Document:

EX-4.1

 Exhibit 4.1 

 
  

 
 WARRANT AGREEMENT 

Dated as of 

December 11, 2012 
 between 
 M&T BANK CORPORATION 

and 
 REGISTRAR
AND TRANSFER COMPANY 
 as Warrant Agent 

 
  

Warrants for 

Common Stock 
  

 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 Section 1.01.
	 	Definitions	  	 	1	  
	 Section 1.02.
	 	Other Definitions	  	 	3	  
	 Section 1.03.
	 	Rules of Construction	  	 	3	  
	ARTICLE II	  
	
	WARRANTS	  
			
	 Section 2.01.
	 	Form	  	 	3	  
	 Section 2.02.
	 	Execution and Countersignature	  	 	4	  
	 Section 2.03.
	 	Registry	  	 	5	  
	 Section 2.04.
	 	Transfer and Exchange	  	 	5	  
	 Section 2.05.
	 	Definitive Warrants	  	 	7	  
	 Section 2.06.
	 	Replacement Certificates	  	 	8	  
	 Section 2.07.
	 	Outstanding Warrants	  	 	9	  
	 Section 2.08.
	 	Cancellation	  	 	9	  
	 Section 2.09.
	 	CUSIP Numbers	  	 	9	  
	
	ARTICLE III	  
	
	EXERCISE TERMS	  
			
	 Section 3.01.
	 	Exercise	  	 	10	  
	 Section 3.02.
	 	Manner of Exercise and Issuance of Shares	  	 	10	  
	 Section 3.03.
	 	Covenant to Make Stock Certificates Available	  	 	10	  
	
	ARTICLE IV	  
	
	ANTIDILUTION PROVISIONS	  
			
	 Section 4.01.
	 	Antidilution Adjustments; Notice of Adjustment	  	 	10	  
	 Section 4.02.
	 	Adjustment to Warrant Certificate	  	 	11	  
	
	ARTICLE V	  
	
	WARRANT AGENT	  
			
	 Section 5.01.
	 	Appointment of Warrant Agent	  	 	11	  
	 Section 5.02.
	 	Rights and Duties of Warrant Agent	  	 	11	  
	 Section 5.03.
	 	Individual Rights of Warrant Agent	  	 	12	  
	 Section 5.04.
	 	Warrant Agent’s Disclaimer	  	 	13	  
	 Section 5.05.
	 	Compensation and Indemnity	  	 	13	  

  
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	 Section 5.06.
	 	Successor Warrant Agent	  	 	13	  
	
	ARTICLE VI	  
	
	MISCELLANEOUS	  
			
	 Section 6.01.
	 	Persons Benefitting	  	 	15	  
	 Section 6.02.
	 	Amendment	  	 	15	  
	 Section 6.03.
	 	Notices	  	 	16	  
	 Section 6.04.
	 	Governing Law	  	 	17	  
	 Section 6.05.
	 	Successors	  	 	17	  
	 Section 6.06.
	 	Multiple Originals	  	 	17	  
	 Section 6.07.
	 	Inspection of Agreement	  	 	18	  
	 Section 6.08.
	 	Table of Contents	  	 	18	  
	 Section 6.09.
	 	Severability	  	 	18	  
			
	 EXHIBIT A
	 	Form of Warrant	  			

  
 ii 

 WARRANT AGREEMENT dated as of December 11, 2012 (this “Agreement”),
between M&T Bank Corporation, a New York corporation (the “Company”) and Registrar and Transfer Company, New Jersey Company as Warrant Agent (the “Warrant Agent”). 

The Company has issued the warrants described herein (each, a “Warrant” and collectively, the
“Warrants”) to the U.S. Department of the Treasury (“Treasury”) in connection with Treasury’s Capital Purchase Program pursuant to the Letter Agreement dated December 23, 2008 between the Company and
Treasury, which agreement incorporates by reference the Securities Purchase Agreement – Standard Terms attached thereto as Exhibit A. Treasury desires to sell all or a portion of the Warrants at any time or from time to time. 

Each Warrant entitles the registered holder thereof (the “Holder”) to purchase one share of Common Stock, subject to the
provisions of this Agreement and the relevant Warrant Certificate. Each Warrant Certificate (including any Global Warrant) shall evidence such number of Warrants as is set forth therein, subject to adjustment pursuant to the provisions of the
Warrant Certificate. 
 The Warrants and the shares of Common Stock issuable upon exercise of the Warrants will be freely
transferable by Holders that are not Affiliates of the Company. The Company desires the Warrant Agent to act on behalf of the Company in connection with the registration, transfer, exchange, redemption, exercise and cancellation of the Warrants as
provided herein and the Warrant Agent is willing to so act. 
 Each party agrees as follows for the benefit of the other party
and for the equal and ratable benefit of the Holders of Warrants: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01. Definitions. 
 “Affiliate” means, with respect
to any Person, any Person directly or indirectly controlling, controlled by or under common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such Person, whether through the ownership
of voting securities by contract or otherwise. 
 “Agent Members” means the securities brokers and dealers,
banks and trust companies, clearing organizations and certain other organizations that are participants in the Depositary’s system. 
 “business day” means any day except Saturday, Sunday and (i) at any time when the Warrants are listed on the New York Stock Exchange, any day on which the New York Stock Exchange is
authorized or required by law or other governmental actions to close or (ii) at any time when the Warrants are not listed on the New York Stock Exchange, any day on which 

  
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banking institutions in the State of New York are authorized or required by law or other governmental actions to close. 
 “Common Stock” means the common stock, par value $0.50 per share, of the Company. 
 “Definitive Warrant” means a Warrant Certificate in definitive form that is not deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 

“Depositary” means The Depository Trust Company, its nominees and their respective successors. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and
regulations promulgated thereunder. 
 “Exercise Price” has the meaning set forth in the form of Warrant
Certificate attached as Exhibit A hereto. 
 “Expiration Time” has the meaning set forth in the form of Warrant
Certificate attached as Exhibit A hereto. 
 “Officer” means the Chief Executive Officer, the President, the
Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Warrant Agent. Such counsel may be an employee of or counsel to the Company or the
Warrant Agent. 
 “Person” means an individual, corporation, partnership, joint venture, association,
joint-stock company, limited liability company, limited liability partnership, trust, unincorporated organization, or government or any agency or political subdivision thereof or any other entity. 

“Shares” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 

“Transfer Agent” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 

“Warrant Certificate” means any fully registered certificate (including a Global Warrant) issued by the Company and
authenticated by the Warrant Agent under this Agreement evidencing Warrants, in the form attached as Exhibit A hereto. 

“Warrant Share Number” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto.

  
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 Section 1.02. Other Definitions. 

 

			
	 Term
	  	
Defined in
Section

	“Agreement”	  	Recitals
	“Company”	  	Recitals
	“Global Warrant”	  	2.01(a)
	“Holders”	  	Recitals
	“Registry”	  	2.03
	“Warrant”	  	Recitals
	“Warrant Agent”	  	Recitals

 Section 1.03. Rules of Construction. 

Unless the text otherwise requires: 
 (i) a defined term has the meaning assigned to it; 
 (ii) an
accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect on the date hereof; 

(iii) “or” is not exclusive; 

(iv) “including” means including, without limitation; and 

(v) words in the singular include the plural and words in the plural include the singular. 

ARTICLE II 

WARRANTS 

Section 2.01. Form. 
 (a) Global Warrants. Except as provided in Section 2.04 or 2.05, Warrants issued upon any transfer or exchange thereof shall be issued in the form of one or more permanent global Warrants in
fully registered form with the global securities legend set forth in Exhibit A hereto (each, a “Global Warrant”), which shall be deposited on behalf of the Company with the Warrant Agent, as custodian for the Depositary (or with such other
custodian as the Depositary may direct), and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and countersigned by the Warrant Agent as hereinafter provided. 

  
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 (b) Book-Entry Provisions. This Section 2.01(b) shall apply only to a Global
Warrant deposited with or on behalf of the Depositary. 
 (i) The Company shall execute and the Warrant Agent
shall, in accordance with Section 2.02, countersign, by either manual or facsimile signature, and deliver one or more Global Warrants that (A) shall be registered in the name of the Depositary or the nominee of the Depositary and
(B) shall be delivered by the Warrant Agent to the Depositary or pursuant to the Depositary’s instructions or held by the Warrant Agent as custodian for the Depositary. Each Global Warrant shall be dated the date of its countersignature by
the Warrant Agent. 
 (ii) Agent Members shall have no rights under this Agreement with respect to any Global
Warrant held on their behalf by the Depositary or by the Warrant Agent as the custodian of the Depositary or under such Global Warrant except to the extent set forth herein or in a Warrant Certificate, and the Depositary may be treated by the
Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (A) prevent the Company, the Warrant
Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (B) impair, as between the Depositary and the Agent Members, the operation of
customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Global Warrant shall be exercised through the Depositary subject to the applicable
procedures of the Depositary except to the extent set forth herein or in a Warrant Certificate. 
 (c) Definitive
Securities. Except as provided in Section 2.04 or 2.05, owners of beneficial interests in Global Warrants will not be entitled to receive physical delivery of Definitive Warrants. 

(d) Warrant Certificates. Warrant Certificates shall be in substantially the form attached as Exhibit A hereto and shall be typed,
printed, lithographed or engraved or produced by any combination of such methods or produced in any other manner permitted by the rules of any securities exchange on which the Warrants may be listed, all as determined by the Officer or Officers
executing such Warrant Certificates, as evidenced by their execution thereof. Any Warrant Certificate shall have such insertions as are appropriate or required or permitted by this Agreement and may have such letters, numbers or other marks of
identification and such legends and endorsements, stamped, printed, lithographed or engraved thereon, (i) as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, (ii) such as may be required
to comply with this Agreement, any law or any rule of any securities exchange on which the Warrants may be listed, and (iii) such as may be necessary to conform to customary usage. 

Section 2.02. Execution and Countersignature. 
 At least one Officer shall sign the Warrant Certificates for the Company by manual or facsimile signature. 

  
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 If an Officer whose signature is on a Warrant Certificate no longer holds that office at
the time the Warrant Agent countersigns the Warrant Certificate, the Warrants evidenced by such Warrant Certificate shall be valid nevertheless. 
 The Warrant Agent shall initially countersign, by either manual or facsimile signature, and deliver Warrant Certificates entitling the Holders thereof to purchase in the aggregate not more than 1,218,522
shares of Common Stock (subject to adjustment as provided in such Warrant Certificates) upon receipt of a written order of the Company signed by one Officer of the Company. Each Warrant Certificate shall be dated the date of its countersignature by
the Warrant Agent. 
 At any time and from time to time after the execution of this Agreement, the Warrant Agent shall upon
receipt of a written order of the Company signed by an Officer of the Company countersign, by either manual or facsimile signature, for issue a Warrant Certificate evidencing the number of Warrants specified in such order; provided,
however, that the Warrant Agent shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel of the Company that it may reasonably request in connection with such countersignature of Warrants. Such order shall specify
the number of Warrants to be evidenced on the Warrant Certificate to be countersigned, the date on which such Warrant Certificate is to be countersigned and the number of Warrants then authorized. 

The Warrants evidenced by a Warrant Certificate shall not be valid until an authorized signatory of the Warrant Agent countersigns the
Warrant Certificate either manually or by facsimile signature. Such signature shall be solely for the purpose of authenticating the Warrant Certificate and shall be conclusive evidence that the Warrant Certificate so countersigned has been duly
authenticated and issued under this Agreement. 
 Section 2.03. Registry. 

The Warrants shall be issued in registered form only. The Warrant Agent shall keep a registry (the “Registry”) of the Warrant
Certificates and of their transfer and exchange. The Registry shall show the names and addresses of the respective Holders and the date and number of Warrants evidenced on the face of each of the Warrant Certificates. The Holder of any Global
Warrant will be the Depositary or a nominee of the Depositary in whose name the Global Warrant is registered. The Warrant holdings of Agent Members will be recorded on the books of the Depositary. The beneficial interests in the Global Warrant held
by customers of Agent Members will be reflected on the books and records of such Agent Members and will not be known to the Warrant Agent, the Company or to the Depositary. 
 Except as otherwise provided herein or in the Warrant Certificate, the Company and the Warrant Agent may deem and treat any Person in whose name a Warrant Certificate is registered in the Registry as the
absolute owner of such Warrant Certificate for all purposes whatsoever and neither the Company nor the Warrant Agent shall be affected by notice to the contrary. 
 Section 2.04. Transfer and Exchange. 
 (a) Transfer and Exchange of Global
Warrants. 

  
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 (i) Registration of the transfer and exchange of Global Warrants or
beneficial interests therein shall be effected through the book-entry system maintained by the Depositary, in accordance with this Agreement and the Warrant Certificates and the procedures of the Depositary therefor. A transferor of a beneficial
interest in a Global Warrant (or the relevant Agent Member on behalf of such transferor) shall deliver to the Warrant Agent (x) a written order given in accordance with the Depositary’s procedures containing information regarding the
account of the Agent Member to be credited with a beneficial interest in the Global Warrant and (y) a written instruction of transfer in form satisfactory to the Warrant Agent, duly executed by the Holder thereof or by his attorney, duly
authorized in writing. Additionally, prior to the Holder registering the transfer or making the exchange as requested, the requirements for such transfer or exchange to be issued in a name other than the registered Holder shall be met. Such
requirements include, inter alia, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be
required by the Warrant Agent. Upon satisfaction of the conditions in this Clause (i), the Warrant Agent shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Agent Member specified in such instructions
a beneficial interest in the Global Warrant and to debit the account of the Agent Member making the transfer of the beneficial interest in the Warrant being transferred. 

(ii) Notwithstanding any other provisions of this Agreement (other than the provisions set forth in Section 2.05), a
Global Warrant may only be transferred as a whole, and not in part, and only by (i) the Depositary, to a nominee of the Depositary, (ii) a nominee of the Depositary, to the Depositary or another nominee of the Depositary, or (iii) the
Depositary or any such nominee to a successor Depositary or its nominee. 
 (iii) In the event that a Global
Warrant is exchanged and transferred for Definitive Warrants pursuant to Section 2.05, such Warrants may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.04 and the
requirements of any Warrant Certificate and such other procedures as may from time to time be adopted by the Company that are not inconsistent with the terms of this Agreement or of any Warrant Certificate. 

(b) Cancellation or Adjustment of Global Warrant. At such time as all beneficial interests in a Global Warrant have been exchanged
for Definitive Warrants, redeemed, repurchased or canceled, such Global Warrant shall be returned to the Depositary for cancellation or retained and canceled by the Warrant Agent. At any time prior to such cancellation, if any beneficial interest in
a Global Warrant is transferred or exchanged for Definitive Warrants, redeemed, repurchased or canceled, the number of Warrants represented by such Global Warrant shall be reduced and an adjustment shall be made on the books and records of the
Warrant Agent to reflect such reduction. 
 (c) Obligations with Respect to Transfers and Exchanges of Warrants.

  
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 (i) To permit registrations of transfers and exchanges, the Company shall
execute and the Warrant Agent shall countersign, by either manual or facsimile signature, Global Warrants and Definitive Warrants as required pursuant to the provisions of Section 2.02 and this Section 2.04. 

(ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith. 
 (iii) All Warrants issued upon any registration of transfer or exchange pursuant to the terms of this Agreement shall be the valid obligations of the Company, entitled to the same benefits under this
Agreement as the Warrants surrendered upon such registration for transfer or exchange. 
 (d) No Obligation of the Warrant
Agent. 
 (i) The Warrant Agent shall have no responsibility or obligation to any beneficial owner of a
Global Warrant, any Agent Member or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Warrants or with respect to the
delivery to any Agent Member, beneficial owner or other Person (other than the Depositary) of any notice or the payment of any amount, under or with respect to such Warrants. All notices and communications to be given to the Holders and all payments
to be made to Holders under the Warrants shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Warrant). The rights of beneficial owners in any Global Warrant
shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Warrant Agent may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its
members, participants and any beneficial owners. 
 (ii) The Warrant Agent shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Agreement or under applicable law with respect to any transfer of any interest in any Warrant (including any transfer between or among the Agent
Members or beneficial owners in any Global Warrant) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Agreement,
and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.05. Definitive Warrants. 
 (a) Beneficial interests in a Global Warrant deposited with the Depositary or with the Warrant Agent as custodian for the Depositary pursuant to Section 2.01 shall be transferred to each beneficial
owner thereof in the form of Definitive Warrants evidencing a number of Warrants equivalent to such owner’s beneficial interest in such Global Warrant, in exchange for 

  
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such Global Warrant, only if such transfer complies with Section 2.04 and (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such
Global Warrant or if at any time the Depositary ceases to be a “clearing agency” registered under the Exchange Act and, in each such case, a successor Depositary is not appointed by the Company within 90 days of such notice, (ii) the
Company, in its sole discretion, notifies the Warrant Agent in writing that it elects to cause the issuance of Definitive Warrants under this Agreement, or (iii) the Company shall be adjudged a bankrupt or insolvent or makes an assignment for
the benefit of its creditors or institutes proceedings to be adjudicated a bankrupt or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking reorganization under Federal bankruptcy
laws or any other similar applicable Federal or State law, or shall consent to the filing of any such petition, or shall consent to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit in writing
its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or all or any substantial part of its property shall be appointed, or if a public officer shall have taken charge or control of the Company or of its property
or affairs, for the purpose of rehabilitation, conservation or liquidation. 
 (b) Any Global Warrant that is transferable to
the beneficial owners thereof in the form of Definitive Warrants pursuant to this Section 2.05 shall be surrendered by the Depositary to the Warrant Agent, to be so transferred, in whole or from time to time in part, without charge, and the
Warrant Agent shall countersign, by either manual or facsimile signature, and deliver to each beneficial owner in the name of such beneficial owner, upon such transfer of each portion of such Global Warrant, Definitive Warrants evidencing a number
of Warrants equivalent to such beneficial owner’s beneficial interest in the Global Warrant. The Warrant Agent shall register such transfer in the Registry, and upon such transfer the surrendered Global Warrant shall be cancelled by the Warrant
Agent. 
 (c) All Definitive Warrants issued upon registration of transfer pursuant to this Section 2.05 shall be the valid
obligations of the Company, evidencing the same obligations of the Company and entitled to the same benefits under this Agreement and the Global Warrant surrendered for registration of such transfer. 

(d) Subject to the provisions of Section 2.05(b), the registered Holder of a Global Warrant may grant proxies and otherwise
authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Agreement or the Warrants. 

(e) In the event of the occurrence of any of the events specified in Section 2.05(a), the Company will promptly make available to
the Warrant Agent a reasonable supply of Definitive Warrants in definitive, fully registered form. 
 (f) Neither the Company
nor the Warrant Agent will be liable or responsible for any registration or transfer of any Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. 

Section 2.06. Replacement Certificates. 

  
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 If a mutilated Warrant Certificate is surrendered to the Warrant Agent or if the Holder of
a Warrant Certificate provides proof reasonably satisfactory to the Company and the Warrant Agent that the Warrant Certificate has been lost, destroyed or wrongfully taken, the Company shall issue and the Warrant Agent shall countersign, by either
manual or facsimile signature, a replacement Warrant Certificate of like tenor and representing an equivalent number of Warrants, if the reasonable requirements of the Warrant Agent and of Section 8-405 of the Uniform Commercial Code as in
effect in the State of New York are met. If required by the Warrant Agent or the Company, such Holder shall furnish an indemnity bond sufficient in the reasonable judgment of the Company and the Warrant Agent to protect the Company and the Warrant
Agent from any loss that either of them may suffer if a Warrant Certificate is replaced. The Company and the Warrant Agent may charge the Holder for their expenses in replacing a Warrant Certificate. Every replacement Warrant Certificate evidences
an additional obligation of the Company. 
 Section 2.07. Outstanding Warrants. 

The Warrants outstanding at any time are all Warrants evidenced on all Warrant Certificates authenticated by the Warrant Agent except for
those canceled by it and those delivered to it for cancellation. A Warrant ceases to be outstanding if the Company or an Affiliate of the Company holds the Warrant. 
 If a Warrant Certificate is replaced pursuant to Section 2.06, the Warrants evidenced thereby cease to be outstanding unless the Warrant Agent and the Company receive proof satisfactory to them that
the replaced Warrant Certificate is held by a bona fide purchaser. 
 Section 2.08. Cancellation. 

In the event the Company shall purchase or otherwise acquire Definitive Warrants, the same shall thereupon be delivered to the Warrant
Agent for cancellation. 
 The Warrant Agent and no one else shall cancel and destroy all Warrant Certificates surrendered for
registration of transfer, exchange, replacement, exercise or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Warrant Agent to deliver canceled Warrant Certificates to the Company. The Company
may not issue new Warrant Certificates to replace Warrant Certificates to the extent they evidence Warrants that have been exercised or Warrants that the Company has purchased or otherwise acquired. 

Section 2.09. CUSIP Numbers. 
 The Company in issuing the Warrants may use “CUSIP” numbers (if then generally in use) and, if so, the Warrant Agent shall use “CUSIP” numbers in notices as a convenience to Holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Warrant Certificates or as contained in any notice and that reliance may be placed only on
the other identification numbers printed on the Warrant Certificates. 

  
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 ARTICLE III 
 EXERCISE TERMS 
 Section 3.01. Exercise. 

The Exercise Price of each Warrant, the Warrant Share Number, the number of Warrants evidenced by any Warrant Certificate and the
Expiration Time of each Warrant shall be set forth in the related Warrant Certificate. The Exercise Price of each Warrant and the Warrant Share Number are subject to adjustment pursuant to the terms set forth in the Warrant Certificate. 

Section 3.02. Manner of Exercise and Issuance of Shares. 
 Warrants may be exercised in the manner set forth in Section 3 of the Warrant Certificate, and upon any such exercise, Shares shall be issued in the manner set forth in Section 4 of the Warrant
Certificate. 
 Section 3.03. Covenant to Make Stock Certificates Available. 

