year the Landlord shall ensure that the Accountant issues a certificate containing a summary of the Landlord’s Expenses for that financial year,
and a summary of any expenditure that formed part of the Landlord’s Expenses in respect of a previous financial year which has not been taken into account in the certificate for any previous financial year. A copy of the certificate shall be
supplied by the Landlord to the Tenant. 
  

	2.2	Omissions from the certificate 

 Omission by the Accountant from a certificate of the Landlord’s Expenses of any expenditure incurred in the financial year to which the certificate relates is not to preclude the inclusion of that
expenditure in any subsequent certificate. 
  

	2.3	Deemed Landlord’s Expenses 

 In any financial year the Landlord’s Expenses are to be deemed to include such fair and reasonable part of all costs and expenditure in respect of or properly incidental to all or any of the
recurring services and other matters referred to in paragraph 3 of this schedule, whenever paid or incurred whether before or during the Term - including reasonable provision for anticipated expenditure - as the Surveyor in his reasonable discretion
allocates to that financial year. 
  

	2.4	Certificates Conclusive 

Any certificate of the Surveyor or Accountant in connection with the Landlord’s Expenses shall be conclusive as to the matters it
purports to certify save in the case of manifest error 
  

	2.5	Payment 

 For each
financial year the Tenant must pay: - 
 2.5.1 the Office Percentage of the Landlord’s Expenses for the services
referred to in paragraph 3.1 of this schedule, and 
 2.5.2 the Office/Retail/Leisure Percentage of the Landlord’s
Expenses for the services referred to in paragraph 3.2 of this Schedule, and 
 2.5.3 the Car Park and Service Area
Percentage of the Landlord’s Expenses for the services referred to in paragraph 3.3. of this Schedule 
  

	2.6	Variation of the Office, Office/Retail/Leisure and Service Area and Car Park Percentages 

The Office Percentage and/or the Office/Retail/Leisure Percentage and/or the Car Park and Service Area Percentage may be varied to the
extent that the Surveyor fairly and reasonably considers appropriate in the interests of good estate management. 

  
 53 

	2.7	Payment on account 

 For
each financial year the Tenant must pay to the Landlord on account of the Service Charge such sum as the Surveyor certifies to be fair and reasonable having regard to the likely amount of the Service Charge. That sum must be paid in advance, without
deduction or set off, by equal instalments on the usual quarter days, the first instalment to be paid on the quarter day immediately before the commencement of the financial year in question. During any financial year the Surveyor may revise the
contribution on account of the Service Charge for that financial year so as to take into account any actual or expected increase in expenditure, and as soon as reasonably practicable after a revision the Surveyor must certify the amount of the
revised contribution. 
  

	2.8	Service charge for the first financial year 

 The sum payable for the financial year current at the date of this document is to be the Initial Provisional Service Charge, of which the Tenant must, on the date of this document, pay to the Landlord a
due proportion calculated from day to day in respect of the period from the date hereof to the next quarter day after the date of this document. 
  

	2.9	Final account and adjustments 

 As soon as reasonably practicable after the end of each financial year, the Landlord must furnish to the Tenant with an account of the Service Charge payable by it for that financial year, credit being
given for payments made by the Tenant on account. Within fourteen (14) days of the furnishing of such an account, the Tenant must pay the Service Charge, or any balance of it payable, to the Landlord. The Landlord must allow any amount overpaid
by the Tenant to it against future payments of Service Charge, whether on account or not. At the end of the financial year current at the end of the Term the Landlord must repay to the Tenant any outstanding overpayment of the service charge within
twenty eight (28) days of the end of the contractual term. 
  

	2.10	Exclusion 

 At no time
shall any part of the Landlord’s expenses include any cost arising by reason of or in any way attributable to an Inherent Defect in the Building or the Plant which has become known to or of which the Landlord has had notice before
26 September 2014. 
  

	3.	The Services 

  

	3.1	The Office Services 

  

	3.1.1	repairing - and, whenever the Landlord, acting reasonably, regards it as necessary in order to repair, and where repair is uneconomical, replacing or renewing -
and decorating and cleaning the Common Parts, 

  

	3.1.2	operating, maintaining, repairing and, whenever the Landlord, acting reasonably, considers it appropriate where repair is uneconomical renewing, replacing or
modifying the Plant, 

  
 54 

	3.1.3	placing and running maintenance Contracts for the Plant, 

  

	3.1.4	providing the Plant that the Landlord, acting reasonably, considers necessary or desirable, or that is required by law or by any government department or local,
public regulatory or other authority or Court to be supplied and maintained, including capital expenditure and expenditure on replacement of any machinery articles and materials for, for example, refuse collection and fire fighting.

  

	3.1.5	providing suitable facilities for disposing of refuse, compacting it or removing it from the Building. 

 

	3.1.6	supplying hot and cold water to the lavatory facilities in the Retained Parts during the Service Hours, and providing towels, soap, toilet paper and other
appropriate supplies. 

  

	3.1.7	providing reasonable lighting in the Common Parts. 

