Document:

exhibit41-ppcxindenture2

Exhibit 4.1       #94369610v2  #94369610v7     PILGRIM’S PRIDE CORPORATION  as Issuer,  PILGRIM’S PRIDE CORPORATION OF WEST VIRGINIA, INC., GOLD’N PLUMP  POULTRY, LLC, GOLD’N PLUMP FARMS, LLC and JFC LLC,  as Guarantors,  and  REGIONS BANK,  as Trustee  INDENTURE  Dated as of April 8, 2021  4.250% Sustainability-Linked Senior Notes due 2031      

 

  i        TABLE OF CONTENTS  PAGE  ARTICLE 1  Definitions and Incorporation by Reference 1  Section 1.01. Definitions. ...............................................................................................................1  Section 1.02. Other Definitions. ..................................................................................................37  Section 1.03. Incorporation by Reference of Trust Indenture Act. ..............................................38  Section 1.04. Rules of Construction. ............................................................................................39  ARTICLE 2  The Notes 40  Section 2.01. Form and Dating....................................................................................................40  Section 2.02. Execution, Authentication and Denomination; Additional Notes. .........................41  Section 2.03. Registrar and Paying Agent. ..................................................................................42  Section 2.04. Paying Agent To Hold Assets in Trust. ..................................................................42  Section 2.05. Holder Lists. ...........................................................................................................43  Section 2.06. Transfer and Exchange. .........................................................................................43  Section 2.07. Replacement Notes. ................................................................................................44  Section 2.08. Outstanding Notes. .................................................................................................44  Section 2.09. Treasury Notes. ......................................................................................................44  Section 2.10. Temporary Notes. ...................................................................................................45  Section 2.11. Cancellation. ..........................................................................................................45  Section 2.12. Defaulted Interest...................................................................................................45  Section 2.13. CUSIP and ISIN Numbers. ....................................................................................45  Section 2.14. Deposit of Moneys..................................................................................................46  Section 2.15. Book-Entry Provisions for Global Notes. ..............................................................46  Section 2.16. Special Transfer and Exchange Provisions. ..........................................................47  Section 2.17. [RESERVED] .........................................................................................................51  Section 2.18. Notes Held by Affiliates. ........................................................................................51  Section 2.19. Open Market Purchases. ........................................................................................52  ARTICLE 3  Redemption 52  Section 3.01. Notices to Trustee. .................................................................................................52  Section 3.02. Selection of Notes To Be Redeemed. ......................................................................52  Section 3.03. Notice of Redemption. ............................................................................................53  Section 3.04. Effect of Notice of Redemption. .............................................................................54  Section 3.05. Deposit of Redemption Price. ................................................................................55  Section 3.06. Notes Redeemed in Part. ........................................................................................55  ARTICLE 4  Covenants of the Company 55  Section 4.01. Payment of Notes. ..................................................................................................55  

 

  ii        Section 4.02. Maintenance of Office or Agency. .........................................................................55  Section 4.03. Corporate Existence...............................................................................................56  Section 4.04. Payment of Taxes. ..................................................................................................56  Section 4.05. Compliance Certificate; Notice of Default. ...........................................................56  Section 4.06. Waiver of Stay, Extension or Usury Laws. ............................................................57  Section 4.07. Change of Control Triggering Event. ....................................................................57  Section 4.08. Limitation on Incurrence of Additional Debt and Issuance of Capital Stock. .......59  Section 4.09. Limitation on Restricted Payments. .......................................................................64  Section 4.10. Limitation on Liens. ...............................................................................................70  Section 4.11. Limitation on Asset Sales. ......................................................................................70  Section 4.12. Limitation on Restrictions on Distributions from Restricted Subsidiaries. ...........74  Section 4.13. Limitation on Affiliate Transactions. .....................................................................76  Section 4.14. Designation of Restricted and Unrestricted Subsidiaries. .....................................79  Section 4.15. Limitation on Guarantees of Debt by Restricted Subsidiaries. .............................79  Section 4.16. Reports of the Company. ........................................................................................80  Section 4.17. Suspension of Covenants........................................................................................81  Section 4.18. Measuring Compliance. .........................................................................................82  ARTICLE 5  Successor Corporation 85  Section 5.01. Mergers, Consolidations, Etc. ...............................................................................85  ARTICLE 6  Default and Remedies 87  Section 6.01. Events of Default. ...................................................................................................87  Section 6.02. Acceleration. ..........................................................................................................88  Section 6.03. Other Remedies. .....................................................................................................89  Section 6.04. Waiver of Past Defaults. ........................................................................................89  Section 6.05. Control by Majority. ..............................................................................................90  Section 6.06. Limitation on Suits. ................................................................................................90  Section 6.07. Rights of Holders To Receive Payment. .................................................................90  Section 6.08. Collection Suit by Trustee. .....................................................................................91  Section 6.09. Trustee May File Proofs of Claim. ........................................................................91  Section 6.10. Priorities. ...............................................................................................................91  Section 6.11. Undertaking for Costs. ...........................................................................................92  ARTICLE 7  Trustee 92  Section 7.01. Duties of Trustee. ...................................................................................................92  Section 7.02. Rights of Trustee. ...................................................................................................93  Section 7.03. Individual Rights of Trustee. ..................................................................................95  Section 7.04. Trustee’s Disclaimer. .............................................................................................95  Section 7.05. Notice of Default. ...................................................................................................96  Section 7.06. Reports by Trustee to Holders. ..............................................................................96  Section 7.07. Compensation and Indemnity. ...............................................................................96  

 

  iii        Section 7.08. Replacement of Trustee. .........................................................................................97  Section 7.09. Successor Trustee by Merger, Etc. ........................................................................98  Section 7.10. Eligibility; Disqualification. ..................................................................................98  Section 7.11. Preferential Collection of Claims Against the Company. ......................................99  ARTICLE 8  Discharge of Indenture; Defeasance 99  Section 8.01. Satisfaction and Discharge. ...................................................................................99  Section 8.02. Legal Defeasance and Covenant Defeasance. .....................................................100  Section 8.03. Conditions to Legal Defeasance or Covenant Defeasance..................................100  Section 8.04. Application of Trust Money. ................................................................................102  Section 8.05. Repayment to the Company. ................................................................................102  Section 8.06. Reinstatement. ......................................................................................................103  ARTICLE 9  Amendments, Supplements and Waivers 103  Section 9.01. Without Consent of Holders. ................................................................................103  Section 9.02. With Consent of Holders. .....................................................................................104  Section 9.03. Compliance with the Trust Indenture Act. ...........................................................105  Section 9.04. Revocation and Effect of Consents. .....................................................................105  Section 9.05. Notation on or Exchange of Notes. ......................................................................106  Section 9.06. Trustee To Sign Amendments, Etc. ......................................................................106  ARTICLE 10  Guarantee 106  Section 10.01. Guarantee. ...........................................................................................................106  Section 10.02. Limitation on Guarantor Liability. ......................................................................108  Section 10.03. Execution and Delivery of Guarantee..................................................................109  Section 10.04. Release of a Guarantor. .......................................................................................109  Section 10.05. No Waiver. ...........................................................................................................110  Section 10.06. Modification. ........................................................................................................110  ARTICLE 11  Miscellaneous 110  Section 11.01. Trust Indenture Act Controls. ..............................................................................110  Section 11.02. Notices..................................................................................................................110  Section 11.03. Communications by Holders with Other Holders. ...............................................111  Section 11.04. Certificate and Opinion as to Conditions Precedent. ..........................................112  Section 11.05. Statements Required in Certificate or Opinion. ...................................................112  Section 11.06. Rules by Paying Agent or Registrar.....................................................................112  Section 11.07. Legal Holidays. ....................................................................................................112  Section 11.08. Governing Law; Submission to Jurisdiction. .......................................................112  Section 11.09. Waiver of Jury Trial. ............................................................................................113  Section 11.10. No Adverse Interpretation of Other Agreements. ................................................113  

 

  iv        Section 11.11. No Personal Liability of Directors, Officers, Employees and Stockholders. ......113  Section 11.12. Successors. ...........................................................................................................113  Section 11.13. Duplicate Originals. ............................................................................................113  Section 11.14. Severability. .........................................................................................................114  Section 11.15. U.S.A. Patriot Act.................................................................................................114    Exhibit A - Form of Note  Exhibit B - Form of Legends  Exhibit C - Form of Certificate To Be Delivered in Connection with Transfers to Non-QIB  Accredited Investors  Exhibit D - Form of Certificate To Be Delivered in Connection with Transfers Pursuant to  Regulation S  Exhibit E - Form of Certificate To Be Delivered in Connection with Transfers of Temporary  Regulation S Global Note  Note: This Table of Contents shall not, for any purpose, be deemed to be part of this Indenture.    

 

       INDENTURE dated as of April 8, 2021 among PILGRIM’S PRIDE CORPORATION, a  Delaware corporation (the “Company”), PILGRIM’S PRIDE CORPORATION OF WEST  VIRGINIA, INC., a West Virginia corporation, GOLD’N PLUMP POULTRY, LLC, a  Minnesota limited liability company, GOLD’N PLUMP FARMS, LLC, a Minnesota limited  liability company, and JFC LLC, a Minnesota limited liability company, as Guarantors, and  REGIONS BANK, an Alabama banking corporation, as trustee (the “Trustee”).  The Company has duly authorized the creation of an issue of 4.250% Sustainability- Linked Senior Notes due 2031 and, to provide therefor, the Company and the Guarantors have  duly authorized the execution and delivery of this Indenture. All things necessary to make the  Notes (as defined below), when duly issued and executed by the Company and authenticated and  delivered hereunder, the legal, valid and binding obligations of the Company and to make this  Indenture a legal, valid and binding agreement of the Company and the Guarantors have been  done.  THIS INDENTURE WITNESSETH  For and in consideration of the premises and the purchase of the Notes by the Holders (as  defined below) thereof, the parties hereto covenant and agree, for the equal and proportionate  benefit of all Holders, as follows:  ARTICLE 1  DEFINITIONS AND INCORPORATION BY REFERENCE  Section 1.01. Definitions.  Set forth below are certain defined terms used in this Indenture.  “ABL Revolving Loan” means the revolving credit facility under the Fourth Amended  and Restated Credit Agreement dated as of July 20, 2018 (as amended), among the Company,  certain Subsidiaries of the Company, Cobank, ACB, as administrative agent and collateral agent,  and the other lenders party thereto, as the same may be amended, restated, renewed, refunded,  replaced, refinanced, supplemented or otherwise modified from time to time, including any such  replacement, refunding or refinancing facility or indenture that increases the amount permitted to  be borrowed thereunder or alters the maturity thereof or adds Restricted Subsidiaries as  additional borrowers or guarantors thereunder and whether by the same or any other agent,  lender or group of lenders.  “Acquired Debt” of any Person, means Debt of such Person or any of its Restricted  Subsidiaries existing at the time that Person becomes a Restricted Subsidiary of the Company, or  at the time it merges or consolidates with the Company, or any of its Restricted Subsidiaries or  assumed in connection with the acquisition of assets from that Person.  “Additional Assets” means:  (1) any inventory, property, plant or equipment or other long-term tangible  assets or intellectual property used or useful in a Related Business;  

 

  2     (2) the Capital Stock of a Person that becomes a Restricted Subsidiary as a  result of the acquisition of such Capital Stock by the Company or another Restricted  Subsidiary; or  (3) Capital Stock constituting a minority interest in any Person that at such  time is a Restricted Subsidiary;  provided, however, that any such Restricted Subsidiary described in clause (2) or (3) above is  primarily engaged in a Related Business.   “Affiliate” means, as to any Person, any other Person which, directly or indirectly,  through one or more intermediaries, controls, or is controlled by, or is under common control  with, such Person. The term “control” means the possession, directly or indirectly, of the power  to direct or cause the direction of the management and policies of a Person, whether through the  ownership of voting securities, by contract or otherwise; and the terms “controlling” and  “controlled” have meanings correlative to the foregoing.  “Agent” means any Registrar or Paying Agent.  “amend” means to amend, supplement, restate, amend and restate or otherwise modify,  including successively; and “amendment” shall have a correlative meaning.  “Asset Sale” means any sale, lease (other than operating leases entered into in the  ordinary course of business), transfer, issuance or other disposition (or series of related sales,  leases, transfers, issuances or dispositions that are part of a common plan) of shares of Capital  Stock of a Restricted Subsidiary (other than directors’ qualifying shares), property or other assets  (each referred to for the purposes of this definition as a “disposition”) outside the ordinary  course of business by the Company or any of its Restricted Subsidiaries (including any  disposition by means of a merger, consolidation or similar transaction) other than:   (1) a disposition by a Restricted Subsidiary to the Company or a Restricted  Subsidiary, or by the Company to a Restricted Subsidiary;   (2) a disposition of inventory in the ordinary course of business;   (3) a disposition of obsolete or worn out equipment or equipment that is no  longer useful in the conduct of the business of the Company and its Restricted  Subsidiaries and that is disposed of in each case in the ordinary course of business;   (4) a disposition or a series of related dispositions of property with a Fair  Market Value of less than $50.0 million;   (5) for purposes of Section 4.11 only, (x) the making of any Restricted  Payment or Permitted Investment that is permitted to be made and is made under Section  4.09 and (y) a disposition of all or substantially all the assets of the Company in  accordance with Sections 4.07 and 5.01;   

 