(a) The Warrant Agent is hereby authorized to requisition from time to time from any stock transfer agents of the Company stock
certificates required to honor outstanding Warrants upon exercise thereof in accordance with the terms of this Agreement, and the Company agrees to authorize and direct such transfer agents to comply with all such requests of the Warrant Agent. The
Company shall supply such transfer agents with duly executed stock certificates for such purposes and shall provide or otherwise make available any cash or scrip that may be payable upon exercise of Warrants as provided herein and in each Warrant
Certificate. 
 (b) The Warrant Agent is hereby authorized to create a special account for the reserve of shares of Common Stock
to be issued upon exercise of the Warrants. 
 (c) In connection with the shares of Common Stock to be issued upon exercise, the
Company shall, if so required by the Warrant Agent, provide an Opinion of Counsel, stating that all such shares, when issued, will be: 
 (i) registered, or subject to a valid exemption from registration, under the Securities Act of 1933, as amended, and all material and necessary State securities law filings will have been made with
respect to such shares; and 
 (ii) validly issued, fully paid and non-assessable. 

ARTICLE IV 

ANTIDILUTION PROVISIONS 
 Section 4.01. Antidilution Adjustments; Notice of Adjustment. 

  
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 The Exercise Price and the Warrant Share Number shall be subject to adjustment from time to
time as provided in Section 12 of the Warrant Certificate. Whenever the Exercise Price or the Warrant Share Number is so adjusted or is proposed to be adjusted as provided in Section 12 of the Warrant Certificate, the Company shall deliver
to the Warrant Agent the notices or statements, and shall cause a copy of such notices or statements to be sent or communicated to each Holder pursuant to Section 6.03, as provided in Sections 12(H) and (I) of the Warrant Certificate.

 Section 4.02. Adjustment to Warrant Certificate. 

The form of Warrant Certificate need not be changed because of any adjustment made pursuant to the Warrant Certificate, and Warrant
Certificates issued after such adjustment may state the same Exercise Price and the same Warrant Share Number as are stated in the Warrant Certificates initially issued pursuant to this Agreement. The Company, however, may at any time in its sole
discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed. 
 ARTICLE V 
 WARRANT AGENT 

Section 5.01. Appointment of Warrant Agent. 
 The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the provisions of this Agreement and the Warrant Agent hereby accepts such appointment. The Warrant Agent
shall not be liable for anything that it may do or refrain from doing in connection with this Agreement, except for its own gross negligence, willful misconduct or bad faith. 
 Section 5.02. Rights and Duties of Warrant Agent. 
 (a) Agent for the
Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship of agency or trust for or with any of
the Holders of Warrant Certificates or beneficial owners of Warrants. 
 (b) Counsel. The Warrant Agent may consult with
counsel satisfactory to it (who may be counsel to the Company), and the advice of such 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
accordance with the advice of such counsel. 
 (c) Documents. The Warrant Agent shall be protected and shall incur no
liability for or in respect of any action taken or thing suffered by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document

  
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reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 
 (d) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are specifically set forth herein and in the Warrant Certificates, and no implied duties or
obligations of the Warrant Agent shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder that may involve it in any expense or
liability for which it does not receive indemnity if such indemnity is reasonably requested. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates countersigned
by the Warrant Agent and delivered by it to the Holders or on behalf of the Holders pursuant to this Agreement or for the application by the Company of the proceeds of the Warrants. The Warrant Agent shall have no duty or responsibility in case of
any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a Holder with respect to such default, including any duty or
responsibility to initiate or attempt to initiate any proceedings at law or otherwise. 
 (e) Not Responsible for Adjustments
or Validity of Stock. The Warrant Agent shall not at any time be under any duty or responsibility to any Holder to determine whether any facts exist that may require an adjustment of the Warrant Share Number or the Exercise Price, or with
respect to the nature or extent of any adjustment when made, or with respect to the method employed, or herein or in any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall not be accountable with respect to
the validity or value of any Shares or of any securities or property that may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment pursuant to Section 12 of the Warrant Certificate, and it makes no
representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any Shares or stock certificates upon the surrender of any Warrant Certificate
for the purpose of exercise or upon any adjustment pursuant to Section 12 of the Warrant Certificate, or to comply with any of the covenants of the Company contained in the Warrant Certificate. 

(f) Notices or Demands Addressed to the Company. If the Warrant Agent shall receive any notice or demand (other than Notice of
Exercise of Warrants) addressed to the Company by the Holder of a Warrant, the Warrant Agent shall promptly forward such notice or demand to the Company. 
 Section 5.03. Individual Rights of Warrant Agent. 
 The Warrant Agent and any
stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or its Affiliates or become pecuniarily interested in transactions in which the Company or its Affiliates
may be interested, or contract with or lend money to the Company or its Affiliates or otherwise act as fully and freely as though it were not the Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any
other capacity for the Company or for any other legal entity. 

  
 12 

 Section 5.04. Warrant Agent’s Disclaimer. 

The Warrant Agent shall not be responsible for, and makes no representation as to the validity or adequacy of, this Agreement (except the
due and valid authorized execution and delivery of this Agreement by the Warrant Agent) or the Warrant Certificates (except the due countersignature of the Warrant Certificate(s) by the Warrant Agent) and it shall not be responsible for any
statement in this Agreement or the Warrant Certificates other than its countersignature thereon. 
 Section 5.05.
Compensation and Indemnity. 
 (a) The Company agrees to pay the Warrant Agent from time to time reasonable compensation for its
services as agreed and to reimburse the Warrant Agent upon request for all reasonable out-of-pocket expenses incurred by it, including the reasonable compensation and expenses of the Warrant Agent’s agents and counsel as agreed. The Company
shall indemnify the Warrant Agent, its officers, directors, agents and counsel against any loss, liability or expense (including reasonable agents’ and attorneys’ fees and expenses) incurred by it without gross negligence, willful
misconduct or bad faith on its part arising out of or in connection with the acceptance or performance of its duties under this Agreement. The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. The Company
need not reimburse any expense or indemnify against any loss or liability incurred by the Warrant Agent through willful misconduct, gross negligence or bad faith. The Company’s payment obligations pursuant to this Section shall survive the
termination of this Agreement. 
 (b) The Warrant Agent shall be responsible for and shall indemnify and hold the Company
harmless from and against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or attributable to the Warrant Agent’s refusal or failure to comply with the terms of this Agreement, or which
arise out of Warrant Agent’s gross negligence, bad faith or willful misconduct or which arise out of the breach of any representation or warranty of the Warrant Agent hereunder, for which the Warrant Agent is not entitled to indemnification
under this Agreement; provided, however, the Warrant Agent’s aggregate liability hereunder during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, whether in contract, or in tort, or
otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to the Warrant Agent as fees and charges, but not including reimbursable expenses. 
 To secure the Company’s payment obligations under this Agreement, the Warrant Agent shall have a lien prior to the Holders on all money or property held or collected by the Warrant Agent. 

Section 5.06. Successor Warrant Agent. 
 (a) Company to Provide and Maintain Warrant Agent. The Company agrees for the benefit of the Holders that there shall at all times be a Warrant Agent hereunder until all the Warrants have been
exercised or cancelled or are no longer exercisable. 
 (b) Resignation and Removal. The Warrant Agent may at any time
resign by giving written notice to the Company of such intention on its part, specifying the date on which 

  
 13 

 
its desired resignation shall become effective; provided, however, that such date shall not be less than 60 days after the date on which such notice is given unless the Company
otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the date when it shall become effective, which date
shall not be less than 60 days after such notice is given unless the Warrant Agent otherwise agrees. Any removal under this Section shall take effect upon the appointment by the Company as hereinafter provided of a successor Warrant Agent (which
shall be (i) a bank or trust company, (ii) organized under the laws of the United States of America or one of the states thereof, (iii) authorized under the laws of the jurisdiction of its organization to exercise corporate trust
powers, (iv) having a combined capital and surplus of at least $50,000,000 (as set forth in its most recent reports of condition published pursuant to law or to the requirements of any United States federal or state regulatory or supervisory
authority) and (v) having an office in the Borough of Manhattan, The City of New York) and the acceptance of such appointment by such successor Warrant Agent. The obligations of the Company under Section 5.05 shall continue to the extent
set forth herein notwithstanding the resignation or removal of the Warrant Agent. 
 (c) Company to Appoint Successor. In
the event that at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or
hereafter constituted, or under any other applicable Federal or State bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in
furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter
constituted, or any other applicable Federal or State bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator,
assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation,
conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. In the event that a successor Warrant Agent is not
appointed by the Company, a successor Warrant Agent, qualified as aforesaid, may be appointed by the Warrant Agent or the Warrant Agent may petition a court to appoint a successor Warrant Agent. Upon the appointment as aforesaid of a successor
Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder; provided, however, that in the event of the resignation of the Warrant Agent under this
subsection (c), such resignation shall be effective on the earlier of (i) the date specified in the Warrant Agent’s notice of resignation and (ii) the appointment and acceptance of a successor Warrant Agent hereunder. 

(d) Successor to Expressly Assume Duties. Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver
to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor 

  
 14 

 
Warrant Agent, without any further act, deed or conveyance, shall become vested with all the rights and obligations of such predecessor with like effect as if originally named as Warrant Agent
hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and
other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 
 (e) Successor by Merger. Any
entity into which the Warrant Agent hereunder may be merged or consolidated, or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any entity to which the Warrant Agent shall sell or otherwise
transfer all or substantially all of its assets and business, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided,
however, that it shall be qualified as aforesaid. 
 Section 5.07. Representations of the Company. The Company
represents and warrants to the Warrant Agent that: 
 (a) the Company has been duly organized and is validly existing under the
laws of the jurisdiction of its incorporation; 
 (b) this Agreement has been duly authorized, executed and delivered by the
Company and is enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting the enforcement of creditors’ rights generally; and

 (c) the execution and delivery of this Agreement does not, and the issuance of the Warrants in accordance with the terms of
this Agreement and the Warrant Certificate will not, (i) violate the Company’s certificate of incorporation or by-laws, (ii) violate any law or regulation applicable to the Company or order or decree of any court or public authority
having jurisdiction over the Company, or (iii) result in a breach of any mortgage, indenture, contract, agreement or undertaking to which the Company is a party or by which it is bound, except in the case of (ii) and (iii) for any
violations or breaches that could not reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
 ARTICLE VI 
 MISCELLANEOUS 

Section 6.01. Persons Benefitting. 
 Nothing in this Agreement is intended or shall be construed to confer upon any Person other than the Company, the Warrant Agent and the Holders any right, remedy or claim under or by reason of this
Agreement or any part hereof. 
 Section 6.02. Amendment. 

This Agreement and the Warrants may be amended by the parties hereto without the consent of any Holder for the purpose of curing any
ambiguity, or of curing, correcting or 

  
 15 

 
supplementing any defective provision contained herein or therein or adding or changing any other provisions with respect to matters or questions arising under this Agreement or the Warrants as
the Company and the Warrant Agent may deem necessary or desirable; provided, however, that such action shall not adversely affect the rights of any of the Holders in any material respect. Any amendment or supplement to this Agreement
or the Warrants that has a material adverse effect on the interests of any of the Holders or owners of a beneficial interest in a Global Warrant shall require the written consent of the Holders of a majority of the then outstanding Warrants;
provided that the consent of each Holder affected thereby shall be required for any amendment pursuant to which (i) the Exercise Price would be increased or the Warrant Share Number would be decreased (in each case, other than pursuant
to adjustments provided for in Section 12 of the Warrant Certificate), (ii) the time period during which the Warrants are exercisable would be shortened or (iii) any change adverse to the Holder would be made to the anti-dilution
provisions set forth in Article IV of this Agreement or Section 12 of the Warrant Certificate. In determining whether the Holders of the required number of Warrants have concurred in any direction, waiver or consent, Warrants owned by the
Company or by any Affiliate of the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Warrant Agent shall be protected in relying on any such direction, waiver or consent, only
Warrants that the Warrant Agent knows are so owned shall be so disregarded. Also, subject to the foregoing, only Warrants outstanding at the time shall be considered in any such determination. The Warrant Agent shall have no duty to determine
whether any such amendment would have an effect on the rights or interests of the Holders of the Warrants. Upon receipt by the Warrant Agent of an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to
the execution of the amendment have been complied with and such execution is permitted by this Agreement and the Warrant Certificate, the Warrant Agent shall join in the execution of such amendment; provided, that the Warrant Agent may, but shall
not be obligated to, execute any amendment or supplement which affects the rights or changes or increases the duties or obligations of the Warrant Agent. 
 Section 6.03. Notices. 
 Any notice or communication shall be in writing and
delivered in person or mailed by first-class mail addressed as follows: 
 if to the Company: 

M&T Bank Corporation 
 One M&T Plaza 
 Buffalo, New York 14203 

Telephone: (716) 842-5445 
 Facsimile: (716) 842-5376 
 Attention: Drew J. Pfirrman 

 Brian R. Yoshida 

  
 16 

 with a copy to: 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, New York 10019 
 Telephone: (212) 403-1000 
 Facsimile: (212) 403-2000 

Attention: Edward D. Herlihy 
                   Lawrence S. Makow 
 if to the Warrant Agent: 
 Registrar and Transfer Company 

10 Commerce Drive 
 Cranford, New Jersey 07016 
 Telephone: (800) 866-1340 ext. 2619 

Facsimile: (908) 272-0889 
 Attention: Henry Farrell 
 The Company or the Warrant Agent by notice to the other
may designate additional or different addresses for subsequent notices or communications. 
 Unless the Warrant is a Global
Warrant, any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to the owners of a
beneficial interest in a Global Warrant shall be distributed through the Depositary in accordance with the procedures of the Depositary. Communications to such Holder shall be deemed to be effective at the time of dispatch to the Depositary.

 Failure to provide a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to
other Holders. If a notice or communication is provided in the manner provided above, it is duly given, whether or not the intended recipient actually receives it. 
 Section 6.04. Governing Law. 
 This Agreement will be governed by and
construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 Section 6.05. Successors. 
 All agreements of the Company in this Agreement
and the Warrants shall bind its successors. All agreements of the Warrant Agent in this Agreement shall bind its successors. 

Section 6.06. Multiple Originals. 

  
 17 

 The parties may sign any number of copies of this Agreement. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Agreement. 

Section 6.07. Inspection of Agreement. 
 A copy of this Agreement shall be made available at all reasonable times for inspection by any registered Holder or owner of a beneficial interest in a Global Warrant at the principal office of the
Warrant Agent (or successor warrant agent). 
 Section 6.08. Table of Contents. 

The table of contents and headings of the Articles and Sections of this Agreement have been inserted for convenience of reference only,
are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 6.09. Severability. 
 The provisions of this Agreement are severable, and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and shall not in any manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Agreement in any
jurisdiction. 

  
 18 

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

			
	M&T BANK CORPORATION
		
	by	 	/s/ Ayan Das Gupta
		 	Name: Ayan Das Gupta
		 	Title: Senior Vice President

  

			
	 REGISTRAR AND TRANSFER COMPANY,
 as Warrant Agent,

		
	by	 	/s/ Nicola Giancaspro
		 	Name: Nicola Giancaspro
		 	Title: Vice President, Stock Transfer Operation

  
 19 

 EXHIBIT A 
 FORM OF WARRANT 
 [Global Securities Legend] 

UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY WARRANT CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS
GLOBAL WARRANT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL WARRANT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE
WITH THE RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO ON THE REVERSE HEREOF. 

  
 1 

 GLOBAL WARRANT 
 representing 
 WARRANTS 

to purchase 

Shares of 

Common Stock 

of 

M&T BANK CORPORATION 
  

			
	No. 1	  	CUSIP No: 55261F112

 1. Definitions. Unless the context otherwise requires, when used herein the following terms shall
have the meanings indicated. Any capitalized terms used but not defined herein that are defined in the Warrant Agreement shall have the meanings set forth in the Warrant Agreement. 

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

“Agent Members” means the securities brokers and dealers, banks and trust companies, clearing organizations and certain
other organizations that are participants in the Depositary’s system. 
 “Board of Directors” means the
board of directors of the Company, including any duly authorized committee thereof. 
 “Business Combination”
means a merger, consolidation, statutory share exchange or similar transaction that requires the approval of the Company’s stockholders. 
 “business day” means any day except Saturday, Sunday and (i) at any time when the Warrants are listed on the New York Stock Exchange, any day on which the New York Stock Exchange is
authorized or required by law or other governmental actions to close or (ii) at any time when the Warrants are not listed on the New York Stock Exchange, any day on which banking institutions in the State of New York are authorized or required
by law or other governmental actions to close. 
 “Capital Stock” means (A) with respect to any Person
that is a corporation or company, any and all shares, interests, participations or other equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation or company, any
and all partnership or other equity interests of such Person. 

  
 2 

 “Charter” means, with respect to any Person, its certificate or articles
of incorporation, articles of association, or similar organizational document. 
 “Common Stock” means the
common stock, par value $0.50 per share, of the Company. 
 “Company” means M&T Bank Corporation, a
corporation duly organized and existing under the laws of New York. 
 “Definitive Warrant” means a Warrant
Certificate in definitive form that is not deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Depositary” means The Depository Trust Company, its nominees and their respective successors. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 

“Exercise Price” means $73.86, subject to adjustment as set forth herein. 

“Expiration Time” has the meaning set forth in Section 3. 

“Fair Market Value” means, with respect to any security or other property, the fair market value of such security or
other property as determined by the Board of Directors, acting in good faith. 
 “Global Warrant” means a
Warrant Certificate in global form that is deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Governmental Entities” means, collectively, all United States and other governmental, regulatory or judicial authorities. 

“Issue Date” means December 23, 2008. 
 “Market Price” means, with respect to a particular security, on any given day, the last reported sale price regular way or, in case no such reported sale takes place on such day, the
average of the last closing bid and ask prices regular way, in either case on the principal national securities exchange on which the applicable securities are listed or admitted to trading, or if not listed or admitted to trading on any national
securities exchange, the average of the closing bid and ask prices as furnished by two members of the Financial Industry Regulatory Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall be
determined without reference to after hours or extended hours trading. If such security is not listed and traded in a manner that the quotations referred to above are available for the period required hereunder, the Market Price per share of Common
Stock shall be deemed to be the fair market value per share of such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the
Company for this purpose; provided that if any such security is listed or traded on a non-U.S. market, such fair market value shall be determined by reference to the closing price of such security as of the end of the most recently ended
business day in such market prior to the date of 

  
 3 

 
determination; and further, provided that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be
done in accordance with customary procedures based on the rate for conversion of such currency into U.S. dollars displayed on the relevant page by Bloomberg L.P. (or any successor or replacement service) on or by 4:00 p.m., New York City time, on
such exercise date. For the purposes of determining the Market Price of the Common Stock on the “trading day” preceding, on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after
the regular scheduled closing time of trading on the New York Stock Exchange or, if trading is closed at an earlier time, such earlier time and (ii) that trading day shall end at the next regular scheduled closing time, or if trading is closed
at an earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and
the specified event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price). 
 “Ordinary Cash Dividends” means a regular quarterly cash dividend on shares of Common Stock out of surplus or net profits legally available therefor (determined in
accordance with U.S. GAAP in effect from time to time), provided that Ordinary Cash Dividends shall not include any cash dividends paid subsequent to the Issue Date to the extent the aggregate per share dividends paid on the outstanding
Common Stock in any quarter exceed $0.70, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction. 
 “Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. 

“Per Share Fair Market Value” has the meaning set forth in Section 12(B). 

“Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to
(A) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any other offer available to substantially all holders of Common Stock, in the case of both
(A) and (B), whether for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property (including, without limitation, shares of Capital Stock,
other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while this Warrant Certificate is outstanding. The “Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of
shares for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Shares” has the meaning set forth in Section 2. 

  
 4 

 “trading day” means (A) if the shares of Common Stock are not traded
on any national or regional securities exchange or association or over-the-counter market, a business day or (B) if the shares of Common Stock are traded on any national or regional securities exchange or association or over-the-counter market,
a business day on which such relevant exchange or quotation system is scheduled to be open for business and on which the shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange or association or
over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for
the trading of the shares of Common Stock. The term “trading day” with respect to any security other than the Common Stock shall have a correlative meaning based on the primary exchange or quotation system on which such security is listed
or traded. 
 “Transfer Agent” means Registrar and Transfer Company, as transfer agent of the Company, and any
successor transfer agent. 
 “U.S. GAAP” means United States generally accepted accounting principles.

 “Warrant” means a right to purchase a number of shares of the Company’s Common Stock equal to the
Warrant Share Number as provided herein. References herein to “Warrant” shall include the Global Warrant where the context requires. 
 “Warrant Agent” has the meaning set forth in Section 16. 

“Warrant Agreement” has the meaning set forth in Section 16. 

“Warrant Certificate” means a fully registered certificate evidencing Warrants. 

“Warrantholder” means a registered owner of Warrants as set forth in the Registry. 

“Warrant Share Number” means one share of Common Stock, as subsequently adjusted pursuant to the terms of this Warrant
and the Warrant Agreement. 
 2. Number of Shares; Exercise Price. This certifies that, for value received,
Cede & Co., and any of its registered assigns, is the registered owner of the number of Warrants set forth on Schedule A hereto, each of which entitles the Warrantholder to purchase from the Company, upon the terms and subject to the
conditions hereinafter set forth, a number of fully paid and nonassessable shares of Common Stock (each a “Share” and collectively the “Shares”) equal to the Warrant Share Number at a purchase price per share equal
to the Exercise Price. The Warrant Share Number and the Exercise Price are subject to adjustment as provided herein, and all references to “Warrant Share Number” and “Exercise Price” herein shall be deemed to include any such
adjustment or series of adjustments. 
 3. Exercise of Warrant; Term. Subject to Section 2, to the extent permitted
by applicable laws and regulations, all or a portion of the Warrants evidenced by this Warrant Certificate are exercisable by the Warrantholder, at any time or from time to time after the execution and delivery of this Warrant Certificate by the
Company on the date hereof, but in no 

  
 5 

 
event later than 5:00 p.m., New York City time on the tenth anniversary of the Issue Date (the “Expiration Time”), by (A) delivery to the Warrant Agent of a Notice of
Exercise in the form annexed hereto, duly completed and executed (or to the Company or to such other office or agency of the Company in the United States as the Company may designate by notice in writing to the Warrantholders pursuant to
Section 18), and (B) payment of the Exercise Price for the Shares thereby purchased by having the Company withhold, from the shares of Common Stock that would otherwise be delivered to such Warrantholder upon such exercise, Shares issuable
upon exercise of the Warrants so exercised equal in value to the aggregate Exercise Price as to such Shares, based on the Market Price of the Common Stock on the trading day on which such Warrants are exercised and the Notice of Exercise is
delivered to the Warrant Agent pursuant to this Section 3. For the avoidance of doubt, if Warrants are exercised such that the Exercise Price would exceed the value of the Shares issuable upon exercise, no amount shall be due and payable by the
Warrantholder to the Company. In the case of a Global Warrant, any person with a beneficial interest in such Global Warrant shall effect compliance with the requirements in clauses (A) and (B) above through the relevant Agent Member in
accordance with procedures of the Depositary. 
 In the case of a Global Warrant, whenever some but not all of the Warrants
represented by such Global Warrant are exercised in accordance with the terms thereof and of the Warrant Agreement, such Global Warrant shall be surrendered by the Warrantholder to the Warrant Agent, which shall cause an adjustment to be made to
Schedule A to such Global Warrant so that the number of Warrants represented thereby will be equal to the number of Warrants theretofor represented by such Global Warrant less the number of Warrants then exercised. The Warrant Agent shall thereafter
promptly return such Global Warrant to the Warrantholder or its nominee or custodian. In the case of a Definitive Warrant, whenever some but not all of the Warrants represented by such Definitive Warrant are exercised in accordance with the terms
thereof and of the Warrant Agreement, the Warrantholder shall be entitled, at the request of such Warrantholder, to receive from the Company within a reasonable time, not to exceed three business days, a new Definitive Warrant in substantially
identical form for the number of Warrants equal to the number of Warrants theretofor represented by such Definitive Warrant less the number of Warrants then exercised. 
 If this Warrant Certificate shall have been exercised in full, the Warrant Agent shall promptly cancel such certificate following its receipt from the Warrantholder or the Depositary, as applicable.

