Document:

Form of Indenture for Debt Securities.

 Exhibit 4.1 

 
  

 
 LOCKHEED MARTIN CORPORATION

 AS ISSUER 
 AND 
 U.S. BANK NATIONAL ASSOCIATION 

AS TRUSTEE 
  

 
 INDENTURE

 DATED AS OF             
    , 2011 
  

 
  

 
  

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
	 SECTION 1.01.
	 	Definitions	  	 	1	  
	 SECTION 1.03.
	 	Incorporation by Reference of TIA	  	 	5	  
	 SECTION 1.04.
	 	Rules of Construction	  	 	5	  
		
	 ARTICLE 2 THE SECURITIES
	  	 	6	  
	 SECTION 2.01.
	 	Form and Dating	  	 	6	  
	 SECTION 2.02.
	 	Execution and Authentication	  	 	7	  
	 SECTION 2.03.
	 	Title, Amount and Terms of Securities	  	 	9	  
	 SECTION 2.04.
	 	Registrar and Paying Agent	  	 	11	  
	 SECTION 2.05.
	 	Paying Agent to Hold Money in Trust	  	 	12	  
	 SECTION 2.06.
	 	Securityholder Lists	  	 	12	  
	 SECTION 2.07.
	 	Transfer and Exchange	  	 	12	  
	 SECTION 2.08.
	 	Replacement Securities	  	 	14	  
	 SECTION 2.09.
	 	Outstanding Securities	  	 	15	  
	 SECTION 2.10.
	 	Temporary Securities	  	 	15	  
	 SECTION 2.11.
	 	Cancellation	  	 	15	  
	 SECTION 2.12.
	 	Defaulted Interest	  	 	15	  
	 SECTION 2.13.
	 	Currency and Manner of Payments in Respect of Securities	  	 	16	  
	 SECTION 2.14.
	 	Appointment and Resignation of Currency Determination Agent	  	 	19	  
		
	 ARTICLE 3 REDEMPTION
	  	 	20	  
	 SECTION 3.01.
	 	Applicability of this 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	  	 	21	  
	 SECTION 3.06.
	 	Deposit of Redemption Price	  	 	21	  
	 SECTION 3.07.
	 	Securities Redeemed in Part	  	 	21	  
		
	 ARTICLE 4 COVENANTS
	  	 	22	  
	 SECTION 4.01.
	 	Certain Definitions	  	 	22	  
	 SECTION 4.02.
	 	Payment of Securities	  	 	23	  
	 SECTION 4.03.
	 	Limitation on Liens	  	 	24	  
	 SECTION 4.04.
	 	Limitation on Sale-Leaseback Transactions	  	 	25	  
	 SECTION 4.05.
	 	No Lien Created, etc.	  	 	26	  
	 SECTION 4.06.
	 	Compliance Certificate	  	 	26	  
	 SECTION 4.07.
	 	SEC Reports	  	 	26	  

  
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	 ARTICLE 5 SUCCESSOR CORPORATION
	  	 	26	  
	 SECTION 5.01.
	 	When the Corporation May Merge, etc.	  	 	26	  
	 SECTION 5.02.
	 	When Securities Must be Secured	  	 	27	  
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	27	  
	 SECTION 6.01.
	 	Events of Default	  	 	27	  
	 SECTION 6.02.
	 	Acceleration	  	 	28	  
	 SECTION 6.03.
	 	Other Remedies	  	 	29	  
	 SECTION 6.04.
	 	Waiver of Past Defaults	  	 	29	  
	 SECTION 6.05.
	 	Control by Majority	  	 	29	  
	 SECTION 6.06.
	 	Limitation on Suits	  	 	29	  
	 SECTION 6.07.
	 	Rights of Holders to Receive Payment	  	 	30	  
	 SECTION 6.08.
	 	Collection Suit by Trustee	  	 	30	  
	 SECTION 6.09.
	 	Trustee May File Proofs of Claim	  	 	30	  
	 SECTION 6.10.
	 	Priorities	  	 	30	  
	 SECTION 6.11.
	 	Undertaking for Costs	  	 	30	  
		
	 ARTICLE 7 TRUSTEE
	  	 	31	  
	 SECTION 7.01.
	 	Duties of Trustee	  	 	31	  
	 SECTION 7.02.
	 	Rights of Trustee	  	 	32	  
	 SECTION 7.03.
	 	Individual Rights of Trustee, etc.	  	 	32	  
	 SECTION 7.04.
	 	Trustee’s Disclaimer	  	 	33	  
	 SECTION 7.05.
	 	Notice of Defaults	  	 	33	  
	 SECTION 7.06.
	 	Reports by Trustee to Holders	  	 	33	  
	 SECTION 7.07.
	 	Compensation and Indemnity	  	 	33	  
	 SECTION 7.08.
	 	Replacement of Trustee	  	 	34	  
	 SECTION 7.09.
	 	Successor Trustee by Merger, etc.	  	 	35	  
	 SECTION 7.10.
	 	Eligibility; Disqualification	  	 	35	  
	 SECTION 7.11.
	 	Preferential Collection of Claims Against Corporation	  	 	35	  
		
	 ARTICLE 8 SATISFACTION, DISCHARGE AND DEFEASANCE
	  	 	35	  
	 SECTION 8.01.
	 	Satisfaction and Discharge Under Limited Circumstances	  	 	35	  
	 SECTION 8.02.
	 	Satisfaction and Discharge of Indenture	  	 	36	  
	 SECTION 8.03.
	 	Defeasance of Certain Obligations	  	 	37	  
	 SECTION 8.04.
	 	Application of Trust Money	  	 	38	  
	 SECTION 8.05.
	 	Repayment to Corporation	  	 	39	  
		
	 ARTICLE 9 AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	 	39	  
	 SECTION 9.01.
	 	Without Consent of Holders	  	 	39	  
	 SECTION 9.02.
	 	With Consent of Holders	  	 	40	  
	 SECTION 9.03.
	 	Compliance with Trust Indenture Act of 1939	  	 	40	  
	 SECTION 9.04.
	 	Revocation and Effect of Consents	  	 	40	  
	 SECTION 9.05.
	 	Notation on or Exchange of Securities	  	 	41	  
	 SECTION 9.06.
	 	Trustee to Sign Amendments, etc.	  	 	41	  

  
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	 ARTICLE 10 MISCELLANEOUS
	  	 	41	  
	 SECTION 10.01.
	 	TIA Controls	  	 	41	  
	 SECTION 10.02.
	 	Notices	  	 	41	  
	 SECTION 10.03.
	 	Communication by Holders with Other Holders	  	 	43	  
	 SECTION 10.04.
	 	Certificate and Opinion as to Conditions Precedent	  	 	43	  
	 SECTION 10.05.
	 	Statements Required in Certificate or Opinion	  	 	43	  
	 SECTION 10.06.
	 	When Treasury Securities Disregarded	  	 	43	  
	 SECTION 10.07.
	 	Rules by Trustee, Paying Agent and Registrar	  	 	44	  
	 SECTION 10.08.
	 	Legal Holidays	  	 	44	  
	 SECTION 10.09.
	 	Governing Law	  	 	44	  
	 SECTION 10.10.
	 	No Adverse Interpretation of Other Agreements	  	 	44	  
	 SECTION 10.11.
	 	No Recourse Against Others	  	 	44	  
	 SECTION 10.12.
	 	Securities in a Foreign Currency	  	 	44	  
	 SECTION 10.13.
	 	Judgment Currency	  	 	45	  
	 SECTION 10.14.
	 	Successors	  	 	45	  
	 SECTION 10.15.
	 	Duplicate Originals	  	 	45	  
	 SECTION 10.16.
	 	Acts of Holders; Record Dates	  	 	45	  
	 SECTION 10.17.
	 	Waiver of Jury Trial	  	 	46	  
	 SECTION 10.18.
	 	Force Majeure	  	 	46	  
	 SECTION 10.19.
	 	Counterparts	  	 	47	  
	 SECTION 10.20.
	 	Patriot Act	  	 	47	  

  

	NOTE:  	This Table of Contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 - iii -

 INDENTURE 
 INDENTURE dated as of                  , 2011, between Lockheed Martin Corporation, a Maryland corporation, as
the Corporation, and U.S. Bank National Association, a national banking association, as Trustee. 
 Each party agrees as follows
for the benefit of the other party and, as to each series of Securities, for the equal and ratable benefit of the Holders of that series of the Corporation’s Securities issued pursuant to this Indenture: 

ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions. 
 “Agent” means any Registrar, Paying
Agent or co-registrar. 
 “Board of Directors” means the Board of Directors, or any duly appointed committee of the
Board of Directors, of the Corporation. 
 “Board Resolution” means a resolution of the Board of Directors or of a
committee or person to which or to whom the Board of Directors has properly delegated the appropriate authority, a copy of which has been certified by the Secretary or an Assistant Secretary of the Corporation to have been duly adopted by the Board
of Directors or such committee or person and to be in full force and effect on the date of such certification and delivered to the Trustee. 
 “Business Day,” when used with respect to any particular Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that
Place of Payment are authorized or obligated by law to close, and shall otherwise mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions, at the place where any specified act pursuant to this
Indenture is to occur, are authorized or obligated by law to close. 
 “Conversion Event” means, in the good faith
judgment of the Corporation, the unavailability of any Foreign Currency or currency unit, due to the imposition of exchange controls or other circumstances beyond the control of the Corporation. 

“Corporation” means the party named as such in this Indenture until a successor replaces it and thereafter means the successor.

  
 1 

 “Currency Determination Agent,” with respect to Securities of any series, means a
New York Clearing House bank designated pursuant to Section 2.03 or Section 2.14. 
 “Default” means any
event that is, or after notice or passage of time or both would be, an Event of Default. 
 “Depositary” means, with
respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, the party designated as Depositary by the Corporation pursuant to Section 2.03 until a successor Depositary shall have
become such pursuant to the applicable provisions hereof, and thereafter “Depositary” shall mean or include each party that then is a Depositary hereunder, and if at any time there is more than one such party, “Depositary” as
used with respect to the Securities on any such series shall mean the Depositary with respect to the Securities of that series. 

“Discounted Security” means any Security that provides for an amount (excluding any amounts attributable to accrued but unpaid
interest) less than its principal amount to be due and payable upon a declaration of acceleration of the maturity of the Security pursuant to Section 6.02. 
 “Dollars” and the sign “$” mean the currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 

“Exchange Act” means the Securities Exchange Act of 1934, as it may be amended from time to time. 

“Exchange Rate Officers’ Certificate” means a certificate or facsimile thereof setting forth (i) the applicable
Market Exchange Rate and (ii) the Dollar, Foreign Currency or currency unit amounts of principal and interest, if any (on an aggregate basis and on the basis of a Security having the denomination principal amount determined in accordance with
Section 2.03 in the relevant currency or currency unit), payable with respect to a Security of any series on the basis of such Market Exchange Rate, which is signed by any Officer of the Corporation. 

“Foreign Currency” means a currency issued by the government of any country other than the United States of America or a
currency established by a group of countries as a common legal currency such as the “Euro”. 
 “Global
Security” means a Security evidencing all or a part of a series of Securities, issued to the Depositary for such series in accordance with Section 2.01, and bearing the legend prescribed in Section 2.01. 

“Holder” or “Securityholder” means the person in whose name a Security is registered on the Registrar’s books.

 “Indenture” means this Indenture as it may be amended or supplemented from time to time. 

  
 2 

 “Market Exchange Rate” means (i) for any conversion involving a currency unit
on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 2.03 for the Securities of the
relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon (New York City time) buying rate for such Foreign Currency for cable transfers quoted in New York City as certified for customs purposes by the Federal
Reserve Bank of New York, (iii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars or
Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being made from major banks located in either New York City, London or any other principal market for Dollars or such
purchased Foreign Currency, in each case determined by the applicable Currency Determination Agent in its sole discretion and without liability on its part. In the event of the unavailability of any of the exchange rates provided for in the
foregoing clauses (i), (ii) and (iii), the Currency Determination Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or
quotations from one or more major banks in New York City, London or any other principal market for such currency or currency unit in question, or such other quotations as the Currency Determination Agent shall deem appropriate. Unless otherwise
specified by the Currency Determination Agent, if there is more than one market for dealing in any currency or currency unit by reason of foreign exchange regulations or otherwise, the market to be used with respect to such currency or currency unit
shall be that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or currency unit in order to make payments with respect to such securities. For purposes of this definition, a
“nonresident issuer” shall mean an issuer that is not a resident of the country or countries that issue such currency or whose currencies are included in such currency unit. 

“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, any
Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Corporation. 

“Officers’ Certificate” means a certificate signed by two Officers or by an Officer and an Assistant Treasurer or
Assistant Secretary of the Corporation. 
 “Opinion of Counsel” means a written opinion from legal counsel. The
counsel may be an employee of or counsel to the Corporation. 
 “Place of Payment” means, when used with respect to
the Securities of any particular series, the place or places where the principal of and interest, if any, on the Securities of that series are payable, as contemplated by Section 2.03. 

“principal” of a Security means the principal of the Security (or if such Security was issued with original issue discount, the
face amount of such Security less the remaining unamortized portion of the original issue discount of such Security) plus, when appropriate, the premium, if any, on the Security. 

  
 3 

 “Responsible Officer” means any officer of the Trustee in its corporate trust
department or any other officer of the Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, and also means, with respect to a particular corporate trust matter, any other
officer of the Trustee to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“SEC” means the Securities and Exchange Commission. 
 “Securities” means the securities issued pursuant to this Indenture from time to time, as such securities may be amended or supplemented from time to time. 

“series” when used with respect to the Securities means all Securities bearing the same title and identified as part of a
single series of Securities by a Board Resolution. 
 “TIA” means the Trust Indenture Act of 1939, as in effect
(unless otherwise stated herein) on the date of this Indenture. 
 “Trustee” means the party named as such in this
Indenture until a successor replaces it and thereafter means the successor. The term “Trustee” includes any additional Trustee appointed pursuant to Section 2.03 or Section 7.08 but, if at any time there is more than one Trustee,
the term “Trustee” as used with respect to Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “Trust Officer” means a Vice President or any other officer of the Trustee assigned by the Trustee to handle its corporate trust matters and who shall have direct responsibility for the
administration of this Indenture. 
 “Uniform Commercial Code” means the Maryland Uniform Commercial Code. 

SECTION 1.02. Other Definitions. 
  

					
	 Term
	  	Defined in
Section	 
	 “Attributable Debt”
	  	 	4.01	  
	 “Bankruptcy Law”
	  	 	6.01	  
	 “Component Currency”
	  	 	2.13	  
	 “Consolidated Net Tangible Assets”
	  	 	4.01	  
	 “Conversion Date”
	  	 	2.13	  
	 “Custodian”
	  	 	6.01	  
	 “Debt”
	  	 	4.01	  
	 “Dollar Equivalent of the Currency Unit”
	  	 	2.13	  
	 “Dollar Equivalent of the Foreign Currency”
	  	 	2.13	  
	 “Election Date”
	  	 	2.13	  
	 “Event of Default”
	  	 	6.01	  
	 “Judgment Date”
	  	 	10.13	  

  
 4 

					
	 “Legal Holiday”
	  	 	10.08	  
	 “Lien”
	  	 	4.01	  
	 “Long-Term Debt”
	  	 	4.01	  
	 “Patriot Act”
	  	 	10.20	  
	 “Paying Agent”
	  	 	2.04	  
	 “Principal Property”
	  	 	4.01	  
	 “Registrar”
	  	 	2.04	  
	 “Restricted Property”
	  	 	4.01	  
	 “Restricted Subsidiary”
	  	 	4.01	  
	 “Sale-Leaseback Transaction”
	  	 	4.01	  
	 “Specified Amount”
	  	 	2.13	  
	 “Subsidiary”
	  	 	4.01	  
	 “Substitute Date”
	  	 	10.13	  
	 “United States”
	  	 	4.01	  
	 “U.S. Government Obligations”
	  	 	8.02	  
	 “Valuation Date”
	  	 	2.13	  
	 “Voting Stock”
	  	 	4.01	  

 SECTION 1.03. Incorporation by Reference of TIA. 

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

 “indenture securities” means the Securities; 

“indenture security holder” means a Securityholder; 
 “indenture to be qualified” means this Indenture; 
 “indenture
trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the indenture securities
means the Corporation. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rule have the meanings assigned to them. 
 SECTION 1.04. Rules of Construction.

 Unless the context otherwise requires: 
  

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

  
 5 

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

 

	 	(3)	“or” is not exclusive; 

  

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

 

	 	(5)	any gender used in this Indenture shall be deemed to include the neuter, masculine or feminine gender; and 

 

	 	(6)	provisions apply to successive events and transactions. 

 ARTICLE 2 
 THE SECURITIES 

SECTION 2.01. Form and Dating. 
 The Securities shall be issued substantially in the form or forms (including global form) as shall be established by or pursuant to a Board Resolution or Resolutions or any supplemental indenture, in each
case with such appropriate insertions, omissions, substitutions or other variations as are required or permitted by this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. Each
Security shall be dated the date of its authentication. 
 Notwithstanding the foregoing, if any Security of a series is
issuable in the form of a Global Security or Securities, each such Global Security may provide that it shall represent the aggregate amount of Securities outstanding under the series from time to time endorsed thereon and also may provide that the
aggregate amount of Securities outstanding under the series represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a Global Security to reflect the amount of Securities outstanding under the series represented
thereby shall be made by the Trustee in accordance with the instructions of the Corporation and in such manner as shall be specified on such Global Security. Any instructions by the Corporation with respect to a Global Security, after its initial
issuance, shall be in writing but need not comply with Section 10.04. 
 Before the first delivery of a Security of any
series to the Trustee for authentication, the Corporation shall deliver to the Trustee the following: 
 (1) the
Board Resolution or Resolutions by or pursuant to which the forms and terms of the Security have been approved; 

(2) an Officers’ Certificate of the Corporation dated the date of delivery stating that all conditions precedent
provided for in this Indenture relating to the authentication and delivery of Securities in that series have been complied with and directing the Trustee to authenticate and deliver the Securities to or upon written order of the Corporation; and

  
 6 

 (3) Opinions of Counsel stating that all conditions precedent provided for
in this Indenture relating to the authentication and delivery of Securities of that series have been complied with, the form and terms of the series have been established by or pursuant to a Board Resolution or resolutions in conformity with this
Indenture, and that Securities in such form when completed by appropriate insertions and executed by the Corporation and delivered by the Corporation to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by
the Trustee in accordance with this Indenture within the authorization as to aggregate principal amount established from time to time by the Board of Directors and sold in the manner specified in such Opinions of Counsel will be the legal, valid and
binding obligations of the Corporation, entitled to the benefits of this Indenture, subject to applicable bankruptcy, reorganization, insolvency and other similar laws generally affecting creditors’ rights and to general equitable principles,
and to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders of Securities of that series or that are customarily included in similar opinions by lawyers experienced in such matters. 

Notwithstanding the foregoing, if the Corporation shall establish pursuant to Section 2.03 that the Securities of a series are to be
issued in whole or in part in the form of one or more Global Securities, then the Corporation shall execute and the Trustee shall, in accordance with this Section, Section 2.02 and the authentication order of the Corporation with respect to
such series, authenticate and deliver one or more Global Securities in temporary or permanent form that shall (a) represent and be denominated in an aggregate amount equal to the aggregate principal amount of the Securities of such series to be
represented by one or more Global Securities, (b) be registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (c) be delivered by the Trustee to such Depositary or pursuant to such
Depositary’s instruction, and (d) bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities in definitive form, this Security may not be transferred except as a whole by
the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any nominee to a successor Depositary or a nominee of any successor Depositary.”

 SECTION 2.02. Execution and Authentication. 
 An Officer shall sign the Securities for the Corporation by manual or facsimile signature in the name of the Corporation. 
 If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. 

A Security shall not be valid until the Trustee manually signs the certificate of authentication on the Security. The signature shall be
conclusive evidence that the Security has been authenticated under this Indenture. 

  
 7 

 Notwithstanding the provisions of Section 2.03 and of the preceding paragraphs, if all
Securities of a series are not to be originally issued at one time (including, for example, a series constituting a medium-term note program), it shall not be necessary to deliver the Officers’ Certificate or the Opinions of Counsel otherwise
required pursuant to Section 2.01 or otherwise required pursuant to such preceding paragraphs at or prior to the time of authentication of each Security of such series if such documents are delivered at or prior to the time of authentication
upon original issuance of the first Security of such series. In such case the Trustee may conclusively rely on the foregoing documents and opinions delivered pursuant to Section 2.01 and Section 2.03, and this Section, as applicable
(unless revoked by superseding comparable documents or opinions), as to the matters set forth therein. 
 Notwithstanding the
foregoing, if any Security shall have been duly authenticated and delivered hereunder but never issued and sold by the Corporation, and the Corporation shall deliver such Security to the Trustee for cancellation as provided in Section 2.11
together with a written statement (which need not comply with Section 2.01 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Corporation, for all purposes of this Indenture
such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
 If any Security of a series shall be represented by a Global Security, then, for purposes of this Section and Section 2.10, the notation of the record owners’ interest therein upon original
issuance of such Security shall be deemed to be delivered in connection with the original issuance of each beneficial owner’s interest in such Global Security. 
 The Trustee’s certificate of authentication on all Securities shall be in substantially the following form: 
 This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 
  

									
	 Date:
	 		 	[Name of Trustee], as Trustee
					
		 		 		 	By:	 	 
		 		 		 		 	

 The Trustee may appoint an authenticating agent acceptable to the Corporation to authenticate Securities.
An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by an authenticating agent. An authenticating agent has the same rights as
an Agent to deal with the Corporation. 
 If at any time there shall be an authenticating agent appointed with respect to any
series of Securities, then the Trustee’s certificate of authentication to be borne by the Securities of each such series shall be substantially as follows: 
 This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

  
 8 

									
	 Date:
	 		 	[Name of Trustee], as Trustee
					
		 		 		 	By:	 	 
		 		 		 		 	as Authenticating Agent
					
		 		 		 	By:	 	 
		 		 		 		 	Authorized Officer

 SECTION 2.03. Title, Amount and Terms of Securities. 

The principal amount of Securities that may be authenticated and delivered and outstanding under this Indenture is not limited. The
Securities may be issued in a total principal amount up to that authorized from time to time by or pursuant to relevant Board Resolutions. 
 The Securities may be issued in one or more series, each of which shall be issued pursuant to a Board Resolution or Resolutions of the Corporation, which shall specify: 

(1) the title of the Securities of that series (which shall distinguish the Securities of that series from Securities of
all other series); 
 (2) any limit on the aggregate principal amount of the Securities of that series that may
be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration or transfer of, in exchange for or in lieu of other Securities of that series pursuant to Sections 2.07, 2.08 or 3.07);

 (3) the date or dates (or the manner of determining the same) on which the principal of the Securities of that
series is payable (which, if so provided in the Board Resolution or Resolutions, may be determined by the Corporation from time to time and set forth in the Securities of that series issued from time to time); 

(4) the rate or rates, or the method to be used in ascertaining the rate or rates, at which the Securities of that series
shall bear interest, if any, the basis upon which interest shall be calculated if other than that of a 360-day year of 12 30-day months, the date or dates from which such interest shall accrue (which, in either case or both, if so provided in the
Board Resolution or Resolutions, may be determined by the Corporation from time to time and set forth in the Securities of that series issued from time to time), the interest payment dates on which such interest shall be payable (or the manner of
determining the same) and the record date for the interest payable on any interest payment date; 
 (5) if the
trustee of that series is other than the Trustee initially named in this Indenture or any successor thereto, the trustee of that series; 
 (6) the place or places where the principal of and interest, if any, on Securities of that series shall be payable; 
 (7) the period or periods within which, the price or prices at which, the currency or currency unit in which, and the terms and conditions on which Securities of that series may be redeemed or converted
into another Security, in whole or in part, at the option of the Corporation; 

  
 9 

 (8) the obligation, if any, of the Corporation to redeem or purchase
Securities of that series pursuant to any sinking fund or analogous provisions or at the option of Holders of Securities of that series (or to convert such Securities into other Securities at the option of the Holder), and the period or periods
within which, the price or prices at which, the currency or currency unit in which, and the terms and conditions upon which Securities of that series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

(9) if denominated in Dollars and in denominations other than denominations of $1,000 and any multiple of $1,000, the
denominations in which Securities of that series shall be issuable; 
 (10) if denominated in other than Dollars,
the currency or currencies, including composite currencies, in which the Securities of that series are denominated and the denominations in which Securities of that series shall be issuable; 

(11) if the principal of and interest, if any, on the Securities of that series are to be payable, at the election of the
Corporation or a Holder thereof, in a currency or currency unit other than that in which the Securities are denominated or stated to be payable, in accordance with provisions in addition to or in lieu of or in accordance with the provisions of
Section 2.13, the period or periods within which (including the Election Date), and the terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the currency or currency unit
in which the Securities are denominated or stated to be payable and the currency or currency unit in which the Securities are to be so payable; 
 (12) the index, if any, used to determine the amount of payments of principal of or interest, if any, on the Securities of that series; 

(13) if the amount of payments of the principal of and interest, if any, on the Securities of that series may be
determined with reference to an index based on a currency or currencies other than that in which the Securities of that series are denominated, the manner in which such amounts shall be determined; 

(14) if other than the full principal amount, the portion of the principal amount of Securities of that series which shall
be payable upon a declaration of acceleration of the maturity pursuant to Section 6.02; 
 (15) if
convertible into or exchangeable for Securities of another series or other securities of the Corporation or another issuer, the terms upon which the Securities of that series will be convertible into or exchangeable for such securities; 

  
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 (16) the right, if any, of the Corporation to redeem all or any part of the
Securities of that series before maturity and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of that series may be redeemed; 

(17) the provisions, if any, restricting defeasance of the Securities of that series; 

(18) if other than or in addition to the events specified in Section 6.01, events of default with respect to the
Securities of that series; 
 (19) if the Securities of that series are to be issued in whole or in part in the
form of one or more Global Securities, the Depositary for such Global Security or Securities and whether beneficial owners of interests in any such Global Securities may exchange such interests for other Securities of such series in the manner
provided in Section 2.07, and the manner and the circumstances under which and the place or places where any such exchanges may occur if other than in the manner provided in Section 2.07, and any other terms of the series relating to the
global nature of the Securities of such series and the exchange, registration or transfer thereof and the payment of any principal thereof or interest, if any, thereon; 

(20) the designation of the original Currency Determination Agent, if any, with respect to the Securities of that series;
and 
 (21) any other terms of or relating to the Securities of that series (which terms shall not be
inconsistent with the provisions of this Indenture). 
 All Securities of any particular series shall be identical as to
currency of denomination and otherwise shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the relevant Board Resolution or Resolutions. 

The Trustee need not authenticate the Securities of any series if their terms impose on the Trustee duties in addition to those imposed
on the Trustee by this Indenture. If the Trustee does authenticate any such Securities, the authentication will evidence the Trustee’s agreement to comply with any such additional duties. 

Each Depositary designated pursuant to this Section for a Global Security in registered form shall, if required, at the time of its
designation and at all times while it serves as a Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation. 
 SECTION 2.04. Registrar and Paying Agent. 
 The Corporation shall maintain
an office or agency where Securities may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Securities may be presented for payment (“Paying Agent”). The Registrar shall keep a
register of the Securities and of their transfer and exchange. The Corporation may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. There may be separate
Registrars and Paying Agents for different series of Securities. 

  
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 The Corporation shall enter into an appropriate agency agreement with any Registrar, Paying
Agent or co-registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Corporation shall notify the Trustee of the name and address of any such Agent. If the Corporation
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such. 
 The Corporation initially appoints the Trustee
as Registrar and Paying Agent. 
 SECTION 2.05. Paying Agent to Hold Money in Trust. 

Each Paying Agent for any series of Securities shall hold in trust for the benefit of Holders of Securities of the same series or the
Trustee all money held by the Paying Agent for the payment of principal of or interest, if any, on such Securities and shall notify the Trustee of any default by the Corporation in making such payment. If the Corporation or a Subsidiary acts as
Paying Agent with respect to a series of Securities, it shall segregate the money for that series and hold it as a separate trust fund. The Corporation at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon doing so
the Paying Agent shall have no further liability for the money. 
 SECTION 2.06. Securityholder Lists. 

For each series of Securities, 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 Securities of that series. If the Trustee is not the Registrar, the Corporation shall furnish or cause to be furnished to the Trustee on or before each interest payment date for each series of
Securities 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 Securities of that series. 

SECTION 2.07. Transfer and Exchange. 
 Where a Security (other than a Global Security, except as set forth herein) 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 Section 8-401(1) of the Uniform Commercial Code (or any successor provision) are met. Where Securities (other than a Global Security, except as set forth herein) of any series are presented to the Registrar
or a co-registrar with a request to exchange them for an equal principal amount of Securities of other denominations of the same series with identical terms as the Securities exchanged, the Registrar shall make the exchange as requested if the same
requirements are met. To permit transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. The Corporation may charge a reasonable fee for any transfer or exchange, but not for any exchange pursuant to
Section 2.10, 3.07 or 9.05. The Corporation shall not be required to make transfers or exchanges of Securities of any series for a period of 15 days before a selection of Securities of the same series to be redeemed or before an interest
payment. 