  3     (6) licenses or similar agreements with respect to intellectual property or other  general intangibles owned or licensed by the Company or any of its Restricted  Subsidiaries in the ordinary course of business;   (7) a disposition of cash or Cash Equivalents in the ordinary course of  business;   (8) a Sale and Leaseback Transaction with respect to property built or  acquired by the Company or its Restricted Subsidiaries after the Issue Date and otherwise  permitted by Sections 4.08 and 4.10;   (9) pro rata dispositions of property to joint venture partners in connection  with the dissolution or other termination of a joint venture;   (10) a transfer resulting from a casualty or condemnation of assets;   (11) any sale or disposition deemed to occur in connection with creating or  granting any Liens (but not the sale or other disposition of the property subject to such  Lien);   (12) any surrender or waiver of contract rights or the settlement, release or  surrender of contract, tort or other claim of any kind;    (13) any issuance, sale or pledge of Equity Interests in, or Debt or other  securities of, an Unrestricted Subsidiary;   (14) to the extent allowable under Section 1031 of the Code, any exchange of  like property (excluding any boot thereon) for use in a Related Business;   (15) any disposition that is a transfer of property subject to casualty or  condemnation proceedings (including in lieu thereof) upon the receipt of the net cash  proceeds therefor; provided such net cash proceeds are deemed to be Net Available Cash  and are applied in accordance with Section 4.11;   (16) sales of accounts receivable, or participations therein, in connection with  any Receivables Facility;   (17) a foreclosure on assets or a disposition of Investments or receivables in  connection with the compromise, settlement or collection thereof in bankruptcy or similar  proceedings;   (18) any sale of assets received in compromise of (a) obligations of trade  creditors or customers owing to the Company or a Restricted Subsidiary incurred in the  ordinary course of business, including pursuant to any plan of reorganization or similar  arrangement upon the bankruptcy or insolvency of any trade creditor or customer, or (b)  litigation, arbitration or other disputes;   

 

  4     (19) the sale or discounting of accounts receivable in the ordinary course of  business; and  (20) any sale of Equity Interests in, or Debt or other securities of, an Unrestricted  Subsidiary.  “Bankruptcy Law” means Title 11 of the United States Code, as amended, or any  similar federal, state or foreign law for the relief of debtors.  “Batista Family” includes José Batista Sobrinho, together with his wife, sons and  daughters, or any of their respective heirs and any trust or family limited partnership established  and controlled by any of the foregoing.  “Board of Directors” means:  (1) with respect to a corporation, the Board of Directors of the corporation;  (2) with respect to a partnership, the Board of Directors or similar board or  committee or Person serving a similar function of the managing general partner of the  partnership; and  (3) with respect to any other Person, the board or committee of that Person or  any Person serving a similar function.  “Business Day” means a day other than a Saturday, Sunday or other day on which  banking institutions in New York are authorized or required by law to close.  “Capital Stock” means:  (1) with respect to any Person that is a corporation, any and all shares of  corporate stock of that Person;  (2) with respect to any Person that is an association or business entity, any and  all shares, interests, participations, rights or other equivalents, however designated, of  capital stock of that Person;  (3) with respect to any Person that is a partnership or limited liability  company, any and all partnership or membership interests, whether general or limited, of  that Person; and  (4) with respect to any other Person, any other interest or participation that  confers on a Person the right to receive a share of the profits and losses of or distributions  of assets of, the issuing Person.  “Capitalized Lease Obligation” means, as to any Person, the obligation of such Person  to pay rent or other amounts under a lease to which such Person is a party that is required to be  classified and accounted for as a financing lease obligation under GAAP.  

 

  5     “Cash Equivalents” means any of the following:   (1) any Investment in direct obligations of the United States of America or  any agency thereof or obligations guaranteed by the United States of America or any  agency thereof and maturing within one year of acquisition thereof;   (2) Investments in eurodollar time deposits, time deposit accounts, certificates  of deposit and money market deposits maturing within 360 days of the date of acquisition  thereof issued by a bank or trust company which is organized under the laws of the  United States of America, any state thereof or any foreign country recognized by the  United States of America having capital, surplus and undivided profits aggregating in  excess of $250 million and (a) in the case of such Investments maturing later than 180  days from the date of acquisition thereof, whose long-term debt, or whose parent holding  company’s long-term debt, is rated “BBB-” (or such similar equivalent rating) or higher  by at least one nationally recognized statistical rating organization (as defined in Section  3(a)(62) of the Exchange Act) and (b) in the case of such Investments maturing not later  than 180 days from the date of acquisition thereof, whose short term debt, or whose  parent holding company’s long-term debt, is rated “A” (or such similar equivalent rating)  or higher by at least one nationally recognized statistical rating organization (as defined  in Section 3(a)(62) of the Exchange Act);   (3) repurchase obligations with a term of not more than 30 days for  underlying securities of the types described in clause (1) above entered into with a bank  meeting the qualifications described in clause (2) above;   (4) Investments in commercial paper, maturing not more than 360 days after  the date of acquisition, with a rating at the time as of which any investment therein is  made of “P-3” (or higher) according to Moody’s or “A-3” (or higher) according to S&P;   (5) Investments in securities maturing not more than 360 days after the date of  acquisition issued or fully guaranteed by any state, commonwealth or territory of the  United States of America, or by any political subdivision or taxing authority thereof, and  rated at least “A” by S&P or “A” by Moody’s;   (6) Debt or Preferred Stock issued by Persons with a rating of “A” or higher  from S&P or “A2” or higher from Moody’s with maturities of 12 months or less from the  date of acquisition;   (7) Investments in mutual funds whose investment guidelines restrict  substantially all of such funds’ investments to those satisfying the provisions of clauses  (1) through (6) above; and   (8) in the case of any Foreign Subsidiary, investments denominated in the  currency of the jurisdiction in which such Foreign Subsidiary is organized or has its  principal place of business which are similar to the items specified in clauses (1) through  (7) of this definition and are used in the ordinary course of business by similar companies  for cash management purposes in the relevant jurisdiction.   

 

  6     “Cash Management Services” means any of the following to the extent not constituting  a line of credit (other than an overnight overdraft facility that is not in default): ACH  transactions, treasury and/or cash management services, including, without limitation, controlled  disbursement services, overdraft facilities, deposit and other accounts and merchant services.   “Change of Control” means the occurrence of any of the following events:   (1) any sale, lease, exchange or other transfer, in one transaction or a series of  related transactions (other than by way of merger or consolidation), of all or substantially  all of the assets of the Company and its Subsidiaries taken as a whole to any Person or  Group (whether or not otherwise in compliance with the provisions of this Indenture),  other than to one or more of the Permitted Holders;   (2) any “person” or “group” (as such terms are used in Sections 13(d) and  14(d) of the Exchange Act), other than one or more Permitted Holders, becomes the  “beneficial owner,” as defined in Rules 13d-3 and 13d-5 under the Exchange Act (except  that a Person shall be deemed to have beneficial ownership of all shares that such Person  has the right to acquire, whether such right is exercisable immediately or only after the  passage of time), of more than 50% of the total voting power of the outstanding Voting  Stock of the Company on a fully diluted basis.  For purposes of this definition, any direct or indirect holding company of the Company shall not  itself be considered a “person” or “group” for purposes of clause (2) above; provided that no  “person” or “group” (other than one or more of the Permitted Holders) beneficially owns,  directly or indirectly, more than a majority of the total voting power of the Voting Stock of such  holding company.  “Change of Control Triggering Event” means (x) the occurrence of a Change of  Control  that is accompanied or followed by a downgrade of the Notes within the Ratings  Decline Period by each of the Ratings Agencies and (y) the rating of the Notes on any day during  such Ratings Decline Period is below the rating by either such Rating Agency in effect  immediately preceding the first public announcement of the Change of Control (or occurrence  thereof if such Change of Control occurs prior to public announcement); provided that each such  rating decline is in whole or in part in connection with a Change in Control.  “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto.  “Commission” means the Securities and Exchange Commission.  “Commodity Agreement” means any commodity futures contract, commodity option or  similar agreement or arrangement designed to protect against fluctuations in the price of  commodities.  “Consolidated Depreciation and Amortization Expense” means with respect to any  Person for any period, the total amount of depreciation and amortization expense, including the  amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition  costs and incentive payments, conversion costs and contract acquisition costs of such Person and  

 

  7     its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in  accordance with GAAP.   “Consolidated EBITDA” means, with respect to any Person for any period, the  Consolidated Net Income of such Person for such period:  (1) increased (without duplication) by:   (a) provision for taxes based on income or profits or capital, including,  without limitation, state, franchise, excise and similar taxes and foreign  withholding taxes of such Person paid or accrued during such period deducted,  including any penalties and interest relating to any tax examinations (and not  added back) in computing Consolidated Net Income, plus   (b) Consolidated Interest Expense of such Person for such period  (including (x) net losses from Hedging Obligations or other derivative instruments  entered into for the purpose of hedging interest rate risk and (y) costs of surety  bonds in connection with financing activities, in each case, to the extent included  in Consolidated Interest Expense), together with items excluded from the  definition of “Consolidated Interest Expense” pursuant to clauses (1)(u) through  (1)(y) thereof, to the extent the same were deducted (and not added back) in  calculating such Consolidated Net Income, plus   (c) Consolidated Depreciation and Amortization Expense of such  Person for such period to the extent the same were deducted in computing  Consolidated Net Income, plus   (d) any expenses or charges (other than depreciation or amortization  expense) related to any Equity Offering, Permitted Investment, acquisition,  disposition, recapitalization or the incurrence of Debt permitted to be incurred by  this Indenture (including a refinancing thereof) (whether or not successful),  including, without limitation, (i) such fees, expenses or charges related to the  offering of the Notes and the U.S. Credit Facilities and (ii) any amendment or  other modification of the Notes, and, in each case, deducted in computing  Consolidated Net Income, plus   (e) the amount of any restructuring charge or reserve or non-recurring  integration costs deducted (and not added back) in such period in computing  Consolidated Net Income, including any one-time costs incurred in connection  with acquisitions after the Issue Date and costs related to the closure and/or  consolidation of facilities, including any lease termination costs, severance costs,  facility shutdown costs and other restructuring charges related to or associated  with a permanent reduction in capacity, closure of plants or facilities, cut-backs or  plant closures or a significant reconfiguration of a facility, plus   (f) any other non-cash charges, including any write-off or write- downs, reducing Consolidated Net Income for such period, excluding any such  

 

  8     charge that represents an accrual or reserve for a cash expenditure for a future  period, plus   (g) the amount of any minority interest expense consisting of  Subsidiary income attributable to minority equity interests of third parties in any  non-Wholly Owned Subsidiary deducted (and not added back) in such period in  calculating Consolidated Net Income, plus   (h) expenses consisting of internal software development costs that are  expensed during the period but could have been capitalized under alternative  accounting policies in accordance with GAAP, plus   (i) costs of surety bonds incurred in such period in connection with  financing activities, plus   (j) the amount of net cost savings and synergies projected by the  Company in good faith to be realized as a result of specified actions taken or to be  taken prior to or during such period (which cost savings or synergies shall be  subject only to certification by management of the Company and shall be  calculated on a pro forma basis as though such cost savings or synergies had been  realized on the first day of such period), net of the amount of actual benefits  realized during such period from such actions; provided that, (A) such cost  savings or synergies are reasonably identifiable and factually supportable, (B)  such actions have been taken or are to be taken within 12 months after the date of  determination to take such action and (C) no cost savings or synergies shall be  added pursuant to this clause (j) to the extent duplicative of any expenses or  charges relating to such cost savings or revenue enhancements that are included in  clause (k) below with respect to such period, plus   (k) business optimization expenses (including consolidation initiatives,  severance costs and other costs relating to initiatives aimed at profitability  improvement), plus   (l) restructuring charges or reserves (including restructuring costs  related to acquisitions after the Issue Date and to closure and/or consolidation of  facilities and to exiting lines of business), plus   (m) the amount of loss or discount on sale of receivables and related  assets to a Receivables Subsidiary in connection with a Receivables Facility, plus   (n) any costs or expense incurred by the Company or a Restricted  Subsidiary pursuant to any management equity plan or stock option plan or any  other management or employee benefit plan or agreement or any stock  subscription or shareholder agreement, to the extent that such cost or expenses are  funded with cash proceeds contributed to the capital of the Company or net cash  proceeds of an issuance of Equity Interest of the Company (other than  Disqualified Capital Stock) solely to the extent that such net cash proceeds are  excluded from the calculation set forth in Section 4.09(a)(3); plus   

 

  9     (o) the amount of expenses relating to payments made to option  holders of any direct or indirect parent entity of the Company in connection with,  or as a result of, any distribution being made to shareholders of such Person,  which payments are being made to compensate such option holders as though  they were shareholders at the time of, and entitled to share in, such distribution, in  each case to the extent permitted under this Indenture, plus   (p) with respect to any joint venture, an amount equal to the proportion  of those items described in clauses (a) and (c) above relating to such joint venture  corresponding to the Company’s and the Restricted Subsidiaries’ proportionate  share of such joint venture’s Consolidated Net Income (determined as if such joint  venture were a Restricted Subsidiary), plus   (q) the amount of any loss attributable to a new plant or facility until  the date that is 12 months after the date of commencement of construction or the  date of acquisition thereof, as the case may be; provided that, (A) such losses are  reasonably identifiable and factually supportable and certified by a responsible  officer of the Company, (B) losses attributable to such plant or facility after 12  months from the date of commencement of construction or the date of acquisition  of such plant or facility, as the case may be, shall not be included in this clause (q)  and (C) no amounts shall be added pursuant to this clause (q) to the extent  duplicative of any expenses or charges relating to such cost savings or revenue  enhancements that are included in clauses (j) or (k) above with respect to such  period;   (2) decreased by (without duplication) non-cash gains increasing  Consolidated Net Income of such Person for such period, excluding any non-cash gains  which represent the reversal of any accrual of, or cash reserve for, anticipated cash  charges that reduced Consolidated EBITDA in any prior period; and   (3) increased (in the case of a loss) or decreased (in the case of a gain) by  (without duplication) any net gain or loss resulting in such period from currency  translation gains or losses related to currency remeasurements of Debt (including any net  loss or gain resulting from hedge agreements for currency exchange risk and revaluations  of intercompany balances, including, without limitation, Currency Protection  Agreements).   Notwithstanding the foregoing, the aggregate amount of addbacks made pursuant to  subclauses (j), (k) and (q) of clause (1) above in any four fiscal quarter period shall not exceed  25% of Consolidated EBITDA (prior to giving effect to such addbacks) for such four fiscal  quarter period (the “Addback Limitation”). For the avoidance of doubt, it is understood that  such Addback Limitation shall not include, limit or apply to any addback that results from or are  made in connection with any transactions that requires pro forma calculations as set forth in the  definition of “Fixed Charge Coverage Ratio.”  “Consolidated Interest Expense” means, with respect to any Person for any period, the  sum, without duplication of:   