 Notwithstanding anything in this Warrant Certificate to the contrary, in the case of Warrants evidenced by a Global Warrant,
any Agent Member may, without the consent of the Warrant Agent or any other person, on its own behalf and on behalf of any beneficial owner for which it is acting, enforce, and may institute and maintain, any suit, action or proceeding against the
Company suitable to enforce, or otherwise in respect of, its right to exercise, and to receive Shares for, its Warrants as provided in the Global Warrant, and to enforce the Warrant Agreement. 

4. Issuance of Shares; Authorization; Listing. Shares issued upon exercise of Warrants evidenced by this Warrant Certificate shall
be (i) issued in such name or names as the exercising Warrantholder may designate and (ii) delivered by the Transfer Agent to such 

  
 6 

 
Warrantholder or its nominee or nominees (A) via book-entry transfer crediting the account of such Warrantholder (or the relevant Agent Member for the benefit of such Warrantholder) through
the Depositary’s DWAC system (if the Transfer Agent participates in such system), or (B) otherwise in certificated form by physical delivery to the address specified by the Warrantholder in the Notice of Exercise. The Company shall use its
commercially reasonable efforts to cause its Transfer Agent to be a participant in the Depositary’s DWAC system. The Company shall cause the number of full Shares to which such Warrantholder shall be entitled to be so delivered by the Transfer
Agent within a reasonable time, not to exceed three business days after the date on which Warrants evidenced by this Warrant Certificate have been duly exercised in accordance with the terms hereof. 

The Company hereby represents and warrants that any Shares issued upon the exercise of Warrants evidenced by this Warrant Certificate in
accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges created by a Warrantholder, income and franchise
taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued will be deemed to have been issued to a Warrantholder as of the
close of business on the date on which Warrants evidenced by this Warrant Certificate have been duly exercised, notwithstanding that the stock transfer books of the Company may then be closed or certificates representing such Shares may not be
actually delivered on such date. The Company will at all times until the Expiration Time (or, if such date shall not be a business day, then on the next succeeding business day) reserve and keep available, out of its authorized but unissued Common
Stock, solely for the purpose of providing for the exercise of Warrants evidenced by this Warrant Certificate, the aggregate number of shares of Common Stock then issuable upon exercise hereof at any time. The Company will (A) procure, at its
sole expense, the listing of the Shares issuable upon exercise hereof at any time, subject to issuance or notice of issuance, on all principal stock exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of
such Shares at all times after issuance. The Company will use reasonable best efforts to ensure that the Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange on which the Shares
are listed or traded. 
 5. No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares
shall be issued upon any exercise of Warrants evidenced by this Warrant Certificate. In lieu of any fractional Share that would otherwise be issued to a Warrantholder upon the exercise of any Warrants, such Warrantholder shall be entitled to receive
a cash payment equal to the Market Price of the Common Stock on the trading day on which such warrants are exercised representing such fractional Share. The beneficial owners of the Warrants and the Warrantholder, by their acceptance hereof,
expressly waive their right to receive any fraction of a share of Common Stock or a certificate representing a fraction of a share of Common Stock or Warrant Certificate representing a fractional Warrant upon exercise of any Warrant. 

6. No Rights as Stockholders; Transfer Books. Warrants evidenced by this Warrant Certificate do not entitle the Warrantholder or
the owner of any beneficial interest in such Warrants to any voting rights or other rights as a stockholder of the Company prior to the date of exercise hereof. The Company will at no time close its transfer books against transfer of Warrants in any
manner which interferes with the timely exercise hereof. 

  
 7 

 7. Charges, Taxes and Expenses. Issuance of Shares in certificated or book-entry
form to the Warrantholder upon the exercise of Warrants evidenced by this Warrant Certificate shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such Shares
(other than liens or charges created by a Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith), all of which taxes and expenses
shall be paid by the Company. 
 8. Transfer/Assignment. This Warrant Certificate and all rights hereunder are
transferable, in whole or in part, upon the books of the Company (or an agent duly appointed by the Company) by the registered holder hereof in person or by duly authorized attorney, and one or more new Warrant Certificates shall be made and
delivered by the Company, of the same tenor and date as this Warrant Certificate but registered in the name of one or more transferees, upon surrender of this Warrant Certificate, duly endorsed, to the office or agency of the Company described in
Section 3; provided that if this Warrant Certificate is a Global Warrant registered in the name of the Depositary, transfers of such Global Warrant may only be made as a whole, and not in part, and only by (i) the Depositary to a
nominee of the Depositary, (ii) a nominee of the Depositary to the Depositary or another nominee of the Depositary or (iii) the Depositary or any such nominee to a successor Depositary or its nominee. All expenses (other than stock
transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new Warrant Certificates pursuant to this Section 8 shall be paid by the Company. 

If this Warrant Certificate is a Global Warrant, then so long as the Global Warrant is registered in the name of the Depositary, the
holders of beneficial interests in the Warrants evidenced thereby shall have no rights under this Warrant Certificate with respect to the Global Warrant held on their behalf by the Depositary or the Warrant Agent as its custodian, and the Depositary
may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of the Global Warrant for all purposes whatsoever except to the extent set forth herein. Accordingly, any such owner’s
beneficial interest in the Global Warrant will be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or the Agent Members, and neither the Company nor the Warrant Agent shall have
any responsibility with respect to such records maintained by the Depositary or the Agent Members. Notwithstanding the foregoing, nothing herein shall (i) prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent
from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (ii) impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the rights
of a holder of a beneficial interest in any Warrant. Except as may otherwise be provided in this Warrant Certificate or the Warrant Agreement, the rights of beneficial owners in a Global Warrant shall be exercised through the Depositary subject to
the applicable procedures of the Depositary. Any holder of the Global Warrant shall, by acceptance of the Global Warrant, agree that transfers of beneficial interests in the Global Warrant may be effected only through a book-entry system maintained
by the Depositary, and that ownership of a beneficial interest in the Warrants represented thereby shall be required to be reflected in book-entry form. 

  
 8 

 A Global Warrant shall be exchanged for Definitive Warrants, and Definitive Warrants may be
transferred or exchanged for a beneficial interest in a Global Warrant, only at such times and in the manner specified in the Warrant Agreement. Subject to the provisions of the Warrant Agreement, the holder of a Global Warrant may grant proxies and
otherwise authorize any person, including Agent Members and persons that may hold beneficial interests in such Global Warrant through Agent Members, to take any action that a Warrantholder is entitled to take under a Warrant or the Warrant
Agreement. 
 9. Exchange and Registry of Warrants. This Warrant Certificate is exchangeable, upon the surrender hereof
by the Warrantholder to the Company, for a new Warrant Certificate or Warrant Certificates of like tenor and representing the same aggregate number of Warrants. The Company or an agent duly appointed by the Company (which initially shall be the
Warrant Agent) shall maintain a Registry showing the name and address of the Warrantholder as the registered holder of this Warrant Certificate. This Warrant Certificate may be surrendered for exchange or exercise in accordance with its terms, at
the office of the Company or any such agent, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such Registry. 
 10. Loss, Theft, Destruction or Mutilation of Warrant Certificate. Upon receipt by the Company of proof reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
Certificate, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company and the Warrant Agent, or, in the case of any such mutilation, upon surrender and cancellation
of this Warrant Certificate, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of like tenor and representing the same aggregate number of Warrants as provided for
in such lost, stolen, destroyed or mutilated Warrant Certificate. 
 11. Saturdays, Sundays, Holidays, etc. If the last
or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day.

 12. Adjustments and Other Rights. The Exercise Price and the Warrant Share Number shall be subject to adjustment from
time to time as follows; provided that if more than one subsection of this Section 12 is applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall cause an adjustment
under more than one subsection of this Section 12 so as to result in duplication: 
 (A) Stock Splits, Subdivisions,
Reclassifications or Combinations. If the Company shall (i) declare and pay a dividend or make a distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock into a
greater number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller number of shares, the Warrant Share Number at the time of the record date for such dividend or distribution or the effective date of
such subdivision, combination or reclassification shall be proportionately adjusted so that the holder of a Warrant after such date shall be entitled to purchase the number of shares of Common Stock which such holder would have owned or been
entitled to receive in respect of the Warrant Share Number had such Warrant 

  
 9 

 
been exercised immediately prior to such date. In such event, the Exercise Price in effect immediately prior to the record date for such dividend or distribution or the effective date of such
subdivision, combination or reclassification shall be adjusted by multiplying such Exercise Price by the quotient of (x) the Warrant Share Number immediately prior to such adjustment divided by (y) the new Warrant Share Number determined
pursuant to the immediately preceding sentence. 
 (B) Other Distributions. In case the Company shall fix a record date
for the making of a distribution to all holders of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its Common Stock and other dividends or
distributions referred to in Section 12(A)), in each such case, the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying the Exercise Price in effect immediately prior
to the reduction by the quotient of (x) the Market Price of the Common Stock on the last trading day preceding the first date on which the Common Stock trades regular way on the principal national securities exchange on which the Common Stock
is listed or admitted to trading without the right to receive such distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one
share of Common Stock (such subtracted amount and/or Fair Market Value, the “Per Share Fair Market Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively
whenever such a record date is fixed. In such event, the Warrant Share Number shall be increased to the number obtained by multiplying the Warrant Share Number immediately prior to such adjustment by the quotient of (x) the Exercise Price in
effect immediately prior to the distribution giving rise to this adjustment divided by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the case of adjustment for a cash dividend that is, or is
coincident with, a regular quarterly cash dividend, the Per Share Fair Market Value would be reduced by the per share amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend. In the event that such distribution is
not so made, the Exercise Price and the Warrant Share Number then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights, cash or
warrants, as the case may be, to the Exercise Price and the Warrant Share Number that would then be in effect if such record date had not been fixed. 
 (C) Certain Repurchases of Common Stock. In case the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be reduced to the price determined by multiplying the
Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of shares of Common Stock outstanding immediately before such Pro
Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus
(ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall be the product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of
shares of Common Stock so repurchased and (ii) the Market Price per share of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata
Repurchase. In such event, the Warrant Share Number shall be 

  
 10 

 
increased to the number obtained by multiplying the Warrant Share Number immediately prior to such adjustment by the quotient of (x) the Exercise Price in effect immediately prior to the Pro
Rata Repurchase giving rise to this adjustment divided by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. For the avoidance of doubt, no increase to the Exercise Price or decrease in the Warrant
Share Number shall be made pursuant to this Section 12(C). 
 (D) Business Combinations or Reclassifications of Common
Stock. In case of any Business Combination or reclassification of Common Stock (other than a reclassification of Common Stock referred to in Section 12(A)), a Warrantholder’s right to receive Shares upon exercise of a Warrant shall be
converted into the right to exercise such Warrant to acquire the number of shares of stock or other securities or property (including cash) which the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise
of such Warrant immediately prior to such Business Combination or reclassification would have been entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth
herein with respect to the rights and interests thereafter of the Warrantholder shall be appropriately adjusted so as to be applicable, as nearly as may reasonably be, to such Warrantholder’s right to exercise a Warrant in exchange for any
shares of stock or other securities or property pursuant to this paragraph. In determining the kind and amount of stock, securities or the property receivable upon exercise of a Warrant following the consummation of such Business Combination, if the
holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the consideration that a Warrantholder shall be entitled to receive upon exercise shall be deemed to
be the types and amounts of consideration received by the majority of all holders of the shares of Common Stock that affirmatively make an election (or of all such holders if none make an election). For purposes of determining any amount to be
withheld pursuant to Section 3 from stock, securities or the property that would otherwise be delivered to a Warrantholder upon exercise of Warrants following any Business Combination, the amount of such stock, securities or property to be
withheld shall have a Market Price equal to the aggregate Exercise Price as to which such Warrants are so exercised, based on the fair market value of such stock, securities or property on the trading day on which such Warrants are exercised and the
Notice of Exercise is delivered to the Warrant Agent; provided that in the case of any property that is not a security, the Market Price of such property shall be deemed to be its fair market value as determined in good faith by the Board of
Directors in reliance on an opinion of a nationally recognized independent investment banking firm retained by the Company for this purpose; and further, provided that if making such determination requires the conversion of any
currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with customary procedures based on the rate for conversion of such currency into U.S. dollars displayed on the relevant page by Bloomberg L.P. (or any
successor or replacement service) on or by 4:00 p.m., New York City time, on such exercise date. 
 (E) Rounding of
Calculations; Minimum Adjustments. All calculations under this Section 12 shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. Any provision of this
Section 12 to the contrary notwithstanding, no adjustment in the Exercise Price or the Warrant Share Number shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any
such amount shall be carried forward and an adjustment with 

  
 11 

 
respect thereto shall be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01
or 1/10th of a share of Common Stock, or more, or on exercise of a Warrant if it shall earlier occur. 
 (F) Timing of
Issuance of Additional Common Stock Upon Certain Adjustments. In any case in which the provisions of this Section 12 shall require that an adjustment shall become effective immediately after a record date for an event, the Company may defer
until the occurrence of such event (i) issuing to a Warrantholder of Warrants exercised after such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment
required by such event over and above the shares of Common Stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of Common Stock;
provided, however, that the Company upon request shall deliver to such Warrantholder a due bill or other appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon the
occurrence of the event requiring such adjustment. 
 (G) Other Events. Neither the Exercise Price nor the Warrant Share
Number shall be adjusted in the event of a change in the par value of the Common Stock or a change in the jurisdiction of incorporation of the Company. 
 (H) Statement Regarding Adjustments. Whenever the Exercise Price or the Warrant Share Number shall be adjusted as provided in Section 12, the Company shall forthwith file at the principal
office of the Company a statement showing in reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the Warrant Share Number after such adjustment. The Company shall deliver to the Warrant Agent a
copy of such statement and shall cause a copy of such statement to be sent or communicated to the Warrantholders pursuant to Section 18. 
 (I) Notice of Adjustment Event. In the event that the Company shall propose to take any action of the type described in this Section 12 (but only if the action of the type described in this
Section 12 would result in an adjustment in the Exercise Price or the Warrant Share Number or a change in the type of securities or property to be delivered upon exercise of a Warrant), the Company shall deliver to the Warrant Agent a notice
and shall cause such notice to be sent or communicated to the Warrantholders in the manner set forth in Section 18, which notice shall specify the record date, if any, with respect to any such action and the approximate date on which such
action is to take place. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class of shares or other securities or property which
shall be deliverable upon exercise of a Warrant. In the case of any action which would require the fixing of a record date, such notice shall be given at least 10 days prior to the date so fixed, and in case of all other action, such notice shall be
given at least 15 days prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any such action. 

(J) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking of any action which would require
an adjustment pursuant to this Section 12, the Company shall take any action which may be necessary, including obtaining regulatory, New 

  
 12 

 
York Stock Exchange, NASDAQ Stock Market or other applicable national securities exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally
issue as fully paid and nonassessable all Shares that a Warrantholder is entitled to receive upon exercise of a Warrant pursuant to this Section 12. 
 (K) Adjustment Rules. Any adjustments pursuant to this Section 12 shall be made successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price made hereunder
would reduce the Exercise Price to an amount below par value of the Common Stock, then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par value of the Common Stock. 

13. No Impairment. The Company will not, by amendment of its Charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant Certificate and in taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholder. 

14. Governing Law. This Warrant Certificate and the Warrants evidenced hereby shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 15.
Binding Effect; Countersignature by Warrant Agent. This Warrant Certificate shall be binding upon any successors or assigns of the Company. This Warrant Certificate shall not be valid until an authorized signatory of the Warrant Agent (as
defined below) or its agent as provided in the Warrant Agreement (as defined below) countersigns this Warrant Certificate. Such signature shall be solely for the purpose of authenticating this Warrant Certificate and shall be conclusive evidence
that this Warrant Certificate has been countersigned under the Warrant Agreement. 
 16. Warrant Agreement; Amendments.
This Warrant Certificate is issued under and in accordance with a Warrant Agreement dated as of December 11, 2012 (the “Warrant Agreement”), between the Company and Registrar and Transfer Company, a New Jersey Company (the
“Warrant Agent,” which term includes any successor Warrant Agent under the Warrant Agreement), and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the beneficial owners
of the Warrants and the Warrantholders consent by acceptance hereof. The Warrant Agreement is hereby incorporated herein by reference and made a part hereof. Reference is hereby made to the Warrant Agreement for a statement of the respective rights,
limitations of rights, duties and obligations of the Company, the Warrant Agent and the Warrantholders and beneficial owners of the Warrants. A copy of the Warrant Agreement may be obtained for inspection by the Warrantholders or beneficial owners
of the Warrants upon request to the Warrant Agent at the address of the Warrant Agent (or successor warrant agent) set forth in the Warrant Agreement. The Warrant Agreement and this Warrant Certificate may be amended and the observance of any term
of the Warrant Agreement or this Warrant Certificate may be waived only to the extent provided in the Warrant Agreement. 

  
 13 

 17. Prohibited Actions. The Company agrees that it will not take any action which
would entitle the Warrantholder to an adjustment of the Exercise Price if the total number of shares of Common Stock issuable after such action upon exercise of the Warrants evidenced by this Warrant Certificate, together with all shares of Common
Stock then outstanding and all shares of Common Stock then issuable upon the exercise of all outstanding options, warrants, conversion and other rights, would exceed the total number of shares of Common Stock then authorized by its Charter.

 18. Notices. Unless this Warrant Certificate is a Global Warrant, any notice or communication mailed to the
Warrantholder shall be mailed to the Warrantholder at the Warrantholder’s address as it appears in the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to holders of a beneficial interest in a Global
Warrant shall be distributed through the Depositary in accordance with the procedures of the Depositary. Communications to such holders shall be deemed to be effective at the time of dispatch to the Depositary. 

[Remainder of page intentionally left blank] 

  
 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed by a
duly authorized officer. This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
 Dated:
                                 

 

			
	M&T BANK CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Countersigned:
  

REGISTRAR AND TRANSFER COMPANY,
 as Warrant
Agent

		
	By:	 	 
		 	Authorized Signatory

  
 15 

 Schedule A to Global Warrant 

The initial number of Warrants represented by the Global Warrant is 1,218,522. 

The following decreases in the number of Warrants represented by this Global Warrant have been made as a result of the exercise of
certain Warrants represented by this Global Warrant: 
  

							
	 Date of Exercise
 of Warrants
	  	Number of
Warrants
Exercised	  	Total Number of
Warrants 
Represented
Hereby Following Such
Exercise	  	Notation Made
by Warrant 
Agent
				
		  		  		  	

  
 1 

 Form of Notice of Exercise 

(to be executed only upon exercise of Warrants) 
 Date:                      
 TO: M&T Bank Corporation (the “Company”) 
 RE: Election to Purchase Common
Stock 
 The undersigned registered holder of
[                ] Warrants irrevocably elects to exercise the number of Warrants set forth below represented by the Global Warrant (or, in the case of a
Definitive Warrant, the Warrant Certificate enclosed herewith), and surrenders all right, title and interest in the number of Warrants exercised hereby to the Company, and directs that the shares of Common Stock or other securities or property
delivered upon exercise of such Warrants, and any interests in the Global Warrant or Definitive Warrant representing unexercised Warrants, be registered or placed in the name and at the address specified below and delivered thereto. 

 

			
	Number of Warrants	 	  

  

			
	Holder:	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 Signature guaranteed by (if a guarantee is required): 

 

			
	  	 	 

  
 1 

 Securities and/or check to be issued to: 

 

							
	If in book-entry form through the Depositary:	  	
			
		 	Depositary Account Number:	  	 
			
		 	Name of Agent Member:                     
                                         
                                         
     	  	
		
	If in definitive form:	  	
			
		 	 Social Security Number
 or
Other Identifying Number:
	  	 
			
		 	Name:	  	 
			
		 	Street Address:	  	 
			
		 	City, State and Zip Code:	  	 
	
	Any unexercised Warrants evidenced by the exercising Warrantholder’s interest in the Global Warrant or Definitive Warrant, as the case may be, to be issued
to:
		
	If in book-entry form through the Depositary:	  	
			
		 	Depositary Account Number:	  	 
			
		 	Name of Agent Member:                     
                                         
                                         
     	  	
		
	If in definitive form:	  	
			
		 	 Social Security Number
 or
Other Identifying Number:
	  	 
			
		 	Name:	  	 
			
		 	Street Address:	  	 
			
		 	City, State and Zip Code:	  	 

  
 2 

 Form of Assignment 

For value received, the undersigned registered Warrantholder of the within Warrant Certificate hereby sells, assigns and transfers unto
the Assignee(s) named below (including the undersigned with respect to any Warrants constituting a part of the Warrants evidenced by the within Warrant Certificate not being assigned hereby) all of the right, title and interest of the undersigned
under the within Warrant Certificate with respect to the number of Warrants set forth below. 
  

