Document:

Underwriting Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 FBR CAPITAL MARKETS CORPORATION

 12,830,450 Shares of Common Stock 
 UNDERWRITING AGREEMENT 
 October 22, 2009 
 FBR CAPITAL MARKETS & CO. 
 BARCLAYS
CAPITAL INC. 
 c/o FBR CAPITAL MARKETS & CO. 
 1001 19th
Street North 
 Arlington, Virginia 22209 
 as Representatives of the several Underwriters 
 Dear Sirs: 
 FBR Capital Markets Corporation, a Virginia corporation (the “Company”), and Arlington Asset Investment Corp., a Virginia
corporation formerly known as Friedman, Billings, Ramsey Group, Inc. (“Arlington Asset”), and FBR Securities Investment HY, LLC, a Virginia limited liability company and a wholly-owned subsidiary of Arlington Asset Investment Corp.
(“FBR Securities,” and together with Arlington Asset, the “Selling Stockholders”), each confirms its agreement with each of the Underwriters listed on Schedule I hereto (collectively, the
“Underwriters”), for which FBR Capital Markets & Co. and Barclays Capital Inc. are acting as representatives (in such capacity, the “Representatives”), with respect to (i) the sale of
12,830,450 shares (the “Initial Shares”) of common stock, par value $.001 per share, of the Company (the “Common Stock”), to be sold by the Selling Stockholders, and the purchase by the Underwriters, acting
severally and not jointly, of the respective number of shares of Common Stock set forth opposite the names of the Underwriters in Schedule I hereto, and (ii) the grant of the option described in Section 1(b) hereof to purchase
all or any part of 1,924,567 additional shares of Common Stock to cover over-allotments (the “Option Shares”), if any, from FBR Securities, to the Underwriters, acting severally and not jointly, on a pro rata basis to the respective
number of shares of Common Stock set forth opposite the names of each of the Underwriters listed in Schedule I hereto. The Initial Shares to be purchased by the Underwriters and all or any part of the Option Shares subject to the option
described in Section 1(b) hereof are hereinafter called, collectively, the “Shares.” 
 The Company and
the Selling Stockholders understand that the Underwriters propose to make a public offering of the Shares as soon as the Underwriters deem advisable after this Underwriting Agreement (the “Agreement”) has been executed and
delivered. 
 The Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement on Form S-3 (No. 333-161416), including a related prospectus, for the registration of the Shares, which registration statement incorporates by reference documents which the Company has filed, or will file, under the
Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations thereunder (the “Securities Act Regulations”). The Company has prepared and filed such amendments to the registration
statement and such amendments or supplements to the related preliminary prospectus as may have been required to the date hereof, and will file such additional amendments or supplements as may hereafter be required. The registration statement has
been declared effective under the Securities Act by the Commission. The registration statement, as amended at the time it was declared effective by the Commission (and, if the Company files a post-effective amendment to such registration statement
which becomes effective prior to the Closing Time (as defined below), such registration

  

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statement as so amended) and including all information deemed to be a part of the registration statement pursuant to incorporation by reference, Rule 430B of the Securities Act Regulations
or otherwise, is hereinafter called the “Registration Statement.” Any registration statement filed pursuant to Rule 462(b) of the Securities Act Regulations is hereinafter called the “Rule 462(b) Registration
Statement,” and after such filing the term “Registration Statement” shall include the 462(b) Registration Statement. Each prospectus included in the Registration Statement before it was declared effective by the Commission
under the Securities Act, any preliminary form of prospectus filed with the Commission by the Company with the consent of the Underwriters pursuant to Rule 424(a) of the Securities Act Regulations, and any preliminary form of Prospectus
Supplement (as defined below) filed with the Commission by the Company pursuant to Rule 424(b) of the Securities Act Regulations, including all information incorporated by reference in either such prospectus, is hereinafter called the
“Preliminary Prospectus.” The term “Basic Prospectus” means the final prospectus covering the Company’s common stock to be sold by certain selling stockholders, dated September 16, 2009, as first filed
with the Commission pursuant to Rule 424(b) of the Securities Act Regulations, and any amendments thereof or supplements thereto including all information incorporated by reference therein. The term “Prospectus Supplement”
means the final prospectus supplement, relating to the Shares, filed by the Company with the Commission pursuant to Rule 424(b) of the Securities Act Regulations on or before the second business day after the date hereof (or such earlier time
as may be required under the Securities Act), in the form furnished by the Company for use by the Underwriters and by dealers in connection with the offering of the Shares, and any amendments thereof or supplements thereto including all information
incorporated by reference therein. The term “Prospectus” means the Basic Prospectus, as supplemented by the Prospectus Supplement. 
 The Commission has not issued any order preventing or suspending the use of any Preliminary Prospectus. 
 The term “Disclosure Package” means (i) the Basic Prospectus and the Preliminary Prospectus identified in Schedule III hereto, as most recently amended or supplemented
immediately prior to the Initial Sale Time (as defined herein), together with the information set forth in Item 3 of Schedule III hereto, (ii) the Issuer Free Writing Prospectuses (as defined below), if any, identified in
Schedule IV hereto and (iii) any other Free Writing Prospectus (as defined below) or other written information that the parties hereto shall hereafter expressly agree to treat as part of the Disclosure Package. 
 The term “Issuer Free Writing Prospectus” means any issuer free writing prospectus, as defined in Rule 433 of the
Securities Act Regulations. The term “Free Writing Prospectus” means any free writing prospectus, as defined in Rule 405 of the Securities Act Regulations. 
 The Company, the Selling Stockholders and the Underwriters hereby each agrees as follows: 
  

	1.	Sale and Purchase: 

 (a)
Initial Shares. Upon the basis of the warranties and representations and other terms and conditions herein set forth, at the purchase price per share of Common Stock of $5.70, each of the Selling Stockholders, severally and not jointly,
agrees to sell to the Underwriters the number of Initial Shares set forth in Schedule II opposite such Selling Stockholder’s name, and each Underwriter agrees, severally and not jointly, to purchase from the Selling Stockholders, the number of
Initial Shares set forth in Schedule I opposite such Underwriter’s name, plus any additional number of Initial Shares which such Underwriter may become obligated to purchase pursuant to the provisions of Section 9 hereof,
subject in each case, to such adjustments among the Underwriters as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares. 
  

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 (b) Option Shares. In addition, upon the basis of the warranties and representations
and other terms and conditions herein set forth, at the purchase price per share of Common Stock set forth in paragraph (a) above, FBR Securities hereby grants an option to the Underwriters, acting severally and not jointly, to purchase from
FBR Securities all or any part of the Option Shares. The option hereby granted will expire 30 days after the date hereof and may be exercised in whole or in part from time to time within such 30-day period only for the purpose of covering
over-allotments which may be made in connection with the offering and distribution of the Initial Shares upon notice by the Representatives to FBR Securities setting forth the number of Option Shares as to which the several Underwriters are then
exercising the option and the time and date of payment and delivery for such Option Shares. If the option is exercised as to all or any portion of the Option Shares, FBR Securities will sell that number of Option Shares then being purchased and each
of the Underwriters, acting severally and not jointly, will purchase the number of Option Shares that bear the same proportion to the total number of Option Shares then being purchased as the number of Initial Shares set forth in
Schedule I opposite the name of such Underwriter bears to the total number of Initial Shares, plus any additional number of Initial Shares which such Underwriter may become obligated to purchase pursuant to the provisions of
Section 9 hereof, subject to such adjustments among the Underwriters as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares. 
  

	2.	Payment and Delivery. 

 (a) Initial Shares. The Initial Shares to be purchased by each Underwriter hereunder shall be delivered by or on behalf of the Selling Stockholders to the Representatives, including, at the option
of the Representatives, through the facilities of The Depository Trust Company (“DTC”) for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of
Federal (same-day) funds to the accounts specified to the Representatives by the Selling Stockholders, upon at least 48 hours’ prior notice. The Selling Stockholders will cause the certificates representing the Initial Shares to be made
available for checking and packaging not later than 1:00 p.m., New York City time on the business day prior to the Closing Time (as defined below) at the office of FBR Capital Markets & Co., 1001 19th Street North, Arlington, Virginia 22209, or at the office of DTC or
its designated custodian, as the case may be (the “Designated Office”). The time and date of such delivery and payment shall be 9:30 a.m., New York City time, on the third (fourth, if the determination of the purchase price of
the Initial Shares occurs after 4:30 p.m., New York City time) business day after the date hereof (unless another time and date shall be agreed to by the Representatives and the Company). The time and date at which such delivery and payment are
actually made is hereinafter called the “Closing Time.” 
 (b) Option Shares. Any Option Shares to be
purchased by each Underwriter hereunder shall be delivered by or on behalf of FBR Securities to the Representatives, including, at the option of the Representatives, through the facilities of DTC for the account of such Underwriter, against payment
by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified to the Representatives by FBR Securities upon at least 48 hours’ prior notice. FBR Securities will cause
the certificates representing the Option Shares to be made available for checking and packaging at least 24 hours prior to the Option Closing Time (as defined below) with respect thereto at the Designated Office. The time and date of such delivery
and payment shall be 9:30 a.m., New York City time, on the date specified by the Representatives in the notice given by the Representatives to FBR Securities of the Underwriters’ election to purchase such Option Shares, which time shall
not be later than three full business days (or earlier, without the consent of FBR Securities, than two full business days) after the exercise of such option, nor in any event prior to the Closing Time, or on such other time and date as the Company
and the Representatives may agree upon in writing. The time and date at which such delivery and payment are actually made is hereinafter called the “Option Closing Time.” 
  

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	3.	Representations and Warranties of the Company: 

 The Company represents and warrants to the Underwriters as of the date hereof, as of the Initial Sale Time (as defined below) and as of the Closing Time and as of any Option Closing Time, if any, and
agrees with each Underwriter that: 
 (a) the Company has the duly authorized capitalization set forth in both the Prospectus
and the Disclosure Package; the Shares to be sold by the Selling Stockholders have been duly and validly authorized and issued and are fully paid and non-assessable; except as disclosed in or contemplated by both the Prospectus and the
Disclosure Package, there are no outstanding (A) securities or obligations of the Company convertible into or exchangeable for any capital stock of the Company, (B) warrants, rights or options to subscribe for or purchase from the Company
any such capital stock or any such convertible or exchangeable securities or obligations or (C) obligations of the Company to issue or sell any shares of capital stock, any such convertible or exchangeable securities or obligation, or any such
warrants, rights or options; 
 (b) the Company has been duly incorporated and is validly existing as a corporation in good
standing under the laws of its jurisdiction of incorporation with full corporate power and authority to own its respective properties and to conduct its business as described in each of the Registration Statement, the Prospectus and the Disclosure
Package, and to execute and deliver this Agreement and to consummate the transactions contemplated herein; 
 (c) each of FBR
Investment Management, Inc., FBR Fund Advisers, Inc., FBR Asset Management Holdings, Inc., FBR Capital Markets Holdings, Inc., FBR Investment Services, Inc., FBR Capital Markets PT, Inc., FBR Capital Markets & Co. and Friedman, Billings,
Ramsey International, Ltd. (each, a “Subsidiary” and, collectively, the “Subsidiaries”) has been duly incorporated or organized under the laws of the jurisdiction in which it was incorporated or organized. Each
Subsidiary (other than Friedman, Billings, Ramsey, International, Ltd. (“FBRIL”)) is a corporation or a limited liability company duly organized and validly existing and in good standing under the laws of its jurisdiction of
incorporation. FBRIL has been in continuous and unbroken existence since the date of its incorporation. FBRIL is not in liquidation or subject to an administration order and no receiver or manager of FBRIL’s property has been appointed. Each
Subsidiary has the requisite corporate power and authority to own, lease or operate its properties and to conduct its business as described in the Prospectus and the Disclosure Package; 
 (d) the Company and all of the Subsidiaries are duly qualified or licensed and are in good standing in each jurisdiction in which they
conduct their respective businesses or in which they own or lease real property or otherwise maintain an office and in which such licensing is necessary, except where the failure, individually or in the aggregate, to be so qualified or licensed or
to be in good standing would not reasonably be expected to have a material adverse effect on the assets, business, operations, results of operations, earnings, stockholders’ equity, prospects, properties or condition (financial or otherwise) of
the Company and the Subsidiaries taken as a whole (any such effect or change, where the context so requires, is hereinafter called a “Material Adverse Effect” or “Material Adverse Change”); except as disclosed in
both the Prospectus and the Disclosure Package, no Subsidiary is prohibited or restricted, directly or indirectly, from paying dividends to the Company, or from making any other distribution with respect to such Subsidiary’s capital stock or
from repaying to the Company or any other Subsidiary any amounts which may from time to time become due under any loans or advances to such Subsidiary from the Company or such other Subsidiary, or from transferring any such Subsidiary’s
property or assets to the Company or to any other Subsidiary; other than as disclosed in both the Prospectus and the Disclosure Package, the Company does not own, directly or indirectly, any capital stock or other equity securities of any other
corporation or any ownership interest in any partnership, joint venture or other association; 
  

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 (e) neither the Company nor any Subsidiary has violated, or received written notice of any
violation with respect to, any law, rule, regulation, order, decree or judgment applicable to it and its business; 
 (f) none
of the Company nor any Subsidiary is in breach of or in default under (nor has any event occurred which with notice, lapse of time, or both would constitute a breach of, or default under), (i) its respective articles of incorporation or bylaws,
each as amended, or other organizational documents (collectively, the “Charter Documents”), or (ii) in the performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture,
mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective properties is bound, except in the case of this clause (ii) for
such breaches or defaults which would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; 
 (g) the execution, delivery and performance of this Agreement and consummation of the transactions contemplated herein and therein will not (i) conflict with, or result in any breach of, or constitute a default under (nor constitute
any event which with notice, lapse of time, or both would constitute a breach of, or default under), (A) any provision of the Charter Documents of the Company or any Subsidiary, or (B) any provision of any license, indenture, mortgage,
deed of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective properties may be bound or affected, or under any federal, state, local or foreign
law, regulation or rule or any decree, judgment or order applicable to the Company or any Subsidiary, or (C) any federal, state, local or foreign law, regulation or rule or any decree, judgment, permit or order applicable to the Company, except
in the case of clauses (B) or (C) for such breaches or defaults which would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; or (ii) result in the creation or imposition of any material
lien, charge, claim or encumbrance upon any property or asset of the Company or any Subsidiary; 
 (h) this Agreement has been
duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors’ rights generally, and by general equitable principles, and except to the extent that the indemnification and contribution provisions of Section 10 hereof may be limited by federal or state securities laws and
public policy considerations in respect thereof; 
 (i) no approval, authorization, consent or order of or filing with or notice
to any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency is required in connection with the Company’s execution, delivery and performance of this Agreement and its consummation of the
transactions contemplated herein, other than (i) such as have been obtained, or will have been obtained at the Closing Time or the relevant Option Closing Time, as the case may be, under the Securities Act and the Securities Exchange Act of
1934, as amended (the “Exchange Act”), (ii) such approvals as have been obtained in connection with the approval of the quotation of the Shares on The Nasdaq Global Select Market and (iii) any necessary qualification under
the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Underwriters; 
 (j)
each of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all
necessary authorizations, consents and approvals from other persons, required in order to conduct their respective businesses as described in both the Prospectus and the Disclosure Package, except to the extent that any failure to have any such
licenses, authorizations, consents or approvals, to make any such filings or to obtain any such authorizations, consents or

  

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approvals would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; neither the Company nor any of the Subsidiaries is in violation of, in default
under, or has received any notice regarding a possible violation, default or revocation of any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment
applicable to the Company or any of the Subsidiaries the effect of which would reasonably be expected to result in a Material Adverse Change; 
 (k) based on verbal advice from the Commission, each of the Registration Statement and any Rule 462(b) Registration Statement has become effective under the Securities Act and no stop order
preventing or suspending the use of any Basic Prospectus, any Preliminary Prospectus, the Prospectus Supplement, the Prospectus or any Issuer Free Writing Prospectus or suspending the effectiveness of the Registration Statement or any
Rule 462(b) Registration Statement has been issued under the Securities Act and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission; and the
Company has complied to the Commission’s satisfaction with any request on the part of the Commission for additional information; 
 (l) the Registration Statement complied as of its effective date and complies as of the date hereof and, as amended or supplemented, at the Initial Sale Time (as defined below), as of the Closing Time and as of any Option Closing Time, if
any, and at all times during which a prospectus is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares, will
comply, in all material respects, with the requirements of the Securities Act and the Securities Act Regulations; the conditions to the use of Form S-3 in connection with the offering and sale of the Shares as contemplated hereby have been
satisfied; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby complies with, the requirements of Rule 415 under the Securities Act Regulations (including, without limitation, Rule 415(a)(5)
thereunder); the Basic Prospectus complied as of the date it was filed, and complies as of the date hereof and, as amended or supplemented, at the Initial Sale Time (as defined below), as of the Closing Time and as of any Option Closing Time, if
any, and at all times during which a prospectus is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares, will
comply, in all material respects, with the requirements of the Securities Act and the Securities Act Regulations; each of the Prospectus Supplement and the Prospectus will comply as of the date it is filed with the Commission, the date of the
Prospectus Supplement, at the Initial Sale Time (as defined below), as of the Closing Time and as of any Option Closing Time, if any, and at all times during which a prospectus is required by the Securities Act to be delivered (whether physically or
through compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares, will comply, in all material respects, with the requirements of the Securities Act and the Securities Act Regulations (in the
case of the Prospectus, including, without limitation, Section 10(a) of the Securities Act); 
 (m) the Registration
Statement, as of its effective date and as of the date hereof, did not and does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading; and the Preliminary Prospectus does not, and the Prospectus or any amendment or supplement thereto will not, as of the applicable filing date, the date hereof and at the Closing Time and on each Option Closing Time, if any, contain an
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no
warranty or representation with respect to any statement contained in or omitted from the Registration Statement, the Preliminary Prospectus or the Prospectus in reliance upon and in conformity with the information concerning the Underwriters and
furnished in writing by or on behalf of the Underwriters through the Representatives to the Company expressly for use therein (that information

  

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being limited to that described in the last sentence of the first paragraph of Section 10(d) hereof); provided further, however, the Company makes no warranty or representation
with respect to any statement contained in or omitted from the Registration Statement, the Preliminary Prospectus or the Prospectus in reliance upon and in conformity with the information concerning the Selling Stockholders and furnished in writing
on behalf of the Selling Stockholders to the Company expressly for use therein (that information being limited to that described in Section 10(b) hereof); 
 (n) as of 7:00 p.m. (Eastern time) on the date of this Agreement (the “Initial Sale Time”), the Disclosure Package did not, and at the time of each sale of Shares and at the Closing Time
and each Option Closing Time, the Disclosure Package will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; as of its issue date or date of first use and at all subsequent times through the Initial Sale Time, each Issuer Free Writing Prospectus, if any, did not, and at the time of each sale of Shares and at the Closing Time and
each Option Closing Time, each such Issuer Free Writing Prospectus will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that the Company makes no warranty or representation with respect to any statement contained in or omitted from the Disclosure Package in reliance upon and in conformity
with the information concerning the Underwriters and furnished in writing by or on behalf of the Underwriters through the Representatives to the Company expressly for use therein (that information being limited to that described in the last sentence
of the first paragraph of Section 10(d) hereof); provided further, however, that the Company makes no warranty or representation with respect to any statement contained in or omitted from the Disclosure Package in reliance upon
and in conformity with the information concerning the Selling Stockholders and furnished in writing on behalf of the Selling Stockholders to the Company expressly for use therein (that information being limited to that described in
Section 10(b) hereof); 
 (o) each Issuer Free Writing Prospectus, if any, as of its issue date and at all subsequent times
through the completion of the public offer and sale of the Shares did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, including any document
incorporated by reference therein that has not been superseded or modified; 
 (p) the Company is eligible to use Free Writing
Prospectuses in connection with this offering pursuant to Rules 164 and 433 under the Securities Act; any Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act Regulations has been,
or will be, filed with the Commission in accordance with the requirements of the Securities Act and the Securities Act Regulations; and each Free Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d)
under the Securities Act Regulations or that was prepared by or on behalf of or used by the Company complies or will comply in all material respects with the requirements of the Securities Act and the Securities Act Regulations; 
 (q) except for the Issuer Free Writing Prospectuses, if any, identified in Schedule IV hereto, and any electronic road show
relating to the public offering of shares contemplated herein, the Company has not prepared, used or referred to, and will not, without the prior consent of the Representatives, prepare, use or refer to, any Free Writing Prospectus; 
 (r) the Preliminary Prospectus, the Prospectus and any Issuer Free Writing Prospectuses (to the extent any such Issuer Free Writing
Prospectus was required to be filed with the Commission) delivered to the Underwriters for use in connection with the public offering of the Shares contemplated herein have been and will be identical to the versions of such documents transmitted to
the Commission

  

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for filing via the Electronic Data Gathering Analysis and Retrieval System (“EDGAR”), except to the extent permitted by Regulation S-T; 
 (s) the Company filed the Registration Statement with the Commission before using any Issuer Free Writing Prospectus; 
 (t) other than as set forth in both the Prospectus (exclusive of any amendment or supplement thereto after the date hereof) and the
Disclosure Package, there are no material actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company, threatened against the Company or any of the Subsidiaries, or any of their respective officers or
directors, or to which the properties of any such entity are subject, at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency; 
 (u) the financial statements, including the notes thereto, included in each of the Registration Statement, the Prospectus and the Disclosure
Package present fairly the consolidated financial position of the entities to which such financial statements relate (the “Covered Entities”) as of the dates indicated and the consolidated results of operations and changes in
financial position and cash flows of the Covered Entities for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles as applied in the United States and on a consistent basis
during the periods involved and in accordance with Regulation S-X promulgated by the Commission; the financial statement schedules included in the Registration Statement fairly present the information shown therein and have been compiled on a
basis consistent with the financial statements included in each of the Registration Statement, the Prospectus and the Disclosure Package; no other financial statements or supporting schedules are required to be included in the Registration
Statement, the Prospectus or the Disclosure Package; 
 (v) PricewaterhouseCoopers LLP, whose reports on the consolidated
financial statements of the Company and the Subsidiaries are filed with the Commission as part of each of the Registration Statement, the Prospectus and the Disclosure Package, are, and were during the periods covered by their reports, independent
public accountants as required by the Securities Act and the Securities Act Regulations and are registered with the Public Company Accounting Oversight Board; 
 (w) subsequent to the respective dates as to which information is given in the Registration Statement, the Prospectus and the Disclosure Package, and except as may be otherwise stated in such documents,
there has not been (i) any Material Adverse Change or any development that would reasonably be expected to result in a Material Adverse Change, whether or not arising in the ordinary course of business, (ii) any transaction that is
material to the Company and the Subsidiaries taken as a whole, agreed to or entered into by the Company or any of the Subsidiaries, (iii) any obligation, contingent or otherwise, directly or indirectly incurred by the Company or any Subsidiary
that is material to the Company and Subsidiaries taken as a whole, (iv) any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock or any purchase by the Company or the Subsidiaries of any
of its outstanding capital stock, (v) any change of the capital stock of the Company or any Subsidiary, (vi) except in the ordinary course of business, any change in the indebtedness of the Company or any Subsidiary or (vii) any loss
or damage (whether or not insured) to the property of the Company or any subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect; 
 (x) the Shares conform in all material respects to the description thereof contained in the Registration Statement, the Prospectus and the
Disclosure Package; 
  

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 (y) there are no persons with registration or other similar rights to have any securities
registered by the Company under the Securities Act other than as disclosed in the Prospectus and the Disclosure Package or other than those that have been waived; 
 (z) the Shares have been included for quotation on The Nasdaq Global Select Market; and the Company has taken all necessary actions to ensure that, upon and at all times after The Nasdaq Global Select
Market shall have included the Shares, it will be in compliance with all applicable corporate governance requirements set forth in the Nasdaq Marketplace Rules that are then in effect and is taking such steps as are necessary to ensure that it will
be in compliance with other applicable corporate governance requirements set forth in the Nasdaq Marketplace Rules standards not currently in effect upon the effectiveness of such requirements; 
 (aa) none of the Company, any Subsidiary, nor, to the knowledge of the Company, any of their respective directors, officers, representatives
or affiliates have taken, directly or indirectly, any action intended, or which might reasonably be expected, to cause or result, under the Securities Act, the Exchange Act or otherwise, in, or which has constituted, stabilization or manipulation of
the price of any security of the Company to facilitate the sale or resale of the Shares; 
 (bb) other than as disclosed in the
Prospectus and the Disclosure Package, neither the Company, any of its Subsidiaries, nor any of its affiliates (i) is required to register as a “broker” or “dealer” in accordance with the provisions of the Exchange Act or
the rules and regulations thereunder, or (ii) directly, or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article 1 of the Bylaws of FINRA) any member firm of FINRA; 