  
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 Notwithstanding any other provision of this Section, unless and until it is exchanged in
whole or in part for Securities in definitive form, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a
nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 

None of the Corporation, the Trustee, the Paying Agent, the Registrar or any co-registrar shall have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

If at any time the Depositary for the Securities of a series notifies the Corporation that it is unwilling or unable to continue as
Depositary for the Securities of such series or if at any time the Depositary for the Securities of such series no longer shall be eligible under Section 2.03, the Corporation shall appoint a successor Depositary with respect to the Securities
of such series. If a successor Depositary for the Securities of such series is not appointed by the Corporation within 90 days after the Corporation receives such notice or becomes aware of such ineligibility, the Corporation’s election
pursuant to Section 2.03(19) no longer shall be effective with respect to the Securities of such series and the Corporation will execute, and the Trustee, upon receipt of an order of the Corporation for the authentication and delivery of
definitive Securities of such series, will authenticate and deliver Securities of such series in definitive form in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing such series in exchange
for such Global Security or Securities. 
 The Corporation may at any time and in its sole discretion determine that the
Securities of any series issued in the form of one or more Global Securities no longer shall be represented by such Global Security or Securities. In such event the Corporation will execute, and the Trustee, upon receipt of an order of the
Corporation for the authentication and delivery of definitive Securities of such series, will authenticate and deliver Securities of such series in definitive form in an aggregate principal amount equal to the principal amount of the Global Security
or Securities representing such series in exchange for such Global Security or Securities. 
 If specified by the Corporation
pursuant to Section 2.03 with respect to a series of Securities, the Depositary for such series of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for the Securities of such series in
definitive form on such terms as are acceptable to the Corporation and such Depositary. Thereupon, the Corporation shall execute, and the Trustee shall authenticate and deliver: 

(1) to each party specified by such Depositary a new Security or Securities of the same series, of any authorized
denomination as requested by such party in aggregate principal amount equal to and in exchange for such party’s beneficial interest in the Global Security; and 

(2) to such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal
amount of the surrendered Global Security and the aggregate principal amount of Securities delivered to Holders thereof. 

  
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 Upon the exchange of the Global Security for Securities in definitive form, such Global
Security shall be canceled by the Trustee. Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the parties in whose names such Securities are so registered. 

SECTION 2.08. Replacement Securities. 
 If the Holder of a Security claims that the Security has been mutilated, destroyed, lost or stolen, the Corporation may issue and the Trustee shall authenticate a replacement Security of the same series
with identical terms as the Securities exchanged if the requirements of Section 8-405 of the Uniform Commercial Code (or any successor provision) are met. Such Holder shall furnish an indemnity bond sufficient in the judgment of the Corporation
and the Trustee to protect the Corporation, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss that any of them may suffer if a Security is replaced. The Corporation and the Trustee may charge for their expenses in
replacing a Security. 
 In case any such mutilated, destroyed, lost or stolen Security has become due and payable, the
Corporation in its discretion may, instead of issuing a new Security, pay such Security (without surrender thereof, except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Corporation, the Trustee, the
Paying Agent, the Registrar and any co-registrar for such Security such security or indemnity as may be required by them to hold each of them harmless, and in case of destruction, loss or theft, evidence satisfactory to the Corporation, the Trustee,
the Paying Agent, the Registrar and any co-registrar, and any agent of any of them, of the destruction, loss or theft of such Security and the ownership thereof. 
 Upon the issuance of any new Security under this Section, the Corporation may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses in connection therewith (including all fees and expenses of the Trustee, the Paying Agent, the Registrar and any co-registrar for such Security). 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security or in exchange for any mutilated Security, shall constitute an original additional
obligation of the Corporation, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of the same series. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

  
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 SECTION 2.09. Outstanding Securities. 

Securities outstanding at any time are all Securities authenticated by the Trustee (and, in the case of Global Securities, endorsed by
the Trustee) except for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Corporation, or an affiliate of the Corporation,
holds the Security. 
 If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent holds on a
redemption date or maturity date money sufficient to pay Securities payable on that date, then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue. 

If a Security is called for redemption, the Corporation and the Trustee need not treat the Security as outstanding in determining whether
Holders of the required principal amount of Securities have concurred in any direction, waiver or consent. 
 SECTION 2.10.
Temporary Securities. 
 Until definitive Securities of any series are ready for delivery or a permanent Global Security
or Securities are prepared, as the case may be, the Corporation may prepare and the Trustee shall authenticate temporary Securities or one or more temporary Global Securities, as the case may be, of the same series. Temporary Securities of any
series shall be substantially in the form of definitive Securities or permanent Global Securities, as the case may be, of the same series, but may have variations that the Corporation considers appropriate for temporary Securities. Without
unreasonable delay, the Corporation shall prepare and the Trustee shall authenticate definitive Securities or a permanent Global Security or Securities, as the case may be, of the same series in exchange for temporary Securities. Until so exchanged,
the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities or permanent Global Securities of such series. 
 SECTION 2.11. Cancellation. 
 The Corporation 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 transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of all Securities
surrendered for transfer, exchange, payment or cancellation, and shall so certify to the Corporation upon its written request therefor. The Corporation may not issue new Securities to replace Securities it has paid or it has delivered to the Trustee
for cancellation. 
 SECTION 2.12. Defaulted Interest. 

If the Corporation defaults in a payment of interest on any Securities of any series, it shall pay the defaulted interest to the persons
who are Holders of those Securities on a subsequent special record date. The Corporation shall fix the special record date and the payment date in 

  
 15 

 
respect thereof. At least 15 days before the special record date, the Corporation shall give notice to each Holder of Securities of that series a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid. The Corporation may pay defaulted interest in any other lawful manner. 
 SECTION 2.13. Currency and Manner of Payments in Respect of Securities. 

(a) With respect to Securities of any series not permitting the election provided for in subsection (b) below or the Holders of
which have not made the election provided for in subsection (b) below, except as provided in subsection (d) below, payment of the principal of and interest, if any, on any Security of such series will be made in the currency or currency
unit in which such Security is payable. 
 (b) It may be provided pursuant to Section 2.03 with respect to Securities of
any series that Holders shall have the option, subject to subsections (d) and (e) below, to receive payments of principal of or interest, if any, on such Securities in any of the currencies or currency units that may be designated for such
election by delivering to the Trustee for such series of Securities a written election with signature guarantees and in form and substance satisfactory to such Trustee, not later than the close of business on the Election Date immediately preceding
the applicable payment date. If a Holder so elects to receive payments in any such currency or currency unit, such election will remain in effect for such Holder until changed by such Holder by written notice to the Trustee for such series of
Securities (but any such change must be made not later than the close of business on the Election Date immediately preceding the next payment date to be effective for the payment to be made on such payment date and no such change of election may be
made with respect to payments to be made on any Security of such series with respect to which an Event of Default has occurred or notice of redemption has been given by the Corporation pursuant to Article 3). In the event any Holder makes any such
election pursuant to the preceding sentence, such election will not be effective on any transferee of such Holder and such transferee shall be paid in the currency or currency unit indicated pursuant to subsection (a) above unless such
transferee makes an election pursuant to the preceding sentence; provided, however, that such election, if in effect while funds are on deposit with respect to the Securities of such series as described in Section 8.01, 8.02 or 8.03, will be
effective on any transferee of such Holder unless otherwise specified pursuant to Section 2.03 for the Securities of such series. Any Holder of any such Security who shall not have delivered any such election to the Trustee of such series of
Securities not later than the close of business on the applicable Election Date will be paid the amount due on the applicable payment date in the relevant currency or currency unit as provided in subsection (a) above. In no case may a Holder of
Securities of any series elect to receive payments in any currency or currency unit as described in this subsection following a deposit of funds with respect to the Securities of such series as described in Section 8.01, 8.02 or 8.03.

 (c) If the election referred to in subsection (b) above has been provided for pursuant to Section 2.03, then not
later than the fourth Business Day after the Election Date for each payment date for Securities of any series, the Currency Determination Agent for that series will deliver to the Corporation a written notice specifying, in the currency or currency
unit in which Securities of such series are payable, the respective aggregate amounts of principal of and interest, if any, on the Securities to be made on such payment date, and specifying the amounts in

  
 16 

 
such currency or currency unit so payable with respect to the Securities of such series as to which the Holders thereof shall have elected to be paid in a currency or currency unit other than
that in which such series is denominated as provided in subsection (b) above. If the election referred to in subsection (b) above has been provided for pursuant to Section 2.03 and if at least one Holder has made such election, then,
on the second Business Day preceding such payment date the Corporation will deliver to the Trustee for such series of Securities an Exchange Rate Officers’ Certificate with respect to the Dollar, Foreign Currency or currency unit payments to be
made on such payment date. The Dollar, Foreign Currency or currency unit amount receivable by Holders of Securities who have elected payment in a currency or currency unit as provided in subsection (b) above shall, unless otherwise provided
pursuant to Section 2.03, be determined by the Corporation on the basis of the applicable Market Exchange Rate in effect on the third Business Day (the “Valuation Date”) immediately preceding each payment date. 

(d) If a Conversion Event occurs with respect to a Foreign Currency or any currency unit in which any of the Securities are denominated
or payable other than pursuant to an election provided for pursuant to subsection (b) above, then with respect to each date for the payment of principal of and interest, if any, on the applicable Securities denominated or payable in such
Foreign Currency or such currency unit occurring after the last date on which such Foreign Currency or such currency unit was available (the “Conversion Date”), the Dollar shall be the currency of payment for use on each such payment date.
The Dollar amount to be paid by the Corporation to the Trustee of each such series of Securities and by such Trustee or any Paying Agent to the Holders of such Securities with respect to such payment date shall be the amount that would have been
payable in Foreign Currency or currency units but expressed in Dollars according to the Dollar Equivalent of the Foreign Currency or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the
Currency Determination Agent in the manner provided in subsection (f) or (g) below. 
 (e) If the Holder of a Security
denominated in any currency or currency unit shall have elected to be paid in another currency or currency unit as provided in subsection (b) above, and a Conversion Event occurs with respect to such elected currency or currency unit, such
Holder shall receive payment in the currency or currency unit in which payment would have been made in the absence of such election. If a Conversion Event occurs with respect to the currency or currency unit in which payment would have been made in
the absence of such election, such Holder shall receive payment in Dollars as provided in subsection (d) above. 
 (f) The
“Dollar Equivalent of the Foreign Currency” shall be determined by the Currency Determination Agent and shall be obtained for each subsequent payment after the Conversion Date by converting the specified Foreign Currency into Dollars at
the Market Exchange Rate on the Conversion Date. 
 (g) The “Dollar Equivalent of the Currency Unit” shall be
determined by the Currency Determination Agent and subject to the provisions of subsection (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency into Dollars at the Market Exchange Rate
for such Component Currency on the Valuation Date with respect to each payment. 

  
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 (h) For purposes of this Section the following terms shall have the following meanings:

 A “Component Currency” shall mean any currency which, on the Conversion Date, was a component currency of the
relevant currency unit. 
 A “Specified Amount” of a Component Currency shall mean the number of units of such
Component Currency or fractions thereof which were represented in the relevant currency unit on the Conversion Date. If after the Conversion Date the official unit of any Component Currency is altered by way of combination or subdivision, the
Specified Amount of such Component Currency shall be divided or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts of such
Component Currencies shall be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed in such single currency, and such amount thereafter shall be a
Specified Amount and such single currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified Amount of such Component Currency shall be replaced
by amounts of such two or more currencies, each of whose Dollar Equivalent at the Market Exchange Rate on the date of such replacement shall be equal to the Dollar Equivalent of the Specified Amount of such former Component Currency at the Market
Exchange Rate on such date divided by the number of currencies into which such Component Currency was divided, and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If, after the
Conversion Date of the relevant currency unit a Conversion Event (other than any event referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency of such currency unit and is continuing on the
applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion Date of such
Component Currency. 
 “Election Date” shall mean any date for any series of Securities as specified pursuant to
Section 2.03(11) by which the written election referred to in Section 2.13(b) may be made, such date to be not later than the regular record date for the earliest payment for which such election may be effective. 

All decisions and determinations of the Currency Determination Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar
Equivalent of the Currency Unit, the Market Exchange Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding
upon the Corporation, the Trustee for the applicable series of Securities and all Holders of such Securities denominated or payable in the relevant currency or currency units. The Currency Determination Agent shall promptly give written notice to
the Corporation and the Trustee for the applicable series of Securities of any such decision or determination. 

  
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 In the event of a Conversion Event with respect to a Foreign Currency, the Corporation,
after learning thereof, will immediately give written notice thereof to the Trustee of the appropriate series of Securities and the Currency Determination Agent with respect to such series (and such Trustee will promptly thereafter give notice to
the Holders) specifying the Conversion Date. In the event of a Conversion Event with respect to any currency unit in which Securities are denominated or payable, the Corporation, after learning thereof, will immediately give written notice thereof
to the Trustee of the applicable series of Securities and the Currency Determination Agent with respect to such series (and such Trustee promptly thereafter will give notice to the Holders) specifying the Conversion Date and the Specified Amount of
each Component Currency on the Conversion Date. In the event of any subsequent change in any Component Currency as set forth in the definition of Specified Amount above, the Corporation, after learning thereof, similarly will give written notice to
the Trustee of the applicable series of Securities and the Currency Determination Agent. 
 The Trustee of the applicable series
of Securities shall be fully justified and protected in relying and acting upon information received by it from the Corporation and the Currency Determination Agent and shall not otherwise have any duty or obligation to determine such information
independently. 
 SECTION 2.14. Appointment and Resignation of Currency Determination Agent. 

(a) If and so long as the Securities of any series (i) are denominated in a currency unit or a currency other than Dollars or
(ii) may be payable in a currency unit or a currency other than Dollars, or so long as it is required under any other provision of this Indenture, then the Corporation will maintain with respect to each such series of Securities, or as so
required, a Currency Determination Agent. The Corporation will cause the Currency Determination Agent to make the necessary foreign exchange determinations at the time and in the manner specified pursuant to Sections 2.03 and 2.13 for the purpose of
determining the applicable rate of exchange and for the purpose of converting the issued currency or currency unit into the applicable payment currency or currency unit for the payment of principal and interest, if any, pursuant to
Section 2.13. 
 (b) No resignation of the Currency Determination Agent and no appointment of a successor Currency
Determination Agent pursuant to this Section shall become effective until the acceptance of appointment by the successor Currency Determination Agent as evidenced by a written instrument delivered to the Corporation and the Trustee of the applicable
series of Securities accepting such appointment executed by the successor Currency Determination Agent. 
 (c) If the Currency
Determination Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Currency Determination Agent for any cause, with respect to the Securities of one or more series, the Corporation, by a
Board Resolution, shall promptly appoint a successor Currency Determination Agent or Currency Determination Agents with respect to the Securities of that or those series (it being understood that any such successor Currency Determination Agent may
be appointed with respect to the Securities of one or more or all of such series and that at any time there shall only be one Currency Determination Agent with respect to the Securities of any particular series). 

  
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 ARTICLE 3 
 REDEMPTION 
 SECTION 3.01. Applicability of this Article.

 Securities of any series that are redeemable at the option of the Corporation prior to their maturity shall be redeemable in
accordance with their terms (except as otherwise specified in this Indenture for Securities of any series) and in accordance with this Article. 
 SECTION 3.02. Notices to Trustee. 
 If the Corporation elects to redeem any
Securities, it shall notify the Trustee of the redemption date and the principal amount of Securities to be redeemed in accordance with the terms of the Securities. If the redemption is of less than all the outstanding Securities of a series, the
Corporation shall furnish to the Trustee a written statement signed by an Officer of the Corporation stating that with respect to that series there exists no Event of Default and no circumstance that, after notice or the passage of time or both,
would constitute an Event of Default. The Corporation shall give the notice provided for in this Section at least 50 days before the redemption date. 
 SECTION 3.03. Selection of Securities to be Redeemed. 
 If, at the option
of the Corporation, less than all the Securities of a series are to be redeemed, the Trustee shall select the Securities to be redeemed by a method the Trustee considers fair and appropriate, subject to any applicable stock exchange requirements.
The Trustee shall make the selection from outstanding Securities not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities that have a denomination larger than $1,000 (or the applicable
minimum denomination for such Securities). Securities and portions of them it selects shall be in amounts of $1,000 (or the applicable minimum denomination for such Securities in the event the Securities are payable in a Foreign Currency or
Currencies) or a multiple of $1,000 (or the applicable minimum denomination for such Securities in the event the Securities are payable in a Foreign Currency or Currencies). Provisions of this Indenture that apply to Securities called for redemption
also apply to portions of Securities called for redemption. 
 The Trustee for the Securities of any series to be redeemed shall
promptly notify the Corporation in writing of the Securities of such series selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

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

  
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 SECTION 3.04. Notice of Redemption. 

At least 20 days but not more than 60 days before a date of redemption of Securities at the option of the Corporation, the Corporation
shall give notice of redemption to each Holder of Securities to be redeemed. 
 The notice shall identify the Securities to be
redeemed and shall state: 
 (1) the redemption date; 

(2) the redemption price; 
 (3) the name and address of the Paying Agent; 
 (4) that Securities
called for redemption must be surrendered to the Paying Agent to collect the redemption price; and 
 (5) that
interest, if any, on Securities called for redemption ceases to accrue on and after the redemption date. 
 At the
Corporation’s request, the Trustee shall give the notice of redemption in the Corporation’s name and at its expense. In such event, the Corporation will provide the Trustee with the information required by clauses (1) through
(5) above at least five Business Days prior to the date chosen for giving such notice, or such lesser period if permitted by the Trustee in its discretion. 
 SECTION 3.05. Effect of Notice of Redemption. 
 Once notice of redemption
is given, Securities called for redemption become due and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the
notice, plus accrued interest, if any, to the redemption date; provided, however, that any regular payment of interest becoming due on the redemption date shall be payable to the Holder of any such Security being redeemed as provided in the
Security. 
 SECTION 3.06. Deposit of Redemption Price. 

By the opening of business on the redemption date, the Corporation shall deposit with the Paying Agent money sufficient to pay the
redemption price of and accrued interest, if any, on all Securities to be redeemed at the option of the Corporation on that date. 
 SECTION 3.07. Securities Redeemed in Part. 
 Upon surrender of a Security
that is redeemed in part, the Trustee shall authenticate for the Holder a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 

  
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 ARTICLE 4 
 COVENANTS 
 SECTION 4.01. Certain Definitions. 

“Attributable Debt” for a lease means the carrying value of the capitalized rental obligation determined under generally
accepted accounting principles. The carrying value may be reduced by the capitalized value of the rental obligations, calculated on the same basis, that any sublessee has for all or part of the same property. This term does not include any
obligation to make payments arising from the transfer of tax benefits under the Economic Recovery Tax Act of 1981 (as it may from time to time be amended, or any successor statute) to the extent such obligation is offset by or conditioned upon
receipt of payments from another person. A lease obligation shall be counted only once even if the Corporation and one or more of its Subsidiaries may be responsible for the obligation. 

“Consolidated Net Tangible Assets” means total assets less (1) total current liabilities (excluding any Debt which, at the
option of the borrower, is renewable or extendable to a term exceeding 12 months and which is included in current liabilities and further excluding any deferred income taxes that are included in current liabilities) and (2) goodwill, patents
and trademarks, all as reflected in the Corporation’s most recent consolidated balance sheet preceding the date of a determination under Section 4.03(11). 
 “Debt” means all indebtedness for borrowed money reported as debt in the consolidated financial statements or any guarantee of such a debt and includes purchase money obligations. This term does
not include any obligation to make payments arising from the transfer of tax benefits under the Economic Recovery Tax Act of 1981 (as it may from time to time be amended, or any successor statute) to the extent such obligation is offset by or
conditioned upon receipt of payments from another person. A Debt shall be counted only once even if the Corporation and one or more of its Subsidiaries may be responsible for the obligation. 

“Lien” means any mortgage, pledge, security interest or lien. This term does not include any obligation arising from the
transfer of tax benefits under the Economic Recovery Tax Act of 1981 (as it may from time to time be amended, or any successor statute) to the extent such obligation is offset by or conditioned upon receipt of payments from another person.

 “Long-Term Debt” means Debt that by its terms matures on a date more than 12 months after the date it was created
or Debt that the obligor may extend or renew without the obligee’s consent to a date more than 12 months after the Debt was created. 
 “Principal Property” means, as to any particular series of Securities, any manufacturing facility located in the United States and owned by the Corporation or by one or more Restricted
Subsidiaries from the date Securities of that series are first issued and which has, as of the date the Lien is incurred, a net book value (after deduction of depreciation and other similar charges) greater than 3% of Consolidated Net Tangible
Assets, except (1) any such facility or property that is financed by obligations of any State, political subdivision of any State or the District of Columbia under terms that permit the interest payable to the holders of the obligations to be

  
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excluded from gross income as a result of the plant, facility or property satisfying the conditions of Section 103(b)(4)(C), (D), (E), (F) or (H) of the Internal Revenue Code of
1954, as amended, Section 103(b)(6) of the Internal Revenue Code of 1954, as amended, Section 142(a) or Section 144(a) of the Internal Revenue Code of 1986, or of any successors to such provisions, or (2) any such facility or
property which, in the opinion of the Board of Directors of the Corporation, is not of material importance to the total business conducted by the Corporation and its Subsidiaries taken as a whole. However, the Chief Executive Officer or Chief
Financial Officer of the Corporation may at any time declare any manufacturing facility or other property to be a Principal Property by delivering a certificate to that effect to the Trustee. 

“Restricted Property” means, as to any particular series of Securities, any Principal Property, any Debt of a Restricted
Subsidiary owned by the Corporation or a Restricted Subsidiary on the date Securities of that series are first issued or secured by a Principal Property (including any property received upon a conversion or exchange of such Debt), or any shares of
stock of the Corporation or a Restricted Subsidiary owned by the Corporation or a Restricted Subsidiary (including any property or shares received upon a conversion, stock split or other distribution with respect to the ownership of such stock).

 “Restricted Subsidiary” means a Subsidiary that has substantially all its assets located in, or carries on
substantially all its business in, the United States and that owns a Principal Property. Notwithstanding the preceding sentence, a Subsidiary shall not be a Restricted Subsidiary during such period of time as it (or any corporation (other than the
Corporation) or other entity that, directly or indirectly, beneficially owns a majority of the Voting Stock of the Subsidiary) has shares of capital stock registered under the Exchange Act or it files reports and other information with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act. 
 “Sale-Leaseback Transaction” means an arrangement whereby
the Corporation or a Restricted Subsidiary now owns or hereafter acquires a Principal Property, transfers it to a person and contemporaneously leases it back from the person. This term does not include any transaction arising from the transfer of
tax benefits under the Economic Recovery Tax Act of 1981 (as it may from time to time be amended, or any successor statute) to the extent the obligation to make rental payments is offset or conditioned upon receipt of payments from another person.

 “Subsidiary” means a corporation a majority of the Voting Stock of which is owned by the Corporation, the
Corporation and one or more Subsidiaries, or one or more Subsidiaries. 
 “United States” means the United States of
America. The Commonwealth of Puerto Rico, the Virgin Islands and other territories and possessions are not part of the United States. 
 “Voting Stock” means capital stock having voting power under ordinary circumstances to elect directors. 
 SECTION 4.02. Payment of Securities. 
 The Corporation shall promptly pay
the principal of and interest, if any, on the Securities on the dates and in the manner provided in the Securities. 

  
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 To the extent lawful, the Corporation shall pay interest on overdue principal, if any, at
the rate borne by the Securities and shall pay interest on overdue installments of interest, if any, at the same rate. 

SECTION 4.03. Limitation on Liens. 
 The Corporation shall not, and shall not permit any Restricted Subsidiary to, incur a Lien on Restricted Property to secure a Debt unless: 

(1) the Lien equally and ratably secures the Securities and the Debt. The Lien may equally and ratably secure the
Securities and any other obligation of the Corporation or a Subsidiary. The Lien may not secure an obligation of the Corporation that is subordinated to any Securities; or 

(2) the Lien is on property, Debt or shares of stock of a corporation at the time such corporation becomes a Restricted
Subsidiary; or 
 (3) the Lien is on property at the time the Corporation or a Restricted Subsidiary acquires the
property. However, the Lien may not extend to any other Restricted Property owned by the Corporation or a Restricted Subsidiary at the time the property is acquired; or 

(4) the Lien secures the payment of all or any part of the purchase price of property upon the acquisition of such
property by the Corporation or a Restricted Subsidiary or secures any Debt incurred or guaranteed by the Corporation or a Restricted Subsidiary prior to, at the time of, or within one year after the later of the acquisition, completion of
construction (including any improvements on an existing property) or commencement of full operation of such property, which Debt is incurred or guaranteed for the purpose of financing all or any part of the purchase price thereof or construction or
improvements thereon, and which Debt may be in the form of obligations incurred in connection with industrial revenue bonds or similar financings and letters of credit issued in connection therewith; provided, however, that in the case of any such
acquisition, construction or improvement the Lien shall not apply to any property theretofore owned by the Corporation or a Restricted Subsidiary, other than, in the case of any such construction or improvement, any theretofore unimproved real
property on which the property so constructed or the improvement made is located; or 
 (5) the Lien secures Debt
of a Restricted Subsidiary owed to the Corporation or another Restricted Subsidiary; or 
 (6) the Lien is on
property of a corporation or other entity at the time such corporation or other entity merges into, or consolidates or enters into a share exchange with, the Corporation or a Restricted Subsidiary; or 

(7) the Lien is on property of a person at the time the person transfers or leases all or substantially all its assets to
the Corporation or a Restricted Subsidiary; or 
 (8) the Lien is in favor of any customer (including any
government or governmental authority) to secure partial, progress, advance or other payments or performance pursuant to any contract or statute or to secure any related indebtedness or to secure Debt guaranteed by a government or governmental
authority; or 

  
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 (9) the Lien arises pursuant to any order of attachment, distraint or
similar legal process arising in connection with court proceedings so long as the execution or other enforcement thereof is effectively stayed and the claims secured thereby are being contested in good faith by appropriate proceedings or the Lien is
a materialmen’s, suppliers’, tax or other similar Lien arising in the ordinary course of business securing obligations which are not overdue or are being contested in good faith by appropriate proceedings; or 

(10) as to any particular series of Securities, the Lien extends, renews or replaces in whole or in part a Lien
(“existing Lien”) permitted by any of the clauses (1) through (9) or a Lien existing on the date that Securities of such series are first issued. The Lien may not extend beyond the property subject to the existing Lien. The Debt
secured by the Lien may not exceed the Debt secured at the time by the existing Lien unless the existing Lien or a predecessor Lien was incurred under clause (1) or (5); or 

(11) the Debt secured by the Lien plus all other Debt secured by Liens on Restricted Property, excluding Debt secured by a
Lien permitted by any of the clauses (1) through (10) and any Debt secured by a Lien existing at the date of this Indenture, at the time does not exceed 10% of Consolidated Net Tangible Assets. Attributable Debt for any lease entered into
under clause (4) of Section 4.04 shall be included in the determination and treated as Debt secured by a Lien on Restricted Property not otherwise permitted by any of the clauses (1) through (10). 

SECTION 4.04. Limitation on Sale-Leaseback Transactions. 
 The Corporation shall not, and shall not permit any Restricted Subsidiary to, enter into a Sale-Leaseback Transaction unless: 

(1) the lease has a term of three years or less; or 

(2) the lease is between the Corporation and a Restricted Subsidiary or between Restricted Subsidiaries; or 

(3) the Corporation or a Restricted Subsidiary under clauses (2) through (10) of Section 4.03 could create
a Lien on the property to secure Debt at least equal in amount to the Attributable Debt for the lease; or 
 (4)
the Corporation or a Restricted Subsidiary under clause (11) of Section 4.03 could create a Lien on the property to secure Debt at least equal in amount to the Attributable Debt for the lease; or 

(5) the Corporation or a Subsidiary owns or acquires other property which will be made a Principal Property and is
determined by the Board of Directors of the Corporation to have a fair value equal to or greater than the Attributable Debt incurred; or 

  
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 (6) (A) the Corporation or a Restricted Subsidiary makes an optional
repayment in cash of its Debt at least equal in amount to the Attributable Debt for the lease, 
 (B) the
prepayment is made within 120 days of the effective date of the lease, 
 (C) the Debt prepaid is not owned by
the Corporation or a Restricted Subsidiary, and 
 (D) the Debt prepaid was Long-Term Debt at the time it was
created. 
 SECTION 4.05. No Lien Created, etc. 
 This Indenture and the Securities do not create a Lien, charge or encumbrance on any property of the Corporation or any Subsidiary. 

SECTION 4.06. Compliance Certificate. 
 The Corporation shall deliver to the Trustee within 120 days after the end of each fiscal year of the Corporation an Officers’ Certificate stating whether or not the signers know of any default by
the Corporation in performing its covenants in Section 4.03 or 4.04. If they do know of such a default, the certificate shall describe the default. The certificate need not comply with Section 10.05. 