  

	3.1.8	providing reasonable central heating and air conditioning to the whole of the Building (including, without limiting the generality thereof, the Premises and the
other parts of the Building that are let or constructed or adapted for letting) during the Service Hours, 

  

	3.1.9	cleaning the windows and other glass of the Common Parts and the exterior surfaces of the windows of the Premises and the first, second and third floors,

  

	3.1.10	supplying, maintaining, servicing and keeping in good condition and, wherever the Landlord considers it appropriate, and where repairing is uneconomical renew
and replace all fixtures, fittings, furnishings, equipment and any other things the Landlord may consider desirable for performing the Services or for the appearance or upkeep of the Common Parts, 

 

	3.1.11	carrying out inspections and tests of the Plant, that the Landlord from time to time considers necessary or desirable, 

 

	3.1.12	providing, replacing and renewing floral decorations and other plants, decorative lights and other decorations, or other amenities that the Landlord from time to
time thinks fit to provide or maintain in the Common Parts, and providing, maintaining, replacing and where repairing is uneconomical seating in the Common Parts. 

 

	3.1.13	employing such persons which shall include a receptionist as the Landlord acting reasonably, considers necessary or desirable from time to time in connection
with providing any of the Office Services, performing the Landlord’s other obligations in this Lease and with all reasonably incidental expenditure including, but without limiting the generality of the above, remuneration, payment or statutory
contributions and such other health, pension, welfare, redundancy and similar or ancillary payments and any other payments the Landlord, in its absolute discretion, thinks desirable or necessary, and providing work clothing,

  
 55 

	3.1.14	erecting, providing, maintaining, and where repairing is uneconomical, renewing and replacing notice boards, notices and other signs in the Common Parts as the
Landlord, acting reasonably, from time to time considers appropriate, 

  

	3.1.15	administering managing and performing the Office Services, and preparing statements or certificates of and auditing the Landlord’s Expenses.

  

	3.1.16	providing and performing all services of any kind whatsoever that the Landlord acting reasonably, from time to time provides, 

 

	3.1.17	discharging all existing or future taxes, rates, charges, duties, assessments, impositions and outgoings whatsoever in respect of the Common Parts, including
without prejudice to the generality of the above, those for water, electricity, gas and telecommunications, 

  

	3.1.18	providing such security staff as the Landlord, acting reasonably, from time to time thinks fit and proper, and providing, maintaining, replacing and renewing
security equipment. 

  

	3.2	The Office/Retail/Leisure Services 

  

	3.2.1	repairing - and, whenever the Landlord, acting reasonably, regards it as necessary in order to repair, and where repair is uneconomical replacing or renewing the
structural parts of the Building. 

  

	3.2.2	repairing, maintaining and decorating the exterior surfaces of the Building as often as shall reasonably be necessary which shall not include the repair,
maintenance and cleaning of the exterior windows of the Building, 

  

	3.2.3	administering and managing the provisions of the Office/retail/Leisure Services, and preparing statements or certificates of any auditing the Landlord’s
Expenses for the Office/Retail/Leisure Services 

  

	3.3	The Car Park and Service Area Services are: 

  

	3.3.1	maintaining cleaning and if necessary resurfacing the Service Area, the Basement Car Park including the ramp leading therefrom to Alwyne Road and the stairs
leading from the Service Area to the Basement Car Park 

  

	3.3.2	maintaining repairing and whenever the Landlord, acting reasonably considers it appropriate where repair is uneconomical renewing replacing or modifying the
security gates at the entrance to the Basement Car Park and Service Area, 

  

	3.3.3	providing reasonable lighting to the Basement Car Park and Service Area and the stairs connecting them including the cost of electricity

  

	3.3.4	employing such persons as the Landlord, acting reasonably, considers necessary or desirable from time to time in connection with providing the services in this
sub paragraph 3.3. 

  
 56 

	3.3.5	erecting providing maintaining renewing and replacing notice boards notices and other signs in the Basement Car Park and Service Area and marking and remarking
the Parking Bays and any other marking which the Landlord, acting reasonably, from time to time considers appropriate and necessary for the orderly use of the Basement Car Park and the Service Area. 

 

	3.3.6	administering and managing the provision of the Car Parking Services and preparing statements or certificates of and auditing the Landlord’s Expenses

  

	3.3.7	maintaining servicing and renewing such fire fighting equipment in the Basement Car Park and Service Area as are required by the Landlords insurers or the Fire
Officer and any other equipment and apparatus therein for use in an emergency or otherwise 

  

	3.3.8	discharging all existing or future taxes rates charges duties assessments impositions and outgoings whatsoever in respect of the Basement Car Park and Service
Area 

  

	3.3.9	administering and managing the provision of the Car Park and Service Area Services, and preparing statements or certificates of and auditing the Landlord’s
Expenses for the Basement Car Park and Service Area Services 

  
 57 

 SCHEDULE 7 
 THE SUBJECTIONS 
 The matters contained or referred to in entries 1 and 4 of the Charges
Register of Title Number SY227468 at H M Land Registry insofar as the same are still subsisting and capable of affecting the premises and save for financial charges. 

  
 58 

 SCHEDULE 8 
 THE AUTHORISED GUARANTEE AGREEMENT 
 THIS GUARANTEE is made the      day
of              200   
 BETWEEN 

(1) (name of outgoing tenant) [of (address) (or as appropriate) the registered office of which is at (address)] [Company Registration
number                    ] (“the Guarantor”) 
 and 
 (2) (name of landlord) of (address)] (or as appropriate) the registered office of
which is at (address)] [Company Registration number                    ] (“the Landlord”) 

NOW THIS DEED WITNESSES as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

 For all
purposes of this guarantee the terms defined in this clause have the meanings specified. 
  