(cc) each Subsidiary that acts as a (A) “broker” or “dealer” in securities (as defined in the Securities Act),
(B) an investment adviser (as defined in the Investment Advisers Act of 1940), (C) a collective investment fund of any type, (D) a “commodity pool operator,” “commodity trading advisor” or “futures commission
merchant” (each as defined in the Commodity Exchange Act), bank or similar entity or insurance company (all such entities in subclauses (i)(A) through (D) herein referred to as a “Financial Intermediary” and
collectively, the “Financial Intermediaries”) has in place, and has had in place for the past three years, an appropriate system of legal, regulatory, recordkeeping and financial controls (including for this purpose controls
relating to the rules of any self-regulatory organization and controls relating to anti-money laundering, privacy and Office of Foreign Assets Control of the United States Treasury Department (“OFAC”)), and such controls have not
discovered any material violation other than as has been disclosed in writing; 
 (dd) any certificate signed by any officer of
the Company or any Subsidiary delivered to the Representatives or to counsel for the Underwriters pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company to each Underwriter as to the matters
covered thereby; 
 (ee) the form of certificate used to evidence the Common Stock complies in all material respects with all
applicable statutory requirements and with any applicable requirements of the organizational documents of the Company; 
 (ff)
the Company and each Subsidiary has good and marketable title in fee simple to all real property, if any, and good title to all personal property, if any, owned by it, in each case free and clear of all liens, security interests, pledges, charges,
encumbrances, mortgages and defects, except such as are disclosed in the Prospectus and the Disclosure Package or as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; any real property or personal
property held under lease by the Company or any of the Subsidiaries is held under a lease that is valid, existing and

  

 9 

 
enforceable against the Company or such Subsidiary, with such exceptions as are disclosed in the Prospectus or the Disclosure Package or as would not reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect; 
 (gg) the descriptions in each of the Registration Statement, the Prospectus
and the Disclosure Package of the legal or governmental proceedings, contracts, leases and other legal documents therein described present fairly the information required to be shown, and there are no legal or governmental proceedings, contracts,
leases, or other documents of a character required to be described in the Registration Statement, the Prospectus or the Disclosure Package or to be filed as exhibits to the Registration Statement or incorporated by reference therein which are not
described or filed or incorporated by reference therein as required; all agreements between the Company or any of the Subsidiaries and third parties expressly referenced in both the Prospectus and the Disclosure Package are legal, valid and binding
obligations of the Company or one or more of the Subsidiaries, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general equitable principles; 
 (hh) the Company and each Subsidiary owns or possesses
such licenses or other rights to use all patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and know-how (collectively
“Intangibles”), as are necessary to entitle the Company and the Subsidiaries to conduct in all material respects the Company’s and the Subsidiaries’ business described in the Prospectus and the Disclosure Package, and the
Company and the Subsidiaries have not received written notice of any infringement of or conflict with (and neither the Company nor any Subsidiary knows of any such infringement of or conflict with) asserted rights of others with respect to any
Intangibles which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; 
 (ii) The
Company has established and maintains disclosure controls and procedures sufficient to enable the Company to make required filings under the Exchange Act; such disclosure controls and procedures are designed to ensure that material information
relating to the Company and each of its Subsidiaries is accumulated and communicated to management of the Company, including its principal executive officers and principal financial officers, as appropriate, and to allow timely decisions regarding
required disclosure to be made by the Company; such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established; the Company is not aware of (i) any significant deficiency
or material weakness in the design or operation of its internal controls over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information to management
and the board of directors of the Company, or (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting; 
 (jj) the Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted
accounting principles as applied in the United States and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; 
 (kk) each of the Company and the Subsidiaries has filed on a timely basis (including in accordance with any applicable extensions) all necessary federal, state, local and foreign income and

  

 10 

 
franchise tax returns required to be filed through the date hereof or have properly requested extensions thereof, and have paid all taxes shown as due thereon, including without limitation, all
sales and use taxes and all taxes which the Company and each Subsidiary is obligated to withhold from amounts owing to employees, creditors and third parties; no tax deficiency has been asserted against any such entity, nor does any such entity know
of any tax deficiency which is likely to be asserted against any such entity which, if determined adversely to any such entity, would reasonably be expected to have a Material Adverse Effect; all such tax liabilities are adequately provided for on
the respective books of such entities; there is no tax lien, whether imposed by any federal, state, foreign or other taxing authority, outstanding against the assets, properties or business of the Company or any Subsidiary, as the case may be;

 (ll) each of the Company and the Subsidiaries maintains insurance (issued by insurers of recognized financial responsibility)
of the types and in the amounts and with coverage generally deemed adequate for their respective businesses and consistent with insurance coverage maintained by similar companies in similar businesses, including, but not limited to, insurance
covering real and personal property owned or leased by the Company and the Subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily insured against, all of which insurance is in full force and effect;

 (mm) neither the Company nor any Subsidiary is in violation, or has received notice of any violation with respect to, any
applicable environmental, safety or similar law applicable to the business of the Company or any of the Subsidiaries; the Company and the Subsidiaries have received all permits, licenses or other approvals required of them under applicable federal
and state occupational safety and health and environmental laws and regulations to conduct their respective businesses, and the Company and the Subsidiaries are in compliance with all terms and conditions of any such permit, license or approval,
except any such violation of law or regulation, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals which would not reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Change; 
 (nn) neither the Company nor any Subsidiary is in
violation of or has received notice of any violation with respect to any federal or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wages and hours law, nor any state law
precluding the denial of credit due to the neighborhood in which a property is situated, the violation of any of which would reasonably be expected to have a Material Adverse Effect; 
 (oo) each of the Company and the Subsidiaries are in compliance in all material respects with all presently applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to any
“pension plan” (as defined in ERISA) for which the Company or any of the Subsidiaries would have any liability; the Company and each of the Subsidiaries have not incurred and do not expect to incur liability under (i) Title IV of
ERISA with respect to termination of, or withdrawal from, any “pension plan” or (ii) Section 412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder
(“Code”); and each “pension plan” for which the Company and each of its Subsidiaries would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all material respects
and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification; 
 (pp)
neither the Company nor any Subsidiary nor, to the Company’s knowledge, any officer, director, agent or employee purporting to act on behalf of the Company or any Subsidiary, has at any time, directly or indirectly, (i) made any
contributions to any candidate for political office, or failed to

  

 11 

 
disclose fully any such contributions, in violation of law, (ii) made any payment to any state, federal or foreign governmental officer or official, or other person charged with similar
public or quasi-public duties, other than payments required or allowed by applicable law, (iii) engaged in any transactions, maintained any bank account or used any corporate funds except for transactions, bank accounts and funds which have
been and are reflected in the normally maintained books and records of the Company, or (iv) made any other unlawful payment; 
 (qq) except as otherwise disclosed in both the Prospectus and the Disclosure Package, there are no outstanding loans or advances or guarantees of indebtedness by the Company or any Subsidiary to or for the benefit of any of the officers,
directors or affiliates of the Company or any Subsidiary, as the case may be, or any of the members of the families of any of them; 
 (rr) neither the Company nor, to the Company’s knowledge, any employee or agent of the Company, has made any payment of funds of the Company or received or retained any funds in violation of any law, rule or regulation, including
without limitation the “know your customer” and anti-money laundering laws of any jurisdiction; 
 (ss) all securities
issued by the Company, any Subsidiary or any trusts established by the Company or any Subsidiary, have been or will be issued and sold in compliance with (i) all applicable federal and state securities laws, (ii) the laws of the applicable
jurisdiction of incorporation of the issuing entity and, (iii) to the extent applicable to the issuing entity, the requirements of the Nasdaq Global Select Market; 
 (tt) except as described in both the Prospectus and the Disclosure Package or as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i) neither the
Company nor any Subsidiary is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or
administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife,
including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials
or mold (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental Laws”),
(ii) each of the Company and the Subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (iii) there are no pending or, to the
knowledge of the Company, threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against the
Company or any Subsidiary, and (iv) to the knowledge of the Company, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any
private party or governmental body or agency, against or affecting the Company or the Subsidiaries relating to Hazardous Materials or any Environmental Laws; 
 (uu) in connection with this offering, the Company has not offered and will not offer its Common Stock or any other securities convertible into or exchangeable or exercisable for Common Stock in a manner
in violation of the Securities Act; and the Company has not distributed and will not distribute any offering material in connection with the offer and sale of the Shares except for the Preliminary Prospectus, the Prospectus, any Issuer Free Writing
Prospectus or the Registration Statement; 
  

 12 

 (vv) the Company has not incurred any liability for any finder’s fees or similar
payments in connection with the transactions herein contemplated; 
 (ww) no relationship, direct or indirect, exists between or
among the Company or any of the Subsidiaries on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, which is required by the Securities Act and the Securities
Act Regulations to be described in the Registration Statement, the Prospectus or the Disclosure Package, which is not so described; 
 (xx) the Company is not and, after giving effect to the offering and sale of the Shares, will not be an “investment company”, as such term is defined in the Investment Company Act of 1940, as amended; 
 (yy) there are no existing or, to the knowledge of the Company, threatened labor disputes with the employees of the Company or any of the
Subsidiaries which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; 
 (zz)
neither the Company, the Subsidiaries, nor to the knowledge of the Company, any of the officers and directors of the Company and the Subsidiaries, in their capacities as such, at the Closing Time and any Option Closing Time will be, in material
violation of the provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder; 
 (aaa) the
Company (i) complies in all material respects with the Privacy Statements (as defined below) as applicable to any given set of personal information collected by the Company from Individuals (as defined below), (ii) complies in all material
respects with all applicable federal, state, local and foreign laws and regulations regarding the collection, retention, use, transfer or disclosure of personal information and (iii) takes reasonable measures to protect and maintain the
confidential nature of the personal information provided to the Company by Individuals in accordance with the terms of the applicable Privacy Statements; to the Company’s knowledge, no claims or controversies have arisen regarding the Privacy
Statements or the implementation thereof. As used herein, “Privacy Statements” means, collectively, any and all of the Company’s privacy statements and policies published on Company websites or products or otherwise made
available by the Company regarding the collection, retention, use and distribution of the personal information of individuals, including, without limitation, from visitors or users of any Company websites or products
(“Individuals”); 
 (bbb) neither the Company nor any Subsidiary or, to the knowledge of the Company, any
director, officer, agent, employee or affiliate of such entities is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules
and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of
the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or
any candidate for foreign political office, in contravention of the FCPA, and the Company and the Subsidiaries and, to the knowledge of the Company, their affiliates and directors, officers, agents and employees have conducted their businesses in
compliance with the FCPA; 
 (ccc) neither the Company nor any Subsidiary, nor, to the Company’s knowledge, any of its
affiliates or any director, officer, agent or employee of, or other person associated with or acting on behalf of, the Company, has violated the Bank Secrecy Act of 1970, as amended, the Uniting and Strengthening of America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act (USA

  

 13 

 
PATRIOT ACT) of 2001 or the rules and regulations promulgated under any such law or any successor law; 
 (ddd) the operations of the Company and its Subsidiaries and, to the Company’s knowledge, their affiliates are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the Money Laundering Control Act of 1986, as amended, any other money laundering statutes of all jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), except for any such non-compliance as would
not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any
of it Subsidiaries, or, to the Company’s knowledge, any of its affiliates, with respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened; and 
 (eee) neither the Company nor any of its Subsidiaries, nor, to the Company’s knowledge, any of its affiliates or any director, officer,
agent or employee of, or other person associated with or acting on behalf of, the Company, is currently subject to any United States sanctions administered by OFAC; and the Company will not directly or indirectly use the proceeds of the offering, or
lend, contribute or otherwise make available such proceeds to any Subsidiary, partner or joint venturer or other person or entity, for the purpose of financing the activities of any person currently subject to any United States sanctions
administered by OFAC. 
  

	4.	Representations and Warranties of the Selling Stockholders: 

 Each Selling Stockholder represents and warrants to the Underwriters as of the date hereof, as of the Initial Sale Time and as of the Closing Time and agrees with each Underwriter, and FBR Securities
represents and warrants to the Underwriters as of any Option Closing Time, if any, and agrees with each Underwriter that: 
 (a)
the Selling Stockholder has been duly formed and is validly existing as a limited liability company or a corporation under the laws of the Commonwealth of Virginia, as the case may be, with full limited liability company or corporate power and
authority, as the case may be, to own its properties and to conduct its business as it is now being conducted, to execute and deliver this Agreement and to consummate the transactions contemplated herein; 
 (b) the execution, delivery and performance of this Agreement and consummation of the transactions contemplated herein and therein will not
(i) conflict with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach of, or default under), (A) any provision of the Charter Documents of
the Selling Stockholder, or (B) any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which the Selling Stockholder is a party or by which it or its properties may be
bound or affected, or under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Selling Stockholder, or (C) any federal, state, local or foreign law, regulation or rule or any decree,
judgment, or permit applicable to the Selling Stockholders, except in the case of clauses (A) or (B) for such breaches or defaults which would not reasonably be expected, individually or in the aggregate, to have a material adverse effect
on the assets, business, operations, results of operations, earnings, stockholders’ equity, prospects, properties or condition (financial or otherwise) of the Selling Stockholder; or (ii) result in the creation or imposition of any
material lien, charge, claim or encumbrance upon any property or asset of the Selling Stockholder; 
  

 14 

 (c) this Agreement has been duly authorized, executed and delivered by the Selling
Stockholder and is a legal, valid and binding agreement of the Selling Stockholder enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally, and by general equitable principles, and except to the extent that the indemnification and contribution provisions of Section 10 hereof may be limited by federal or state securities laws and public policy considerations in
respect thereof; 
 (d) no approval, authorization, consent or order of or filing with or notice to any federal, state, local or
foreign governmental or regulatory commission, board, body, authority or agency is required in connection with the Selling Stockholder’s execution, delivery and performance of this Agreement, its consummation of the transactions contemplated
herein, and its sale and delivery of the Shares, other than (i) such as have been obtained, or will have been obtained at the Closing Time or the relevant Option Closing Time, as the case may be, under the Securities Act and the Exchange Act,
(ii) such approvals as have been obtained in connection with the approval of the quotation of the Shares on the Nasdaq Global Select Market and (iii) any necessary qualification under the securities or blue sky laws of the various
jurisdictions in which the Shares are being offered by the Underwriters; 
 (e) Neither the Selling Stockholder nor any of its
subsidiaries or affiliates (other than the Company and its subsidiaries) have taken, directly or indirectly, any action intended, or which might reasonably be expected, to cause or result, under the Securities Act, the Exchange Act or otherwise, in,
or which has constituted, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares; 
 (f) the Registration Statement, as of its effective date and as of the date hereof, did not and does not contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; only insofar as any such untrue statement of a material fact or omission of a material fact is contained in and is in conformity with information furnished in writing by the
Selling Stockholder to the Company expressly for use in such Registration Statement; 
 (g) the Selling Stockholder now has, and
at the Closing Time or the applicable Option Closing Time will have, (i) good and marketable title to the Shares to be sold by the Selling Stockholder hereunder, free and clear of all liens, encumbrances and claims whatsoever (including any
rights of first refusal and similar rights), and (ii) full legal right and power, and all authorizations and approvals required by law, to sell, transfer and deliver such Shares to the Underwriters hereunder and to make the representations,
warranties and agreements made by the Selling Stockholder herein. Upon the delivery of and payment for such Shares hereunder, the Selling Stockholder will deliver good and marketable title thereto, free and clear of any pledge, lien, encumbrance,
security interest or other claim; 
 (h) at the Closing Time or the applicable Option Closing Time, all stock transfer or other
taxes (other than income taxes) which are required to be paid in connection with the sale and transfer of the Shares to be sold by the Selling Stockholder to the Underwriters hereunder will have been fully paid or provided for by the Selling
Stockholder and all laws imposing such taxes will have been fully complied with; 
 (i) the Selling Stockholder is not prompted
to sell Shares by any information concerning the Company which is not set forth in the Registration Statement, the Prospectus or the Disclosure Package; 
 (j) the Selling Stockholder has not relied upon the Representatives or legal counsel for the Underwriters for any legal, tax or accounting advice in connection with the offering and sale of the Shares;

  

 15 

 (k) the Selling Stockholder does not own any warrants, options or similar rights to acquire,
and do not have any right or arrangement to acquire, any capital stock, right, warrants, options or other securities from the Company, other than those described in the Registration Statement and the Prospectus; and 
 (l) any certificate signed by the Selling Stockholder delivered to the Representatives or to counsel to the Underwriters pursuant to or in
connection with this Agreement shall be deemed a representation and warranty by the Selling Stockholder as to the matters covered thereby. 
  

	5.	Certain Covenants of the Company and the Selling Stockholders: 

 The Company (with respect to the covenants set forth in Sections 5(a) through (x) only) and each Selling Stockholder (with respect to the covenants set forth in Sections 5(r), (s), and
(x) through (bb) only) hereby agree with each Underwriter: 
 (a) to furnish such information as may be required and
otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such jurisdictions (both domestic and foreign) as the Representatives may designate and to maintain such qualifications in effect as long
as requested by the Representatives for the distribution of the Shares, provided, however, that the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such
jurisdiction (except service of process with respect to the offering and sale of the Shares); 
 (b) if, at the time this
Agreement is executed and delivered, it is necessary for a post-effective amendment to the Registration Statement to be declared effective before the offering of the Shares may commence, the Company will endeavor to cause such post-effective
amendment to become effective as soon as possible and will advise the Representatives promptly and, if requested by the Representatives, will confirm such advice in writing, when such post-effective amendment has become effective; 
 (c) to prepare the Prospectus in a form approved by the Underwriters and file such Prospectus with the Commission pursuant to
Rule 424(b) under the Securities Act not later than 10:00 a.m., New York City time, on the day following the execution and delivery of this Agreement or on such other day as the parties may mutually agree and to furnish promptly (and with
respect to the initial delivery of such Prospectus, not later than 10:00 a.m., New York City time, on the day following the execution and delivery of this Agreement or on such other day as the parties may mutually agree) to the Underwriters
copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made any amendments or supplements thereto after the effective date of the Registration Statement) in such quantities and at such locations as the
Underwriters may reasonably request for the purposes contemplated by the Securities Act Regulations, which Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the version transmitted to the
Commission for filing via EDGAR, except to the extent permitted by Regulation S-T; 
 (d) to advise the Representatives
promptly and (if requested by the Representatives) to confirm such advice in writing, when the Registration Statement has become effective and when any post-effective amendment thereto becomes effective under the Securities Act Regulations;

 (e) to furnish a copy of each proposed Free Writing Prospectus to the Representatives and counsel for the Underwriters and
obtain the consent of the Representatives prior to referring to, using or filing with the Commission any Free Writing Prospectus pursuant to Rule 433(d) under the Securities Act, other than the Issuer Free Writing Prospectuses, if any,
identified in Schedule IV hereto; 
  

 16 

 (f) to comply with the requirements of Rules 164 and 433 of the Securities Act
Regulations applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission, legending and record keeping, as applicable; 
 (g) to advise the Representatives immediately, confirming such advice in writing, of (i) the receipt of any comments from, or any request by, the Commission for amendments or supplements to the
Registration Statement, the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus, or for additional information with respect thereto, (ii) the issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement or of any order preventing or suspending the use of the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus, or of the suspension of the qualification of the Shares for offering or sale in any
jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes and, if the Commission or any other government agency or authority should issue any such order, to make every reasonable effort to obtain the lifting or
removal of such order as soon as possible, (iii) any examination pursuant to Section 8(e) of the Securities Act concerning the Registration Statement, or (iv) if the Company becomes subject to a proceeding under Section 8A of the
Securities Act in connection with the public offering of Shares contemplated herein; to advise the Representatives promptly of any proposal to amend or supplement the Registration Statement, the Preliminary Prospectus, the Prospectus or any Issuer
Free Writing Prospectus and to file no such amendment or supplement to which the Representatives shall reasonably object in writing; 
 (h) to furnish to the Underwriters, upon request, for a period of five years from the date of this Agreement (i) as soon as available, copies of all annual, quarterly and current reports or other communications supplied to holders of
shares of Common Stock, (ii) as soon as practicable after the filing thereof, copies of all reports filed by the Company with the Commission, FINRA or any securities exchange and (iii) such other information as the Underwriters may
reasonably request regarding the Company and the Subsidiaries; 
 (i) to advise the Underwriters promptly of the happening of
any event or development known to the Company within the time during which a Prospectus relating to the Shares (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act Regulations) is required to be delivered under the
Securities Act Regulations which, in the judgment of the Company or in the reasonable opinion of the Representatives or counsel for the Underwriters, (i) would require the making of any change in the Prospectus or the Disclosure Package so that
the Prospectus or the Disclosure Package would not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, (ii) as a result of which any Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement relating to the Shares, or (iii) if it is
necessary at any time to amend or supplement the Prospectus or the Disclosure Package to comply with any law and, during such time, to promptly prepare and furnish to the Underwriters copies of the proposed amendment or supplement before filing any
such amendment or supplement with the Commission and thereafter promptly furnish at the Company’s own expense to the Underwriters and to dealers, copies in such quantities and at such locations as the Representatives may from time to time
reasonably request of an appropriate amendment or supplement to the Prospectus or the Disclosure Package so that the Prospectus or the Disclosure Package as so amended or supplemented will not, in the light of the circumstances when it (or in lieu
thereof the notice referred to in Rule 173(a) under the Securities Act Regulations) is so delivered, be misleading or, in the case of any Issuer Free Writing Prospectus, conflict with the information contained in the Registration Statement, or
so that the Prospectus or the Disclosure Package will comply with the law; 
 (j) to file promptly with the Commission any
amendment or supplement to the Registration Statement, any Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus that may, in

  

 17 

 
the judgment of the Company or the Representatives, be required by the Securities Act or requested by the Commission; 
 (k) through the Closing Time and the Option Closing Time, if any, prior to filing with the Commission with respect to the Shares, any
amendment or supplement to the Registration Statement, any Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus or any document incorporated by reference in the Prospectus specifically relating to the Shares, to furnish a copy
thereof to the Representatives and counsel for the Underwriters and obtain the consent of the Representatives to the filing; 
 (l) to furnish promptly to the Representatives a signed copy of the Registration Statement, as initially filed with the Commission, and of all amendments or supplements thereto (including all exhibits filed therewith or incorporated by
reference therein) and such number of conformed copies of the foregoing as the Representatives may reasonably request; 
 (m) to
furnish to the Representatives, not less than two business days before filing with the Commission, during the period referred to in paragraph (i) above, a copy of any document proposed to be filed with the Commission pursuant to
Section 13, 14, or 15(d) of the Exchange Act and during the period of five years hereafter to file all such documents in the manner and within the time periods required by the Exchange Act and the rules and regulations thereunder; 

(n) to make generally available to the Company’s security holders and to deliver to the Representatives as soon as practicable, but
in any event not later than the end of the fiscal quarter first occurring after the first anniversary of the effective date of the Registration Statement an earnings statement complying with the provisions of Section 11(a) of the Securities Act
(in form, at the option of the Company, complying with the provisions of Rule 158 of the Securities Act Regulations,) covering a period of 12 months beginning after the effective date of the Registration Statement; 
 (o) to use its best efforts to maintain the quotation of the Shares on The Nasdaq Global Select Market and to file with The Nasdaq Global
Select Market all documents and notices required by The Nasdaq Global Select Market of companies that have securities that are traded and quotations for which are reported by The Nasdaq Global Select Market; 
 (p) to maintain, at its expense, a registrar and transfer agent for the Shares; 
 (q) to refrain, from the date hereof until 45 days after the date of the Prospectus, without the prior written consent of the
Representatives, from, directly or indirectly, (i) offering, pledging, selling, contracting to sell, selling any option or contract to purchase, purchasing any option or contract to sell, granting any option for the sale of, or otherwise
disposing of or transferring (or entering into any transaction or device which is designed to, or could be expected to, result in the disposition by any person at any time in the future of), any share of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock, or filing any registration statement under the Securities Act with respect to any of the foregoing, or (ii) entering into any swap or any other agreement or any transaction that transfers,
in whole or in part, directly or indirectly, the economic consequence of ownership of the Common Stock, whether any such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise. The foregoing sentence shall not apply to any shares of Common Stock issued by the Company upon the exercise of an option or warrant outstanding on the date hereof and referred to in the Prospectus or the issuance
of options or shares of common stock under existing stock option and incentive plans. The Representatives may, in their sole discretion and at any time or from time to time before the termination of the 45-day lock-up period, without notice, release
all or any portion of the securities subject to the restrictions in this

  

 18 

 
paragraph. Notwithstanding the foregoing, if (1) during the last 17 days of the 45-day lock-up period, the Company issues an earnings release or material news or a material event
relating to the Company occurs or (2) prior to the expiration of the 45-day lock-up period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the 45-day lock-up period, then the
restrictions imposed in this paragraph shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the announcement of the material news or the occurrence of the material event, unless the
Representatives, on behalf of the Underwriters, waive such extension in writing; 
 (r) not to, and to use its best efforts to
cause its officers, directors and affiliates (in the case of each Selling Stockholder, other than the Company and its subsidiaries) not to, (i) take, directly or indirectly prior to termination of the underwriting syndicate contemplated by this
Agreement, any action designed to stabilize or manipulate the price of any security of the Company, or which may cause or result in, or which might in the future reasonably be expected to cause or result in, the stabilization or manipulation of the
price of any security of the Company, to facilitate the sale or resale of any of the Shares, (ii) sell, bid for, purchase or pay anyone any compensation for soliciting purchases of the Shares or (iii) pay or agree to pay to any person any
compensation for soliciting any order to purchase any other securities of the Company; 
 (s) (i) with respect to the
Company, to cause each officer, director and stockholder of the Company listed on Schedule V and (ii) with respect to each Selling Stockholder, to furnish to the Representatives, prior to the Initial Sale Time, a letter or letters,
substantially in the form of Exhibit A hereto; 
 (t) to maintain Directors and Officers’ liability insurance in an
amount deemed advisable by the Company in its reasonable discretion; 
 (u) if, at any time during the 90-day period after the
date of the Prospectus, any rumor, publication or event relating to or affecting the Company shall occur as a result of which, in the reasonable opinion of the Representatives, the market price of the Common Stock has been or is likely to be
materially affected (regardless of whether such rumor, publication or event necessitates a supplement to or amendment of the Prospectus) and after written notice from the Representatives advising the Company to the effect set forth above, to
forthwith prepare, consult with the Representatives concerning the substance of, and disseminate a press release or other public statement, reasonably satisfactory to the Representatives, responding to or commenting on such rumor, publication or
event; 
 (v) to comply with all of the provisions of any undertakings in the Registration Statement; 
 (w) to deliver to the transfer agent and registrar for the Common Stock one or more certificates, in negotiable and proper deliverable form
(with the signature guaranteed by a bank, trust company, broker, dealer, municipal securities dealer, government securities dealer or broker, credit union, a national securities exchange, registered securities association or clearing agency, or a
savings institution that is a participant in a Securities Transfer Association recognized program or by a Medallion Signature Guarantor or accompanied by a duly executed stock power or powers, in blank, bearing the signature of the undersigned so
guaranteed); to deliver to the transfer agent and registrar for the Common Stock such additional documentation as the Company or the Representatives may reasonably request to effectuate or confirm compliance with any of the provisions of this
Section 5(w); and to authorize and direct the transfer agent and registrar for the Common Stock: 
 (i) to
hold such certificates deposited with the transfer agent and registrar for the Common Stock in its custody; 
  

 19 

 (ii) to take all necessary action at the Closing time and at any Option
Closing Time at which the Selling Stockholders are selling Shares to the Underwriters (A) to cause the Shares to be transferred on the books of the Company into such names as the Underwriters shall have instructed the Company and to exchange
the certificates for book entries for such Shares registered in such names and in such denominations as the Underwriters shall have instructed the Company, and (B) to transfer to book entries for the account of the Underwriters, against payment
of the purchase price for such Shares; and 
 (iii) to deliver or cause to be delivered to the Selling
Stockholders new certificates (which may bear appropriate legends) representing the number of shares of Common Stock deposited with the transfer agent and registrar of the Common Stock that are in excess of the number of Shares sold by the Selling
Stockholders to the Underwriters; 
 (x) to deliver to the Representatives prior to the Closing Time a properly completed and
executed United States Treasury Department Form W-8 (if such Selling Stockholder is a non-United States person, within the meaning of the Code) or Form W-9 (if the Selling Stockholder is a United States person, within the meaning of the
Code); 
 (y) if, at any time prior to the date on which the distribution of the Shares as contemplated herein and in the
Prospectus and the Disclosure Package has been completed, as determined by the Representatives, a Selling Stockholder has knowledge or becomes aware of (1) any Material Adverse Change or (2) the occurrence of any event as a result of which
the Registration Statement, as then amended, would include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or the Prospectus or the
Disclosure Package, in each case as then amended or supplemented, would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, the Selling Stockholder will promptly notify the Company and the Representatives; 
 (z) to deliver
to the Company or the Underwriters such documentation as the Company or the Underwriters or any of their respective counsel may reasonably request in order to effectuate any of the provisions of this Agreement; and 
 (aa) to not prepare or have prepared on its behalf or use or refer to any Free Writing Prospectus and to not distribute any written
materials in connection with the offer or sale of the Shares. 
  