SECTION 4.07. SEC Reports. 
 The Corporation shall deliver to the Trustee within 15 days after it files them with the SEC, copies of the annual reports and of the information, documents and other reports (or copies of such portions
of any of the foregoing as the SEC may by rules and regulations prescribe) which the Corporation is required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act. The Corporation also shall comply with the other
provisions of TIA Section 314(a). Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Corporation’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

ARTICLE 5 

SUCCESSOR CORPORATION 
 SECTION 5.01. When the Corporation May Merge, etc. 
 The Corporation shall
not consolidate with or merge into, or transfer all or substantially all its assets to another corporation, unless (1) the resulting, surviving or transferee corporation assumes by supplemental indenture all the obligations of the Corporation
under the Securities and this Indenture, (2) immediately after giving effect to such transaction no Event of Default and no circumstances which, after notice or lapse of time or both, would become an Event of

  
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Default, shall have happened and be continuing, and (3) the Corporation shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture comply with this Indenture, and thereafter all such obligations of the Corporation shall terminate. 
 SECTION 5.02. When Securities Must be Secured. 
 If upon any such
consolidation, merger or transfer a Restricted Property would become subject to an attaching Lien that secures Debt, then, at the time or before the consolidation, merger or transfer occurs, the Corporation by supplemental indenture shall secure the
Securities by a direct lien on the Restricted Property. The direct Lien shall have priority over all Liens on the Restricted Property except those already on it, provided that the direct Lien also may equally and ratably secure the Securities and
any other obligation of the Corporation or a Subsidiary. However, the Corporation need not comply with this Section if: 
 (1) upon the consolidation, merger or transfer the attaching Lien will secure the Securities equally and ratably with or prior to Debt secured by the attaching Lien; or 

(2) the Corporation or a Restricted Subsidiary under any of the clauses (2) through (11) of Section 4.03
could create a Lien on the Restricted Property to secure Debt at least equal in amount to that secured by the attaching Lien. 

ARTICLE 6 

DEFAULTS AND REMEDIES 
 SECTION 6.01. Events of Default. 
 An “Event of Default” occurs
with respect to a series of Securities if: 
 (1) the Corporation defaults in the payment of interest on any
Security of that series when the same becomes due and payable and the default continues for a period of 30 days; 

(2) the Corporation defaults in the payment of the principal of any Security of that series when the same becomes due and
payable at maturity, upon redemption or otherwise; 
 (3) the Corporation fails to comply with any of its other
agreements in the Securities of that series or this Indenture for the benefit of that series and the default continues for the period and after the notice specified in this Section; 

(4) the Corporation pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case, 
 (B) consents to the entry of an order for relief against it in an involuntary case, 
 (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or 

  
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 (D) makes a general assignment for the benefit of its creditors; 

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

(A) is for relief against the Corporation in an involuntary case, 

(B) appoints a Custodian of the Corporation or for all or substantially all of the property of the Corporation, or

 (C) orders the winding up or liquidation of the Corporation, and the order or decree remains unstayed and in
effect for 90 days; or 
 (6) there occurs any other event specifically described as an Event of Default by the
Securities of that series. 
 The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or
state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 A default under clause (3) is not an Event of Default with respect to a series of Securities until the Trustee or the Holders of at least 25% in principal amount of the Securities of that series
notify the Corporation of the default and the Corporation does not cure the default within 90 days after receipt of the notice. The notice must specify the default, demand that it be remedied and state that the notice is a “Notice of
Default.” Subject to Sections 7.01 and 7.02 the Trustee shall not be charged with knowledge of any default unless written notice thereof shall have been given to the Trustee by the Corporation, the Paying Agent, the Holder of a Security or an
agent of such Holder. 
 SECTION 6.02. Acceleration. 

If an Event of Default with respect to a series of Securities occurs and is continuing, the Trustee, by notice to the Corporation or the
Holders of at least 25% in principal amount of the Securities of that series by notice to the Corporation and the Trustee, may declare the principal (or, in the case of Discounted Securities, such amount of principal as may be provided for in such
Securities) of and accrued interest, if any, on all the Securities of that series to be due and payable immediately. Upon such a declaration such principal and interest, if any, shall be due and payable immediately. The Holders of a majority in
principal amount of the Securities of any series by notice to the Trustee may rescind an acceleration (and upon such rescission any Event of Default caused by such acceleration shall be deemed cured) with respect to that series and its consequences
if all existing Events of Default with respect to the series have been cured or waived, if the rescission would not conflict with any judgment or decree, and if all payments due to the Trustee and any predecessor Trustee under Section 7.07 have
been made. 

  
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 SECTION 6.03. Other Remedies. 

If an Event of Default with respect to a series of Securities occurs and is continuing, the Trustee may pursue any available remedy by
proceeding at law or in equity to collect the payment of principal of (or, in the case of Discounted Securities, such amount of principal as may be provided for in such Securities) or interest, if any, on the Securities of that series or to enforce
the performance of any provision of such Securities or this Indenture. 
 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 Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 
 SECTION 6.04. Waiver of Past Defaults. 
 Subject to Section 9.02 the
Holders of a majority in principal amount of the Securities of a series by notice to the Trustee may waive an existing Default or Event of Default with respect to that series and its consequences. When a Default or Event of Default is waived, it is
cured and stops continuing, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION 6.05. Control by Majority. 
 The Holders of a majority in principal
amount of the Securities of a series may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on it with respect to that series. However, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture, or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Holders of Securities of the same series or would involve the
Trustee in personal liability. 
 SECTION 6.06. Limitation on Suits. 

No Holder of a Security of any series may pursue any remedy with respect to this Indenture or the Securities unless: 

(1) the Holder gives to the Trustee written notice stating that an Event of Default with respect to the Securities of the
series is continuing; 
 (2) the Holders of at least 25% in principal amount of the Securities of that series
make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply
with the request within 60 days after receipt of the request and the offer of indemnity; and 
 (5) during such
60-day period the Holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 

  
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 A Securityholder may not use this Indenture to prejudice the rights of another
Securityholder or to obtain a preference or priority over any other Securityholder. 
 SECTION 6.07. Rights of Holders to
Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of
principal of and interest, if any, on the Security on or after the respective due dates expressed in the Security, or to bring suit for the enforcement of any such payment on or after such respective date, shall not be impaired or affected without
the consent of the Holder. 
 SECTION 6.08. Collection Suit by Trustee. 

If an Event of Default in payment of interest or principal specified in Section 6.01(1) or (2) occurs and is continuing,
subject to Sections 6.02 and 6.04 the Trustee may recover judgment in its own name and as trustee of an express trust against the Corporation for the whole amount of principal and interest, if any, remaining unpaid. 

SECTION 6.09. Trustee May File Proofs of Claim. 
 The Trustee may 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 and the Securityholders allowed in any judicial
proceedings relative to the Corporation, or any of its creditors or property, and unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other person performing similar
functions. 
 SECTION 6.10. Priorities. 
 If the Trustee collects any money pursuant to this Article with respect to the Securities of any series, it shall pay out the money in the following order: 

First: to the Trustee for amounts due under Section 7.07; 

Second: to Holders of Securities of that series for amounts due and unpaid on such Securities for principal and interest,
if any, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, if any, respectively; and 

Third: to the Corporation. 
 The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section. 
 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 Trustee, a court in its discretion may require the filing by any party litigant in the suit other than the Trustee of an undertaking
to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including 

  
 30 

 
reasonable attorneys’ fees and expenses, against any party litigant in the suit including the Trustee, 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 or a suit by Holders of more than 10% in principal amount of the Securities of any series. 

ARTICLE 7 

TRUSTEE 

SECTION 7.01. Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall with respect to Securities exercise its rights and powers and use the same degree of care and skill in their exercise as a
prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) Except during the
continuance of an Event of Default: 
 (1) the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others; and 
 (2) in the absence of bad faith on its part, the Trustee may rely
conclusively, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, notices or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of
certificates, notices or opinions specifically required by any provision hereof to be furnished to it, the Trustee shall examine the certificates, notices 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 liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (1) this subsection does not limit the effect of subsection (b) above; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with
a direction received by it pursuant to Section 6.05. 
 (d) Every provision of this Indenture that in any way relates to
the Trustee is subject to subsections (a), (b) and (c) above. 
 (e) The Trustee may refuse to perform any duty or
exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense. 

  
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 (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree with the Corporation. 
 SECTION 7.02. Rights of Trustee. 

(a) Subject to Section 7.01 the Trustee may rely conclusively on 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 the Officers’ Certificate
or Opinion of Counsel. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence
of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers. 
 (e) The Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request or direction. 
 (f) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which
is in fact such default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 
 (g) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder, and each agent, custodian and other person employed to act hereunder. 
 (h) The Trustee
may request that the Corporation 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, etc. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Corporation or any of its affiliates with the same rights it would have if
it were not Trustee. Any Agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

  
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 SECTION 7.04. Trustee’s Disclaimer. 

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

SECTION 7.05. Notice of Defaults. 
 If a Default occurs with respect to a series of Securities and is continuing and if it is known to the Trustee, the Trustee shall give notice of the Default to each Holder of Securities of that series
within 90 days after it occurs. Except in the case of a default in payment on any Security, 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 such Holders. 
 SECTION 7.06. Reports by Trustee to Holders. 

If required pursuant to TIA Section 313(a), the Trustee, within 60 days after each May 15, shall mail to each Securityholder a
brief report dated as of May 15 that complies with TIA Section 313(a). The Trustee also shall comply with the reporting obligations of TIA Section 313(b). 
 A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and each stock exchange on which the Securities are listed. The Corporation agrees to notify the Trustee
whenever the Securities become listed on any stock exchange. 
 SECTION 7.07. Compensation and Indemnity. 

The Corporation shall pay to the Trustee from time to time reasonable compensation for its services. The Corporation shall reimburse the
Trustee upon request for all reasonable out-of- pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. The Corporation shall fully indemnify the Trustee against
any and all losses, claims, damages, expenses or liabilities incurred by it in connection with the administration of this trust and its duties hereunder. The Trustee, upon a Trust Officer becoming aware thereof, shall notify the Corporation promptly
of any claim for which it may seek indemnity. The Corporation need not pay for any settlement made without its consent. The Corporation need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee through its own
gross negligence, bad faith, or willful misconduct. 
 To secure the Corporation’s payment obligations in this Section, the
Trustee shall have a senior claim to which the Securities are hereby made subordinate on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest, if any, on particular Securities. The
provisions of this Section shall survive the termination of this Indenture or the resignation or removal of the Trustee. 
 When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(4) or (5) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any
Bankruptcy Law. 

  
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 The benefits of this Section 7.07 shall survive the termination of this Indenture.

 SECTION 7.08. Replacement of Trustee. 
 The Trustee may resign with respect to the Securities of one or more series by so notifying the Corporation. The Holders of a majority in principal amount of the Securities of any series may remove the
Trustee with respect to that series by so notifying the removed Trustee and may appoint a successor Trustee with the Corporation’s consent. The Corporation may remove the Trustee if: 

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

(2) the Trustee is adjudged a bankrupt or an insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of trustee for any reason, the Corporation shall promptly
appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Corporation. Immediately thereafter, the retiring Trustee shall transfer all property held by it as Trustee for the benefit of the series with respect to which it is retiring to the successor Trustee, the resignation or removal of
the retiring Trustee shall then become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture with respect to that series. A successor Trustee shall give notice of its succession to each
Holder of the Securities of the series affected. 
 If pursuant to Section 2.03(5) a trustee, other than the Trustee
initially named in this Indenture (or any successor thereto), is appointed with respect to one or more series of Securities, the Corporation, the Trustee initially named in this Indenture (or any successor thereto) and such newly appointed trustee
shall execute and deliver a supplement to this Indenture which shall contain such provisions as shall be necessary or desirable to confirm that all the rights, powers, trusts and duties of the Trustee initially named in this Indenture (or any
successor thereto) with respect to the Securities of any series as to which the Trustee is continuing as trustee hereunder shall continue to be vested in the Trustee initially named in this Indenture (or any successor thereto), and shall add to,
supplement or change any of the provisions of this Indenture as shall be necessary or desirable to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts relating to the separate series of Securities as if it were acting under a separate indenture.

 If a successor Trustee with respect to a series of Securities does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Corporation or the Holders of a majority in principal amount of the Securities of that series may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  
 34 

 If the Trustee with respect to a series of Securities fails to comply with
Section 7.10, any Holder of Securities of that series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

If there are two or more Trustees at any time under this Indenture, each will be the Trustee of a separate trust held under this
Indenture for the benefit of the series of Securities for which it is acting as Trustee and the rights and obligations of each Trustee will be determined as if it were acting under a separate indenture. 

SECTION 7.09. Successor Trustee by Merger, etc. 
 If the Trustee consolidates with, merges or converts into or transfers all or substantially all its corporate trust assets to another corporation, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee. 
 SECTION 7.10. Eligibility; Disqualification. 

This Indenture shall always have a Trustee that satisfies the requirements of TIA Section 310(a). The Trustee shall have a combined
capital and surplus of at least $5,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b), provided that the question whether the Trustee has a conflicting interest shall
be determined as if each series of Securities were separate issues of securities issued under separate indentures. 
 SECTION
7.11. Preferential Collection of Claims Against Corporation. 
 The Trustee shall comply with TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 

ARTICLE 8 

SATISFACTION, DISCHARGE AND DEFEASANCE 
 SECTION 8.01. Satisfaction and Discharge Under Limited Circumstances. 
 If
at any time (a) all Securities of a series previously authenticated (other than any Securities destroyed, lost or stolen and replaced or paid as provided in Section 2.08) shall have been delivered to the Trustee for cancellation, or
(b) all the Securities of a series not previously delivered to the Trustee for cancellation shall have become due and payable, the Corporation has deposited or caused to be deposited with the Trustee as trust funds the entire amount (other than
moneys paid to the Corporation in accordance with Section 8.05) sufficient to pay at maturity or upon redemption all Securities of that series not previously delivered to the Trustee for cancellation, including principal and interest, if any,
due, and if, in either case, the Corporation also shall pay all other sums then payable under this Indenture by the Corporation, then this Indenture shall cease to be of further effect with respect to Securities of that series, and the Trustee, on
demand of and at the cost and expense of the Corporation, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to Securities of that series. The Corporation will reimburse the Trustee for any
subsequent costs or expenses reasonably and properly incurred by the Trustee in connection with this Indenture or the Securities. 

  
 35 

 SECTION 8.02. Satisfaction and Discharge of Indenture. 

The Corporation may take any action provided for in this Section unless the Securities of the affected series specifically provide that
this Section shall not apply to the series. The Corporation at any time at its option may terminate all of its obligations under the Securities of a series previously authenticated and its obligations under this Indenture with respect to such series
(except as provided below), and the Trustee, at the expense of the Corporation, shall, upon the request of the Corporation, execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to Securities of that
series, effective on the date the following conditions are satisfied: 
 (1) with reference to this Section, the
Corporation has deposited or caused to be deposited with the Trustee, as trust funds in trust, specifically pledged as security for and dedicated solely to the benefit of the Holders of the Securities of that series, (a) lawful money, in the
currency or currencies in which Securities of that series are payable, in an amount, or (b) if the Securities of that series are payable in Dollars, U.S. Government Obligations which through the payment of interest and principal in respect
thereof in accordance with their terms (and, as to callable U.S. Government Obligations, regardless of when they are called) will provide not later than the opening of business on the due dates of any payment of the principal of and interest, if
any, on the Securities of that series lawful money of the United States in an amount, or (c) a combination thereof, sufficient to pay and discharge the principal of and interest, if any, on the Securities of that series on the date on which
such payments are due and payable in accordance with the terms of this Indenture and of the Securities of that series and 91 days have passed during which no Event of Default under Section 6.01(4) or 6.01(5) has occurred; 

(2) if the Securities of that series are then listed on any national securities exchange, the Corporation shall have
delivered to the Trustee an Opinion of Counsel to the effect that such deposit, defeasance and discharge will not cause such Securities to be delisted; 
 (3) the Corporation has delivered to the Trustee an Opinion of Counsel, to the effect that, based on applicable U.S. federal income tax law or a ruling published by the United States Internal Revenue
Service, the discharge will not be deemed, or result in, a taxable event with respect to the Holders; and 
 (4)
the Corporation has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, complying with Section 10.04 relating to the Corporation’s exercise of such option. 

The trust established pursuant to clause (1) above shall be irrevocable and shall be made under the terms of an escrow trust
agreement in form and substance satisfactory to the Trustee. The escrow trust agreement may, at the Corporation’s election, grant the Corporation the right to substitute U.S. Government Obligations from time to time for

  
 36 

 
any or all of the U.S. Government Obligations deposited with the Trustee pursuant to this Section and the escrow trust agreement; provided, that the condition specified in clause (1) above
is satisfied immediately following any such substitution or substitutions. If any Securities of a series are to be redeemed prior to their stated maturity pursuant to optional redemption provisions the applicable escrow trust agreement shall provide
therefor and the Corporation shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Corporation. 

Upon the satisfaction of the conditions set forth in this Section with respect to a series of the Securities, the terms and conditions of
the Securities of that series, including the terms and conditions with respect thereto set forth in this Indenture, no longer shall be binding upon, or applicable to, the Corporation. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Corporation under Sections 2.04, 2.05, 2.06,
2.07, 2.08, 2.10, 7.07 and 7.08 with respect to the Securities of that series shall survive until the Securities of that series no longer are outstanding. Thereafter, the Corporation’s obligations in Section 7.07 shall survive such
satisfaction and discharge. 
 “U.S. Government Obligations” means the following obligations: 

(1) direct obligations of the United States for the payment of which its full faith and credit is pledged; or 

(2) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States. 
 SECTION 8.03.
Defeasance of Certain Obligations. 
 The Corporation may take any action provided for in this Section unless the
Securities of the affected series specifically provide that this Section shall not apply to the series. The Corporation at any time at its option may cease to be under any obligation to comply with Sections 4.03, 4.04, 4.06, 4.07, 5.01, 5.02 and
6.02, or to comply with any other covenants or agreements of the Corporation applicable to Securities of that series as to which the provisions of this Section are expressly made applicable by the Board Resolution or Resolutions or supplemental
indenture contemplated by Sections 2.01 and 2.03, with respect to Securities of a series effective on the date the following conditions are satisfied: 
 (1) with reference to this Section, the Corporation has deposited or caused to be deposited with the Trustee irrevocably, as trust funds in trust, specifically pledged as security for and dedicated solely
to the benefit of the Holders of the Securities of that series, (a) lawful money, in the currency or currencies in which Securities of that series are payable, in an amount, or (b) if the Securities of that series are payable in Dollars,
U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms (and, as to callable U.S. Government Obligations, regardless of when they are called) will provide not later than the
opening of 

  
 37 

 
business on the due dates of any payment of principal of and interest, if any, on the Securities of that series lawful money of the United States in an amount, or (c) a combination thereof,
sufficient to pay and discharge the principal of and interest, if any, on the Securities of that series on the day on which such payments are due and payable in accordance with the terms of this Indenture and of the Securities of that series;

 (2) the Corporation has delivered to the Trustee an Opinion of Counsel, to the effect that, based on
applicable U.S. federal income tax law or a ruling published by the United States Internal Revenue Service, the defeasance will not be deemed, or result in, a taxable event with respect to the Holders; and 

(3) the Corporation has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel complying with
Section 10.04 relating to the Corporation’s exercise of such option. 
 The trust established pursuant to clause
(1) above shall be irrevocable and shall be made under the terms of an escrow trust agreement in form and substance satisfactory to the Trustee. The escrow trust agreement may, at the Corporation’s election, grant the Corporation the right
to substitute U.S. Government Obligations from time to time for any or all of the U.S. Government Obligations deposited with the Trustee pursuant to this Section and the escrow trust agreement; provided, that the condition specified in clause
(1) above is satisfied immediately following any such substitution or substitutions. If any Securities of a series are to be redeemed prior to their stated maturity pursuant to optional redemption provisions the applicable escrow trust
agreement shall provide therefor and the Corporation shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Corporation. 

The Corporation’s exercise of its option under this Section shall not preclude the Corporation from subsequently exercising its
option under Section 8.02 hereof and the Corporation may so exercise that option by providing the Trustee with written notice to such effect. 
 SECTION 8.04. Application of Trust Money. 
 The Trustee shall hold in trust
money and U.S. Government Obligations deposited with it pursuant to Section 8.01, 8.02 or 8.03. It shall apply the deposited money and U.S. Government Obligations through the Paying Agent and in accordance with this Indenture, to the payment of
principal and interest, if any, on the Securities of the series for the payment of which such money and U.S. Government Obligations has been deposited. The Holder of any Security replaced pursuant to Section 2.08 shall not be entitled to any
such payment and shall look only to the Corporation for any payment which such Holder may be entitled to collect. In connection with the satisfaction and discharge of this Indenture or the defeasance of certain obligations under this Indenture with
respect to Securities of a series pursuant to Section 8.02 or Section 8.03 hereof, respectively, the escrow trust agreement may, at the Corporation’s election, (1) enable the Corporation to direct the Trustee to invest any money
received by the Trustee on the U.S. Government Obligations deposited in trust thereunder in 

  
 38 

 
additional U.S. Government Obligations and (2) enable the Corporation to withdraw monies or U.S. Government Obligations from the trust from time to time; provided, that the condition
specified in Section 8.02(1) or 8.03(1) is satisfied immediately following any investment of such money by the Trustee or the withdrawal of monies or U.S. Government Obligations from the trust by the Corporation as the case may be. 

SECTION 8.05. Repayment to Corporation. 
 The Trustee and the Paying Agent shall promptly pay to the Corporation upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent shall pay, unless otherwise
prohibited by mandatory provisions of applicable escheat or abandoned or unclaimed property law, to the Corporation upon request any money held by them for the payment of principal or interest, if any, that remains unclaimed for two years.

 ARTICLE 9 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 SECTION 9.01. Without Consent of
Holders. 
 The Corporation may amend or supplement this Indenture or the Securities of any series without notice to or
consent of any Securityholder: 
 (1) to cure any ambiguity, omission, defect or inconsistency; 

(2) to comply with Article 5; 
 (3) to provide for uncertificated Securities in addition to or in place of certificated Securities; 
 (4) to effectuate or comply with the provisions of Section 2.03(5) or 7.08; 
 (5) to change or eliminate any of the provisions of this Indenture; provided, however, that any such change or elimination shall become effective only when there is no outstanding Security of any series
created prior to the execution of such amendment or supplement that is entitled to the benefit of such provision; 
 (6) to make any change that does not materially adversely affect the rights of any Holder of any Security of that series; 

(7) to add or change or eliminate any provisions of this Indenture as shall be necessary or desirable in accordance with
any amendments to the TIA; or 
 (8) to establish the form or forms (or global form) of Securities of any series
pursuant to Section 2.01 or the terms and conditions of Securities of any series pursuant to section 2.03. 

  
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 The Trustee may waive compliance by the Corporation with any provision of this Indenture or
the Securities of any series without notice to or consent of any Securityholder if the waiver does not materially adversely affect the rights of any Holder of any Securities of that series. 

SECTION 9.02. With Consent of Holders. 
 The Corporation may amend or supplement this Indenture or the Securities without notice to any Securityholder but with the written consent of the Holders of not less than a majority in principal amount of
the Securities of each series affected and the Trustee shall execute any such amendment or supplement at the direction of the Corporation. The Holders of a majority in principal amount of the Securities of each series affected may waive compliance
by the Corporation with any provision of this Indenture or the Securities of each such series without notice to any Securityholder. However, without the consent of each Securityholder affected, an amendment, supplement or waiver, including a waiver
pursuant to Section 6.04, may not: 
 (1) reduce the amount of Securities of any series whose Holders must
consent to an amendment, supplement or waiver; 
 (2) reduce the rate of or extend the time for payment of
interest on any Security; 
 (3) reduce the principal of or extend the fixed maturity of any Security;

 (4) reduce the portion of the principal amount of a Discounted Security payable upon acceleration of its
maturity; or 
 (5) make any Security payable in a currency or currency unit other than that stated in the
Security. 
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplement or
amendment, but it shall be sufficient if such Act shall approve the substance thereof. 
 SECTION 9.03. Compliance with Trust
Indenture Act of 1939. 
 Every amendment to or supplement of this Indenture or the Securities shall comply with the TIA as
then in effect. 
 SECTION 9.04. Revocation and Effect of Consents. 

A consent to an amendment, supplement or waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that
Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent as to his
Security or portion of the Security, provided that the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. 

  
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 After an amendment, supplement or waiver becomes effective, it shall bind every
Securityholder unless it makes a change described in clauses (2), (3), (4) or (5) of Section 9.02. In that case the amendment, supplement or waiver shall bind each Holder of a Security who has consented to it and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
 SECTION
9.05. Notation on or Exchange of Securities. 
 If an amendment, supplement or waiver changes the terms of a Security,
the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Corporation or the Trustee so
determine, the Corporation in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. 
 SECTION 9.06. Trustee to Sign Amendments, etc. 
 The Trustee shall sign any
amendment, supplement or waiver authorized pursuant to this Article if the amendment, supplement or waiver 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, supplement or waiver the Trustee shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or
permitted by this Indenture. The Corporation may not sign an amendment or supplement unless authorized by an appropriate Board Resolution. 
 ARTICLE 10 
 MISCELLANEOUS 

SECTION 10.01. TIA Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with another provision that is required to be included in this Indenture by the TIA or limits, qualifies or conflicts with any other
mandatory provision of the TIA, the required or mandatory provision shall control. 
 SECTION 10.02. Notices. 

Any notice or communication shall be sufficiently given if in writing and delivered in person or mailed by first-class mail addressed as
follows: 
 if to the Corporation: 

Lockheed Martin Corporation 
 Attention:  Vice President and Treasurer 
 6801 Rockledge
Drive 
 Bethesda, Maryland 20817 

  
 41 

 if to the Trustee: 

U.S. Bank National Association 
 EP-MN-WS3C 
 60 Livingston Avenue 

St. Paul, Minnesota 55107-1419 
 Facsimile No.:  (651) 495-8097 

Attention:  Corporate Trust Services 
 The Corporation or the Trustee by notice to the other 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 facsimile transmission
or other similar unsecured electronic methods; provided, however, that (a) the party providing such electronic instructions or directions, subsequent to the transmission thereof, shall provide the originally executed instructions or directions
to the Trustee in a timely manner and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. 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 or directions notwithstanding such instructions or directions conflict or are inconsistent with a subsequent written
instruction or direction or if the subsequent written instruction or direction is never received. The party providing instructions or directions by unsecured facsimile transmission or other similar unsecured electronic methods, as aforesaid, 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 of interception and
misuse by third parties. Nothing in this Section 10.02 shall require the Trustee to act upon instructions or directions sent by e-mail transmissions. 
 Any notice or communication to a Securityholder will 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. Any notice or communication will 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 Securityholder or
any defect in it will not affect its sufficiency with respect to other Securityholders. 
 If a notice or communication is given
in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

  
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 SECTION 10.03. Communication by Holders with Other Holders. 

Securityholders may communicate pursuant to TIA Section 312(b) with other Securityholders with respect to their rights under this
Indenture or the Securities. The Corporation, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 
 SECTION 10.04. Certificate and Opinion as to Conditions Precedent. 
 Upon
any request or application by the Corporation to the Trustee to take any action under this Indenture, if so requested, the Corporation shall furnish to the Trustee: 

(1) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with; and 
 (2) an Opinion of Counsel
stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 10.05.
Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall include: 
 (1) a statement that the person making such
certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope
of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such person, the person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether such covenant
or condition has been complied with; 
 (4) a statement as to whether or not, in the opinion of such person, such
condition or covenant has been complied with. 
 SECTION 10.06. When Treasury Securities Disregarded. 

In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent,
Securities owned by the Corporation or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Corporation, shall be disregarded, except that for the purpose of determining whether the
Trustee shall be protected in relying on any such direction, waiver or consent, only Securities that a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Securities outstanding at
the time shall be considered in any such determination. 

  
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 SECTION 10.07. Rules by Trustee, Paying Agent and Registrar. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders. The Paying Agent or Registrar may make reasonable
rules for its functions. 
 SECTION 10.08. Legal Holidays. 

A “Legal Holiday” is a Saturday, a Sunday, a legal holiday or a day on which banking institutions are not required to be open.
If a payment date is a Legal Holiday at a Place of Payment, payment shall be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal
Holiday in the state or other jurisdiction in which the Trustee maintains its principal place of business, then the record date shall be the next succeeding day that is not a Legal Holiday in such state or other jurisdiction. 

SECTION 10.09. Governing Law. 
 The laws of the State of Maryland shall govern this Indenture and the Securities. 

SECTION 10.10. No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Corporation or any Subsidiary of the
Corporation. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 10.11. No
Recourse Against Others. 
 A director, officer, employee or stockholder, as such, of the Corporation shall not have any
liability for any obligation of the Corporation under the Securities or the Indenture or for any claim based on, with respect to or by reason of such obligations or their creation. All such liability is waived and released as a condition of, and as
partial consideration for, the execution of this Indenture and the issue of the Securities. 
 SECTION 10.12. Securities in a
Foreign Currency. 
 Unless otherwise specified in an Officers’ Certificate delivered pursuant to Section 2.01 of
this Indenture with respect to a particular series of Securities, whenever for purposes of this Indenture any action may be taken by the holders of a specified percentage in aggregate principal amount of Securities of all series at the time
outstanding and, at such time, there are outstanding Securities of any series which are denominated in a Foreign Currency, then the principal amount of Securities of such series which shall be deemed to be outstanding for the purpose of taking such
action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate on the record date fixed for such action or, if no record date is fixed, on the New York Business Day immediately preceding the date of such
action. 

  
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 SECTION 10.13. Judgment Currency. 