	1.1	“the Assignee” 

“the Assignee” means (insert name of incoming tenant). 

 

	1.2	“Lease” 

“Lease” means the lease dated
                     2012 and made between WOODCOCK BROTHERS (WIMBLEDON) LIMITED (1) and
(2) [                                        
        ] 
  

	1.3	“Premises” 

“Premises” means the premises on part of the second floor of the building situate at and known as Melbury House, 49-57 Wimbledon
Hill Road, Wimbledon, London SW19 as more particularly described in and demised by the Lease. 
  

	1.4	“Liability Period” 

 “Liability Period” means the period during which the Assignee is bound by the tenant covenants of the Lease. 
  

	1.5	Terms from the Landlord and Tenant (Covenants) Act 1995 

 The expressions “authorised guarantee agreement” and “tenant covenants” have the same meaning in this guarantee as in the Landlord and Tenant (Covenants) Act 1995 section 28 (1).

  

	1.6	References to Clauses 

Any reference in this deed to a clause without further designation is to be construed as a reference to the clause of this deed so
numbered. 

  
 59 

	2.	RECITALS 

  

	2.1	Consent required 

 By
clause 3.9 of the Lease, the Landlord’s consent to an assignment of the Lease is required. 
  

	2.2	Agreement to consent 

 The
Landlord has agreed to give consent to the assignment to the Assignment on condition that the Guarantor enters into this guarantee. 
  

	2.3	Effective time 

 This
guarantee takes effect only when the Lease is assigned to the Assignee. 
  

	3.	GUARANTORS COVENANTS 

 In
consideration of the Landlord’s consent to the assignment, the Guarantor covenants with the Landlord and without the need for any express assignment with all his successors in title as set out in this clause 3. 

 

	3.1	Payment and performance 

The Assignee must punctually pay the rents reserved by the Lease and perform the covenants and other terms of it throughout the Liability
Period, and if at any time during the Liability Period the Assignee defaults in paying the rents or in observing or performing any of the covenants or other terms of the Lease the Guarantor must pay the rents and observe or perform the covenants or
terms in respect of which the Assignee is in default, and make good to the Landlord on demand, and indemnity the Landlord against, all losses, damages, costs and expenses resulting from such non-payment non-performance or non-observance
notwithstanding: - 
  

	3.1.1	any time or indulgence granted by the Landlord to the Assignee, or any neglect or forbearance of the Landlord in enforcing the payment of the rents or the
observance or performance of the covenants or other terms of the Lease, or any refusal by the Landlord to accept rents tendered by or on behalf of the Assignee at a time when the Landlord is entitled, or will after the service of a notice under the
Law of Property Act 1925 section 146 be entitled, to re-enter the Premises. 

  

	3.1.2	That the terms of the Lease may have been varied by agreement between the parties, 

 

	3.1.3	That the Assignee has surrendered part of the Premises, in which event the liability of the Guarantor under the Lease is to continue in respect of the part of
the Premises not surrendered after making any necessary apportionments under the Law of Property Act 1925 section 140, and 

  
 60 

	3.1.4	Anything else by which, but for this Clause 3.1, the Guarantor would have been released. 

 

	3.2	New lease following disclaimer 

 If, during the Liability Period, any trustee in bankruptcy or liquidator of the Assignee disclaims the Lease, the Guarantor must, if required by notice served by the Landlord with sixty days of the
Landlord’s becoming aware of the disclaimer, take from the Landlord forthwith a lease of the Premises for the residue of the contractual term of the Lease as at the date of the disclaimer, at the rent then being paid under the Lease and subject
to the same covenants and terms as in the Lease - except that the Guarantor need not ensure that any other person is made a party to that lease as guarantor - the new Lease to commence on the date of the disclaimer. The Guarantor must pay the costs
of the new lease and execute and deliver to the Landlord a counterpart of it. 
  

	3.3	Payments following disclaimer 

 If, during the Liability Period, the Lease is disclaimed and for any reason the Landlord does not require the Guarantor to accept a new lease of the Premises in accordance with paragraph 3.2 of this
schedule, the Guarantor must pay to the Landlord on demand an amount equal to the rents reserved by the Lease for the period commencing with the date of the disclaimer and ending on whichever is the earlier of the date six months after the
disclaimer and the end of the contractual term of the Lease. 
  

	4.	LANDLORDS COVENANT 

 The
Landlord covenants with the Guarantor that he will notify the Guarantor in writing within fourteen days of being informed of the facts bringing the Liability Period to an end. 

 

	5.	SEVERENCE 

  

	5.1	Severance of void provisions 

 Any provision of this deed rendered void by virtue of the Landlord and Tenant (Covenants) Act 1995 section 25 is to be severed from all remaining provisions, and the remaining provisions are to preserved.