	6.	Payment of Expenses: 

 (a)
The Company agrees to pay all costs and expenses incident to the performance of its obligations under this Agreement, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, including expenses, fees
and taxes in connection with (i) the preparation and filing of the Registration Statement, each Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus and any amendments or supplements thereto or any document incorporated by
reference therein, and the printing and furnishing of copies of each thereof to the Underwriters and to dealers (including costs of mailing and shipment), (ii) the printing of this Agreement and any dealer agreements and furnishing of copies of
each to the Underwriters and to dealers (including costs of mailing and shipment), (iii) the qualification of the Shares for offering and sale under state laws that the Company, the Selling Stockholders and the Representatives have mutually
agreed are appropriate and the determination of their eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Underwriters and the printing and
furnishing of copies of any blue sky surveys or legal investment surveys to the Underwriters

  

 20 

 
and to dealers), (iv) filing for review of the public offering of the Shares by FINRA (including the reasonable legal fees and filing fees and other disbursements of counsel for the
Underwriters relating thereto), (v) the fees and expenses of any transfer agent or registrar for the Shares and miscellaneous expenses referred to in the Registration Statement, (vi) the fees and expenses incurred in connection with the
inclusion of the Shares in The Nasdaq Global Select Market, (vii) making road show presentations with respect to the offering of the Shares, (viii) preparing and distributing bound volumes of transaction documents for the Representatives
and their legal counsel and (ix) the performance of the Company’s other obligations hereunder. Upon the reasonable request of the Representatives, the Company will provide funds in advance for filing fees. 
 (b) Each Selling Stockholder agrees with the Company and each Underwriter to pay (directly or by reimbursement) all fees and expenses
incident to the performance of such Selling Stockholder’s obligations under this Agreement which are otherwise specifically provided for herein, including, but not limited to, (i) fees and expenses of counsel and other advisors for such
Selling Stockholder and (ii) expenses and taxes incident to the sale and delivery of the Shares to be sold by such Selling Stockholder to the Underwriters hereunder. 
 (c) If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company or any Selling Stockholder to comply with the terms or to
fulfill any of the conditions of this Agreement, or if for any reason the Company or any Selling Stockholder shall be unable to perform its obligations under this Agreement, the Company (in the case of a failure, refusal or inability on the part of
the Company) or the Selling Stockholder (in the case of a failure, refusal or inability on the part of such Selling Stockholder) also will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to
themselves, severally, for all out-of-pocket expenses (such as printing, facsimile, courier service, direct computer expenses, accommodations, travel and the fees and disbursements of Underwriters’ counsel) but excluding the fees of any other
advisors, accountants or appraisers, etc. 
  

	7.	Conditions of the Underwriters’ Obligations: 

 The obligations of the Underwriters hereunder to purchase Shares at the Closing Time or on each Option Closing Time, as applicable, are subject to the accuracy of the representations and warranties on the
part of the Company and each Selling Stockholder hereunder on the date hereof and at the Closing Time and on each Option Closing Time, as applicable, the performance by the Company and each Selling Stockholder of their respective obligations
hereunder and to the satisfaction of the following further conditions at the Closing Time or on each Option Closing Time, as applicable: 
 (a) the Company shall furnish to the Underwriters at the Closing Time and on each Option Closing Time, as applicable, an opinion of Sidley Austin LLP, counsel for the Company, and of other counsel
satisfactory to the Underwriters, who may be an officer of the Company, addressed to the Underwriters and dated as of the Closing Time and each Option Closing Time, as applicable, and in form and substance satisfactory to Clifford Chance US LLP,
counsel for the Underwriters, substantially in the form set forth on Exhibits B-1 and B-2, respectively; 
 (b) the
Selling Stockholders shall furnish to the Underwriters at the Closing Time and on each Option Closing Time, as applicable, an opinion of Gibson, Dunn & Crutcher LLP, special counsel for the Selling Stockholders, and Hunton &
Williams LLP, special Virginia counsel for the Selling Stockholders, addressed to the Underwriters and dated as of the Closing Time and each Option Closing Time, as applicable, in form and substance satisfactory to Clifford Chance US LLP, counsel
for the Underwriters, substantially in the form set forth on Exhibit C hereto; 
  

 21 

 (c) on the date of this Agreement and at the Closing Time and each Option Closing Time, as
applicable, the Representatives shall have received from PricewaterhouseCoopers LLP letters dated the respective dates of delivery thereof and addressed to the Representatives, in form and substance satisfactory to the Representatives, containing
statements and information of the type specified in AU Section 634 “Letters for Underwriters and Certain other Requesting Parties” issued by the American Institute of Certified Public Accountants with respect to the financial
statements and certain financial information of the Company and the Subsidiaries included in the Registration Statement, the Prospectus and the Disclosure Package, and such other matters customarily covered by comfort letters issued in connection
with registered public offerings; provided, however, that the letters delivered at the Closing Time and each Option Closing Time, as applicable, shall use a “cut-off” date no more than three business days prior to such
Closing Time and on each Option Closing Time, as the case may be; 
 In the event that the letters referred to above set forth
any changes in indebtedness, decreases in total assets or retained earnings or increases in borrowings to the amounts disclosed in the Registration Statement, Disclosure Package and Prospectus, it shall be a further condition to the obligations of
the Underwriters that (i) such letters shall be accompanied by a written explanation of the Company as to the significance thereof, unless the Representatives deem such explanation unnecessary, and (ii) such changes, decreases or increases
do not, in the sole judgment of the Representatives, make it impractical or inadvisable to proceed with the purchase and delivery of the Shares as contemplated by the Registration Statement; 
 (d) the Representatives shall have received at the Closing Time and on each Option Closing Time the favorable opinion of Clifford Chance US
LLP, dated the Closing Time or such Option Closing Time, addressed to the Representatives and in form and substance satisfactory to the Representatives; 
 (e) the Registration Statement shall have become effective; 
 (f) no amendment or
supplement to the Registration Statement, the Prospectus or any document in the Disclosure Package shall have been filed to which the Underwriters shall have objected in writing; 
 (g) prior to the Closing Time and each Option Closing Time (i) no stop order suspending the effectiveness of the Registration Statement
or any order preventing or suspending the use of the Prospectus or any document in the Disclosure Package shall have been issued, and no proceedings for such purpose shall have been initiated or threatened, by the Commission, and no suspension of
the qualification of the Shares for offering or sale in any jurisdiction, or the initiation or threatening of any proceedings for any of such purposes, shall have occurred; (ii) all requests for additional information on the part of the
Commission shall have been complied with to the reasonable satisfaction of the Representatives; (iii) the Registration Statement shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; and (iv) the Prospectus and the Disclosure Package shall not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; 
 (h) all filings with the Commission
required by Rule 424 under the Securities Act to have been filed by the Closing Time shall have been made within the applicable time period prescribed for such filing by such Rule; 
 (i) between the time of execution of this Agreement and the Closing Time or the relevant Option Closing Time there shall not have been any
Material Adverse Change or any prospective Material Adverse Change, and no transaction which is material and unfavorable to the Company shall have been

  

 22 

 
entered into by the Company or any of the Subsidiaries, in each case, which in the Representatives’ sole judgment, makes it impracticable or inadvisable to proceed with the public offering
of the Shares as contemplated by the Registration Statement; 
 (j) the Shares shall have been included on The Nasdaq Global
Select Market; 
 (k) FINRA shall not have raised any objection with respect to the fairness and reasonableness of the
underwriting terms and arrangements; 
 (l) the Representatives shall have received lock-up agreements from each officer,
director and stockholder of the Company listed on Schedule V and each Selling Stockholder, in the form of Exhibit A attached hereto, and such letter agreements shall be in full force and effect; 
 (m) each Selling Stockholder will, at the Closing Time and on each Option Closing Time, as applicable, deliver to the Underwriters a
certificate of its President, Secretary or Treasurer, to the effect that the representations and warranties of the Selling Stockholder set forth in this Agreement are true and correct, as if made on and as of the Closing Time or any Option Closing
Time, as applicable, and the Selling Stockholder has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Time or any Option Closing Time, as applicable; 
 (n) the Company will, at the Closing Time and at each Option Closing Time, deliver to the Underwriters a certificate of its Chairman of the
Board, President and Chief Executive Officer or Executive Vice President and General Counsel, to the effect that: 
 (i) the representations and warranties of the Company in this Agreement are true and correct, as if made on and as of the Closing Time or any Option Closing Time, as applicable, and the Company has complied with all the agreements and
satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Time or any Option Closing Time, as applicable; 
 (ii) no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued and no proceedings for that purpose have been instituted or are
pending or threatened under the Securities Act; and 
 (iii) the signer of such certificate has carefully
examined the Registration Statement, the Prospectus, the Disclosure Package, any amendment or supplement thereto, and this Agreement, and that when the Registration Statement became effective and at all times subsequent thereto up to the Closing
Time or any Option Closing Time, as applicable, the Registration Statement and the Prospectus and the Preliminary Prospectus, and any amendments or supplements thereto contained all material information required to be included therein by the
Securities Act and the applicable rules and regulations of the Commission thereunder, as the case may be, and in all material respects conformed to the requirements of the Securities Act and the applicable rules and regulations of the Commission
thereunder; the Registration Statement and any amendments thereto, did not and, as of the Closing Time or any Option Closing Time, as applicable, does not contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and the Prospectus and the Disclosure Package, and any amendments or supplements thereto, did not and as of the Closing Time or any Option Closing Time, as applicable, do not
include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and, since the
effective date of the Registration Statement, there has

  

 23 

 
occurred no event required to be set forth in an amendment or supplement to the Prospectus or the Disclosure Package which has not been so set forth; and 
 (o) the Company and each Selling Stockholder, as applicable, shall have furnished to the Underwriters such other documents and certificates
as to the accuracy and completeness of any statement in the Registration Statement, the Prospectus and the Disclosure Package, the representations, warranties and statements of the Company contained herein, and the performance by the Company and
such Selling Stockholder of their respective covenants contained herein and therein, and the fulfillment of any conditions contained herein or therein, as of the Closing Time or any Option Closing Time, as the Underwriters may reasonably request.

  

	8.	Termination: 

 The
obligations of the several Underwriters hereunder shall be subject to termination in the absolute discretion of the Representatives, at any time prior to the Closing Time or any Option Closing Time, as applicable, if (i) any of the conditions
specified in Section 7 shall not have been fulfilled when and as required by this Agreement to be fulfilled, (ii) there has been since the respective dates as of which information is given in the Registration Statement, the Prospectus or
the Disclosure Package, any Material Adverse Change, or any development involving a prospective Material Adverse Change, or material change in management of the Company or any Subsidiary, whether or not arising in the ordinary course of business,
(iii) there has occurred any outbreak or escalation of hostilities or other national or international calamity or crisis or change in economic, political or other conditions, the effect of which on the United States or international financial
markets is such as to make it, in the judgment of the Representatives, impracticable to market the Shares or enforce contracts for the sale of the Shares, (iv) trading in any securities of the Company has been suspended by the Commission or by
The Nasdaq Global Select Market, or if trading generally on The New York Stock Exchange or in The Nasdaq Global Select Market has been suspended (including an automatic halt in trading pursuant to market-decline triggers, other than those in which
solely program trading is temporarily halted), or limitations on prices for trading (other than limitations on hours or numbers of days of trading) have been fixed, or maximum ranges for prices for securities have been required, by such exchange or
FINRA by order of the Commission or any other governmental authority, (v) there has been any downgrade in the rating of any of the Company’s debt securities or preferred stock by any “nationally recognized statistical rating
organization” (as defined for purposes of Rule 436(g) under the Securities Act), (vi) any federal, state, local or foreign statute, regulation, rule or order of any court or other governmental authority has been enacted, published,
decreed or otherwise promulgated which, in the reasonable opinion of the Representatives, materially adversely affects or will materially adversely affect the business or operations of the Company, or (vii) any action has been taken by any
federal, state, local or foreign government or agency in respect of its monetary or fiscal affairs which, in the reasonable opinion of the Representatives, would reasonably be expected to have a material adverse effect on the securities markets in
the United States. 
 If the Representatives elect to terminate this Agreement as provided in this Section 8, the Company,
each Selling Stockholder and the Underwriters shall be notified promptly by telephone, promptly confirmed by facsimile. 
 If
the sale to the Underwriters of the Shares, as contemplated by this Agreement, is not carried out by the Underwriters for any reason permitted under this Agreement or if such sale is not carried out because the Company or any Selling Stockholder
shall be unable to comply in all material respects with any of the terms of this Agreement, neither the Company nor any Selling Stockholder shall not be under any obligation or liability under this Agreement (except to the extent provided in
Sections 6 and 10 hereof) and the Underwriters shall be under no obligation or liability to the Company or any Selling

  

 24 

 
Stockholder under this Agreement (except to the extent provided in Section 10 hereof) or to one another hereunder. 
  

	9.	Increase in Underwriters’ Commitments: 

 If any Underwriter shall default at the Closing Time or any Option Closing Time in its obligation to take up and pay for the Shares to be purchased by it under this Agreement on such date, the
Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Shares which such
Underwriter shall have agreed but failed to take up and pay for (the “Defaulted Shares”). Absent the completion of such arrangements within such 36-hour period, (i) if the total number of Defaulted Shares does not exceed 10% of
the total number of Shares to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition to the number of Shares which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion
of the total number of Shares agreed to be purchased by the defaulting Underwriter on such date in the proportion that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii) if
the total number of Defaulted Shares exceeds 10% of such total, the Representatives may terminate this Agreement by notice to the Company and each Selling Stockholder, without liability of any party to any other party except that the provisions of
Sections 6 and 10 hereof shall at all times be effective and shall survive such termination. 
 Without relieving any
defaulting Underwriter from its obligations hereunder, the Company and each Selling Stockholder agree with the non-defaulting Underwriters that they will not sell any Shares hereunder on such date unless all of the Shares to be purchased on such
date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representatives with the approval of the Company or selected by the Company with the approval of the Representatives). 
 If a new Underwriter or Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or
the non-defaulting Underwriters shall have the right to postpone the Closing Time or the relevant Option Closing Time for a period not exceeding five business days in order that any necessary changes in the Registration Statement and Prospectus and
other documents may be effected. 
 The term “Underwriter” as used in this Agreement shall refer to and include
any Underwriter substituted under this Section 9 with the same effect as if such substituted Underwriter had originally been named in this Agreement. 
  

	10.	Indemnity and Contribution by the Company, the Selling Stockholders and the Underwriters: 

 (a) The Company agrees to indemnify, defend and hold harmless each Underwriter and each Selling Stockholder (with respect to
subclauses (ii), (iv) and (v) below only) and any person who controls any Underwriter or the Selling Stockholders, as applicable within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and
the respective directors, officers, partners, employees and agents of each Underwriter or Selling Stockholder, as applicable, from and against any loss, expense, liability, damage or claim (including the reasonable cost of investigation) which,
jointly or severally, any such Underwriter, Selling Stockholder or controlling person, as the case may be, may incur under the Securities Act, the Exchange Act or otherwise, insofar as such loss, expense, liability, damage or claim arises out of or
is based upon (i) any breach of any representation, warranty or covenant of the Company contained herein, (ii) any untrue statement or alleged untrue statement of a material fact contained in (A) any Preliminary Prospectus, the
Registration Statement, the Prospectus or in any amendment or supplement thereto, (B) any Issuer Free Writing Prospectus or in any amendment or

  

 25 

 
supplement thereto or (C) any “issuer information” (as defined in Rule 433) (“Issuer Information”) used or referred to in any “free writing
prospectus” (as defined in Rule 405) used or referred to by any Underwriter, (D) any “road show” (as defined in Rule 433) not constituting an Issuer Free Writing Prospectus (a “Non-Prospectus Road
Show”), (iii) any application or other document, or any amendment or supplement thereto, executed by the Company or based upon written information furnished by or on behalf of the Company filed with the Commission or any securities
association or securities exchange (each an “Application”), (iv) any omission or alleged omission to state a material fact required to be stated in any such Registration Statement, or necessary to make the statements made
therein not misleading, (v) any omission or alleged omission in any such Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus or in any amendment or supplement thereto or in any Issuer Information, any Non-Prospectus Road
Show or any Application of a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading, (vi) any untrue statement or alleged untrue statement of any material fact
contained in any audio or visual materials used in connection with the marketing of the Shares, including, without limitation, slides, videos, films and tape recordings; except, in the case of (ii), (iv) and (v) above, for any such loss,
expense, liability, damage or claim that arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission of a material fact contained in and in conformity with information furnished in writing by the
Underwriters through the Representatives or a Selling Stockholder, as the case may be, to the Company expressly for use in such Registration Statement, Prospectus or Application. The indemnity agreement set forth in this Section 10(a) shall be
in addition to any liability which the Company may otherwise have. 
 (b) Each Selling Stockholder agrees to indemnify, defend
and hold harmless each Underwriter and the Company (with respect to subclauses (ii), (iii) and (iv) below only) and any person who controls any Underwriter or the Company, as applicable, within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, and the respective directors, officers, employees and agents of each Underwriter or the Company, as applicable, from and against any loss, expense, liability, damage or claim (including the
reasonable cost of investigation) which, jointly or severally, any such Underwriter, the Company, or controlling person, as the case may be, may incur under the Securities Act, the Exchange Act or otherwise, insofar as such loss, expense, liability,
damage or claim arises out of or is based upon (i) any breach of any representation, warranty or covenant of such Selling Stockholder contained herein, as applicable, (ii) any untrue statement or alleged untrue statement of a material fact
contained in (A) the Registration Statement (or any amendment), (B) any Issuer Free Writing Prospectus that the Company has filed or was required to file with the Commission, or (C) the Prospectus, or (D) any Application,
(iii) any omission or alleged omission to state a material fact required to be stated in such Registration Statement, or necessary to make the statements made therein not misleading, or (iv) any omission or alleged omission from any such
Issuer Free Writing Prospectus, Prospectus or any Application of a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading; provided, however, in the case of
(ii), (iii) and (iv) above only insofar as any such loss, expense, liability, damage or claim arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission of a material fact contained in
and in conformity with information furnished in writing by such Selling Stockholder to the Company expressly for use in such Registration Statement, Issuer Free Writing Prospectus (if any), Prospectus or Application; provided, however,
that the indemnity agreement contained in this subsection (b) shall not require any Selling Stockholder to reimburse the Underwriters, the Company or any controlling person, as the case may be, for any amount in excess of the gross sale price
of the Shares sold by such Selling Stockholder pursuant to this Agreement. The indemnity agreement set forth in this Section 10(b) shall be in addition to any liabilities that the Selling Stockholder may otherwise have. 
 If any action is brought against an Underwriter, a Selling Stockholder, the Company or controlling person in respect of which indemnity may
be sought against the Company or a Selling

  

 26 

 
Stockholder pursuant to subsection (a) or subsection (b) above, such Underwriter, the Selling Stockholder or the Company, as the case may be, shall promptly notify the Company or the
Selling Stockholder, as applicable, in writing of the institution of such action, and the Company or the Selling Stockholder, as applicable, shall assume the defense of such action, including the employment of counsel and payment of expenses;
provided, however, that any failure or delay to so notify the Company or the Selling Stockholder, as applicable, will not relieve the Company or the Selling Stockholders, as applicable, of any obligation hereunder, except to the extent
that its ability to defend is actually impaired by such failure or delay. Such Underwriter, such Selling Stockholder, the Company, or controlling person, as the case may be, shall have the right to employ its or their own counsel in any such case,
but the fees and expenses of such counsel shall be at the expense of such Underwriter, such Selling Stockholder, the Company or such controlling person unless the employment of such counsel shall have been authorized in writing by the Company or the
Selling Stockholder, as applicable, in connection with the defense of such action, or the Company or such Selling Stockholder, as applicable, shall not have employed counsel to have charge of the defense of such action within a reasonable time or
such indemnified party or parties shall have reasonably concluded (based on the advice of counsel) that there may be defenses available to it or them which are different from or additional to those available to the Company or such Selling
Stockholder, as applicable (in which case neither the Company nor such Selling Stockholder shall have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall
be borne by the Company or such Selling Stockholder, as applicable, and paid as incurred (it being understood, however, that neither the Company nor such Selling Stockholder shall be liable for the expenses of more than one separate firm of
attorneys for each of the Underwriters, the Selling Stockholders, the Company or controlling persons, as the case may be, in any one action or series of related actions in the same jurisdiction (other than local counsel in any such jurisdiction)
representing the indemnified parties who are parties to such action). Anything in this paragraph to the contrary notwithstanding, neither the Company nor any Selling Stockholder shall be liable for any settlement of any such claim or action effected
without its consent. 
 (c) Each Underwriter agrees, severally and not jointly, to indemnify, defend and hold harmless the
Company and each Selling Stockholder, and any person who controls the Company or any Selling Stockholder, as applicable, within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, including, without
limitation, the Company’s directors, the Company’s officers that signed the Registration Statement, the Selling Stockholders, and each of their respective officers and directors, from and against any loss, expense, liability, damage or
claim (including the reasonable cost of investigation) which the Company, any Selling Stockholder or any such person may incur under the Securities Act, the Exchange Act or otherwise, insofar as such loss, expense, liability, damage or claim arises
out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment), any Issuer Free Writing Prospectus that the Company has filed or was required to file
with the Commission, or the Prospectus, or any Application, (ii) any omission or alleged omission to state a material fact required to be stated in any such Registration Statement, or necessary to make the statements made therein not
misleading, or (iii) any omission or alleged omission from any such Issuer Free Writing Prospectus, Prospectus or any Application of a material fact necessary to make the statements made therein, in the light of the circumstances under which
they were made, not misleading, but in each case only insofar as such untrue statement or alleged untrue statement or omission or alleged omission was made in such Registration Statement, Issuer Free Writing Prospectus (if any), Prospectus or
Application in reliance upon and in conformity with information furnished in writing by the Underwriters through the Representatives to the Company expressly for use therein. The statements set forth in the paragraphs regarding syndicate short sales
and stabilizing transactions under the caption “Underwriting” in the Preliminary Prospectus, the Disclosure Package and the Prospectus (to the extent such statements relate to the Underwriters) constitute the only information furnished by
or on behalf of any Underwriter through the Representatives to the Company for purposes of Section 3(m) and Section 3(n) and this Section 10. 
  