If, for the purpose of obtaining a judgment in any court with respect to any obligation of the Corporation hereunder or under any
Security or any related coupon it shall become necessary to convert into any other currency or currency unit any amount in the currency or currency unit due hereunder or under such Security or coupon then such conversion shall be made by the
Currency Determination Agent at the Market Exchange Rate as in effect on the date of entry of the judgment (the “Judgment Date”). If pursuant to any such judgment, conversion shall be made on a date (the “Substitute Date”) other
than the Judgment Date and there shall occur a change between the Market Exchange Rate as in effect on the Judgment Date and the Market Exchange Rate as in effect on the Substitute Date, the Corporation agrees to pay such additional amounts (if any)
as may be necessary to ensure that the amount paid is equal to the amount in such other currency or currency unit which, when converted at the Market Exchange Rate as in effect on the Judgment Date, is the amount due hereunder or under such Security
or coupon. Any amount due from the Corporation under this Section shall be due as a separate debt and is not to be affected by or merged into any judgment being obtained for any other sums due hereunder or with respect to any Security or coupon. In
no event, however, shall the Corporation be required to pay more in the currency or currency unit due hereunder or under such Security or coupon at the Market Exchange Rate as in effect on the Judgment Date than the amount of currency or currency
unit stated to be due hereunder or under such Security or coupon so that in any event the Corporation’s obligations hereunder or under such Security or coupon will be effectively maintained as obligations in such currency or currency unit, and
the Corporation shall be entitled to withhold (or be reimbursed for, as the case may be) any excess of the amount actually realized upon any such conversion on the Substitute Date over the amount due and payable on the Judgment Date. 

SECTION 10.14. Successors. 
 All agreements of the Corporation in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 

SECTION 10.15. Duplicate Originals. 
 The parties may sign any number of copies of this Indenture. One signed copy is enough to prove this Indenture. 
 SECTION 10.16. Acts of Holders; Record Dates. 
 (a) Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Corporation. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 7.1(e)) conclusive in favor of the Trustee and the Corporation, if made in the manner provided in this
Section. 

  
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 (b) The fact and date of the execution by any person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgements of deeds, certifying that the individual signing such instrument or writing
acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such
signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The Corporation may, in the circumstances permitted by the TIA, fix any day as the record date for the purpose of
determining the Holders of Securities of any series entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action, or to vote on any action, authorized or permitted to be given or taken by Holders of
Securities of such series. If not set by the Corporation prior to the first solicitation of a Holder of Securities of such series made by any person in respect of any such action, or, in the case of any such vote, prior to such vote, the record date
for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 2.6) prior to such first solicitation or vote, as the case may be. With regard to any
record date for action to be taken by the Holders of one or more series of Securities, only the Holders of Securities of such series on such date (or their duly designated proxies) shall be entitled to give or take, or vote on, the relevant action.

 SECTION 10.17. Waiver of Jury Trial. 
 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 10.18. Force Majeure. 

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

  
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 SECTION 10.19. Counterparts. 

This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 The parties may sign any number of copies of this
Indenture. One signed copy is sufficient to prove this Indenture. 
 SECTION 10.20. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act (the “Patriot Act”), the
Trustee is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they shall provide the Trustee
with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the Patriot Act. 

  
 47 

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

			
	LOCKHEED MARTIN CORPORATION
		
	By:	 	 
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 

  
 48Form of Indenture

 Exhibit 4.1 
 FORM OF 
 INDENTURE 

Dated as of                   , 2011,

 by and among 
 GWG Holdings, Inc., as obligor 
 GWG Life Settlements, LLC, as guarantor

 and 

Bank of Utah, as trustee 
  

 
 $250,000,000

 Secured Debentures 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
	 Section 1.1
	 	 DEFINITIONS
	  	 	1	  
	 Section 1.2
	 	 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT
	  	 	10	  
	 Section 1.3
	 	 RULES OF CONSTRUCTION
	  	 	10	  
		
	 Article 2 THE SECURITIES
	  	 	11	  
	 Section 2.1
	 	 SECURITY TERMS; AMOUNT; ACCOUNTS; INTEREST; MATURITY
	  	 	11	  
	 Section 2.2
	 	 WRITTEN CONFIRMATION OR REJECTION; RESCISSION
	  	 	14	  
	 Section 2.3
	 	 REGISTRAR AND PAYING AGENT
	  	 	15	  
	 Section 2.4
	 	 PAYING AGENT TO HOLD MONEY IN TRUST
	  	 	15	  
	 Section 2.5
	 	 LIST OF HOLDERS
	  	 	16	  
	 Section 2.6
	 	 TRANSFER AND EXCHANGE
	  	 	16	  
	 Section 2.7
	 	 PAYMENT OF PRINCIPAL AND INTEREST; PRINCIPAL AND INTEREST RIGHTS PRESERVED
	  	 	17	  
	 Section 2.8
	 	 OUTSTANDING SECURITIES
	  	 	17	  
	 Section 2.9
	 	 TREASURY SECURITIES
	  	 	17	  
	 Section 2.10
	 	 DEFAULTED INTEREST
	  	 	18	  
	 Section 2.11
	 	 TEMPORARY NOTES
	  	 	18	  
	 Section 2.12
	 	 EXECUTION, AUTHENTICATION AND DELIVERY
	  	 	18	  
	 Section 2.13
	 	 BOOK-ENTRY REGISTRATION
	  	 	19	  
	 Section 2.14
	 	 INITIAL AND PERIODIC STATEMENTS
	  	 	20	  
	 Section 2.15
	 	 APPOINTMENT OF AGENTS
	  	 	20	  
	 Section 2.16
	 	 CUSIP NUMBERS
	  	 	20	  
		
	 Article 3 REDEMPTION AND REPURCHASE
	  	 	21	  
	 Section 3.1
	 	 REDEMPTION OF SECURITIES AT THE COMPANY’S ELECTION
	  	 	21	  
	 Section 3.2
	 	 REPURCHASE OF SECURITIES AT THE HOLDER’S REQUEST
	  	 	21	  
		
	 Article 4 COVENANTS
	  	 	22	  
	 Section 4.1
	 	 PAYMENT OF SECURITIES
	  	 	22	  
	 Section 4.2
	 	 MAINTENANCE OF OFFICE OR AGENCY
	  	 	23	  
	 Section 4.3
	 	 SEC REPORTS AND REPORTS TO THE TRUSTEE
	  	 	23	  
	 Section 4.4
	 	 COMPLIANCE CERTIFICATE
	  	 	24	  
	 Section 4.5
	 	 STAY, EXTENSION AND USURY LAWS
	  	 	25	  
	 Section 4.6
	 	 LIQUIDATION
	  	 	25	  
	 Section 4.7
	 	 FINANCIAL COVENANTS
	  	 	25	  
	 Section 4.8
	 	 RESTRICTION ON DIVIDENDS
	  	 	25	  
	 Section 4.9
	 	 FINANCING TRANSACTIONS AND ADDITIONAL INDEBTEDNESS
	  	 	26	  
		
	 Article 5 SUCCESSORS
	  	 	26	  
	 Section 5.1
	 	 WHEN THE COMPANY MAY MERGE, ETC.
	  	 	26	  
	 Section 5.2
	 	 SUCCESSOR ENTITY SUBSTITUTED
	  	 	26	  
		
	 Article 6 DEFAULTS AND REMEDIES
	  	 	27	  
	 Section 6.1
	 	 EVENTS OF DEFAULT
	  	 	27	  

  
 i 

							
	 Section 6.2
	 	 ACCELERATION
	  	 	28	  
	 Section 6.3
	 	 OTHER REMEDIES
	  	 	28	  
	 Section 6.4
	 	 WAIVER OF PAST DEFAULTS
	  	 	28	  
	 Section 6.5
	 	 CONTROL BY MAJORITY
	  	 	29	  
	 Section 6.6
	 	 LIMITATION ON SUITS
	  	 	29	  
	 Section 6.7
	 	 RIGHTS OF HOLDERS TO RECEIVE PAYMENT
	  	 	29	  
	 Section 6.8
	 	 COLLECTION SUIT BY TRUSTEE
	  	 	29	  
	 Section 6.9
	 	 TRUSTEE MAY FILE PROOFS OF CLAIM
	  	 	30	  
	 Section 6.10
	 	 PRIORITIES
	  	 	30	  
	 Section 6.11
	 	 UNDERTAKING FOR COSTS
	  	 	31	  
		
	 Article 7 TRUSTEE
	  	 	31	  
	 Section 7.1
	 	 DUTIES OF TRUSTEE
	  	 	31	  
	 Section 7.2
	 	 RIGHTS OF TRUSTEE
	  	 	32	  
	 Section 7.3
	 	 INDIVIDUAL RIGHTS OF TRUSTEE
	  	 	33	  
	 Section 7.4
	 	 TRUSTEE’S DISCLAIMER
	  	 	33	  
	 Section 7.5
	 	 NOTICE OF DEFAULTS
	  	 	33	  
	 Section 7.6
	 	 REPORTS BY TRUSTEE TO HOLDERS
	  	 	33	  
	 Section 7.7
	 	 COMPENSATION AND INDEMNITY
	  	 	34	  
	 Section 7.8
	 	 REPLACEMENT OF TRUSTEE
	  	 	34	  
	 Section 7.9
	 	 SUCCESSOR TRUSTEE BY MERGER, ETC.
	  	 	35	  
	 Section 7.10
	 	 ELIGIBILITY; DISQUALIFICATION
	  	 	35	  
	 Section 7.11
	 	 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY
	  	 	36	  
		
	 Article 8 DISCHARGE OF INDENTURE
	  	 	36	  
	 Section 8.1
	 	 TERMINATION OF COMPANY’S OBLIGATIONS
	  	 	36	  
	 Section 8.2
	 	 APPLICATION OF TRUST MONEY
	  	 	37	  
	 Section 8.3
	 	 REPAYMENT TO COMPANY
	  	 	37	  
	 Section 8.4
	 	 REINSTATEMENT
	  	 	37	  
		
	 Article 9 AMENDMENTS
	  	 	38	  
	 Section 9.1
	 	 WITHOUT CONSENT OF THE HOLDERS
	  	 	38	  
	 Section 9.2
	 	 WITH CONSENT OF THE HOLDERS
	  	 	38	  
	 Section 9.3
	 	 COMPLIANCE WITH TRUST INDENTURE ACT
	  	 	39	  
	 Section 9.4
	 	 EFFECT OF CONSENTS
	  	 	39	  
	 Section 9.5
	 	 NOTATION ON OR EXCHANGE OF SECURITIES
	  	 	39	  
	 Section 9.6
	 	 TRUSTEE TO SIGN AMENDMENTS, ETC.
	  	 	40	  
		
	 Article 10 SUBORDINATION
	  	 	40	  
	 Section 10.1
	 	 AGREEMENT TO SUBORDINATE
	  	 	40	  
	 Section 10.2
	 	 LIQUIDATION; DISSOLUTION; BANKRUPTCY
	  	 	41	  
	 Section 10.3
	 	 DEFAULT ON SENIOR DEBT
	  	 	42	  
	 Section 10.4
	 	 WHEN DISTRIBUTION MUST BE PAID OVER
	  	 	43	  
	 Section 10.5
	 	 LIMITATION ON ACTION AGAINST COLLATERAL
	  	 	43	  
	 Section 10.6
	 	 NOTICE BY COMPANY
	  	 	44	  
	 Section 10.7
	 	 SUBROGATION
	  	 	44	  
	 Section 10.8
	 	 RELATIVE RIGHTS
	  	 	44	  
	 Section 10.9
	 	SUBORDINATION MAY NOT BE IMPAIRED BY THE COMPANY OR HOLDERS OF SENIOR DEBT	  	 	44	  
	 Section 10.10
	 	 LIMITATIONS ON REMEDIES IN EVENT OF DEFAULT
	  	 	46	  
	 Section 10.11
	 	 DISTRIBUTION OR NOTICE TO REPRESENTATIVE
	  	 	46	  

  
 ii 

							
	 Section 10.12
	 	 RIGHTS OF TRUSTEE AND PAYING AGENT
	  	 	46	  
	 Section 10.13
	 	 AUTHORIZATION TO EFFECT SUBORDINATION
	  	 	46	  
	 Section 10.14
	 	 APPLICABILITY TO PAYING AGENT
	  	 	47	  
	 Section 10.15
	 	CERTAIN ACKNOWLEDGMENTS TO AND AGREEMENTS IN FAVOR OF HOLDERS OF SENIOR DEBT	  	 	47	  
	 Section 10.16
	 	 OTHER SUBORDINATION MATTERS
	  	 	49	  
		
	 Article 11 GUARANTEE
	  	 	49	  
	 Section 11.1
	 	 GUARANTEE
	  	 	49	  
	 Section 11.2
	 	 LIMITATION ON GUARANTOR LIABILITY
	  	 	50	  
	 Section 11.3
	 	 EXECUTION AND DELIVERY OF GUARANTY
	  	 	50	  
		
	 Article 12 COLLATERAL AND SECURITY
	  	 	51	  
	 Section 12.1
	 	 COLLATERAL DOCUMENTS
	  	 	51	  
	 Section 12.2
	 	 RECORDING AND OPINION
	  	 	52	  
	 Section 12.3
	 	 RELEASE OF COLLATERAL
	  	 	52	  
	 Section 12.4
	 	 CERTIFICATES OF THE COMPANY; OPINION OF COUNSEL
	  	 	53	  
	 Section 12.5
	 	 CERTIFICATES OF THE TRUSTEE
	  	 	53	  
	 Section 12.6
	 	AUTHORIZATION OF ACTIONS TO BE TAKEN BY THE TRUSTEE UNDER THE COLLATERAL DOCUMENTS	  	 	53	  
	 Section 12.7
	 	AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER THE COLLATERAL AGREEMENT	  	 	54	  
	 Section 12.8
	 	 TERMINATION OF SECURITY INTEREST
	  	 	54	  
		
	 Article 13 GENERAL PROVISIONS
	  	 	54	  
	 Section 13.1
	 	 TRUST INDENTURE ACT CONTROLS
	  	 	54	  
	 Section 13.2
	 	 NOTICES
	  	 	54	  
	 Section 13.3
	 	 COMMUNICATION BY HOLDERS WITH OTHER HOLDERS
	  	 	56	  
	 Section 13.4
	 	 CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT
	  	 	56	  
	 Section 13.5
	 	 STATEMENTS REQUIRED IN CERTIFICATE OR OPINION
	  	 	56	  
	 Section 13.6
	 	 RULES BY TRUSTEE AND AGENTS
	  	 	56	  
	 Section 13.7
	 	 NO RECOURSE AGAINST OTHERS
	  	 	56	  
	 Section 13.8
	 	 DUPLICATE ORIGINALS
	  	 	57	  
	 Section 13.9
	 	 GOVERNING LAW
	  	 	57	  
	 Section 13.10
	 	 NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS
	  	 	57	  
	 Section 13.11
	 	 SUCCESSORS
	  	 	57	  
	 Section 13.12
	 	 SEVERABILITY
	  	 	57	  
	 Section 13.13
	 	 SPECIFIC PERFORMANCE
	  	 	57	  
	 Section 13.14
	 	 COUNTERPART ORIGINALS
	  	 	57	  
	 Section 13.15
	 	 TABLE OF CONTENTS, HEADINGS, ETC.
	  	 	57	  
	 Section 13.16
	 	 TRUSTEE’S CAPACITY
	  	 	57	  

  
 iii

 EXHIBITS: 
 A – Form of Debenture 
 B – Subscription Agreement 

C – Form of Guarantee Notation 
 D –
Form of Pledge and Security Agreement 
 E – Form of Intercreditor Agreement 

  
 iv 

 CROSS-REFERENCE TABLE 

 

					
	*Trust Indenture Act Section	  	Indenture Section	 
		
	 <S>
	  	 	<C>	  
		
	 310(a)(1)
	  	 	7.10	  
		
	 (a)(2)
	  	 	7.10	  
		
	 (a)(3)
	  	 	N/A	  
		
	 (a)(4)
	  	 	N/A	  
		
	 (a)(5)
	  	 	N/A	  
		
	 (b)
	  	 	7.8; 7.10	  
		
	 (c)
	  	 	N/A	  
		
	 311(a)
	  	 	7.11	  
		
	 (b)
	  	 	7.11	  
		
	 (c)
	  	 	N/A	  
		
	 312(a)
	  	 	2.5	  
		
	 (b)
	  	 	13.3	  
		
	 (c)
	  	 	13.3	  
		
	 313(a)
	  	 	7.6	  
		
	 (b)(1)
	  	 	N/A	  
		
	 (b)(2)
	  	 	13.3; 7.6	  
		
	 (c)
	  	 	7.6; 11.2	  
		
	 (d)
	  	 	7.6	  
		
	 314(a)
	  	 	4.3	  
		
	 (b)
	  	 	12.2	  
		
	 (c)(1)
	  	 	N/A	  
		
	 (c)(2)
	  	 	N/A	  

  
 v 

					
	 (c)(3)
	  	 	N/A	  
		
	 (d)
	  	 	12.3; 12.4; 12.5	  
		
	 (e)
	  	 	N/A	  
		
	 (f)
	  	 	N/A	  
		
	 315(a)
	  	 	N/A	  
		
	 (b)
	  	 	N/A	  
		
	 (c)
	  	 	N/A	  
		
	 (d)
	  	 	N/A	  
		
	 (e)
	  	 	N/A	  
		
	 316(a) (last sentence)
	  	 	N/A	  
		
	 (a)(1)(A)
	  	 	N/A	  
		
	 (a)(1)(B)
	  	 	N/A	  
		
	 (a)(2)
	  	 	N/A	  
		
	 (b)
	  	 	N/A	  
		
	 (c)
	  	 	N/A	  
		
	 317(a)(1)
	  	 	N/A	  
		
	 (a)(2)
	  	 	N/A	  
		
	 (b)
	  	 	N/A	  
		
	 318(a)
	  	 	13.1	  

 N/A means not applicable 
  

	*	This Cross Reference Table is not part of the Indenture 

  
 vi 

 THIS INDENTURE is hereby entered into as of
                    , 2011, by and among GWG Holdings, Inc., a Delaware corporation (the “Company”), as obligor, GWG Life
Settlements, LLC, a Delaware limited liability company (the “Guarantor”), as guarantor, and Bank of Utah, a Utah corporation, as trustee (the “Trustee”). The Company, the Guarantor and the Trustee hereby agree as
follows for the benefit of each other and for the equal and ratable benefit of the Holders of the renewable secured debt securities of the Company issued pursuant to the Company’s registration statement on Form S-1, as amended from time to time
including through post-effective amendments (the “Registration Statement”): 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.1 DEFINITIONS 
 “Account” means the record of beneficial
ownership of a Security maintained by the Registrar. 
 “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” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

“After-Acquired Property” shall mean all assets and property, including, to the extent permitted by law, assets and
property acquired by the Company or any Subsidiary or Affiliate, including the Guarantor, after the date of this Indenture. 

“Agent” means any Registrar, Paying Agent, co-registrar, Servicing Agent or any Person appointed and retained by the
Company to perform certain of the duties or obligations, or exercise certain of the rights and discretions, of the Company hereunder pursuant to Section 2.15. 
 “Bankruptcy” shall mean, for any Person, the (i) commencement of a voluntary bankruptcy case by that Person; (ii) consent to the entry of an order for relief against such Person
in an involuntary bankruptcy case; (iii) consent to the appointment of a custodian of it or for all or substantially all of its property. 
 “Bankruptcy Law” has the meaning set forth in Section 6.1. 

“Board of Directors” means the Board of Directors of the Company or any authorized committee of the Board of Directors.

 “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in the
State of Minnesota, the State of Utah, or at a place of payment are authorized or obligated by law, regulation or executive order to remain closed. If a payment date falls on any date other than a Business Day, payment may be made on the next
succeeding Business Day and no interest shall accrue for the intervening period. 
 “Calculation Date” means
the 15th day of each calendar month (or if such day is not a Business Day, the next succeeding Business Day). 

 “Capital Stock” means any class of capital stock of the Company, including
without limitation its common stock and any class of limited or preferred stock, or any series on any class of common, limited or preferred stock, existing from time to time during the term of this Indenture. 

“Collateral” shall mean (i) all the assets of the Company, including without limitation all of its ownership
interests in Subsidiaries; (ii) all the assets of the Guarantor pledged under the Pledge and Security Agreement, including without limitation all of the Guarantor’s ownership interests in its Subsidiaries; (iii) all Pledged Affiliate
Stock; and (iv) any and all other items and property defined as “Collateral” in any Collateral Document. 

“Collateral Documents” means the Pledge and Security Agreement, Intercreditor Agreement and the other agreements,
documents or instruments, including any financing statements and amendments or supplements thereto creating, perfecting or evidencing any Liens securing the Securities, and any other Obligation under this Indenture or the Collateral Documents.

 “Company” means GWG Holdings, Inc., a Delaware corporation, unless and until replaced by a successor in
accordance with Article 5 hereof, in which case “Company” shall mean such successor. 
 “Company Majority
Stockholders” shall mean Jon R. Sabes and Steven F. Sabes. 
 “Corporate Trust Office” means the
office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be principally administered, which office is, at the date as of which this Indenture is originally dated, located at Bank of Utah, 200 E. South
Temple, Suite 210, Salt Lake City, UT 84111, Attention: GWG Holdings, Inc. Administrator. 
 “Debt Coverage
Ratio” has the meaning set forth in Section 4.7(a). 
 “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. 
 “Eligible Life Insurance
Policy” means any life insurance policy meeting all of the following criteria as of the date purchased by the Company directly or indirectly through a direct or indirect Subsidiary: 

 

	 	(a)	such life insurance policy offers “permanent” life insurance benefits (i.e., either whole life, non-variable universal life or universal life);

  

	 	(b)	the contestability period for such life insurance policy shall have expired; 

 

	 	(c)	the Policy Benefit does not exceed $25,000,000; 

  

	 	(d)	the life insurance policy does not have a provision limiting the future realization of Policy Benefit upon and due to the death of any Insured other than for
non-payment of premiums; 

  

	 	(e)	the Life Expectancy of the Insured under the life insurance policy, as of the relevant acquisition date, does not exceed 216 months; 

 

	 	(f)	the Insured under the life insurance policy is not less than 65 years old; 

  
 2 

	 	(g)	all restrictions or obligations imposed by applicable laws have been complied with in relation to the origination and acquisition of the life insurance policy;

  

	 	(h)	the life insurance policy is in full force and effect; 

  

	 	(i)	the life insurance policy is not regulated by any state which prohibits the purchase or the transfer of ownership of such life insurance policy;

  

	 	(j)	the life insurance policy provides for a level Policy Benefit through the entire Life Expectancy of the Insured under the life insurance policy;

  

	 	(k)	the life insurance policy is not purchased in a jurisdiction where the transfer of such life insurance policy is subject to the payment of sales or other taxes except
where such sales or other taxes have been paid; 

  

	 	(l)	the Life Expectancy Report does not conclude that the Insured under the life insurance policy is HIV positive or has been diagnosed as having AIDS; and

  

	 	(m)	such life insurance policy meets such other criteria as the Company may determine from time to time. 

“Event of Default” has the meaning set forth in Section 6.1. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Fiscal Quarter” means the approximately three-month period ending each
March 31, June 30, September 31, and December 31. 
 “Fiscal Year” means a year
ending December 31. 
 “GAAP” means, as of any date, United States generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as approved by a significant segment of the accounting profession, which are in effect from time to time. 
 “Guarantee” means the guarantee of the Guarantor as described in Article 11. 
 “Guarantee Notation” is evidence of the Guarantee to be used as described in Section 11.3, and attached hereto as Exhibit C. 

“Guarantor” means GWG Life Settlements, LLC, a Delaware limited liability company, unless and until replaced by a
successor in accordance with Article 5, in which case “Guarantor” shall mean such successor. 
 “Guarantor
Secured Notes” means that certain class of secured promissory notes privately offered and sold from time to time by the Guarantor prior to the date of this Indenture. 
 “Holder” means a Person in whose name a Security is registered. 

“Holder Redemption Event” has the meaning set forth in Section 3.2(a). 

  
 3 

 “Indebtedness” means, with respect to any Person and without duplication,
any indebtedness of such Person, whether or not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) or representing the
balance deferred and unpaid of the purchase price of any property (including capital lease obligations) or the expenditure for any services or representing any hedging obligations, including without limitation, any such balance that constitutes an
accrued expense or an account or trade payable, if and to the extent any of the foregoing indebtedness (other than letters of credit and hedging obligations) would appear as a liability upon a balance sheet of such Person prepared in accordance with
GAAP, and also includes, to the extent not otherwise included, (a) the guarantee of items that would be included within this definition, and (b) liability for items that would arise by operation of a Person’s status as a general
partner of a partnership. 
 “Indenture” means this Indenture, as amended or supplemented from time to time.

 “Insurance Company” means, with respect to any Life Insurance Policy, the insurance company that is
obligated by the terms of such Life Insurance Policy to pay the related Policy Benefit upon the death of the related Insured (or the successor to such obligation). 
 “Insured” means a natural person who is named as the insured on a Life Insurance Policy. 
 “Intercreditor Agreement” means that certain Intercreditor Agreement of even date herewith by and among the Trustee and Lord Securities Corporation (as trustee under that certain Second
Amended and Restated Note Issuance Agreement dated as of November 15, 2010, by and among the Guarantor, Lord Securities Corporation and the GWG LifeNotes Trust, with respect to the Guarantor Secured Notes), as such agreement may be amended,
modified or supplemented from time to time in accordance with its terms and with this Indenture, which agreement comprises one of the Collateral Documents. The form of Intercreditor Agreement is attached hereto as Exhibit E.

 “Interest Accrual Period” means, as to each Security, the period from the later of the Issue Date of such
Security or the last Payment Date upon which an interest payment was made, until and including the day before the following Payment Date (or the Maturity Date, if earlier), during which period interest accrues with respect to any Payment Date.

 “Issue Date” means, with respect to any Security, the date on which such Security is deemed registered on
the books and records of the Registrar, which shall be (i) the date the Company accepts funds for the purchase of the Security if such funds are received prior to 12:01 p.m. (Central Time) on a Business Day, or if such funds are not so
received, on the next Business Day, or (ii) the date that the Security is renewed as of the Maturity Date pursuant to Section 2.1(h). 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give
any financing statement under the Uniform Commercial Code, or equivalent statutes, of any jurisdiction). 
 “Life
Expectancy” means with respect to any Life Insurance Policy (other than a Small Life Insurance Policy), the average of two Life Expectancy Reports of the related Insured, stated in months, provided by two separate Qualified Consulting
Physicians to achieve 50th percentile cumulative mortalities for such Insured, or, if not so provided, by applying the provided life expectancy in months to the most recent VBT Select Table to calculate a 50th percentile cumulative mortality
schedule for such 

  
 4 

 
Insured, in any case as of the Life Expectancy Report Date and subsequently adjusted in the passage of time. For policies with more than one Insured that pay upon the death of the second Insured
(“Joint Policies”), the “Life Expectancy” with respect to any such Joint Policies (other than a Small Life Insurance Policy), means the joint Life Expectancy Reports of the related Insureds in months to achieve a 50th
percentile cumulative mortality for such Insureds provided for the two joint life expectancies by the Qualified Consulting Physicians and, if not provided, by applying the provided life expectancy in months to the most recent VBT Select Table to
calculate a 50th percentile cumulative mortality for such Insureds, in any case as of the Life Expectancy Report Date and subsequently adjusted in the passage of time. Life Expectancy for a Small Life Insurance Policy shall be stated in months as
determined by applying the most recent VBT Select Table to calculate a 50th percentile cumulative mortality schedule for such Insured, as of the Life Expectancy Report Date and subsequently adjusted in the passage of time; provided that a Life
Expectancy Report may be used for a Small Life Insurance Policy, if available. 
 “Life Expectancy Report”
means an assessment by a Qualified Consulting Physician, contained in a written statement dated within 180 days prior to the date of the purchase by the Company or any of its direct or indirect Subsidiaries of a Life Insurance Policy, of the life
expectancy of one or more Insureds under such Life Insurance Policy. 
 “Life Expectancy Report Date” means,
with respect to any Life Expectancy Report, the certificate date contained in the Life Expectancy Report or the date otherwise calculated in the case of a Small life Insurance Policy. 

“Life Insurance Policy” means any Eligible Life Insurance Policy owned the Company, the Guarantor or any of their direct
or indirect Subsidiaries or Affiliates. 
 “Master Trust” means (i) GWG DLP Master Trust II, a Delaware
statutory trust and (ii) any future master trust that may be created, or wholly or partially owned, by the Guarantor and its Subsidiaries. 
 “Maturity Date” means, with respect to any Security, the date on which the principal of such Security becomes due and payable as therein provided. 

“Maturity Record Date” means, with respect to any Security, as of the close of business on the first Business Day that
is at least 31 days prior to the Maturity Date or Redemption Date applicable to such Security. 
 “Net Present Asset
Value of Life Insurance Policies” means an amount equal to the net present value of the expected cash flows to be derived from Life Insurance Policies owned by the Company (including its direct and indirect Subsidiaries and Affiliates), as
determined by applying the Pricing Model and a discount rate equal to the Weighted Average Cost of Capital of the Company (including its direct and indirect Subsidiaries and Affiliates) for the calendar month immediately preceding the Calculation
Date. 
 “Net Proceeds” shall mean the aggregate cash proceeds and cash equivalents received by the Company or
the Guarantor in respect of any merger, sale of all or substantially all of the assets of the Company or Guarantor, as applicable, net of the direct costs relating to such merger or sale, including without limitation legal, accounting and investment
banking fees, and sales commissions, and any relocation expenses incurred as a result of the merger or asset sale, in each case taking into account, without duplication, (1) any available tax credits or deductions and any tax-sharing
arrangements, and amounts required to be applied to the repayment of Indebtedness secured by a Permitted Lien on the asset or assets that were the subject of such merger or asset sale and any reserve for adjustment in respect of the

  
 5 

 
sale price of such asset or assets established in accordance with GAAP, (2) any reserve or payment with respect to liabilities associated with such asset or assets and retained by the
Company or the Guarantor after such sale or other disposition thereof, including without limitation severance costs pension and other post-employment benefit liabilities and any indemnification obligations associated with such transaction, and
(3) any cash escrows in connection with the purchase price adjustments, reserves or indemnities (until released). 