 

  10     (1) consolidated interest expense of that Person and its Restricted Subsidiaries  for that period, to the extent such expense was deducted in computing Consolidated Net  Income, including (or plus, to the extent not included in such consolidated interest  expense):   (a) amortization of debt discount;   (b) the interest component of Capitalized Lease Obligations;   (c) commissions, discounts and other fees and charges owed with  respect to letters of credit and bankers’ acceptance financing;   (d) interest actually paid by that Person or any of its Restricted  Subsidiaries under any guarantee of Debt or other obligation of any other Person;   (e) interest expense on Debt of any direct or indirect parent of the  Company or any of such parent’s Subsidiaries guaranteed by the Company or any  of its Restricted Subsidiaries (whether or not such interest is paid by the Company  or any of its Restricted Subsidiaries);   (f) net payments (whether positive or negative) pursuant to Interest  Rate Protection Agreements; and   (g) cash and Disqualified Capital Stock dividends in respect of all  Preferred Stock of Restricted Subsidiaries and Disqualified Capital Stock of such  Person held by Persons other than such Person or a Wholly Owned Restricted  Subsidiary;   but excluding:   (t) accretion or accrual of discounted liabilities not constituting Debt;   (u) interest expense attributable to a parent entity resulting from push- down accounting;   (v) any expense resulting from the discounting of Debt in connection  with the application of recapitalization or purchase accounting;   (w) amortization of deferred financing fees, debt issuance costs,  commissions, fees and expenses, and original issue discount with respect to Debt  issued on the Issue Date;   (x) any expensing of bridge, commitment and other financing fees;  and   (y) commissions, discounts, yield and other fees and charges  (including any interest expense) related to any Receivables Facility; and   

 

  11     (2) consolidated capitalized interest of such Person and its Restricted  Subsidiaries for that period, whether paid or accrued.   “Consolidated Net Income” means, with respect to any Person for any period, the  aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a  consolidated basis, and otherwise determined in accordance with GAAP; provided that, without  duplication,   (1) any after-tax effect of extraordinary, non-recurring or unusual gains or  losses (less all fees and expenses relating thereto) or expenses, severance, relocation  costs, new product introductions, and one-time compensation charges shall be excluded,   (2) the Net Income for such period shall not include the cumulative effect of a  change in accounting principles during such period,   (3) any after-tax effect of income (loss) from disposed, or discontinued  operations and any net after-tax gains or losses on disposal of disposed, abandoned or  discontinued operations shall be excluded,   (4) any after-tax effect of gains or losses (less all fees and expenses relating  thereto) attributable to asset dispositions other than in the ordinary course of business, as  determined in good faith by the Company, shall be excluded,   (5) the Net Income for such period of any Person that is not a Subsidiary, or is  an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting,  shall be excluded; provided that Consolidated Net Income of the Company shall be  increased by the amount of dividends or distributions or other payments that are actually  paid in cash (or to the extent converted into cash or Cash Equivalents) to the referent  Person or a Restricted Subsidiary thereof in respect of such period,   (6) solely for the purpose of determining the amount available for Restricted  Payments under Section 4.09(a)(3)(a), the Net Income for such period of any Restricted  Subsidiary (other than any Guarantor) shall be excluded if the declaration or payment of  dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at  the date of determination wholly permitted without any prior governmental approval  (which has not been obtained) or, directly or indirectly, by the operation of the terms of  its charter or any agreement, instrument, judgment, decree, order, statute, rule, or  governmental regulation applicable to that Restricted Subsidiary or its stockholders,  unless (x) such restriction with respect to the payment of dividends or similar  distributions has been legally waived or (y) such restriction is permitted by Section 4.12;  provided that Consolidated Net Income of such Person will be increased by the amount of  dividends or other distributions or other payments actually paid in cash (or to the extent  converted into cash) or Cash Equivalents to such Person or any of its Restricted  Subsidiaries in respect of such period, to the extent not already included therein,   (7) effects of adjustments (including the effects of such adjustments pushed  down to such Person and its Restricted Subsidiaries) in any line item in such Person’s  consolidated financial statements required or permitted by ASC 805 and ASC 350  

 

  12     (formerly Financial Accounting Standards Board Statement Nos. 141 and 142,  respectively) resulting from the application of purchase accounting in relation to any  acquisition that is consummated after the Issue Date or the amortization or write-off of  any amounts thereof, net of taxes, shall be excluded,   (8) any after-tax effect of income (loss) from the early extinguishment of Debt  or Hedging Obligations or other derivative instruments (including deferred financing  costs written off and premiums paid) shall be excluded,   (9) any impairment charge, asset write-off or write-down pursuant to ASC  350 and ASC 360 (formerly Financial Accounting Standards Board Statement Nos. 142  and No. 144, respectively) and the amortization of intangibles arising pursuant to ASC  805 (formerly Financial Accounting Standards Board Statement No. 141) shall be  excluded,   (10) any non-cash compensation expense recorded from grants of stock  appreciation or similar rights, phantom equity, stock options, restricted stock or other  rights to officers, directors, consultants or employees shall be excluded,   (11) any fees and expenses incurred during such period, or any amortization  thereof for such period, in connection with any acquisition, Investment, recapitalization,  Asset Sale, issuance or repayment of Debt, issuance of Equity Interests, refinancing  transaction or amendment or modification of any debt instrument (in each case,  including, without limitation, any such transaction consummated prior to the Issue Date  and any such transaction undertaken but not completed) and any charges or non-recurring  merger costs incurred during such period as a result of any such transaction shall be  excluded,   (12) changes in accruals or reserves as a result of adoption or modification of  accounting policies shall be excluded, and   (13) to the extent covered by insurance and actually reimbursed, or, so long as  such Person has made a determination that there exists reasonable evidence that such  amount will in fact be reimbursed by the insurer and only to the extent that such amount  is (a) not denied by the applicable carrier in writing within 180 days and (b) in fact  reimbursed within 365 days of the date of such evidence (with a deduction for any  amount so added back to the extent not so reimbursed within 365 days), losses and  expenses with respect to liability or casualty events or business interruption shall be  excluded.   Notwithstanding the foregoing, for the purpose of Section 4.09 only, there shall be  excluded from Consolidated Net Income any income arising from any sale or other disposition of  Investments (other than Permitted Investments) made by the Company and the Restricted  Subsidiaries, any repurchases and redemptions of Investments (other than Permitted  Investments) from the Company and the Restricted Subsidiaries, any repayments of loans and  advances which constitute Investments (other than Permitted Investments) by the Company or  any Restricted Subsidiary, any sale of the stock of an Unrestricted Subsidiary or any distribution  

 

  13     or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts  increase the amount of Restricted Payments permitted under Section 4.09(a)(3)(d) thereof.   “Consolidated Total Indebtedness” of any Person means, as at any date of  determination, an amount equal to the sum of (x) the aggregate amount of all outstanding Debt of  such Person and its Restricted Subsidiaries on a consolidated basis described in clauses (1), (2),  (3), (5) and (6) of the definition of “Debt” (provided that in the case of clause (6), such Debt  relates to guarantees of Debt of another Person of the type referred to in clauses (1), (2) and (3)  of the definition of “Debt”, other than Debt relating to purchases of raw materials or other  supply-related obligations in the ordinary course of business, and including, for the avoidance of  doubt, all obligations relating to Receivables Facilities) and (y) the aggregate amount of all  outstanding Disqualified Capital Stock of such Person and all Disqualified Capital Stock and  Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such  Disqualified Capital Stock and Preferred Stock equal to the greater of their respective voluntary  or involuntary liquidation preferences and maximum fixed repurchase prices, in each case  determined on a consolidated basis in accordance with GAAP and calculated on a pro forma  basis in a manner consistent with the adjustments set forth in the definition of “Fixed Charge  Coverage Ratio.” For purposes hereof, the “maximum fixed repurchase price” of any  Disqualified Capital Stock or Preferred Stock that does not have a fixed repurchase price shall be  calculated in accordance with the terms of such Disqualified Capital Stock or Preferred Stock as  if such Disqualified Capital Stock or Preferred Stock were purchased on any date on which  Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture.   “Corporate Trust Office” means the corporate trust office of the Trustee located at  10245 Centurion Parkway, 2nd Floor, Jacksonville, FL 32256, Attention: Corporate Trust  Services, or such other office, designated by the Trustee by written notice to the Company, at  which at any particular time its corporate trust business shall be administered.   “Credit Facilities” or “Credit Facility” means one or more debt facilities (which may be  outstanding at the same time and including, without limitation, the U.S. Credit Facilities and the  Existing Foreign Credit Facility) or other financing agreements or arrangements (including,  without limitation, commercial paper facilities or indentures) providing for revolving credit  loans, term loans, letters of credit, debt securities or other long-term indebtedness, including any  notes, mortgages, guarantees, collateral documents, instruments and agreements executed in  connection therewith, and, in each case, any amendments, supplements, modifications,  extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or  commercial paper facilities that replace, refund or refinance any part of the loans, notes, other  credit facilities or commitments thereunder, including any such replacement, refunding or  refinancing facility or indenture that increases the amount permitted to be borrowed thereunder  or alters the maturity thereof or adds Restricted Subsidiaries as additional borrowers or  guarantors thereunder and whether by the same or any other agent, lender or group of lenders.  “Currency Protection Agreement” means any currency protection agreement entered  into with one or more financial institutions in the ordinary course of business that is designed to  protect the Person or entity entering into the agreement against fluctuations in currency exchange  rates with respect to Debt Incurred and not for purposes of speculation.  

 

  14     “Custodian” means any receiver, trustee, assignee, liquidator or similar official under  any Bankruptcy Law.  “Debt” means, with respect to any Person on any date of determination, without  duplication, any indebtedness of that Person:    (1) for borrowed money (but only with regard to the principal of and premium  (if any) in respect of such borrowed money);   (2) evidenced by bonds, debentures, notes or other similar instruments;   (3) constituting Capitalized Lease Obligations;   (4) Incurred or assumed as the deferred and unpaid purchase price of property  or services, or pursuant to conditional sale obligations and title retention agreements (but  excluding trade accounts payable and accrued expenses arising in the ordinary course of  business), which purchase price is due more than six months after the date of placing  such property in service or taking delivery and title thereto or the completion of such  services;   (5) for reimbursement of any obligor on any letter of credit, banker’s  acceptance or similar credit transaction;   (6) for Debt of other Persons to the extent guaranteed by such Person;   (7) for Hedging Obligations; and   (8) for Debt of any other Person of the type referred to in clauses (1) through  (7) which is secured by any Lien on any property or asset of such first referred to Person,  the amount of such Debt being deemed to be the lesser of the value of the property or  asset underlying the Lien or the amount of the Debt so secured;   if and to the extent that any of the foregoing Debt (other than letters of credit and Hedging  Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of  such Person prepared in accordance with GAAP; provided that Debt of any parent entity  appearing on the balance sheet of the Company solely by reason of push-down accounting under  GAAP shall be excluded; provided, further, provided, further, that, notwithstanding the  foregoing, Debt does not include Cash Management Services.   The amount of Debt of any Person at any date will be:    (a) the sum of the outstanding principal amount of all unconditional obligations  described above, as such amount would be reflected on a balance sheet prepared in accordance  with GAAP; and   (b) the accreted value of that Debt, in the case of any Debt issued with original issue  discount.  

 

  15     “Default” means any event which is, or after notice or passage of time or both would be,  an Event of Default.  “Depository” means The Depository Trust Company, New York, New York, or a  successor thereto registered under the Exchange Act or other applicable statute or regulation.  “Designated Noncash Consideration” means the Fair Market Value of noncash  consideration received by the Company or one of its Restricted Subsidiaries in connection with  an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officer’s  Certificate setting forth the basis of such valuation, less the amount of cash or Cash Equivalents  received in connection with a subsequent sale, redemption or payment of, on or with respect to  such Designated Noncash Consideration.   “Disposition” means, with respect to any Person, any merger, consolidation or other  business combination involving such Person (whether or not such Person is the Surviving  Person) or the sale, assignment, transfer, lease, conveyance or other disposition of all or  substantially all of such Person’s assets or Capital Stock.  “Disqualified Capital Stock” means any Capital Stock that, by its terms or by the terms  of any security into which it is convertible or for which it is exchangeable, or upon the happening  of any event,  (1) matures (excluding any maturity as the result of an optional redemption by  the issuer of that Capital Stock);  (2) is mandatorily redeemable, pursuant to a sinking fund obligation or  otherwise; or  (3) is redeemable at the sole option of its holder,  in each case, other than as a result of a change of control or asset sale, in whole or in part, on or  prior to the date that is 91 days after the Maturity Date; provided, however, that (i) only the  portion of Capital Stock that so matures or is mandatorily redeemable or is so redeemable at the  sole option of its holder prior to the Maturity Date will be deemed Disqualified Capital Stock and  (ii) with respect to any such Capital Stock issued to any employees or to any plan for the benefit  of employees of the Company or its Subsidiaries or by any such plan to such employees, such  Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to  be repurchased by the Company or one of its Subsidiaries in order to satisfy applicable statutory  or regulatory obligations.   “Domestic Restricted Subsidiary” means a Restricted Subsidiary that is not a Foreign  Subsidiary.  “Equity Interests” means Capital Stock and all warrants, options or other rights to  acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable  for, Capital Stock.  