 27 

 If any action is brought against the Company, any Selling Stockholder or any such person in
respect of which indemnity may be sought against any Underwriter pursuant to the foregoing paragraph, the Company, such Selling Stockholder or such person shall promptly notify the Representatives in writing of the institution of such action and the
Representatives, on behalf of the Underwriters, shall assume the defense of such action, including the employment of counsel and payment of expenses. The Company, such Selling Stockholder or such person shall have the right to employ its own counsel
in any such case, but the fees and expenses of such counsel shall be at the expense of the Company, the Selling Stockholders or such person unless the employment of such counsel shall have been authorized in writing by the Representatives in
connection with the defense of such action or the Representatives shall not have employed counsel to have charge of the defense of such action within a reasonable time or such indemnified party or parties shall have reasonably concluded (based on
the advice of counsel) that there may be defenses available to it or them which are different from or additional to those available to the Underwriters (in which case the Representatives shall not have the right to direct the defense of such action
on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by such Underwriter and paid as incurred (it being understood, however, that the Underwriters shall not be liable for the expenses of more
than one separate firm of attorneys in any one action or series of related actions in the same jurisdiction (other than local counsel in any such jurisdiction) representing the indemnified parties who are parties to such action). Anything in this
paragraph to the contrary notwithstanding, no Underwriter shall be liable for any settlement of any such claim or action effected without the written consent of the Representatives. 
 (d) If the indemnification provided for in this Section 10 is unavailable or insufficient to hold harmless an indemnified party under
subsections (a), (b) and (c) of this Section 10 in respect of any losses, expenses, liabilities, damages or claims referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a result of such losses, expenses, liabilities, damages or claims (i) in such proportion as is appropriate to reflect the relative benefits received by the Company,
such Selling Stockholder and the Underwriters from the offering of the Shares or (ii) if (but only if) the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i) above but also the relative fault of the Company, of such Selling Stockholder and of the Underwriters in connection with the statements or omissions which resulted in such losses, expenses,
liabilities, damages or claims, as well as any other relevant equitable considerations. The relative benefits received by the Company, such Selling Stockholder and the Underwriters shall be deemed to be in the same proportion as the total proceeds
from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company or such Selling Stockholder, as the case may be, bear to the underwriting discounts and commissions received by the Underwriters.
The relative fault of the Company, of the Selling Stockholders and of the Underwriters shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged
omission relates to information supplied by the Company, by the Selling Stockholder or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
amount paid or payable by a party as a result of the losses, claims, damages and liabilities referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating or
defending any claim or action. 
 (e) The Company, each Selling Stockholder and the Underwriters agree that it would not be just
and equitable if contribution pursuant to this Section 10 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of
the equitable considerations referred to in subsection (d)(i) and, if applicable (ii), above. Notwithstanding the provisions of this Section 10, no Underwriter shall be required to contribute any amount in excess of the underwriting
discounts and commissions applicable to

  

 28 

 
the Shares purchased by such Underwriter and no Selling Stockholder shall be required to contribute any amount in excess of the gross sale price of the Shares sold by the Selling Stockholder
pursuant to this Agreement. No person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The Underwriters’ obligations to contribute pursuant to this Section are several in proportion to their respective underwriting commitments and not joint. 
 (f) Without limitation of and in addition to its obligations under the other paragraphs of this Section, the Company agrees to indemnify and hold harmless Sandler O’Neill & Partners, L.P.
(in the capacity described in this paragraph, the “Independent Underwriter”), its directors, officers and employees and each person who controls the Independent Underwriter within the meaning of Section 15 of the Securities Act
from and against any and all loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to the purchase and sale of the Shares) to which
the Independent Underwriter, director, officer, employee or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, the Independent
Underwriter’s acting as a “qualified independent underwriter” (within the meaning of NASD Conduct Rule 2720) in connection with the offering contemplated by this Agreement, and agrees to reimburse each such indemnified party
promptly upon demand for any legal or other expenses reasonably incurred by them in connection with investigating or defending or preparing to defend any such loss, claim, damage, liability or action; provided, however, that the
Company shall not be liable in any such case to the extent that it is determined in a final judgment by a court of competent jurisdiction that such loss, claim, damage, liability or action resulted directly from the gross negligence or willful
misconduct of the Independent Underwriter. The relative benefits received by the Independent Underwriter with respect to the offering contemplated by this Agreement shall, for purposes of this Section 10(f), be deemed to be equal to the
compensation received by the Independent Underwriter for acting in such capacity. In addition, notwithstanding the provisions of Section 10(e), the Independent Underwriter shall not be required to contribute any amount in excess of the
compensation received by the Independent Underwriter for acting in such capacity. 
  

	11.	Survival: 

 The indemnity
and contribution agreements contained in Section 10 and the covenants, warranties and representations of the Company and the Selling Stockholders contained in Sections 3, 4, 5, 6, 12 and 13 of this Agreement, as well as this Section, shall
remain in full force and effect regardless of any investigation made by or on behalf of any Underwriter, or any person who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
and the respective directors, officers, employees and agents of each Underwriter or by or on behalf of the Company, its directors and officers, each Selling Stockholder or any person who controls the Company or any Selling Stockholder within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the sale and delivery of the Shares. The Company, each Selling Stockholder and each Underwriter agree
promptly to notify the others of the commencement of any litigation or proceeding against it and, in the case of the Company, against any of the Company’s officers and directors, in connection with the sale and delivery of the Shares, or in
connection with the Registration Statement or Prospectus. 
  

	12.	Research Analyst Independence: 

 The Company and each Selling Stockholder acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain
regulations and internal policies, and that such Underwriters’

  

 29 

 
research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of
their respective investment banking divisions. The Company and each Selling Stockholder hereby waive and release, to the fullest extent permitted by law, any claims that the Company or such Selling Stockholder may have against the Underwriters with
respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company or
such Selling Stockholder by such Underwriters’ investment banking divisions. The Company and each Selling Stockholder acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to
applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this
Agreement. 
  

	13.	Duties: 

 Nothing in this
Agreement shall be deemed to create a partnership, joint venture or agency relationship between the parties. The Underwriters undertake to perform such duties and obligations only as expressly set forth herein. Such duties and obligations of the
Underwriters with respect to the Shares shall be determined solely by the express provisions of this Agreement, and the Underwriters shall not be liable except for the performance of such duties and obligations with respect to the Shares as are
specifically set forth in this Agreement. Each of the Company and the Selling Stockholders acknowledges and agrees that: (i) the purchase and sale of the Shares pursuant to this Agreement, including the determination of the public offering
price of the Shares and any related discounts and commissions, is an arm’s-length commercial transaction between the Company and each Selling Stockholder, on the one hand, and the several Underwriters, on the other hand, and the Company and
each Selling Stockholder are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated by this Agreement; (ii) in connection with each transaction contemplated hereby and
the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary of the Company, any Selling Stockholder or their respective affiliates, stockholders,
creditors or employees or any other party; (iii) no Underwriter has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Company or any Selling Stockholder with respect to any of the transactions contemplated
hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company or any Selling Stockholder on other matters); and (iv) the several Underwriters and their respective affiliates may
be engaged in a broad range of transactions that involve interests that differ from those of the Company and the Selling Stockholders and that the several Underwriters have no obligation to disclose any of such interests. The Company and each
Selling Stockholder acknowledge that the Underwriters disclaim any implied duties (including any fiduciary duty), covenants or obligations arising from the Underwriters’ performance of the duties and obligations expressly set forth herein. The
Company and such Selling Stockholder hereby waive and release, to the fullest extent permitted by law, any claims that the Company and the Selling Stockholders may have against the several Underwriters with respect to any breach or alleged breach of
agency or fiduciary duty. 
  

	14.	Notices: 

 Except as
otherwise herein provided, all statements, requests, notices and agreements shall be in writing or by facsimile and, if to the Underwriters, shall be sufficient in all respects if delivered to: 
  

 30 

 FBR Capital Markets & Co. 
 1001 19th Street North 
 Arlington, Virginia 22209 
 Attention: Syndicate Department 
 Facsimile: (703) 312-9698 
 Barclays Capital Inc. 
 745 Seventh Avenue 
 New York, New York 10019 
 Attention: Syndicate Registration 
 Facsimile: (646) 834-8133 
 and if to the Company, shall be sufficient in all respects if delivered to the Company at the offices of the Company at: 
 FBR Capital Markets Corporation 
 1001 19th
Street North 
 Arlington, Virginia 22209 
 Attention: Syndicate Department 
 Facsimile: (703) 312-9698 
 and if to the Selling Stockholders, shall be sufficient in all respects if delivered to: 
 Arlington Asset Investment Corp. 
 1001 19th
Street North 
 Arlington, Virginia 22209 
 Attention: President 
 Facsimile: (703) 469-1145 
 FBR Securities Investment HY, LLC 
 1001 19th
Street North 
 Arlington, Virginia 22209 
 Attention: President 
 Facsimile: (703) 469-1145 
  

	15.	Governing Law; Headings: 

 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. The section headings in this Agreement have been inserted as a matter of convenience
of reference and are not a part of this Agreement. 
  

	16.	Parties at Interest: 

 The
Agreement herein set forth has been and is made solely for the benefit of the Underwriters, the Company, the Selling Stockholders and the controlling persons, directors and officers referred to in Section 10 hereof, and their respective
successors, assigns, executors and administrators. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from any of the Underwriters) shall acquire or have any right under or by virtue of this
Agreement. 
  

 31 

	17.	Counterparts and Facsimile Signatures: 

 This Agreement may be signed by the parties in counterparts which together shall constitute one and the same agreement among the parties. A facsimile signature shall constitute an original signature for
all purposes. 
 [SIGNATURE PAGE FOLLOWS] 
  

 32 

 If the foregoing correctly sets forth the understanding among the Company, each Selling
Stockholder and the Underwriters, please so indicate in the space provided below for that purpose, whereupon this Agreement shall constitute a binding agreement among the Company, each Selling Stockholder and the Underwriters. 
  

			
	Very truly yours,
	
	FBR CAPITAL MARKETS CORPORATION
		
	By:	 	/S/    WILLIAM J. GINIVAN
	Name:	 	William J. Ginivan
	Title:	 	Executive Vice President and General Counsel

  
  

			
	ARLINGTON ASSET INVESTMENT CORP.
		
	By:	 	/S/    J. ROCK TONKEL, JR.
	Name:	 	J. Rock Tonkel, Jr.
	Title:	 	President and COO

  
  

			
	FBR SECURITIES INVESTMENT HY, LLC
		
	By:	 	/S/    J. ROCK TONKEL, JR.
	Name:	 	J. Rock Tonkel, Jr.
	Title:	 	President

  

			
	 Accepted and agreed to as
 of the date first above written:

	
	FBR CAPITAL MARKETS & CO.
		
	By:	 	/S/    JAMES R. KLEEBATT
	Name:	 	James R. Kleebatt
	Title:	 	Vice Chairman
	
	BARCLAYS CAPITAL INC.
		
	By:	 	/S/    VICTORIA HALE
	Name:	 	Victoria Hale
	Title:	 	Vice President

  
 For themselves and as
Representatives of the other 
 Underwriters named on Schedule I hereto. 

 Schedule I 
  

			
	 Underwriter
	  	Number of Initial
Shares to be
Purchased
	 FBR Capital Markets & Co.
	  	7,698,270
	 Barclays Capital Inc.
	  	3,849,135
	 Sandler O’Neill & Partners, L.P.
	  	1,283,045
	 Total
	  	12,830,450

  

 S-1 

 Schedule II 
  

			
	 Selling Stockholder
	  	Number of Initial
Shares to be Sold
	 Arlington Asset Investment Corp.
	  	10,766,049
	 FBR Securities Investment HY, LLC
	  	2,064,401
	 Total
	  	12,830,450

  

 S-2 

 Schedule III 
 Disclosure Package 
  

	1.	Prospectus, dated September 16, 2009, as filed with the Commission on September 16, 2009. 

  

	2.	Preliminary Prospectus Supplement, dated October 20, 2009, as filed with the Commission on October 20, 2009. 

  

	3.	Number of shares of common stock offered by the Selling Stockholders: 12,830,450 

  

	 	Over allotment option: 1,924,567 shares 

  

	 	Public offering price per Share: $6.00 

  

 S-3 

 Schedule IV 
 Issuer Free Writing Prospectuses 
 None 
  

 S-4 

 Schedule V 
 Lock-up Agreements of Officers, Directors and Stockholders 
 Arlington
Asset Holdings LLC 
 Forest Holdings LLC 
 Forest Holdings (ERISA) LLC 
 Eric F. Billings 
 Richard J. Hendrix 
 Bradley J. Wright 
 Jonathan L. Billings 
 Robert J. Kiernan 

James C. Neuhauser 
 William J. Ginivan

 Richard M. DeMartini 
 Thomas J.
Hynes, Jr. 
 Richard A. Kraemer 
 Ralph
S. Michael, III 
 Thomas S. Murphy, Jr. 
 Arthur J. Reimers 
  

 S-5 

 Exhibit A 
 FORM OF LOCK-UP AGREEMENT 
                 , 2009 
 FBR CAPITAL
MARKETS & CO. 
 BARCLAYS CAPITAL INC. 
 c/o FBR CAPITAL MARKETS & CO. 
 1001 19th Street North 
 Arlington, Virginia 22209 
 as Representative of the several underwriters 
 Ladies and Gentlemen: 
 The
undersigned understands and agrees as follows: 
 1. FBR Capital Markets & Co. and Barclays Capital Inc. (the
“Representatives”), as representatives of the several underwriters, propose to enter into an Underwriting Agreement (the “Agreement”) with FBR Capital Markets Corporation, a Virginia corporation (the
“Company”), and Arlington Asset Investment Corp., a Virginia corporation, and FBR Securities Investment HY, LLC, a Virginia limited liability company (together, the “Selling Stockholders”), providing for the initial
purchase by the underwriters of shares of the common stock, $0.001 par value per share, of the Company that the underwriters propose to reoffer to the public (all of such shares of the Company’s common stock are collectively referred to as the
“Shares” and the transactions referred to in this paragraph 1 are referred to as the “Offering”). 
 2. In recognition of the benefit that the Offering will confer upon the undersigned and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the
undersigned, the undersigned hereby agrees that, without the prior written consent of the Representatives (which consent may be withheld or delayed in the Representatives’ sole discretion), the undersigned will refrain during the period
commencing on the date of the Agreement and ending on the date that is 45 days after the date of the Prospectus (as defined in the Agreement), from (i) offering, pledging, selling, contracting to sell, selling any option or contract to
purchase, purchasing any option or contract to sell, granting any option, right or warrant for the sale of, lending or otherwise disposing of or transferring, directly or indirectly, any equity securities of the Company, or any securities
convertible into or exercisable or exchangeable for equity securities of the Company, or (ii) entering into any swap or other arrangement that transfers to another, in whole or in part, directly or indirectly, any of the economic consequences
of ownership of equity securities of the Company, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of common stock of the Company or such other securities, in cash or otherwise. If
(A) during the last 17 days of the 45-day period, the Company issues an earnings release or material news or a material event relating to the Company occurs or (B) prior to the expiration of the 45-day period, the Company announces
that it will release earnings results during the 16-day period beginning on the last day of the 45-day period, then the restrictions imposed by this Lock-Up Letter Agreement shall continue to apply until the expiration of the 18-day period beginning
on the issuance of the earnings release or the announcement of the material news or the occurrence of the material event, unless such extension is waived in writing, provided, however, that the restrictions described above shall not apply if
the safe harbor provided by Rule 139 under the Securities Act of 1933, as amended, is available in the manner contemplated by Rule 2711(f)(4) of the Financial Industry Regulatory Authority, Inc. 
  

 A-1 

 Notwithstanding the foregoing, subject to applicable securities laws, the undersigned may
transfer any securities of the Company (including, without limitation, common stock) as follows: (i) as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth
herein; (ii) as a distribution to equity holders of the undersigned, if applicable, provided that such equity holders agree to be bound in writing by the restrictions set forth herein; (iii) as collateral for any loan,
provided that the lender agrees in writing to be bound by the restrictions set forth herein; or (iv) with respect to sales of securities acquired after the Closing Time (as defined in the Agreement) in the open market. 
 For the avoidance of doubt, nothing shall prevent the undersigned from, or restrict the ability of the undersigned to, (i) purchase
common stock on the open market or (ii) exercise any options or other convertible securities granted by the Company to the undersigned or any of its affiliates. 
 3. The undersigned acknowledges that the Representatives are relying on the agreements of the undersigned set forth herein in making its decision to enter into the Agreement and to continue its efforts in
connection with the Offering. 
 4. This Lock-Up Agreement shall be governed by and construed in accordance with the laws of the
State of New York without regard to principles of conflict of laws. 
 5. This Lock-Up Agreement shall automatically expire and
be of no further force and effect if the Agreement is not entered into on or prior to November 6, 2009 or if the closing thereunder is not consummated on or prior to November 16, 2009. 
 6. This Lock-Up Agreement may be executed in one or more counterparts and delivered by facsimile, each of which shall be deemed to be an
original but all of which shall constitute one and the same agreement. 
 [SIGNATURE PAGE FOLLOWS] 
  

 A-2 

 IN WITNESS WHEREOF, the undersigned has executed this Lock-Up Agreement, or caused this
Lock-Up Agreement to be executed, as of the date first written above. 
  

	
	Very truly yours,
	
	  
	Name:
	
	  
	Name:
	Title:

  

 A-3 

 Exhibit B-1 
 FORM OF OPINION OF COUNSEL TO THE COMPANY 
 1. The Company is a
corporation duly incorporated, validly existing and in good standing under the laws of the Commonwealth of Virginia. The Company has the corporate power to own, lease or operate its property and conduct its business as described in the Prospectus
and to execute and deliver the Underwriting Agreement and to perform its obligations thereunder. 
 2. The execution, delivery and performance
by the Company of the Underwriting Agreement has been duly authorized by all necessary corporate action required under the Company Charter Documents and the Virginia Stock Corporation Act (the “VSCA”). 
 3. The Underwriting Agreement has been duly executed and delivered by the Company. 
 4. The Company has the number of authorized shares of capital stock as set forth under the caption “Description of Capital Stock” in the Prospectus. The Shares to be delivered by the Selling
Stockholders have been duly authorized and validly issued by the Company, and were fully paid and are non-assessable. 
 5. The execution and
delivery by the Company of the Underwriting Agreement do not, and the performance thereof and the consummation of the transactions therein contemplated will not, (i) violate the Company Charter Documents or any provision of the VSCA or any
federal statute, rule or regulation known to us to be applicable to the Company; or (ii) violate or constitute a breach under any agreement that was filed or incorporated by reference, or the form of which was filed or incorporated by
reference, as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2009 and June 30, 2009, or any Current
Report on Form 8-K, or any amendment thereof, filed after January 1, 2009; provided, however, that we express no opinion with respect to any state or foreign securities laws, or the indemnification and contribution provisions set forth in the
Underwriting Agreement. 
 6. The statements contained in the Basic Prospectus under the caption “Description of Capital Stock—Certain
Anti-Takeover Provisions of the VSCA, Our Articles of Incorporation and Our Bylaws” insofar as such statements constitute summaries of the agreements referred to therein, constitute fair summaries thereof in all material respects. 

7. The information contained in the Basic Prospectus under the caption “Description of Capital Stock” to the extent that it constitutes a
statement of law or legal conclusions, has been reviewed by us and is correct in all material respects. 
 8. Based solely on the certificates
of public officials and letters of CT Corporation dated as of the Closing Date attached hereto in Exhibit A: each of FBR Asset Management Holdings, Inc. and FBR Capital Markets PT, Inc. is a corporation existing under and by virtue of the laws of
Virginia and is in good standing. 
 9. Based solely on the certificates of public officials attached hereto in Exhibit B: each of FBR Fund
Advisers, Inc., FBR Investment Management, Inc., FBR Capital Markets Holdings, Inc., FBR Capital Markets & Co., and FBR Investment Services, Inc. is in good standing and has a legal corporate existence not having been cancelled or
dissolved. 
  

 B-1-1 

 10. So far as is known to us, no filing with, notice to, or consent, approval or authorization or order of
any court or governmental agency or body or official is required to be made by the Company in connection with the execution and delivery of the Underwriting Agreement except for the registration of the Shares under the Securities Act and such
consents, approvals, authorizations, orders and registrations or qualifications as may be required by the Financial Industry Regulatory Authority, Inc. and under applicable state securities laws in connection with the purchase and distribution of
the Shares by the Underwriters as to which we express no opinion; provided, however, that we express no opinion as to whether the purchase of the Shares constitutes a “prohibited transaction” under Section 406 of the Employee
Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended. 
 11. The Company is
not required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 12.
Each of (i) the Registration Statement, when it became effective and at the most recent deemed effective date prior to the Initial Sale Time, the Disclosure Package, as of the Initial Sale Time, and the Prospectus, as of its date and the date
hereof and (ii) the documents incorporated by reference in the Registration Statement the Prospectus, as of its respective filing date, appeared on its face to be appropriately responsive to the requirements of the Securities Act and the
Exchange Act, as applicable, and the rules and regulations thereunder (except that in each case we do not express any view as to the financial statements and the related notes and schedules thereto, or as to any other financial or accounting data or
information, included or required to be included therein, or excluded therefrom, or in the exhibits to the Registration Statement); and, to our knowledge, the Commission has not suspended or revoked the effectiveness of the Registration Statement or
issued to the Company notice of any hearing or other proceeding to consider suspension or revocation of such effectiveness. 
 13. Nothing has
come to our attention that causes us to believe that: (i) the Registration Statement, when it became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading; (ii) the Disclosure Package, as of the Initial Sale Time, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, or (iii) the Prospectus, as of its date and as of the date hereof, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading except that, in each case in clauses (i), (ii) and (iii) above, we do not express any view or belief and make
no statement with respect to the financial statements and the related notes and schedules thereto, or as to any other financial or accounting data or information included or required to be included in, or excluded from, the Registration Statement,
the Disclosure Package or the Prospectus or the exhibits to the Registration Statement. 
  

 B-1-2 

 Exhibit B-2 
 FORM OF OPINION OF IN-HOUSE COUNSEL TO THE COMPANY 
 1. To my
knowledge, the Company has not issued any outstanding securities convertible into or exchangeable for, or outstanding options, warrants or other rights to purchase or to subscribe for, any shares of stock or other securities of the Company, except
as described in the Prospectus. 
 2. The execution and delivery by the Company of the Underwriting Agreement do not, and the performance
thereof and the consummation of the transactions therein contemplated will not, result in a breach of, or constitute a default under, any judgment, decree or order of any state or federal court or governmental authority known to me. 
 3. To my knowledge, the Company is not in breach or in default (nor has any event occurred which with notice, lapse of time or both would constitute a
breach or default) (a) under the Company Charter Documents, or (b) in the performance or observance of any contract, license, indenture, mortgage, deed of trust, bank loan or credit agreement or other agreement or instrument to which the
Company is a party or by which it or its properties may be bound or affected, except, in the case of clause (b), as would not have a Material Adverse Effect; provided, however, that I express no opinion (i) as to whether the execution, delivery
or performance of any contract, instrument or agreement, including, without limitation, the Underwriting Agreement, will constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests
or any aspect of the financial condition or results of operation of any person or entity or (ii) with respect to any matter which requires mathematical calculation or any financial or accounting determination. 
  

 B-2-1 

 Exhibit C 
 FORM OF OPINION OF COUNSEL TO THE SELLING STOCKHOLDERS 
 Opinions to be Delivered by Hunton & Williams LLP 
 Special Virginia Counsel to the Selling
Stockholders 
  

	1.	Arlington Asset Investment Corp. (“Arlington”) is a corporation duly incorporated, validly existing and, based solely on a certificate issued by the
Virginia State Corporation Commission (the “SCC”) dated October •, 2009, in good standing under the laws of the Commonwealth of Virginia. Arlington has the corporate power and authority to enter into the transactions
contemplated by the Underwriting Agreement. 

  

	2.	FBR Securities Investment HY, LLC (“HY LLC”) is a limited liability company duly formed and validly existing under the laws of the Commonwealth of
Virginia, and, based solely on a certificate issued by the SCC dated October •, 2009, articles of cancellation have not been filed in the office of the SCC by HY LLC. HY LLC has the limited liability company power and authority to enter into
the transactions contemplated by the Underwriting Agreement. 

  

	3.	The Underwriting Agreement has been duly authorized by all necessary limited liability company or corporate action required under the Articles of Organization and
Operating Agreement of HY LLC and the Articles of Incorporation of Arlington, and the Virginia Limited Liability Company Act and the Virginia Stock Corporation Act, as the case maybe, and the Underwriting Agreement has been duly executed and
delivered by each of the Selling Stockholders. 

  

	4.	The execution and delivery by each of the Selling Stockholders of the Underwriting Agreement do not, and the consummation of the transactions contemplated by the
Underwriting Agreement will not, (i) violate the Articles of Organization and Operating Agreement of HY LLC or the Articles of Incorporation of Arlington, (ii) violate any provision of the Virginia Limited Liability Company Act or the
Virginia Stock Corporation Act, as applicable, or (iii) result in a breach of, or constitute a default under the Articles of Merger merging FBR TRS Holdings, Inc. into Arlington Asset Holdings, LLC, dated September 18, 2009; provided,
however, that such counsel need not express any opinion with respect to any Virginia state securities or Blue Sky laws, or the indemnification and contribution provisions set forth in the Underwriting Agreement. 

  

	5.	No filing with, notice to, or consent, approval, authorization or order of any Virginia state court or Virginia governmental agency or body or official is required to
be made by the Selling Stockholders (other than as may be required under Virginia state securities or Blue Sky laws, as to which such counsel need not express an opinion) is required for the execution and delivery of the Underwriting Agreement by
each of the Selling Stockholders and the consummation of the transactions contemplated thereby. 