“Notice of Maturity” means a notice from the Company to a Holder, as further described in Section 2.1(f), that the
Holder’s Securities will be maturing on the related Maturity Date, which notice shall be sent by the Company at least 30 days prior to such Maturity Date. 
 “Obligations” means any principal, interest (including Post-Petition Interest), penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness. 
 “Officer” means the Chairman of the Board or principal executive
officer of the Company, the President or principal operating officer of the Company, the Chief Financial Officer or principal financial officer of the Company, the Treasurer, Controller or principal accounting officer of the Company, Secretary or
any Executive or Senior Vice President of the Company. 
 “Officers’ Certificate” means a certificate
signed by two Officers, at least one of whom must be the principal executive officer, principal operating officer, principal financial officer or principal accounting officer of the Company; provided, however, that if the opinion of an accountant is
required pursuant to TIA §314(c)(3), the certificate must be signed by an Officer who is an accountant. 
 “Opinion
of Counsel” means an opinion from legal counsel reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. 
 “Pari Passu Debt” means any Indebtedness of the Company that is payable, or that has secured collateral, on a pari passu basis with the Securities, including without limitation all
Guarantor Secured Notes. 
 “Paying Agent” has the meaning set forth in Section 2.3. 

“Payment Account” means a bank account designated by the Holder to receive payments of interest or principal due on such
Holder’s Securities, as may be amended by the Holder by written notice to the Registrar from time to time. 

“Payment Blockage Period” has the meaning set forth in Section 10.3. 

“Payment Date” means (i) with respect to any Security for which monthly interest payments are required to be made,
the 15th day of the following calendar month, (ii) with respect to any Security for which interest payments are required to be made annually, the 15th day of the calendar month next following the month in which the anniversary of the Issue Date
of such Security occurs, and (iii) with respect to each Security, the date specified in Section 2.1(f) for the payment upon maturity of all principal of and accrued but unpaid interest on such Security, and any Repurchase Date or
Redemption Date of such Security, if applicable; provided, that if any such day in the preceding clauses (i) through (iii) is not a Business Day, then the Payment Date shall be the Business Day immediately following such day. 

  
 6 

 “Permitted Liens” means Liens on assets of the Company or any of its direct
or indirect Subsidiaries or Affiliates, including the Guarantor, securing Indebtedness and other Obligations under (i) the Guarantor Secured Notes, (ii) any Qualified Sales and Financing Transaction (whether now existing or arising or
acquired in the future), which Liens may be Senior Debt having higher priority to the Liens securing Obligations under the Securities issued under this Indenture, and (iii) any Senior Debt. 

“Payment Notice” has the meaning set forth in Section 10.3. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint
stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Pledge and Security Agreement” means that certain Pledge and Security Agreement of even date herewith by and among the
Company, the Guarantor, the Company Majority Stockholders and the Trustee, as such agreement may be amended, modified or supplemented from time to time in accordance with its terms and with this Indenture, which agreement comprises one of the
Collateral Documents. The form of Pledge and Security Agreement is attached hereto as Exhibit D. 

“Pledged Affiliate Stock” means the common stock of the Company beneficially owned (as such term is defined under
Section 13d of the Exchange Act), as of the date of this Indenture, by the Company Majority Stockholders, the number of shares of which is identified with particularity in the Pledge and Security Agreement. 

“Policy Benefit” means, with respect to a Life Insurance Policy, the amount to be paid by the writing Insurance Company
upon the mortality of the Insured. 
 “Post-Petition Interest” means interest accruing after the commencement
of any Bankruptcy or insolvency case or proceeding with respect to the Company or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, at the rate applicable to the related Indebtedness, whether
or not such interest is an allowable claim in any such proceeding. 
 “Pricing Model” means the latest version
of the Life Insurance Policy pricing model owned by Modeling Actuarial Pricing Systems, Inc. and licensed by Company (or a substantially similar model commonly supported by the actuarial profession), which model shall calculate expected cash flows
from a portfolio of Life Insurance Policies utilizing the probabilistic methodology, the Life Expectancy of Insureds, and the VBT Select Table. 
 “Property” has the meaning set forth in Section 10.15(b). 

“Prospectus” means the prospectus included in the Registration Statement at the time it was declared effective by the
SEC, as supplemented by any related prospectus supplement (including interest rate supplements) filed with the SEC pursuant to Rule 424(b) under the Securities Act. References herein to the Prospectus shall be deemed to refer to and include any
documents incorporated therein by reference. 
 “Qualified Consulting Physician” means any of: (a) 21st
Services; (b) Fasano & Associates; (c) AVS Underwriting; (d) EMSI; (e) ISC Services; or (e) any other independent third-party consulting physician or group of consulting physicians commonly recognized within the
industry as providing reputable Life Expectancy estimates that are approved by the Company. 
 “Qualified Sales and
Financing Transaction” means any transaction or series of transactions (including without limitation the performance and liquidation or termination of such transactions) that may be entered into, sponsored, conducted or coordinated by or
with the involvement of the Company 

  
 7 

 
and pursuant to which the Company, or its Subsidiaries or Affiliates, may (a) issue Senior Debt by selling, conveying, financing, pledging or otherwise transferring Collateral to (i) a
Special Purpose Entity (in the case of a transfer by the Company or any of its Affiliates) or (ii) any other Person (in the case of a transfer by the Company or a Special Purpose Entity), or may (b) grant a security interest in or pledge
any Life Insurance Policies, any securities backed by or any interests in Life Insurance Policies (whether now existing or arising or acquired in the future), and any assets related thereto, which are customarily sold, transferred or pledged as
security in connection with asset securitization, secured financing or similar transaction involving receivables, including the ability to finance and sell the residual interests retained from all such transactions, or securities backed by or
representing interests in such residual interests. 
 “Redemption Date” has the meaning set forth in
Section 2.1(i). 
 “Redemption Notice” means a written notice from the Company to the Holders (as further
described in Section 2.1(i)) stating that the Company is redeeming all or a specified portion of Securities pursuant to Section 3.1, with a copy to the Registrar and the Trustee. 

“Redemption Price” means, with respect to any Security to be redeemed, the principal amount of such Security plus the
interest accrued but unpaid during the Interest Accrual Period up to but not including the Redemption Date for such Security. 

“Registrar” has the meaning set forth in Section 2.3. 

“Registration Statement” has the meaning set forth in the Introduction. 

“Regular Record Date” means, with respect to each Payment Date, as of 11:59 p.m. of the date 15 days prior to such
Payment Date. 
 “Repayment Date” shall have the meaning set forth in Section 3.2(c). 

“Repayment Election” means a written notice from a Holder to the Company, as further described in Section 2.1(f),
stating that repayment of the Holder’s Securities is required in connection with the maturity of such Securities. 

“Repurchase Penalty” shall have the meaning set forth in Section 3.2(b). 

“Repurchase Price” means, with respect to any Security to be repurchased, the principal amount of such Security plus the
interest accrued but unpaid during the Interest Accrual Period up to but not including the Repurchase Date for such Security, minus the Repurchase Penalty, if any. 
 “Repurchase Request” means a written notice from a Holder to the Company, as further described in Section 2.1(j), stating that such Holder is making an irrevocable request for the
Company to repurchase such Holder’s Securities pursuant to Section 3.2. 
 “Responsible Officer” when
used with respect to the Trustee, means any officer in its Corporate Trust Office, or any other assistant officer of the Trustee in its Corporate Trust Office customarily performing functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject. 
 “SEC” means the U.S. Securities and Exchange Commission. 

  
 8 

 “Securities Act” means the Securities Act of 1933. 

“Security” or “Securities” means, the Company’s renewable secured debentures issued under this
Indenture and offered and sold pursuant to the Registration Statement. 
 “Securities Register” has the meaning
set forth in Section 2.3. 
 “Senior Debt” means any Indebtedness, other than the Securities and Pari
Passu Debt (whether outstanding on the date hereof or thereafter created), incurred by the Company (including its direct or indirect Subsidiaries or Affiliates) that is senior in rank to Securities as to the right to receive payments from the
Company, or senior as to the right to receive payments on or from any Collateral, whether such Indebtedness is or is not specifically designated by the Company as being “Senior Debt” in its defining instruments. In this regard, Senior Debt
shall include, without limitation, any and all Indebtedness and Obligations owed by the Company or its direct or indirect Subsidiaries to Autobahn Funding Company LLC (or its affiliates, including without limitation DZ Bank AG Deutsche
Zentral-Genossenschaftsbank and any future senior lender) as of the date of this Indenture and, unless specifically designated to the contrary in its defining instruments, thereafter existing, including all replacements and renewals thereof, and
extensions thereto. 
 “Senior Debt Default” has the meaning set forth in Section 10.3(a). 

“Senior Debt Payout Date” means the date on which (i) all Senior Debt and related Obligations shall be paid in
full, in cash, and (ii) the related transaction documents to which such Senior Debt relates shall terminate in accordance with their terms. 
 “Servicing Agent” means an Agent designated by the Company, if any, as agent for service of notices and demands to and from the Holders, and other communications to and from the Holders,
in connection with the Securities. 
 “Small Life Insurance Policy” means a Life Insurance Policy having a
Policy Benefit equal to or less than $250,000. 
 “SPV Collateral” means all assets and property in which
either the SPV Entity or Master Trust has acquired, or purports to have acquired, an interest (including without limitation all assets and property which the Company or the Guarantor has transferred, or purports to have transferred, to any such
Person) pursuant to the “Transaction Documents” (as defined in that certain Second Amended and Restated Note Issuance and Security Agreement dated as of November 15, 2010, by and among the Guarantor, the holders of Guarantor Secured
Notes, Lord Securities Corporation (as trustee), and GWG LifeNotes Trust). 
 “SPV Entity” means (i) GWG
DLP Funding II, LLC, a Delaware limited liability company and wholly owned Subsidiary of the Guarantor; and (ii) any other Subsidiary entity of the Guarantor whose limited purpose is to purchase and/or own Life Insurance Policies. 

“Subordination Ratio” has the meaning set forth in Section 4.7(b). 

“Subscription Agreement” means a Subscription Agreement entered into by a Person and the Company, under which such
Person commits to purchase Securities, and which is in substantially the form attached hereto as Exhibit B. 

  
 9 

 “Subsidiary” or “Subsidiaries” means, with respect to any
Person, any corporation or other entity in which such Person directly owns securities or other ownership interests, regardless of whether such ownership constitutes a controlling or non-controlling interest. Specific references to indirect
Subsidiaries means, with respect to any Person, any corporation or other entity in which such Person indirectly owns, through one or more other corporations or entities, securities or other ownership interests, regardless of whether such ownership
constitutes a controlling or non-controlling interest. In the case of any Subsidiary that is not wholly owned, calculations with respect to any financial covenants shall be made in proportion to the Company’s interest, direct and indirect, in
such Subsidiary. 
 “TIA” means the Trust Indenture Act of 1939, as in effect on the date on which this
Indenture is qualified under the TIA. 
 “Total Permanent Disability” means a determination by a physician
approved by the Company that the Holder of a Security who is a natural person, and who was gainfully employed on a full-time basis at the Issue Date of such Security, is unable to work on a full-time basis during the a period of 24 consecutive
months. For purposes of this definition, “working on a full time basis” shall mean working at least 40 hours per week. 
 “Trustee” means Bank of Utah, a Utah corporation, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving
hereunder. 
 “UCC” means the Uniform Commercial Code as in effect in the State of Delaware or any other
applicable jurisdiction. 
 “U.S. Government Obligations” means direct obligations of the United States of
America, or any agency or instrumentality thereof for the payment of which the full faith and credit of the United States of America is pledged. 
 “VBT Select Table” means the most recent actuarial tables published by The Society of Actuaries, or such other actuarial table providing mortality probabilities for Insureds deemed
appropriate by the Company. 
 “Weighted Average Cost of Capital” means a percentage equal to the
weighted-average interest rate paid by the Company and its direct and indirect Subsidiaries on outstanding Indebtedness for the month immediately preceding the Calculation Date. 

“Written Confirmation” means a written confirmation of the acceptance of a subscription for, or the transfer or pledge
of, a Security or Securities in the form of a transaction statement executed or issued by the Company or its duly authorized Agent and delivered to the Holder of such Security or Securities with a copy to the Registrar and the Trustee. 

Section 1.2 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT 
 Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by reference in and made a part of this Indenture. All other terms used in this Indenture that are defined by the
TIA, defined by reference in the TIA to another statute, or defined by an SEC rule under the TIA, have the meanings so assigned to them. 

Section 1.3 RULES OF CONSTRUCTION 
 Unless the context otherwise requires: (a) a term has the meaning assigned to it; (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
(c) references to GAAP, as of any date, shall mean GAAP in effect in the United States as of such date; (d) “or” is not exclusive; (e) words in the singular include the plural, and words in the plural shall include the
singular; and (f) provisions apply to successive events and transactions. 

  
 10 

 ARTICLE 2 
 THE SECURITIES 
 Section 2.1 SECURITY TERMS; AMOUNT; ACCOUNTS; INTEREST; MATURITY 

 

	 	(a)	The outstanding aggregate principal amount of Securities to be issued hereunder is limited to $250 million, provided, however, that the Company and the Trustee may,
without the consent of any Holder, increase such aggregate principal amount of Securities that may be outstanding at any time. The Securities are secured obligations of the Company and shall be senior in right to assets of the Company, provided that
such rights may be subordinate in right of payment to the Senior Debt as further described in Article 10. The Securities are an obligation and liability of the Company, and not of any other Person, including without limitation any shareholder,
director, Officer, employee, Affiliate or Agent of the Company. The Securities are not certificates of deposit or similar obligations of, and are not guaranteed or insured by, any depository institution, the Federal Deposit Insurance Corporation,
any other governmental or private fund, any securities insurer or any other Person, other than as set forth in Article 11. 

  

	 	(b)	In the event issued in certificated form pursuant to Section 2.13(b): (i) the Securities, together with the Trustee’s certificate of authentication,
shall be in substantially the form set forth as Exhibit A to this Indenture, with any appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such
Securities, as evidenced by their execution of the Securities; (ii) any portion of the text of any Securities may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Securities; and (iii) the
Securities may be subject to notations, legends or endorsements required by law, stock exchange rule, or agreements to which the Company is subject or reasonably required by usage. 

 

	 	(c)	Except as provided in Section 2.13(b), no Security shall be issued as, nor evidenced by, a certificated security, but rather each Security shall be issued in book
entry or uncertificated form in which the record of beneficial ownership of each such Security shall be established and maintained as Accounts by the Registrar pursuant to Section 2.13. For each Security issued in book entry form in accordance
with Section 2.13, the same terms and provisions as those set forth in the form of Debenture in Exhibit A shall be deemed to be incorporated into the terms and provision of such book-entry Securities. 

 

	 	(d)	Each Security shall be in such denominations as provided by this Indenture and as may be designated from time to time by the Company, but in no event in an original
denomination less than $25,000, unless authorized by the Company. Separate purchases may not be cumulated to satisfy the minimum denomination requirements. Each Security shall have a term of six months, or one, two, three, four, five, seven, or ten
years as designated by the Holder at the time of purchase, subject to the Company’s acceptance thereof. 

  
 11 

	 	(e)	Each Security shall bear interest from and commencing on its Issue Date at such rate of interest as the Company shall determine from time to time; provided, however,
that the interest rate of each Security will be fixed for the term of such Security upon issuance, subject to change upon any renewal of the Security at maturity. Simple interest on the Securities will accrue based on a calendar year consisting of
twelve 30-day months (or 360 days) and the Holder thereof may elect to have interest paid monthly, annually, or upon maturity, which payments shall be made on the applicable Payment Date, except that (i) no interest shall be paid to a Holder
until the expiration of the Holder’s rescission right under Section 2.2(b), if applicable, and (ii) in the case of a Holder who elects interest to be paid upon maturity, such interest will compound annually. If a Holder does not elect
an interest payment option, interest will be paid upon maturity. The Holder of a Security paying interest upon maturity by virtue of such Holder not having made an affirmative election for the payment of interest may, once during the term of the
Security but only with the approval of the Company (which the Company may grant or withhold in its discretion), change the manner in which interest is paid. Any such change shall be effective upon the first Business Day following the 45th day after
both (i) receipt of written notice from the Holder requesting such change and (ii) approval by the Company (evidenced in a writing delivered to such Holder). 

 

	 	(f)	At least 30 days prior to a Maturity Date for any Security, the Company will send to each Holder of such a Security as of its Maturity Record Date a Notice of Maturity
(via first class U.S. mail, facsimile or electronic transmission). The Notice of Maturity will notify the Holder of the Security’s pending maturity and that the automatic renewal provision described in subsection (h) will take effect,
unless: 

  

	 	(i)	the Company states in the Notice of Maturity that it will not allow the Holder to renew the Security, in which case the Company shall pay the Holder all outstanding
principal and accrued but unpaid interest with regard to the Security on the applicable Payment Date; or 

  

	 	(ii)	the Holder sends to the Company, at least 15 days prior to the Maturity Date, a Repayment Election for the payment of all outstanding principal and accrued but unpaid
interest due on the Security as of the Maturity Date. 

 A Notice of Maturity shall also contain the statements and
disclosures described in subsection (g) below. If a Notice of Maturity permits the Holder to renew the Security, then the Company shall also include the then-current Prospectus and any then-current Prospectus Supplement together with a
statement urging the Holder to review such documentation prior to any renewal. Upon receipt of a Notice of Maturity, the Holder of a maturing Security may in its discretion send to the Company a Repayment Election; provided that such Repayment
Election must be sent to the Company no later than 15 days prior to the Maturity Date. If the Company receives a Repayment Election on or prior to the 15th day before the Maturity Date, the Company will pay all outstanding principal and accrued but
unpaid interest on the Security (through the Maturity Date) no later than the Payment Date next following the Maturity Date; provided that if the Company shall have previously paid interest to the Holder for any period after the Maturity
Date, then such interest shall be deducted from such payment. 
  

	 	(g)	 The Notice of Maturity also shall state that the Holder may submit a Repayment Election for the repayment of the maturing Security and use all or a
portion of the proceeds thereof to purchase a new Security with a different term. To exercise this option, the Holder 

  
 12 

	 	
shall complete a new Subscription Agreement for the new Security and send it along with the Holder’s Repayment Election to the Company. The Issue Date of the new Security shall be the
Maturity Date of the maturing Security. Any proceeds from the maturing Security that are not applied to the purchase of the new Security shall be sent to the Holder thereof. If a Security pays interest only on the Maturity Date, then the Notice of
Maturity also shall state that the Holder may submit an “interest-only” Repayment Election in which the Holder requires the payment of the accrued and unpaid interest that such Holder has earned on the maturing Security (through the
Maturity Date) and allows the principal amount of such maturing Security to renew in the manner provided in subsection (h) below. 

  

	 	(h)	If a Holder of a maturing Security has not delivered a Repayment Election for repayment of the Security on or prior to the 15th day before the Maturity Date, and the
Company did not notify the Holder of its intention to repay the Security in the Notice of Maturity, then such maturing Security shall be extended automatically for an additional term equal to the original term, and shall be deemed to be renewed by
the Holder and the Company as of the Maturity Date of such maturing Security. A maturing Security will thereafter continue to renew as described herein absent a subsequent Redemption Notice by the Company, a Repurchase Request by the Holder, or an
indication by the Company that it will repay and not allow the Security to be renewed in any subsequent Notice of Maturity. Interest on the renewed Security shall accrue from the Issue Date thereof, which shall be the Maturity Date of the maturing
Security. Such renewed Security will be deemed to have the identical terms and provisions of the maturing Security, including provisions relating to payment, except that the interest rate payable during the term of the renewed Security shall be the
interest rate which is then being offered by the Company on other Securities having the same term as of the Issue Date of such renewal. If other Securities having the same term are not then being offered on such date, then the interest rate upon
renewal will be the rate specified by the Company on or before the Maturity Date of such Security, or the then-existing rate of the Security being renewed if no such rate is specified. If the maturing Security pays interest only on the Maturity
Date, then, except as provided in subsection (g) above, upon renewal all accrued interest thereon shall be added to the principal amount of the renewed Security. 

Notwithstanding the foregoing or anything in subsection (f) to the contrary, if a Repayment Election is given or is due at a time
when the Company has determined that a post-effective amendment to the Registration Statement was required but not yet effective, then the Company will provide notice to the Holder, and the Holder will be entitled to rescind his or her Repayment
Election, if made, or to make a Repayment Election if not previously made, by delivering a written rescission of the earlier Repayment Election, or written Repayment Election, as the case may be, to the Company no later than ten days after the
postmark date on a notice from the Company to the Holder stating that the post-effective amendment has been declared effective. If a Repayment Election is made as described above, then outstanding principal and accrued but unpaid interest (through
the Maturity Date) shall be paid on the Payment Date next following the Company’s receipt of such Repayment Election; and if an earlier made Repayment Election is rescinded, the Issue Date for the renewed security shall be a date reasonably
selected by the Company (but no earlier than the next Business Day after the date on which the Company shall have received any funds earlier transmitted to the Holder in connection with the rescinded Repayment Election). 

  
 13 

	 	(i)	Pursuant to Section 3.1, each Security shall be redeemable by the Company at any time, without penalty, upon delivery by the Company of a Redemption Notice to the
Holder of such Security. Such Redemption Notice shall set forth a date for the redemption of such Security (the “Redemption Date”) that is at least 30 days after the date on which such Redemption Notice shall have been sent by the
Company to the Holder. 

  

	 	(j)	Pursuant to and subject to the limitations set forth in Section 3.2, each Security shall be subject to repurchase at the request of the Holder upon the delivery of
a Repurchase Request to the Company. Subject to the limitations on repurchase and the Repurchase Penalties described in Section 3.2, the payment of unpaid interest and principal upon the repurchase of a Security shall be made to the Holder on a
Repurchase Date that is (i) selected by the Company, but no earlier than ten days and no later than 45 days after the delivery of such Repurchase Request to the Company and the Company’s acceptance of such request or, (ii) in the case
of a repurchase of a Security in connection with the death, Total Permanent Disability or Bankruptcy of an applicable Holder, a Repurchase Date that is the 15th day of the month following the month in which the Company shall have received
satisfactory evidence of such Holder’s death, Total Permanent Disability or Bankruptcy. 

  

	 	(k)	The terms and provisions contained in the Securities shall constitute, and are hereby expressly made, a part of this Indenture and to the extent applicable, the Company
and the Trustee, by their execution and delivery of this Indenture, and the Holders by accepting the Securities, expressly agree to such terms and provisions and to be bound hereby and thereby. In case of any direct conflict with any other agreement
(other than the Intercreditor Agreement), the provisions of this Indenture shall control. 

 Section 2.2 WRITTEN CONFIRMATION OR
REJECTION; RESCISSION 
  

	 	(a)	Except with respect to an automatically renewed Security pursuant to Section 2.1(h), a Security shall not be validly issued to a Person until the following have
occurred: (i) such Person has remitted to the Company or a duly authorized Agent good and available funds for the full principal amount of such Security; (ii) a Written Confirmation of the acceptance of the related Subscription Agreement
is sent by the Company or a duly authorized Agent to such Person; and (iii) an Account is established by the Registrar in the name of such Person as the Holder of such Security pursuant to Section 2.13. The Company or a duly authorized
Agent, in their sole discretion, may reject any subscription for the purchase of Securities, in which event any funds received in relation to such subscription shall be promptly returned to the subscriber. No interest shall be paid on any funds
returned from a rejected subscription. 

  

	 	(b)	 For a period of five Business Days following the mailing by the Company of notice that a Holder’s purchase of a Security occurred at a time when a
post-effective amendment to the Registration Statement was required but not yet effective (which notice shall be accompanied by a copy of the final Prospectus comprising a part of the post-effective amendment to the Registration Statement as
declared effective), such Holder shall have the right to rescind its purchase of the Security and receive repayment of the principal by presenting a written request for such rescission to the Company. Such written request for rescission (A) if
personally delivered or delivered via facsimile or electronic transmission, must be received by the Company on or prior to the fifth Business Day following the mailing of such Written Confirmation or post-effective amendment notice by the Company or
(B) if mailed, must be postmarked on or before the fifth Business Day 

  
 14 

	 	
following the mailing by the Company of such Written Confirmation or post-effective amendment notice. Repayment of the principal shall be made within ten days of the Company’s receipt of
such request from the Holder. No interest shall be paid on any such rescinded purchase of a Security. 

 Section 2.3 REGISTRAR AND
PAYING AGENT 
  

	 	(a)	The Company shall maintain (i) an office or agency where Securities may be presented for registration of transfer or for exchange (“Registrar”)
and (ii) an office or agency where Securities may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange, which shall include the name, address for
notices and Payment Account of the Holder and the payment election information, principal amount, term and interest rate for each Security (the “Securities Register”). The Company may appoint one or more co-registrars and one
or more additional paying agents. The term “Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without prior notice to any
Holder; provided that the Company shall promptly notify the Holders and the Trustee of the name and address of any Agent not a party to this Indenture. The Company itself may act as Paying Agent and/or Registrar. In the event the Company uses any
Agent other than the Company or the Trustee, the Company shall enter into an appropriate agency agreement with such Agent, which agreement shall incorporate the provisions of the TIA or provide that the duties performed thereunder are subject to and
governed by the provisions of this Indenture. Any such agreement shall implement or be subject to the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the
Company fails to maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.7. In no event shall the Trustee be
liable for the acts or omissions of any predecessor Paying Agent or Registrar. 

  

	 	(b)	Pursuant to Section 2.15, the Company shall serve as the initial Registrar and Paying Agent and as agent for service of notices and demands in connection with the
Securities until such time as the Company gives the Trustee written notice to the contrary. 

 Section 2.4 PAYING AGENT TO HOLD
MONEY IN TRUST 
 Prior to each Payment Date on any Security, the Company shall deposit with the Paying Agent sufficient funds to
pay principal and interest then so becoming due and payable in cash. The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money
held by the Paying Agent for the payment of principal or interest on the Securities, and will notify the Trustee promptly in writing of any default by the Company in making any such payment. While any such default continues, the Trustee shall
require a Paying Agent (if other than the Company) to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if
other than the Company) shall have no further liability for the money delivered to the Trustee. If the Company acts as Paying Agent, then the Company shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by
it as Paying Agent. The Company shall notify the Trustee in writing at least five days before the Payment Date of the name and address of the Paying Agent if a Person other than the Trustee (or the Company) is named Paying Agent at any time or from
time to time. 

  
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 Section 2.5 LIST OF HOLDERS 
 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 and shall otherwise comply with TIA §312(a). If
the Trustee is not the Registrar, the Registrar shall furnish to the Trustee within ten days after the end of each fiscal quarter during the term of this Indenture, and at such other times as the Trustee may request in writing, a copy of the current
Securities Register as of such date as the Trustee may reasonably require and the Company shall otherwise comply with TIA §312(a). 

Section 2.6 TRANSFER AND EXCHANGE 
  

	 	(a)	The Securities are not negotiable instruments and cannot be transferred without the prior written consent of the Company (which consent shall not be unreasonably
withheld). Requests to the Registrar for the transfer of any Security shall be: 

  

	 	(i)	made to the Registrar in writing on a form supplied by the Registrar; 

  

	 	(ii)	duly executed by the Holder of the Security, as reflected on the Registrar’s records as of the date of receipt of such transfer request, or such Holder’s
attorney duly authorized in writing; 

  

	 	(iii)	accompanied by the written consent of the Company to the transfer (which consent may not be unreasonably withheld), unless the Company is then serving as Registrar; and

  

	 	(iv)	if requested by the Company or the Registrar, (A) an opinion of Holder’s counsel (which counsel shall be reasonably acceptable to the requesting party) that
the transfer does not violate any applicable securities laws and (B) a signature guarantee. 

  

	 	(b)	Upon transfer of a Security, the Company, or the Registrar on behalf of the Company, will provide the new registered owner of the Security with a Written Confirmation
that will evidence the transfer of the Security in the Securities Register and will establish a corresponding Account. 

  

	 	(c)	The Company or the Registrar may assess reasonable service charges to a Holder for any registration of transfer or exchange, and the Company may require payment of a
sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange pursuant to Section 9.5). 

 

	 	(d)	With respect to the relevant Regular Record Date, the Company shall treat the Person listed on each Account maintained by the Registrar as the absolute owner of the
Security represented thereby for purposes of receiving payments thereon and for all other purposes whatsoever. 