							
	 Name of Assignees
	  	Address	  	Number of Warrants	  	Social Security
Number or 
other
Identifying Number
		  		  		  	
		  		  		  	

 and does irrevocably constitute and appoint
[                    ], the undersigned’s attorney, to make such transfer on the books of the Company maintained for the purpose, with
full power of substitution in the premises. 
  

			
	Dated:	 	 

  

			
	Holder:	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 Signature guaranteed by (if a guarantee is required): 

 

			
	  	 	 

  
 1Form of Indenture

 Exhibit 4.2 
 ACCESS MIDSTREAM PARTNERS, L.P., 
 ACMP FINANCE CORP. 

and 
 THE
GUARANTORS NAMED ON THE SIGNATURE PAGE HEREOF 
 DEBT SECURITIES 

INDENTURE 

Dated as of [                    ]

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

As Trustee 

 CONTENTS 

 

					
	 	  	Page	 
	 Article 1. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
		
	 Section 1.01 Definitions.
	  	 	1	  
	 Section 1.02 Other Definitions.
	  	 	7	  
	 Section 1.03 Incorporation by Reference of Trust Indenture Act.
	  	 	7	  
	 Section 1.04 Rules of Construction.
	  	 	7	  
		
	 Article 2. THE SECURITIES
	  	 	8	  
		
	 Section 2.01 Form and Dating.
	  	 	8	  
	 Section 2.02 Form of Trustee’s Certificate of Authentication.
	  	 	8	  
	 Section 2.03 Amount Unlimited; Issuable in Series; Denominations.
	  	 	9	  
	 Section 2.04 Execution of Securities.
	  	 	12	  
	 Section 2.05 Authentication and Delivery of Securities.
	  	 	13	  
	 Section 2.06 Registrar, Paying Agent and Conversion Agent.
	  	 	14	  
	 Section 2.07 Paying Agent to Hold Money in Trust.
	  	 	15	  
	 Section 2.08 Holder Lists.
	  	 	15	  
	 Section 2.09 Transfer and Exchange.
	  	 	15	  
	 Section 2.10 Replacement Securities.
	  	 	16	  
	 Section 2.11 Outstanding Securities.
	  	 	16	  
	 Section 2.12 Temporary Securities.
	  	 	17	  
	 Section 2.13 Securities Issuable in the Form of a Global Security.
	  	 	17	  
	 Section 2.14 Cancellation.
	  	 	19	  
	 Section 2.15 Defaulted Interest.
	  	 	19	  
	 Section 2.16 CUSIP Numbers.
	  	 	19	  
		
	 Article 3. REDEMPTION AND PREPAYMENT
	  	 	20	  
		
	 Section 3.01 Applicability of Article.
	  	 	20	  
	 Section 3.02 Notices to Trustee.
	  	 	20	  
	 Section 3.03 Selection of Securities to Be Redeemed.
	  	 	20	  
	 Section 3.04 Notice of Redemption.
	  	 	21	  
	 Section 3.05 Effect of Notice of Redemption.
	  	 	22	  
	 Section 3.06 Deposit of Redemption Price.
	  	 	22	  
	 Section 3.07 Securities Redeemed in Part.
	  	 	22	  
	 Section 3.08 Mandatory and Optional Sinking Funds.
	  	 	22	  
	 Section 3.09 Redemption of Securities for Sinking Fund.
	  	 	23	  
		
	 Article 4. COVENANTS
	  	 	23	  
		
	 Section 4.01 Payment of Securities.
	  	 	23	  
	 Section 4.02 Maintenance of Office or Agency.
	  	 	24	  
	 Section 4.03 Reports.
	  	 	24	  
	 Section 4.04 Compliance Certificate.
	  	 	25	  

  
 i 

					
	 Section 4.05 Taxes.
	  	 	26	  
	 Section 4.06 Stay, Extension and Usury Laws.
	  	 	26	  
	 Section 4.07 Corporate Existence.
	  	 	26	  
		
	 Article 5. SUCCESSORS
	  	 	26	  
		
	 Section 5.01 Merger, Consolidation or Sale of Assets.
	  	 	26	  
	 Section 5.02 Successor Substituted.
	  	 	27	  
		
	 Article 6. DEFAULTS AND REMEDIES
	  	 	28	  
		
	 Section 6.01 Events of Default.
	  	 	28	  
	 Section 6.02 Acceleration.
	  	 	29	  
	 Section 6.03 Other Remedies.
	  	 	29	  
	 Section 6.04 Waiver of Past Defaults.
	  	 	30	  
	 Section 6.05 Control by Majority.
	  	 	30	  
	 Section 6.06 Limitation on Suits.
	  	 	30	  
	 Section 6.07 Rights of Holders of Securities to Receive Payment.
	  	 	31	  
	 Section 6.08 Collection Suit by Trustee.
	  	 	31	  
	 Section 6.09 Trustee May File Proofs of Claim.
	  	 	31	  
	 Section 6.10 Priorities.
	  	 	32	  
	 Section 6.11 Undertaking for Costs.
	  	 	32	  
		
	 Article 7. TRUSTEE
	  	 	32	  
		
	 Section 7.01 Duties of Trustee.
	  	 	32	  
	 Section 7.02 Rights of Trustee.
	  	 	33	  
	 Section 7.03 Individual Rights of Trustee.
	  	 	35	  
	 Section 7.04 Trustee’s Disclaimer.
	  	 	35	  
	 Section 7.05 Notice of Defaults.
	  	 	35	  
	 Section 7.06 Reports by Trustee to Holders.
	  	 	36	  
	 Section 7.07 Compensation and Indemnity.
	  	 	36	  
	 Section 7.08 Separate Trustee; Replacement of Trustee.
	  	 	37	  
	 Section 7.09 Successor Trustee by Merger, etc.
	  	 	38	  
	 Section 7.10 Eligibility; Disqualification.
	  	 	38	  
	 Section 7.11 Preferential Collection of Claims Against Issuers.
	  	 	39	  
		
	 Article 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	39	  
		
	 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.
	  	 	39	  
	 Section 8.02 Legal Defeasance and Discharge.
	  	 	39	  
	 Section 8.03 Covenant Defeasance.
	  	 	40	  
	 Section 8.04 Conditions to Legal or Covenant Defeasance.
	  	 	40	  
	 Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.
	  	 	41	  
	 Section 8.06 Repayment to Issuers.
	  	 	42	  
	 Section 8.07 Reinstatement.
	  	 	42	  
	 Section 8.08 Satisfaction and Discharge.
	  	 	43	  

  
 ii 

					
	 Article 9. AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	44	  
		
	 Section 9.01 Without Consent of Holders.
	  	 	44	  
	 Section 9.02 With Consent of Holders.
	  	 	45	  
	 Section 9.03 Compliance with Trust Indenture Act.
	  	 	46	  
	 Section 9.04 Revocation and Effect of Consents.
	  	 	47	  
	 Section 9.05 Notation on or Exchange of Securities.
	  	 	47	  
	 Section 9.06 Trustee to Sign Amendments, etc.
	  	 	47	  
		
	 Article 10. GUARANTEES OF SECURITIES
	  	 	48	  
		
	 Section 10.01 Applicability of Article.
	  	 	48	  
	 Section 10.02 Subsidiary Guarantees.
	  	 	48	  
	 Section 10.03 Limitation on Guarantor Liability.
	  	 	49	  
	 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms.
	  	 	49	  
	 Section 10.05 Releases of Subsidiary Guarantees.
	  	 	50	  
	 Section 10.06 Execution and Delivery of Subsidiary Guarantee.
	  	 	50	  
	 Section 10.07 “Trustee” to Include Paying Agent.
	  	 	50	  
		
	 Article 11. SUBORDINATION OF SECURITIES
	  	 	51	  
		
	 Section 11.01 Applicability of Article; Agreement to Subordinate.
	  	 	51	  
	 Section 11.02 Liquidation, Dissolution, Bankruptcy.
	  	 	51	  
	 Section 11.03 Default on Senior Indebtedness.
	  	 	52	  
	 Section 11.04 Acceleration of Payment of Debt Securities.
	  	 	54	  
	 Section 11.05 When Distribution Must Be Paid Over.
	  	 	54	  
	 Section 11.06 Subrogation.
	  	 	54	  
	 Section 11.07 Relative Rights.
	  	 	54	  
	 Section 11.08 Subordination May Not Be Impaired by Issuers.
	  	 	55	  
	 Section 11.09 Rights of Trustee and Paying Agent.
	  	 	55	  
	 Section 11.10 Distribution or Notice to Representative.
	  	 	55	  
	 Section 11.11 Article 11 Not to Prevent Defaults or Limit Right to Accelerate.
	  	 	55	  
	 Section 11.12 Trust Moneys Not Subordinated.
	  	 	55	  
	 Section 11.13 Trustee Entitled to Rely.
	  	 	56	  
	 Section 11.14 Trustee to Effectuate Subordination.
	  	 	56	  
	 Section 11.15 Reliance by Holders of Senior Indebtedness on Subordination Provisions.
	  	 	56	  
		
	 Article 12. MISCELLANEOUS
	  	 	56	  
		
	 Section 12.01 Trust Indenture Act Controls.
	  	 	56	  
	 Section 12.02 Notices.
	  	 	57	  
	 Section 12.03 Communication by Holders with Other Holders.
	  	 	58	  
	 Section 12.04 Certificate and Opinion as to Conditions Precedent.
	  	 	58	  
	 Section 12.05 Statements Required in Certificate or Opinion.
	  	 	58	  
	 Section 12.06 Rules by Trustee and Agents.
	  	 	58	  

  
 iii

					
	 Section 12.07 No Personal Liability of Directors, Officers, Employees and Unitholders and No Recourse to the General
Partner.
	  	 	58	  
	 Section 12.08 Governing Law.
	  	 	59	  
	 Section 12.09 No Adverse Interpretation of Other Agreements.
	  	 	59	  
	 Section 12.10 Successors.
	  	 	59	  
	 Section 12.11 Severability.
	  	 	59	  
	 Section 12.12 Table of Contents, Headings, etc.
	  	 	59	  
	 Section 12.13 Counterparts.
	  	 	59	  
	 Section 12.14 Waiver of Jury Trial.
	  	 	59	  
		
	APPENDIX AND ANNEXES	  			
		
	ANNEX A Form of Supplemental Indenture	  	 	62	  

  
 iv 

 CROSS-REFERENCE TABLE 

 

					
	TIA SECTION	  	INDENTURE SECTION	 
	 310
	  			
	 (a)(1)
	  	 	7.10	  
	 (a)(2)
	  	 	7.10	  
	 (a)(3)
	  	 	N.A.	  
	 (a)(4)
	  	 	N.A.	  
	 (a)(5)
	  	 	7.10	  
	 (b)
	  	 	7.10	  
	 (c)
	  	 	N.A.	  
	 311
	  			
	 (a)
	  	 	7.11	  
	 (b)
	  	 	7.11	  
	 (c)
	  	 	N.A.	  
	 312
	  			
	 (a)
	  	 	2.08	  
	 (b)
	  	 	11.03	  
	 (c)
	  	 	11.03	  
	 313
	  			
	 (a)
	  	 	7.06	  
	 (b)(1)
	  	 	7.06	  
	 (b)(2)
	  	 	7.06, 7.07	  
	 (c)
	  	 	7.06; 11.02	  
	 (d)
	  	 	7.06	  
	 314
	  			
	 (a)
	  	 	4.03; 4.04; 11.02	  
	 (b)
	  	 	N.A.	  
	 (c)(1)
	  	 	11.04	  
	 (c)(2)
	  	 	11.04	  
	 (c)(3)
	  	 	N.A.	  
	 (d)
	  	 	N.A.	  
	 (e)
	  	 	11.05	  
	 (f)
	  	 	N.A.	  
	 315
	  			
	 (a)
	  	 	7.01(b)	  
	 (b)
	  	 	7.05; 11.02	  
	 (c)
	  	 	7.01(a)	  
	 (d)
	  	 	7.01(c)	  
	 (e)
	  	 	6.11	  
	 316
	  			
	 (a)(last sentence)
	  	 	2.11	  
	 (a)(1)(A)
	  	 	6.05	  
	 (a)(1)(B)
	  	 	6.02; 6.04; 9.02	  
	 (a)(2)
	  	 	N.A.	  
	 (b)
	  	 	6.07	  
	 (c)
	  	 	9.04	  

  
 v 

					
	TIA SECTION	  	INDENTURE SECTION	 
	 317
	  			
	 (a)(1)
	  	 	6.08	  
	 (a)(2)
	  	 	6.09	  
	 (b)
	  	 	2.07	  
	 318
	  			
	 (a)
	  	 	11.01	  
	 318
	  			
	 (c)
	  	 	11.01	  

 N.A. means Not Applicable 
 NOTE: This Cross-Reference table shall not, for any purpose, be deemed part of this Indenture. 

  
 vi 

 This Indenture, dated as of
[            ] is among Access Midstream Partners, L.P., a Delaware limited partnership (the “Company”), ACMP Finance Corp., a Delaware corporation (“Finance Corp.” and,
together with the Company, the “Issuers”), the guarantors from time to time party hereto (each, a “Guarantor” and, collectively, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., a national banking
association, as trustee (the “Trustee”). 
 WHEREAS, Access Midstream Partners GP, L.L.C., a Delaware limited
liability company (the “General Partner”), as general partner of the Company, Finance Corp., and each Guarantor from time to time party hereto have duly authorized the execution and delivery of this Indenture to provide for the issuance
from time to time of the Issuers’ debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series in an unlimited aggregate principal amount (herein called the “Securities”), as in this Indenture
provided. 
 WHEREAS, the Issuers and the Guarantors are members of the same consolidated group of companies, and the Guarantors
will derive direct and indirect economic benefits from the issuance of the Securities; and 
 WHEREAS, all things necessary to
make this Indenture a valid and binding agreement of the Issuers and the Guarantors, in accordance with its terms, have been done. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for good and valuable consideration, the sufficiency of which is hereby acknowledged, the Issuers, the Guarantors
and the Trustee hereby agree as follows for the benefit of each other and for the equal and ratable benefit of the respective Holders from time to time of the Securities or any series thereof, as follows: 

ARTICLE 1. 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 
 “2021 Senior Notes” means the
Issuers’ 5.875% Senior Notes due 2021, which term shall include any of such notes that may be issued pursuant to the terms of the Registration Rights Agreement dated as of April 19, 2011 among the Issuers, the Guarantors and the initial
purchasers named therein. 
 “2022 Senior Notes” means the Issuers’ 6.125% Senior Notes due 2022, which term
shall include any of such notes that may be issued pursuant to the terms of the Registration Rights Agreement dated as of January 11, 2012 among the Issuers, the Guarantors and the initial purchasers named therein. 

“Additional Amounts” means any additional amounts required by the express terms of a Security or by or pursuant to a Board
Resolution, under circumstances specified therein or pursuant thereto, to be paid by the Company with respect to certain taxes, assessments or other governmental charges imposed on certain Holders and that are owing to such Holders. 

  
 1 

 “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 purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided, however, that Beneficial Ownership of 10% or more of the Voting Stock of a Person
will be deemed to be control by the other Person; and provided, further, that any third Person which also Beneficially Owns 10% or more of the Voting Stock of a specified Person shall not be deemed to be an Affiliate of either the specified Person
or the other Person merely because of such common ownership in such specified Person. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.
Notwithstanding the foregoing, no limited partner in any fund managed by Global Infrastructure Management, LLC (solely as a result of its status as a limited partner in such fund), shall be considered an Affiliate of the Company or any Subsidiary
hereunder. 
 “Agent” means the Registrar, Paying Agent or Conversion Agent. 

“Applicable Law,” except as the context may otherwise require, means all applicable laws, rules, regulations, ordinances,
judgments, decrees, injunctions, writs and orders of any court or governmental or congressional agency or authority and rules, regulations, orders, licenses and permits of any United States federal, state, municipal, regional, or other governmental
body, instrumentality, agency or authority. 
 “Bankruptcy Law” means Title 11, United States Code, as may be amended
from time to time, or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the
meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such
“person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have correlative meanings. Notwithstanding the foregoing, a Beneficial Owner of 50% or less of the Voting Stock of any entity
that owns the General Partner will not be deemed to Beneficially Own more than 50% of the Voting Stock of the General Partner by reason of such ownership. 
 “Board of Directors” means: 
 (1) with respect to Finance Corp., its
board of directors; 
 (2) with respect to the Company, the Board of Directors of the General Partner or any authorized
committee thereof; and 
 (3) with respect to any other Person, the board or committee of such Person, or its general partner,
as applicable, serving a similar function. 
 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the applicable Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

  
 2 

 “Business Day” means each day that is not a Saturday, Sunday or other day on which
banking institutions in New York, New York or another place of payment are authorized or required by law to close. 

“Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person. 
 “Code” means the Internal Revenue Code of 1986, as amended from
time to time, and any successor statute. 
 “Commission” or “SEC” means the Securities and Exchange
Commission. 
 “Corporate Trust Office of the Trustee” means the office of the Trustee at which at any time the trust
created by this Indenture shall be administered, which office at the date hereof is located at 2 N. LaSalle Street, Suite 1020, Chicago, IL 60602, Attn: Corporate Trust Administration, or such other address as the Trustee may designate from time to
time by notice to the Holders and the Issuers, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders and the Issuers). 

“Credit Facilities” means one or more debt facilities, commercial paper facilities or other agreements, in each case with banks
or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such
receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. 
 “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 “De Minimis Guaranteed Amount” means a principal amount of Indebtedness that does not exceed $25,000,000.

  
 3 

 “Depositary” means, unless otherwise specified by the Company pursuant to either
Section 2.03 or 2.13, with respect to any series of Securities issuable or issued in whole or in part in the form of one or more Global Securities, The Depository Trust Company, New York, New York, or any successor Depositary registered as a
clearing agency under the Exchange Act or other applicable statute or regulations. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 “GAAP” means generally accepted accounting principles in the United
States, which are in effect from time to time. 
 “General Partner” means Access Midstream Partners GP, L.L.C., a
Delaware limited liability company, and its successors and permitted assigns as general partner of the Company. 
 “Global
Security” means a Security in global form that evidences all or part of the Securities of any series and registered in the name of the Depositary for such Securities or a nominee thereof. 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America for the payment
of which guarantee or obligations the full faith and credit of the United States is pledged. 
 “guarantee” means a
guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Indebtedness. When used as a verb, “guarantee” has a correlative meaning. 
 “Guarantors” means any Subsidiary of the Company (except Finance Corp.) who may execute this Indenture, or a supplement hereto, for the purpose of providing a Subsidiary Guarantee and the
respective successors and assigns of any such Subsidiary, in each case until such time as any such Subsidiary shall be released and relieved of its obligations pursuant to this Indenture or any supplement hereto. 

“Holder” means a Person in whose name a Security is registered. 

“Indebtedness” means, without duplication, with respect to any Person, (a) all obligations of such Person, including those
evidenced by bonds, notes, debentures or similar instruments, for the repayment of money borrowed (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof); (b) all liabilities of
others of the kind described in the preceding clause (a) that such Person has guaranteed; and (c) Indebtedness (as otherwise defined in this definition) of another Person secured by a lien on any asset of such Person, whether or not such
Indebtedness is assumed by such Person, the amount of such obligations being deemed to be the lesser of (1) the full amount of such obligations so secured, and (2) the fair market value of such asset, as determined in good faith by the
Board of Directors of such Person, which determination shall be evidenced by a Board Resolution. 
 “Indenture” means
this Indenture, as amended or supplemented from time to time. 

  
 4 

 “Initial Issuance Date” means, with respect to a series of Securities, the date of
original issuance of such series of Securities. 
 “Legal Holiday” means any calendar day other than a Business Day.
If a payment date is a Legal Holiday, payment may be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
 “Obligations” means any principal, premium, if any, interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization, whether or not a claim for
post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages, guarantees, and other liabilities or amounts payable under the documentation governing any Indebtedness or
in respect thereto. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, the Controller, the Secretary or any Vice President of such Person or, in the case of the Company, its General Partner. 

“Officers’ Certificate” means a certificate signed on behalf of a Person by two of its Officers that meets the
requirements of Section 12.05 hereof. 
 “Operating Company” means Access MLP Operating, L.L.C., a Delaware
limited liability company, and its successors. 
 “Opinion of Counsel” means an opinion reasonably acceptable to the
Trustee from legal counsel that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

“Original Issue Discount Security” means any Security that provides for an amount less than the stated principal amount thereof
to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, limited liability company or government or other entity. 
 “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 2.10 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. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee to whom any corporate trust matter is referred because of
such person’s knowledge of and familiarity with the particular subject and having direct responsibility for the administration of this Indenture. 
 “SEC” or “Commission” means the Securities and Exchange Commission. 

  
 5 

 “Securities Act” means the Securities Act of 1933, as amended. 

“Senior Indebtedness” means 
 (1) any Securities (other than Subordinated Debt Securities); 
 (2) all
Indebtedness of the Company or any Guarantor outstanding under Credit Facilities and all hedging obligations with respect thereto; 
 (3) the 2021 Senior Notes; 
 (4) the 2022 Senior Notes; 

(5) any other Indebtedness of the Company or any Guarantor, unless the instrument under which such Indebtedness is incurred expressly
provides that it is subordinated in right of payment to the Securities or any Subsidiary Guarantee; and 
 (6) all Obligations
with respect to the items listed in the preceding clauses (1) through (5). 
 Notwithstanding anything to the contrary in
the preceding sentence, Senior Indebtedness will not include any intercompany Indebtedness of the Company or any of its Subsidiaries. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid
in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity (other than a partnership or limited liability company) of which more than 50%
of the total voting power of Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (whether general or limited) or limited liability company (a) the sole general partner or the managing general
partner or managing member of which is such Person or a Subsidiary of such Person, or (b) if there are more than a single general partner or member, either (x) the only general partners or managing members of which are such Person or one
or more Subsidiaries of such Person (or any combination thereof) or (y) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other Voting Stock of such partnership or
limited liability company, respectively. 
 “Subsidiary Guarantee” means any guarantee by a Guarantor of the
Issuers’ Obligations under this Indenture and on the Securities pursuant to Article 10 hereof. 