 Opinions to
be Delivered by Gibson Dunn & Crutcher 
 Special Counsel to the Selling Stockholder 
  

	1.	 The execution, delivery and performance by each Selling Stockholder of the Underwriting Agreement (i) does not and will not violate any law, rule
or regulation currently in effect of the State of New York or the United States of America applicable to such Selling Stockholders that, in our experience, is generally applicable to transactions in the nature of those contemplated by the
Underwriting Agreement, and (ii) does not and will not breach the terms of any order, judgment or decree of any court or other agency of government identified to us in a certificate of

  

 C-1 

	 	 
a duly authorized officer of such Selling Stockholders that purports to list all orders, judgments or decrees binding on such Selling Stockholders, based solely on our review of such orders,
judgments or decrees. 

  

	2.	The execution, delivery and performance by each Selling Stockholder of the Underwriting Agreement does not and will not require any filing with or approval of any
governmental authority or regulatory body of the State of New York or the United States of America under any law or regulation of the State of New York or the United States of America applicable to such Selling Stockholder, except for such filings
or approvals as already have been made or obtained under the Securities Act of 1933, as amended. Other than the last clause of the preceding sentence, counsel expresses no opinion in this paragraph regarding federal or state securities laws.

  

	3.	Upon payment by the Underwriters for the Shares to be sold by the Selling Stockholders in accordance with the provisions of the Underwriting Agreement and registration
by book-entry of the credit to securities accounts of the Underwriters with the Depository Trust Company (“DTC”) of the purchase of such Shares in the records of DTC, the Underwriters will have a valid security entitlement in
respect of such Shares, and no action based on an adverse claim to such Shares of which the Underwriters have no notice may be asserted against them, assuming that (i) such Shares are maintained in the custody of DTC or a custodian bank or an
agent of either subject to DTC’s exclusive control, (ii) DTC is a clearing corporation and (iii) the jurisdiction of DTC is the state of New York. All terms used in this paragraph defined in or by reference in Article 8 of the Uniform
Commercial Code of the State of New York are used herein as so defined. 

  

 C-2Form of Indenture

 Exhibit 4.1 
  
  
  
 CLEARWATER PAPER CORPORATION 

 TO 
 [            ] 
 Trustee 

 
  
 Indenture 
 Dated as
of    — 
  
  
  
  
  

 CLEARWATER PAPER CORPORATION 
 Reconciliation and tie between Trust Indenture Act of 1939 and 
 Indenture, dated as of    — 
  

					
	 Trust Indenture
 Act Section
	 	  	  	 Indenture
 Sections

	 § 310(a)(1)
	 		  	609
	 (a)(2)
	 		  	609
	 (a)(3)
	 		  	Not Applicable
	 (a)(4)
	 		  	Not Applicable
	 (a)(5)
	 		  	609
	 (b)
	 		  	608
		 		  	 610

	 § 311(a)
	 		  	613(a)
	 (b)
	 		  	613(b)
	 (b)(2)
	 		  	703(a)(2)
		 		  	 703(b)

	 § 312(a)
	 		  	701
		 		  	702(a)
	 (b)
	 		  	702(b)
	 (c)
	 		  	702(c)
	 § 313(a)
	 		  	703(a)
	 (b)
	 		  	703(b)
	 (c)
	 		  	703(a), 703(b)
	 (d)
	 		  	703(c)
	 § 314(a)
	 		  	704, 1004
	 (b)
	 		  	Not Applicable
	 (c)(1)
	 		  	102
	 (c)(2)
	 		  	102
	 (c)(3)
	 		  	Not Applicable
	 (d)
	 		  	Not Applicable
	 (e)
	 		  	102
	 § 315(a)
	 		  	601(a)
	 (b)
	 		  	602
		 		  	703(a)(7)
	 (c)
	 		  	601(b)
	 (d)
	 		  	601(c)
	 (d)(l)
	 		  	601(a)(1)
	 (d)(2)
	 		  	601(c)(2)
	 (d)(3)
	 		  	601(c)(3)
	 (e)
	 		  	514
	 § 316(a)
	 		  	101
	 (a)(1)(A)
	 		  	502
		 		  	512
	 (a)(1)(B)
	 		  	513
	 (a)(2)
	 		  	Not Applicable
	 (b)
	 		  	508
	 (c)
	 		  	104(g)
	 § 317(a)(l)
	 		  	503
	 (a)(2)
	 		  	504
	 (b)
	 		  	1003
	 § 318(a)
	 		  	107

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

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	
	 ARTICLE ONE
  
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

			
	 SECTION 101.
	  	Definitions.	  	1
	 SECTION 102.
	  	Compliance Certificates and Opinions.	  	6
	 SECTION 103.
	  	Form of Documents Delivered to Trustee.	  	7
	 SECTION 104.
	  	Acts of Holders.	  	7
	 SECTION 105.
	  	Notices, Etc. to Trustee and Company.	  	8
	 SECTION 106.
	  	Notice to Holders; Waiver.	  	9
	 SECTION 107.
	  	Conflict With Trust Indenture Act.	  	9
	 SECTION 108.
	  	Effect of Headings and Table of Contents.	  	9
	 SECTION 109.
	  	Successors and Assigns.	  	9
	 SECTION 110.
	  	Separability Clause.	  	9
	 SECTION 111.
	  	Benefits of Indenture.	  	9
	 SECTION 112.
	  	Governing Law.	  	10
	 SECTION 113.
	  	Legal Holidays.	  	10
	 SECTION 114.
	  	Rules by Trustee and Agents.	  	10
	 SECTION 115.
	  	No Recourse Against Others.	  	10
	
	 ARTICLE TWO
  
 SECURITY FORMS

			
	 SECTION 201.
	  	Forms Generally.	  	10
	 SECTION 202.
	  	Form of Trustee’s Certificate of Authentication.	  	10
	
	 ARTICLE THREE
  
 THE SECURITIES

			
	 SECTION 301.
	  	Amount Unlimited; Issuable in Series.	  	11
	 SECTION 302.
	  	Denominations.	  	13
	 SECTION 303.
	  	Execution, Authentication, Delivery and Dating.	  	14
	 SECTION 304.
	  	Temporary Securities.	  	15
	 SECTION 305.
	  	Registration, Registration of Transfer and Exchange.	  	15
	 SECTION 306.
	  	Mutilated, Destroyed, Lost and Stolen Securities.	  	16
	 SECTION 307.
	  	Payment of Interest; Interest Rights Preserved.	  	17
	 SECTION 308.
	  	Persons Deemed Owners.	  	18
	 SECTION 309.
	  	Cancellation.	  	19
	 SECTION 310.
	  	Computation of Interest.	  	19
	 SECTION 311.
	  	Global Securities; Exchanges; Registration and Registration of Transfer.	  	19

  

 i 

					
	 SECTION 312.
	  	Extension of Interest Payment.	  	20
	
	ARTICLE FOUR
	
	SATISFACTION AND DISCHARGE; DEFEASANCE
			
	 SECTION 401.
	  	Termination of Company’s Obligations.	  	20
	 SECTION 402.
	  	Defeasance and Discharge of Indenture.	  	21
	 SECTION 403.
	  	Defeasance of Certain Obligations.	  	21
	 SECTION 404.
	  	Conditions to Defeasance.	  	22
	 SECTION 405.
	  	Application of Trust Money.	  	23
	 SECTION 406.
	  	Reinstatement.	  	23
	
	ARTICLE FIVE
	
	REMEDIES
			
	 SECTION 501.
	  	Events of Default.	  	24
	 SECTION 502.
	  	Acceleration of Maturity; Rescission and Annulment.	  	25
	 SECTION 503.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	25
	 SECTION 504.
	  	Trustee May File Proofs of Claim.	  	26
	 SECTION 505.
	  	Trustee May Enforce Claims Without Possession of Securities or Coupons.	  	26
	 SECTION 506.
	  	Application of Money Collected.	  	26
	 SECTION 507.
	  	Limitation on Suits.	  	27
	 SECTION 508.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest.	  	27
	 SECTION 509.
	  	Restoration of Rights and Remedies.	  	27
	 SECTION 510.
	  	Rights and Remedies Cumulative.	  	27
	 SECTION 511.
	  	Delay or Omission Not Waiver.	  	27
	 SECTION 512.
	  	Control by Holders.	  	28
	 SECTION 513.
	  	Waiver of Past Defaults.	  	28
	 SECTION 514.
	  	Undertaking for Costs.	  	28
	 SECTION 515.
	  	Waiver of Stay or Extension Laws.	  	28
	
	ARTICLE SIX
	
	THE TRUSTEE
			
	 SECTION 601.
	  	Certain Duties and Responsibilities.	  	29
	 SECTION 602.
	  	Notice of Defaults.	  	29
	 SECTION 603.
	  	Certain Rights of Trustee.	  	30
	 SECTION 604.
	  	Not Responsible for Recitals or Issuance of Securities.	  	30
	 SECTION 605.
	  	May Hold Securities.	  	31
	 SECTION 606.
	  	Money Held in Trust.	  	31
	 SECTION 607.
	  	Compensation and Reimbursement.	  	31
	 SECTION 608.
	  	Disqualification; Conflicting Interests.	  	31
	 SECTION 609.
	  	Corporate Trustee Required; Eligibility.	  	31

  

 ii 

					
	 SECTION 610.
	  	Resignation and Removal; Appointment of Successor.	  	31
	 SECTION 611.
	  	Acceptance of Appointment by Successor.	  	33
	 SECTION 612.
	  	Merger, Conversion, Consolidation or Succession to Business.	  	33
	 SECTION 613.
	  	Preferential Collection of Claims Against Company.	  	34
	 SECTION 614.
	  	Appointment of Authenticating Agent.	  	34
	
	ARTICLE SEVEN
	
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
			
	 SECTION 701.
	  	Company to Furnish Trustee Names and Addresses of Holders.	  	35
	 SECTION 702.
	  	Preservation of Information; Communications to Holders.	  	36
	 SECTION 703.
	  	Reports by Trustee.	  	36
	 SECTION 704.
	  	Reports by Company.	  	37
	
	ARTICLE EIGHT
	
	CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
			
	 SECTION 801.
	  	Company May Consolidate, Etc. Only on Certain Terms.	  	37
	 SECTION 802.
	  	Successor Substituted for the Company.	  	38
	
	ARTICLE NINE
	
	SUPPLEMENTAL INDENTURES
			
	 SECTION 901.
	  	Supplemental Indentures Without Consent of Holders.	  	38
	 SECTION 902.
	  	Supplemental Indentures With Consent of Holders.	  	39
	 SECTION 903.
	  	Execution of Supplemental Indentures.	  	40
	 SECTION 904.
	  	Effect of Supplemental Indentures.	  	40
	 SECTION 905.
	  	Conformity With Trust Indenture Act.	  	41
	 SECTION 906.
	  	Reference in Securities to Supplemental Indentures.	  	41
	 SECTION 907.
	  	Revocation and Effect of Consents.	  	41
	 SECTION 908.
	  	Modification Without Supplemental Indenture.	  	41
	
	ARTICLE TEN
	
	COVENANTS
			
	 SECTION 1001.
	  	Payment of Principal, Premium and Interest.	  	41
	 SECTION 1002.
	  	Maintenance of Office or Agency.	  	42
	 SECTION 1003.
	  	Money for Securities Payments to Be Held in Trust.	  	43
	 SECTION 1004.
	  	Statement as to Compliance.	  	44
	 SECTION 1005.
	  	Corporate Existence.	  	44
	 SECTION 1006.
	  	Waiver of Certain Covenants.	  	44

  

 iii 

					
	ARTICLE ELEVEN
	
	REDEMPTION OF SECURITIES
			
	 SECTION 1101.
	  	Applicability of Article.	  	44
	 SECTION 1102.
	  	Election to Redeem; Notice to Trustee.	  	44
	 SECTION 1103.
	  	Selection by Trustee of Securities to Be Redeemed.	  	45
	 SECTION 1104.
	  	Notice of Redemption.	  	45
	 SECTION 1105.
	  	Securities Payable on Redemption Date.	  	46
	 SECTION 1106.
	  	Securities Redeemed in Part.	  	46
	
	ARTICLE TWELVE
	
	REPAYMENT OF SECURITIES AT OPTION OF HOLDERS
			
	 SECTION 1201.
	  	Applicability of Article.	  	47
	 SECTION 1202.
	  	Notice of Repayment Date.	  	47
	 SECTION 1203.
	  	Securities Payable on Repayment Date.	  	48
	 SECTION 1204.
	  	Securities Repaid in Part.	  	48

  

 iv 

 INDENTURE, dated as of     —
    , between CLEARWATER PAPER CORPORATION, a corporation duly organized and existing under the laws of Delaware (herein called the “Company”), having its principal office at 601 W. Riverside
Avenue, Suite 1100, Spokane, Washington, and [TRUSTEE] (herein called the “Trustee”). 
 RECITALS OF THE COMPANY 
 The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (each herein called a “Security” or, collectively, the
“Securities”), in an unlimited aggregate principal amount to be issued in one or more series as in this Indenture provided. 
 All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the
premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 SECTION 101. Definitions. For all purposes of
this Indenture, except as otherwise expressly provided or unless the context otherwise requires; 
 (1) the terms defined in
this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
 (2) all other
terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided,
the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States at the date of such
computation or, at the election of the Company from time to time, at the date of the execution and delivery of this Indenture; 
 (4) the word “or” is not exclusive; and 
 (5) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 Certain terms, used principally in Article Six, are defined in that Article. 
 “Act”, when used with respect to any Holder, has the meaning specified in Section 104. 
 “Affiliate” of any specified Person means 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” means any Person authorized by the Trustee to
act on behalf of the Trustee to authenticate Securities. 
 “Authorized Newspaper” means a newspaper in
an official language of the country of publication or in the English language, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which
the term is used. Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case
on any Business Day. If it shall be impossible or impractical to make any publication of any notice required by this Indenture in the manner herein provided, any publication or other notice in lieu thereof that is made or given by the Trustee shall
constitute a sufficient publication of such notice. 
 “Authorized Officer” means any person (whether
designated by name or the persons for the time being holding a designated office) appointed by or pursuant to a Board Resolution for the purpose, or a particular purpose, of this Indenture, provided that written notice of such appointment
shall have been given to the Trustee. 
 “Board of Directors” means either the board of directors of the
Company or any duly authorized committee of that board. 
 “Board Resolution” when used with reference
to the Company means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered
to the Trustee. 
 “Business Day”, when used with respect to any Place of Payment or any other
particular location specified in the Securities or this Indenture, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment, such other location or the city in which the
Corporate Trust Office of the Trustee is located, are authorized or obligated by law to close, except as may be otherwise specified as contemplated by Section 301(b). 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the
Securities Exchange Act of 1934, or, if at any time after the execution of this indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor Person has become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by an Authorized Officer and delivered to the
Trustee. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business shall be principally administered and which at the date hereof is located at —. 
 “corporation” means a corporation, association, joint stock company, limited liability company or business trust. 
 “Defaulted Interest” has the meaning specified in Section 307. 
 “Depositary” means, with respect to the Securities of any series issuable or issued in the form of a Global
Security, the Person designated as Depositary by the Company in Section 301(b) 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. 
  

 2 

 “Dollar” or “$” means a dollar or other
equivalent unit in such coin or currency of the United States of America that is legal tender for the payment of public and private debts at the time of payment. 
 “Eligible Obligations” means: 
 (a) with respect to
Securities denominated in Dollars, U.S. Government Obligations; or 
 (b) with respect to Securities denominated in a currency
other than Dollars or in a composite currency, such other obligations or instruments as shall be specified with respect to such Securities, as contemplated by Section 301(b). 
 “Event of Default” has the meaning specified in Section 501. 
 “Global Security” means a Security, if any, issued to evidence all or a part of a series of Securities in accordance
with Section 301. 
 “Hedging Obligations” means, with respect to any Person, the obligations of
such Person under (i) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (ii) other agreements or arrangements designed to protect such Person against fluctuations in interest rates.

 “Holder” means, with respect to a Registered Security, a Person in whose name such Registered
Security is registered in the Security Register and, with respect to an Unregistered Security or coupon appertaining thereto, the bearer thereof. 
 “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof and shall include the form and terms of particular series of Securities established as contemplated by Section 301. 
 “Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount
thereof at original issuance. 
 “interest”, when used with respect to an Original Issue Discount
Security that by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Interest
Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or
herein provided, whether at the Stated Maturity or by declaration of acceleration, upon call for redemption, exercise of repayment option or otherwise. 
 “Officer’s Certificate” means a certificate signed by an Authorized Officer and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of, or counsel for, the Company or
an Affiliate of the Company, and who shall be reasonably acceptable to the Trustee. 
 “Original Issue Discount
Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 
 “Outstanding”, when used with respect to Securities of any series, means, as of the date of determination, all
Securities theretofore authenticated and delivered under this Indenture, except: 
 (a) Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
  

 3 

 (b) Securities or portions thereof for whose payment or redemption money or
Eligible Obligations (or any combination of money and Eligible Obligations) in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company or any other obligor on such Security) in trust or set
aside and segregated in trust by the Company or any other obligor on such Security (if the Company or any other obligor on such Security acts as its own Paying Agent) for the Holders of such Securities; provided, however, that if such
Securities, or portions thereof, are to be redeemed prior to the Stated Maturity thereof, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (c) Securities as to which the Company has effected defeasance as provided in Section 402; 
 (d) Securities that have been paid pursuant to Section 306 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 have been presented to the Trustee proof satisfactory to it and the Company that such Securities are held by a bona fide purchaser
in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders
of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder, 
 (i) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor (unless the Company, such Affiliate or such obligor owns (x) all Securities Outstanding under this Indenture or (y) except for the purposes of actions to be taken by Holders of more than one series or Tranche voting as a class, all
Outstanding Securities of each such series and each such Tranche, as the case may be, determined without regard to this clause) shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities that the Trustee 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 so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor; 
 (ii) in determining whether the Holders of the requisite principal amount of
Securities of any series or Tranche have concurred in any direction, waiver or consent, the principal amount of Original Issue Discount Securities that shall be deemed to be outstanding shall be the amount of the principal thereof that would be due
and payable as of the date of such determination upon acceleration of the maturity thereof pursuant to Section 502; 
 (iii) in the case of any Security the principal of that is payable from time to time without presentment or surrender, the principal amount of such Security that shall be deemed to be Outstanding at any
time for all purposes of this Indenture shall be the original principal amount thereof less the aggregate amount of principal thereof theretofore paid; and 
 (iv) in the case of Securities having been denominated in a currency other than Dollars and remaining outstanding contemporaneously with Securities denominated in Dollars, the principal amount of any
Security that is denominated in a currency other than Dollars or in a composite currency that shall be deemed to be Outstanding for such purposes shall be determined as contemplated by Section 301(b). 
 “Paying Agent” means any Person, including the Company, authorized by the Company to pay the principal of (and
premium, if any) or interest on any Securities on behalf of the Company. 
  

 4 

 “Periodic Offering” means an offering of Securities of a series from
time to time any or all of the specific terms of which Securities, including without limitation the rate or rates of interest, if any, thereon, the Stated Maturity or Maturities thereof and the redemption provisions, if any, with respect thereto,
are to be determined by the Company or its agents from time to time subsequent to the initial request for the authentication and delivery of such Securities by the Trustee, all as contemplated in Sections 301 and 303. 
 “Person” means any individual, corporation, partnership, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof. 
 “Place of Payment”, when used with respect
to the Securities of any series, or any Tranche thereof, means the place or places where the principal of (and premium, if any) and interest, if any, on the Securities of that series or Tranche are payable as specified as contemplated by
Section 301(b). 
 “Predecessor Security” of any particular Security means 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 306 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means the price at which it is to be
redeemed pursuant to this Indenture, exclusive of accrued and unpaid interest, if any. 
 “Registered
Security” means any Security issued hereunder and registered by the Security Registrar or any recorded interest in a Global Security issued hereunder. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by
Section 301(b). 
 “Repayment Date”, when used with respect to any Security of any series to be
repaid or repurchased, means the date, if any, fixed for such repayment or for such repurchase (whether at the option of the Holders or otherwise) pursuant to this Indenture. 
 “Repayment Price”, when used with respect to any Security of any series to be repaid, means the price, if any, at
which it is to be repaid pursuant to Section 301(b). 
 “Responsible Officer”, when used with
respect to the Trustee, means any officer within the corporate trust department or any other successor group of the Trustee, including any vice president, assistant vice president, assistant secretary or any other officer 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 his or her
knowledge of and familiarity with the particular subject. 
 “Security” or
“Securities” has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated and delivered under this Indenture. 
 “Security Register” and “Security Registrar” have the respective meanings specified in
Section 305. 
 “series” or “series of Securities” means a series of
Securities issued under this Indenture as determined by Board Resolution or as otherwise determined under this Indenture. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 
  

 5 

 “Stated Maturity”, when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary” of any Person means (a) any corporation, association or other business entity of which more than
50% of the outstanding total voting power ordinarily entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other voting members of the governing body thereof is at the time owned
or controlled, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or (b) any partnership the sole general partner or the managing general partner of which is the
Company or a Subsidiary of the Company or the only general partners of which are the Company or of one or more Subsidiaries of the Company (or any combination thereof). 
 “Tranche” means a group of Securities which (a) are of the same series and (b) have identical terms to other Tranches of such series except as to principal amount, date
of issuance or first interest payment date, each of which may vary among Tranches of any one series. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have been appointed with respect to one or more series of Securities pursuant to
the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the
Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as provided in Section 905. 
 “U.S. Government Obligations” means (x) any security that is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of
the United States of America are pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933) as custodian with respect to any U.S. Government Obligation that is
specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held,
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depositary receipt. 
 “Unregistered Security” means any Security issued hereunder that is not a Registered Security. 
 “Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president”.

 SECTION 102. Compliance Certificates and Opinions. (a) Except as otherwise expressly provided in this Indenture, upon
any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall, if requested by the Trustee, 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, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion
need be furnished. 
 (b) Every certificate or opinion with respect to compliance with a condition or covenant provided for in
this Indenture (except for certificates provided for in Section 1004) shall include: 
 (1) a statement that
each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
  

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 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been
complied with. 
 SECTION 103. Form of Documents Delivered to Trustee. (a) 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. 
 (b) 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 an Opinion of Counsel, or representations by counsel. Any such 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. Any certificate, statement or opinion of an officer of the Company or of counsel may be based, insofar as it
relates to accounting matters, upon a certificate, statement or opinion of, or representations by, an accountant or firm of accountants in the employ of the Company. Any certificate, statement or opinion of, or representations by, any independent
firm of public accountants filed with the Trustee shall contain a statement that such firm is independent. 
 (c) 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 104. Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided or
permitted by this Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent, or of the
holding by any Person of Unregistered Securities, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other manner acceptable to the Trustee. 
 (c) The amount
of Unregistered Securities held by any Person executing any such instrument or writings as the Holder thereof, and the numbers of such Unregistered Securities, and the date of his holding the

  

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same, may be proved by the production of such Unregistered Securities or by a certificate executed, as depositary, by any trust company, bank, banker or member of a national securities exchange
(wherever situated), if such certificate is in form satisfactory to the Trustee, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Unregistered Securities therein described; or such
facts may be proved by the certificate or affidavit of the Person executing such instrument or writing as the Holder thereof, if such certificate or affidavit is in form satisfactory to the Trustee. The Trustee and the Company may assume that such
ownership of any Unregistered Securities continues until (1) another certificate bearing a later date issued in respect of the same Unregistered Securities is produced or (2) such Unregistered Securities are produced by some other Person
or (3) such Unregistered Securities are registered as to principal or are surrendered in exchange for Registered Securities, or (4) such Unregistered Securities are no longer Outstanding. 
 (d) The fact and date of execution of any such instrument or writing and the amount and number of Unregistered Securities held by the Person
so executing such instrument or writing may also be proved in any other manner that the Trustee deems sufficient; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(e) The principal amount (except as otherwise contemplated in clause (ii) of the proviso to the definition of
“Outstanding”) and serial numbers of Securities held by any Person, and the date of holding the same, shall be proved by the Security Register. 
 (f) Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such
action is made upon such Security. 
 (g) The Company may set a record date for purposes of determining the identity of Holders
of any Outstanding Securities of any series entitled to vote or consent to any action by vote or consent authorized or permitted by Section 512 or 513. Such record date shall be not less than 10 nor more than 60 days prior to the first
solicitation of such consent or the date of the most recent list of Holders of such Securities furnished to the Trustee pursuant to Section 701 prior to such solicitation. 
 (h) If the Company solicits from Holders any request, demand, authorization, direction, notice, consent, election, waiver or other Act, the
Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, election, waiver or other Act, but the Company shall have no obligation to do
so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, election, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on the record
date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of the Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent,
election, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of the record date. 
 SECTION 105. Notices, Etc. to Trustee and Company. Except as otherwise provided herein, any request, demand, authorization, direction, notice, consent, election, waiver or Act of Holders or other document provided or permitted by
this Indenture to be made upon, given or furnished to, or filed with, 
 (a) the Trustee by any Holder or by the
Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: —, or 
 (b) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address furnished in writing to the
Trustee by the Company prior to such mailing. 
  