  
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 Section 2.7 PAYMENT OF PRINCIPAL AND INTEREST; PRINCIPAL AND INTEREST RIGHTS PRESERVED 

 

	 	(a)	Each Security shall accrue interest at the rate specified for such Security in the Securities Register and such interest shall be payable on each Payment Date following
the Issue Date for such Security, until the principal thereof becomes due and payable. Any installment of interest payable on a Security that is caused to be punctually paid or duly provided for by the Company on the applicable Payment Date shall be
paid to the Holder in whose name such Security is registered in the Securities Register on the applicable Regular Record Date with respect to the Securities outstanding, by electronic deposit to such Holder’s Payment Account as it appears in
the Securities Register on such Regular Record Date. The payment of any interest payable in connection with the payment of any principal payable with respect to such Security upon maturity shall be payable as provided below. In the event any
payments made by electronic deposit are not accepted into the Holder’s Payment Account for any reason, such funds shall be held in accordance with Section 2.4 and Section 8.3. Any installment of interest not punctually paid or duly
provided for shall be payable in the manner and to the Holders as specified in Section 2.10. 

  

	 	(b)	Each of the Securities shall have stated maturities of principal as shall be indicated on such Securities or in the Written Confirmation and as set forth in the
Securities Register. The principal of each Security shall be paid in full pursuant to Section 2.1(f), unless the term of such Security is renewed pursuant to Section 2.1(h) or such Security becomes due and payable at an earlier date by
acceleration, redemption, repurchase or otherwise. Interest on each Security shall be due and payable on each Payment Date at the interest rate applicable to such Security for the Interest Accrual Period related to such Security and such Payment
Date. Notwithstanding any of the foregoing provisions with respect to payments of principal of and interest on the Securities, if the Securities have become or been declared due and payable following an Event of Default, then payments of principal
of and interest on the Securities shall be made in accordance with Article 6. If certificated securities are issued, then the principal payment made on any Security upon its maturity (or the Redemption Price or the Repurchase Price of any Security
required to be redeemed or repurchased, respectively), and any accrued interest thereon, shall be payable on the applicable Payment Date therefor at the office or agency of the Company maintained by it for such purpose pursuant to Section 2.3
or at the office of any Paying Agent for such Security. 

 Section 2.8 OUTSTANDING SECURITIES 

 

	 	(a)	The Securities outstanding at any time are the outstanding principal balances of all Accounts owning Securities maintained by the Registrar. 

 

	 	(b)	If the principal amount of any Security is considered paid under Section 4.1, it ceases to be outstanding and interest on it ceases to accrue.

  

	 	(c)	Subject to Section 2.9, a Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 Section 2.9 TREASURY SECURITIES 
 In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or any Affiliate of the Company shall
be considered as though not outstanding except that, for purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities that a Responsible Officer of the Trustee actually knows to
be so owned shall be so disregarded. 

  
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 Section 2.10 DEFAULTED INTEREST 
 If the Company defaults in a payment of interest on any Security, it shall pay such defaulted interest and, to the extent lawful, any interest payable on the defaulted interest, to the Holder of such
Security on a subsequent special Payment Date, which date shall be at the earliest practicable date, but in all events within 21 days following the scheduled Payment Date for the defaulted interest, in each case at the rate provided in the Security.
The Regular Record Date for the scheduled Payment Date shall be the record date for the special Payment Date. Prior to any such special Payment Date, the Company (or the Trustee, in the name of and at the expense of the Company) shall mail to
Holder(s) a notice identifying the special Payment Date and the amount of such interest to be paid. 
 Section 2.11 TEMPORARY NOTES 

If Securities are issued in certificated form in the limited circumstances contemplated under Section 2.13(b), then, pending the
preparation of definitive Securities, the Company may execute, and direct that the Trustee authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities, in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities. 
 If temporary Securities are issued, the Company will cause definitive
Securities to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary Securities shall be exchangeable for definitive Securities upon surrender of the temporary Securities at any office or agency of the
Registrar without charge to the Holder. 
 Upon surrender for cancellation of any one or more temporary Securities, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefore a like principal amount of definitive Securities of authorized denominations. Until so exchanged the temporary Securities shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities. 
 Section 2.12 EXECUTION, AUTHENTICATION AND DELIVERY 

 

	 	(a)	Subject to subsection (b) below, the Securities shall be executed on behalf of the Company by an Officer and attested by its Secretary or Assistant Secretary. The
signature of any of these officers on the Securities may be manual, facsimile or electronic (.pdf). Securities bearing the manual, facsimile or electronic signatures of individuals who were at any time the proper Officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

At the time of and from time to time after the execution and delivery of this Indenture, the Company will deliver definitive or
certificated forms of Securities, if any, executed by the Company to the Trustee for authentication, together with a direction from the Company for the authentication and delivery of such Securities. The Trustee in accordance with such direction
from the Company shall authenticate and deliver such Securities as in this Indenture provided and not otherwise. Securities issued hereunder shall be dated as of their Issue Date. 

  
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 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security an authentication executed by or on behalf of the Trustee by manual signature, and such authentication upon any Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder and is entitled to the benefits of the Indenture. 
  

	 	(b)	Notwithstanding the preceding subsection (a) of this Section, in connection with the issuance of each Security in book-entry form pursuant to Section 2.13,
each Security shall be deemed to be executed and attested to by the Company and authenticated and delivered by the Trustee, in the same manner as provided in the preceding subsection (a), upon the delivery by the Company (or the Company’s duly
authorized Agent) to the Holder of such Security of a Written Confirmation, with a copy of such Written Confirmation delivered to the Trustee, and the establishment by the Registrar of an Account for such Security in the name of the Holder pursuant
to Section 2.13. 

 Section 2.13 BOOK-ENTRY REGISTRATION 

 

	 	(a)	The Registrar shall maintain a book-entry registration and transfer system through the establishment and maintenance of Accounts for the benefit of Holders of
Securities as the sole method of recording the ownership and transfer of ownership interests in such Securities. The registered owners of the Accounts established by the Registrar in connection with the purchase or transfer of the Securities shall
be deemed to be the Holders of the Securities outstanding for all purposes under this Indenture. The Company (or its duly authorized Agent) shall promptly notify the Registrar of the acceptance of a subscriber’s agreement to purchase a Security
by providing a copy of the accepted Subscription Agreement and the related Written Confirmation, and, upon receipt of such notices, the Registrar shall establish an Account for such Security by recording a credit to its book-entry registration and
transfer system to the Account of the related Holder of such Security for the principal amount of such Security owned by such Holder and issue a Written Confirmation to the Holder, with a copy being delivered to the Trustee, on behalf of the
Company. The Registrar shall make appropriate credit and debit entries within each Account to record all of the applicable actions under this Indenture that relate to the ownership of the related Security and issue Written Confirmations to the
related Holders as set forth herein, with copies being delivered to the Trustee, on behalf of the Company. For example, the total amount of any principal or interest due and payable to the Holders of the Accounts maintained by the Registrar as
provided in this Indenture shall be credited to such Accounts by the Registrar within the time frames provided in this Indenture, and the amount of any payments of principal and/or interest distributed to the Holders of the Accounts as provided in
this Indenture shall be debited to such Accounts by the Registrar. The Trustee may review the book-entry registration and transfer system as it deems necessary to ensure the Registrar’s compliance with the terms of the Indenture.

  

	 	(b)	 Book-entry Accounts evidencing ownership of the Securities shall be exchangeable for definitive or certificated forms of Securities in denominations of
$25,000 (unless waived by the Company) and any amount in excess thereof (in whole $1,000 increments) and fully registered in the names as each Holder directs only if (i) the Company at its option advises the Trustee and the Registrar in
writing of its election to terminate the book-entry system, or (ii) after the occurrence of any Event of Default, Holders of a majority of the aggregate outstanding principal amount of the Securities (as determined based upon the latest
quarterly statement provided to the Trustee pursuant to Section 2.5) advise the 

  
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Trustee in writing that the continuation of the book-entry system is no longer in the best interests of such Holders and the Trustee notifies all Holders of the Securities, of such event and the
availability of certificated forms of securities to the Holders of Securities. 

 Section 2.14 INITIAL AND PERIODIC STATEMENTS

  

	 	(a)	Subject to the rejection of a Subscription Agreement pursuant to Section 2.2, the Registrar shall send Written Confirmations to initial purchasers, registered
owners, registered pledgees, and former registered owners and former registered pledgees, within ten Business Days of its receipt of proper notice regarding the purchase, transfer or pledge of a Security, with copies of such Written Confirmations
being delivered to the Trustee, on behalf of the Company. 

  

	 	(b)	The Registrar shall send each Holder of a Security (and each registered pledgee) written notice (via first class U.S. mail, facsimile or electronic transmission) not
later than ten Business Days after each quarter end in which such Holder had an outstanding balance in such Holder’s Account, a statement indicating as of the quarter end preceding the mailing: (i) the balance of such Account;
(ii) interest credited for the period; (iii) repayments, redemptions or repurchases, if any, during the period; and (iv) the interest rates paid on the Securities in such Account during the period. The Registrar shall provide
additional statements as the Holders or registered pledgees of the Securities may reasonably request from time to time. The Registrar may charge such Holders or pledgees requesting such statements a fee to cover the charges incurred by the Registrar
in providing such additional statements. If a Holder refuses to accept or fails to provide the Company with information or consent to receive statements hereunder, and any additional information, electronically, the Registrar may also charge Holders
or pledgees a fee to cover the expense incurred in providing such statements or additional information under this Section via facsimile or U.S. mail. 

 Section 2.15 APPOINTMENT OF AGENTS 
 The Company may from time to time engage
Agents to perform its obligations and exercise its rights and discretion under the terms of this Indenture. In each such case, the Company will provide the Trustee with a copy of each agreement under which any such Agent is engaged and the name,
address, telephone number and capacity of the Agent appointed. If any such Agent shall resign or be terminated by the Company, the Company shall promptly notify the Trustee of such resignation or termination, along with the name, address, telephone
number and capacity of any successor Agent. Notwithstanding any engagement of an Agent hereunder, the Company shall remain obligated to fulfill each of its obligations under this Indenture. 
 Section 2.16 CUSIP NUMBERS 
 The Company may obtain and use one or more CUSIP
numbers for the Securities (if then generally in use), and, if so, the Trustee shall use CUSIP numbers in notices of redemption or purchase as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption or purchase, and any such redemption or purchase shall not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee of any change in the CUSIP numbers. 

  
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 ARTICLE 3 
 REDEMPTION AND REPURCHASE 
 Section 3.1 REDEMPTION OF SECURITIES AT THE COMPANY’S ELECTION

  

	 	(a)	The Company may redeem, in whole or in part, any Security prior to its scheduled Maturity Date by providing, pursuant to Section 2.1(i), a Redemption Notice to the
Holder thereof listed on the records maintained by the Registrar, which notice shall include the Redemption Date and the Redemption Price to be paid to the Holder on the Redemption Date. No interest shall accrue on a Security to be redeemed under
this Section 3.1 for any period of time after the Redemption Date for such Security, provided that the Company or the Paying Agent has timely tendered the Redemption Price to the Holder. 

 

	 	(b)	The Company shall have no mandatory redemption or sinking fund obligations with respect to any of the Securities. 

 

	 	(c)	In its sole discretion, the Company may offer certain Holders the ability to extend the maturity of an existing Security through the redemption of such Security and the
issuance of a new Security. This redemption option shall not be subject to the 30-day notice of redemption described in Section 2.1(i). 

 Section 3.2 REPURCHASE OF SECURITIES AT THE HOLDER’S REQUEST 
  

	 	(a)	Subject to subsection (c) below, within 45 days of the death, Total Permanent Disability or Bankruptcy (a “Holder Redemption Event”) of a Holder
who is a natural person, the estate of such Holder (in the event of death) or such Holder or legal representative of such Holder (in the event of Total Permanent Disability or Bankruptcy) may require the Company to repurchase, in whole but not in
part, without penalty, the Securities held by such Holder (including Securities of the Holder held in his or her individual retirement accounts), by delivering to the Company a Repurchase Request. Any such Repurchase Request shall specifically set
forth the particular Holder Redemption Event giving rise to the right of the Holder to have his or her Securities repurchased by the Company. If a Security is held jointly by natural persons who are legally married, then a Repurchase Request may be
made upon the occurrence of a Holder Redemption Event by the surviving Holder, or the disabled or bankrupt Holder may request that the Company repurchase such jointly held Security by delivering to the Company a Repurchase Request. In the event a
Security is held together by two or more natural persons that are not legally married (or held in co-tenancy or otherwise), neither of these persons shall have the right to request that the Company repurchase such Security unless a Holder Redemption
Event has occurred for all co-Holders (or co-tenants) of such Security. A Holder that is not a natural person, such as a trust, partnership, limited liability company, corporation or other similar entity or association (whether incorporated or
unincorporated), does not have the right to request repurchase under this Section. 

  

	 	(b)	Subject to subsection (c) below, a Holder may request (but not require) the Company to repurchase, in whole but not in part, the Security held by such Holder by
delivering a Repurchase Request to the Company. Any such requested repurchase shall be made only at the Company’s discretion and, if made, will be subject to an early Repurchase Penalty to be deducted from the payment of such Holder’s
Repurchase Price on the Repurchase Date. The early repurchase penalty (the “Repurchase Penalty”) shall equal to six percent (6.00%) of the amount of the principal amount of the Security repurchased. 

  
 21 

	 	(c)	Upon receipt of a Repurchase Request under subsection (a) above, or a Repurchase Request under subsection (b) above that the Company elects in its sole
discretion to grant, the Company shall designate a date for the repurchase of such Security (the “Repurchase Date”), which date shall not be later than the 15th day of the month next following the month in which the Company
receives facts or certifications establishing to the reasonable satisfaction of the Company the occurrence of a Holder Redemption Event or, in the case of a Repurchase Request granted pursuant to subsection (b) above, a date selected by the
Company but no earlier than ten days and no later than 45 days after the delivery of the Repurchase Request and the Company’s acceptance of such request. On the Repurchase Date, the Company shall pay the Repurchase Price to the Holder (or the
estate of the Holder, in the case of a request following death) in accordance with Section 2.7. No interest shall accrue on a Security to be repurchased under this Section for any period of time on or after the Repurchase Date for such
Security, provided that the Company or the Paying Agent has timely tendered the Repurchase Price to the Holder or the estate of the Holder, as the case may be. 

 

	 	(d)	The Company may waive or reduce any early Repurchase Penalty in its sole discretion, and may at any time eliminate or modify its policy regarding the repurchase of
Securities at the request of Holders, including requests made by Holders in connection with any Holder Redemption Event; provided that no such elimination or modification shall adversely affect the rights of Holders to the repurchase of Securities
that are then outstanding. 

 ARTICLE 4 
 COVENANTS 
 Section 4.1 PAYMENT OF SECURITIES 

 

	 	(a)	The Company shall duly pay the principal of and interest on each Security on the dates and in the manner provided under this Indenture. Principal and interest (to the
extent such interest is paid in cash) shall be considered paid on the date due if the Paying Agent, if other than the Company, holds, at least one Business Day before that date, money deposited by the Company in immediately available funds and
designated for and sufficient to pay all principal and interest then due; provided, that principal and interest shall not be considered paid within the meaning of this Section if money is instead held by the Paying Agent for the benefit of the
holders of Senior Debt pursuant to the provisions of Article 10. Such Paying Agent shall return to the Company, no later than five days following the date of payment, any money (including accrued interest, if any) that exceeds such amount of
principal and interest paid on the Securities in accordance with this Section. 

  

	 	(b)	To the extent lawful, the Company shall pay interest (including Post-Petition Interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate
borne by the Securities, compounded semi-annually. 

  
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 Section 4.2 MAINTENANCE OF OFFICE OR AGENCY 

 

	 	(a)	The Company will maintain an office or agency (which may be an office of the Trustee, Registrar or co-registrar) where Securities may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of
such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee. 

  

	 	(b)	The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

 

	 	(c)	The Company hereby designates its office at 220 South Sixth Street, Suite 1200, Minneapolis, MN 55402, as one such office or agency of the Company in accordance with
Section 2.3. 

 Section 4.3 SEC REPORTS AND REPORTS TO THE TRUSTEE 

 

	 	(a)	The Company shall provide to the Trustee: 

  

	 	(i)	within 45 days after filing with the SEC, paper copies or, if such documents are readily available on the SEC’s website, notification of the availability of, the
annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Company is required to file with the SEC pursuant to Section 13
or 15(d) of the Exchange Act; and 

  

	 	(ii)	so long as not contrary to the then-current recommendations of the American Institute of Certified Public Accountants, annual financial statements delivered pursuant to
clause (i) above shall be accompanied by a written statement of the Company’s independent public accountants to the effect that, in making the examination necessary for certification of such financial statements, nothing has come to their
attention which would lead them to believe that the Company has violated the provisions of Section 4.1 of this Indenture or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that
such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation. 

 The Company shall otherwise comply with the periodic reporting requirements as set forth in TIA §314(a), and the Company shall file with the Trustee and the SEC, in accordance with the rules and
regulations prescribed by the SEC, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations.
Notwithstanding anything to the contrary herein, the Trustee shall have no duty to review such documents for purposes of determining compliance with any provisions of the Indenture. 

  
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	 	(b)	The Company, or such other entity as the Company shall designate as Registrar, shall provide the Trustee at intervals of not more than six months with management
reports providing the Trustee with such information regarding the Accounts maintained by the Company for the benefit of the Holders of the Securities as the Trustee may reasonably request, which information shall include at least the following for
the relevant time interval from the date of the immediately preceding report: (i) the outstanding balance of each Account at the end of the period; (ii) interest credited for the period; (iii) repayments, repurchases and redemptions,
if any, made during the period; and (iv) the interest rate paid on each Security in such Account maintained by the Registrar during the period. 

  

	 	(c)	Notwithstanding any provision of this Indenture to the contrary, the Company shall not have any obligation to maintain any of its securities (including the Securities
hereunder), including without limitation its common stock, as securities registered under the Exchange Act or the Securities Act, or as securities listed and publicly traded on any national securities exchange. 

Section 4.4 COMPLIANCE CERTIFICATE 
  

	 	(a)	The Company shall deliver to the Trustee, within 45 days after the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending after the first Issue Date of
any Security hereunder, an Officers’ Certificate: 

  

	 	(i)	stating that a review of the activities of the Company during the preceding Fiscal Quarter 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 their knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which 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 their knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal of or interest, if any, on the Securities are prohibited or, if such event has occurred, a description of such event and what action the Company is taking or proposes to
take with respect thereto; and 

  

	 	(ii)	attaching thereto calculations with respect to the Company’s compliance with the financial covenants set forth in Section 4.7. 

 

	 	(b)	The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon any Officer 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 4.5 STAY, EXTENSION AND USURY LAWS 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that
it may lawfully do so) hereby expressly waives all beneficial advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law has been enacted. 
 Section 4.6 LIQUIDATION 

The Board of Directors or the stockholders of the Company shall not adopt a plan of liquidation that provides for, contemplates or the
effectuation of which is preceded by (a) the merger, sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company, otherwise than (i) substantially as an entirety (Section 5.1 of this Indenture
being the Section hereof which governs any such merger, sale, lease, conveyance or other disposition substantially as an entirety), or (ii) any Qualified Sales and Financing Transaction, and (b) the distribution of all or substantially all
of the proceeds of such sale, lease, conveyance or other disposition, and of the remaining assets of the Company, to the holders of capital stock of the Company, unless the Company, prior to making any liquidating distribution pursuant to such plan,
makes provision for the satisfaction of the Company’s Obligations hereunder and under the Securities as to the payment of principal and interest. 
 Section 4.7 FINANCIAL COVENANTS 
 The Company covenants that, so long as any of the
Securities are outstanding: 
  

	 	(a)	The aggregate principal amount of all the Company’s Indebtedness from time to time outstanding hereunder shall not cause the Debt Coverage Ratio to exceed ninety
percent (90%). The “Debt Coverage Ratio” is a ratio, expressed as percentage, of (A) the aggregate sum of all Indebtedness of the Company and its direct or indirect Subsidiaries (including the Securities issued in this
Indenture); over (B) the sum of (i) Net Present Asset Value of all Life Insurance Policies owned by the Company and its direct or indirect Subsidiaries or Affiliates plus (ii) all cash held by the Company and its direct or indirect
Subsidiaries or Affiliates. 

  

	 	(b)	For the four-year period commencing on the first Issue Date of any Securities hereunder, the Subordination Ratio shall not exceed fifty percent (50%). The
“Subordination Ratio” is a ratio, expressed as percentage, of (A) the aggregate sum of all Indebtedness of the Company and its direct or indirect Subsidiaries which is Senior Debt; over (B) the sum of (i) the Net
Present Asset Value of all Life Insurance Policies owned by the Company and its direct or indirect Subsidiaries or Affiliates plus (ii) all cash held by the Company and its direct or indirect Subsidiaries or Affiliates.

 Section 4.8 RESTRICTION ON DIVIDENDS 
 The Company covenants that, so long as any of the Securities are outstanding, it shall not declare or pay any dividends or other payments of cash or other property solely on account of the Capital Stock
to its stockholders (other than any dividend payable in shares of or rights to acquire shares of Capital Stock on a pro rata basis to all stockholders), unless no Default or Event of Default then exists or would exist immediately following the
declaration or payment of such dividend or other payment. 

  
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 Section 4.9 FINANCING TRANSACTIONS AND ADDITIONAL INDEBTEDNESS 

Notwithstanding any provision to the contrary within this Indenture, the Company shall not be prohibited, restricted or otherwise limited
under this Indenture from entering into, sponsoring or conducting any Qualified Sales and Financing Transaction that provides for the issuance of Senior Debt. Except as otherwise provided herein, the Company shall not, without the approval of the
Holders of a majority in principal amount of the then-outstanding Securities, incur Indebtedness subsequent to the date hereof which is senior in right to payment on or from the Collateral; provided that the Company may incur Indebtedness, including
secured Indebtedness, which is Pari Passu Debt. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.1 WHEN THE
COMPANY MAY MERGE, ETC. 
  

	 	(a)	The Company may not consolidate or merge with or into (whether or not the Company is the surviving corporation), or 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: 

  

	 	(i)	the Company is the surviving corporation or the entity, or the Person formed by or surviving any such consolidation or merger (if other than the Company), or the Person
to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made, is a corporation, limited liability company or limited partnership organized or existing under the laws of the United States, any state thereof or
the District of Columbia; 

  

	 	(ii)	the Person formed by or surviving any such consolidation or merger (if other than the Company), or the Person to which such sale, assignment, transfer, lease,
conveyance or other disposition will have been made, assumes all the obligations of the Company, pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee, under the Securities and this Indenture; and

  

	 	(iii)	immediately after such transaction, and after giving effect to such transaction, no Default or Event of Default exists. 

 

	 	(b)	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. The Trustee shall be entitled to conclusively rely upon such Officers’ Certificate and Opinion of Counsel. 

Section 5.2 SUCCESSOR ENTITY SUBSTITUTED 
 Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor Person
formed by such consolidation, or the Person into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person has been named as the Company herein. Upon such succession and substitution, the Company shall be released from all of its obligations and liabilities under this Indenture
and the Securities. 

  
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 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 Section 6.1 EVENTS OF DEFAULT 

An “Event of Default” occurs if: 
  

	 	(a)	the Company fails to pay interest on a Security when the same becomes due and payable and such failure continues for a period of 30 days, whether or not such payment is
prohibited by the provisions of Article 10; 

  

	 	(b)	the Company fails to pay the principal amount of any Security when the same becomes due and payable after maturity, on a Repurchase Date, Redemption Date or Payment
Date (that relates to a Maturity Date) or otherwise, and such failure continues for a period of 30 days, whether or not prohibited by the provisions of Article 10; 

 

	 	(c)	the Company fails to observe or perform any material covenant, condition or agreement on the part of the Company under this Indenture or the Company breaches any
material representation or warranty of the Company under this Indenture (other than the covenants referenced in paragraph (d) below), and such failure or breach continues unremedied for a period of 60 days after the Company’s receipt of
written notice of such failure or breach; 

  

	 	(d)	the Debt Coverage Ratio exceeds 90% for a period of 30 consecutive days, or the Subordination Ratio, during the time in which the related financial covenant applies,
exceeds 50% for a period of 30 consecutive days; and in either case such circumstance continues unremedied for a period of 60 days after the Company’s receipt of written notice of such failure or breach; 

 

	 	(e)	the Company defaults in any other material financial obligation of the Company under the documents or agreements relating to the Guarantor Secured Notes, subject,
however, to any applicable cure periods contained in such documents and agreements and further subject to any waivers, forbearances or consents by the holders of such Guarantor Secured Notes; 

 

	 	(f)	the Company, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case; (ii) consents to the entry of an order for relief
against it in an involuntary case; (iii) consents to the appointment of a custodian of it or for all or substantially all of its property; (iv) makes a general assignment for the benefit of its creditors; or (v) admits in writing its
inability to pay debts as the same become due; 

  

	 	(g)	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case;
(ii) appoints a custodian of the Company or for all or substantially all of its property; (iii) orders the liquidation of the Company, and in each case the order or decree remains unstayed and in effect for 120 consecutive days; or

  

	 	(h)	the Company ceases conducting its business (including, for this purpose, the business conducted by or through any direct or indirect Subsidiaries) or liquidates all or
substantially all of its assets (meaning, for this purpose, all or substantially all of the combined assets of the Company and its direct and indirect Subsidiaries). 

  
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 The term “Bankruptcy Law” means Title 11 of the U.S. Code or any similar
federal or state law for the relief of debtors. The term “custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 A Default under clauses (c) or (d) of this Section 6.1 (except for a Default with respect to Section 4.6 or Section 5.1) is not an Event of Default hereunder until the Trustee or
the Holders of at least a majority in principal amount of the then-outstanding Securities provide the Company with written notice of the Default, and the Company does not cure the Default (or such Default is not waived pursuant to Section 6.4
within 60 days after receipt of the notice). A written notice under this Section must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 

Section 6.2 ACCELERATION 
 If an
Event of Default (other than an Event of Default specified in Section 6.1(f) or Section 6.1(g)) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least a majority in principal amount of the
then-outstanding Securities by written notice to the Company and the Trustee, may declare the unpaid principal of and any accrued but unpaid interest on all the Securities to be due and payable. Upon such declaration, all unpaid principal of and
accrued interest on all Securities shall be due and payable immediately; provided, that if any Indebtedness or Obligation is outstanding pursuant to the Senior Debt, such a declaration of acceleration shall not become effective until the earlier of
(i) the day which is five Business Days after the receipt by each of the Company and the holders of Senior Debt of such written notice of acceleration or (ii) the date of acceleration of any Indebtedness under any Senior Debt. If an Event
of Default specified in Section 6.1(f) or Section 6.1(g) occurs, then all unpaid principal of and accrued interest on all Securities shall become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder. 
 Section 6.3 OTHER REMEDIES 
 If an Event of Default occurs and is continuing, the Trustee may, after a declaration of acceleration under Section 6.2, pursue any available remedy to collect the payment of principal or interest on
the Securities or to enforce the performance of any provision of the Securities or this Indenture as directed in writing to the Trustee by the Holders of at least a majority in principal amount of the then-outstanding Securities, subject, however,
to the provisions of Article 10. 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 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 6.4 WAIVER OF PAST DEFAULTS 
 Holders of a majority in principal amount of the then-outstanding Securities by notice to the Trustee may, on behalf of the Holders of all Securities, waive any existing Default or Event of Default and
its consequences under this Indenture, including without limitation a rescission of an acceleration pursuant to Section 6.2, except for (i) a continuing Default or Event of Default in the payment of interest on or the principal of any
Security held by a non-consenting Holder, or (ii) any waiver that would conflict with any applicable judgment or decree. Upon actual receipt of any such notice of waiver by a Responsible Officer of the Trustee, 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 Event of Default or impair any right consequent thereon.

  
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 Section 6.5 CONTROL BY MAJORITY 
 The Holders of a majority in principal amount of the then-outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on it, on the condition that indemnification for the Trustee’s fees and expenses, in a form reasonably satisfactory to the Trustee, shall have been provided. Nevertheless, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability. 

Section 6.6 LIMITATION ON SUITS 

A Holder may pursue a remedy with respect to this Indenture only if: 

 

	 	(a)	the Holder gives to the Trustee written notice of a continuing Event of Default; 

 

	 	(b)	the Holders of at least a majority in principal amount of the then-outstanding Securities 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 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 do not give the Trustee a direction inconsistent with the
request. 

 Notwithstanding the foregoing, 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 6.7 RIGHTS OF HOLDERS TO RECEIVE PAYMENT 

Except as set forth in this Indenture, including but not limited to Article 10, the right of any Holder of a Security to receive payment
of principal and interest on the Security, on or after the respective due dates expressed in the Security, 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 the Holder. 
 Section 6.8 COLLECTION SUIT BY TRUSTEE 
 If an Event of Default specified in Section 6.1(a) or Section 6.1(b) occurs and is continuing, subject to Article 10, the Trustee is authorized to recover judgment in its own name and as trustee
of an express trust against the Company for the whole amount of principal and interest remaining unpaid on the Securities 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. 

  
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 Section 6.9 TRUSTEE MAY FILE PROOFS OF CLAIM 

 

	 	(a)	The Trustee is authorized, subject to Article 10, 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 Company (or any other
obligor upon the Securities), its creditors or its 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 7.7. 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 7.7 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 which the Holders of the Securities 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 thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  

	 	(b)	If the Trustee does not file a proper claim or proof of debt in the form required in any such proceeding prior to 30 days before the expiration of the time to file such
claims or proofs, then any holder of Senior Debt shall have the right to demand, sue for, collect and receive the payments and distributions in respect of the Securities which are required to be paid or delivered to the holders of Senior Debt as
provided in Article 10 and to file and prove all claims therefor and to take all such other action in the name of the Holders or otherwise, as such holder of Senior Debt may determine to be necessary or appropriate for the enforcement of the
provisions of Article 10. 