 

  16     “Equity Offering” means a private or public offering for cash by the Company or any  direct or indirect parent of the Company, as applicable, of its common Capital Stock, or options,  warrants or rights with respect to its common Capital Stock (in the case of an offering by any  direct or indirect parent of the Company, to the extent such cash proceeds are contributed to the  Company), other than (x) public offerings with respect to the Company’s or any such direct or  indirect parent’s, as applicable, common Capital Stock, or options, warrants or rights, registered  on Form S-4, F-4 or S-8, (y) an issuance to any Subsidiary or (z) any offering of common Capital  Stock issued in connection with a transaction that constitutes a Change of Control.   “Exchange Act” means the Securities Exchange Act of 1934, as amended.   “Excluded Contributions” means Net Cash Proceeds, the Fair Market Value of  marketable securities or the Fair Market Value of assets that are used or useful in, or Capital  Stock of any Person engaged in, a Related Business received by the Company from (a)  contributions to its common equity or (b) the sale (other than to a Subsidiary of the Company or  to any management equity plan or stock option plan or any other management or employee  benefit plan or agreement of the Company) of Qualified Capital Stock of the Company, in each  case designated as Excluded Contributions pursuant to an Officer’s Certificate executed by the  principal financial officer of the Company on the date such capital contributions are made or the  date such Capital Stock is sold, as the case may be, which are excluded from the calculation set  forth in Section 4.09(a)(3).  “Excluded Indebtedness” means, with respect to any Restricted Subsidiary of the  Company, (a) Debt (including Guarantees of Debt of another Person) in an aggregate principal  amount (including the principal amount of any Debt of another Person with respect to which  such Restricted Subsidiary has given a Guarantee) less than or equal to $5.0 million, (b)  intercompany Debt between or among such Restricted Subsidiary and the Company or any of its  other Restricted Subsidiaries or (c) if such Restricted Subsidiary is a Foreign Subsidiary Holding  Company, any Guarantee by such Restricted Subsidiary of the Debt of any of the Foreign  Restricted Subsidiaries whose Equity Interests it holds.    “Existing Debt” means all Debt of the Company and any Restricted Subsidiary  outstanding on the Issue Date (other than under the U.S. Credit Facilities).    “Existing Foreign Credit Facility” means the facility evidenced by the Credit  Agreement, by and among Avicola Pilgrim’s Pride de Mexico, S. de R.L. de C.V., the Company,  certain subsidiaries of Avicola Pilgrim’s Pride de Mexico, S. de R.L. de C.V., BBVA Bancomer,  S.A. Institución de Banca Multiple, Grupo Financiero BBVA Bancomer and the several lenders  from time to time party thereto, dated as of July 23, 2014, and the related notes, collateral  documents, guarantees and agreements, each as it may be amended, restated, amended and  restated, renewed, refinanced, supplemented or otherwise modified from time to time.  “External Verifier” means a qualified provider of third-party assurance or attestation  services appointed by the Company to review the Company’s statement of the Greenhouse Gas  Emissions Intensity.  

 

  17     “Fair Market Value” means, at the time of such determination with respect to any asset  or property, the price which could be negotiated in an arm’s-length, free market transaction, for  cash, between a willing seller and a willing and able buyer, neither of whom is under undue  pressure or compulsion to complete the transaction. Fair Market Value shall be determined in  good faith by such Person, whose determination shall be conclusive.  “Fitch” means Fitch Ratings, Inc. or any successor to the rating agency business of Fitch  Ratings, Inc.  “Fixed Charge Coverage Ratio” means as of any date of determination, with respect to  any Person, the ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for  the period of the most recent four consecutive fiscal quarters ending prior to the date of such  determination for which internal financial statements are available to (y) Consolidated Interest  Expense for such four fiscal quarters; provided, however, that:    (1) if the Company or any Restricted Subsidiary:   (a) has Incurred any Debt since the beginning of such period that  remains outstanding on such date of determination or if the transaction giving rise  to the need to calculate the Fixed Charge Coverage Ratio includes an Incurrence  of Debt, Consolidated EBITDA and Consolidated Interest Expense for such  period will be calculated after giving effect on a pro forma basis to such Debt as if  such Debt had been Incurred on the first day of such period (except that in making  such computation, the amount of Debt under any revolving Credit Facility  outstanding on the date of such calculation will be deemed to be:   (i) the average daily balance of such Debt during such four  fiscal quarters or such shorter period for which such facility was  outstanding or   (ii) if such facility was created after the end of such four fiscal  quarters, the average daily balance of such Debt during the period from  the date of creation of such facility to the date of such calculation)   and the repayment, repurchase, redemption, retirement, defeasance or other  discharge of any other Debt with the proceeds of such new Debt as if such  repayment, repurchase, redemption, retirement, defeasance or other discharge had  occurred on the first day of such period; or   (b) has repaid, repurchased, redeemed, retired, defeased or otherwise  discharged any Debt since the beginning of the period that is no longer  outstanding on such date of determination or if the transaction giving rise to the  need to calculate the Fixed Charge Coverage Ratio includes a repayment,  repurchase, redemption, retirement, defeasance or other discharge of Debt (in  each case, other than Debt Incurred under any revolving Credit Facilities unless  such Debt has been permanently repaid and the related commitment terminated  and not replaced), Consolidated EBITDA and Consolidated Interest Expense for  such period will be calculated after giving effect on a pro forma basis to such  

 

  18     discharge of such Debt, including with the proceeds of such new Debt, as if such  discharge had occurred on the first day of such period;    (2) if since the beginning of such period, the Company or any Restricted  Subsidiary will have made any Asset Sale or disposed of or discontinued (as defined  under GAAP) any company, division, operating unit, segment, business, group of related  assets or line of business or if the transaction giving rise to the need to calculate the Fixed  Charge Coverage Ratio includes such a transaction:   (a) the Consolidated EBITDA for such period will be reduced by an  amount equal to the Consolidated EBITDA (if positive) directly attributable to the  assets that are the subject of such disposition or discontinuation for such period or  increased by an amount equal to the Consolidated EBITDA (if negative) directly  attributable thereto for such period; and   (b) Consolidated Interest Expense for such period will be reduced by  an amount equal to the Consolidated Interest Expense directly attributable to any  Debt of the Company or any Restricted Subsidiary repaid, repurchased, redeemed,  retired, defeased or otherwise discharged (to the extent the related commitment is  permanently reduced) with respect to the Company and its continuing Restricted  Subsidiaries in connection with such transaction for such period (or, if the Capital  Stock of any Restricted Subsidiary is sold, the Consolidated Interest Expense for  such period directly attributable to the Debt of such Restricted Subsidiary to the  extent the Company and its continuing Restricted Subsidiaries are no longer liable  for such Debt after such sale);    (3) if since the beginning of such period the Company or any Restricted  Subsidiary (by merger or otherwise) will have made an Investment in any Restricted  Subsidiary (or any Person that becomes a Restricted Subsidiary or is merged with or into  the Company or a Restricted Subsidiary) or an acquisition of assets, including any  acquisition of assets occurring in connection with a transaction causing a calculation to  be made hereunder, Consolidated EBITDA and Consolidated Interest Expense for such  period will be calculated after giving pro forma effect thereto (including the Incurrence  of any Debt) as if such Investment or acquisition occurred on the first day of such period;  and   (4) if since the beginning of such period any Person (that subsequently  became a Restricted Subsidiary or was merged with or into the Company or any  Restricted Subsidiary since the beginning of such period) will have Incurred any Debt or  discharged any Debt, made any disposition or any Investment or acquisition of assets that  would have required an adjustment pursuant to clause (1), (2) or (3) above if made by the  Company or a Restricted Subsidiary during such period, Consolidated EBITDA and  Consolidated Interest Expense for such period will be calculated after giving pro forma  effect thereto as if such transaction occurred on the first day of such period.  For purposes of this definition, whenever pro forma effect is to be given to any  calculation under this definition, the pro forma calculations will be determined in good faith by a  

 

  19     responsible financial or accounting officer of the Company (and may include, without limitation,  for the avoidance of doubt, cost savings and operating expense reductions from such Investment,  acquisition, merger or consolidation that is being given pro forma effect that have been or are  expected to be realized); provided that such calculations are set forth in an Officer’s Certificate  stating (i) that such calculations are based on the reasonable good faith beliefs of the officer  executing such Officer’s Certificate at the time of such execution and (ii) that any related  Incurrence of Debt is permitted pursuant to this Indenture. If any Debt bears a floating rate of  interest and is being given pro forma effect, the interest expense on such Debt will be calculated  as if the rate in effect on the date of determination had been the applicable rate for the entire  period (taking into account any Interest Rate Protection Agreement applicable to such Debt if  such Interest Rate Protection Agreement has a remaining term in excess of 12 months). If any  Debt that is being given pro forma effect bears an interest rate at the option of the Company, the  interest rate shall be calculated by applying such optional rate chosen by the Company.  “Foreign Restricted Subsidiary” means a Restricted Subsidiary that is a Foreign  Subsidiary.  “Foreign Subsidiary” means any Subsidiary which is not organized under the laws of  the United States of America or any State thereof or the District of Columbia.  “Foreign Subsidiary Holding Company” means any Domestic Restricted Subsidiary  with no material operations or assets other than Equity Interests of Foreign Restricted  Subsidiaries.  “Foreign Subsidiary Total Assets” means the total assets of the Company’s Foreign  Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP, as shown  on the most recent balance sheet of the Company or such Foreign Restricted Subsidiaries and  calculated on a pro forma basis in a manner consistent with the adjustments set forth in the  definition of “Fixed Charge Coverage Ratio.”   “GAAP” means 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 have been approved by a significant segment  of the accounting profession, which are in effect from time to time; provided that all terms of an  accounting or financial nature used in this Indenture shall be construed, and all computations of  amounts and ratios referred to in this Indenture shall be made (a) without giving effect to any  election under FASB Accounting Standards Codification Topic 825—Financial Instruments, or  any successor thereto (including pursuant to the FASB Accounting Standards Codification), to  value any Debt of the Company or any of its Subsidiaries at “fair value,” as defined therein and  (b) the amount of any Debt under GAAP with respect to Capitalized Lease Obligations shall be  determined in accordance with the definition of Capitalized Lease Obligations (it being  understood that all leases and obligations under any leases of any Person that are or would be  characterized as operating leases and/or operating lease obligations in accordance with GAAP on  February 25, 2016 (whether or not such operating leases and/or operating lease obligations were  in effect on such date) shall continue to be accounted for as operating leases and/or operating  lease obligations (and not as Capitalized Lease Obligations) for purposes of this Indenture  

 

  20     regardless of any change in GAAP following the date that would otherwise require such leases  and/or lease obligations to be recognized as right-of-use assets and lease liabilities on the balance  sheet). At any time after the Issue Date, the Company may elect to apply IFRS accounting  principles in lieu of GAAP and, upon any such election, references herein to GAAP shall  thereafter be construed to mean IFRS (except as otherwise provided in this Indenture).  “Global Notes” has the meaning given to such term in Section 2.01.  “Greenhouse Gas Emissions Intensity” means tCO2e divided by 100 lbs. produced, or  tCO2e/100 lbs. produced.    “Group” means a group of related Persons for purposes of Section 13(d) of the Exchange  Act.  “guarantee” means a guarantee (other than by endorsement of negotiable instruments for  collection in the ordinary course of business), direct or indirect, in any manner (including,  without limitation, by way of a pledge of assets or through letters of credit or reimbursement  agreements in respect thereof), of all or any part of any Debt. The term “guarantee” used as a  verb has a corresponding meaning.  “Guarantee” means the guarantee by each Guarantor of the Company’s payment  obligations under this Indenture and the Notes.  “Guarantors” means Company’s Domestic Restricted Subsidiaries that is wholly-owned  and that are guarantors under the U.S. Credit Facilities, and each of the Company’s Restricted  Subsidiaries that in the future executes a supplemental indenture in which such Person agrees to  be bound by the terms of this Indenture as a Guarantor; provided that any Person constituting a  Guarantor as described above shall cease to constitute a Guarantor with respect to the Notes  when its respective Guarantee is released in accordance with the terms of this Indenture.  “Hedging Obligations” means, with respect to any specified entity, the obligations of  that entity under:  (1) any Interest Rate Protection Agreement;  (2) foreign exchange contracts and Currency Protection Agreements;  (3) any Commodity Agreement; and  (4) other agreements or arrangements entered into in the ordinary course of  business and designed to protect that entity against fluctuations in interest rates, currency  exchange rates or commodity prices.  “Holder” means any registered holder of the Notes on the books of the Registrar.  “IFRS” means International Financial Reporting Standards as adopted by the  International Accounting Standards Board.  

 

  21     “Incur” means, with respect to any Debt or other obligation of any Person, to create,  issue, incur (by merger, conversion, exchange or otherwise), extend, assume, guarantee or  become liable in respect of such Debt or other obligation or the recording, as required pursuant  to GAAP or otherwise, of any such Debt or obligation on the balance sheet of such Person (and  “Incurrence” and “Incurred” shall have meanings correlative to the foregoing); provided,  however, that a change in GAAP that results in an obligation of such Person that exists at such  time, and is not theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence  of such Debt; provided further, however, that any Debt or other obligations of a Person existing  at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or  otherwise) or merges into such other Person shall be deemed to be incurred by such Subsidiary  or such other Person, as the case may be, at the time it becomes a Subsidiary or at the time of the  merger. Solely for purposes of determining compliance with Section 4.08, the following shall not  be deemed to be the Incurrence of Debt:  (1) amortization of debt discount or the accretion of principal with respect to a  non-interest bearing or other discount security,  (2) the payment of regularly scheduled interest in the form of additional Debt  of the same instrument or the payment of regularly scheduled dividends on Capital Stock  in the form of additional Capital Stock of the same class and with the same terms, and  (3) the obligation to pay a premium in respect of Debt arising in connection  with the issuance of a notice of redemption or the making of a mandatory offer to  purchase such Debt.  “Indenture” means this Indenture, as amended or supplemented from time to time in  accordance with the terms hereof.  “Initial Purchasers” means Barclays Capital Inc., BMO Capital Markets Corp., RBC  Capital Markets, LLC, Rabo Securities USA, Inc. and Truist Securities, Inc.  “Institutional Accredited Investor” or “IAI” means an “accredited investor” within the  meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act.  “Intercompany Bonds” means an Investment by the Company or a Restricted  Subsidiary in, and Debt of the Company or another Restricted Subsidiary incurred in connection  with, bonds, notes, debentures or similar instruments issued by any federal, state or local  government of the United States or any state, territory, municipality, regulatory or administrative  authority or instrumentality or agency thereof in which such bonds, notes, debentures or  instruments are fully secured as to payment of both principal and interest by a requisition, loan,  lease or similar payment agreement with the Company or a Restricted Subsidiary.  “interest” means, with respect to the Notes, interest on the Notes.  “Interest Payment Date” means April 15 and October 15 of each year, beginning on  October 15, 2021.  