  

	5.2	Limitation of provisions 

If any provision in this deed extends beyond the limits permitted by the Landlord and Tenant (Covenants) Act 1995 section 25, that
provision is to be varied so as not to extend beyond those limits. 
 In witness whereof the parties hereto have executed this Deed and
delivered it on the date of this deed 

  
 61 

 Executed as a Deed 
 By WOODCOCK BROTHERS 
 (WIMBLEDON) LIMITED 

Acting
by,                                      a 

Director in the presence of 
 Executed as a Deed

 By ZIPCAR (UK) LIMITED 

acting by: 
 Director 

Director 

  
 62 

 Annex 2 
 Woodcock Brothers (Wimbledon) Limited 
 Woodcock House 

Gibbard Mews 

High Street 

Wimbledon 

London SW19 5BY 
 Zipcar
(UK) Limited 
 Melbury House 
 51
Wimbledon Hill Road 

			
	London SW19 7QW	  	[                    ]
2012            

 Dear Sirs 

Lease of Second Floor Melbury House 49-57 Wimbledon Hill Road London SW19 7QW (the “Premises”) dated today and made between
(1) Woodcock Brothers (Wimbledon) Limited and (2) Zipcar (UK) Limited (the “Lease”) 
 The agreement set out in this
letter relates to your obligations under the Lease. The definitions in the Lease (as varied thereafter by any supplemental documents) shall apply to this letter. 
 In consideration of you entering into the Lease notwithstanding the provisions of the Lease the following provisions shall apply. 
 The Service Charge is to be capped for the duration of the Term as follows for the following periods (the “Service Charge Cap”): 

1 January 2012 to 31 December 2012 - £60,000 (exclusive of VAT) 

1 January 2013 to 31 December 2013 - £60,000 (exclusive of VAT) 

1 January 2014 to 31 December 2014 - £63,000 (exclusive of VAT) 

1 January 2015 to 31 December 2015 - £66,150 (exclusive of VAT) 

1 January 2016 to 31 December 2016 - £69,457.50 (exclusive of VAT) 

1 January 2017 to 31 December 2017 - £72,930.38 (exclusive of VAT) 

1 January 2018 to 31 December 2018 - £76,576.89 (exclusive of VAT) 

I January 2019 to 31 December 2019 - £80,405.73 (exclusive of VAT) 

1 January 2020 to 31 December 2020 - £80,405.73 (exclusive of VAT) 

Provided always that where any Service Year is shorter that one year the Service Charge Cap shall be prorated downwards appropriately. 

 The Service Charge (including the advance payments made on account of the Service Charge) payable by you for
any relevant Service Year shall not exceed the Service Charge Cap for the relevant period. 
 For the avoidance of any doubt the Service Charge
Cap does not and shall not include electricity costs in respect of the Premises. 
 This letter does not constitute a variation of the terms of
the Lease which will continue in full force and effect notwithstanding the terms of this letter. 
 This letter is personal to you and shall not
benefit your successors in title to the Lease. 
 This letter shall however bind our successors in title to the reversion to the Lease.

 Both parties agree that neither shall without the prior written consent of each other disclose or publish or cause disclosure or publication
of the existence and/or financial terms of this letter and each party shall keep all such information confidential. The parties shall not however be prevented from disclosing the existence or financial terms of this letter where disclosure is
required in order to comply with a statutory requirement or disclosure to any professional advisor who shall agree to keep such information confidential. 
 Both parties agree as a matter of utmost importance at all times to act in good faith towards the other and to observe the terms of this letter and to do all things necessary or desirable to give effect
to the spirit of this letter. 
 A person who is not a party to this letter may not by virtue of the Contracts (Rights of Third Parties) Act
1999 enforce any of its terms. 
 This letter is governed by English law and the parties submit to the exclusive jurisdiction of the English
courts. 
 Yours faithfully 
  

							
	Executed as a deed by	 		 		 	
	WOODCOCK BROTHERS	 		 	  

	(WIMBLEDON) LIMITED	 		 	Director	 	
	 acting by a
	 		 	Print name	 	  

	Director	 		 		 	
	in the presence of	 		 	  

			
	Witness Signature	 		 	  

			
	Witness Name	 		 	  

			
	Witness Address	 		 	  

			
		 		 	  

			
	Witness Occupation	 		 	  

 We agree to be bound by and acknowledge receipt and acceptance of this letter: 

 

							
	Executed as a deed by	 		 		 	
	ZIPCAR (UK) LIMITED	 		 	  

	 acting by a
	 		 	Director	 	
	Director	 		 	Print name	 	  

	in the presence of	 		 	
		 		 	  

			
		 		 	  

	Witness Signature	 		 	
			
		 		 	  

	Witness Name	 		 	
			
		 		 	  

	Witness Address	 		 	
		 		 	  

			
		 		 	  

	Witness Occupation	 		 	

 Annex 3 
 Dated                      2012 

 

					
		  	Security Deposit Deed	  	
		
		  	supplemental to a lease dated the same date as this deed relating to Second Floor Melbury House 49-57 Wimbledon Hill Road London SW19
		
		  	 (1)    Woodcock Brothers (Wimbledon) Limited

		
		  	Zipcar (UK) Limited
		
		  	  Russell-Cooke LLP
		
		  	 2 Putney Hill

Putney
 London SW15 6AB

Telephone: 0208 394 6511
 Fax: 0208 394
6566
 Ref: 14.AMI.112330.123
 Eng:
2.5.2012

 Contents 

 

							
	 1.
	  	 Definitions and interpretation
	  	 	1	  
	 2.
	  	 The Deposit
	  	 	2	  
	 3.
	  	 Charge of the Account
	  	 	3	  
	 4.
	  	 Withdrawals
	  	 	3	  
	 5.
	  	 Maintenance of Deposit Sum
	  	 	3	  
	 6.
	  	 Release of the Deposit Balance
	  	 	4	  
	 7.
	  	 Expenses
	  	 	4	  
	 8.
	  	 Assignment
	  	 	4	  
	 9.
	  	 Notices
	  	 	5	  
	 10.
	  	 Declarations
	  	 	5	  
	 11.
	  	 Jurisdiction
	  	 	5	  
	 12.
	  	 Exclusion of third party rights
	  	 	5	  
	 Schedule
	  	 	6	  
	 Form of Deed of Novation
	  	 	6	  