 Section 6.10 PRIORITIES 
 If the Trustee collects any money pursuant to this Article, it shall, subject to the provisions of Article 10, pay out the money in the following order: 

 

	 	(a)	FIRST: to the Trustee, its agents and attorneys for amounts due under Section 7.7, including payment of all compensation, expenses and liabilities incurred, and
all advances made, if any, by the Trustee and the costs and expenses of collection; 

  

	 	(b)	SECOND: to holders of Senior Debt to the extent required by Article 10; 

  

	 	(c)	THIRD: to Holders for amounts due and unpaid on the Securities and Pari Passu Debt for principal and interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Securities and Pari Passu Debt for principal and interest, respectively; and 

  
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	 	(d)	FOURTH: to the Company 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. 
 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 6.7, or a suit by Holders of more than 10% in principal amount of the then-outstanding Securities. 

ARTICLE 7 

TRUSTEE 
 Section 7.1 DUTIES OF
TRUSTEE 
  

	 	(a)	If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

  

	 	(b)	Except during the continuance of an Event of Default: 

  

	 	(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 and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee. 

  

	 	(ii)	In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon resolutions, statements, reports, documents, orders, certificates, opinions or other instruments furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any of the above that are specifically
required to be furnished to the Trustee pursuant to this Indenture, the Trustee shall examine them to determine whether they substantially conform to the requirements of this Indenture. 

 

	 	(c)	The Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except
that: 

  

	 	(i)	this paragraph does not limit the effect of paragraph (b)(i) and (b)(ii) of this Section; 

 

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

  
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	 	(iii)	the Trustee shall not be liable to the Holders with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant
to Section 6.5. 

  

	 	(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. 

  

	 	(e)	No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee may refuse to perform any duty or exercise
any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense. 

  

	 	(f)	The Trustee shall not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company or, except with respect to any
money held by the Trustee over a holiday or weekend, in which event the Trustee shall remit to the Company the interest earnings on such money at a rate equal to the then current rate for money market funds invested by the Trustee; provided, that
the Company has directed the Trustee to invest such money. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

 Section 7.2 RIGHTS OF TRUSTEE 
  

	 	(a)	The Trustee may conclusively rely upon any document reasonably believed by it to be genuine and to have been signed or presented to it by the proper Person. The Trustee
need not investigate any fact or matter stated in the document. The Trustee shall have no duty to inquire as to the performance of the Company’s covenants in Article 4. In addition, the Trustee shall not be deemed to have knowledge of any
Default or any Event of Default except any Default or Event of Default of which the Trustee shall have received written notification or obtained actual knowledge. Delivery of reports, information and documents to the Trustee under Sections
Section 4.3(a), Section 4.3(b), and Section 4.4(a) 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 their covenants hereunder (as to which the Trustee is entitled to rely conclusively on Officers’ Certificates). 

 

	 	(b)	Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate, 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 at the Company’s expense and the written 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. 

 

	 	(c)	The Trustee may act through agents, attorneys, custodians or nominees and shall not be responsible for the misconduct or negligence or the supervision of any agents,
attorneys, custodians or nominees appointed by it with due care. 

  

	 	(d)	The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within the rights or powers conferred upon
it by this Indenture. 

  
 32 

	 	(e)	Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the
Company. 

  

	 	(f)	The Trustee shall not be deemed to have notice of an Event of Default for any purpose under this Indenture unless notified of such Event of Default by the Company, the
Paying Agent (if other than the Company) or a Holder of the Securities. 

 Section 7.3 INDIVIDUAL RIGHTS OF TRUSTEE 

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

Section 7.4 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 the Company’s use of the
proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision hereof, 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 7.5 NOTICE OF DEFAULTS 
 If a Default or Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders a notice of the Default or Event of Default within
90 days after it occurs. At least five Business Days prior to the mailing of any notice to Holders under this Section 7.5, the Trustee shall provide the Company with notice of its intent to mail such notice. Except in the case of a Default or
Event of Default in payment on any Security, the Trustee may withhold the notice if and so long as the Responsible Officer of the Trustee in good faith determines that withholding the notice is in the interests of the Holders. 

Section 7.6 REPORTS BY TRUSTEE TO HOLDERS 
  

	 	(a)	Within 60 days of the end of each Fiscal Year, commencing with the fiscal year ending December 31, 2011, the Trustee shall mail to Holders (with a copy to the
Company) a brief report dated as of such reporting date that complies with TIA §313(a); provided, that if no event described in TIA §313(a) has occurred within the 12 months preceding the reporting date, no report need be prepared or
transmitted. The Trustee also shall comply with TIA §313(b). The Trustee shall also transmit by mail all reports as required by TIA §313(c). 

  

	 	(b)	Commencing at the time this Indenture is qualified under the TIA, a copy of each report mailed to Holders under this Section 7.6 (at the time of its mailing to
Holders) shall be filed with the SEC and each stock exchange, if any, on which the Securities are listed. The Company shall promptly notify the Trustee if and when the Securities are listed on any stock exchange. 

  
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 Section 7.7 COMPENSATION AND INDEMNITY 

 

	 	(a)	The Company shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and its performance of the duties and services
required hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee 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. 

 

	 	(b)	The Company shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, except as set forth in paragraph (d) below. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not
relieve the Company of its obligations hereunder, except to the extent the Company is prejudiced thereby. The Company shall defend the claim and the Trustee shall reasonably cooperate in such defense. The Trustee may have separate counsel and the
Company shall pay the reasonable fees and expenses of one such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 

 

	 	(c)	The obligations of the Company to pay compensation under paragraph (a) above through the date of termination, and for indemnification under paragraph
(b) above, shall survive the satisfaction and discharge of this Indenture. 

  

	 	(d)	The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee through its own gross negligence, bad faith, willful
misconduct or simple negligence in the handling and disbursement of funds. 

  

	 	(e)	To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Holders on all money or property held or collected by the
Trustee, except that held in trust to pay principal and interest on the Securities or to pay Senior Debt. Such lien shall survive the satisfaction and discharge of this Indenture. 

 

	 	(f)	When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(f) or Section 6.1(g) occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

 Section 7.8
REPLACEMENT OF TRUSTEE 
  

	 	(a)	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. 

  

	 	(b)	The Trustee may resign at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority of the aggregate principal
amount of the then-outstanding Securities may remove the Trustee (including any successor Trustee) at any time by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

 

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

  
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	 	(ii)	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; 

 

	 	(iii)	a custodian or public officer takes charge of the Trustee or its property; 

 

	 	(iv)	the Trustee becomes incapable of acting as Trustee under this Indenture, or 

 

	 	(v)	the Company so elects, provided such replacement Trustee is qualified. 

  

	 	(c)	If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.

  

	 	(d)	If a successor Trustee does not take office within 30 days after notice that the Trustee has resigned or has been removed, the Company or the Trustee or the Holders of
at least a majority in principal amount of the then-outstanding Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

 

	 	(e)	If the Trustee after written request by any Holder who has been a Holder for at least six months fails to comply with Section 7.10, such Holder may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  

	 	(f)	A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. 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 all Holders. 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 7.7. Notwithstanding replacement of the Trustee
pursuant to this Section, the Company’s obligations to pay compensation under Section 7.7(a) through the date of termination, and for indemnification under Section 7.7(b) shall continue for the benefit of the retiring Trustee.

 Section 7.9 SUCCESSOR TRUSTEE BY MERGER, ETC. 
 If the Trustee 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. 
 Section 7.10 ELIGIBILITY; DISQUALIFICATION 

 

	 	(a)	There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America or of any state
or territory thereof or of the District of Columbia authorized under such laws to exercise corporate trustee power, shall be subject to supervision or examination by federal, state, territorial or District of Columbia authority and shall have a
combined capital and surplus of at least $5,000,000 as set forth in its most recent published annual report of condition. 

  

	 	(b)	(b) This Indenture shall always have a Trustee who satisfies the requirements of TIA §310(a)(1) and (2). The Trustee shall be subject to TIA §310(b).

  
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 Section 7.11 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY 

The Trustee shall be 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 

DISCHARGE OF INDENTURE 
 Section
8.1 TERMINATION OF COMPANY’S OBLIGATIONS 
  

	 	(a)	This Indenture shall cease to be of further effect (except that the Company’s obligations to pay compensation under Section 7.7(a) through the date of
termination, and for indemnification under Section 7.7(b) and its obligations under Section 8.4, and the Company’s, Trustee’s and Paying Agent’s obligations under Section 8.3 shall survive) when, without violating
Article 10, all outstanding Securities have been paid in full and the Company has paid all sums payable by the Company hereunder. In addition, the Company may terminate all of its obligations under this Indenture if, without violating Article 10:

  

	 	(i)	the Company irrevocably deposits in trust with the Trustee or, at the option of the Trustee, with a trustee reasonably satisfactory to the Trustee and the Company under
the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, money or U.S. Government Obligations sufficient (as certified by an independent public accountant designated by the Company) to pay principal and interest
on the Securities to maturity or redemption, as the case may be, and to pay all other sums payable by it hereunder, provided that (A) the trustee of the irrevocable trust shall have been irrevocably instructed to pay such money or the proceeds
of such U.S. Government Obligations to the Trustee and (B) the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such U.S. Government Obligations to the payment of said principal and interest with respect to
the Securities; 

  

	 	(ii)	the Company delivers to the Trustee an Officers’ Certificate stating that all conditions precedent to satisfaction and discharge of this Indenture have been
complied with; and 

  

	 	(iii)	no Default or Event of Default with respect to the Securities shall have occurred and be continuing on the date of such deposit. 

Then, this Indenture shall cease to be of further effect (except as provided in this paragraph), and the Trustee, on demand of the
Company, shall execute proper instruments acknowledging confirmation of and discharge under this Indenture. The Company may make the deposit only if Article 10 does not prohibit such payment. However, the Company’s obligations in
Section 2.3 through Section 2.7, Section 4.2, Section 7.7(c), Section 7.8, Section 8.3 and Section 8.4, and the Trustee’s and Paying Agent’s obligations in Section 8.3, shall survive until no
Securities are outstanding. Thereafter, only the Company’s obligations to pay compensation under Section 7.7(a) through the date of termination, and for indemnification under Section 7.7(b), its obligations under Section 8.4 and
the Company’s, Trustee’s and Paying Agent’s obligations in Section 8.3 shall survive. 

  
 36 

	 	(b)	After such irrevocable deposit made pursuant to this Section and satisfaction of the other conditions set forth herein, the Trustee upon written request shall
acknowledge in writing the discharge of the Company’s obligations under this Indenture except for those surviving obligations specified above. 

  

	 	(c)	In order to have money available on a payment date to pay principal or interest on the Securities, U.S. Government Obligations shall be payable as to principal or
interest at least one Business Day before such payment date in such amounts as will provide the necessary money. U.S. Government Obligations shall not be callable at the issuer’s option. 

Section 8.2 APPLICATION OF TRUST MONEY 
 The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money or U.S. Government Obligations deposited with it pursuant to Section 8.1. It shall apply the deposited
money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal and interest on the Securities. 
 Section 8.3 REPAYMENT TO COMPANY 
  

	 	(a)	The Trustee and the Paying Agent shall promptly pay to the Company upon written request any excess money or securities held by them at any time.

  

	 	(b)	The Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest on the Securities that
remains unclaimed for two years after the date upon which such payment shall have become due; provided, that the Company shall have either caused notice of such payment to be mailed to each Holder entitled thereto no less than 30 days prior to such
repayment or within such period shall have published such notice in a newspaper of widespread circulation published in Hennepin County, Minnesota. After payment to the Company, Holders entitled to the money must look to the Company for payment as
general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 

Section 8.4 REINSTATEMENT 
 If
the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 8.2 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the
Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with Section 8.2; provided, that if the Company has made any payment of interest on or principal of any Securities because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment, as long as no money is owed to the Trustee by the Company, from the money or U.S. Government Obligations held
by the Trustee or Paying Agent. 

  
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 ARTICLE 9 
 AMENDMENTS 
 Section 9.1 WITHOUT CONSENT OF THE HOLDERS 

The Company and the Trustee may amend this Indenture or the Securities without the consent of any Holder: 

 

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

  

	 	(b)	to comply with Section 5.1; 

  

	 	(c)	to provide for the issuance of additional uncertificated Securities or certificated Securities; 

 

	 	(d)	to make any change that does not materially and adversely affect the legal rights hereunder of any Holder, including but not limited to an increase in the aggregate
dollar amount of Securities which may be outstanding under this Indenture; 

  

	 	(e)	make any change in Section 3.2; provided, however, that no such change shall adversely affect the rights of any then-outstanding or issued Security; or

  

	 	(f)	to comply with any requirements of the SEC in connection with the qualification of this Indenture under the TIA. 

Section 9.2 WITH CONSENT OF THE HOLDERS 
  

	 	(a)	The Company and the Trustee may amend this Indenture or the Securities with the written consent of the Holders of at least a majority in principal amount of the
then-outstanding Securities (or without any such consent as permitted under Section 9.1). The Holders of a majority in principal of the then-outstanding Securities may also waive on behalf of all Holders any existing Default or Event of Default
or compliance with any provision of this Indenture or the Securities. Nevertheless, without the consent of the Holder of each Security affected, an amendment or waiver under this Section may not (with respect to any Security held by a non-consenting
Holder): 

  

	 	(i)	reduce the aggregate principal amount of Securities whose Holders must consent to an amendment, supplement or waiver; 

 

	 	(ii)	reduce the rate of or change the time for payment of interest, including default interest, on any outstanding Security; 

 

	 	(iii)	reduce the principal of or change the fixed maturity of any Security or alter the redemption provisions or the price at which the Company shall be entitled to accept an
offer for repurchase of such Security pursuant to Section 3.1; 

  

	 	(iv)	make any Security payable in money other than that stated in the Prospectus; 

 

	 	(v)	make any change in Section 6.4 or Section 6.7; 

  

	 	(vi)	make any change in Article 10 that materially adversely affects the rights of any Holders, or adversely affects the holders of Senior Debt; or 

  
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	 	(vii)	waive a Default or Event of Default in the payment of principal of or interest on any Security (except a rescission of acceleration of the Securities by the Holders of
at least a majority in aggregate principal amount of the then-outstanding Securities, and a waiver of any payment default resulting from such acceleration). 

 

	 	(b)	It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment or waiver, but it shall be
sufficient if such consent approves the substance thereof. 

  

	 	(c)	Any required consent of the Holders need not be affirmative. Consent of a Holder will be presumed if a Holder does not object within 30 days of a written request for
consent so long as such written request specifically states in prominent type that the consent of the Holder will be presumed if no objection is made within the applicable 30-day period. 

 

	 	(d)	After an amendment or waiver under this Section becomes effective, the Company shall mail to the Holders of each Security affected thereby a notice briefly describing
the amendment 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 supplemental indenture or waiver. Subject to Section 6.4 and
Section 6.7, the Holders of a majority in principal amount of the Securities then-outstanding may waive compliance in a particular instance by the Company with any provision of this Indenture or the Securities. 

Section 9.3 COMPLIANCE WITH TRUST INDENTURE ACT 
 Every amendment to this Indenture shall be set forth in a supplemental indenture that complies with the TIA as then in effect if, at the time this Indenture is so amended, this Indenture is qualified
under the TIA. 
 Section 9.4 EFFECT OF CONSENTS 
  

	 	(a)	Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. An amendment or waiver becomes effective in accordance with its terms and
thereafter binds every Holder. 

  

	 	(b)	The Company may fix a record date for determining which Holders must consent to such amendment or waivers. If the Company fixes a record date, the record date shall be
fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee pursuant to Section 2.5 prior to such solicitation, or (ii) such other date as
the Company shall designate. 

 Section 9.5 NOTATION ON OR EXCHANGE OF SECURITIES 

The Trustee may place an appropriate notation about an amendment or waiver on any Security, if certificated, or any Account statement.
Failure to make any notation or issue a new Security shall not affect the validity and effect of such amendment or waiver. 

  
 39 

 Section 9.6 TRUSTEE TO SIGN AMENDMENTS, ETC. 

The Trustee shall sign any amendment or supplemental indenture authorized pursuant to this Article 9 if, in the Trustee’s reasonable
discretion, the amendment 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 or refusing to sign such amendment or supplemental indenture, the
Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to Section 7.1, shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel (or
written advice of counsel) as conclusive evidence that such amendment or supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Company in accordance
with its terms. The Company may not sign an amendment or supplemental indenture until approved by the Board of Directors. 

ARTICLE 10 

SUBORDINATION 
 Section 10.1
AGREEMENT TO SUBORDINATE 
  

	 	(a)	The Company agrees, and each Holder by accepting a Security consents and agrees, that the Indebtedness evidenced by the Securities and the payment of the principal of
and interest on the Securities is subordinated in right of payment, to the extent and in the manner provided in this Article, to the prior payment in full, in cash, cash equivalents or otherwise in a manner satisfactory to the holders of Senior
Debt, of all Obligations due in respect of Senior Debt whether outstanding on the date hereof or hereafter incurred, and that the subordination herein is for the benefit of the holders of Senior Debt. 

 

	 	(b)	For purposes of this Article 10, a payment or distribution on account of the Securities may consist of cash, property or securities, by set-off or otherwise, and a
payment or distribution on account of any of the Securities shall include, without limitation, any redemption, purchase or other acquisition of the Securities. 

 

	 	(c)	The agreement to subordinate set forth herein includes, for all purposes under this Article, the agreement of the Company, the Guarantor and the Holders of Securities
that the Obligations of the Guarantor under the Guarantee, and the Obligations of the Company and the Guarantor under the Collateral Documents, are also subordinated in right of payment, to the extent and in the manner provided in this Article, to
the prior payment in full, in cash, cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, of all Obligations due in respect of Senior Debt whether outstanding on the date hereof or hereafter incurred, and that the
subordination herein is for the benefit of the holders of Senior Debt. This agreement to subordinate set forth herein also includes, for all purposes under this Article, the application of available cash proceeds upon an Event of Default in the
manner set forth in the Intercreditor Agreement. 

  

	 	(d)	The priorities of the liens, claims, encumbrances, security interests or other interests established, altered or specified in this Indenture are applicable irrespective
of the time or order of attachment or perfection (or the lack of attachment or perfection) thereof, the method of perfection, the time or order of filing of financing statements or the taking of possession, or the giving of or failure to give notice
of the acquisition or expected acquisition of purchase money or other security interests or otherwise and irrespective of any other law, decision, fact, circumstance, act or occurrence that might otherwise affect the priorities established under
this Indenture. For all purposes of this Indenture, the provisions of this Article that apply to the Company and its Obligations under the Securities shall similarly apply to the Obligations of the Company and the Guarantor under the Collateral
Documents and the Obligations of the Guarantor under the Guarantee. 

  
 40 

 Section 10.2 LIQUIDATION; DISSOLUTION; BANKRUPTCY 

 

	 	(a)	Upon any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon:

  

	 	(i)	any dissolution or winding-up or total or partial liquidation or reorganization of the Company whether voluntary or involuntary and whether or not involving insolvency
or Bankruptcy; 

  

	 	(ii)	any Bankruptcy or insolvency case or proceeding or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative
to the Company or to its assets; or 

  

	 	(iii)	any assignment for the benefit of creditors or any other marshaling of assets of the Company; 

then, (A) all Obligations due, or to become due, in respect of Senior Debt, including without limitation both pre-petition interest,
post-petition interest, and any other interest, fees and other charges payable after the commencement of any such proceeding at the rate specified in the applicable Senior Debt (regardless of whether any such interest, fees and other charges are
allowable claims in any Bankruptcy proceeding), shall first indefeasibly be paid in full, or provision shall have been made for such payment, in cash, cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, and
(B) all related transaction documents to which the Senior Debt relates shall have been terminated in accordance with their respective terms, before any payment is made on account of the principal of or interest on the Securities, except
that Holders may receive securities that are subordinated to at least the same extent as the Securities are to (x) Senior Debt and (y) any securities issued in exchange for Senior Debt. 

Upon any such dissolution, winding-up, liquidation or reorganization, any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee under this Indenture would be entitled, except for the provisions hereof, shall be paid by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the Securities or by the Trustee under this Indenture if received by them, directly to the holders of Senior Debt (in order of priority,
and when of equal priority, pro rata to such holders of equal priority on the basis of the amounts of Senior Debt held by such holders) or their representative or representatives, or to the trustee or trustees under any indenture or similar
instrument or agreement pursuant to which any of such Senior Debt may have been issued, as their interests may appear, for application to the payment of Senior Debt remaining unpaid until all such Senior Debt has been indefeasibly paid in full, or
provisions shall have been made for such payment, in cash, cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, after giving effect to any concurrent payment, distribution or provision therefor to or for the holders
of Senior Debt. 

  
 41 

	 	(b)	For purposes of this Article 10, the words “cash, property or securities” shall not be deemed to include securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment which are subordinated, to at least the same extent as the Securities, to the payment of all Senior Debt then outstanding or to the payment of all securities issued in exchange therefor to the
holders of Senior Debt at the time outstanding. The consolidation of the Company with, or the merger of the Company with or into, another Person or the liquidation or dissolution of the Company following the conveyance or transfer of its property as
an entirety, or substantially as an entirety, to another Person upon the terms and conditions provided in Article 5 shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section if such other Person
shall, as part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article 5. 

  

	 	(c)	The provisions of paragraphs (a) and (b) above shall not prohibit, restrict or otherwise limit the Company from entering into, sponsoring or conducting any
Qualified Sales and Financing Transaction. 

 Section 10.3 DEFAULT ON SENIOR DEBT 

 

	 	(a)	In the event and during the continuation of: 

  

	 	(i)	any default (or any event which, with the passage of time or the giving of notice, or both, would constitute an event of default) in the payment of principal of (or
premium, if any) or interest on any Senior Debt or any amount owing from time to time under or in respect of Senior Debt, or in the event that any nonpayment event of default with respect to any Senior Debt shall have occurred and be continuing and
shall have resulted in such Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable; or 

 

	 	(ii)	in the event that any other nonpayment event of default (or any event which, with the passage of time or the giving of notice, or both, would constitute a nonpayment
default) with respect to any Senior Debt shall have occurred and be continuing permitting the holders of such Senior Debt (or a trustee on behalf of the holders thereof) to declare such Senior Debt due and payable prior to the date on which
it would otherwise have become due and payable (the circumstances described in clauses (i) and (ii) above being referred to as a “Senior Debt Default”); 

then, in any such case, the Company shall make no payment, direct or indirect, including but not limited to any payment which may be
payable by reason of the payment of any other Indebtedness of the Company being subordinated to the payment of the Securities (other than securities that are subordinated to at least the same extent as the Securities are to (x) Senior Debt and
(y) any securities issued in exchange for Senior Debt), unless and until (A) such default or potential event of default specified in clause (i) above shall have been cured or such event of default shall have been waived or shall have
ceased to exist or such acceleration shall have been rescinded or annulled, or (B) in case of any other nonpayment event of default specified in clause (ii) above, during the period (a “Payment Blockage Period”) commencing
on the date the Company and the Trustee receive written notice (a “Payment Notice”) of such a nonpayment event of default (which notice shall be binding on the Trustee and the Holders as to the occurrence of such an event of
default) 

  
 42 

 
from a holder of the Senior Debt to which such default relates, and ending on the earlier of (I) the date, if any, on which such Senior Debt to which such default relates is discharged or
such default is waived by the holders of such Senior Debt or otherwise cured and (II) the date on which the Trustee receives written notice from the holder of such Senior Debt to which such default relates terminating the Payment Blockage Period.
Notwithstanding the foregoing, during any Payment Blockage Period, the Company shall make payments for rescinded subscriptions under Section 2.2(b). 
  

	 	(b)	Subject to the provisions of Section 6.9 and Section 10.8, neither the Trustee nor the Holders may take any action to assert, demand, sue for, collect,
enforce or realize upon the Securities or the related Obligations or any part thereof in any period during which the Company is not permitted to make payment on account of the Securities pursuant to this Section, unless and only to the extent that
the commencement of a legal action may be required to toll the running of any applicable statute of limitations. Notwithstanding the foregoing, if, after 179 days have passed since the commencement of any Payment Blockage Period, and an Event of
Default exists under this Indenture, the Trustee may bring suit to enforce all Obligations under the Indenture; provided, that the provisions of Section 10.4 and Section 10.5 are complied with. 

Section 10.4 WHEN DISTRIBUTION MUST BE PAID OVER 
  

	 	(a)	If the Trustee or any Holder receives any payment with respect to the Securities, whether in cash, property or securities (other than with securities that are
subordinated to at least the same extent as the Securities are to the Senior Debt), then, if there exists and during the continuation of any Senior Debt Default, such payment shall be held by the Trustee or such Holder, in trust for the benefit of,
and shall be paid forthwith over and delivered to, the holders of Senior Debt (in order of their priority, and when of equal priority, pro rata to such holders of equal priority on the basis of the amounts of Senior Debt held by such holders) for
application to the payment of all Obligations with respect to Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full, in cash, cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, in
accordance with the terms of such Senior Debt, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. 

  

	 	(b)	With respect to the holders of Senior Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this
Article, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt, and shall not
be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of Holders or the Company or any other Person money or assets to which any holders of Senior Debt shall be entitled by virtue of this Article, except if such
payment is made as a result of the willful misconduct or negligence of the Trustee. 

 Section 10.5 LIMITATION ON ACTION AGAINST
COLLATERAL 
 The Trustee and each Holder by accepting a Security hereunder hereby waives the right to enforce any rights
respecting the grant of collateral security effected pursuant to Article 12 (including without limitation the right to foreclose, engage in strict foreclosure, or exercise any other rights under the Collateral Documents or applicable law) until the
earlier of (i) the Senior Debt Payout Date or (ii) 180 days following the date of an uncured Event of Default under this Indenture (unless such Event of Default 

  
 43 

 
shall have been waived in accordance with Section 6.4 prior to the expiration of the 180-day period), or an event of default under or with respect to Obligations that are junior to
Securities; provided, that if prior to the expiration of such 180-day period, the holders of Senior Debt have commenced a judicial proceeding or non-judicial action to collect or enforce any rights or claims against the Company, the Guarantor or any
other direct or indirect Subsidiary or Affiliate of the Company, or foreclose on any collateral securing the Senior Debt, or a case or proceeding by or against the Company, Borrower the Guarantor or any other direct or indirect Subsidiary or
Affiliate of the Company is commenced under any Bankruptcy Law or any other insolvency law, then such 180-day period shall be extended until the Senior Debt Payout Date, or the dismissal of such proceedings, whichever event comes first. 

Section 10.6 NOTICE BY COMPANY 

The Company shall promptly notify the Trustee and the Paying Agent in writing of any facts known to the Company that would cause a payment
of any Obligations with respect to the Company to violate this Article, but failure to give such notice shall not affect the subordination of the Securities to the Senior Debt as provided in this Article. 

Section 10.7 SUBROGATION 
 After
all Senior Debt is paid in full, in cash, cash equivalents or otherwise in a manner satisfactory to the holders of such Senior Debt, and until the Securities are paid in full, Holders shall be subrogated (equally and ratably with all other
Indebtedness that is Pari Passu Debt) to the rights of holders of Senior Debt to receive distributions applicable to Senior Debt to the extent that distributions otherwise payable to the Holders have been applied to the payment of Senior Debt.

 Section 10.8 RELATIVE RIGHTS 
  

	 	(a)	This Article defines the relative rights of and between the Holders and holders of Senior Debt. Nothing in this Indenture shall: 

 

	 	(i)	impair, as between the Company and the Holders, the obligations of the Company, which are absolute and unconditional, to pay principal of and interest on the Securities
in accordance with their terms; 

  

	 	(ii)	affect the relative rights of the Holders and creditors of the Company other than their rights in relation to holders of Senior Debt; or 

 

	 	(iii)	prevent the Trustee or any Holder from exercising its available remedies upon a Default or Event of Default, subject to the rights of holders and owners of Senior Debt
to receive distributions and payments otherwise payable to the Holders as described herein. 

  

	 	(b)	If the Company fails because of this Article to pay principal of or interest on a Security on the due date, the failure is still a Default or Event of Default.

 Section 10.9 SUBORDINATION MAY NOT BE IMPAIRED BY THE COMPANY OR HOLDERS OF SENIOR DEBT 

 

	 	(a)	No right of any present or future holder of Senior Debt to enforce the subordination of the Indebtedness evidenced by the Securities and the Obligations related thereto
shall be prejudiced or impaired by any act or failure to act by any such holder of Senior Debt or by the Company, the Trustee or any Agent or by the failure of the Company to comply with this Indenture, regardless of any knowledge thereof which any
such holder may have or otherwise be charged with. 

  
 44 

	 	(b)	Without limiting the effect of the preceding paragraph, any holder of Senior Debt may at any time and from time to time without the consent of or notice to any other
holder or to the Trustee, without impairing or releasing any of the rights of any holder of Senior Debt under this Indenture, upon or without any terms or conditions and in whole or in part: 

 

	 	(i)	change the manner, place or term of payment, or change or extend the time of payment of, renew or alter any Senior Debt or any other liability of the Company to such
holder, any security therefor, or any liability incurred directly or indirectly in respect thereof, and the provisions of this Article 10 shall apply to the Senior Debt as so changed, extended, renewed or altered; 

 

	 	(ii)	notwithstanding the provisions of Section 5.1, sell, exchange, release, surrender, realize upon or otherwise deal with in any manner and in any order any property
by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, any Senior Debt or any other liability of the Company to such holder or any other liabilities incurred directly or indirectly in respect thereof or hereof or any offset
thereagainst; 

  

	 	(iii)	exercise or refrain from exercising any rights or remedies against the Company or others or otherwise act or refrain from acting or, for any reason, fail to file,
record or otherwise perfect any security interest in or lien on any property of the Company or any other Person; and 

  

	 	(iv)	settle or compromise any Senior Debt or any other liability of the Company to such holder, or any security therefor, or any liability incurred directly or indirectly in
respect thereof. 