 

  22     “Interest Rate Protection Agreement” means, with respect to any Person, any interest  rate protection agreement, interest rate future agreement, interest rate option agreement, interest  rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate  hedge agreement or other similar agreement or arrangement used in the ordinary course of  business as to which that Person is a party or beneficiary.  “Investment” in any Person means any direct or indirect advance, loan or other extension  of credit (other than accounts receivable, trade credit, advances to customers and distributors and  commissions, travel and similar advances to directors, officers, consultants and employees, in  each case in the ordinary course of business) (including by way of guarantee or similar  arrangement, but excluding any debt or extension of credit represented by a bank deposit other  than a time deposit) or capital contribution to, or any purchase or acquisition for value of Capital  Stock, Debt or other similar instruments issued by such Person. If the Company or any Restricted  Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted  Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary,  any Investment by the Company or any Restricted Subsidiary in such Person remaining after  giving effect thereto will be deemed to be a new Investment at such time. Except as otherwise  provided for herein, the amount of an Investment shall be its Fair Market Value at the time the  Investment is made and without giving effect to subsequent changes in value.  “Investment Grade Rating” means a rating equal to or higher than Baa3 (or equivalent)  by Moody’s and BBB-(or equivalent) by S&P, or an equivalent rating by any other Rating  Agency.  “Issue Date” means April 8, 2021.  “JBS Holdings” means JBS USA Holdings, Inc.   “JBS Subordinated Indebtedness” means unsecured Subordinated Debt owed to JBS  Holdings or any of its Affiliates; provided that, (a) no principal or interest payment (other than  interest paid in kind with additional JBS Subordinated Debt) or prepayment prior to June 13,  2025 is required to be made pursuant to the terms of such Debt, (b) the Stated Maturity of such  Debt shall not be earlier than June 13, 2025 and (c) such Debt shall otherwise be incurred in  accordance with the U.S. Credit Facilities.  “lbs. produced” means the sum of fresh, frozen and value-added chicken, pork and their  respective rendered by-product parts and offal produced during a given period, measured in 100  lbs. increments.   “Leverage Ratio,” as of any date of determination, means the ratio of:   (1) the sum of the Consolidated Total Indebtedness of the Company and its  Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal  financial statements prepared on a consolidated basis in accordance with GAAP are  available minus the aggregate cash and cash equivalents included in the cash and cash  equivalents accounts listed on the consolidated balance sheet of the Company and its  Restricted Subsidiaries as at such date, to   

 

  23     (2) Consolidated EBITDA of the Company and its Restricted Subsidiaries for  the period of the most recent four consecutive fiscal quarters ending prior to the date of  such determination for which internal financial statements are available,   in each case, calculated on a pro forma basis in a manner consistent with the adjustments set  forth in the definition of “Fixed Charge Coverage Ratio.”   “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any  kind (including any conditional sale or other title retention agreement or lease in the nature  thereof).   “Maturity Date” means April 15, 2031.  “Market Capitalization” means an amount equal to (i) the total number of issued and  outstanding shares of Equity Interests of the Company (or any successor entity) or any parent  entity on the date of the declaration or making of the relevant Restricted Payment multiplied by  (ii) the arithmetic mean of the closing prices per share of such Equity Interests for the 30  consecutive trading days immediately preceding the date of declaration or making of such  Restricted Payment.  “Measurement Date” means March 1, 2015.  “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency  business of Moody’s Investors Service, Inc.  “Net Available Cash” from an Asset Sale means cash or Cash Equivalents received,  including any payments received by way of deferred payment of principal pursuant to a note or  installment receivable or otherwise, but only as and when received, but excluding any other  consideration received in the form of assumption by the acquiring Person of Debt or other  obligations relating to the properties or assets subject to that Asset Sale, from that Asset Sale, in  each case net of  (1) all legal, accounting, investment banking, title and recording tax expenses,  commissions and other fees and expenses incurred, any relocation expenses incurred as a  result thereof, and all U.S. federal, state, foreign and local taxes required to be paid or  accrued as a liability under GAAP in connection with such Asset Sale;  (2) all payments required to be made, and made, on any Debt which is secured  by any assets subject to such Asset Sale, other than the U.S. Credit Facilities, in  accordance with the terms of any Lien upon such assets, or which must by its terms, or in  order to obtain a necessary consent to the Asset Sale, or by applicable law, be repaid out  of the proceeds from the Asset Sale;  (3) all distributions and other payments required to be made to any Person  owning a beneficial interest in assets subject to sale or minority interest holders in  Subsidiaries or joint ventures as a result of the Asset Sale;  

 

  24     (4) the deduction of appropriate amounts to be provided by the seller as a  reserve, in accordance with GAAP, against any liabilities associated with the assets  disposed of in the Asset Sale and retained by the Company or any Restricted Subsidiary  of the Company after that Asset Sale; and  (5) any portion of the purchase price from an Asset Sale placed in escrow,  whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities  in respect of such Asset Sale or otherwise in connection with that Asset Sale; provided,  however, that upon the termination of that escrow, Net Available Cash shall be increased  by any portion of funds in the escrow that are released to the Company or any Restricted  Subsidiary.  “Net Cash Proceeds,” with respect to any issuance or sale of Capital Stock or Debt,  means the cash proceeds of such issuance or sale, net of attorneys’ fees, accountants’ fees,  underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and  other fees actually incurred in connection with such issuance or sale.  “Net Income” means, with respect to any Person, the net income (loss) of such Person,  determined in accordance with GAAP and before any reduction in respect of Preferred Stock  dividends.   “Non-U.S. Person” means any Person that is not a “U.S. person” as such term is defined  in Regulation S.  “Notes” means, collectively, the Company’s 4.250% Sustainability-Linked Senior Notes  due 2031 issued in accordance with Section 2.02 (whether issued on the Issue Date or thereafter  issued) treated as a single class of securities under this Indenture, as amended or supplemented  from time to time in accordance with the terms of this Indenture.  “Offering Circular” means the offering circular of the Company relating to the Notes  dated March 25, 2021.  “Officer” means any of the following of the Company or a Guarantor, as applicable: the  Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the  Principal Financial Officer, the President, any Vice President, the Treasurer, the Controller, the  Secretary, an Assistant Treasurer, Assistant Controller or Assistant Secretary appointed by the  Board of Directors.  “Officer’s Certificate” means a certificate signed by an Officer of the Company.  With  respect to Section 4.05 of this Indenture, such Officer signing shall be the principal executive,  principal financial or principal accounting officer.  “Opinion of Counsel” means a written opinion from legal counsel who is reasonably  acceptable to the Trustee. The counsel may be an employee of, or counsel to, the Company, a  Guarantor or the Trustee.  “Permitted Asset Swap” means the concurrent purchase and sale or exchange of Related  Business Assets or a combination of Related Business Assets and cash or Cash Equivalents  

 

  25     between the Company or a Restricted Subsidiary of the Company and another Person; provided  that any cash or Cash Equivalents received must be applied in accordance with Section 4.11.   “Permitted Holders” means (i) JBS S.A. and any of its subsidiaries or any Affiliate or  Affiliates of any of the foregoing, (ii) any member of the Batista Family or any Affiliate or  Affiliates of any of the foregoing and any group (within the meaning of Section 13(d)(3) or  Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing  are members; provided that, in the case of such group and without giving effect to the existence  of such group or any other group, such members of the Batista Family and their respective  Affiliates, collectively, have beneficial ownership of more than 50% of the total voting power of  the Voting Stock of the Company or any of its direct or indirect subsidiaries and (iii) any Person  the Voting Stock of which (or in the case of a trust, the beneficial interest in which) at least 51%  is owned by Persons specified in clause (ii).   “Permitted Investments” means an Investment by the Company or any of its Restricted  Subsidiaries in:   (1) cash or Cash Equivalents;   (2) an Investment existing on the Issue Date or made pursuant to binding  commitments in effect on the Issue Date, and any Investment that replaces, refinances or  refunds an existing investment; provided that the new Investment is in an amount that  does not exceed the amount of, and is in the same Person as, the Investment so replaced,  refinanced or refunded;   (3) receivables owing to the Company or any of its Restricted Subsidiaries, if  created or acquired in the ordinary course of business and payable or dischargeable in  accordance with customary trade terms, including any receivables from livestock  suppliers;   (4) payroll, travel and similar advances to cover matters that are expected at  the time of such advances ultimately to be treated as expenses for accounting purposes  and that are made in the ordinary course of business;   (5) loans and advances to officers, directors or employees of or independent  contractors to the Company or any of its Restricted Subsidiaries made in the ordinary  course of business in an aggregate amount outstanding at any one time not to exceed  $25.0 million;   (6) any Investment acquired by the Company or any Restricted Subsidiary   (1) in exchange for any other Investment or accounts receivable held  by the Company or any such Restricted Subsidiary in connection with or as a  result of a bankruptcy, workout, reorganization or recapitalization of the  Company of such other Investment or accounts receivable;   (2) no satisfaction of judgments or claims as a result of a foreclosure  by the Company or any Restricted Subsidiary with respect to any secured  

 

  26     Investment or other transfer of title with respect to any secured Investment in  default; or  (3) in compromise of obligations of any Person that were incurred in  the ordinary course of business, including pursuant to any plan of reorganization  or similar arrangement upon the bankruptcy or insolvency of any such Person; or  litigation, arbitration or other disputes;  (7) Hedging Obligations permitted under clause (5) of the definition of  “Permitted Debt”;   (8) Investments in Unrestricted Subsidiaries in an aggregate amount which,  when taken together with all Investments made pursuant to this clause (8), does not in the  aggregate at any one time outstanding exceed the greater of (i) $200.0 million and (ii)  3.0% of Total Assets of the Company;   (9) other Investments by the Company or any of its Restricted Subsidiaries,  together with all other Investments made pursuant to this clause (9), in an aggregate  amount at any time outstanding not to exceed the greater of (i) $375.0 million and (ii)  5.0% of Total Assets of the Company;   (10) Persons to the extent such Investment is received by the Company or any  Restricted Subsidiary as non-cash consideration for Asset Sales effected in compliance  with Section 4.11;   (11) prepayments and other credits to suppliers made in the ordinary course of  business;   (12) Investments in connection with pledges, deposits, payments or  performance bonds made or given in the ordinary course of business in connection with  or to secure statutory, regulatory or similar obligations, including obligations under  health, safety or environmental obligations;   (13) any transaction to the extent it constitutes an Investment that is permitted  by and made in accordance with Section 4.13(b) (other than clauses (1), (7), (11), (12)  and (15) thereunder);   (14) the Company or a Restricted Subsidiary;   (15) another Person if as a result of such Investment such other Person  becomes a Restricted Subsidiary or is merged or consolidated with or into, or transfers or  conveys all or substantially all its assets to, the Company or a Restricted Subsidiary, and  any Investment held by such Person; provided that such Investment was not acquired by  such Person in contemplation of such acquisition, merger, consolidation or transfer;   (16) any acquisition of assets received solely in exchange for the issuance of  Equity Interests (other than Disqualified Capital Stock) of the Company or any direct or  indirect parent entity of the Company;   

 

  27     (17) guarantees of Debt of the Company or any Restricted Subsidiary permitted  under Section 4.08;   (18) Investments relating to any special purpose Receivables Subsidiary of the  Company organized in connection with a Receivables Facility that, in the good faith  determination of the Company, are necessary or advisable to effect such Receivables  Facility;  (19) Investments in Intercompany Bonds;   (20) loans and advances to contract growers in an aggregate amount  outstanding as of the date of making any such loan or advance not to exceed the greater  of (a) $100.0 million or (b) 1.75% of the Total Assets of the Company;  (21) any Investments received as a result of a foreclosure by the Company or  any of its Restricted Subsidiaries with respect to any secured Investment or other transfer  of title with respect to any secured Investment in default; and  (22) any acquisition of assets solely in exchange for the issuance of Equity  Interests (other than Disqualified Capital Stock) of the Company; provided that, to the  extent such Equity Interests are applied to make such an acquisition pursuant to this  clause (22), such Equity Interests shall be excluded from the calculation of the amount of  Restricted Payments permitted pursuant to Section 4.09(a)(3).  “Permitted Liens” means:  (1) Liens to secure Debt incurred under clause (2) of the definition of  “Permitted Debt”;   (2) Liens on the Capital Stock or assets of any Foreign Subsidiary to secure  Debt incurred by such Foreign Subsidiary;   (3) Liens to secure Debt permitted to be Incurred under clause (12) of the  definition of “Permitted Debt”; provided that any such Lien may not extend to any  property of the Company or any Restricted Subsidiary, other than the property acquired,  constructed or leased with the proceeds of such Debt and such Liens secure Debt in an  amount not in excess of the original purchase price or the original cost of any such  property and any improvements or accessions to such property;   (4) Liens for taxes, assessments or governmental charges or levies on the  property of the Company or any Restricted Subsidiary if the same shall not at the time be  delinquent or thereafter can be paid without penalty, or are being contested in good faith  and by appropriate proceedings promptly instituted and diligently concluded;   (5) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’  Liens and other similar Liens, on the property of the Company or any Restricted  Subsidiary arising in the ordinary course of business and securing payment of obligations  

 