			
	This Deed is made on	  	2012            

 Between: 
  

	(1)	WOODCOCK BROTHERS (WIMBLEDON) LIMITED (Company Registration Number 00481173) the registered office of which is at Fifth Floor, 7-10 Chandos Street, London WC1M 9DE
(Company Registration number 481173)and whose address for service is Woodcock House, Gibbard Mews, High Street, Wimbledon Village, London SW19 5BY (“the Landlord”) 

 

	(2)	ZIPCAR (UK) LIMITED the registered office of which is in England and Wales is at Melbury House, 51 Wimbledon Hill Road, London SW19 7QW (Company Registration number
04525217) (“the Tenant”) 

 This Deed witnesses as follows: 

 

	1.	Definitions and interpretation 

  

	1.1	In this Deed, unless the context otherwise requires, the following definitions shall apply: 

“Account” means the separate interest bearing instant access account opened in the name of the Landlord’s Solicitor
with the Bank or such other interest bearing account as the Landlord may in its absolute discretion select in which the Deposit sum is lodged from time to time. 
 “Bank” means a bank or other financial institution being a member of the British Bankers Association of the Landlord’s choosing. 

“Business Day” means a day (other than a Saturday or Sunday) on which clearing banks are open for business in the City of
London. 
 “Deed” means this Deed (including any schedule or annexure to it). 

“Default” means any failure by the Tenant to pay (in the case of the Rent whether formally demanded or not) the whole or
any part of the rents reserved by the Lease or any money (including interest) payable pursuant to the Lease or any costs losses or expenses properly incurred by the Landlord or due to the Landlord in consequence of any failure by the Tenant to
observe and perform the covenants and obligations of and the conditions binding the Tenant contained in the Lease. 

“Default Notice” means a notice served pursuant to clause 4.1. 

“Deposit Balance” means the amount from time to time standing to the credit of the Account (being the property of the
Tenant). 

  
 1 

 “Deposit Sum” means Fifty Thousand Pounds £50,000. 

“End of the Term” means the end or sooner determination of the Term otherwise than by forfeiture or disclaimer.

 “Interest” means all interest credited to the Account from time to time. 

“Landlord’s Solicitor” means Russell-Cooke LLP, 2 Putney Hill, Putney, London SW15 6AB (Ref: 14.AMI.112330.123) or
such other firm as the Landlord may appoint from time to time. 
 “Lease” means the lease of the Premises dated
the same date as this Deed made between the Landlord and the Tenant for a term of expiring on [4 January 2020]. 

“Premises” means the premises known as Second Floor Melbury House 49-57 Wimbledon Hill Road London SW19 more particularly
described in and demised by the Lease. 
 “VAT” means Value Added Tax (as referred to in the Value Added Tax Act
1994) or other tax of a similar nature substituted for or levied in addition to it. 
 “Rent” means the Rent as
defined in and from time to time payable under the Lease. 
  

	1.2	In this Deed, unless the context otherwise requires: 

  

	 	(a)	a reference to a “person” includes any individual, firm, body corporate, association or partnership, government or state (whether or not having a
separate legal personality); 

  

	 	(b)	words in the singular include the plural and vice versa and words in one gender include any other gender; 

 

	 	(c)	a reference to clauses and schedules are to clauses of and schedules to this Deed and references to paragraphs are references to paragraphs of the schedule in which
they appear; 

  

	 	(d)	the table of contents and headings are for convenience only and shall not affect the interpretation of this Deed; and 

 

	 	(e)	where any liability or obligation is undertaken by two or more persons, the liability of each of them shall be joint and several. 

 

	 	(f)	save where inconsistent with the express provisions of this Deed words and expressions used in the Lease shall have the same meanings when used in this Deed.

  

	2.	The Deposit 

  

	2.1	The Tenant shall pay the Deposit Sum to the Landlord’s Solicitor on or before the date of this Deed and the Landlord shall procure that the Landlord’s
Solicitor shall forthwith pay the Deposit Sum into the Account. 

  
 2 

	2.2	All interest earned on the Deposit Sum is to be kept in the Account and is to form part of the Account. 

 

	3.	Charge of the Account 

  

	3.1	The Tenant warrants to the Landlord that the Deposit Sum is free from any charge or incumbrance save as mentioned in clause 3.2. 

 

	3.2	The Tenant with full title guarantee charges as a first legal charge its interest in the Account and all money from time to time in the Account or withdrawn from the
Account in accordance with this Deed to the Landlord as security for the performance of the Tenant’s obligations under the Lease and this Deed until such time as the Deposit Balance is released to the Tenant in accordance with clause 6.

  

	3.3	The Tenant covenants that it will execute any document or take any necessary action the Landlord reasonably requests to perfect the security referred to in
clause 3.2. 

  

	3.4	The security created by clause 3.2 of this Deed is in addition to and shall not affect any other security of the Landlord as regards the Tenant.

  

	3.5	The Tenant confirms that the charge in clause 3.2 does not contravene any of the provisions of the Tenant’s Memorandum and Articles of Association and this Deed
has been executed in accordance with them. 