  

	 	(c)	All rights and interests under this Indenture of any holder of Senior Debt and all agreements and obligations of the Trustee, the Holders, and the Company under Article
6 and under this Article 10 shall remain in full force and effect irrespective of (i) any lack of validity or enforceability of any agreement or instrument relating to any Senior Debt or (ii) any other circumstance that might otherwise
constitute a defense available to, or a discharge of, the Trustee, any Holder, or the Company. 

  

	 	(d)	Any holder of Senior Debt is hereby authorized to demand specific performance of the provisions of this Article 10, whether or not the Company shall have complied with
any of the provisions of this Article 10 applicable to it, at any time when the Trustee or any Holder shall have failed to comply with any of these provisions. The Trustee and the Holders irrevocably waive any defense based on the adequacy of a
remedy at law that might be asserted as a bar to such remedy of specific performance. 

  

	 	(e)	Each Holder by accepting a Security hereby agrees that the subordination provisions contained in this Indenture are for the benefit of the holders of Senior Debt and,
as such, these subordination provisions shall not impose any obligations on the holders of any Senior Debt with respect to either the transaction documents to which the Senior Debt relates or to the Senior Debt itself. 

  
 45 

 Section 10.10 LIMITATIONS ON REMEDIES IN EVENT OF DEFAULT 

Notwithstanding anything to the contrary herein including in this Article 10, the Company, the Trustee, and each Holder by accepting a
Security, hereby agrees that they shall not take any actions to file a petition in bankruptcy against the Company, any Subsidiary or Affiliate without the prior written consent of the holders of the Senior Debt or unless one year and one day shall
have elapsed after the Senior Debt have been indefeasibly paid in full, in cash, and the related transaction documents to which the holders of Senior Debt are a party have been terminated. 
 Section 10.11 DISTRIBUTION OR NOTICE TO REPRESENTATIVE 
  

	 	(a)	Whenever a distribution is to be made or a notice given to holders of Senior Debt, the distribution may be made and the notice given to their representatives.

  

	 	(b)	Upon any payment or distribution of assets of the Company referred to in this Article 10, the Trustee and the Holders shall be entitled to rely upon any order or decree
made by any court of competent jurisdiction in which bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending or upon any certificate of any representative of any holder of Senior Debt or of the liquidating trustee
or agent or other Person making any distribution, delivered to the Trustee or to the Holders, for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Debt and other Indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 10. 

 Section 10.12 RIGHTS OF TRUSTEE AND PAYING AGENT 
  

	 	(a)	Notwithstanding the provisions of this Article 10 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any
facts which would prohibit the making of any payment or distribution by the Trustee, or the taking of any action by the Trustee, and the Trustee or Paying Agent may continue to make payments on the Securities unless it shall have received at its
Corporate Trust Office at least five Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Securities to violate this Article, which notice, unless specified by a
holder of Senior Debt as such, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such notice. Only the Company or a holder of Senior Debt may give the notice. Nothing in this Article 10 shall apply to amounts due to,
or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7. 

  

	 	(b)	The Trustee in its individual or any other capacity may hold Senior Debt with the same rights it would have if it were not Trustee. Any Agent may do the same with like
rights. 

 Section 10.13 AUTHORIZATION TO EFFECT SUBORDINATION 

Each Holder of a Security by his, her or its acceptance thereof authorizes and directs the Trustee on behalf of such Holder to take such
action as may be necessary or appropriate to effectuate, as between the holders of Senior Debt and the Holders, the subordination as provided in this Article 10, and appoints the Trustee his attorney-in-fact for any and all such purposes.

  
 46 

 Section 10.14 APPLICABILITY TO PAYING AGENT 

In case at any time any Paying Agent (other than the Trustee or the Company) shall have been appointed by the Company and be then acting
hereunder, the term “Trustee” as used in this Article 10 shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if
such Paying Agent were named in this Article 10 in addition to or in place of the Trustee. 
 Section 10.15 CERTAIN ACKNOWLEDGMENTS TO AND
AGREEMENTS IN FAVOR OF HOLDERS OF SENIOR DEBT 
  

	 	(a)	Until the Senior Payout Date, the Trustee and each Holder agrees as follows: 

 

	 	(i)	It will not challenge, avoid, subordinate or contest or directly or indirectly support any other Person in challenging, avoiding, subordinating or contesting in any
judicial or other proceeding, including without limitation any Bankruptcy proceeding, the priority, attachment, validity, extent, perfection or enforceability of any Lien or other adverse claim held by any holder of Senior Debt.

  

	 	(ii)	It will not interfere with any state law collection or foreclosure action brought by or on behalf of any holder of Senior Debt with respect to any collateral securing
Obligations owed to any such holder, including without limitation any judicial or non-judicial foreclosure action. 

  

	 	(iii)	It will not object to or oppose a sale or other disposition of any collateral securing Obligations owed to any holder of Senior Debt, free and clear of Liens or other
claims of the Holders under this Indenture, under Section 363 of the U.S. Bankruptcy Code or any other applicable law if the holders of Senior Debt have consented to such sale or disposition. 

 

	 	(iv)	It agrees to turn over to the holders of Senior Debt any “adequate protection” of its interest in any Collateral that it receives in any case or proceeding
relating to any Bankruptcy to the extent necessary to make the holders of Senior Debt whole, and agrees that it will not seek to have the automatic stay lifted with respect to any Collateral, appoint a Chapter 11 trustee under Section 1104 of
the U.S. Bankruptcy Code or convert or dismiss such case or proceeding under Section 1112 of the U.S. Bankruptcy Code, in each case without the prior written consent of the holders of Senior Debt. 

 

	 	(v)	In the event any proceeds of Collateral are received by a Holder or the Trustee for application to Obligations under this Indenture other than as expressly permitted by
the terms of this Indenture, such proceeds shall be received by the Holder or Trustee, as the case may be, in trust for the benefit of the holders of Senior Debt, and the Holder or the Trustee, as the case may be, shall promptly turn over such
proceeds to the holders of Senior Debt (or the trustee(s) for the Senior Debt, if any) in the same form as received, with any necessary endorsement. Upon the Senior Payout Date, any remaining proceeds of the Collateral shall be delivered to the
Trustee and applied to the Obligations hereunder, except as otherwise required pursuant to applicable law. In the event any proceeds of collateral securing any Senior Debt and related Obligations are received by a Holder or the Trustee, such Person
will hold such proceeds in trust for the benefit of the holders of Senior Debt and shall promptly turn over such proceeds to the holders of Senior Debt for application in accordance with the terms of the transaction documents to which such Senior
Debt relates. 

  
 47 

	 	(b)	The holders of Senior Debt have permitted the incurrence of the Obligations under this Indenture in reliance on this Agreement. Accordingly, each of the Trustee and
each Holder expressly waives: (i) notice of acceptance by the holders of Senior Debt of this Agreement; (ii) notice of the existence or fact of non-payment of all or any part of any Senior Debt and related Obligations; (iii) all
diligence in collection or protection of or realization upon all or any part of any collateral or any other guaranty or security and any requirement that any holder of Senior Debt protect, secure, perfect or insure any Lien or any Property (as
defined below) subject thereto or exhaust any right or take any action against the obligor or any other Person or any such Property; (iv) promptness, diligence, notice of acceptance and any other notice with respect to any Senior Debt and
related Obligations; and (v) to the fullest extent permitted by applicable law, and except as otherwise expressly provided hereunder for the benefit of the holders of Senior Debt, all of its rights as a secured creditor (other than the right to
receive notice of the sale or other disposition of the Collateral and the right to receive, in accordance with Section 9-615 of the UCC, proceeds of such sale or other disposition, if any, remaining after the application of such proceeds to pay
in full, in cash, the Senior Debt and related Obligations and the occurrence of the Senior Payout Date) in connection with any dealing in the Collateral (or other collateral) by a holder of Senior Debt. For the purposes hereof,
“Property” means, with respect to any Person, all property and interests in property of such Person, whether real, personal or mixed, whether now owned or existing or hereafter acquired or arising and wheresoever located.

  

	 	(c)	Each of the Trustee and each Holders hereby waives, to the fullest extent permitted by applicable law, any rights it may have under applicable law to assert the
doctrine of marshaling or otherwise to require a holder of Senior Debt to marshal any property of the Company, the Guarantor or any other direct or indirect Subsidiary or Affiliate of the Company for the benefit of the Trustee or any Holder and any
valuation, stay or appraisement laws. 

  

	 	(d)	 The Company, Guarantor, Trustee and each Holder acknowledge and agree that (i) all SPV Collateral constitutes property of the relevant SPV Entity
and/or the relevant Master Trust and, in either case, is subject to the first priority perfected security interest of the applicable holder of Senior Debt (or an agent or other intermediary on behalf of such holder) pursuant to the transaction
documents to which such Senior Debt relates, (ii) none of the Company, the Guarantor, the Trustee or any Holder has any lien, claim, encumbrance, security interest or other interest in any of such SPV Collateral (it being acknowledged and
agreed that the Guarantor’s membership interest in GWG DLP Funding II, LLC does not constitute SPV Collateral), (iii) if an asset or other item of Property hereafter becomes included in the SPV Collateral or the Company or the Guarantor
(or any other Person) otherwise transfers (or purports to transfer) any asset or other item of Property to an SPV Entity or the Master Trust, then any lien, claim, encumbrance, security interest or other interest the Company, the Guarantor, the
Trustee or any Holder (or such other Person) or any Holder may have in such asset or other Property shall be automatically and irrevocably released without any further action by any Person, and (iv) if for any reason the Company, the Guarantor,
the Trustee or any Holder is determined to have retained or to hold any interest in any such asset or Property, then any lien, claim, encumbrance, security interest or other interest that the

  
 48 

	 	
Company, the Guarantor, the Trustee or any Holder, as the case may be, may have in such asset or Property shall in all respects be junior and subordinate to the security interest of the holder of
Senior Debt (or its agent, as the case may be) for the benefit of itself and the other related holders of Senior Debt that are the beneficiaries of such security interest under the transaction documents to which such Senior Debt relates.

 Section 10.16 OTHER SUBORDINATION MATTERS 
  

	 	(a)	The agreements contained in this Article 10 shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Senior Debt is
rescinded or must otherwise be returned by any holder of Senior Debt upon the insolvency, bankruptcy or reorganization of the Company or otherwise, all as though such payment had not been made. 

 

	 	(b)	The Trustee shall notify all holders of Senior Debt (of whose identity the Trustee has received reasonable advance written notice) of the existence of any Default or
Event of Default under Section 6.1 promptly after a Responsible Officer of the Trustee actually becomes aware thereof; provided, that at least five Business Days prior to the notification of any holder of Senior Debt under this Section, the
Trustee shall provide the Company with notice of its intent to provide such notification; provided further, that no defect in the form or delivery of the Trustee’s notice to the Company shall preclude the timely notice by the Trustee to the
holders of Senior Debt. 

  

	 	(c)	The holders of Senior Debt may assign any or all of their respective rights under this Article 10 to any other Person and without the consent of any other party or
Person. 

 ARTICLE 11 
 GUARANTEE 
 Section 11.1 GUARANTEE 

 

	 	(a)	Subject to this Article 11, the Guarantor unconditionally guarantees to each Holder of the Securities that: 

 

	 	(i)	the principal of and interest on the Securities will be promptly paid in full when due, whether upon maturity, by acceleration, redemption or otherwise, and interest on
the overdue principal of and interest on the Securities, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder, will be promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and 

  

	 	(ii)	in the case of any extension of time of or for the payment or renewal of any Securities or any such other Obligations, that the same will be promptly paid in full when
due or performed in accordance with the terms of the extension or renewal, whether upon stated maturity, by acceleration or otherwise. 

  

	 	(b)	Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will be obligated to pay the same immediately.
The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

  
 49 

	 	(c)	The Guarantor hereby agrees that its obligations hereunder are 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 of the Securities with respect to any provisions hereof, the recovery of any judgment against the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of
the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Guarantee will not be discharged except by complete performance of the obligations contained in the
Securities and this Indenture. 

  

	 	(d)	If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor or any custodian, trustee, liquidator or other similar
official acting in relation to either the Company or the Guarantor, any amount paid either to the Trustee or such Holder, then this Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

  

	 	(e)	The Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any Obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article 6 for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (ii) in the event of any
declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantor for the purpose of this Guarantee. 

Section 11.2 LIMITATION ON GUARANTOR LIABILITY 
 The Guarantor, and by its acceptance of the Securities, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer
or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to the Guarantee. To effectuate the foregoing intention, the
Trustee, the Holders and the Guarantor hereby irrevocably agree that the Obligations of the Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such
Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other guarantor in respect of the obligations of such other guarantor
hereunder, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 11.3
EXECUTION AND DELIVERY OF GUARANTY 
 To evidence its Guarantee set forth in Section 11.1, the Guarantor hereby agrees that
a notation of such Guarantee substantially in the form attached hereto as Exhibit C will be endorsed by an Officer of such Guarantor on each Security authenticated and delivered by the Trustee or the Company and that this
Indenture will be executed on behalf of such Guarantor by one of its Officers. The Guarantor hereby agrees that its Guarantee set forth in Section 11.1 will remain in full force and effect notwithstanding any failure to endorse on each Security
a notation of such Guarantee. If an Officer 

  
 50 

 
whose signature is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Security on which a Guarantee is endorsed, the Guarantee will be
valid nevertheless. The delivery of any Security by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantor. 

Section 11.04 RELEASES 
  

	 	(a)	In the event of any sale or other disposition of all or substantially all of the assets of the Guarantor, by way of merger, consolidation or otherwise, or a sale or
other disposition of all of the membership interests in the Guarantor, in each case to a Person that is not (either before or after giving effect to such transactions) the Company or an Affiliate of the Company, then the Guarantor (in the event of a
sale or other disposition, by way of merger, consolidation or otherwise, of all of the membership interests in the Guarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets
of the Guarantor) will be released and relieved of any obligations under the Guarantee and the Lien on the Collateral of such Guarantor under the Pledge and Security Agreement; provided, that the Net Proceeds of such sale or other disposition are
applied in accordance with the applicable provisions of this Indenture, and the Guarantor ceases to be a majority-owned Subsidiary of the Company or any affiliate thereof, as a result of the sale or other disposition. 

 

	 	(b)	Upon satisfaction and discharge of this Indenture in accordance with Article 8, the Guarantor will be released and relieved of any obligations under its Guarantee.

 ARTICLE 12 
 COLLATERAL AND SECURITY 
 Section 12.1 COLLATERAL DOCUMENTS 

 

	 	(a)	The due and punctual payment of the principal of and interest, if any, on the Securities when and as the same shall be due and payable on any Payment Date (whether upon
maturity, by acceleration, repurchase, redemption or otherwise), and interest on the overdue principal of and defaulted interest (to the extent permitted by law), if any, on the Securities and performance of all other obligations of the Company and
the Guarantor to the Holders of Securities or the Trustee under this Indenture and the Securities, according to the terms hereunder or thereunder, shall be secured as provided in the Collateral Documents. Each Holder of Securities, by its acceptance
thereof, consents and agrees to the terms of the Collateral Documents (including without limitation the provisions respecting the foreclosure on and release of the Collateral) as the same may be in effect or may be amended from time to time in
accordance with their terms and authorizes and directs the Trustee to enter into the Collateral Documents and to perform its obligations and exercise its rights thereunder in accordance therewith. 

 

	 	(b)	 The Company and the Guarantor shall do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the
provisions of any Collateral Document, to assure and confirm to the Trustee the security interest in the Collateral contemplated hereby, by any Collateral Document or any part thereof, as from time to time constituted, so as to render the same
available for the security and benefit of the Holders of Securities under this Indenture, according to the intent and purposes herein expressed. The Company shall take, or shall cause its Subsidiaries to take, upon request of the Trustee, any and
all actions reasonably required to cause the Collateral Documents 

  
 51 

	 	
to create and maintain, as security for the Obligations of the Company and Guarantor hereunder, a valid and enforceable perfected Lien in and on all of the Collateral, in favor of the Trustee for
the benefit of the Holders of Securities under this Indenture, which security interest is superior to and prior to the rights of all third Persons and subject to no other Liens other than Permitted Liens. 

 

	 	(c)	The Company and the Guarantor shall pledge as additional Collateral all After-Acquired Property, subject to Permitted Liens. The Company and the Guarantor shall also
use all commercially reasonable efforts to ensure that any material contract or agreement relating to After-Acquired Property will not contain provisions that would impair or prevent the creation of a security interest therein or result in such
contract or After-Acquired Property being excluded from the Collateral. 

  

	 	(d)	The Company, the Guarantor and the Trustee are also party to (i) the Intercreditor Agreement, which agreement is a Collateral Document, the purpose of which is to
ensure ratable and pari passu rights with respect to certain Collateral as among the Holders of the Securities and the holders of Guarantor Secured Notes, and (ii) the Pledge and Security Agreement, which agreement is a Collateral Document, the
purpose of which is to effect the grant of security interests in the Collateral. The terms and conditions of the Intercreditor Agreement and the Pledge and Security Agreement are incorporated herein by this reference. 

Section 12.2 RECORDING AND OPINION 
  

	 	(a)	The Company shall furnish to the Trustee contemporaneously with the execution and delivery of this Indenture and the Collateral Documents an Opinion of Counsel stating
that in the opinion of such counsel the Collateral Documents are effective to create a Lien in the collateral described therein to the extent that the Company has rights in or the power to transfer such collateral. 

 

	 	(b)	The Company shall otherwise comply with the provisions of TIA §314(b). 

 Section 12.3 RELEASE OF COLLATERAL 
  

	 	(a)	Subject to paragraphs (b), (c) and (d) below, Collateral shall automatically be released from the Lien and security interest created by the Collateral
Documents at any time or from time to time in accordance with the provisions of the Collateral Documents or as provided hereby. In addition, upon the request of the Company pursuant to an Officers Certificate certifying that all conditions precedent
hereunder have been met and stating whether or not such release is in connection with an asset sale by the Company or the Guarantor (at the sole cost and expense of the Company and without any recourse, representation or warranty), the Trustee shall
release Collateral that is sold, conveyed or disposed of in compliance with the provisions of this Indenture; provided, that if such sale, conveyance or disposition constitutes a sale of assets, the Net Proceeds of such asset sale are applied in
accordance with the applicable provisions of this Indenture. Upon receipt of such Officers Certificate, the Trustee shall, at the sole cost and expense of the Company and without recourse, representation or warranty, execute, deliver or acknowledge
any necessary or proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Collateral Documents. 

  
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	 	(b)	No Collateral shall be released from the Liens and security interest created by the Collateral Documents pursuant to the provisions of the Collateral Documents unless
there shall have been delivered to the Trustee the Officers Certificate required by this Section. 

  

	 	(c)	At any time when a Default or Event of Default shall have occurred and be continuing, the maturity of the Securities shall have been accelerated (whether by declaration
or otherwise), and the Trustee shall have delivered a notice of acceleration to the Company, no release of Collateral pursuant to the provisions of the Collateral Documents shall be effective as against the Holders of Securities.

  

	 	(d)	The release of any Collateral from the terms of this Indenture and the Collateral Documents shall not be deemed to impair the security under this Indenture in
contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms hereof. To the extent applicable, the Company shall cause TIA §313(b), relating to reports, and TIA §314(d), relating to the
release of property or securities from the Lien and security interest of the Collateral Documents and relating to the substitution therefor of any property or securities to be subjected to the Lien and security interest of the Collateral Documents,
to be complied with. Any certificate or opinion required by TIA §314(d) may be made by an Officer of the Company except in cases where TIA §314(d) requires that such certificate or opinion be made by an independent Person, which Person
shall be an independent engineer, appraiser or other expert selected or approved by the Trustee in the exercise of reasonable care. 

 Section 12.4 CERTIFICATES OF THE COMPANY; OPINION OF COUNSEL 
 The Company or the
Guarantor, as applicable, shall furnish to the Trustee, prior to each proposed release of Collateral pursuant to any Collateral Document, (i) all documents required by TIA §314(d) and (ii) an Opinion of Counsel to the effect that such
accompanying documents constitute all documents required by TIA §314(d). The Trustee may, to the extent permitted by Section 7.2 and Section 7.3, accept as conclusive evidence of compliance with the foregoing provisions the
appropriate statements contained in such documents and such Opinion of Counsel. 
 Section 12.5 CERTIFICATES OF THE TRUSTEE 

In the event that the Company or the Guarantor wishes to release Collateral in accordance with the Collateral Documents and has delivered
the certificates and documents required by the Collateral Documents and Section 12.3 and Section 12.4, the Trustee shall determine whether it has received all documentation required by TIA §314(d) in connection with such release and,
based on such determination and the Opinion of Counsel delivered pursuant to Section 12.4, shall deliver a certificate to the Collateral Agent setting forth such determination. 
 Section 12.6 AUTHORIZATION OF ACTIONS TO BE TAKEN BY THE TRUSTEE UNDER THE COLLATERAL DOCUMENTS 
 Subject to the provisions of Section 7.2 and Section 7.3, the Trustee may, on behalf of the Holders of Securities, take all actions it deems necessary or appropriate in order to (a) enforce
any of the terms of the Collateral Documents and (b) collect and receive any and all amounts payable in respect of the Obligations of the Company or Guarantor hereunder. The Trustee shall have power to institute and maintain such suits and
proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Collateral Documents or this Indenture, and such suits and proceedings as the Trustee may deem expedient to
preserve or protect its interests and the 

  
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interests of the Holders of Securities in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other
governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the
Holders of Securities or of the Trustee). Notwithstanding the foregoing, the Trustee shall be entitled to seek direction from the Holders regarding those actions to be taken and a majority in principal amount of the then-outstanding Securities shall
have the right to direct those actions to be taken by the Trustee, on the condition that indemnification for the Trustee’s fees and expenses, in a form reasonably satisfactory to the Trustee, shall have been provided. Nevertheless, the Trustee
may refuse to follow any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability. 

Section 12.7 AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER THE COLLATERAL AGREEMENT 

The Trustee is authorized to receive any funds for the benefit of the Holders of Securities distributed under the Collateral Documents,
and to make further distributions of such funds to the Holders of Securities according to the provisions of this Indenture. 
 Section 12.8
TERMINATION OF SECURITY INTEREST 
 Upon the payment in full of all Obligations of the Company and the Guarantor under this
Indenture and the Securities, or upon legal defeasance, the Trustee shall, at the request and sole cost and expense of the Company, deliver a certificate to the Company stating that such Obligations have been paid in full, and release the Liens
pursuant to this Indenture and the Collateral Documents. 
 ARTICLE 13 

GENERAL PROVISIONS 
 Section 13.1
TRUST INDENTURE ACT CONTROLS 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA
§318(c), the imposed duties shall control. 
 Section 13.2 NOTICES 

 

	 	(a)	Any notice, instruction, direction, request or other communication by the Company, the Trustee or any other holder of Senior Debt to the others is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the other’s address: 

If to the Company: 
 GWG Holdings, Inc. 
 220 South Sixth Street, Suite 1200 

Minneapolis, MN 55402 
 Attention: Chief Executive Officer and Chief Financial Officer 
 Telecopier:
(612) 746-0445 

  
 54 

 With a copy to: 
 Maslon Edelman Borman and Brand, LLP 
 3300 Wells Fargo Center 

90 South Seventh Street 
 Minneapolis, MN 55402 
 Attention: Paul Chestovich 

Telecopier: (612) 642-8305 
 If to the Trustee: 
 Bank of Utah 

200 E. South Temple, Suite 210 
 Salt Lake City, UT 84111 
 Attention: GWG Holdings, Inc., Administrator 

Telecopier: (801) 746-3519 
 If to a holder of Senior Debt, such address as such holder of Senior Debt shall have provided in writing to the Company and the Trustee. 

 

	 	(b)	The Company, the Trustee or a holder of Senior Debt by notice to the Company and the Trustee may designate additional or different addresses for subsequent notices or
communications. 

  

	 	(c)	All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: (i) at the time delivered by hand, if personally
delivered; (ii) on the date mailed if deposited in the mail, postage prepaid and certified; (iii) three Business Days after deposit in the mail, postage prepaid, first class but not certified; (iv) when receipt is acknowledged, if
faxed; (v) on the next Business Day after having been sent by electronic communication to a pre-designated e-mail address; (vi) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery; or (vii) when actually received by the recipient, if sent in some other manner not specified above. 

  

	 	(d)	Any notice or communication to a Holder shall be mailed by certified first-class mail to his address shown on the register kept by the Registrar or sent by electronic
communication to a pre-designated e-mail address. Notices mailed or sent by electronic communication as described in the preceding sentence shall be deemed to have been duly given (i) on the date mailed if deposited in the mail, postage prepaid
and certified, or (ii) on the next Business Day after having been sent by electronic communication. 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.

  

	 	(e)	If a notice or communication is mailed in the manner provided in subparagraphs (c) or (d) above within the time prescribed, it is duly given, whether or not
the addressee receives it. 

  

	 	(f)	If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

  
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 Section 13.3 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 Trustee shall be subject to §312(b). The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA §312(c). 
 Section 13.4 CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT 
 Upon any request
or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 
  

	 	(a)	an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 13.5) 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 complied with; and 

 

	 	(b)	an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 13.5) stating that, in
the opinion of such counsel, all such conditions precedent and covenants have been complied with. 

 Section 13.5 STATEMENTS
REQUIRED IN CERTIFICATE OR OPINION 
 Each certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to TIA §314(a)(4)) shall include: 
  

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

 

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

  

	 	(c)	a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion whether such
covenant or condition has been complied with; and 

  

	 	(d)	a statement whether, in the opinion of such Person, such condition or covenant has been complied with. 

Section 13.6 RULES BY TRUSTEE AND AGENTS 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 13.7 NO RECOURSE AGAINST OTHERS 
 No director, Officer, employee, agent, manager or stockholder of the Company as such, shall have any liability for any Obligations of the Company under the Securities or this Indenture or for any claim
based on, in respect of or by reason of such Obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. 

  
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 Section 13.8 DUPLICATE ORIGINALS 
 The parties may sign any number of copies of this Indenture. One signed copy is enough to prove this Indenture. 
 Section 13.9 GOVERNING LAW 
 THE INTERNAL LAW OF THE STATE OF DELAWARE SHALL GOVERN
THIS INDENTURE AND THE SECURITIES, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF. 
 Section 13.10 NO ADVERSE INTERPRETATION OF
OTHER AGREEMENTS 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company. Any
such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 13.11 SUCCESSORS 

All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors. 
 Section 13.12 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 13.13 SPECIFIC PERFORMANCE 
 The holders of Senior Debt shall be entitled to specific performance of those provisions of this Indenture set forth in Article 10 and Article 12, and the Trustee and each Holder by accepting a Security
hereby waives any rights to contest the entitlement of any holders of Senior Debt to the same. 
 Section 13.14 COUNTERPART ORIGINALS

 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. 
 Section 13.15 TABLE OF CONTENTS, HEADINGS, ETC. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions thereof. 
 Section 13.16 TRUSTEE’S CAPACITY. 
 Bank of Utah (“BOU”) is
executing this Agreement solely in its capacity as Trustee and not in its individual capacity (except as expressly stated herein) and in no case shall BOU (or any entity acting as Trustee hereunder) be personally liable for or on account of any of
the statements, representations, warranties, covenants or obligations stated to be those of the Trustee hereunder, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through, or under such party;
provided, however, that BOU (or any such successor trustee) shall be personally liable hereunder for its own gross negligence or willful misconduct or for its breach of its covenants, representations and warranties contained herein, to the extent
covenanted or made in its individual capacity. 
 * * * * * 

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

			
	OBLIGOR:
	
	GWG HOLDINGS, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	GUARANTOR:
	
	GWG LIFE SETTLEMENTS, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	TRUSTEE:
	
	BANK OF UTAH, not in its individual capacity but solely as Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Signature Page – Indenture 

dated as of
                    , 2011 

 EXHIBIT A 
 FORM OF DEBENTURE 

 EXHIBIT B 
 FORM OF SUBSCRIPTION AGREEMENT 

 EXHIBIT C 
 FORM OF GUARANTEE NOTATION 
 FOR VALUE RECEIVED, the Guarantor (which term
includes any successor Person under the Indenture) has, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of
                    , 2011 (the “Indenture”) by and among GWG Holdings, Inc. (the “Company”), the Guarantor party thereto
and Bank of Utah, as trustee (the “Trustee”), (i) the due and punctual payment of the principal of, premium and interest on, these Securities, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment
of interest on overdue principal of and interest on these Securities, if any, if lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and
(ii) in case of any extension of time of payment or renewal of these Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise. 
 The obligations of the Guarantor to the Holders of Securities and
to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 

 

			
	GWG LIFE SETTLEMENTS, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 EXHIBIT D 
 FORM OF PLEDGE AND SECURITY AGREEMENT 

 EXHIBIT E 
 FORM OF INTERCREDITOR AGREEMENT

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