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 SECTION 106. Notice to Holders; Waiver. (a) Except as otherwise expressly provided
herein, where this Indenture provides for notice of any event or reports to Holders, such notice or report shall be sufficiently given if in writing and mailed, first-class postage prepaid, to each Holder of Registered Securities affected by such
event, at the address of such Holder as it appears in the Security Register and to addresses filed with the Trustee or preserved on the Trustee’s list pursuant to Section 702(a) for other Holders (and to such other addressees as may be
required in the case of such notice or report under Section 313(c) of the Trust Indenture Act), not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or report. 
 (b) 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. 
 (c) Notice shall be
sufficiently given to Holders of Unregistered Securities if published in an Authorized Newspaper in each of The City of New York and, if such Securities are listed on any securities exchange outside of the United States, in the city in which such
securities exchange is located, or in such other city or cities as may be specified in the Securities, at least twice, the first publication to be not earlier than the earliest date, if any, and not later than the last date, if any, prescribed for
the giving of such notice. 
 (d) Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver. 
 (e) In case by reason of the suspension of regular mail
service or by reason of any other cause it is impracticable to give such notice by mail, then such notification as shall be made at the direction of the Company and with the approval of the Trustee shall constitute a sufficient notification for
every purpose hereunder. 
 (f) If it is impractical in the opinion of the Trustee or the Company to make any publication of any
notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given with the approval of the Trustee shall constitute a sufficient publication of such notice. 
 SECTION 107. Conflict With Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act that is required under the Trust Indenture Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be
so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 SECTION 108. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 SECTION 109. Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its
successors and assigns, whether so expressed or not. 
 SECTION 110. Separability Clause. In case any provision in this
Indenture or in the Securities is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 111. Benefits of Indenture. Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto (including any Paying Agent appointed pursuant to Section 1002 and Authenticating Agent appointed pursuant to Section 614 to the extent provided herein) and their successors hereunder and the Holders, any
benefit or any legal or equitable right, remedy or claim under this Indenture. 
  

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 SECTION 112. Governing Law. This Indenture and the Securities shall be governed by
and construed in accordance with the laws of the State of New York in the United States, but without giving effect to the conflicts of laws principles thereof. 
 SECTION 113. Legal Holidays. In any case where any Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity of any Security is not a Business Day at any Place of Payment or the
city in which the Corporate Trust Office of the Trustee is located, then (notwithstanding any other provision of this Indenture or of the Securities, other than a provision in Securities of any series, or in the Board Resolution, Supplemental
Indenture or Officer’s Certificate that establishes the terms of such Securities, that specifically states that such provision shall apply in lieu of this Section) payment of interest or principal (and premium, if any) 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 the Interest Payment Date or Redemption Date, Repayment Date, or at the Stated Maturity, and
such extension of time shall in such case be (1) excluded in the computation of interest, if any, accruing on such Security at a fixed rate and (2) included in the computation of interest, if any, accruing on such Security at a floating
rate; provided, however, that if such extension would cause payment of interest at a floating rate to be made in the next following calendar month, such payment shall be made on the next preceding Business Day. 
 SECTION 114. Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders of one or
more series. The Paying Agent or Security Registrar may make reasonable rules and set reasonable requirements for its functions. 
 SECTION 115. No Recourse Against Others. No past, present or future director, officer, stockholder or employee, as such, of the Company or any of its Affiliates or any successor corporation shall have any liability for any
obligation, covenant or agreement of the Company under this Indenture or any indenture supplemental hereto, or in the Securities or any coupon appertaining thereto, or for any claim based on, in respect of or by reason of such obligations, covenants
or agreements or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the execution and delivery of this Indenture and the issue of the Securities.

 ARTICLE TWO 
 SECURITY FORMS 
 SECTION 201. Forms Generally. (a) The Securities of
each series and related coupons, if any, shall be in substantially such form as shall be established by or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform with general usage, all as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution of the Securities. When the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be delivered
to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 
 (b) The definitive Securities shall be produced in such manner or combination of manners, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities.

 SECTION 202. Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication
shall be in substantially the following form: 
 This is one of the Securities of the series designated herein, referred to in
the within-mentioned Indenture. 
  

			
	[                ]
	 as Trustee

		
	By	 	  

		 	Authorized Officer

  

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 ARTICLE THREE 
 THE SECURITIES 
 SECTION 301. Amount Unlimited;
Issuable in Series. (a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 
 (b) The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series, 
 (1) the title of the
Securities of the series (which shall distinguish the Securities of the series from all other Securities); 
 (2)
any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1204 and except for any Securities that, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 
 (3) the date or dates on which the principal and premium, if any, of the Securities of such series, or any Tranche thereof,
is payable or any formula or other method or other means by which such date or dates shall be determined, by reference to an index or other fact or event ascertainable outside of this Indenture or otherwise (without regard to any provisions for
redemption, prepayment, acceleration, purchase or extension); 
 (4) the rate or rates at which the Securities of
such series, or any Tranche thereof, shall bear interest, if any (including the rate or rates at which overdue principal shall bear interest, if different from the rate or rates at which such Securities shall bear interest prior to Maturity, and, if
applicable, the rate or rates at which overdue premium or interest shall bear interest, if any), or any formula or other method or other means by which such rate or rates shall be determined, by reference to an index or other fact or event
ascertainable outside of this Indenture or otherwise; the date or dates from which such interest shall accrue; the Interest Payment Dates on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on such
Securities on any Interest Payment Date; the right of the Company, if any, to extend the interest payment periods and the duration of any such extension as contemplated by Section 312; and the basis of computation of interest, if other than as
provided in Section 310; 
 (5) the place or places where the principal of and premium, if any, and
interest, if any, on Securities of the series, or any Tranche thereof, shall be payable, any Registered Securities of the series, or any Tranche thereof, may be surrendered for registration of transfer, Securities of the series, or any Tranche
thereof, may be surrendered for exchange, and where notices and demands to or upon the Company in respect of the Securities of the series, or any Tranche thereof, and this Indenture may be served and notices

  

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to Holders pursuant to Section 106 will be published; the Security Registrar and any Paying Agent or Agents for such series or Tranche; and if such is the case, that the principal of such
Securities shall be payable without presentment or surrender thereof; 
 (6) if applicable, the period or periods
within which, the price or prices at which and the terms and conditions upon which Securities of the series, or any Tranche thereof, may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the
manner in which any election by the Company to redeem the Securities shall be evidenced; 
 (7) the obligation,
if any, of the Company to redeem or purchase Securities of the series, or any Tranche thereof, pursuant to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at
which and the terms and conditions upon which Securities of the series, or any Tranche thereof, shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (8) the terms, if any, on which the Securities of such series will be subordinate in right and priority of payment to other
debt of the Company; 
 (9) the denominations in which any Registered Securities of the series shall be issuable,
if other than denominations of $1,000 and any integral multiple thereof, and the denominations in which any Unregistered Securities of the series shall be issuable, if other than denominations of $5,000 and any integral multiple thereof; 

(10) if other than the principal amount thereof, the portion of the principal amount of Securities of the series that
shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
 (11)
whether Securities of the series are to be issuable in whole or in part as Registered Securities, Unregistered Securities, or both, whether Securities of the series are to be issuable with or without coupons, whether any Securities of the series are
to be issuable in whole or in part in the form of a Global Security or Securities and, such case, the Depositary for such Global Security or Securities; 
 (12) if other than the currency of the United States of America, the currency or currencies, including composite currencies, in which the principal of or any premium or interest on the Securities of the
series shall be payable and the manner of determining the equivalent of any such amount in Dollars is to be determined for any purpose, including for the purpose of determining the principal amount of such Securities deemed to be Outstanding at any
time; 
 (13) if the principal of or any premium or interest on the Securities of such series is to be payable,
or is to be payable at the election of the Company or a Holder thereof, in securities or other property, the type and amount of such securities or other property, or the manner of determining such amount shall be determined, and the period or
periods within which, and the terms and conditions upon which, any such election may be made; 
 (14) the Person
to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name that Security is registered at the close of business on the Regular Record Date for such interest, and the manner in which, or the
Person to whom, any interest on any Unregistered Security of the series shall be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in
which, any interest payable on a temporary or permanent Global Security on an interest payment date will be paid; 
 (15) any addition to or change in the Events of Default, with respect to the Securities of such series, and any addition to or change in the covenants of the Company for the benefit of the Holders of the Securities of such series in
addition to those set forth in Article Ten; 
  

 12 

 (16) the terms and conditions, if any, pursuant to which the Securities of
such series may be converted into or exchanged for securities or other property of the Company or any other Person; 
 (17) the terms and conditions, if any, pursuant to which the Company’s obligations under this Indenture may be terminated through the deposit of money or Eligible Instruments as provided in Article Four; 
 (18) any exceptions to Section 113, or variation in the definition of Business Day, with respect to the Securities of
such series; 
 (19) any collateral security, assurance or guaranty for the Securities of such series;

 (20) the non-applicability of Section 608 to the Securities of such series or any exceptions or
modifications of Section 608 with respect to the Securities of such series; 
 (21) any rights or duties of
another Person to assume the obligations of the Company with respect to the Securities of such series (whether as joint obligor, primary obligor, secondary obligor or substitute obligor) and any rights or duties to discharge and release any obligor
with respect to the Securities of such series or this Indenture to the extent related to such series; and 
 (22)
any other terms, conditions and rights of the series (which terms, conditions and rights shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(a)(5)). 
 (c) All Securities of any one series (other than Securities offered in a Periodic Offering) and the coupons appertaining to any Unregistered
Securities of such series shall be substantially identical except in the case of Registered Securities as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution and set forth in such Officer’s
Certificate or in any such indenture supplemental hereto and as reasonably acceptable to the Trustee. Securities of different series may differ in any respect. 
 (d) If the terms and form or forms of any series of Securities are established by or pursuant to a Board Resolution, the Company shall deliver a copy of such Board Resolution to the Trustee at or prior to
the issuance of such series with (1) the form or forms of Security that have been approved attached thereto, or (2) if such Board Resolution authorizes a specific officer or officers to approve the terms and form or forms of the
Securities, a certificate of such officer or officers approving the terms and form or forms of Security with such form or forms of Securities attached thereto. Such Board Resolution or certificate may provide general terms or parameters for
Securities of any series and may provide that the specific terms of particular Securities of a series may be determined in accordance with or pursuant to the Company Order referred to in Section 303. 
 (e) With respect to Securities of a series subject to a Periodic Offering, the indenture supplemental hereto or the Board Resolution that
establishes such series, or the Officer’s Certificate pursuant to such supplemental indenture or Board Resolution, as the case may be, may provide general terms or parameters for Securities of such series and provide either that the specific
terms of Securities of such series shall be specified in a Company Order or that such terms shall be determined by the Company or its agents in accordance with procedures specified in a Company Order as contemplated by Section 303(c).

 (f) Unless otherwise specified with respect to a series of Securities pursuant to paragraph (2) of Section 301(b),
such series of Securities may be issued in one or more Tranches with various principal amounts without the consent of any Holders and additional Tranches of such series may be authenticated and delivered pursuant to Section 303. 
 SECTION 302. Denominations. The Securities of each series shall be issuable in registered or unregistered form with or without
coupons in such denominations as shall be specified as contemplated by Section 301(b). In the absence of any such provisions with respect to the Securities of any series, the Registered Securities of such series shall be issuable in
denominations of $1,000 and any integral multiple thereof and the Unregistered Securities of such series shall be issuable in denominations of $5,000 and any integral multiple thereof. 
  

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 SECTION 303. Execution, Authentication, Delivery and Dating. (a) The Securities shall
be signed on behalf of the Company by its chairman of its Board of Directors, its Chief Executive Officer, its President, any Vice President, its Treasurer, or any Assistant Treasurer, under its corporate seal and attested by its Secretary or any
Assistant Secretary. The signature of any of these officers on the Securities may be manual or facsimile. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the
Securities. Typographical and other minor errors or defects in any such reproduction of the seal or any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. The
coupons, if any, of Unregistered Securities shall bear the manual or facsimile signature of any one of the officers referred to in the first sentence of this Section 303(a). 
 (b) Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind
the Company notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
 (c) At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
(or any Tranche thereof) executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities (or such Tranche), and the Trustee in accordance with the Company Order shall
authenticate and deliver such Securities (or such Tranche); provided, however, that with respect to Securities of a series subject to a Periodic Offering, (i) such Company Order may be delivered by the Company to the Trustee prior to the
delivery to the Trustee of such Securities for authentication and delivery, (ii) the Trustee shall authenticate and deliver Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the
aggregate principal amount established for such series, all pursuant to a Company Order or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by a Company Order, (iii) the maturity date or dates,
original issue date or dates, interest rate or rates and any other terms of Securities of such series shall be determined by Company Order or pursuant to such procedures and (iv) if provided for in such procedures, such Company Order may
authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. 
 (d) In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating: 
 (i) that such form of Securities has been established in conformity with the provisions of this Indenture; 
 (ii) that the terms of such Securities have been established in conformity with the provisions of this Indenture; and 
 (iii) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights generally and to general principles of equity. 
 (e) Notwithstanding the provisions of Section 301 and of the preceding paragraphs of Sections 303(c) and 303(d) in connection with a Periodic Offering, if all Securities of a series are not to be
originally issued at one time, it shall not be necessary to deliver an Officer’s Certificate or execute a supplemental indenture otherwise required pursuant to Section 301(b) or the Company Order and Opinion of Counsel otherwise required
pursuant to such preceding paragraphs at or prior to the time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be
issued. 
 (f) If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities
if the issuance of such 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 that is not reasonably acceptable to the Trustee.

  

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 (g) Each Registered Security shall be dated the date of its authentication and each
Unregistered Security shall be dated the date of its original issuance. 
 (h) No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or facsimile signature and no coupon
shall be valid until the Security to which it appertains has been so authenticated, 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. 
 (i) Notwithstanding the foregoing, until the Company has delivered an
Officer’s Certificate to the Trustee and the Security Registrar stating that, as a result of the action described, the Company would not suffer adverse consequences under the provisions of United States law or regulations in effect at the time
of the delivery of Unregistered Securities, the Trustee or the Security Registrar will (i) deliver Unregistered Securities only outside the United States and its possessions and (ii) release Unregistered Securities in definitive form to
the person entitled to physical delivery thereof only upon presentation of a certificate in the form prescribed by the Company. 
 SECTION 304. Temporary Securities. (a) Until definitive Securities of any series (including Global Securities) are ready for delivery, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver one or
more temporary Securities that are produced in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations
as the officers executing such Securities may determine, as evidenced by their execution of such Securities. Temporary Unregistered Securities of a series may have coupons attached or may be in the form of one or more temporary Global Securities
that are Unregistered Securities of that series without coupons. Every temporary Security shall be executed by the Company and authenticated by the Trustee (and Registered Securities shall be registered by the Security Registrar) upon the same
conditions, and with like effect, as a definitive Security. 
 (b) If temporary Securities of any series are issued, the Company
will cause definitive Securities of that 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 the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that 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. 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) Every temporary Unregistered Security shall be substantially in the form approved by or pursuant to a Board Resolution and shall be delivered to one of the Paying Agents located outside the United States and its possessions or to such
other person or persons as the Company shall direct against such certification as the Company may from time to time prescribe by or pursuant to a Board Resolution. 
 SECTION 305. Registration, Registration of Transfer and Exchange. (a) The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such
office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein
provided. 
 (b) Except in the case of Securities issued in the form of a Global Security, upon surrender for registration of
transfer of any Registered Security of any series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount. 
  

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 (c) If both Registered and Unregistered Securities are authorized for a series of Securities
and the terms of such Securities permit, (i) Unregistered Securities may be exchanged for an equal principal amount of Registered or Unregistered Securities of the same series and date of maturity in any authorized denominations upon delivery
to the Security Registrar (or a Paying Agent (as herein defined), if the exchange is for Unregistered Securities) of the Unregistered Security with all unmatured coupons and all matured coupons in default appertaining thereto and if all other
requirements of the Security Registrar (or such Paying Agent) and such Securities for such exchange are met, and (ii) Registered Securities, other than Securities issued in the form of a Global Security (except as provided in Section 311),
may be exchanged for an equal principal amount of Unregistered Securities of the same series and date of maturity in any authorized denominations (except that any coupons appertaining to such Unregistered Securities which have matured and have been
paid shall be detached) upon delivery to the Security Registrar of the Registered Securities and if all other requirements of the Security Registrar and such Securities for such exchange are met. 
 (d) Notwithstanding the foregoing, the exchange of Unregistered Securities for Registered Securities or Registered Securities for
Unregistered Securities will be subject to the satisfaction of the provisions of United States law and regulations in effect at the time of such exchange, and no exchange of Registered Securities for Unregistered Securities will be made until the
Company has notified the Trustee in an Officer’s Certificate and the Security Registrar that, as a result of such exchange, the Company would not suffer adverse consequences under such law or regulations. 
 (e) All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 (f) Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing. 
 (g) Unless otherwise provided in a Board Resolution or an Officer’s Certificate pursuant to a Board Resolution, or in an indenture supplemental hereto, with respect to Securities of any series, no
service charge shall be made to the Holder for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1106 or 1204 not involving any transfer. 
 (h) The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption of Securities of that series selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 (i)
Unregistered Securities or any coupons appertaining thereto shall be transferable by delivery thereof. 
 SECTION 306.
Mutilated, Destroyed, Lost and Stolen Securities. (a) If any mutilated Security or a Security with a mutilated coupon or coupons appertaining to it is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a replacement Registered Security, if such surrendered security was a Registered Security, or a replacement Unregistered Security with coupons corresponding to the coupons appertaining to the surrendered Security, if
such surrendered Security was an Unregistered Security, of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  

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 (b) If there has been delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or any coupon or coupons appertaining thereto, and (ii) such bond, security or indemnity as may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of actual notice to the Company or the Trustee that such Security or any coupon or coupons appertaining thereto has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall
authenticate and deliver, a replacement Registered Security, if such Holder’s claim pertains to a Registered Security, or a replacement Unregistered Security with coupons corresponding to the coupons appertaining to the destroyed, lost or
stolen Unregistered Security or the Unregistered Security to which such destroyed, lost or stolen coupon or coupons appertains, if such Holder’s claim pertains to an Unregistered Security, of the same series (and Tranche, if applicable) and of
like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 (c) In case any such mutilated,
destroyed, lost or stolen Security or any coupon or coupons appertaining thereto has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or any coupon or coupons
appertaining thereto. 
 (d) Upon the issuance of any new Security under this Section or any coupon or coupons appertaining
thereto, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 (e) Every new Security or any coupon or coupons appertaining thereto of any series issued pursuant to this Section in lieu of
any destroyed, lost or stolen Security or any coupon or coupons appertaining thereto shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security or any coupon or coupons
appertaining thereto is 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 or any coupon or coupons appertaining thereto of that series duly
issued hereunder. 
 (f) 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 or any coupon or coupons appertaining thereto. 
 SECTION 307. Payment of Interest; Interest Rights Preserved. (a) Unless otherwise provided as contemplated by Section 301(b) with respect to the Securities of any series, interest on any
Registered 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 that Registered Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest; provided, however, that interest payable at Maturity will be paid to the Person to whom principal is payable. In case an Unregistered Security of any series is surrendered in
exchange for a Registered Security of such series after the close of business (at an office or agency of the Company in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on
the next succeeding Interest Payment Date, such Unregistered Security shall be surrendered without the coupon relating to such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security
issued in exchange for such Unregistered Security, but will be payable only to the Holder of such coupon when due in accordance with provisions of this Indenture. 
 (b) Any interest on any Registered Security of any series 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 Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in
clause (i) or (ii) below: 
 (i) The Company may elect to make payment of any Defaulted Interest to the
Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of

  

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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 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each
Holder of Registered Securities of such series at the address of such Holder as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (ii). In case an Unregistered Security of any series is surrendered at the office or agency of the Company in a Place of Payment for such series in exchange for a
Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such
Unregistered Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect of the Registered Security issued in exchange for such
Unregistered Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 
 (ii) The Company may make payment of any Defaulted Interest on the Registered Securities of any series 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 (ii), such manner of payment shall be deemed practicable by
the Trustee. 
 (c) Subject to the foregoing provisions of this Section, each Registered Security delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other Registered Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Registered Security. 
 (d) Subject to the limitations set forth in Section 1002, the Holder of any coupon appertaining to an Unregistered Security shall be
entitled to receive the interest payable on such coupon upon presentation and surrender of such coupon on or after the Interest Payment Date of such coupon at an office or agency maintained for such purpose pursuant to Section 1002. 

SECTION 308. Persons Deemed Owners. Prior to due presentment of a Registered Security for registration of transfer, the Company,
the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and any premium) and
(subject to Section 301 and Section 307) any interest on such Registered Security and for all other purposes whatsoever, whether or not such Registered 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. 
 Ownership of Registered Securities of a series shall be proved by
the computerized book-entry system of the Depositary in the case of Registered Securities issued in the form of a Global Security. Ownership of Unregistered Securities may be proved by the production of such Unregistered Securities or by a
certificate or affidavit executed by the person holding such Unregistered Securities or by a depository with whom such Unregistered Securities were deposited, if the certificate or affidavit is satisfactory to the Trustee and the Company. The
Company, the Trustee and any agent of the Company may treat the bearer of any Unregistered Security or coupon and the person in whose name a Registered Security is registered as the absolute owner thereof for all purposes. 
  

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 None of the Company, the Trustee, any Paying Agent or the Security Registrar shall have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. 
 SECTION 309. Cancellation. Except as otherwise specified as contemplated by Section 301(b) for
Securities of any series, all Securities and coupons surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to
the Trustee and, if not theretofore cancelled, shall be promptly cancelled by it. Except as otherwise specified as contemplated by Section 301(b) for Securities of any series, the Company may at any time deliver to the Trustee for cancellation
any Securities or coupons previously authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever or that the Company has not issued and sold, and all Securities or coupons so delivered shall be promptly
cancelled by the Trustee. No Securities or coupons shall be authenticated in lieu of or in exchange for any Securities or coupons cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities or
coupons held by the Trustee shall be destroyed and the Trustee shall furnish an affidavit to the Company (setting forth the serial numbers of such Securities) attesting to such destruction unless by a Company Order the Company shall direct that the
cancelled Securities or coupons be returned to it. 
 SECTION 310. Computation of Interest. Except as otherwise specified
as contemplated by Section 301(b) 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 311. Global Securities; Exchanges; Registration and Registration of Transfer. If specified as contemplated by
Section 301(b) for Securities of any series, the Securities of such series may be issued in the form of one or more Global Securities, which shall be deposited with the Depositary, and, unless otherwise specified in the form of Global Security
adopted pursuant to Section 301, be registered in the name of the Depository’s nominee. 
 Except as otherwise
specified as contemplated by Section 301(b) for Securities of any series, any permanent Global Security shall be exchangeable only as provided in this paragraph. If the beneficial owners of interests in a permanent Global Security are entitled
to exchange such interests for Securities of such series of like tenor and principal amount of another authorized form, as specified as contemplated by Section 301(b), then without unnecessary delay but in any event not later than the earliest
date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities of that series in aggregate principal amount equal to the principal amount of such permanent Global Security, executed by the Company.
On or after the earliest date on which such interests may be so exchanged, such permanent Global Security shall be surrendered from time to time in accordance with instructions given to the Trustee and the Depositary (which instructions shall be in
writing but need not comply with Section 102 or be accompanied by an Opinion of Counsel) by the Depositary or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for
such purpose, to be exchanged, in whole or in part, for definitive Securities of the same series without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent Global Security, a like aggregate
principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such permanent Global Security to be exchanged which, unless the Securities of the series are not issuable both as
Unregistered Securities and as Registered Securities, as specified as contemplated by Section 301(b), shall be in the form of Unregistered Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial
owner thereof; provided, however, that no such exchanges may occur during the periods specified by Section 305; and provided, further, that no Unregistered Security delivered in exchange for a portion of a permanent
Global Security shall be mailed or otherwise delivered to any location in the United States unless the Company has complied with Section 305(d). Promptly following any such exchange in part, such permanent Global Security shall be returned by
the Trustee, to the Depositary or such other depositary referred to above, in accordance with the instructions of the Company referred to above. 
 The Global Security may be transferred to another nominee of the Depositary, or to a successor Depositary selected by the Company, and upon surrender for registration of transfer of the Global Security to
the Trustee, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated

  

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transferee, a new Global Security in the same aggregate principal amount. If at any time the Depositary notifies the Company that it is unwilling or unable to continue as Depositary and a
successor Depositary satisfactory to the Company is not appointed within 90 days after the Company receives such notice, the Company will execute, and the Trustee will authenticate and deliver, Securities in definitive form to the Depositary in
exchange for the Global Security. In addition, if at any time the Company determines that it is not in the best interest of the Company or the beneficial owners of Securities to continue to have a Global Security representing all of the Securities
held by a Depositary, the Company may, at its option, execute, and the Trustee will authenticate and deliver, Securities in definitive form to the Depositary in exchange for all or a portion of the Global Security. Promptly after any such exchange
of Securities in definitive form for all or a portion of the Global Security pursuant to this paragraph, the Company shall promulgate regulations governing registration of transfers and exchanges of Securities in definitive form, which regulations
shall be reasonably satisfactory to the Trustee and shall thereafter bind every Holder of such Securities. 
 SECTION 312.
Extension of Interest Payment. The Company shall have the right at any time, so long as the Company is not in default in the payment of interest on the Securities of any series hereunder, to extend interest payment periods on all Securities
of one or more series, if so specified as contemplated by Section 301(b) with respect to such Securities and upon such terms as may be specified as contemplated by Section 301(b) with respect to such Securities. If the Company ever so
extends any such interest payment period, the Company shall promptly notify the Trustee. 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE; DEFEASANCE 
 SECTION 401. Termination of Company’s Obligations. (a) This Indenture shall upon Company Request cease to be of further effect with respect to the Securities of any series (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute instruments in form and substance satisfactory to the Trustee and the Company
acknowledging termination of the Company’s obligations under the Securities of such series and this Indenture, when 
 (1) either 
 (A) all Securities of such series previously
authenticated and delivered (other than (i) Securities of such series that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 306 and (ii) Securities of such series that are deemed paid and
discharged pursuant to Section 402) have been delivered to the Trustee for cancellation; or 
 (B) all such
Securities of such series not previously delivered to the Trustee for cancellation 
 (i) have become due and
payable (whether at Stated Maturity, early redemption or otherwise), or 
 (ii) will become due and payable at
their Stated Maturity within one year, or 
 (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company in the case of (i), (ii) or (iii) above has irrevocably deposited or caused to be deposited with the Trustee as funds in trust solely for the benefit of the Holders of the
Securities of such series an amount in cash in the currency or composite currency in which the Securities of such series are denominated, Eligible Obligations or any combination thereof, together (if necessary in the case of a series

  

 20 

 
of Securities not bearing interest at a fixed rate) with any Hedging Obligation, so that such funds in each case are sufficient to pay principal of, and any premium and interest on, all
Outstanding Securities of such series; 
 (2) the Company has paid or caused to be paid all other sums payable
hereunder by the Company; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate and
an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b) Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607,
the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money has been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under
Section 405 and Section 1003(e) shall survive. 
 (c) Upon satisfaction and discharge of this Indenture as provided in
this Section 401, the Trustee shall assign, transfer and turn over to the Company, subject to the claim provided by Section 607, any and all money, securities and other property then held by the Trustee for the benefit of the Holders of
the Securities. 
 The Company may elect, at its option at any time, to have Section 402 or Section 403 applied to the
Outstanding Securities of any series in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board
Resolution or in another manner specified as contemplated by Section 301(b) for such Securities. 
 SECTION 402.
Defeasance and Discharge of Indenture. Upon the Company’s exercise of its option (if any) to have this Section applied to all the Outstanding Securities of any series or Tranche, or any portion of the principal amount thereof, and
subject to the conditions set forth in Section 404 being satisfied, the Company shall be deemed to have paid and discharged the entire indebtedness on such Outstanding Securities of such series or Tranche on the 91st day after the date of the
deposit referred to in subparagraph (i) of Section 404, and the provisions of this Indenture, as it relates to such Outstanding Securities of such series or Tranche, shall be satisfied and discharged and shall no longer be in effect (and
the Trustee, at the expense of the Company, shall at Company Request execute proper instruments acknowledging the same), except as to: 
 (a) the rights of Holders of Securities of such series to receive, solely from the trust funds described in Section 405, (x) payment of the principal of (and premium, if any) and each
installment of principal of (and premium, if any) or interest, if any, on the Outstanding Securities of such series, or portions thereof, on the Stated Maturity of such principal or installment of principal or interest to and including the
Redemption Date designated by the Company pursuant to subparagraph (viii) of Section 404 and (y) the benefit of any mandatory sinking fund payments applicable to the Securities of such series or Tranche on the day on which such
payments are due and payable in accordance with the terms of this Indenture and the Securities of such series or Tranche; 
 (b) the obligations of the Company and the Trustee with respect to such Securities of such series or Tranche under Sections 304, 305, 306, 614, 1002 and 1003 and, if the Company shall have designated a
Redemption Date pursuant to subparagraph (x) of Section 404, Sections 1104 and 1106; and 
 (c) the
Company’s obligations with respect to the Trustee under Section 607. 
 SECTION 403. Defeasance of Certain
Obligations. The Company may omit to comply with its obligations under the covenants contained in Sections 801, 1006 and 1007 with respect to any Security or Securities of any series (and in respect of any term, provision or condition set forth
in the covenants or restrictions specified for such Securities pursuant to Section 301(b), in any supplemental indenture, Board Resolution or Officer’s Certificate establishing such Security), and the failure to comply with any such
provisions shall not constitute a Default or Event of Default under Section 501(4), provided that the conditions set forth in Section 404 have been satisfied. 
  