  

	4.	Withdrawals 

  

	4.1	If at any time for any reason whatsoever there is any Default by the Tenant and the Landlord has previously given to the Tenant not less than 14 days notice of its
intention to have a withdrawal from the account such notice specifying the default to which the withdrawal relates to and the Tenant having not remedied the default complained of before the notice expires then the Landlord may request by notice (a
“Default Notice”) in writing to the Landlord’s Solicitor a sum from the Account equivalent to the rent or other sums due or such sums as will meet the cost or loss suffered by the Landlord in respect of that Default (including
any interest and VAT thereon) and the Landlord’s solicitor shall pay to the Landlord from the Account the sum stated in such Default Notice without any requirement on the Landlord’s Solicitor to investigate the circumstances supporting or
the validity of the Default Notice. 

  

	4.2	The Landlord will immediately upon serving a Default Notice serve a copy of the Default Notice to the Tenant. 

 

	5.	Maintenance of Deposit Sum 

The Tenant covenants with the Landlord that in the event of being notified in writing of any sum having been withdrawn from the Account
pursuant to clause 4.2 the Tenant shall within 14 days of such notice pay to the Landlord’s Solicitor for the credit of the Account a sum equivalent to the sum withdrawn. 

  
 3 

	6.	Release of the Deposit Balance 

  

	6.1	Subject to clause 6.2 the Landlord will release the Deposit Balance to the Tenant within 14 days of the happening of whichever of the following events shall first
occur: 

  

	 	(a)	the End of the Term; or 

  

	 	(b)	the date of completion of an assignment of the Lease which has been approved by the Landlord in accordance with the terms of the Lease; or 

 

	 	(c)	4 January 2015 provided that as at that date the Tenant has paid the Rent, Insurance Rent and Service Charge together with any Interest due to the Landlord by
cleared funds 

  

	6.2	Prior to repaying the Deposit Balance to the Tenant the Landlord may first apply the Deposit Balance in satisfaction of any Default. 

 

	7.	Expenses 

 All reasonable
expenses properly incurred by the Landlord and the Landlord’s Solicitor in maintaining the Account including without prejudice to the generality of the foregoing any tax assessable on the Tenant but required to be paid by the Landlord or the
Landlord’s Solicitor as the person in receipt of the Interest shall be paid by the Tenant to the Landlord within 21 days of written demand and if not so paid within 21 days of such written demand may be withdrawn from the Account.

  

	8.	Assignment 

  

	8.1	On any disposal of the reversion expectant upon the determination of the Term: 

 

	 	(a)	the Landlord shall pay the Deposit Balance to the disponee (the “New Landlord”); 

 

	 	(b)	the Landlord shall procure that the New Landlord no later than the date of the disposal covenants in a deed with the Tenant to observe and perform the obligations of
the Landlord under this Deed as if the New Landlord had been named as the Landlord herein and executes and delivers to the Tenant a deed in the form set out in the Schedule (the “Deed of Novation”); 

 

	 	(c)	the Tenant shall execute and deliver to the New Landlord the Deed of Novation and, if so required by the Landlord, shall release the Landlord from all liability for its
obligations contained in this Deed on the terms contained in the Deed of Novation. 

  

	8.2	The obligations on the Landlord contained or implied in this Lease, to the extent that they do not fall within the scope of the 1995 Act, will not be binding on or
enforceable against a person after that person has parted with the whole of its interest in the reversion. 

  
 4 

	9.	Notices 

  

	9.1	Any notice to a party under this Deed shall be in writing signed by or on behalf of the party giving it and shall, unless delivered to a party personally, be left at,
or sent by prepaid first class post or prepaid special delivery to the address of the party as set out at the top of page 1 or as otherwise notified in writing to the other party(ies) from time to time or, in the case of the Tenant, to the Premises.

  

	9.2	Except as referred to in clause 9.3, a notice shall be deemed to have been served: 

 

	 	(a)	at the time of delivery if delivered personally; 

  

	 	(b)	48 hours after posting in the case of an address in the United Kingdom and 96 hours after posting for any other address; 

 

	9.3	The deemed service provisions set out in clause 9.2 do not apply to a notice served by post, if there is a national or local disruption of postal services which affects
the giving of the notice; and 

  

	9.4	A party shall not attempt to prevent or delay the service on it of a notice connected with this Deed. 

 

	9.5	If the receiving party consists of more than one person then a notice to one of them is notice to all. 

 

	10.	Declarations 

 It is
agreed and declared: 
  

	10.1	nothing contained in this Deed shall affect the obligations of the Tenant under the Lease; 

 

	10.2	breach by the Tenant of any of its obligations in this Deed shall be an event giving rise to the right of re-entry by the Landlord under the Lease.

  

	11.	Jurisdiction 

 This Deed
will in all respects be governed by and construed in accordance with English law and the parties irrevocably submit to the exclusive jurisdiction of the English courts. 

 

	12.	Exclusion of third party rights 

 Unless expressly provided in this Deed, no express term of this Deed or any term implied under it is enforceable pursuant to the Contracts (Rights of Third Parties) Act 1999 or otherwise by any person who
is not a party to it. 
 In witness this Deed is executed and delivered on the date appearing at the head of page 1. 

  
 5 

 Schedule 
 Form of Deed of Novation 
  

			
	This Deed is made on	  	200—            

 Between: 
  

	(1)	— [Limited (company number: —) whose registered office is at]
[of] — (the “Landlord”); and 

  

	(2)	— [Limited (company number: —) whose registered office is at]
[of] — (the “New Landlord”); and 

  

	(3)	— [Limited (company number: —) whose registered office is at]
[of] — (the “Tenant”). 