  
 6 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) and the rules and regulations thereunder, as in effect on the date on which this Indenture is qualified under the TIA (except as provided in Section 9.01(j) and 9.03 hereof). 

“Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions of
this Indenture and thereafter means the successor serving hereunder. 
 “Uniform Commercial Code” means the New York
Uniform Commercial Code as in effect from time to time. 
 “Voting Stock” of any Person as of any date means the
Capital Stock of such Person that is at the time entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors of such Person. 
 Section 1.02 Other Definitions. 
  

			
	 Term
	  	 Defined in Section

	 “Agent Members”
	  	2.13
	 “Blockage Notice”
	  	11.03
	 “Conversion Agent”
	  	2.06
	 “Covenant Defeasance”
	  	8.03
	 “Designated Senior Indebtedness”
	  	11.03
	 “Discharge”
	  	8.08
	 “Event of Default”
	  	6.01
	 “Legal Defeasance”
	  	8.02
	 “Paying Agent”
	  	2.06
	 “Payment Blockage Period”
	  	11.03
	 “Register”
	  	2.06
	 “Registrar”
	  	2.06
	 “Representative”
	  	11.03(a)
	 “Securities”
	  	Recitals
	 “Subordinated Debt Securities”
	  	11.01

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.
Any terms incorporated in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. Whether or not qualified under the TIA, this Indenture is
deemed to be subject to the provisions of the TIA that are applicable to all indentures qualified thereunder. 
 Section 1.04 Rules of
Construction. 
 Unless the context otherwise requires: 

  
 7 

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

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

(3) “or” is not exclusive, and “including” means including without limitation, whether or not so indicated;

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

(5) provisions apply to successive events and transactions; 
 (6) references to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time;
and 
 (7) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole (as
amended or supplemented from time to time) and not to any particular Article, Section or other subdivision. 
 ARTICLE 2.

 THE SECURITIES 

Section 2.01 Form and Dating. 
 The Securities of each series shall be in substantially the form established without the approval of any Holder by or pursuant to a Board Resolution of each Issuer or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as the Issuers may deem appropriate or as may be required or appropriate to comply with any law or with any rules made pursuant thereto or with any rules of any securities exchange on which such series of Securities may
be listed, or to conform to general usage, or as may, consistently herewith, be determined by the Officer of each Issuer executing such Securities, as evidenced by their execution of the Securities. 

The definitive Securities of each series shall be printed, lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the Officer of each Issuer executing such Securities, as evidenced by their execution of such Securities. 

Section 2.02 Form of Trustee’s Certificate of Authentication. 
 The Trustee’s Certificate of Authentication on all Securities authenticated by the Trustee shall be in substantially the following form: 

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

  
 8 

											
		 		 		 		 	 THE BANK OF NEW YORK MELLON TRUST
 COMPANY, N.A.
  
 As
Trustee

						
	Date:	 	 	 	 	 		 	By:	 	 
		 		 		 		 		 	        Authorized Signatory

 Section 2.03 Amount Unlimited; Issuable in Series; Denominations. 

The aggregate principal amount of Securities which may be issued, executed, authenticated, delivered and outstanding under this Indenture
is unlimited. 
 The Securities may be issued in one or more series. There shall be established, without the approval of any
Holders, in or pursuant to a Board Resolution of each Issuer (and, to the extent established pursuant to rather than set forth in a Board Resolution, in an Officers’ Certificate of each Issuer setting forth, or determining the manner of, such
establishment) or established in one or more indentures supplemental hereto, prior to the issuance of Securities of a series any or all of the following: 
 (a) the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities); 
 (b) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Sections 2.09, 2.10, 2.12, 3.07 or 9.05 and except for any Securities which, pursuant to Section 2.05, are deemed never to have been
authenticated and delivered hereunder); 
 (c) the Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest; 
 (d) the date or dates on which the Securities of the series will be issued and on which the principal of, and premium, if any, on, the Securities of the series are payable, or the method of determination
thereof; 
 (e) the rate or rates (which may be fixed or variable) at which the Securities of the series shall bear interest, if
any, or the method of determining such rate or rates; the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders thereof to whom
such interest is payable, or the method by which any of such date or dates may be determined; and the basis upon which interest will be calculated if other than that of a 360-day year consisting of twelve 30-day months; 

  
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 (f) the place or places, if any, in addition to or instead of the Corporate Trust Office of
the Trustee where (1) the principal of, and premium, if any, and interest on, Securities of the series shall be payable, (2) Securities of the series may be surrendered for registration of transfer, (3) Securities of the series may be
surrendered for exchange, (4) Securities of the series, if convertible, may be surrendered for conversion, and (5) notices and demands to or upon the Issuers in respect of the Securities of the series and this Indenture may be served;

 (g) the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of
the series may or shall be redeemed, in whole or in part, at the option of the Issuers; 
 (h) whether Securities of the series
are to be entitled to the benefits of the Subsidiary Guarantee of any Guarantors pursuant to this Indenture, and any deletions from, modifications of or additions to Article 10 with respect to Securities of such series; 

(i) the obligation, if any, and the option, if any, of the Issuers to redeem, purchase or repay Securities of the series pursuant to any
sinking fund or analogous provisions or upon a specified date or the happening of a specified event or at the option of a Holder thereof or otherwise, and the price or prices at which, the period or periods within which and the terms and conditions
upon which Securities of the series shall or may be redeemed, purchased or repaid, in whole or in part, pursuant to such obligations or options, including any deletions from, modifications of or additions to Article 3 with respect to Securities of
such series; 
 (j) the terms, if any, upon which the Securities of the series may be convertible into or exchanged for Capital
Stock, other Securities, warrants for Capital Stock or Indebtedness or other securities of any kind of the Issuers or any other obligor or issuer and the terms and conditions upon which such conversion or exchange may or shall be effected, including
the initial conversion or exchange price or rate, the conversion or exchange period and any other provision in addition to or in lieu of those described herein; 
 (k) if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which Securities of the series shall be issuable; 

(l) if the amount of principal of, or premium, if any, or interest on, Securities of the series may be determined by reference to an
index or pursuant to a formula, the manner in which such amounts will be determined; 
 (m) if the principal amount payable at
the Stated Maturity of Securities of the series will not be determinable as of any one or more dates prior to such Stated Maturity, the amount which will be deemed to be such principal amount as of any such date for any purpose, including the
principal amount thereof which will be due and payable upon any maturity other than at Stated Maturity or which will be deemed to be outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be
determined); 
 (n) any deletions from, modifications of or additions to Article 8 with respect to Securities of the series,
including the addition of additional covenants that may be subject to the covenant defeasance option pursuant to Section 8.03; 

  
 10 

 (o) if other than U.S. dollars, the coin or currency, currencies, units of two or more
currencies or other currency units in which payment of the principal of, and premium, if any, and interest on, Securities of the series shall be payable and the manner of determining the equivalent thereof in U.S. dollars for any purpose, including
determining the amount of such Securities as are “outstanding;” 
 (p) if other than the principal amount thereof, the
portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02 or provable in bankruptcy pursuant to Section 6.09, or the method of
determination thereof; 
 (q) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities
of the series of any properties, assets, moneys, proceeds, securities or other collateral, including whether certain provisions of the TIA are applicable and any corresponding changes to provisions of this Indenture as currently in effect with
respect to Securities of such series; 
 (r) any deletions from, modifications of or additions to the Events of Default set
forth in Article 6 with respect to the Securities of the series and any change in the right of the Trustee or the Holders of Securities of such series to declare the principal of, and premium, if any, and interest on, such Securities due and payable
as set forth in Article 6; 
 (s) whether any Securities of the series are to be issuable initially in temporary global form and
whether any Securities of the series are to be issuable in permanent global form, as Global Securities or otherwise, and, if so, the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for
other individual Securities in definitive registered form; if the Depositary for the Securities of the series is to be other than the Depositary set forth in Section 1.01, the Depositary for such Global Security or Securities; and the form of
any legend or legends to be borne by any such Global Security or Securities in addition to or in lieu of the legend referred to in Section 2.13; 
 (t) if other than the Trustee, the identity of any trustees, authenticating, paying, transfer or other agents or registrars with respect to the Securities of such series; 

(u) the applicability of, and any deletions from, modifications of or additions to the covenants and definitions currently set forth in
this Indenture or in the terms currently set forth in Article 5, including conditioning any transaction permitted by Article 5 upon the satisfaction of a debt coverage or other standard by the Issuers and any successor; 

(v) the subordination, if any, of the Securities of the series pursuant to Article 11 and any deletions from, modifications of or
additions to Article 11 with respect to Securities of the series; 
 (w) the right, if any, of the Issuers to defer payments of
interest by extending the interest payment periods and specify the duration of such extension, the interest payment dates on which such interest shall be payable and whether and under what circumstances additional interest on amounts deferred shall
be payable; 

  
 11 

 (x) any restrictions on or other provisions relating to the transfer or exchange of the
Securities of such series; 
 (y) whether and under what circumstances any Additional Amounts with respect to the Securities of
such series will be payable; 
 (z) with regard to Securities of the series that do not bear interest, the dates for certain
required reports to the Trustee; and 
 (aa) any other terms of the Securities of the series (which terms shall not be expressly
prohibited by the provisions of this Indenture). 
 All Securities of any one series shall be substantially identical except as
to denomination and except as may otherwise be provided in or pursuant to the Board Resolution of each Issuer, Officers’ Certificate of each Issuer or supplemental indenture referred to above. 

If any of the terms of the Securities of the series are established by action taken by or pursuant to a Board Resolution of each Issuer,
a copy of an appropriate record of such action shall be certified by an Officer or other authorized Person of each Issuer and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate of each Issuer setting forth, or
providing the manner for determining, the terms of the Securities of the series. Any such Board Resolutions and Officers’ Certificates referred to above with respect to Securities of any series filed with the Trustee on or before the initial
issuance of the Securities of such series shall be incorporated herein by reference with respect to Securities of such series and shall thereafter be deemed to be a part of the Indenture for all purposes relating to Securities of such series as
fully as if such Board Resolutions or Officers’ Certificates were set forth herein in full. 
 The Securities of any one
series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional
Securities of such series or for the establishment of additional terms with respect to the Securities of such series. 
 The
Securities of each series shall be issuable only in registered form without coupons in such denominations as shall be specified as contemplated by this Section 2.03. 
 Section 2.04 Execution of Securities. 
 The Securities shall be signed on
behalf of each Issuer by an Officer thereof. Such signatures upon the Securities may be the manual or facsimile signatures of the present or any future such Officers and may be imprinted or otherwise reproduced on the Securities. The seal of each
Issuer, if any, is not required to appear on the Securities, but if it does so appear it may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. 

Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, manually
signed by the Trustee, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by each Issuer shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder. 

  
 12 

 In case any Officer of either Issuer who shall have signed any of the Securities shall cease
to be such Officer before the Securities so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Issuers, such Securities nevertheless may be authenticated and delivered or disposed of as though the Person who
signed such Securities had not ceased to be such Officer of such Issuer; and any Security may be signed on behalf of each Issuer by such Person as, at the actual date of the execution of such Security, shall be the proper Officer of such Issuer,
although at the date of such Security or of the execution of this Indenture any such Person was not such Officer. 
 Section 2.05
Authentication and Delivery of Securities. 
 At any time and from time to time after the execution and delivery of this
Indenture, the Issuers may deliver Securities of any series executed by the Issuers to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such Securities upon a written order signed by an Officer of each Issuer.
The Securities shall be dated the date of their authentication. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to
Section 7.01) shall be fully protected in relying upon: 
 (1) a copy of any Board Resolution of each Issuer as permitted
by Section 2.01 and 2.03; 
 (2) an executed supplemental indenture, if any; 

(3) an Officers’ Certificate of each Issuer; and 
 (4) an Opinion of Counsel prepared in accordance with Section 12.04, substantially to the effect that: 
 (a) the form of such Securities has been established by or pursuant to a Board Resolution of each Issuer as permitted by Section 2.01, and that such form has been established in conformity with the
provisions of this Indenture; 
 (b) the terms (or the manner of determining the terms) of such Securities have been established
by or pursuant to a Board Resolution of each Issuer as permitted by Section 2.03, and that such terms have been established in conformity with the provisions of this Indenture; and 

(c) such Securities, when authenticated and delivered by the Trustee and issued by the Issuers in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuers, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, preference, reorganization,
moratorium, rehabilitation, or similar laws and legal principles relating to or affecting creditors’ rights and general principles of equity. 

  
 13 

 The Trustee shall not be required to authenticate such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

If any Security shall have been authenticated and delivered hereunder but never issued and sold by the Issuers, and the Issuers shall
deliver such Security to the Trustee for cancellation as provided in Section 2.14, such Security shall for all purposes of this Indenture be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to
authenticate Securities of any series. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights under Section 7.03 to deal with the Issuers and their Subsidiaries and Affiliates as any Registrar, Paying Agent or Conversion Agent. 

Each Security shall be dated the date of its authentication. 
 Section 2.06 Registrar, Paying Agent and Conversion Agent. 
 The Issuers shall
maintain an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee) where Securities of a series may be presented for registration of transfer or for exchange (the “Registrar”), an office or agency where
Securities of a series may be presented for redemption or repurchase, if applicable, and for payment (the “Paying Agent”) and, with respect to any series of Securities that is convertible in accordance with the applicable provisions of
such Securities, an office or agency where Securities of such series may be presented for conversion (the “Conversion Agent”). The Registrar shall keep a register of the Securities of each series and of their transfer and exchange (the
“Register”). The Issuers may have one or more co-Registrars, Paying Agents or Conversion Agents for any series of Securities. With respect to any series of Securities, the term “Paying Agent” includes any additional paying agent,
the term “Registrar” includes any additional co-registrar and the term “Conversion Agent” includes any additional conversion agent. 
 The Issuers shall enter into an appropriate agency agreement with any Registrar, Paying Agent or Conversion Agent not a party to this Indenture, which shall incorporate the applicable terms of the TIA.
The agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuers shall notify the Trustee of the name and address of any such Agent and shall furnish the Trustee with an executed counterpart of any such agency
agreement. With respect to any series of Securities, the Issuers at any time may replace any Registrar, Paying Agent or Conversion Agent or change the location of any such office or agency without notice to any Holder. The Issuers will give prompt
written notice to the Trustee of any such replacement or change in location. With respect to any series of Securities, if the Issuers fail to maintain a Registrar, Paying Agent or Conversion Agent, if applicable, the Trustee shall act as such and
shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuers or any Subsidiary incorporated or organized within the United States of America may act as Paying Agent, Conversion Agent or Registrar. 

  
 14 

 Unless otherwise provided for a series of Securities, the Issuers initially appoint the
Trustee as Registrar, Paying Agent and, if applicable, Conversion Agent in connection with the Securities. 
 Section 2.07 Paying Agent to
Hold Money in Trust. 
 Prior to 11:00 a.m. New York City time, on each due date of the principal and interest on any Security,
an Issuer shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers shall require each Paying Agent (other than the Trustee) for any series of Securities to agree in writing that the
Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, and premium, if any, and interest on, the Securities of such series and shall notify the Trustee of any
default by the Issuers in making any such payment. If the Company or a Subsidiary acts as Paying Agent for any series of Securities, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund for the benefit of the
Persons entitled thereto. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no
further liability for the money delivered to the Trustee. 
 Section 2.08 Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of Holders of any series of Securities. If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of the relevant series of Securities. 
 Section 2.09 Transfer and Exchange. 
 The Securities of any series shall be
transferable only upon the surrender of a Security for registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the
requirements of this Indenture and Section 8-401(a) of the Uniform Commercial Code are met. When Securities (other than Global Securities) are presented to the Registrar with a request to exchange them for an equal principal amount of
Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. No service charge shall be made for any registration of transfer or exchange, but the Issuers may require payment of a sum
sufficient to cover any taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or
transfer pursuant to Section 3.07 or 9.05). To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate at the Registrar’s request one or more new Securities of the same series, of any
authorized denominations and of a like aggregate principal amount and tenor. 

  
 15 

 The Registrar shall not be required to register the transfer or exchange of any Security of
a series for a period beginning 15 Business Days before the mailing of a notice of redemption or of an offer to repurchase Securities of that series and ending at the close of business on the date of such mailing, or for a period beginning 15
Business Days before an interest payment date and ending on the close of business on such interest payment date, or of any Security selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 Except as otherwise provided or contemplated by Section 2.03 with respect to a series of Securities, prior to the due
presentation for registration of transfer of any Security, the Issuers, the Trustee and any Agent may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of
principal of, and premium, if any, and interest on, such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Issuers, the Trustee or any Agent shall be affected by notice to the contrary.

 All Securities issued upon any registration of transfer or exchange pursuant to the terms of this Indenture shall evidence
the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 
 Section 2.10 Replacement Securities. 
 If a mutilated Security is surrendered
to the Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the
Uniform Commercial Code are met and if the Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Issuers, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuers and the
Trustee to protect the Issuers, the Trustee, the Paying Agent, the Registrar and any Conversion Agent from any loss which any of them may suffer if a Security is replaced. The Issuers and the Trustee may charge the Holder for their expenses in
replacing a Security. 
 Every replacement Security is an additional obligation of the Issuers. 

Section 2.11 Outstanding Securities. 
 Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not
outstanding. Except to the extent provided in the last paragraph of this Section 2.11, a Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 

If a Security is replaced pursuant to Section 2.10, it ceases to be outstanding unless the Trustee and the Issuers receive proof
satisfactory to them that the replaced Security is held by a bona fide purchaser. 

  
 16 

 If the Paying Agent for a series of Securities holds on a redemption date or other maturity
date money sufficient to pay all principal, premium, if any, and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Securities of such
series (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 If the principal amount of any
Security is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 

Securities with respect to which the Issuers have effected legal defeasance or covenant defeasance as provided in Article 8 cease to be
outstanding except to the extent provided in Sections 8.02 and 8.03. 
 In determining whether the Holders of the requisite
principal amount of the outstanding Securities of a series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of an Original Issue Discount Security 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 on such date pursuant to Section 6.02, (B) the principal amount of a
Security denominated in one or more currencies or currency units other than U.S. dollars shall be the U.S. dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 2.03 on the date of
original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent (as so determined) on the date of original issuance of such Security, of the amount determined as
provided in Clause (A) above) of such Security, and (C) Securities owned by either Issuer or any other obligor upon the Securities or any Affiliate of either Issuer or of such other obligor shall be disregarded and deemed not to be
outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer knows to be so owned shall be
so disregarded. Securities so owned as described in clause (C) above which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with
respect to such Securities and that the pledgee is not an Issuer or any other obligor upon the Securities or any Affiliate of either Issuer or of such other obligor. 
 Section 2.12 Temporary Securities. 
 Until definitive Securities are ready for
delivery, the Issuers may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Issuers consider appropriate for temporary
Securities. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities. 
 Section 2.13 Securities Issuable in the Form of a Global Security. 
 (a)
Unless the Issuers shall establish pursuant to Sections 2.01 and 2.03 that the Securities of a particular series are not to be issued in whole or in part in the form of one or more Global Securities, then each Issuer shall execute and the Trustee
shall, in accordance with Section 2.05, authenticate and deliver, such Global Security or Securities, which shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the

  
 17 

 
outstanding Securities of such series to be represented by such Global Security or Securities, or such portion thereof as each Issuer shall specify in an Officers’ Certificate of such
Issuer, shall be registered in the name of the Depositary for such Global Security or Securities or its nominee, shall be delivered by the Trustee or its agent to the Depositary or pursuant to the Depositary’s instruction and shall bear a
legend substantially to the following effect (or to such effect as may be required by the Depositary): 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

(b) Members of, or participants in, the Depositary (“Agent Members”), and any Beneficial Owner of a Global Security, shall have
no rights under this Indenture with respect to or under such Global Security, and the Company, the Trustee and any agent of the Issuers or the Trustee shall be entitled to treat the Depositary or its nominee as the absolute owner of such Global
Security for all purposes whatsoever. 
 (c) Notwithstanding any other provision in this Indenture and except as otherwise
specified with respect to a series of Securities as contemplated by Section 2.03, no Global Security may be transferred to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary for such
Global Security or any nominee thereof, and no such transfer may be registered, except as provided in this paragraph. Every Security authenticated and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Security
shall be a Global Security, except as provided in this paragraph. If (1) (A) the Depositary for a Global Security notifies the Issuers that it is unwilling or unable to continue as Depositary for such Global Security or ceases to be a
clearing agency registered under the Exchange Act, and (B) a successor Depositary is not appointed by the Issuers within 90 days, (2) an Event of Default has occurred and is continuing with respect to the Securities of such series and the
Registrar has received a request from the Depositary to issue certificated securities in lieu of all or a portion of the Global Securities of such series (in which case the Issuers shall deliver certificated securities within 30 days of such
request) or (3) the Issuers determine in their sole discretion that Securities of a series issued in global form shall no longer be represented by a 

  
 18 

 
Global Security, then such Global Security may be exchanged by such Depositary for certificated Securities of the same series, of any authorized denomination and of a like aggregate principal
amount and tenor, registered in the names of, and the transfer of such Global Security or portion thereof may be registered to, such Persons as such Depositary shall direct. 
 (d) The Trustee shall have no responsibility or obligation to any Beneficial Owner of a Global Security, or interest therein, Agent Member or other Person with respect to the accuracy of the records of
the Depositary or its nominee or of any Agent Member, with respect to any ownership interest in Global Securities or with respect to the delivery to any Agent Member, Beneficial Owner or other Person (other than the Depositary) of any notice
(including any notice of redemption) or the payment of any amount, under or with respect to such Securities. 
 Section 2.14 Cancellation.

 An Issuer at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward
to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel (subject to the record retention requirements of the Exchange Act) all Securities surrendered for
registration of transfer, exchange, payment or cancellation. Upon written request, the Trustee will deliver a certificate of such cancellation to the Issuers unless the Issuers direct the Trustee to deliver canceled Securities to the Issuers
instead. The Issuers may not issue new Securities to replace Securities they have redeemed, paid or delivered to the Trustee for cancellation, except as expressly permitted by the terms of the Securities of any series. 