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 SECTION 404. Conditions to Defeasance. The following conditions shall be the
conditions to the application of Section 402 and Section 403: 
 (i) the Company has 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, (x) cash in Dollars (or such other currency
or composite currency in which such Securities are denominated) in an amount sufficient, or (y) Eligible Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide on or before
the due date of any payment referred to in clause (1) or (2) of this subparagraph (i) money in an amount sufficient or (z) a combination of such cash and Eligible Obligations, together (if necessary in the case of a series of
Securities not bearing interest at a fixed rate) with any Hedging Obligation so that such funds are sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge (1) the principal of (and premium, if any) and each installment of principal (and premium, if any) and interest, if any, on such Securities on the Stated Maturity of such principal or installment
of principal or interest or to and including the Redemption Date designated by the Company in accordance with Section 404(a)(1)(B)(iii) and (2) any mandatory sinking fund payments applicable to the Securities of such series on the day on
which such payments are due and payable in accordance with the terms of this Indenture and of the Securities of such series; 
 (ii) in the event of an election to have Section 402 apply, the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (x) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling or (y) there has been a change in law or regulation occurring after the date hereof, to the effect that Holders of the Securities of such series will not
recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the
case if such deposit, defeasance and discharge had not occurred; 
 (iii) in the event of an election to have
Section 403 apply, the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that Holders of the Securities of such series will not recognize income, gain or loss for federal income tax
purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit and defeasance had not occurred; 

(iv) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (v) such provision would not
cause any Outstanding Securities of such series then listed on a securities exchange to be delisted as a result thereof; 
 (vi) no Event of Default or event that with notice or lapse of time would become an Event of Default with respect to the Securities of such series has occurred and is continuing on the date of such
deposit or during the period ending on the 91st day after such date; 
 (vii) the Company has delivered to the
Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of preferring the holders of the Securities of such series over any other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company; 
  

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 (viii) such deposit shall not, as specified in an Opinion of Counsel, cause
the Trustee with respect to the Securities of such series to have a conflicting interest as defined in Section 608 and for purposes of the Trust Indenture Act with respect to the Securities of such series; 
 (ix) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with; and 
 (x) if the Company has deposited or caused to be deposited money or Eligible Obligations to pay or discharge the principal of (and premium, if any) and interest on the Outstanding Securities of a series to and including a Redemption Date
pursuant to clause (i) of this Section 404, such Redemption Date shall be irrevocably designated by a Board Resolution delivered to the Trustee on or prior to the date of deposit of such money or Eligible Obligations, and such Board
Resolution shall be accompanied by an irrevocable Company Request that the Trustee give notice of such redemption in the name and at the expense of the Company not less than 30 nor more than 60 days prior to such Redemption Date in accordance with
Section 1104. 
 SECTION 405. Application of Trust Money. (a) Neither the Eligible Obligations nor the funds
deposited with the Trustee pursuant to Sections 401, 402 or 403, nor the principal or interest payments on any such Eligible Obligations, shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the
principal of and premium, if any, and interest, if any, on the Securities or portions of principal amount thereof in respect of which such deposit was made, all subject, however, to the provisions of Section 606; provided, however, that,
so long as no Event of Default has occurred and is continuing, any cash received from such principal or interest payments on such Eligible Obligations deposited with the Trustee, if not then needed for such purpose, shall, to the extent practicable,
be invested in Eligible Obligations of the type described in Sections 401 and 402(d)(2)(A) maturing at such times and in such amounts as shall be sufficient to pay when due the principal of and any premium and interest due and to become due on such
Securities or portions thereof on and prior to the Maturity thereof, and interest earned from such reinvestment shall be paid over to the Company as received by the Trustee, free and clear of any trust, lien or pledge under this Indenture except the
claim provided by Section 607; and provided, further, that, so long as there shall not have occurred and be continuing an Event of Default, any moneys held by the Trustee in accordance with this Section on the Maturity of all such
Securities in excess of the amount required to pay the principal of and premium, if any, and interest, if any, then due on such Securities shall be paid over to the Company free and clear of any trust, lien or pledge under this Indenture except the
claim provided by Section 607. 
 (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against Eligible Obligations deposited pursuant to Section 401, 402 or 403 or the principal and any premium and interest received in respect of such obligations other than any payable by or on behalf of Holders.

 (c) The Trustee shall deliver or pay to the Company from time to time upon Company Request any Eligible Obligations or money
held by it as provided in Section 401, 402 or 403 that, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the
amount thereof that then would have been required to be deposited for the purpose for which such Eligible Obligations or money was deposited or received. This provision shall not authorize the sale by the Trustee of any Eligible Obligations held
under this Indenture. 
 SECTION 406. Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and
such Securities from which the Company has been discharged or released pursuant to Section 402 or Section 403 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until
such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 405 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of
principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in
trust. 
  

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 ARTICLE FIVE 
 REMEDIES 
 SECTION 501. Events of Default.
“Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events, unless such event is either inapplicable to a particular series or its is specifically deleted or
modified in the applicable Board Resolution or supplemental indenture under which such series of Securities is issued, as the case may be, as contemplated by Section 301: 
 (1) default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance
of such default for a period of 30 days; provided, however, that a valid extension of the interest payment period by the Company as contemplated in Section 312 shall not constitute a failure to pay interest for this purpose; or

 (2) default in the payment of the principal of (or premium, if any, on) any Security of that series at its
Maturity and, in the case of technical or administrative difficulties, only if such default persists for a period of more than three Business Days; or 
 (3) default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series and continuance of such default for a period of 30 days; or 
 (4) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a
covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of one or more series of Securities other than
that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of the Outstanding Securities of such series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(5) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the
Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect
for a period of 90 consecutive days; or 
 (6) the commencement by the Company of a voluntary case or proceeding
under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or
the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property, 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 such action; or 
  

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 (7) any other Event of Default provided with respect to Securities of such
series pursuant to Section 301(b). 
 SECTION 502. Acceleration of Maturity; Rescission and Annulment. If an Event
of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series,
by a notice in writing to the Company (and to the Trustee if given by such Holders), may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities or Indexed Securities, such portion of the principal
amount of such Securities as may be specified in the terms thereof) to be due and payable immediately 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 501(5) or (6) occurs, the principal of all the Securities then Outstanding (or if any such Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal amount of such
Securities as may be specified in the terms thereof) shall automatically become and be immediately due and payable without any declaration or other act or notice on the part of the Trustee or any Holders of the Securities. 
 At any time after such a declaration of acceleration with respect to Securities of one or more series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Event or Events 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 
 (1) the Company has paid or deposited irrevocably with the Trustee a sum sufficient to pay 
 (A) all
overdue interest on all Securities of any such series, 
 (B) 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 at the rate or rates prescribed therefor in such Securities, 
 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates borne by such
Securities, unless another rate is provided in such Securities, and 
 (D) all amounts due to the Trustee under
Section 607; 
 and 
 (2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series that have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 513. 
 No such rescission shall affect any subsequent Event
of Default or impair any right consequent thereon. 
 SECTION 503. Collection of Indebtedness and Suits for Enforcement by
Trustee. If an Event of Default described in clause (1) or (2) of Section 501 has occurred and is continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Securities of
the series with respect to which such Event of Default has occurred, the whole amount then due and payable on such Securities for principal and any premium or interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates borne by such Securities, unless another rate is provided in such Securities, and, in addition thereto, such further amount as shall be sufficient to
cover any amounts due to the Trustee under Section 607. 
 If an Event of Default with respect to Securities of any series
occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee deems most effectual to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  

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 SECTION 504. Trustee May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (i) to file and prove a claim for the whole amount of principal and premium or interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for amounts due to the Trustee under Section 607) and of the Holders allowed in such judicial proceeding, and 
 (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the
same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due it under Section 607. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 505. Trustee May Enforce Claims Without Possession of Securities or Coupons. All rights of action and claims under this
Indenture or the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the amounts due to the Trustee under Section 607, be for the ratable benefit of the Holders of the
Securities and coupons in respect of which such judgment has been recovered. 
 SECTION 506. Application of Money
Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee, and, in case of the distribution of such money on account of principal and any premium and
interest, upon presentation of the Securities in respect of which or for the benefit of which such money shall have been collected and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee under Section 607; 
 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and

 THIRD: The balance, if any, to the Company. 
 The Trustee may fix a record date (with respect to Registered Securities) and payment date for any such payment to Holders of Securities. 
  

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 SECTION 507. Limitation on Suits. No Holder of any Security of any series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of that series; 
 (2) the Holders of not less than 25% in aggregate principal amount of the
Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee indemnity against the reasonable costs, expenses and liabilities to be
incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all of such Holders. 
 SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and
Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium and (subject to Section 307) interest
on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date, or, in the case of repayment at the option of the Holder, on the Repayment Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 SECTION 509.
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and such Holder shall be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and such Holder shall continue as though no such proceeding had been instituted. 
 SECTION 510. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy. 
 SECTION 511. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any
Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  

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 SECTION 512. Control by Holders. If an Event of Default shall have occurred and be
continuing in respect of a series of Securities, the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series or Tranche; provided, however, that if an Event of Default has occurred and is continuing with respect
to more than one series of Securities of equal ranking, the Holders of a majority in aggregate principal amount of the Outstanding Securities of all such series of equal ranking, considered as one class, shall have the right to make such direction,
and not the Holders of the Securities of any one of such series of equal ranking; provided, further that 
 (1) such direction shall not be in conflict with any rule of law or with this Indenture, and 
 (2) the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 SECTION 513.
Waiver of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with
respect to such series and its consequences; provided that if any such past default has occurred with respect to more than one series of Securities of equal ranking, the Holders of a majority in aggregate principal amount of the Outstanding
Securities of all such series of equal ranking, considered as one class, may make such waiver, and not the Holders of the Securities of any one of such series of equal ranking, in each case, except a default 
 (1) in the payment of the principal of or premium or interest on any Security of such series, or 
 (2) in respect of a covenant or provision hereof that under Section 902 cannot be modified or amended without the
consent of the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 SECTION 514. Undertaking for Costs. All parties to this Indenture agree, 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 suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Outstanding Securities of all series in respect of which such suit may be brought, considered as one
class, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or any premium or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption,
on or after the Redemption Date, or, in the case of repayment at the option of the Holder, on or after the Repayment Date). 
 SECTION 515. Waiver of Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been
enacted. 
  

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 ARTICLE SIX 
 THE TRUSTEE 
 SECTION 601. Certain Duties and
Responsibilities. (a) Except during the continuance of an Event of Default with respect to Securities of any series, 
 (1) the Trustee undertakes to perform, with respect to Securities of such series, such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the
Trustee may, with respect to Securities of such series, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether
or not they conform to the requirements of this Indenture. 
 (b) If an Event of Default with respect to Securities of any
series has occurred and is continuing, the Trustee shall exercise, with respect to Securities of such series, such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man
would exercise or use under the circumstances in the conduct of his own affairs. 
 (c) No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 
 (1) this subsection shall not be construed to limit the effect of sub-section (a) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be
proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any one or more series, as provided herein,
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and

 (4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it has 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. 
 SECTION 602. Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of
Securities of such series entitled to receive reports pursuant to Section 704(3) (and, if Unregistered Securities of that series are outstanding, shall cause to be published at least once in an Authorized Newspaper in The City of New York and,
if Securities of that series are listed on any securities exchange outside of the United States, in the city in which such securities exchange is located) notice of such default hereunder known to the Trustee, unless such default shall have

  

 29 

 
been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of or any premium or interest on any Security of such series or in the
payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Securities of such series; and provided, further, that in the case of any default of the character specified
in Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 75 days after the occurrence thereof. For the purpose of this Section, the term “default” means any
event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
 SECTION 603. Certain Rights of Trustee. Subject to the provisions of Section 601 and to the applicable provisions of the Trust Indenture Act: 
 (a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the
proper party or parties; 
 (b) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, or as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate and such
Officer’s Certificate, in the absence of negligence or bad faith 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;

 (d) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with
such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit; and 
 (g) the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities of any series or any coupons. The Trustee or any Authenticating Agent shall not be accountable for the use or application by
the Company of Securities or the proceeds thereof. The Trustee shall not be responsible for and makes no representations as to the Company’s ability or authority to issue the Unregistered Securities or the lawfulness thereof. 
  

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 SECTION 605. May Hold Securities. The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
 SECTION 606. Money Held in Trust. Money held by the Trustee or by any Paying Agent (other than the Company if the Company shall act as Paying Agent) in trust hereunder need not be segregated from other funds except to the extent
required by law. Neither the Trustee nor any Paying Agent shall be liable for interest on any money received by it hereunder except as expressly provided herein or otherwise agreed with the Company. 
 SECTION 607. Compensation and Reimbursement. The Company agrees 
 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any
provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad
faith; and 
 (3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense
reasonably incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder or performance of its duties hereunder, including 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. 
 As security for the performance of the obligations of the Company under this Section, the Trustee shall have a claim prior to the Securities and any coupons upon all property and funds held or collected
by the Trustee as such, except property and funds held in trust for the payment of principal of and any premium and interest on particular Securities or any coupons. 
 SECTION 608. Disqualification; Conflicting Interests. If the Trustee has or acquires any conflicting interest within the meaning of the Trust Indenture Act with respect to the Securities of any
series, it shall either eliminate such conflicting interest or resign to the extent, in the manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act and this Indenture. For purposes of Section 310(b)(1) of
the Trust Indenture Act and to the extent permitted thereby, the Trustee, in its capacity as trustee in respect of the equally ranked and unsecured Securities of any series, shall not be deemed to have a conflicting interest arising from its
capacity as trustee in respect of the equally ranked and unsecured Securities of any other series under this Indenture. 
 SECTION 609. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder that shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, having a combined capital and surplus
of at least $50,000,000, subject to supervision or examination by federal or state authority and qualified and eligible under this Article, provided that, neither the Company nor any Affiliate of the Company or any obligor on the Securities
may serve as Trustee of any Securities. 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 Section, 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 the Trustee ceases to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION
610. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of Section 611. 
  

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 (b) The Trustee may resign at any time with respect to the Securities of one or more series
by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 has not been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (c) The Company may at any time by a Board Resolution remove the Trustee with respect to the Securities of any or all series. 
 (d) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company. 
 (e) If at any time: 
 (1) the Trustee fails to comply with Section 608 with respect to the Securities of any series, after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Security of such series for at least six months, or 
 (2) the Trustee ceases to be eligible under Section 609 and fails to resign after written request therefor by the Company or by any such Holder, or 
 (3) the Trustee becomes incapable of acting or becomes adjudged a bankrupt or insolvent or a receiver of the Trustee or of
its property is appointed or any public officer takes 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, subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (f) If the Trustee resigns, is removed or becomes incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the
Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one
or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series is appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of
such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series has been so appointed by the Company or the
Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, subject to Section 514, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (g) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the
Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series entitled to receive reports pursuant to Section 704(3) and, if any Unregistered Securities are
outstanding,

  

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by publishing notice of such event once in an Authorized Newspaper in The City of New York and, if any Unregistered Securities are listed on any securities exchange outside of the United States,
in the city in which such securities exchange is located. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 (h) All provisions of this Section except subparagraph (d) and Section 611(b) (except for the last clause, after omitting the
words “after deducting all amounts owed to the retiring Trustee pursuant to Section 607,” which shall apply) shall apply also to any Paying Agent located outside the United States and its possessions. 
 SECTION 611. Acceptance of Appointment by Successor. (a) In case of the appointment hereunder of a successor Trustee with respect to
the Securities of all series, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 (b) In case of the
appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor
Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which
the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent
provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee, all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
 (c) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section, as the case may be. 
 (d) No successor Trustee shall accept its appointment unless at the
time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 SECTION 612. Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and
eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so

  

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authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. In case any Securities shall not have been authenticated by such predecessor Trustee, any
such successor Trustee may authenticate and deliver such Securities, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.

 SECTION 613. Preferential Collection of Claims Against Company. The Trustee shall comply with Trust Indenture Act
§ 311(a), excluding any creditor relationship listed in Trust Indenture Act § 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent indicated therein.

 SECTION 614. Appointment of Authenticating Agent. (a) At any time when any of the Securities remain Outstanding the
Trustee may appoint an Authenticating Agent or Agents (which may include any Person that owns, directly or indirectly, all of the capital stock of the Trustee or a corporation that is a wholly-owned subsidiary of the Trustee or of such other Person)
with respect to one or more series of Securities, or any Tranche thereof, that shall be authorized to act on behalf of the Trustee to authenticate Securities of such series or Tranche issued upon original issuance, exchange, registration of transfer
or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. If
any Unregistered Securities are outstanding, the Trustee shall publish notice of such event once in an Authorized Newspaper in The City of New York and, if any Unregistered Securities are listed on any securities exchange outside of the United
States, in the city in which such securities exchange is located. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to
the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, 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 in the United States. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or
to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent ceases to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section. 
 (b) 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 Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating
Agent. 
 (c) An Authenticating Agent may resign with respect to one or more series of Securities 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 with respect to one or more series of Securities 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 ceases to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent that is acceptable to the Company and shall provide notice of such appointment to all Holders of Securities of the series or Tranche with respect to which such Authenticating Agent will serve, as provided in paragraph
(a) of this Section. 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. An Authenticating Agent appointed pursuant to this Section shall be entitled to rely on Sections 111, 308, 604 and 605
hereunder. 
  

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 (d) The Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607. 
 (e) If an appointment with respect to the Securities of one or more series, or any Tranche thereof, is made pursuant to this Section, the Securities of such series or Tranche may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 
 This is one of the Securities of the series designated pursuant to and issued under the within-mentioned Indenture. 
  

			
	[                        ]
	As Trustee
		
	By	 	  

		 	As Authenticating Agent on behalf of the Trustee
		
	By	 	  

		 	Authorized Officer of Authenticating Agent

 Dated:
                     
 (f) If all of the Securities of a series may not be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes
to have Securities of such series authenticated upon original issuance, the Trustee, if so requested by the Company in writing (which writing need not comply with Section 102 and need not be accompanied by an Opinion of Counsel), shall appoint,
in accordance with this Section and in accordance with such procedures as shall be acceptable to the Trustee, an Authenticating Agent (which, if so requested by the Company, may be an Affiliate of the Company) having an office in a Place of Payment
designated by the Company with respect to such series of Securities. 
 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701. Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee 
 (a) semi-annually, not later than the 15th day after each Regular Record Date for each series of Registered Securities at the
time Outstanding or on June 30 and December 31 of each year with respect to each series of Securities for which there are no Regular Record Dates, a list, in such form as the Trustee may reasonably require, containing all the information
in the possession or control of the Company, or any of its Paying Agents other than the Trustee, of the names and addresses of the Holders of Registered Securities of such series, including Holders of interests in Global Securities, as of such
preceding Regular Record Date or on June 15 or December 15, as the case may be, or, in the case of a series of non-interest bearing Securities, on a date to be determined as contemplated pursuant to Section 301(b), and 
 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
  

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 excluding from any such list names and addresses received by the Trustee in its capacity as Security
Registrar for Registered Securities other than Global Securities. 
 SECTION 702. Preservation of Information; Communications
to Holders. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Registered Securities contained in the most recent list furnished to the Trustee as provided in Section 701
and the names and addresses of Holders of Registered Securities received by the Trustee in its capacity as Security Registrar or Paying Agent. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new
list so furnished. 
 (b) If three or more Holders (herein referred to as “applicants”) apply in writing to the
Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with
other Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication that such applicants propose to transmit, then the Trustee shall, within five business
days after the receipt of such application, at its election, either 
 (i) afford such applicants access to the
information preserved at the time by the Trustee in accordance with Section 702(a), or 
 (ii) inform such
applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 702(a), and as to the approximate cost of mailing to such Holders the form of
proxy or other communication, if any, specified in such application. 
 If the Trustee elects not to afford such applicants
access to such information, the Trustee shall, upon the written request of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 702(a) a copy of
the form of proxy or other communication that is specified in such request, with reasonable promptness after a tender to the Trustee by the applicants of the material to be mailed and of payment, or provision for the payment, of the reasonable
expenses of mailing, unless within five days after such tender the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the
Trustee, such mailing would be contrary to the best interest of the Holders or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the
objections specified in the written statement so filed, enters an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission finds, after notice and opportunity for
hearing, that all the objections so sustained have been met and enters an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender
by such applicants; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 
 (c) Every Holder of Securities or coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the Holders in accordance with Section 702(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under Section 702(b). 
 SECTION 703. Reports by Trustee. (a) The
Trustee shall transmit to Holders such reports concerning the Trustee the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 (b) Reports so required to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than July 1 in
each calendar year, commencing with the first July 1 after the first issuance of Securities pursuant to this Indenture. 
  

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 (c) A copy of each such report shall, at the time of such transmission to Holders, be filed
by the Trustee with each securities exchange upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee in writing when any Securities are listed on any securities exchange. 
 SECTION 704. Reports by Company. The Company shall: 
 (1) file with the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the U.S. Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required pursuant to Section 13 of the U.S. Securities
Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 
 (2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed by the Commission, such
additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 
 (3) transmit by mail to all Holders of Registered Securities, as their names and addresses appear in the Security Register,
to such Holders of Unregistered Securities as have, within the two years preceding such transmission, filed their names and addresses with the Trustee for that purpose and to each Holder whose name and address is then preserved on the Trustee’s
list pursuant to the first sentence of Section 702(a), within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and
(2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 
 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 
 SECTION 801. Company May Consolidate, Etc. Only on Certain Terms. The Company shall not consolidate with or merge with or into, or
convey, transfer or lease all or substantially all of its properties and assets to any Person, unless: 
 (1)
either (x) the Company shall be the continuing corporation or the successor corporation or (y) the Person formed by such consolidation or into which the Company is merged or the Person that acquires by conveyance, transfer or lease the
properties and assets of the Company substantially as an entirety shall be a Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Outstanding Securities and the performance of every covenant of
this Indenture on the part of the Company to be performed or observed; 
 (2) immediately after giving effect to
such transaction, no Event of Default and no event that, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been met. 
  