 It is agreed as follows:

  

	1.	Definitions and interpretation 

  

	1.1	In this Deed, “Rent Deposit Deed” shall mean a rent deposit deed dated — and made between — (1) and — (2). 

  

	1.2	Save where inconsistent with the express provisions of this Deed words and expressions used in the Rent Deposit Deed shall have the same meanings when used in this
Deed. 

  

	2.	Recital 

 This Deed is
supplemental to the Rent Deposit Deed and the Lease. 
  

	3.	Novation 

  

	3.1	The New Landlord covenants with the Tenant that from the date of this Deed it will perform and observe all the covenants and obligations of the Landlord contained in
the Rent Deposit Deed. 

  

	3.2	The Tenant covenants with the New Landlord that from the date of this Deed it will perform and observe all the covenants and obligations on its part contained in the
Rent Deposit Deed. 

  

	4.	Release 

 The Tenant
hereby releases the Landlord from all covenants and obligations undertaken by the Landlord in the Rent Deposit Deed and all liability in respect thereof. 
 In witness this Deed is executed and delivered on the date appearing at the head of page 1. 

  
 6 

							
	Executed as a Deed by	  		 	)	  	
	[the New Landlord]	  		 	)	  	
	acting by a director and its	  		 	)	  	
	secretary or two directors:	  		 	)	  	
				
		  		 		  	 Director

				
		  		 		  	 Director/Secretary

				
	Executed as a Deed by	  	)	 		  	
	[the Tenant]	  	)	 		  	
	acting by a director and its	  	)	 		  	
	secretary or two directors:	  	)	 		  	
				
		  		 		  	 Director

				
		  		 		  	 Director/Secretary

  
 7 

			
	Executed as a Deed	  	)
	(but not delivered until the	  	)
	date appearing at the head	  	)
	of page 1) by Woodcock Brothers	  	
		
	(Wimbledon) Limited	  	)
	acting by:	  	)
		
		  	Director
		
		  	Director/Secretary
		
	Executed as a Deed	  	)
	(but not delivered until	  	)
	the date appearing at the head	  	)
	of page 1) by Zipcar (UK) Limited	  	)
	acting by:	  	)
		
		  	Director
		
		  	Director/Secretary

  
 8 

 Annex 4 

 
 

 
 If you need more room than is provided for in a panel, and your software allows, you can expand any panel in the form.
Alternatively use continuation sheet CS and attach it to this form. 
  

					
	Leave blank if not yet registered.	 	1	 	 Title number(s) of the property:
  

SGL703266

			
	Insert address including postcode (if any) or other description of the property, for example ‘land adjoining 2 Acacia Avenue’.	 	2	 	 Property:
  
 Second and Third Floors, Melbury House, 49-57 Wimbledon Hill Road, Wimbledon, London, SW19 7QW

			
		 	3	 	Date:                     2012
			
	 Give full name(s).
  

 
 Complete as appropriate where the transferor is a company.
	 	4	 	 Transferor:
  
 Heineken UK Limited
  
 For UK
incorporated companies/LLPs
  
 Registered number of company or limited
liability partnership including any prefix:
  
 Scottish Company Number:
065527
  
 For overseas companies

 
 (a) Territory of incorporation:

 
 (b) Registered number in the United Kingdom including any prefix:

 

			
	 Give full name(s).
  

 
  
 Complete as
appropriate where the transferee is a company. Also, for an overseas company, unless an arrangement with Land Registry exists, lodge either a certificate in Form 7 in Schedule 3 to the Land Registration Rules 2003 or a certified copy of the
constitution in English or Welsh, or other evidence permitted by rule 183 of the Land Registration Rules 2003.
	 	5	 	 Transferee for entry in the register:
  

Woodcock Brothers (Wimbledon) Limited
  

For UK incorporated companies/LLPs
  

Registered number of company or limited liability partnership including any prefix:

 
 00481173

 
 For overseas companies

 
 (a) Territory of incorporation:

 
 (b) Registered number in the United Kingdom including any prefix:

 

			
	Each transferee may give up to three addresses for service, one of which must be a postal address whether or not in the UK (including the postcode, if any). The others can be any
combination of a postal address, a UK DX box number or an electronic address.	 	6	 	 Transferee’s intended address(es) for service for entry in the register:

 
 5th Floor, 7-10 Chandos Street, London, W1G 9DQ

			
		 	7	 	The transferor transfers the property to the transferee

									
	Place ‘X’ in the appropriate box. State the currency unit if other than sterling. If none of the boxes apply, insert an appropriate memorandum in panel
11.	 	8	 	 Consideration

 

	 		 		 	The transferor has received from the transferee for the property the following sum (in words and figures):
	 		 	  
  ̈
	 	  
 The transfer is not for money or anything that has a
monetary value
  

	 		 	 x
	 	 Insert other receipt as appropriate:

 

		 		 	 The Transferee has received from the Transferor the Reverse Premium referred to in panel 11.