  28     that are not more than 60 days past due or are being contested in good faith and by  appropriate proceedings;   (6) Liens on the property of the Company or any Restricted Subsidiary  Incurred in the ordinary course of business to secure performance of obligations with  respect to statutory or regulatory requirements, performance or return-of-money bonds,  surety bonds or other obligations of a like nature and Incurred in a manner consistent  with industry practice, in each case which are not Incurred in connection with the  borrowing of money, the obtaining of advances or credit or the payment of the deferred  purchase price of property and which do not in the aggregate impair in any material  respect the use of property in the operation of the business of the Company and the  Restricted Subsidiaries taken as a whole;   (7) Liens on property or assets of, or any shares of stock or secured debt of,  any Person at the time the Company or any Restricted Subsidiary acquired such property  or the Person owning such Property, including any acquisition by means of a merger or  consolidation with or into the Company or any Restricted Subsidiary; provided, however,  that any such Lien may not extend to any other property of the Company or any  Restricted Subsidiary; provided further, however, that such Liens shall not have been  Incurred in anticipation of or in connection with the transaction or series of transactions  pursuant to which such property was acquired by the Company or any Restricted  Subsidiary;   (8) Liens on the property of a Person at the time such Person becomes a  Restricted Subsidiary; provided, however, that any such Lien may not extend to any other  property of the Company or any other Restricted Subsidiary that is not a direct Subsidiary  of such Person; provided further, however, that any such Lien was not Incurred in  anticipation of or in connection with the transaction or series of transactions pursuant to  which such Person became a Restricted Subsidiary;   (9) pledges or deposits by the Company or any Restricted Subsidiary under  workmen’s compensation laws, unemployment insurance laws or similar legislation, or  good faith deposits in connection with bids, tenders, contracts (other than for the payment  of Debt) or leases to which the Company or any Restricted Subsidiary is party, or  deposits to secure public or statutory obligations of the Company, or deposits for the  payment of rent, in each case Incurred in the ordinary course of business;   (10) utility easements, building restrictions and such other encumbrances or  charges against real property as are of a nature generally existing with respect to  properties of a similar character;   (11) Liens securing Hedging Obligations and Cash Management Services;   (12) Liens existing on the Issue Date not otherwise described in clauses (1)  through (11) above;   (13) Liens on the property of the Company or any Restricted Subsidiary to  secure any refinancing, refunding, extension, renewal or replacement, in whole or in part,  

 

  29     of any Debt secured by Liens referred to in clause (3), (7), (8), (11) or (12) above, clause  (21) below, or pursuant to this clause (13); provided, however, that any such Lien shall be  limited to all or part of the same property that secured the original Lien (together with  improvements and accessions to such property) and the aggregate principal amount of  Debt that is secured by such Lien shall not be increased to an amount greater than the  sum of:   (a) the outstanding principal amount, or, if greater, the committed  amount, of the Debt secured by Liens referred to in clause (3), (7), (8), (11) or  (12) above or clause (21) below, as the case may be, at the time the original Lien  became a Permitted Lien under this Indenture; and   (b) an amount necessary to pay any fees and expenses, including  premiums and defeasance costs, incurred by the Company or such Restricted  Subsidiary in connection with such refinancing, refunding, extension, renewal or  replacement;   (14) Liens on accounts receivable and related assets incurred in connection  with a Receivables Facility;   (15) Liens securing Debt or other obligations of a Restricted Subsidiary of the  Company owing to the Company or another Restricted Subsidiary permitted to be  incurred in accordance with Section 4.08;   (16) Liens on specific items of inventory or other goods and proceeds securing  obligations in respect of bankers’ acceptances issued or created for the account of the  Company or any of its Restricted Subsidiaries to facilitate the purchase, shipment or  storage of such inventory or other goods;   (17) Liens in favor of the Company or any Guarantor;   (18) Liens (i) of a collection bank arising under Section 4-210 of the Uniform  Commercial Code on items in the course of collection, (ii) attaching to commodity  trading accounts or other commodity brokerage accounts incurred in the ordinary course  of business and (iii) in favor of banking institutions arising as a matter of law  encumbering deposits (including the right of set-off) and which are within the general  parameters customary in the banking industry;   (19) Liens deemed to exist in connection with Investments in repurchase  agreements permitted under Section 4.08; provided that such Liens do not extend to any  assets other than those that are the subject of such repurchase agreement;   (20) Liens arising out of conditional sale, title retention, consignment or similar  arrangements for sale of goods entered into by the Company or any of its Restricted  Subsidiaries in the ordinary course of business;   (21) Liens securing Debt (other than Subordinated Debt) permitted to be  Incurred under Section 4.08; provided that, after giving effect to the Incurrence of such  

 

  30     Debt and the application of the proceeds therefrom, the Secured Leverage Ratio of the  Company would not exceed 3.50 to 1.00;   (22) judgment Liens not giving rise to an Event of Default so long as any  appropriate legal proceedings that may have been duly initiated for the review of such  judgment shall not have been finally terminated or the period within which such legal  proceedings may be initiated shall not have expired;  (23) Liens on Capital Stock of an Unrestricted Subsidiary that secure Debt or  other obligations of such Unrestricted Subsidiary;  (24) (a) Leases and subleases of real property which do not materially interfere  with the ordinary conduct of the business of the Company and its Restricted Subsidiaries  and (b) licenses of intellectual property in the ordinary course of business;  (25) Liens to secure a defeasance trust;   (26) (a) Liens on the property of any Foreign Restricted Subsidiary securing  Debt of any Foreign Restricted Subsidiary and (b) any stock pledge, hypothecation, or  similar security interest limited to the Equity Interests of a Foreign Restricted Subsidiary  held by a Foreign Subsidiary Holding Company, or the Equity Interests of such Foreign  Subsidiary Holding Company, in each case securing the Guarantee by such Foreign  Subsidiary Holding Company of Debt of the Foreign Restricted Subsidiary whose Equity  Interests it holds; provided, in the case of each of clauses (a) and (b), that such Debt of a  Foreign Restricted Subsidiary is incurred in accordance with Section 4.08; and  (27) Liens not otherwise permitted by clauses (1) through (26) above securing  obligations in an aggregate amount at any time outstanding not in excess of the greater of  (x) $700.0 million and (y) 10.0% of Total Assets of the Company at the time of any  incurrence of an obligation secured by a Lien in reliance on this clause (27).  “Person” means any individual, corporation, partnership, limited liability company, joint  venture, association, joint-stock company, trust, unincorporated organization, government or any  agency or political subdivision thereof or any other entity.  “Plan of Liquidation” with respect to any Person means a plan that provides for,  contemplates or the effectuation of which is preceded or accompanied by (whether or not  substantially contemporaneously, in phases or otherwise): (1) the sale, lease, conveyance or other  disposition of all or substantially all of the assets of such Person otherwise than as an entirety or  substantially as an entirety; and (2) the distribution of all or substantially all of the proceeds of  such sale, lease, conveyance or other disposition of all or substantially all of the remaining assets  of such Person to holders of Equity Interests of such Person.  “Preferred Stock” of any Person means any Capital Stock of that Person that has  preferential rights to any other Capital Stock of that Person with respect to dividends or  redemptions or upon liquidation.  

 

  31     “principal” means, with respect to the Notes, the principal of and premium, if any, on the  Notes.  “Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital  Stock.  “Qualified Institutional Buyer” or “QIB” shall have the meaning specified in Rule  144A under the Securities Act.  “Rating Agency” means at the Company’s option, two of S&P, Moody’s and Fitch, and  if two agencies do not make a rating on the notes publicly available, a U.S. nationally recognized  statistical rating agency or agencies, as the case may be, selected by the Company (as certified by  a resolution of the Board of Directors).   “Ratings Decline Period” means the period that (i) begins on the earlier of (a) the date  of the first public announcement of the occurrence of a Change of Control or of the intention by  the Company or a shareholder of the Company, as applicable, to effect a Change of Control or  (b) the occurrence thereof and (ii) ends 60 days following consummation of such Change of  Control; provided that such period shall be extended for so long as the rating of the Notes, as  noted by the applicable Rating Agency, is under publicly announced consideration for  downgrade by the applicable Rating Agency.   “Receivables Facility” means any of one or more receivables financing facilities, as  amended, supplemented, modified, extended, renewed, restated or refunded from time to time,  the obligations of which are non-recourse (except for customary representations, warranties,  covenants and indemnities made in connection with such facilities) to the Company and the  Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Company or  any Restricted Subsidiary sells its accounts receivable to either (a) a Person that is not a  Restricted Subsidiary or (b) a Receivables Subsidiary that in turn funds such purchase or  extension of credit by purporting to sell its accounts receivable to a Person that is not a  Restricted Subsidiary or by borrowing from such a Person or from another Receivables  Subsidiary that in turn funds itself by borrowing from such a Person.   “Receivables Fee” means distributions or payments made directly or by means of  discounts with respect to any accounts receivable or participation interest issued or sold in  connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection  with, any Receivables Facility.   “Receivables Subsidiary” means any Subsidiary formed for the purpose of facilitating or  entering into one or more Receivables Facilities, and in each case engages only in activities  reasonably related or incidental thereto.   “Record Date” means the applicable record date specified in the Notes, which such date  need not be a Business Day.  “Redemption Date,” when used with respect to any Note to be redeemed, means the date  fixed for such redemption pursuant to this Indenture and the Notes.  

 

  32     “Redemption Price,” when used with respect to any Note to be redeemed, means the  price fixed for such redemption, payable in immediately available funds, pursuant to this  Indenture and the Notes.  “refinance” means to refinance, repay, prepay, replace, renew or refund, including  successively.  “Refinancing Debt” means any Debt that is Incurred or Disqualified Capital Stock that is  issued by the Company or any of its Restricted Subsidiaries, or any Preferred Stock that is issued  by any of the Company’s Restricted Subsidiaries, to refund, refinance, replace, renew, repay,  redeem, repurchase, defease, exchange, acquire, retire or extend any Debt Incurred or  Disqualified Capital Stock or Preferred Stock issued in accordance with Section 4.08 that does  not:   (1) result in an increase in the aggregate principal amount of Debt or the  liquidation preference of Disqualified Capital Stock or Preferred Stock (such principal  amount or liquidation preference to include, for purposes of this definition only, any  premiums, fees, penalties, accrued interest, accrued and unpaid dividends and defeasance  costs paid with the proceeds of the Refinancing Debt) of the Company or that Restricted  Subsidiary; or   (2) create Debt, Disqualified Capital Stock or Preferred Stock with:   (a) a Weighted Average Life to Maturity that is less than the Weighted  Average Life to Maturity of the Debt, Disqualified Capital Stock or Preferred  Stock being refinanced; or   (b) a final maturity earlier than the final maturity of the Debt,  Disqualified Capital Stock or Preferred Stock being refinanced;   provided that (i) in the event the Debt, Disqualified Capital Stock or Preferred Stock being  refunded, refinanced, renewed, repaid or extended is Subordinated Debt, the Refinancing Debt  must also be Subordinated Debt, (ii) in the event the obligor on the Debt, Disqualified Capital  Stock or Preferred Stock being refunded, refinanced, renewed, repaid or extended is the  Company or a Guarantor, the Refinancing Debt may only be Incurred by the Company or a  Guarantor and (iii) in the event that the Debt being refunded, refinanced, renewed, repaid or  extended is a guarantee, the Refinancing Debt shall be a guarantee.    “Regulation S” means Regulation S under the Securities Act.  “Related Business” means any business which is the same as or related, ancillary or  complementary to any of the businesses of the Company or its Restricted Subsidiaries on the  Issue Date.   “Related Business Assets” means assets (other than cash or Cash Equivalents) used or  useful in a Related Business; provided that any assets received by the Company or its Restricted  Subsidiaries in exchange for assets transferred by the Company or its Restricted Subsidiaries  

 

  33     shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless  upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.   “Restricted Investment” means an Investment other than a Permitted Investment.  “Responsible Officer” means, when used with respect to the Trustee, any officer in the  Corporate Trust Office of the Trustee to whom any corporate trust matter is referred because of  such officer’s knowledge of and familiarity with the particular subject and shall also mean any  officer who shall have direct responsibility for the administration of this Indenture.  “Restricted Payment” means:   (1) the declaration or payment of any dividend or the making of any other  distribution (other than dividends or distributions payable solely in Qualified Capital  Stock of the Company or in options, rights or warrants to acquire such Qualified Capital  Stock) on shares of the Company’s Capital Stock;   (2) the declaration or payment of any dividend or the making of any other  distribution on shares of the Capital Stock of a Restricted Subsidiary to any Person (other  than (a) to the Company or any of its Restricted Subsidiaries, (b) dividends or  distributions made by a Restricted Subsidiary on a pro rata basis to all stockholders of  such Restricted Subsidiary (or owners of an equivalent interest in the case of a Restricted  Subsidiary that is not a corporation) or (c) dividends or distributions payable solely in its  Qualified Capital Stock or in options, rights or warrants to acquire Qualified Capital  Stock);   (3) the purchase, redemption, retirement or other acquisition for value of any  Equity Interests of the Company, including in connection with any merger or  consolidation involving the Company;   (4) the purchase, repurchase, redemption, defeasance or other acquisition or  retirement for value, prior to scheduled maturity, scheduled repayment or scheduled  sinking fund payment, of any Subordinated Debt of the Company or a Restricted  Subsidiary (other than the purchase, repurchase or other acquisition of Subordinated Debt  purchased in anticipation of satisfying a sinking fund obligation, principal installment or  final maturity, in each case due within one year of the date of purchase, repurchase or  acquisition); or   (5) the making of any Restricted Investment in any Person.    “Restricted Security” means a Note required to bear a Private Placement Legend  pursuant to Article 2; provided, however, that the Trustee shall be entitled to request and  conclusively rely on an Opinion of Counsel with respect to whether any Note constitutes a  Restricted Security.  “Restricted Subsidiary” means any Subsidiary of the Company other than an  Unrestricted Subsidiary.   