Section 2.15 Defaulted Interest. 
 If the Issuers default in a payment of interest on the Securities of any series, the Issuers shall pay, unless otherwise provided with respect to the Securities of such series as permitted by
Section 2.03, defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuers may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. The Issuers
shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed to each Holder a notice that states the special record date, the payment date
and the amount of defaulted interest to be paid. 
 Section 2.16 CUSIP Numbers. 

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

  
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 ARTICLE 3. 
 REDEMPTION AND PREPAYMENT 
 Section 3.01 Applicability of Article. 

Unless otherwise provided for a series of Securities, the provisions of Sections 3.02 through 3.07 shall be applicable to Securities of
any series which are redeemable in accordance with their terms before their Stated Maturity. 
 Section 3.02 Notices to Trustee.

 If the Issuers elect to redeem all or any part of a series of Securities pursuant to the applicable provisions of such
Securities or a supplemental indenture relating to such Securities, they shall furnish to the Trustee, at least five Business Days (unless a shorter period shall be agreeable to the Trustee) before the date of giving notice of the redemption
pursuant to Section 3.04, an Officers’ Certificate of each Issuer setting forth (i) the redemption date, (ii) the principal amount of Securities of each series to be redeemed, (iii) the redemption price for each series of
Securities to be redeemed, and (iv) whether it requests the Trustee to give notice of such redemption. Any such notice may be cancelled at any time prior to the mailing of notice of such redemption to any Holder and shall thereby be void and of
no effect. 
 Section 3.03 Selection of Securities to Be Redeemed. 
 If less than all of the Securities of a series are to be redeemed at any time, the Trustee shall select the particular Securities of such series to be redeemed among the Holders of the Securities of such
series as follows: if the Securities of such series are not listed on any national securities exchange, by lot and in accordance with the procedure of the applicable Depository on a pro rata basis. In the event of partial redemption other than on a
pro rata basis, the particular Securities of such series to be redeemed shall be selected, not less than five Business Days (unless a shorter period shall be agreeable to the Trustee) prior to the giving of notice of the redemption pursuant to
Section 3.04, by the Trustee from the outstanding Securities of such series not previously called for redemption. 
 The
Trustee shall promptly notify the Issuers in writing of the Securities of such series selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed. Securities and portions of
Securities selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Securities of a Holder are to be redeemed, the entire outstanding amount of Securities held by such Holder, even if such
amount does not equal $2,000 or a multiple of $1,000 in excess thereof, shall be redeemed. Provisions of this Indenture that apply to Securities of any series called for redemption also apply to portions of Securities of such series called for
redemption. 
 The provisions of the two preceding paragraphs of this Section 3.03 shall not apply with respect to any
redemption affecting only a Global Security, whether such Global Security is to be redeemed in whole or in part. In case of any such redemption in part, the unredeemed portion of the principal amount of the Global Security shall be in an authorized
denomination. 

  
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 Section 3.04 Notice of Redemption. 

At least 30 days but not more than 60 days before a redemption date, the Issuers shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a Legal
Defeasance, Covenant Defeasance or Discharge. 
 The notice shall identify the Securities to be redeemed and shall state:

 (a) the redemption date; 
 (b) the redemption price; 
 (c) if any Security is being redeemed in part, the
portion of the principal amount of such Security to be redeemed and that, after the redemption date upon surrender of such Security, a new Security or Securities in a principal amount equal to the unredeemed portion shall be issued in the name of
the Holder upon cancellation of the original Security; 
 (d) the name and address of the Paying Agent; 

(e) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Issuers default in making such redemption payment, interest on Securities called for redemption cease to accrue on
and after the redemption date and the only remaining right of the Holders of such Securities is to receive payment of the redemption price upon surrender to the Paying Agent of the Securities redeemed; 

(g) the paragraph of the Securities and/or Section of this Indenture pursuant to which the Securities called for redemption are being
redeemed; and 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any,
listed in such notice or printed on the Securities. 
 If any of the Securities to be redeemed is in the form of a Global
Security, then the Issuers shall modify such notice to the extent necessary to comply with the procedures of the Depositary applicable to redemption. 
 At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ names and at their expense; provided, however, that the Issuers shall have delivered to the Trustee five
days prior to the notice being sent to the Holders (or such shorter notice as may be acceptable to the Trustee), as provided in Section 3.02, an Officers’ Certificate of each Issuer requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the second preceding paragraph. 

  
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 Section 3.05 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.04 hereof, Securities called for redemption become irrevocably due
and payable on the redemption date at the redemption price. If mailed in the manner provided for in Section 3.04, the notice of redemption shall be conclusively presumed to have been given whether or not a Holder receives such notice. Failure
to give timely notice or any defect in the notice shall not affect the validity of the redemption. 
 Section 3.06 Deposit of Redemption
Price. 
 Prior to 11:00 a.m., New York City time, on the redemption date, the Issuers shall deposit with the Paying Agent (or,
if the Company or a Subsidiary thereof is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.07 hereof) money sufficient in same day funds to pay the redemption price of and accrued interest on all Securities
to be redeemed on that date. The Paying Agent shall promptly return to the Issuers any money deposited with the Paying Agent by an Issuer in excess of the amounts necessary to pay the redemption price of and accrued interest on all Securities to be
redeemed. 
 If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption date, interest
shall cease to accrue on the Securities or the portions of Securities called for redemption whether or not such Securities are presented for payment, and the only remaining right of the Holders of such Securities shall be to receive payment of the
redemption price upon surrender to the Paying Agent of the Securities redeemed. If any Security called for redemption shall not be so paid upon surrender for redemption because of the failure of an Issuer to comply with the preceding paragraph,
interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate provided in the Securities and in
Section 4.01 hereof. 
 Section 3.07 Securities Redeemed in Part. 

Upon surrender of a Security that is redeemed in part, the Issuers shall issue in the name of the Holder and the Trustee shall
authenticate for the Holder at the expense of the Issuers a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 
 Section 3.08 Mandatory and Optional Sinking Funds. 
 The provisions of
Sections 3.08 and 3.09 shall be applicable to any sinking fund for the retirement of Securities of a series, if applicable to such series, except as otherwise specified as contemplated by Section 2.03 for Securities of such series. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” Each sinking fund payment shall
be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 

  
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 In lieu of making all or any part of any mandatory sinking fund payment with respect to any
Securities of a series in cash, the Issuers at their option may (a) deliver to the Trustee Securities of that series theretofore purchased or otherwise acquired by the Issuers and (b) receive credit for the principal amount of Securities
of that series which have been redeemed either at the election of the Issuers pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities; provided, that
such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in the terms of such Securities for redemption through operation of the sinking
fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 
 Section 3.09 Redemption of Securities for
Sinking Fund. 
 Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter
period shall be satisfactory to the Trustee), the Issuers will deliver to the Trustee an Officers’ Certificate of each Issuer specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series,
the portion thereof, if any, which is to be satisfied by payment of cash in the currency in which the Securities of such series are denominated and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that
series pursuant to Section 3.08 (which Securities, if not previously redeemed, will accompany such certificate) and whether the Company intends to exercise its right to make any permitted optional sinking fund payment with respect to such
series. Failure of the Issuers to deliver such certificate (or to deliver the Securities specified in this paragraph) shall not constitute a Default, but such failure shall require that the sinking fund payment due on the next succeeding sinking
fund payment date for that series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of such Securities subject to a mandatory sinking fund payment without the option to deliver or credit Securities as provided in
Section 3.08 and without the right to make any optional sinking fund payment, if any, with respect to such series. 
 The
Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.03, and the Issuers shall cause notice of the redemption thereof to be given in the manner provided in Section 3.04
except that the notice of redemption shall also state that the Securities are being redeemed by operation of the sinking fund. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner
stated in Section 3.06. 
 ARTICLE 4. 
 COVENANTS 
 Section 4.01 Payment of Securities. 

The Issuers for the benefit of the Holders of each series of Securities shall pay or cause to be paid the principal of, and premium, if
any, and interest on the Securities of such series on the dates and in the manner provided in the terms of the Securities of such series. Principal or redemption price, and premium, if any, and interest with respect to a series of Securities, shall
be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m., New York City time, on the due date money deposited by an Issuer or a Guarantor in immediately available funds and
designated for and sufficient to pay all such principal, redemption price, premium, if any, and interest as is then due with respect to such series of Securities. 

  
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 The Issuers for the benefit of each series of Securities shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, at the rate equal to the interest rate on the Securities of such series (or at the rate prescribed therefor in the terms of the Securities
of such series to the extent lawful); and they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to
the extent lawful. 
 Section 4.02 Maintenance of Office or Agency. 

The Issuers shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee) where Securities of
a series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or for exchange, and, with respect to any series of Securities that is convertible in accordance with the
applicable provisions of such Securities, where Securities of such series may be presented for conversion, and where notices and demands to or upon the Issuers in respect of the Securities of that series and this Indenture may be served. The Issuers
shall 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 Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Issuers 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. Further, if at any time there shall be no such office or agency in the City of New York where the Securities of that series may be presented or surrendered for payment, the Issuers shall forthwith designate
and maintain such an office or agency in the City of New York, in order that the Securities of that series shall at all times be payable in the City of New York. The Issuers shall 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. 
 Except as otherwise specified with respect
to a series of Securities as contemplated by Section 2.03, the Issuers hereby designate the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03. In addition, the Issuers hereby
designate the office of the Trustee in the City of New York, which is located at 101 Barclay Street, New York, NY 10286 on the date hereof, as an additional place where Securities of any series may be presented or surrendered for payment.

 Section 4.03 Reports. 
 (a) The Company shall, so long as any of the Securities are outstanding, file with the Trustee, within 30 days after it files the same with the SEC, copies of the annual reports and the

  
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information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Company is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act. If the Company is not subject to the requirements of such Section 13 or 15(d), the Company shall file with the Trustee, within 30 days after it would have been required to file the same
with the SEC, financial statements, including any notes thereto (and with respect to annual reports, an auditors’ report by a firm of established national reputation), and a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations,” both comparable to that which the Company would have been required to include in such annual reports, information, documents or other reports if the Company had been subject to the requirements of such
Section 13 or 15(d). The Company shall also comply with the provisions of TIA Section 314(a). 
 (b) The Company shall
provide the Trustee with a sufficient number of copies of all reports and other documents and information that the Trustee may be required to deliver to Holders under this Section. 

(c) Delivery of reports, information and documents to the Trustee under this Section is for informational purposes only and the
Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as
to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.04 Compliance Certificate. 

(a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the first Initial Issuance
Date hereunder, an Officers’ Certificate stating that a review of the activities of the Company, Finance Corp. and the Guarantors during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred
and remains in existence by reason of which payments of interest on the Securities are prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 

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

  
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 Section 4.05 Taxes. 
 The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies except such as are contested in good faith and by
appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Securities. 

Section 4.06 Stay, Extension and Usury Laws. 
 Each of the Issuers and each of the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of
every such power as though no such law has been enacted. 
 Section 4.07 Corporate Existence. 

Except as otherwise permitted pursuant to the terms hereof (including consolidation and merger permitted by Articles 5 and 10), the
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its and Finance Corp.’s existence and all rights (charter or statutory) and franchises of the Company; provided, however, that the Company
shall not be required to preserve any such right or franchise if its Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company. 

ARTICLE 5. 

SUCCESSORS 
 Section 5.01
Merger, Consolidation or Sale of Assets. 
 Neither of the Issuers may, directly or indirectly, (1) consolidate or merge
with or into another Person (whether or not such Issuer is the survivor), or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to another
Person, unless: 
 (a) either (1) such Issuer is the survivor or (2) the Person formed by or surviving any such
consolidation or merger (if other than such Issuer ) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person organized or existing under the laws of the United States, any state of the
United States or the District of Columbia; provided, however, that Finance Corp. may not consolidate or merge with or into any Person other than a corporation satisfying such requirement so long as the Company is not a corporation; 

(b) the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or the Person to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of such Issuer under the Securities and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; and 

  
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 (c) immediately after giving effect to such transaction, no Default or Event of Default
would occur and be continuing or would result from the transaction. 
 Notwithstanding the preceding paragraph of this
Section 5.01, the Company may reorganize as any other form of entity in accordance with the following procedures provided that: 
 (1) the reorganization involves the conversion (by merger, sale, contribution or exchange of assets or otherwise) of the Company into a form of entity other than a limited partnership formed under
Delaware law; 
 (2) the entity so formed by or resulting from such reorganization is an entity organized or
existing under the laws of the United States, any state thereof or the District of Columbia; 
 (3) the entity so
formed by or resulting from such reorganization assumes all the obligations of the Company under the Securities and the Indenture pursuant to agreements reasonably satisfactory to the Trustee; 

(4) immediately after such reorganization no Default or Event of Default exists; and 

(5) such reorganization is not materially adverse to the Holders or Beneficial Owners of the Securities (for purposes of
this clause (5) a reorganization will not be considered materially adverse to the Holders or Beneficial Owners of the Securities solely because the successor or survivor of such reorganization (a) is subject to federal or state income
taxation as an entity or (b) is considered to be an “includible corporation” of an affiliated group of corporations within the meaning of Section 1504(b) of the Code or any similar state or local law). 

Section 5.02 Successor Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of an Issuer in accordance with
Section 5.01 hereof, the successor formed by such consolidation or into or with which such Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and may exercise every
right and power of, such Issuer under this Indenture with the same effect as if such successor had been named as such Issuer herein and shall be substituted for such Issuer (so that from and after the date of such consolidation, merger, sale,
assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” or “Finance Corp.,” as the case may be, shall refer instead to the successor and (except in the case of a
lease of all or substantially all of the properties or assets of an Issuer) not to the Company or Finance Corp., as the case may be); and thereafter, except in the case of a lease of all or substantially all of the properties or assets of an Issuer,
such Issuer shall be discharged and released from all obligations and covenants under this Indenture and the Securities. The Trustee shall enter into a supplemental indenture to evidence the succession and substitution of such successor and such
discharge and release of such Issuer. 

  
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 ARTICLE 6. 
 DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 

An “Event of Default” occurs in respect of Securities of any series if one of the following shall have occurred and be
continuing (whatever the reason for such Event of Default and whether it shall be involuntary or be effected by operation of law): 
 (a) an Issuer defaults in the payment when due of interest with respect to the Securities of such series, and such default continues for a period of 30 days; 

(b) an Issuer defaults in the payment of the principal of or premium, if any, on the Securities of such series when due whether at Stated
Maturity, upon redemption, by declaration, upon required purchase or otherwise, and such default continues for a period of 30 days; 
 (c) an Issuer defaults in the payment of any sinking fund payment with respect to Securities of that series as and when the same shall become due and payable; 

(d) failure on the part of an Issuer or, if such series of Securities is entitled to the benefits of a Subsidiary Guarantee, any of the
Guarantors, duly to observe or perform any other of the covenants or agreements on the part of such Issuer, or if applicable, any of the Guarantors, in the Securities of that series, in any resolution of the Board of Directors authorizing the
issuance of that series of Securities, in this Indenture with respect to such series or in any supplemental indenture with respect to such series (other than a covenant a default in the performance of which is elsewhere in this Section specifically
dealt with), continuing for a period of 60 days after the date on which written notice specifying such failure and requiring such Issuer, or if applicable, the Guarantors, to remedy the same shall have been given to such Issuer, or if applicable,
the Guarantors, by the Trustee or to such Issuer, or if applicable, the Guarantors, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Securities of that series at the time outstanding; 

(e) if such series of Securities is entitled to the benefits of a Subsidiary Guarantee, the Subsidiary Guarantee of any Guarantor ceases
to be in full force and effect with respect to Securities of such series (except as otherwise provided in this Indenture) or is declared null and void in a judicial proceeding or any of the Guarantors denies or disaffirms its obligations in respect
of such series under this Indenture or such Subsidiary Guarantee; 
 (f) either Issuer or, if such series of Securities is
entitled to the benefits of a Subsidiary Guarantee, any Guarantor pursuant to or within the meaning of Bankruptcy Law: 
 (1) commences a voluntary case, 
 (2) consents in writing to the
entry of an order for relief against it in an involuntary case, 
 (3) consents in writing to the appointment of
a Custodian of it or for all or substantially all of its property, 

  
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 (4) makes a general assignment for the benefit of its creditors, or

 (5) admits in writing it generally is not paying its debts as they become due; 

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

(1) is for relief against either Issuer or, if such series of Securities is entitled to the benefits of a Subsidiary
Guarantee, any Guarantor; 
 (2) appoints a Custodian of either Issuer or, if such series of Securities is
entitled to the benefits of a Subsidiary Guarantee, any Guarantor or for all or substantially all of the property of either Issuer or, if such series of Securities is entitled to the benefits of a Subsidiary Guarantee, any Guarantor; or 

(3) orders the liquidation of either Issuer or, if such series of Securities is entitled to the benefits of a Subsidiary
Guarantee, any Guarantor; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(h) the occurrence of any other Event of Default provided with regard to Securities of a particular series in the terms thereof.

 Section 6.02 Acceleration. 
 If any Event of Default occurs and is continuing with respect to the Securities of a series, the Trustee, by notice to the Issuers, or the Holders of at least 25% in principal amount of the then
outstanding Securities of such series, by notice to the Issuers and the Trustee, may declare all the Securities of such series to be due and payable immediately. Upon any such declaration, the Securities of such series shall become due and payable
immediately, together with all accrued and unpaid interest and premium, if any, thereon. Notwithstanding the preceding, if an Event of Default specified in clause (f) or (g) of Section 6.01 hereof occurs with respect to the Company or
the Operating Company, all outstanding Securities shall become due and payable immediately without further action or notice, together with all accrued and unpaid interest and premium, if any, thereon. The Holders of a majority in principal amount of
the then outstanding Securities of a series with respect to which a declaration of acceleration has been made by notice to the Trustee may, on behalf of all of the Holders of Securities of such series, rescind an acceleration and its consequences if
the rescission would not conflict with any judgment or decree and if all existing Events of Default with respect to Securities of such series (except with respect to nonpayment of principal, interest or premium, if any, that have become due solely
because of the acceleration) have been cured or waived. 
 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing with respect to any series of Securities, the Trustee may pursue any available remedy to
collect the payment of principal of, and premium, if any, and interest on the Securities of such series or to enforce the performance of any provision of the Securities of such series or this Indenture. 

  
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 The Trustee may maintain a proceeding even if it does not possess any of the Securities or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Security in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults.

 Holders of a majority in principal amount of the then outstanding Securities of a series by notice to the Trustee may, on
behalf of the Holders of all of the Securities of such series, waive any existing Default or Event of Default with respect to such series and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal
of or premium, if any, or interest on the Securities of such series (including in connection with an offer to purchase) and except as provided in Section 9.02. 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 6.05 Control by Majority. 
 Holders of a majority in principal amount of the then outstanding Securities of a series may direct the time, method and place of conducting any proceeding for exercising any remedy available to the
Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of other Holders of
Securities of such series. 
 Section 6.06 Limitation on Suits. 
 A Holder of a Security of a series may pursue a remedy with respect to this Indenture or the Securities of such series only if: 
 (a) such Holder gives to the Trustee written notice of a continuing Event of Default with respect to such series; 
 (b) the Holders of at least 25% in principal amount of the then outstanding Securities of such series make a written request to the Trustee to pursue the remedy; 

(c) such Holder or Holders offer and, if requested, provide to the Trustee indemnity or security satisfactory to the Trustee against any
loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60 days after receipt of the request and
the offer and, if requested, the provision of indemnity; and 
 (e) during such 60-day period the Holders of a majority in
principal amount of the then outstanding Securities of such series do not give the Trustee a direction inconsistent with the request. 

  
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 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder. 
 Section 6.07 Rights of Holders of Securities to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of principal of and
premium, if any, and interest on such Security, on or after the respective due dates expressed in such Security (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(a) or (b) in respect of a series of Securities occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers and the Guarantors for the whole amount of principal of, premium, if any, and interest then due and remaining unpaid on the Securities
of such series and interest on overdue principal and, to the extent lawful, interest, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuers (or any other
obligor upon the Securities), their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. 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, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 Section 6.10 Priorities. 
 If the Trustee collects any money pursuant to this Article 6 with respect to Securities of any series, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation,
expense and liabilities incurred, and all advances made, by the Trustee and the Trustee’s costs and expenses of collection; 
 Second: to Holders for amounts due and unpaid on the Securities of such series for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Securities of such series for principal, premium, if any, and interest, respectively; and 
 Third: to
the Issuers or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities of any series. 
 ARTICLE 7. 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 
 (a) If an Event of Default with respect to
any series of Securities 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 its exercise, as
a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) Except during the
continuance of an Event of Default with respect to any series of Securities: 
 (i) the duties of the Trustee
shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture with respect to the Securities of such series and no others, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 

  
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 (ii) in the absence of bad faith on its part, the Trustee may with respect
to the 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.
However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein). 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to
act, or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph
(b) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable to Holders of Securities of a series with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from Holders of
Securities of such series pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with an Issuer. Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law. 
 (f) Subject to Section 7.01(a), no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 Section 7.02 Rights of
Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the
Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon. 

  
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 (c) The Trustee may act through its attorneys and agents and shall not be responsible for
the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it
takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from an Issuer shall be sufficient if signed by an Officer of such Issuer. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders unless such Holder shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or
direction. 
 (g) The Trustee shall have no duty to inquire as to the performance of the Company’s covenants in Article 4
hereof. In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except: (1) any Event of Default occurring pursuant to Section 6.01(a) or 6.01(b) hereof; or (2) any Default or Event of Default
of which a Responsible Officer shall have received written notification at the Corporate Trust Office of the Trustee or obtained actual knowledge. 
 (h) The permissive right of the Trustee to act hereunder shall not be construed as a duty. 
 (i) The Trustee shall not be required to give any bond or surety or to expend or risk its own funds in respect of the performance of its powers and duties hereunder. 

(j) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder and each agent, custodian and other Person employed by the Trustee to act hereunder. 

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

(l) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; nuclear or natural catastrophe; earthquakes; fire; flood; acts of war or terrorism; strikes; work
stoppages; wars and other military disturbances; sabotage; epidemics; riots; interruptions; accidents; labor disputes; acts of civil or military authority and governmental action; 

  
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interruptions, loss or malfunction of utilities, communications or computer (software or hardware) services affecting the banking industry generally; it being understood that the Trustee shall
use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances. 