			
	Place ‘X’ in any box that applies.	 	9	 	 The transferor transfers with

 

	 Add any modifications.
  

 
	 		 	x	 	 full title guarantee

 

	 		 	 ̈	 	 limited title guarantee

 

			
	Where the transferee is more than one person, place ‘X’ in the appropriate box.	 	10	 	 Declaration of trust. The transferee is more than one person and

 

	 		 	 ̈	 	 they are to hold the property on trust for themselves as joint tenants

 

	 		 	 ̈	 	 they are to hold the property on trust for themselves as tenants in common in equal shares

 

	Complete as necessary.	 		 	 ̈	 	they are to hold the property on trust:
			
	 Insert here any required or permitted statement, certificate or application and any agreed covenants, declarations and so
on.
	 	11	 	 Additional provisions
  

Additional provisions
  

	 		 	 11.1
	 	 Definitions

 
 In this Transfer unless the context otherwise requires, the
following words have the following meanings:
  

“Lease” means the lease of the Property dated 14 October 2002 made between the Transferee (1) Heineken (UK) Limited
(2) Heineken Brouwerijen BV (3) for a term of 15 years expiring on 30 September 2017 (as supplemented or varied whether by deed, licence or otherwise)
  

“Reverse Premium” means £50,000.00 (fifty thousand pounds) plus Value Added Tax of £10,000.

 
 “Term” means the Contractual Term as defined in
the Lease.
  
 “Transferee’s
Interest” means the immediate reversionary interest of the Transferee in the Property on the expiration of the Term.
  

“Underlease” means the underlease dated 17 November 2008 relating to the third floor of the Property made between the
Transferor (then called Scottish & Newcastle (UK) Limited) (1) and Datix Limited (2) (as supplemented or varied whether by deed, licence or otherwise).

 

		 		 	11.2	 	 Surrender of Lease
  

		 		 		 	 In consideration of the releases contained in clause 11.3 and the Reverse Premium paid by the Transferor to the Transferee (the receipt of
which the Transferee acknowledges) the Transferor assigns and surrenders to the

									
		 		 		 	 Transferee all its estate interest and rights in the Property and all or any other estate interest and rights of the Transferor in the
Property whether granted by or arising from the Lease so that the Term is extinguished in the Transferee’s Interest subject to the Underlease but with the benefit of the rents reserved by and covenants on the Transferor’s part and
conditions contained in the Underlease and the Transferee accepts the surrender.

				
		 		 	11.3	 	 Release of the parties’ obligations

 

		 		 		 	 The Transferee and the Transferor each release the other and the Transferee releases Heineken Brouwerijen BV from all actions proceedings
costs claims damages losses demands and other expenses in respect of any of the covenants or obligations contained in or otherwise arising under the Lease (other than this Transfer) whether past, present or future.

				
		 		 	11.4	 	 Covenants by Transferee

 

		 		 		 	 (a)     The Transferee covenants with the Transferor that
it will from the date of this Transfer keep the Transferor fully indemnified against all actions proceedings costs claims damages losses demands and other expenses incurred in respect of any obligation of the Transferor relating to the Underlease
for which the Transferor remains liable notwithstanding the surrender of the Lease to the Transferee.
  

(b)    The Transferee covenants with the Transferor that it shall at its own cost as soon as
reasonably practicable apply to the Land Registry to close the registered title of the Lease and remove any entry relating to the Lease or rights appurtenant to it and to deal diligently with any requisitions and to provide the Transferor with a
copy of the confirmation from the Land Registry that such application has been completed within 7 days of receipt and the Transferor shall use reasonable endeavours to assist with any requisitions raised by the Land Registry.

				
		 		 	11.6	 	 Jurisdiction
  

		 		 		 	 This Transfer will in all respects be governed by and construed in accordance with English law and the parties irrevocably submit to the
exclusive jurisdiction of the English courts.

				
		 		 	11.7	 	 Exclusion of third party rights

 

		 		 		 	 No express term of this Transfer or any term implied under it is enforceable pursuant to the Contracts (Rights of Third Parties) Act 1999
by any person who is not a party to it.

									
	The transferor must execute this transfer as a deed using the space opposite. If there is more than one transferor, all must execute. Forms of execution are given in Schedule 9 to
the Land Registration Rules 2003. If the transfer contains transferee’s covenants or declarations or contains an application by the transferee (such as for a restriction), it must also be executed by the transferee.	 	12	 	 Execution
  

Executed as a Deed by
 Heineken UK
Limited
 acting by a Director in the

presence of:
  
 Witness:
  

Name:
  
 Address:
  

Occupation:
  
 Executed as a Deed by
 Woodcock Brothers (Wimbledon)

Limited acting by a Director in the

presence of:
  
 Witness:
  

Name:
  
 Address:
  

Occupation:

 WARNING 
 If you
dishonestly enter information or make a statement that you know is, or might be, untrue or misleading, and intend by doing so to make a gain for yourself or another person, or to cause loss or the risk of loss to another person, you may commit the
offence of fraud under section 1 of the Fraud Act 2006, the maximum penalty for which is 10 years’ imprisonment or an unlimited fine, or both. 
 Failure to complete this form with proper care may result in a loss of protection under the Land Registration Act 2002 if, as a result, a mistake is made in the register. 

Under section 66 of the Land Registration Act 2002 most documents (including this form) kept by the registrar relating to an application to the registrar
or referred to in the register are open to public inspection and copying. If you believe a document contains prejudicial information, you may apply for that part of the document to be made exempt using Form EX1, under rule 136 of the Land
Registration Rules 2003. 
 © Crown copyright (ref: LR/HO) 07/09

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