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 SECTION 802. Successor Substituted for the Company. Upon any consolidation or merger
or any conveyance, transfer or lease of all or substantially all the properties and assets of the Company in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein and
thereafter, in the case of a conveyance, transfer or lease of properties and assets of the Company substantially as an entirety, such conveyance, transfer or lease shall have the effect of releasing the Person named as the “Company” in the
first paragraph of this instrument or any successor Person that shall theretofore have become such in the manner prescribed in this Article from its liability as obligor and maker on any of the Securities. 
 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of Holders. Without the
consent of any Holders, 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 of the following purposes: 
 (1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of
the Company herein and in the Securities; or 
 (2) to add to the covenants of the Company for the benefit of the
Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series), or to surrender any
right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Default with respect
to all or any series of Securities Outstanding hereunder; or 
 (4) to add to or change any of the provisions of
this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons; or 
 (5) to change or eliminate any of the provisions of this Indenture, or to add any new provision to this Indenture, in respect
of one or more series of Securities; provided, however, that any such change, elimination or addition (A) shall neither (i) apply to any Security Outstanding on the date of such indenture supplemental hereto nor
(ii) modify the rights of the Holder of any such Security Outstanding with respect to such provision in effect prior to the date of such indenture supplemental hereto or (B) shall become effective only when no Security of such series
remains Outstanding; or 
 (6) to add guarantees or collateral security with respect to the Securities of any
series; or 
 (7) to establish for the issuance of and establish the form or terms and conditions of Securities
of any series or Tranche thereof as permitted by Section 301(b), and to establish the form of any certificates required to be furnished pursuant to the terms of this Indenture or any series of Securities; or 
 (8) to provide for uncertificated Securities in addition to or in place of all, or any series or Tranche of, certificated
Securities; or 
 (9) to evidence and provide for the acceptance of appointment hereunder by a separate or
successor Trustee or co-trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by
more than one Trustee, pursuant to the requirements of Section 611(b); or 
  

 38 

 (10) to change any place or places where (a) the principal of or
premium, if any, or interest, if any, on all or any series of Securities, or any Tranche thereof, shall be payable, (b) all or any series of Securities, or any Tranche thereof, may be surrendered for registration or transfer, (c) all or
any series of Securities, or any Tranche thereof, may be surrendered for exchange and (d) notices and demands to or upon the Company in respect of all or any series of Securities, or any Tranche thereof, and this Indenture may be served;

 (11) 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, or any Tranche thereof, pursuant to Article Four, provided that any such action shall not adversely affect the interests of the Holders of Securities of such series or Tranche or
any other series of Securities in any material respect; 
 (12)(i) to cure any ambiguity or to correct or
supplement any provision contained herein or in any supplemental indenture that may be defective or inconsistent with any other provision contained herein or in any supplemental indenture or (ii) to conform the terms of any series of
Securities, or Tranche thereof, to the description thereof in the prospectus and prospectus supplement (or similar offering document) offering such series of Securities, or Tranche thereof; or 
 (13) to make any other provisions with respect to matters or questions arising under this Indenture, provided such
action shall not adversely affect the interests of the Holders of any Securities of any series or Tranche Outstanding on the date of such indenture supplemental hereto. 
 Without limiting the generality of the foregoing, if the Trust Indenture Act as in effect at the date of the execution and delivery of this Indenture or at any time thereafter becomes amended and

 (x) if any such amendment requires one or more changes to any provisions hereof or the inclusion herein of any additional
provisions, or by operation of law is deemed to effect such changes or incorporate such provisions by reference or otherwise, this Indenture shall be deemed to have been amended so as to conform to such amendment to the Trust Indenture Act, and the
Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to effect or evidence such changes or additional provisions; or 
 (y) if any such amendment permits one or more changes to, or the elimination of, any provisions hereof that, at the date hereof or at any
time thereafter, are required by the Trust Indenture Act to be contained herein (or if it is no longer required by the Trust Indenture Act for the Indenture to contain one or more provisions), this Indenture shall be deemed to have been amended to
effect such changes or elimination, and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to evidence such amendment hereof; or 
 (z) if, by reason of any such amendment, it shall be no longer necessary for this Indenture to contain one or more provisions that, at the
date of the execution and delivery hereof, are required by the Trust Indenture Act to be contained herein, the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to effect the elimination of
such provisions. 
 SECTION 902. Supplemental Indentures With Consent of Holders. (a) Except as set forth in paragraph
(b) below, with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of each series affected (voting as one class) by such supplemental indenture, by Act of said Holders delivered to
the Company and the Trustee, the Company, when authorized by a resolution of its Board of Directors (which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined in
accordance with or pursuant to a Company Order), 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 of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each

  

 39 

 
such series or of the Coupons appertaining to such Securities or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however,
that if there are Securities of more than one series of equal ranking Outstanding hereunder and if a proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such series,
then the consent only of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all series so directly affected, considered as one class, shall be required. 
 (b) No such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or
reduce the principal amount or premium, if any, thereof or the rate of interest thereon (or the amount of any installment of interest thereon) or any premium payable upon the redemption thereof, or change the method of calculating the rate of
interest thereon, 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 502, or change the coin or currency (or
other property) in which, any Security or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or
after the Redemption Date, or, in the case of repayment at the option of the Holders, on or after the Repayment Date), or modify any provisions of this Indenture with respect to the conversion or exchange of the Securities into Securities of another
series or into any other debt or equity securities in a manner adverse to the Holders, or 
 (2) reduce the
percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture, or 
 (3) modify any of the provisions of this Section, Section 513 or Section 1008, 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 1008, or the deletion of this proviso, in accordance with the requirements of Sections 611(b) and 901(9). 
 A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely for the benefit of one or more particular series of
Securities, or that modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. A waiver by a Holder of such Holder’s rights to consent under this Section shall be deemed to be a consent of such Holder. 
 SECTION 903. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise. 
 SECTION 904. Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. Any supplemental indenture permitted by this Article may restate this Indenture in its entirety, and, upon the execution and delivery thereof, any such restatement shall supersede this
Indenture as theretofore in effect for all purposes. 
  

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 SECTION 905. Conformity With Trust Indenture Act. Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 SECTION
906. Reference in Securities to Supplemental Indentures. Securities of any series, or any Tranche thereof, authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company so determines, new Securities of any series, or any Tranche thereof, and any appertaining coupons so modified
as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series or
Tranche and any appertaining coupons. 
 SECTION 907. Revocation and Effect of Consents. Until an amendment or waiver
becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if
notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date on which the
Trustee receives an Officer’s Certificate certifying that the Holders of the requisite principal amount of Securities have consented to the amendment or waiver. After an amendment or waiver becomes effective, it shall bind every Holder of each
series of Securities affected by such amendment or waiver. 
 The Company may, but shall not be obligated to, fix a record date
for the purpose of determining the Holders entitled to consent to any amendment or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those persons who were Holders at such record date (or
their duly designated proxies), and only those persons, shall be entitled to consent to such amendment or waiver or to revoke any consent previously given, whether or not such persons continue to be Holders after such record date. 
 After an amendment or waiver becomes effective it shall bind every Holder, unless it is of the type described in any of clauses
(1) through (3) of Section 902(c). In such case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security that evidences the same debt as the consenting
Holder’s Security. 
 SECTION 908. Modification Without Supplemental Indenture. If the terms of any particular
series of Securities have been established in a Board Resolution or an Officer’s Certificate as contemplated by Section 301, and not in an indenture supplemental hereto, additions to, changes in or the elimination of any of such terms may
be effected by means of a supplemental Board Resolution or Officer’s Certificate, as the case may be, delivered to, and accepted by, the Trustee; provided, however, that such supplemental Board Resolution or Officer’s Certificate
shall not be accepted by the Trustee or otherwise be effective unless all conditions set forth in this Indenture that would be required to be satisfied if such additions, changes or elimination were contained in a supplemental indenture shall have
been appropriately satisfied. Upon the acceptance thereof by the Trustee, any such supplemental Board Resolution or Officer’s Certificate shall be deemed to be a “supplemental indenture” for purposes of Sections 904 and 906.

 ARTICLE TEN 
 COVENANTS 
 SECTION 1001. Payment of Principal, Premium and
Interest. (a) Subject to the following provisions, the Company will pay to the Trustee the amounts, in such coin or currency as is at the time legal tender for the payment of public or private debt, in the manner, at the times and for the
purposes set forth herein and in the text of the Securities for each series, and the Company hereby authorizes and directs the Trustee from funds so paid to it to make or cause to be made payment of the principal of and any premium and interest on
the Securities and

  

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coupons of each series as set forth herein and in the text of such Securities and coupons. Unless otherwise provided in the Securities of a series, the Trustee will arrange directly with any
Paying Agents for the payment, or the Trustee will make payment, from funds furnished by the Company, of the principal of and any premium and interest, on the Securities and coupons of each series by check or draft. 
 (b) Unless otherwise provided in the Securities of a series, interest, if any, on Registered Securities of a series shall be paid by check
or draft on each Interest Payment Date for such series to the Holder thereof at the close of business on the Regular Record Date specified in the Securities of such series; provided, however, that interest payable at Maturity will be
paid to the Person to whom principal is payable. The Company may pay such interest by check or draft mailed to such Holder’s address as it appears on the register for Securities of such series. Unless otherwise provided in the Securities of a
series, principal of Registered Securities shall be payable by check or draft and only against presentation and surrender of such Registered Securities at the office of the Paying Agent, unless the Company shall have otherwise instructed the Trustee
in writing. 
 (c) Unless otherwise provided in the Securities of a series, (i) interest, if any, on Unregistered
Securities shall be paid by check or draft and only against presentation and surrender of the coupons for such interest installments as are evidenced thereby as they mature and (ii) original issue discount (as defined in Section 1273 of
the Code), if any, on Unregistered Securities shall be paid by check or draft and only against presentation and surrender of such Securities, in either case at the office of a Paying Agent located outside of the United States and its possessions,
unless the Company has otherwise instructed the Trustee in an Officer’s Certificate. Unless otherwise provided in the Securities of a series, principal of and premium, if any, of Unregistered Securities shall be paid by check or draft and only
against presentation and surrender of such Securities as provided in the Securities of a series. If at the time a payment of principal of and premium, if any, or interest, if any, or original issue discount, if any, on an Unregistered Security or
coupon becomes due and the payment of the full amount so payable at the office or offices of all the Paying Agents outside the United States and its possessions is illegal or effectively precluded because of the imposition of exchange controls or
other similar restrictions on the payment of such amount in United States currency, then the Company may instruct the Trustee in an Officer’s Certificate to make such payments at the office of a Paying Agent located in the United States. The
Company hereby covenants and agrees that it shall not so instruct the Trustee with respect to payment in the United States if such payment would cause such Unregistered Security to be treated as a “registration-required obligation” under
United States law and regulations. 
 (d) At the election of the Company, any payments by the Company provided for in this
Indenture or in any of the Securities may be made by electronic funds transfer. 
 SECTION 1002. Maintenance of Office or
Agency. (a) The Company will maintain in each Place of Payment for any series of Securities, or any Tranche thereof, an office or agency where Registered Securities, or any Tranche thereof, of that series may be surrendered for registration of
transfer or exchange and a Place of Payment where (subject to Sections 305 and 307) Securities may be presented for payment or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. Unless otherwise specified pursuant to Section 301(b) with respect to any such series, the Company shall maintain such offices or agencies in connection with each series in the Borough of Manhattan, The City of New
York, State of New York. With respect to any series of Securities issued in whole or in part as Unregistered Securities, the Company shall maintain one or more Paying Agents located outside the United States and its possessions and shall maintain
such Paying Agents for a period of one year after the principal of such Unregistered Securities has become due and payable. During any period thereafter for which it is necessary in order to conform to United States tax law or regulations, the
Company will maintain a Paying Agent outside the United States and its possessions to which the Unregistered Securities or coupons appertaining thereto may be presented for payment and will provide the necessary funds therefor to such Paying Agent
upon reasonable notice. The Security Registrar shall keep a register with respect to each series of Securities issued in whole or in part as Registered Securities and to their transfer and exchange. The Company may appoint one or more co-Security
Registrars acceptable to the Trustee and one or more additional Paying Agents for each series of Securities, and the Company may terminate the appointment of any co-Security Registrar or Paying Agent at any time upon written notice. The term
“Security Registrar” includes any co-Security Registrar. The term “Paying Agent” includes any additional Paying Agent. The Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture.
Subject to Section 305, if the Company fails to maintain a Security Registrar or Paying Agent, the Trustee shall act as such. 
  

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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 fails to maintain any such
required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee
as its agent to receive all such presentations, surrenders, notices and demands. 
 (b) The Company may also from time to time
designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 (c)
Anything herein to the contrary notwithstanding, any office or agency required by this Section may be maintained at any office of the Company in which event the Company shall perform all functions to be performed at such office or agency.

 SECTION 1003. Money for Securities Payments to Be Held in Trust. (a) If the Company at any time acts as its own Paying
Agent with respect to any series of Securities, or any Tranche thereof, it will, on or before each due date of the principal of or any premium or interest on any of such Securities, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums are paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to
act. 
 (b) Whenever the Company has one or more Paying Agents for any series of Securities, it will, on or prior to (and if on,
then before 11:00 a.m. (New York City time)) each due date of the principal of and any premium or interest on such Securities, deposit with a Paying Agent a sum sufficient (in immediately available funds, if payment is made on the due date) to pay
the principal and any premium and interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest as provided in the Trust Indenture Act and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 (c) The Company will cause each
Paying Agent for any series of Securities, or any Tranche thereof, other than the Trustee, to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that
such Paying Agent will: 
 (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying
Agent and 
 (ii) during the continuance of any default by the Company (or any other obligor upon the Securities
of that series) in the making of any payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of
that series 
 (d) The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or
for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were
held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 (e) Any money deposited with the Trustee or any Paying Agent, or received by the Trustee in respect of Eligible Obligations deposited with
the Trustee pursuant to Section 401 or 404, or then held by the Company, in trust for the payment of the principal of and any premium or interest on any Security of any series and remaining unclaimed for two years (or such shorter period for
the return of such funds to the Company under

  

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applicable abandoned property laws) after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, shall thereupon cease. 
 SECTION 1004. Statement as to Compliance. The
Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, a written statement, which need not comply with Section 102, signed by the principal executive officer, the
principal financial officer or the principal accounting officer of the Company stating, as to each signer thereof stating whether or not to the knowledge of the signers thereof it is in default in the performance and observance of any of the terms,
provisions, and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if it is in default, specifying all such defaults and the nature and status thereof of which they may have
knowledge. 
 SECTION 1005. Corporate Existence. Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if, in
the judgment of the Company, the preservation thereof is no longer desirable in the conduct of the business of the Company. 
 SECTION 1006. Waiver of Certain Covenants. Except as otherwise specified as contemplated by Section 301 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular
instance to comply with any term, provision or condition set forth in (i) any additional covenants or restrictions specified with respect to the Securities of any series as contemplated by Section 301 if before the time for such compliance
the Holders of not less than a majority in aggregate principal amount (or such larger proportion as may be required in respect of waiving a past default of any such additional covenant or restriction) of the Outstanding Securities of all series of
equal ranking with respect to which such covenant or restriction was so specified, considered as one class, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition
and (ii) Sections 1002 and 1004 and Article Eight if before the time for such compliance the Holders of at least a majority in principal amount of Securities of all series of equal ranking Outstanding under this Indenture by Act of such
Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition; but, in the case of clause (i) or (ii) of this Section, no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such waiver becomes effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force
and effect. 
 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 SECTION 1101. Applicability of Article.
Securities of any series that are redeemable before their Stated Maturity (or, if the principal of the Securities of any series is payable in installments, the Stated Maturity of the final installment of the principal thereof) shall be redeemable in
accordance with their terms and (except as otherwise specified as contemplated by Section 301(b) for Securities of any series) in accordance with this Article. 
 SECTION 1102. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or an Officer’s Certificate. In case of any
redemption at the election of the Company of less than all the Securities of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice is satisfactory to the Trustee in its sole
discretion), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company that is subject to a condition specified in the terms of such Securities the Company shall furnish the Trustee with an
Officer’s Certificate evidencing compliance with such restriction. 
  

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 SECTION 1103. Selection by Trustee of Securities to Be Redeemed. If less than all the
Securities of any series are to be redeemed, unless the procedures of the Depositary provide otherwise, the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series not previously called
for redemption, by such method as is provided for any particular series, or, in the absence of any such provision, by such method as the Trustee deems fair and appropriate and which may provide for the selection for redemption of portions (equal to
the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series;
provided, however, that if, as indicated in an Officer’s Certificate, the Company has offered to purchase all or any principal amount of the Securities then Outstanding of any series, and less than all of such Securities as to
which such offer was made have been tendered to the Company for such purchase, the Trustee, if so directed by Company Order, shall select for redemption all or any principal amount of such Securities that have not been so tendered. 
 The Trustee shall promptly notify the Company and the Security Registrar in writing of the Securities selected for redemption and, in the
case of any Securities selected for partial redemption, the principal amount thereof to be redeemed and the method it has chosen for the selection of such Securities. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed
only in part, to the portion of the principal amount of such Securities that has been or is to be redeemed. 
 SECTION 1104.
Notice of Redemption. Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, notice of redemption shall be given by electronic transmission or first-class mail, postage prepaid, mailed not
less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at such Holder’s address appearing in the Security Register. 
 If Unregistered Securities are to be redeemed, notice of redemption shall be published in an Authorized Newspaper in The City of New York
and, if such Securities to be redeemed are listed on any securities exchange outside of the United States, in the city in which such securities exchange is located, or in such other city or cities as may be specified in the Securities, once in each
of two different calendar weeks, the first publication to be not less than 30 nor more than 90 days before the redemption date. 
 All notices of redemption shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price, or the formula pursuant to which the Redemption Price is to be determined if the Redemption Price
cannot be determined at the time notice is given, 
 (3) if less than all the Outstanding Securities of any
series are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular Securities to be redeemed, and the portion of the principal amount of any Security to be redeemed in part and, in the
case of any such Security of such series to be redeemed in part, that, on and after the Redemption Date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the remaining unpaid principal amount
thereof will be issued as provided in Section 1106, 
 (4) that on the Redemption Date the Redemption Price
will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 
 (5) the place or places where such Securities and all unmatured coupons are to be surrendered for payment of the Redemption Price and accrued interest, if any, 
 (6) that the redemption is for a sinking fund, if such is the case, 
  

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 (7) the CUSIP, “ISIN” or similar number(s), if any, assigned to
such Securities; provided however, that such notice may state that no representation is made as to the correctness of CUSIP, “ISIN” or similar number(s), and the redemption of such Securities shall not be affected by any defect in
or omission of such number(s), and 
 (8) such other matters as the Company shall deem desirable or appropriate.

 Unless otherwise specified with respect to any Securities in accordance with Section 301, with respect to any notice of
redemption of Securities at the election of the Company, unless, upon the giving of such notice, such Securities are deemed to have been paid in accordance with Section 401, such notice may state that such redemption shall be conditional upon
the receipt by the Paying Agent or Agents for such Securities, on or prior to the date fixed for such redemption, of money sufficient to pay the principal of and premium, if any, and interest, if any, on such Securities and that if such money has
not been so received such notice shall be of no force or effect and the Company shall not be required to redeem such Securities. In the event that such notice of redemption contains such a condition and such money is not so received, the redemption
shall not be made and within a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption was given, that such money was not so received and such redemption was not required to be made, and the Paying Agent or
Agents for the Securities otherwise to have been redeemed shall promptly return to the Holders thereof any of such Securities that had been surrendered for payment upon such redemption. 
 Notice of redemption of Securities to be redeemed at the election of the Company, and any notice of non-satisfaction of a condition for
redemption as aforesaid, shall be given by the Company or, at the Company’s request, by the Security Registrar in the name and at the expense of the Company. Notice of mandatory redemption of Securities shall be given by the Security Registrar
in the name and at the expense of the Company. 
 SECTION 1105. Securities Payable on Redemption Date. (a) Notice of
redemption having been given as aforesaid, and the conditions, if any, set forth in such notice having been satisfied, the Securities or portions thereof so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company defaults in the payment of the Redemption Price and accrued interest, if any) such Securities, or portions thereof, if interest-bearing, shall cease to bear interest. Upon surrender
of any such Security together with all unmatured coupons for redemption in accordance with said notice, such Security or portion thereof, if any, shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the
Redemption Date but in the case of Unregistered Securities installments of interest due on or prior to the Redemption Date will be payable to the bearers of the coupons for such interest by check or draft upon surrender of such coupons; provided,
however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the
relevant Regular Record Dates according to their terms and the provisions of Section 307. 
 (b) If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 1106. Securities Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at a Place of
Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his or her 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 any authorized denomination as requested
by such Holder, and of like tenor and in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
  

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 ARTICLE TWELVE 
 REPAYMENT OF SECURITIES AT OPTION OF HOLDERS 
 SECTION
1201. Applicability of Article. Securities of any series that are repayable before their Stated Maturity at the option of the Holders shall be repayable in accordance with their terms and (except as otherwise specified as contemplated by
Section 301 for Securities of any series) in accordance with this Article. 
 SECTION 1202. Notice of Repayment
Date. Notice of any Repayment Date with respect to Securities of any series shall be given by the Company not less than 30 nor more than 45 days prior to such Repayment Date (or at such other times as may be specified for such repayment or
repurchase pursuant to Section 301) to each Holder of Securities of such series in accordance with Section 106 (except as otherwise specified as contemplated by Section 301 for Securities of any series). 
 The notice as to the Repayment Date shall state (unless otherwise specified for such repayment or repurchase pursuant to Section 301):

 (1) the Repayment Date; 
 (2) the principal amount of the Securities required to be repaid or repurchased and the Repayment Price (or the formula
pursuant to which the Repayment Price is to be determined if the Repayment Price cannot be determined at the time the notice is given); 
 (3) the place or places where such Securities are to be surrendered for payment of the Repayment Price, and accrued interest, if any, and the date by which Securities must be so surrendered in order to be
repaid or repurchased; 
 (4) that any Security not tendered or accepted for payment shall continue to accrue
interest; 
 (5) that, unless the Company defaults in making such payment or the Paying Agent is prohibited from
paying such money to the Holders on that date pursuant to the terms of this Indenture, Securities accepted for payment pursuant to any such offer of repayment or repurchase shall cease to accrue interest after the Repayment Date; 
 (6) that Holders electing to have a Security repaid or purchased pursuant to such offer may elect to have all or any portion
of such Security purchased; 
 (7) that Holders electing to have a Security repaid or repurchased pursuant to any
such offer shall be required to surrender the Security, with such customary documents of surrender and transfer as the Company may reasonably request, duly completed, or transfer by book-entry transfer, to the Company or the Paying Agent at the
address specified in the notice at least two Business Days prior to the Repayment Date; 
 (8) that Holders shall
be entitled to withdraw their election if the Company or the Paying Agent, as the case may be, receives, not later than the expiration of the offer to repay or repurchase, a telegram, facsimile transmission or letter setting forth the name of the
Holder, the principal amount of the Security the Holder delivered for purchase and a statement that such Holder is withdrawing its election to have such Security purchased; 
 (9) that, in the case of a repayment or repurchase of less than all Outstanding Securities of a series, the method of
selection of Securities to be repaid or repurchased to be applied by the Trustee if the principal amount of properly tendered Securities exceeds the principal amount of the Securities to be repaid or repurchased; 
  

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 (10) that Holders whose Securities are purchased only in part shall be
issued new Securities of the same series equal in principal amount to the unpurchased portion of the Securities surrendered (or transferred by book-entry transfer); and 
 (11) the CUSIP or other identification number, if any, printed on the Securities being repurchased and that no representation
is made as to the correctness or accuracy of the CUSIP or other identification number, if any, listed in such notice or printed on the Securities. 
 SECTION 1203. Securities Payable on Repayment Date. The form of option to elect repurchase or repayment having been delivered as specified in the form of Security for such series, the Securities of
such series so to be repaid (after application of the method of selection described pursuant to clause (9) of Section 1202, if the principal amount of properly tendered Securities exceeds the principal amount of the Securities to be repaid
or repurchased) shall, on the Repayment Date, become due and payable at the Repayment Price applicable thereto and from and after such date (unless the Company defaults in the payment of the Repayment Price and accrued interest) such Securities
shall cease to bear interest. Upon surrender of any such Security for repayment in accordance with said notice, such Security shall be paid by the Company at the Repayment Price together with accrued interest, if any, to the Repayment Date;
provided, however, that if a Security is repaid or repurchased on or after a Regular Record Date but on or prior to the Stated Maturity of any installments of interest, then any accrued and unpaid interest due on such Stated Maturity shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of Section 307. 
 If any Security is not paid upon surrender thereof for repayment, the principal (and premium, if any) shall, until paid, bear interest from
the Repayment Date at the rate prescribed therefor in such Security. 
 SECTION 1204. Securities Repaid in Part. Any
Security that by its terms may be repaid in part at the option of the Holder and that is to be repaid only in part shall be surrendered at any office or agency of the Company designated for that purpose pursuant to Section 1002 (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his or her 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, as provided in Section 305, of any authorized denomination as requested
by such Holder, in aggregate principal amount equal to and in exchange for the unrepaid portion of the principal of the Security so surrendered. 
  
  
  

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 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the date first above written. 
  

							
	 	 	 	 	CLEARWATER PAPER CORPORATION
				
	[CORPORATE SEAL]	 		 		 	
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
				
	Attest:	 		 		 	
				
	  
	 		 		 	
	Secretary	 		 		 	
		 		 	[TRUSTEE]
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

 49

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]