(m) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuers, personally or by agent or attorney at the sole
cost of the Issuers and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (n) The Trustee may request that the Issuers deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
Indenture. 
 Section 7.03 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuers, any Guarantor or any Affiliate of the Company with the same
rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as defined in the TIA) after a Default has occurred and is continuing, it must eliminate such conflict within 90 days, apply to
the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 
 The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for either Issuer’s use of the proceeds from the Securities or any money paid to an Issuer or upon either
Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital
herein or any statement in the Securities or any other document in connection with the sale of the Securities or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 
 If a Default or Event of Default occurs and
is continuing with respect to the Securities of any series and if it is known to the Trustee, the Trustee shall mail to Holders of Securities of such series a notice of the Default or Event of Default within 90 days after it occurs. Except in the
case of a Default or Event of Default in payment of principal of or premium, if any, or interest on any Security of such series, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of the Holders of Securities of such series. 

  
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 Section 7.06 Reports by Trustee to Holders. 

Within 60 days after each January 31 beginning with the first January 31 following the date of this Indenture, and for so long
as Securities remain outstanding, the Trustee shall mail to the Holders a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve
months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2) and § 313(b)(1). The Trustee shall also transmit by mail all reports as required by TIA § 313(c).

 A copy of each report at the time of its mailing to the Holders shall be mailed to the Issuers and filed with the SEC and
each stock exchange on which the Securities are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Securities are listed or delisted on any stock exchange. 

Section 7.07 Compensation and Indemnity. 
 The Issuers, jointly and severally, shall pay to the Trustee from time to time such reasonable compensation as the Issuers and the Trustee may agree in writing for the Trustee’s acceptance of this
Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers, jointly and severally, shall reimburse the Trustee promptly upon request for all
reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 The Issuers and the Guarantors shall indemnify the Trustee and their agents, jointly and severally, against any and all
losses, claims, damages, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the
Issuers and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by an Issuer, any Guarantor or any Holder or any other Person) or liability in connection with the exercise or performance of any
of its powers or duties hereunder, except to the extent any such loss, liability or expense shall be determined to have been caused by its own negligence or willful misconduct. The Trustee shall notify the Issuers and the Guarantors promptly of any
claim for which it has received written notice and for which it may seek indemnity. Failure by the Trustee to so notify the Issuers and the Guarantors shall not relieve the Issuers or the Guarantors of their obligations hereunder. The Issuers and
the Guarantors shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate litigation counsel and the Issuers and the Guarantors shall pay the reasonable fees and expenses of such counsel; provided that the
Issuers and the Guarantors will not be required to pay such fees and expenses incurred after they have assumed the Trustee’s defense with litigation counsel acceptable to and approved by the Trustee (such approval not to be unreasonably
withheld) and there is no conflict of interest between the Issuers and the Trustee in connection with such defense. The Issuers and the Guarantors need not pay for any settlement made without 

  
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their consent, which consent shall not be unreasonably withheld. Neither the Issuers nor the Guarantors need reimburse the Trustee for any expense or indemnity against any liability or loss of
the Trustee to the extent such expense, liability or loss is attributable to the negligence or willful misconduct of the Trustee. 
 The obligations of the Issuers and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 

To secure the Issuers’ and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a lien prior
to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities. Such lien shall survive the satisfaction and discharge of this Indenture. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(i) or (j) hereof
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

The immunities, protections and exculpations available to the Trustee under this Indenture shall also be available to each Agent, and the
Company’s obligations under this Section 7.07 to compensate and indemnify the Trustee shall extend likewise to each Agent. 

Section 7.08 Separate Trustee; Replacement of Trustee. 
 The Issuers may, but need not, appoint a separate Trustee for any one or more series of Securities. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective
only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign in
writing upon 30 days notice at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of a majority in principal amount of the then outstanding Securities of a particular series may remove the Trustee for
such series by so notifying the Trustee and the Issuers in writing and may appoint a successor trustee with the consent of the Issuers. The Issuers may remove the Trustee if: 
 (a) the Trustee fails to comply with Section 7.10 hereof; 
 (b) the Trustee
is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 

(c) a receiver, Custodian or public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

  
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 If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, the Issuers shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities of such series
may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Issuers. 
 If a successor
Trustee for a series of Securities does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers or the Holders of at least 10% in principal amount of the then outstanding Securities of such
series may petition any court of competent jurisdiction for the appointment of a successor Trustee for such series. 
 If the
Trustee, after written request by any Holder of Securities of the applicable series who has been a Holder of such Securities for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee for Securities of
a particular series shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders of the Securities of such series. The retiring Trustee shall promptly transfer all property held by it as Trustee
to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
Issuers’ and the Guarantors’ obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger, etc. 
 If the Trustee for Securities of a particular series consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor Trustee. As soon as practicable, the successor Trustee shall mail a notice of its succession to the Issuers and the Holders of the Securities of such series. 

Section 7.10 Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws
to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of
condition. 
 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b). 

  
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 Section 7.11 Preferential Collection of Claims Against Issuers. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has
resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8. 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 
 The
Issuers may, at their option evidenced by an Officers’ Certificate of each Issuer, at any time, exercise their rights under either Section 8.02 or 8.03 hereof with respect to all outstanding Securities of a series upon compliance with the
conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02 with respect to a series
of Securities, the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have discharged their obligations with respect to all outstanding Securities of such series, and each Guarantor shall
be deemed to have discharged its obligations with respect to its Subsidiary Guarantee, on the date the conditions set forth in Section 8.04 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance
means that the Issuers shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of such series, and each Guarantor shall be deemed to have paid and discharged its Subsidiary Guarantee (which in
each case shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below) and to have satisfied all its other obligations
under the Securities of such series or such Subsidiary Guarantee and this Indenture (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which
shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Securities of such series to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in
such Section and in Section 8.05, payments in respect of the principal of and premium, if any, and interest on the Securities of such series when such payments are due, (b) the Issuers’ obligations with respect to the Securities of
such series under Sections 2.06, 2.07, 2.10, 2.12 and 4.02 hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ and the Guarantors’ obligations in connection therewith and
(d) the Legal Defeasance provisions of this Article 8. Subject to compliance with this Article 8, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof. 
 If the Issuers exercise their Legal Defeasance option, each Guarantor will be released and relieved of any
obligations under its Subsidiary Guarantee, and any security for the Securities of such series (other than the trust) will be released. 

  
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 Section 8.03 Covenant Defeasance. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to a series
of Securities, the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Article 4 (other than those in Sections 4.01, 4.02, 4.06 and
4.07) with respect to the outstanding Securities of such series on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of such series shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities of the applicable series, the
Issuers and any Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as
specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(e) hereof shall not constitute Events of Default with regard to such Securities. 
 If the Issuers exercise their Covenant Defeasance option with respect to a series of Securities, each Guarantor will be released and relieved of any obligations under its Subsidiary Guarantee and any
security for the Securities of the applicable series (other than the trust) will be released. 
 Section 8.04 Conditions to Legal or
Covenant Defeasance. 
 In order to exercise either Legal Defeasance or Covenant Defeasance with respect to a series of
Securities: 
 (a) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of Securities
of such series, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, and
premium, if any, and interest on the outstanding Securities of such series on the date of fixed maturity or on the applicable redemption date, as the case may be, and the Issuers must specify whether such Securities are being defeased to the date of
fixed maturity or to a particular redemption date; 
 (b) in the case of an election under Section 8.02 hereof, the Issuers
shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 

(1) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling; or 

  
 40 

 (2) since the date of this Indenture, there has been a change in the
applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities of such series will not recognize income, gain or loss for federal income
tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) in the case of an election under Section 8.03 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that the Holders of the outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit (other than a Default or 

Event of Default in respect of Securities of such series resulting from the incurrence of Indebtedness, the proceeds of which are to be
applied to the deposit referenced in paragraph (a) of this Section 8.04); 
 (d) such Legal Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture and solely with respect to Securities of such series) to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
 (e) the Issuers shall have delivered to
the Trustee an Officers’ Certificate of each Issuer stating that the deposit was not made by the Issuers with the intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or
defrauding creditors of the Issuers or others; and 
 (f) the Issuers shall have delivered to the Trustee an Officers’
Certificate of each Issuer and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the
Trustee pursuant to Section 8.04 or 8.08 hereof in respect of the outstanding Securities of a series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company or any of its Subsidiaries acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal,
premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

  
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 The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 or 8.08 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of the outstanding Securities. 
 Anything in this Article 8 to the contrary notwithstanding, the
Trustee shall deliver or pay to the Issuers from time to time upon the written request of the Issuers any money or non-callable Government Securities held by it as provided in Section 8.04 or 8.08 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance, Covenant Defeasance or Discharge, as the case may be. 
 Section 8.06
Repayment to Issuers. 
 Subject to applicable escheat and abandoned property laws, any money or non-callable Government
Securities deposited with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of or premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, premium,
if any, or interest has become due and payable shall be paid to the Issuers on their written request or (if then held by an Issuer) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured creditor, look
only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money or non-callable Government Securities, and all liability of the Issuers as trustee thereof, shall thereupon cease.

 Section 8.07 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any money or non-callable Government Securities in accordance with Section 8.05 hereof, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under this Indenture and the Securities of the applicable series shall be revived and reinstated as though no deposit had
occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.05 hereof; provided, however, that, if an Issuer makes any payment of
principal of or premium, if any, or interest on, or redemption price of, any Security of such series following the reinstatement of its obligations, such Issuer shall be subrogated to the rights of the Holders of such Securities to receive such
payment from the money held by the Trustee or Paying Agent. 

  
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 Section 8.08 Satisfaction and Discharge. 

This Indenture shall be satisfied and discharged and shall cease to be of further effect as to Securities of any series (except for
(a) the rights of Holders of outstanding Securities of such series to receive solely from the trust fund described in clause (1)(b) of this Section 8.08, and as more fully set forth in such clause (1)(b) and in Section 8.05,
payments in respect of the principal of and premium, if any, and interest on such Securities when such payments are due, (b) the Issuers’ obligations with respect to such Securities under Sections 2.06, 2.07, 2.10, 2.12 and 4.02 hereof and
(c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ obligations in connection therewith), when: 
 (1) either: 
 (a) all Securities of such series that have been authenticated,
except lost, stolen or destroyed Securities that have been replaced or paid and Securities for whose payment money has been deposited in trust and thereafter repaid to the Issuers, have been delivered to the appropriate Trustee for such series of
Securities for cancellation; or 
 (b) all Securities of such series that have not been delivered to the Trustee for
cancellation have become due and payable or will become due and payable within one year by reason of the mailing of a notice of redemption or otherwise, and the Issuers or any Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders of Securities of such series, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Securities of such series not delivered to the Trustee for cancellation for principal, premium, if any, and accrued
interest to the date of fixed maturity or redemption; 
 (2) no Default or Event of Default with respect to Securities of such
series has occurred and is continuing on the date of the deposit or will occur as a result of the deposit (other than a Default or Event of Default in respect of Securities of such series resulting from the borrowing of funds to be applied to such
deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture and solely with respect to Securities of such series) to which the Company or any of
its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
 (3) the Issuers or any Guarantor has
paid or caused to be paid all sums payable by it in respect of Securities of such series under this Indenture; 
 (4) the
Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Securities of such series at fixed maturity or on the redemption date, as the case may be; and 

(5) the Issuers have delivered an Officers’ Certificate of each Issuer and an Opinion of Counsel to the Trustee stating that all
conditions precedent to satisfaction and discharge of this Indenture (“Discharge”) have been satisfied in respect of Securities of such series. 

  
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 ARTICLE 9. 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders. 

Notwithstanding Section 9.02 of this Indenture, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture or
the Securities of any series or the terms thereof (whether contained in a supplemental indenture, Board Resolution or otherwise) without the consent of any Holder of a Security: 

(a) to cure any ambiguity, defect or inconsistency; 
 (b) to provide for uncertificated Securities in addition to or in place of certificated Securities; 
 (c) to provide for the assumption of an Issuer’s obligations to the Holders of Securities pursuant to Article 5 hereof; 
 (d) to make any change that would provide any additional rights or benefits to the Holders, that surrenders a right or benefit held by the Issuers or any Guarantor or that does not adversely affect the
legal rights hereunder of any Holder; 
 (e) to add to, change or eliminate any of the provisions of this Indenture; provided
that any such addition, change or elimination shall not be effective as to Securities of any series outstanding prior to the date of such amendment or supplement; 
 (f) to establish the forms or terms of the Securities of any series issued hereunder; 
 (g) to make provisions with respect to the conversion of Securities of any series that are convertible in accordance with the terms of such Securities; 

(h) to secure the Securities or the Subsidiary Guarantees; 
 (i) to reflect the addition of any additional Guarantor with respect to the Securities of any series or to evidence the release of any Guarantor from its Subsidiary Guarantee in accordance with Article 10
hereof; 
 (j) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under
the TIA or to comply with the rules and regulations of any securities exchange or automated quotation system on which any of the Securities may be listed or traded; 
 (k) to provide for the reorganization of the Company as any other form of entity in accordance with the second paragraph of Section 5.01 hereof; or 

(l) to evidence or provide for the acceptance or appointment under this Indenture of a successor Trustee with respect to Securities of
any series. 

  
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 Upon the request of the Company authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its own
rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders. 

Except as provided above in Section 9.01 and below in this Section 9.02, the Issuers, the Guarantors and the Trustee may amend
or supplement this Indenture and the Securities of any series or the terms thereof (whether contained in a supplemental indenture, Board Resolution or otherwise) may be amended or supplemented with the consent of the Holders of at least a majority
in aggregate principal amount of the then outstanding Securities of each series affected by such amendment or supplement (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities of any such
series), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default with respect to Securities of any series or compliance with any provision of this Indenture or Securities of any such series or the terms thereof
(whether contained in a supplemental indenture, Board Resolution or otherwise) may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Securities of each series affected thereby (including
consents obtained in connection with a purchase of, tender offer or exchange offer for Securities of any such series). However, without the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Securities
held by a non-consenting Holder): 
 (a) reduce the principal amount of Securities whose Holders must consent to an amendment,
supplement or waiver; 
 (b) change the Stated Maturity of any Security or alter any of the provisions with respect to the
required repurchase of the Securities of any such series; 
 (c) reduce the premium, if any, payable upon the redemption of any
Security or change the fixed date after which any Security may or shall be redeemed; 
 (d) change any obligation of the Company
or any Guarantor to pay Additional Amounts with respect to any Security; 
 (e) reduce the rate of or change the time for
payment of interest on any Security; 
 (f) adversely affect the conversion rights of any Security that is convertible in
accordance with the applicable provisions of such Security; 
 (g) waive a continuing Default or Event of Default in the payment
of principal of, or premium, if any, or interest on or Additional Amounts with respect to the Securities of any series (except a rescission of acceleration of such Securities by the Holders of at least a majority in principal amount of the
Securities of such series and a waiver of the payment default that resulted from such acceleration); 

  
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 (h) make any Security payable in a currency other than that stated in such Security;

 (i) (i) make any change in the provisions of this Indenture relating to waivers of past Defaults or Events of Default or the
rights of Holders to receive payments of principal of or premium or interest on the Securities; 
 (j) waive a redemption or
repurchase payment with respect to any Security; 
 (k) impair the right to institute suit for the enforcement of any payment of
principal of, or premium, if any, or interest on or any Additional Amounts with respect to any Security pursuant to Sections 6.07 and 6.08, except as limited by Section 6.06; 

(l) release any Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture or modify the related Guarantee in
any manner materially adverse to the Holders, except in accordance with the terms of this Indenture; or 
 (m) make any change
in the preceding amendment, supplement and waiver provisions. 
 Upon the request of the Issuers, and upon the filing with the
Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the Trustee shall join with the Issuers and the Guarantors in the
execution of such amended or supplemental indenture, unless such amended or supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but
shall not be obligated to, enter into such amended or supplemental indenture. 
 It shall not be necessary for the consent of
the Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or
waiver. 
 An amendment, supplement or waiver which changes, waives or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be
conclusively deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
 Section 9.03
Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Securities shall be set forth in
an amended or supplemental indenture that complies with the TIA as then in effect. 

  
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 A consent to any amendment, supplement or waiver under this Indenture by any Holder given in
connection with a purchase, tender or exchange of such Holder’s Securities shall not be rendered invalid by such purchase, tender or exchange. 
 Section 9.04 Revocation and Effect of Consents. 
 Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder of a Security 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 of a Security or subsequent Holder of a Security may revoke the consent as to its Security if the Trustee receives written notice of
revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

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, supplement or waiver. If a record date is fixed, then notwithstanding the last sentence 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 revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No consent shall be valid or effective for more than 90 days after such
record date except to the extent that the requisite number of consents to the amendment, supplement or waiver have been obtained within such 90-day period or as set forth in the next paragraph of this Section 9.04. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of
clauses (a) through (j) of Section 9.02, in which case, the amendment, supplement or waiver shall bind only each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that
evidences the same indebtedness as the consenting Holder’s Security. 
 Section 9.05 Notation on or Exchange of Securities.

 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Security thereafter
authenticated. The Issuers, in exchange for all Securities of any series, may issue and the Trustee shall authenticate new Securities of such series that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement
or waiver. 
 Section 9.06 Trustee to Sign Amendments, etc. 
 The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of
the Trustee. If it does, the Trustee may, but need not, sign it. In signing such amendment or supplement, the Trustee shall receive and, subject to Section 7.01, shall be fully 

  
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protected in relying upon an Officers’ Certificate of each Issuer and an Opinion of Counsel stating, in addition to the matters required by Section 12.05, that such amendment or
supplement is authorized or permitted by this Indenture, and all conditions precedent required hereunder to such amendment or supplement have been satisfied. 
 ARTICLE 10. 
 GUARANTEES OF SECURITIES 

Section 10.01 Applicability of Article. 
 The provisions of this Article 10 shall be applicable only to, and inure solely to the benefit of, the Securities of any series designated, pursuant to Section 2.03, as entitled to the benefits of
the Subsidiary Guarantee of any of the Guarantors. 
 Section 10.02 Subsidiary Guarantees. 

Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees, on a senior (unless
subordinated pursuant to Article 11) unsecured basis, to each Holder of a Security that is entitled to the benefits of a Subsidiary Guarantee and that is authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Securities held thereby and the Obligations of the Issuers hereunder and thereunder, that: (a) the principal of and premium, if any, and interest on the Securities will be
promptly paid in full when due, subject to any applicable grace period, whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise, and interest on the overdue principal of and premium, if any, and (to the extent
permitted by law) interest on the Securities, and all other payment Obligations of the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in full and performed, all in accordance with the terms hereof and thereof;
and (b) in case of any extension of time of payment or renewal of any Securities or any of such other Obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to
any applicable grace period, whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise. Failing payment when so due of any amount so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated
to pay the same immediately. Each of the Subsidiary Guarantees hereunder is intended to be a general, unsecured, senior obligation of the related Guarantor and will rank pari passu in right of payment with all Senior Indebtedness of such Guarantor
(except as provided pursuant to Article 11). An Event of Default under this Indenture or the Securities shall constitute an event of default under the Subsidiary Guarantees, and shall entitle the Holders to accelerate the obligations of the
Guarantors hereunder in the same manner and to the same extent as the Obligations of the Issuers. Each of the Guarantors hereby agrees that in the event of a default in payment of the principal of, or premium, if any, or interest on the Debt
Securities of such series, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.06, by the
Holders, on the terms and conditions set forth in this Indenture, directly against such Guarantor to enforce such Subsidiary Guarantee without first proceeding against the Issuers or any other Guarantor. 

  
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 The Guarantors hereby agree that their obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any
judgment against an Issuer, any action to enforce the same or any other circumstance (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the extent
permitted by law, hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of an Issuer, any right to require a proceeding first against an Issuer, protest, notice and all
demands whatsoever and covenants that its Subsidiary Guarantee will not be discharged except by complete performance of the Obligations contained in the Securities and this Indenture. 

If any Holder or the Trustee is required by any court or otherwise to return to an Issuer, the Guarantors, or any Custodian, Trustee or
other similar official acting in relation to any of the Issuers or the Guarantors, any amount paid by an Issuer or any Guarantor to the Trustee or such Holder, the Subsidiary Guarantees, to the extent theretofore discharged, shall be reinstated in
full force and effect. Each Guarantor agrees that it shall not be entitled to, and hereby waives, any right of subrogation in relation to the Holders in respect of any Obligations guaranteed hereby. 

Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(a) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of its Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the Obligations guaranteed thereby, and (b) in the event of any declaration of acceleration of such Obligations as provided in Article 6 hereof, such Obligations (whether or not due and payable) shall forthwith become due and payable
by the Guarantor for the purpose of its Subsidiary Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Subsidiary
Guarantees. 
 Section 10.03 Limitation on Guarantor Liability. 
 The obligations of each Guarantor under its Subsidiary Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and
after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Subsidiary Guarantee or pursuant to its contribution obligations under this
Indenture, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws
affecting the rights of creditors generally. 
 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 

Subject to Section 10.05, no Guarantor (other than a Guarantor whose Subsidiary Guarantee is to be released in accordance with this
Indenture) may consolidate or merge with or into another Person unless (i) the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) assumes all the obligations of such Guarantor under this

  
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Indenture and the Securities that are entitled to the benefit of a Subsidiary Guarantee pursuant to a supplemental indenture in the form of Annex A hereto and (ii) immediately after such
transaction, no Default or Event of Default exists. In connection with any consolidation or merger contemplated by this Section 10.04, the Company shall deliver to the Trustee prior to the consummation of the proposed transaction an
Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture. This Section 10.04 is not applicable to a merger between Guarantors
or a merger between either Issuer and a Guarantor. 
 Section 10.05 Releases of Subsidiary Guarantees. 