 

  34     “Rule 144A” means Rule 144A under the Securities Act.  “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc., or any  successor to the rating agency business thereof.  “Sale and Leaseback Transaction” means any direct or indirect arrangement relating to  property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary  transfers such property to another Person and the Company or a Restricted Subsidiary leases it  from such Person, other than transactions between the Company and its Restricted Subsidiaries  or between Restricted Subsidiaries.  “Secured Debt” means the Consolidated Total Indebtedness of the Company or any of  its Restricted Subsidiaries secured by a Lien.   “Secured Leverage Ratio” means, as of any date of determination (the “determination  date”) with respect to any Person, the ratio of:   (1) Secured Debt of such Person and its Restricted Subsidiaries as of the end  of the most recent fiscal quarter for which internal financial statements (prepared on a  consolidated basis in accordance with GAAP) are available minus the aggregate cash and  cash equivalents included in the cash and cash equivalents accounts listed on the  consolidated balance sheet of the Company and its Restricted Subsidiaries as at such date,  to   (2) Consolidated EBITDA of such Person for the period of the most recent  four consecutive fiscal quarters ending prior to the date of such determination for which  internal financial statements are available,   in each case, calculated on a pro forma basis in a manner consistent with the adjustments set  forth in the definition of “Fixed Charge Coverage Ratio”; provided that for purposes of  calculating such Secured Leverage Ratio any Debt Incurred under clause (2)(b)(y) of Section  4.08(b) shall be deemed to be Secured Debt.  For purposes of the calculation of the Secured  Leverage Ratio, in connection with the Incurrence of any Lien pursuant to clause (21) of the  definition of “Permitted Liens,” the Company may elect, pursuant to an Officer’s Certificate, to  treat all or a portion of the commitment under any Debt which is to be secured by such Lien as  being Incurred as of such determination date and any subsequent Incurrence of Debt under such  commitment that was so treated shall not be deemed, for purposes of this calculation, to be an  Incurrence of additional Debt or additional Lien at such subsequent time; provided that if the  Company makes such an election, for purposes of the calculation of the Secured Leverage Ratio  in connection with any subsequent Incurrence of any Lien pursuant to clause (21) of the  definition of “Permitted Liens” (other than under such commitment) or any Debt pursuant to  clause (2)(b)(y) of Section 4.08(b), the amount under such commitment that was so treated shall  be deemed to be Incurred as of such determination date.  “Securities Act” means the Securities Act of 1933, as amended.  “Senior Secured Term Loan” means term loan facilities under the Fourth Amended and  Restated Credit Agreement dated as of July 20, 2018 (as amended), among the Company, certain  

 

  35     Subsidiaries of the Company, Cobank, ABC, as administrative agent and collateral agent, and the  other lenders party thereto, as the same may be amended, restated, renewed, refunded, replaced,  refinanced, supplemented or otherwise modified from time to time, including any such  replacement, refunding or refinancing facility or indenture that increases the amount permitted to  be borrowed thereunder or alters the maturity thereof or adds Restricted Subsidiaries as  additional borrowers or guarantors thereunder and whether by the same or any other agent,  lender or group of lenders.  “Significant Subsidiary” of any Person, means any Restricted Subsidiary, or any group  of Restricted Subsidiaries, of such Person, if taken together as a single entity, that would be a  “significant subsidiary” of such Person within the meaning of Rule 1-02 under Regulation S-X  promulgated by the Commission.  “Subordinated Debt” means any Debt, whether outstanding on the Issue Date or  thereafter Incurred, which is subordinate or junior in right of payment to the Notes or the  Guarantees, as the case may be, pursuant to a written agreement.  “Subsidiary,” with respect to any Person, means (i) any corporation of which the  outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election  of directors under ordinary circumstances shall at the time be owned, directly or indirectly,  through one or more intermediaries, by such Person or (ii) any other Person of which at least a  majority of the voting interest under ordinary circumstances is at the time, directly or indirectly,  through one or more intermediaries, owned by such Person. Notwithstanding anything in this  Indenture to the contrary, all references to any Person and its consolidated Subsidiaries or to  financial information prepared on a consolidated basis in accordance with GAAP shall be  deemed to include such Person and its Subsidiaries as to which financial statements are prepared  on a consolidated basis in accordance with GAAP and to financial information prepared on such  a consolidated basis.  “Surviving Person” means, with respect to any Person involved in or that makes any  Disposition, the Person formed by or surviving such Disposition or the Person to which such  Disposition is made.  “Sustainability Performance Target” means the Greenhouse Gas Emissions Intensity  reduction target of 17.679% by December 31, 2025 from a 2019 baseline as set forth in the  Sustainability-Linked Bond Framework, which represents linear annual progress toward a 30%  reduction in Greenhouse Gas Emissions Intensity by 2030 from a 2019 baseline; provided,  however, that for purposes of the Sustainability Performance Target and the calculation of  Greenhouse Gas Emissions Intensity, the Company may exclude (A) the tCO2e and lbs.  produced attributable to any single or related series of acquisitions completed since the Issue  Date by the Company or its consolidated Subsidiaries that individually, or in the aggregate in the  case of a related series, represent more than 10% of the annual net sales of the Company,  calculated by reference to the audited consolidated financial statements of the Company for the  fiscal year ended December 29, 2019, or (B) the impact of any material amendment to, or change  in, any applicable laws, regulations, rules, guidelines and policies, applicable and/or relating to  the production, processing, marketing and distribution of fresh, frozen and value-added chicken,  pork and their respective rendered by-product parts and offal of the Company and its  

 

  36     consolidated Subsidiaries following the Issue Date.  Based on current, unverified emissions data,  a 17.679% reduction in Greenhouse Gas Emissions Intensity implies an emissions intensity no  higher than 0.0081319 tCO2e/100 lbs. produced for the year ended December 31, 2025.  If an  External Verifier revises the 2019 baseline, the Sustainability Performance Target should adjust  to be the same 17.679% reduction from the verified baseline. Changes to the baseline and  resulting changes to the Sustainability Performance Target should be publicly disclosed as part  of reporting obligations detailed in the Sustainability-Linked Bond Framework.   “Sustainability-Linked Bond Framework” means the Sustainability-Linked Bond  Framework adopted by the Company in March 2021.  “tCO2e” means the sum of Scope 1 emissions (from stationary and mobile sources) and  Scope 2 emissions (from indirect emissions) during a given period from global operations,  including, without limitation, the use of dry ice, measured in metric tons of carbon dioxide  equivalent.  “Total Assets” of any Person means the total assets of such Person and its Restricted  Subsidiaries on a consolidated basis determined in accordance with GAAP, as shown on the  most recent balance sheet of such Person and calculated on a pro forma basis in a manner  consistent with the adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”   “Treasury Yield” means, as of any Redemption Date, the yield to maturity as of such  Redemption Date of United States Treasury securities with a constant maturity (as compiled by  and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become  publicly available at least two business days prior to the Redemption Date or, if such statistical  release is no longer published, any publicly available source of similar market data) most nearly  equal to the period from the Redemption Date to April 15, 2026. If the period is less than one  year, the weekly average yield on actively traded United States Treasury securities adjusted to a  constant maturity of one year shall be used.  “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.  “Trustee” means the party named as such in this Indenture, acting in its capacity as  trustee hereunder, until a successor replaces it in accordance with the provisions of this Indenture  and thereafter means such successor.  “Unrestricted Subsidiary” means any direct or indirect Subsidiary of a Person that is  designated by such Person as an Unrestricted Subsidiary, and any Subsidiary of that Unrestricted  Subsidiary pursuant to Section 4.14.  “U.S. Credit Facilities” means the Senior Secured Term Loan and the ABL Revolving  Loan.  “U.S. Dollar Equivalent” means, with respect to any monetary amount in a currency  other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars  obtained by converting such foreign currency involved in such computation into U.S. dollars at  the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in  

 

  37     The Wall Street Journal in the “Exchange Rates” column under the heading “Currency  Trading” on the date two business days prior to such determination.  “U.S. Government Securities” means direct obligations (or certificates representing an  ownership interest in such obligations) of the United States of America (including any agency or  instrumentality thereof) for the payment of which the full faith and credit of the United States of  America is pledged and which are not callable or redeemable at the issuer’s option or money  market funds that invest solely in the foregoing.  “U.S. Legal Tender” means such coin or currency of the United States of America that  at the time of payment shall be legal tender for the payment of public and private debts.  “Voting Stock” of any Person as of any date means the Capital Stock of that Person that  is at the time entitled to vote in the election of that Person’s Board of Directors.  “Weighted Average Life to Maturity” means, when applied to any Debt at any date, the  number of years obtained by dividing  (1) the then outstanding aggregate principal amount of such Debt into   (2) the total of the product obtained by multiplying  (a) the amount of each then remaining installment, sinking fund, serial  maturity or other required payment of principal, including payment at final  maturity, in respect thereof; by  (b) the number of years (calculated to the nearest one-twelfth) which  shall elapse between such date and the making of such payment.  “Wholly Owned Restricted Subsidiary” means any Restricted Subsidiary that is a  Wholly Owned Subsidiary.  “Wholly Owned Subsidiary” means a Subsidiary of any Person, all of the outstanding  Capital Stock of which (other than any director’s qualifying shares or shares owned by foreign  nationals to the extent mandated by applicable law) is owned by such Person or one or more  Wholly Owned Subsidiaries of such Person.   Section 1.02. Other Definitions.  Term Defined in Section  “144A Global Note” 2.01  “Additional Notes” 2.02  “Affiliate Global Note” 2.18  “Affiliate Legend” Exhibit B  “Affiliate Transaction” 4.13  “Asset Sale Offer” 4.11  “Authentication Order” 2.02  “Automatic Exchange” 2.17  

 

  38     Term Defined in Section  “Automatic Exchange Date” 2.17  “Automatic Exchange Notice” 2.17  “Automatic Exchange Notice Date” 2.17  “Change of Control Offer” 4.07  “Change of Control Payment” 4.07  “Change of Control Payment Date” 4.07  “covenant defeasance” 8.02  “defeasance trust” 8.03  “Distribution Compliance Period” 2.01  “Event of Default” 6.01  “Excess Proceeds” 4.11  “Global Notes” 2.01  “Guaranteed Obligations” 10.01  “Global Note Legend” Exhibit B  “IAI Global Note” 2.01  “Initial Global Notes” 2.01  “Initial Notes” 2.02  “legal defeasance” 8.02  “Net Proceeds Deficiency” 4.11  “Net Proceeds Payment Date” 4.11  “Offered Amount” 4.11  “Original Issue Discount Legend” Exhibit B  “Pari Passu Debt” 4.11  “Pari Passu Debt Amount” 4.11  “Participants” 2.15  “Paying Agent” 2.03  “Payment Amount” 4.11  “Permanent Regulation S Global Note” 2.01  “Permitted Debt” 4.08  “Physical Notes” 2.01  “Private Placement Legend” Exhibit B  “Registrar” 2.03  “Regulation S Global Note” 2.01  “Reporting Suspension Period” 4.16  “Reversion Date” 4.17  “Suspended Covenants” 4.17  “Suspension Date” 4.17  “Suspension Period” 4.17  “Temporary Regulation S Global Note” 2.01  “Temporary Regulation S Global Note Legend” Exhibit B  “Testing Party” 4.18(a)(v)  “Transaction Agreement Date” 4.18(a)(v)    Section 1.03. Incorporation by Reference of Trust Indenture Act.  

 

  39     Whenever this Indenture refers to a provision of the Trust Indenture Act, such provision  is incorporated by reference in, and made a part of, this Indenture. The following Trust Indenture  Act terms used in this Indenture have the following meanings:  “indenture securities” means the Notes.  “indenture security holder” means a Holder.  “indenture to be qualified” means this Indenture.  “indenture trustee” or “institutional trustee” means the Trustee.  “obligor” on the indenture securities means the Company, any Guarantor or any other  obligor on the Notes.  All other Trust Indenture Act terms used in this Indenture that are defined by the Trust  Indenture Act, defined by Trust Indenture Act reference to another statute or defined by  Commission rule and not otherwise defined herein have the meanings assigned to them therein.  Section 1.04. Rules of Construction.  Unless the context otherwise requires:  (1) a term has the meaning assigned to it;  (2) an accounting term not otherwise defined has the meaning assigned to it in  accordance with GAAP;  (3)  “or” is not exclusive;  (4) words in the singular include the plural, and words in the plural include the  singular;  (5) provisions apply to successive events and transactions;  (6) “herein,” “hereof” and other words of similar import refer to this Indenture as a  whole and not to any particular Article, Section or other subdivision;  (7) the words “including,” “includes” and similar words shall be deemed to be  followed by “without limitation”;   (8)  “asset” or “property” shall be interchangeable; and  (9) the phrase “in writing” or any similar phrase as used herein shall be deemed to  include PDF attachments and other electronic means of transmission, unless otherwise indicated.  

 

  40     ARTICLE 2  THE NOTES  Section 2.01. Form and Dating.  The Notes and the Trustee’s certificate of authentication shall be substantially in the form  of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law,  stock exchange rule or usage. The Company shall approve the form of the Notes and any  notation, legend or endorsement on them. Each Note shall be dated the date of its issuance and  show the date of its authentication.   The terms and provisions contained in the Notes shall constitute, and are hereby  expressly made, a part of this Indenture and, to the extent applicable, the Company, the  Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to  such terms and provisions and to be bound thereby.  Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of  one or more permanent global Notes in registered form, substantially in the form set forth in  Exhibit A (the “144A Global Note”), deposited with the Trustee, as custodian for the  Depository, duly executed by the Company and authenticated by the Trustee as hereinafter  provided and shall bear the Private Placement Legend and the Global Note Legend.  Notes offered and sold in offshore transactions in reliance on Regulation S shall be issued  initially in the form of one or more temporary Global Notes in registered form, substantially in  form of Exhibit A (the “Temporary Regulation S Global Note”), deposited with the Trustee, as  custodian for the Depository, duly executed by the Company and authenticated by the Trustee as  hereinafter provided and shall bear the Private Placement Legend, the Global Note Legend and  the Temporary Regulation S Global Note Legend. Reasonably promptly following the date that  is 40 days after the later of the commencement of an offering of Notes in reliance on Regulation  S and the issue date (the “Distribution Compliance Period”), which such date shall be notified  to the Trustee in writing by the Company, upon receipt by the Trustee and the Company of a  duly executed certificate certifying that the holder of the beneficial interest in the Temporary  Regulation S Global Note is a Non-U.S. Person, substantially in the form of Exhibit E, from the  Depository, one or more permanent global Notes in registered form substantially in the form of  Exhibit A (the “Permanent Regulation S Global Note” and, together with the Temporary  Regulation S Global Note, the “Regulation S Global Note”) duly executed by the Company and  authenticated by the Trustee as hereinafter provided and bearing the Global Note Legend, shall  be deposited with the Trustee, as custodian for the Depository, and the Registrar shall reflect on  its books and records the cancellation of the Temporary Regulation S Global Note and the  issuance of the Permanent Regulation S Global Note.  The initial offer and resale of the Notes shall not be to an Institutional Accredited  Investor. The Notes resold to Institutional Accredited Investors in connection with the first  transfer made pursuant to Section 2.16(a) shall be issued initially in the form of one or more  permanent Global Notes in registered form, substantially in the form set forth in Exhibit A (the  “IAI Global Note” and, together with the 144A Global Note and the Regulation S Global Note,  the “Initial Global Notes”), deposited with the Trustee, as custodian for the Depository, duly  