Upon (i) a sale or other disposition of all or substantially all of the assets of any Guarantor or a sale or other disposition of all
of the Capital Stock of such Guarantor, in any case by way of merger, consolidation or otherwise, or the liquidation and dissolution of such Guarantor (in each case, to the extent not prohibited by Article 4 of this Indenture) or (ii) delivery
of a written notice by the Company to the Trustee of the cessation by a Guarantor to guarantee any other Indebtedness of the Company or any other Guarantor other than a De Minimis Guaranteed Amount, such Guarantor (and in the case of clause (i), any
successor or surviving Person) shall be automatically released from all of its Subsidiary Guarantee and related obligations in this Indenture without any further action by the Trustee, the Company or such Guarantor (or such successor or surviving
Person). In addition, subject to Section 8.07, upon the Company’s election, in compliance with the conditions set forth in Article 8 hereof, to exercise its rights pursuant to Sections 8.02, 8.03 or 8.08 with respect to any series of
outstanding Securities, each Guarantor shall be automatically released from all of its Subsidiary Guarantee and related obligations in this Indenture in respect of such Securities without any further action by the Trustee, the Company or any
Guarantor. The Trustee shall deliver an appropriate instrument evidencing any such release upon receipt of a request by the Company accompanied by an Officers’ Certificate. Any Guarantor not so released remains liable for the full amount of
principal of and interest on the Securities as provided in this Article 10. 
 Section 10.06 Execution and Delivery of Subsidiary
Guarantee. 
 The execution by each Guarantor of this Indenture (or a supplemental indenture) evidences the Subsidiary Guarantee
of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Security. The delivery of any Security by the Trustee after authentication constitutes due delivery of
the Subsidiary Guarantee set forth in this Indenture on behalf of each Guarantor. 
 Section 10.07 “Trustee” to Include Paying
Agent. 
 In case at any time any Paying Agent other than the Trustee shall have been appointed and be then acting hereunder, the
term “Trustee” as used in this Article 10 shall in each case (unless the context shall otherwise require) be construed as extending to and including such Paying Agent within its meaning as fully and for all intents and purposes as if such
Paying Agent were named in this Article 10 in place of the Trustee. 

  
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 ARTICLE 11. 
 SUBORDINATION OF SECURITIES 
 Section 11.01 Applicability of Article; Agreement to
Subordinate. 
 The provisions of this Article 11 shall be applicable only to the Securities, and any related Subsidiary
Guarantee of such Securities, of any series designated, pursuant to Section 2.03, as subordinated to Senior Indebtedness pursuant to this Article 11 (the Securities of such series being referred to herein as the “Subordinated Debt
Securities”). Each Holder by accepting a Subordinated Debt Security agrees that the Indebtedness evidenced by such Subordinated Debt Security and the related Subsidiary Guarantee of such Subordinated Debt Security is subordinated in right of
payment, to the extent and in the manner provided in this Article 11, to the prior payment of all Senior Indebtedness and that the subordination is for the benefit of and enforceable by the holders of Senior Indebtedness. All provisions of this
Article 11 shall be subject to Section 11.12. 
 Section 11.02 Liquidation, Dissolution, Bankruptcy. 

(a) Of the Issuers. Upon any payment or distribution of the assets of the Issuers to creditors upon a total or partial liquidation or a
total or partial dissolution of the Issuers or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Issuers or their respective property: 

(i) holders of Senior Indebtedness of the Issuers shall be entitled to receive payment in full in cash of such Senior
Indebtedness (including interest (if any), accruing on or after the commencement of a proceeding in bankruptcy, whether or not allowed as a claim against the Issuers in such bankruptcy proceeding) before Holders of Subordinated Debt Securities of
the Issuers shall be entitled to receive any payment of principal of, or premium, if any, or interest on, Subordinated Debt Securities; and 
 (ii) until the Senior Indebtedness of the Issuers is paid in full, any such distribution to which Holders of Subordinated Debt Securities would be entitled but for this Article 11 shall be made to holders
of Senior Indebtedness of the Issuers as their interests may appear, except that such Holders may receive securities representing Capital Stock of the Issuers and any debt securities of (or guaranteed by) such Guarantor that are subordinated to
Senior Indebtedness of the Issuers to at least the same extent as the Subordinated Debt Securities of the Issuers. 
 (b) Of a
Guarantor. Upon any payment or distribution of the assets of any Guarantor to creditors upon a total or partial liquidation or a total or partial dissolution of such Guarantor or in a bankruptcy, reorganization, insolvency, receivership or similar
proceeding relating to such Guarantor or its property: 
 (i) holders of Senior Indebtedness of such Guarantor
shall be entitled to receive payment in full in cash of such Senior Indebtedness (including interest (if any), accruing on or after the commencement of a proceeding in bankruptcy, whether or not allowed as a claim against such Guarantor in such
bankruptcy proceeding) before Holders of Subordinated Debt Securities shall be entitled to receive, under such Guarantor’s guarantee of such Subordinated Debt Securities, any payment of principal of, or premium, if any, or interest on,
Subordinated Debt Securities; and 

  
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 (ii) until the Senior Indebtedness of such Guarantor is paid in full, any
such distribution to which Holders of Subordinated Debt Securities would be entitled under such Guarantor’s guarantee but for this Article 11 shall be made to holders of Senior Indebtedness of such Guarantor as their interests may appear,
except that such Holders may receive securities representing Capital Stock of such Guarantor and any debt securities of such Guarantor that are subordinated to Senior Indebtedness of such Guarantor to at least the same extent as the guarantee of the
Subordinated Debt Securities of such Guarantor. 
 Section 11.03 Default on Senior Indebtedness. 

(a) As to the Issuers. The Issuers may not pay the principal of, or premium, if any, or interest on, Subordinated Debt Securities or make
any deposit pursuant to Article 8 with respect to such Subordinated Debt Securities and may not repurchase, redeem or otherwise retire (except, in the case of Subordinated Debt Securities that provide for a mandatory sinking fund pursuant to
Section 3.08, by the delivery of Subordinated Debt Securities by the Issuers to the Trustee pursuant to Sections 3.08 and 3.09) any Subordinated Debt Securities (collectively, “pay the Subordinated Debt Securities”) if (i) any
principal, premium or interest in respect of Senior Indebtedness of the Issuers is not paid when due, including any applicable grace period (including at Stated Maturity) or (ii) any other default on Senior Indebtedness of the Issuers occurs
and the maturity of such Senior Indebtedness is accelerated in accordance with its terms unless, in either case, the default has been cured or waived and any such acceleration has been rescinded or such Senior Indebtedness has been paid in full in
cash; provided, however, that the Issuers may pay the Subordinated Debt Securities without regard to the foregoing if the Issuers and the Trustee receive written notice approving such payment from the trustee or other applicable representative
(each, a “Representative”) of each issue of Senior Indebtedness of the Issuers which, at the time, has an aggregate principal amount outstanding of, or under which, at the date of determination, the holders thereof are committed to lend at
least $100 million (“Designated Senior Indebtedness”). During the continuance of any default (other than a default described in clause (i) or (ii) of the preceding sentence) with respect to any Designated Senior Indebtedness of
the Issuers pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Issuers may not pay
the Subordinated Debt Securities for a period (a “Payment Blockage Period”) commencing upon the receipt by the Issuers and the Trustee of written notice of such default from the Representative of any Designated Senior Indebtedness of the
Issuers specifying an election to effect a Payment Blockage Period (a “Blockage Notice”) and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated by written notice to the Trustee and the Issuers from the
Person or Persons who gave such Blockage Notice, by repayment in full in cash of such Designated Senior Indebtedness or because the default giving rise to such Blockage Notice is no longer continuing). Notwithstanding the provisions described in the
immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section 11.03(a)), unless the holders of such Designated Senior Indebtedness or the Representative of such holders shall have accelerated the
maturity of such Designated Senior Indebtedness, the Issuers may 

  
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resume payments on the Subordinated Debt Securities after such Payment Blockage Period. Not more than one Blockage Notice may be given in any consecutive 360-day period, irrespective of the
number of defaults with respect to any number of issues of Designated Senior Indebtedness during such period; provided, however, that in no event may the total number of days during which any Payment Blockage Period or Periods is in effect exceed
179 days in the aggregate during any 360 consecutive day period. For purposes of this Section 11.03(a), no default or event of default which existed or was continuing on the date of the commencement of any Payment Blockage Period with respect
to the Designated Senior Indebtedness of the Issuers initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Designated Senior Indebtedness,
whether or not within a period of 360 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days. 

(b) As to a Guarantor. No Guarantor may make a payment or distribution in respect of its guarantee of any Subordinated Debt Securities
(“make a guarantee payment on Subordinated Debt Securities”) if (i) any principal, premium or interest in respect of Senior Indebtedness of such Guarantor is not paid when due, including any applicable grace period (including at
Stated Maturity) or (ii) any other default on Senior Indebtedness of such Guarantor occurs and the maturity of such Senior Indebtedness is accelerated in accordance with its terms unless, in either case, the default has been cured or waived and
any such acceleration has been rescinded or such Senior Indebtedness has been paid in full in cash; provided, however, that such Guarantor may make a guarantee payment on the Subordinated Debt Securities without regard to the foregoing if such
Guarantor and the Trustee receive written notice approving such payment from the trustee or other applicable representative of each issue of Designated Senior Indebtedness of such Guarantor. During the continuance of any default (other than a
default described in clause (i) or (ii) of the preceding sentence) with respect to any Designated Senior Indebtedness of such Guarantor pursuant to which the maturity thereof may be accelerated immediately without further notice (except
such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, such Guarantor may not make a guarantee payment on Subordinated Debt Securities for a period (a “Payment Blockage Period”)
commencing upon the receipt by such Guarantor and the Trustee of written notice of such default from the Representative of any Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period (a “Blockage Notice”)
and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated by written notice to the Trustee and such Guarantor from the Person or Persons who gave such Blockage Notice, by repayment in full in cash of such Designated
Senior Indebtedness or because the default giving rise to such Blockage Notice is no longer continuing). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of
this paragraph of this Section 11.03(b)), unless the holders of such Designated Senior Indebtedness or the Representative of such holders shall have accelerated the maturity of such Designated Senior Indebtedness, such Guarantor may resume
payments under its guarantee of any Subordinated Debt Securities after such Payment Blockage Period. Not more than one Blockage Notice may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to any number
of issues of Designated Senior Indebtedness during such period; provided, however, that in no event may the total number of days during which any Payment Blockage Period or Periods is in effect exceed 179 days in the aggregate during any 360
consecutive day 

  
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period. For purposes of this Section 11.03(b), no default or event of default which existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to
the Designated Senior Indebtedness of such Guarantor initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Designated Senior Indebtedness,
whether or not within a period of 360 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days. 
 Section 11.04 Acceleration of Payment of Debt Securities. 
 If payment of the
Subordinated Debt Securities is accelerated because of an Event of Default, the Issuers shall promptly notify the holders of the Designated Senior Indebtedness (or their Representatives) of the acceleration. 

Section 11.05 When Distribution Must Be Paid Over. 
 If a distribution is made to Holders of Subordinated Debt Securities that because of this Article 11 should not have been made to them, the Holders who receive such distribution shall hold it in trust for
holders of Senior Indebtedness and pay it over to them as their interests may appear. 
 Section 11.06 Subrogation. 

After all Senior Indebtedness is paid in full and until the Subordinated Debt Securities are paid in full, Holders thereof shall be
subrogated to the rights of holders of Senior Indebtedness to receive distributions applicable to Senior Indebtedness. A distribution made under this Article 11 to holders of Senior Indebtedness which otherwise would have been made to Holders of
Subordinated Debt Securities is not, as between the Issuers or the distributing Guarantor, as the case may be, and such Holders, a payment by the Issuers or the Guarantor, as the case may be, on Senior Indebtedness. 

Section 11.07 Relative Rights. 
 This Article 11 defines the relative rights of Holders of Subordinated Debt Securities and holders of Senior Indebtedness. Nothing in this Indenture shall: 

(a) impair, as between the Issuers or any Guarantor, as the case may be, and Holders of either Subordinated Debt Securities or Securities,
the obligation of the Issuers or the Guarantor, as the case may be, which is absolute and unconditional, to pay principal of, and premium, if any, and interest on, the Subordinated Debt Securities and the Securities in accordance with their terms;
or 
 (b) prevent the Trustee or any Holder of either Subordinated Debt Securities or Securities from exercising its respective
available remedies upon a Default, subject to the rights of holders of Senior Indebtedness to receive distributions otherwise payable to Holders of Subordinated Debt Securities. 

  
 54 

 Section 11.08 Subordination May Not Be Impaired by Issuers. 

No right of any holder of Senior Indebtedness to enforce the subordination of the Indebtedness evidenced by any Subordinated Debt
Securities and the Subsidiary Guarantee in respect thereof shall be impaired by any act or failure to act by either Issuer or any Guarantor or by its failure to comply with this Indenture. 
 Section 11.09 Rights of Trustee and Paying Agent. 
 Notwithstanding
Section 11.03, the Trustee or any paying agent may continue to make payments on Subordinated Debt Securities and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less
than two Business Days prior to the date of such payment, a Responsible Officer receives notice satisfactory to the Trustee that payments may not be made under this Article 11. The Issuers, any Agent, any Representative or a holder of Senior
Indebtedness may give the notice; provided, however, that, if an issue of Senior Indebtedness has a trustee or other representative, only such trustee or other similar representative may give the notice on behalf of the Holders of the Senior
Indebtedness of that issue. 
 The Trustee in its individual or any other capacity may hold Senior Indebtedness with the same
rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 11 with respect to any Senior Indebtedness which may at any time be held by it, to the
same extent as any other holder of Senior Indebtedness; and nothing in Article 7 shall deprive the Trustee of any of its rights as such holder. Nothing in this Article 11 shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 7.07. 
 Section 11.10 Distribution or Notice to Representative. 

Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness, the distribution may be made and the notice
given to their Representative (if any). 
 Section 11.11 Article 11 Not to Prevent Defaults or Limit Right to Accelerate. 

The failure to make a payment pursuant to any Subordinated Debt Securities, whether directly or pursuant to a Subsidiary Guarantee, by
reason of any provision in this Article 11 shall not be construed as preventing the occurrence of a Default or Event of Default. Nothing in this Article 11 shall have any effect on the right of the Holders or the Trustee to accelerate the maturity
of either the Subordinated Debt Securities or the Securities, as the case may be. 
 Section 11.12 Trust Moneys Not Subordinated.

 Notwithstanding anything contained herein to the contrary, payments from money or the proceeds of Government Securities held
in trust under Article 8 by the Trustee for the payment of principal of, and premium, if any, and interest on, the Subordinated Debt Securities or the Securities shall not be subordinated to the prior payment of any Senior Indebtedness or subject to
the restrictions set forth in this Article 11, and none of the Holders thereof shall be obligated to pay over any such amount to the Issuers, any Guarantor or any holder of Senior Indebtedness of the Issuers or any Guarantor or any other creditor of
the Issuers or any Guarantor. 

  
 55 

 Section 11.13 Trustee Entitled to Rely. 

Upon any payment or distribution pursuant to this Article 11, the Trustee and the Holders shall be entitled to rely upon any order or
decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 11.02 are pending, upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution to the
Trustee or to such Holders or upon the Representatives for the holders of Senior Indebtedness for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other
Indebtedness of the Issuers or any Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 11. In the event that the Trustee determines, in good
faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article 11, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the rights of such Person
under this Article 11, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. The provisions of Sections 7.01 and 7.02 shall be
applicable to all actions or omissions of actions by the Trustee pursuant to this Article 11. 
 Section 11.14 Trustee to Effectuate
Subordination. 
 Each Holder of a Subordinated Debt Security, by its acceptance thereof, authorizes and directs the Trustee on
its behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Holders of Subordinated Debt Securities and the holders of Senior Indebtedness as provided in this Article 11 and appoints
the Trustee as attorney-in-fact for any and all such purposes. 
 Section 11.15 Reliance by Holders of Senior Indebtedness on Subordination
Provisions. 
 Each Holder of a Subordinated Debt Security, by its acceptance thereof, acknowledges and agrees that the foregoing
subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Subordinated Debt
Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or
in continuing to hold, such Senior Indebtedness. 
 ARTICLE 12. 

MISCELLANEOUS 

Section 12.01 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), such TIA-imposed duties shall control. 

  
 56 

 Section 12.02 Notices. 
 Any notice or communication by an Issuer, any Guarantor or the Trustee to the others is duly given if in writing (in the English language) and delivered in person or mailed by first class mail (registered
or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
 If to any of the Issuers or the Guarantors: 
 Access Midstream Partners, L.P.

 900 NW 63rd Street 
 Oklahoma City, Oklahoma 73118 
 Attention: Chief Financial Officer 

Telecopier No.: (405) 849-4615 
 If to the Trustee: 
 The Bank of New York Mellon Trust Company, N.A. 

2. N. LaSalle Street, Suite 1020, Chicago, IL 60602 
 Attention: Corporate Trust Department 
 Telecopier No.: (312) 827-8542

 An Issuer, any of the Guarantors or the Trustee, by notice to the others, may designate additional or different addresses for
subsequent notices or communications. 
 The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or
directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Issuer elects to give the Trustee e-mail
or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written
instruction. The Issuer agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and
the risk or interception and misuse by third parties. 
 All notices and communications (other than those sent to Holders) shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery in each case to the address shown above. 
 Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address
shown on the register kept by the Registrar or, with respect to Global Securities, in accordance with the rules and procedures of the Depositary. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c),
to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

If either of the Issuers mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

  
 57 

 Section 12.03 Communication by Holders with Other Holders. 

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the
Securities. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 12.04
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by an Issuer to the Trustee to take any
action under this Indenture, such Issuer shall furnish to the Trustee: 
 (a) an Officers’ Certificate in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating
to the proposed action have been satisfied; and 
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.05 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply
with the provisions of TIA § 314(e) and shall include: 
 (a) a statement that the person making such certificate or
opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that,
in the opinion of such person, he or she 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 satisfied; and 

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

Section 12.06 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent or Conversion Agent may make reasonable rules and set reasonable requirements for its functions.

 Section 12.07 No Personal Liability of Directors, Officers, Employees and Unitholders and No Recourse to the General Partner.

 Neither the General Partner nor any past, present or future director, officer, partner, employee, incorporator, manager or
unitholder or other owner of Capital Stock of the Issuers, the 

  
 58 

 
General Partner or any Guarantor, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the Securities, the Subsidiary Guarantees or this Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Securities. 
 Section 12.08 Governing Law. 
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 12.09 No Adverse Interpretation of Other Agreements. 
 This Indenture
may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 12.10 Successors. 

All agreements of the Issuers and the Guarantors in this Indenture and the Securities shall bind their respective successors. All
agreements of the Trustee in this Indenture shall bind its successors. 
 Section 12.11 Severability. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.12 Table of Contents,
Headings, etc. 
 The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have
been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 12.13 Counterparts. 
 This Indenture may be signed in counterparts and
by the different parties hereto in separate counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. 
 Section 12.14 Waiver of Jury Trial. 
 EACH OF THE ISSUERS, THE GUARANTORS AND
THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

  
 59 

 [Signatures on following page] 

  
 60 

 SIGNATURES 

 

					
	ACCESS MIDSTREAM PARTNERS, L.P.
		
	BY:	 	ACCESS MIDSTREAM PARTNERS GP,
		 	L.L.C., ITS GENERAL PARTNER
		
	By:	 	  

		 	Name: J. Mike Stice
		 	Title:   Chief Executive Officer
	
	ACMP FINANCE CORP.
		
	By:	 	  

		 	Name: J. Mike Stice
		 	Title:   Chief Executive Officer
	
	GUARANTORS
		
	BY:	 	  

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

		 	Name:
		 	Title:

  
 61 

 ANNEX A 
 ACCESS MIDSTREAM PARTNERS, L.P. 
 ACMP FINANCE CORP. 

and the Guarantors named herein 
 [Debt Securities] 
 FORM OF SUPPLEMENTAL INDENTURE 

AND AMENDMENT — SUBSIDIARY GUARANTEE 
 DATED AS OF                         , 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 
 Trustee 

  
 62 

 This SUPPLEMENTAL INDENTURE, dated as
of                     ,             is among Access Midstream Partners, L.P., a Delaware
limited partnership (the “Company”), ACMP Finance Corp., a Delaware corporation ( “Finance Corp.” and, together with the Company, the “Issuers”), each of the parties identified under the caption “Guarantors”
on the signature page hereto (the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., a national banking association, as Trustee. 
 RECITALS 
 WHEREAS, the Issuers, the initial Guarantors and the Trustee
entered into an Indenture, dated as of [                    ], 2011 (the “Indenture”), pursuant to which the Company has issued $ million
in principal amount of [                    ] (the “Securities “); 

WHEREAS, Section 9.01(g) of the Indenture provides that the Issuers, the Guarantors and the Trustee may amend or supplement the
Indenture to add Guarantors without the consent of the Holders of the Securities; and 
 WHEREAS, all acts and things prescribed
by the Indenture, by law and by the constituent documents of the Issuers and of the Guarantors necessary to make this Supplemental Indenture a valid instrument legally binding on the Issuers and the Guarantors, in accordance with its terms, have
been duly done and performed; 
 NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the
above premises, the Issuers, the Guarantors and the Trustee covenant and agree for the equal and proportionate benefit of the respective Holders of the Securities as follows: 
 ARTICLE 1 
 Section 1.01. This Supplemental Indenture is supplemental
to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 
 Section 1.02. This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Issuers, the Guarantors and the Trustee. 

ARTICLE 2 

From this date, by executing this Supplemental Indenture, the Guarantors whose signatures appear below are subject to the provisions of
the Indenture to the extent provided for in Article 10 thereunder, and subject to the limitations and release provisions therein. 
 ARTICLE 3 
 Section 3.01. Except as specifically modified herein, the
Indenture and the Securities are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective
meanings ascribed to them as in the Indenture. 

  
 63 

 Section 3.02. Except as otherwise expressly provided herein, no duties,
responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions
set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. The Trustee makes no representation or warranty as to the validity or
sufficiency of this Supplemental Indenture. 
 Section 3.03. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 3.04. The parties may sign any number of copies
of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. 
 [NEXT PAGE IS SIGNATURE PAGE] 

  
 64 

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

					
	ACCESS MIDSTREAM PARTNERS, L.P.
		
	BY:	 	ACCESS MIDSTREAM PARTNERS GP,
		 	L.L.C., ITS GENERAL PARTNER
		
	BY:	 	  

		 	Name:
		 	Title:
	
	ACMP FINANCE CORP.
		
	BY:	 	  

		 	Name:
		 	Title:
	
	GUARANTORS
		
	BY:	 	  

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

		 	Name:
		 	Title:

  
 65

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