 

  41     executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear  the Private Placement Legend and the Global Note Legend.  Any Additional Notes so designated by the Company shall bear the Original Issue  Discount Legend.  Notes issued after the Issue Date shall be issued initially in the form of one or more  Global Notes in registered form, substantially in the form set forth in Exhibit A, deposited with  the Trustee, as custodian for the Depository, duly executed by the Company and authenticated by  the Trustee as hereinafter provided and shall bear the Global Note Legend and any legends  required by applicable law (together with the Initial Global Notes, the “Global Notes”) or as  Physical Notes.  The aggregate principal amount of the Global Notes may from time to time be increased  or decreased by adjustments made on the records of the Trustee, as custodian for the Depository,  as hereinafter provided. Notes issued in exchange for interests in a Global Note pursuant to  Section 2.16 may be issued in the form of permanent certificated non-global Notes in registered  form in substantially the form set forth in Exhibit A and bearing the applicable legends, if any  (the “Physical Notes”).  Section 2.02. Execution, Authentication and Denomination; Additional Notes.  At least one Officer of the Company (whom shall have been duly authorized by all  requisite corporate actions) shall sign the Notes for the Company by manual, facsimile, PDF  attachment or other electronically transmitted signature.   If an Officer whose signature is on a Note was an Officer at the time of such execution  but no longer holds that office at the time the Trustee authenticates the Note, the Note shall  nevertheless be valid.  A Note (and the Guarantees in respect thereof) shall not be valid until an authorized  signatory of the Trustee manually signs the certificate of authentication on the Note. The  signature shall be conclusive evidence that the Note has been authenticated under this Indenture.  The Trustee shall authenticate (i) on the Issue Date, Notes for original issue in an  aggregate principal amount not to exceed $1,000,000,000 (the “Initial Notes”) and (ii) additional  Notes (the “Additional Notes”) in an unlimited amount (so long as not otherwise prohibited by  the terms of this Indenture, including, without limitation, Section 4.08), in each case upon a  written order of the Company in the form of a certificate of an Officer of the Company (an  “Authentication Order”). Each such Authentication Order shall specify the amount of Notes to  be authenticated and the date on which the Notes are to be authenticated, whether the Notes are  to be Initial Notes or Additional Notes and whether the Notes are to be issued as certificated  Notes or Global Notes or such other information as the Trustee may reasonably request. In  addition, with respect to authentication pursuant to clause (ii) of the first sentence of this  paragraph, the Authentication Order from the Company shall be accompanied by an Opinion of  Counsel of the Company in a form reasonably satisfactory to the Trustee.  

 

  42     All Notes issued under this Indenture shall be treated as a single class for all purposes  under this Indenture; provided that, if any Additional Notes subsequently issued are not fungible  for U.S. federal income tax purposes with any Notes previously issued, such Additional Notes  shall have a separate CUSIP number but shall otherwise be treated as a single class with all other  Notes issued under this Indenture. The Additional Notes shall bear any legend required by  applicable law.  The Trustee may appoint an authenticating agent reasonably acceptable to the Company  to authenticate Notes. Unless otherwise provided in the appointment, an authenticating agent  may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to  authentication by the Trustee includes authentication by such agent. An authenticating agent has  the same rights as an Agent to deal with the Company and Affiliates of the Company. The  Trustee shall have the right to decline to authenticate and deliver any Notes under this Indenture  if the Trustee, being advised by counsel, determines that such action may not lawfully be taken  or if the Trustee in good faith shall determine that such action would expose the Trustee to  personal liability.  The Notes shall be issuable only in registered form without coupons in denominations of  $2,000 and integral multiples of $1,000 in excess thereof.  Section 2.03. Registrar and Paying Agent.  The Company shall maintain or cause to be maintained an office or agency where (a)  Notes may be presented or surrendered for registration of transfer or for exchange (“Registrar”),  (b) Notes may, subject to Section 2 of the Notes, be presented or surrendered for payment  (“Paying Agent”) and (c) notices and demands to or upon the Company in respect of the Notes  and this Indenture may be served. The Company may also from time to time designate one or  more other offices or agencies where the Notes may be presented or surrendered for any or all  such purposes and may from time to time rescind such designations; provided, however, that no  such designation or rescission shall in any manner relieve the Company of the obligation to  maintain or cause to be maintained an office or agency for such purposes. The Company may act  as Registrar or Paying Agent, except that for the purposes of Articles 3 and 8 and Sections 4.07  and 4.11, neither the Company nor any Affiliate of the Company shall act as Paying Agent. The  Registrar shall keep a register of the Notes and of their transfer and exchange. The Company,  upon written notice to the Trustee, may have one or more co-registrars and one or more  additional Paying Agents reasonably acceptable to the Trustee. The term “Registrar” includes  any co-registrar, and the term “Paying Agent” includes any additional Paying Agent. The  Company initially appoints the Trustee as Registrar and Paying Agent until such time as the  Trustee has resigned or a successor has been appointed.  The Company shall enter into an appropriate agency agreement with any Agent not a  party to this Indenture, which agreement shall implement the provisions of this Indenture that  relate to such Agent. The Company shall notify the Trustee in writing, in advance, of the name  and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, the  Trustee shall act as such.  Section 2.04. Paying Agent To Hold Assets in Trust.  

 

  43     The Company shall require each Paying Agent other than the Trustee or the Company or  any Subsidiary to agree in writing that each Paying Agent shall hold in trust for the benefit of  Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or  interest on, the Notes (whether such assets have been distributed to it by the Company or any  other obligor on the Notes), and shall notify the Trustee of any Default by the Company (or any  other obligor on the Notes) in making any such payment. The Company at any time may require  a Paying Agent to distribute all assets held by it to the Trustee and account for any assets  disbursed, and the Trustee may at any time during the continuance of any payment Default, upon  written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to  the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all  assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent  shall have no further liability for such assets.  Section 2.05. Holder Lists.  The Trustee shall preserve in as current a form as is reasonably practicable the most  recent list available to it of the names and addresses of Holders. If the Trustee is not the  Registrar, the Company shall furnish to the Trustee at least two Business Days prior to each  Interest Payment Date and at such other times as the Trustee may request in writing a list, in such  form and as of such date as the Trustee may reasonably require, of the names and addresses of  Holders, which list may be conclusively relied upon by the Trustee.  Section 2.06. Transfer and Exchange.  Subject to Sections 2.15 and 2.16, when Notes are presented to the Registrar with a  request to register the transfer of such Notes or to exchange such Notes for an equal principal  amount of Notes of other authorized denominations, the Registrar shall register the transfer or  make the exchange as requested if its requirements for such transaction are met; provided,  however, that the Notes surrendered for transfer or exchange shall be duly endorsed or  accompanied by a written instrument of transfer in form satisfactory to the Company and the  Registrar, duly executed by the Holder thereof or his or her attorney duly authorized in writing.  To permit registrations of transfers and exchanges, the Company shall execute and the Trustee  shall authenticate Notes at the Registrar’s request. No service charge shall be made for any  registration of transfer or exchange, but the Company or the Trustee may require payment of a  sum sufficient to cover any transfer tax or other tax and governmental or other fees payable in  connection therewith.  Without the prior written consent of the Company, the Registrar shall not be required to  register the transfer of or exchange of any Note (i) during a period beginning at the opening of  business 15 days before a selection of Notes to be redeemed and ending at the close of business  on the day of such selection, (ii) selected for redemption in whole or in part pursuant to Article 3,  except the unredeemed portion of any Note being redeemed in part, and (iii) beginning at the  opening of business on any Record Date and ending on the close of business on the related  Interest Payment Date. Any holder of a beneficial interest in a Global Note shall, by acceptance  of such beneficial interest, agree that transfers of beneficial interests in such Global Notes may  be effected only through a book-entry system maintained by the Holder of such Global Note (or  

 

  44     its agent) in accordance with the applicable legends thereon and that ownership of a beneficial  interest in the Note shall be required to be reflected in a book-entry system.  Section 2.07. Replacement Notes.  If a mutilated Note is surrendered to the Trustee or if the Holder of a Note claims that the  Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall  authenticate a replacement Note if the Trustee’s requirements are met. Such Holder must provide  an indemnity bond or other indemnity, sufficient in the judgment of both the Company and the  Trustee, to protect the Company, the Trustee or any Agent from any loss which any of them may  suffer if a Note is replaced. The Company may charge such Holder for their reasonable out-of- pocket expenses in replacing a Note pursuant to this Section 2.07, including reasonable fees and  expenses of counsel and of the Trustee.  Every replacement Note is an additional obligation of the Company.  The provisions of this Section 2.07 are exclusive and shall preclude (to the extent lawful)  all other rights and remedies with respect to the replacement or payment of lost, destroyed or  wrongfully taken Notes.  Section 2.08. Outstanding Notes.  Notes outstanding at any time are all the Notes that have been authenticated by the  Trustee except those cancelled by it, those delivered to it for cancellation and those described in  this Section as not outstanding. A Note does not cease to be outstanding because the Company,  the Guarantors or any of their respective Affiliates hold the Note (subject to the provisions of  Section 2.09).  If a Note is replaced pursuant to Section 2.07 (other than a mutilated Note surrendered for  replacement), it ceases to be outstanding unless a Responsible Officer of the Trustee receives  proof satisfactory to it that the replaced Note is held by a protected purchaser. A mutilated Note  ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to  Section 2.07.  If the principal amount of any Note is considered paid under Section 4.01, it ceases to be  outstanding and interest ceases to accrue. If on a Redemption Date or the Maturity Date the  Trustee or Paying Agent (other than the Company or an Affiliate thereof) holds U.S. Legal  Tender or U.S. Government Securities sufficient to pay all of the principal and interest due on  the Notes payable on that date, then on and after that date such Notes cease to be outstanding and  interest on them ceases to accrue.  Section 2.09. Treasury Notes.  In determining whether the Holders of the required principal amount of Notes have  concurred in any direction, waiver or consent, Notes owned by the Company or any of their  Affiliates shall be disregarded, except that, for the purposes of determining whether the Trustee  shall be protected in relying on any such direction, waiver or consent, only Notes that a  Responsible Officer of the Trustee actually knows are so owned shall be disregarded.  

 

  45     Section 2.10. Temporary Notes.  Until definitive Notes are ready for delivery, the Company may prepare and the Trustee  shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of  definitive Notes but may have variations that the Company consider appropriate for temporary  Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate  definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall  be entitled to the same rights, benefits and privileges as definitive Notes. Notwithstanding the  foregoing, so long as the Notes are represented by a Global Note, such Global Note may be in  typewritten form.  Section 2.11. Cancellation.  The Company at any time may deliver Notes to the Trustee for cancellation. The  Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for  transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the  Paying Agent (other than the Company or an Affiliate thereof), and no one else, shall cancel and,  at the written direction of the Company, shall dispose of all Notes surrendered for transfer,  exchange, payment or cancellation in accordance with its customary procedures. Subject to  Section 2.07, the Company may not issue new Notes to replace Notes that they have paid or  delivered to the Trustee for cancellation. If the Company or any Guarantor shall acquire any of  the Notes, such acquisition shall not operate as a redemption or satisfaction of the Debt  represented by such Notes unless and until the same are surrendered to the Trustee for  cancellation pursuant to this Section 2.11.  Section 2.12. Defaulted Interest.  If the Company default in a payment of interest on the Notes, they shall pay the defaulted  interest, plus (to the extent lawful) any interest payable on the defaulted interest, in any lawful  manner. The Company may pay the defaulted interest to the persons who are Holders on a  subsequent special record date, which date shall be the fifteenth day next preceding the date  fixed by the Company for the payment of defaulted interest or the next succeeding Business Day  if such date is not a Business Day. At least 15 days before any such subsequent special record  date, the Company shall deliver to each Holder, with a copy to the Trustee, a notice that states  the subsequent special record date, the payment date and the amount of defaulted interest, and  interest payable on such defaulted interest, if any, to be paid. Notwithstanding the foregoing, any  interest which is paid prior to the expiration of the 30-day period set forth in Section 6.01(1)  shall be paid to Holders as of the record date for the Interest Payment Date for which interest has  not been paid.  Section 2.13. CUSIP and ISIN Numbers.  The Company in issuing the Notes may use “CUSIP” or “ISIN” numbers, and if so, the  Trustee shall use the “CUSIP” or “ISIN” numbers in notices of redemption or exchange as a  convenience to Holders; provided, however, that any such notice may state that no representation  is made by the Trustee or the Company as to the correctness or accuracy of the “CUSIP” or  “ISIN” numbers printed in the notice or on the Notes and that reliance may be placed only on the  

 

  46     other identification numbers printed on the Notes. The Company shall promptly notify the  Trustee in writing of any change in the “CUSIP” or “ISIN” numbers.  Section 2.14. Deposit of Moneys.  Subject to Section 2 of the Notes, prior to 11:00 a.m. New York City time on each  Interest Payment Date, Maturity Date, Redemption Date, Change of Control Payment Date and  the Net Proceeds Payment Date, the Company shall have deposited with the Paying Agent in  immediately available funds money sufficient to make cash payments, if any, due on such  Interest Payment Date, Maturity Date, Redemption Date, Change of Control Payment Date and  Net Proceeds Payment Date, as the case may be, in a timely manner which permits the Paying  Agent to remit payment to the Holders on such Interest Payment Date, Maturity Date,  Redemption Date, Change of Control Payment Date and Net Proceeds Payment Date, as the case  may be.  Section 2.15. Book-Entry Provisions for Global Notes.  (a) The Global Notes initially shall (i) be registered in the name of the Depository or  the nominee of such Depository, (ii) be delivered to the Trustee as custodian for such Depository  and (iii) bear legends as set forth in Exhibit B, as applicable. Members of, or participants in, the  Depository (“Participants”) shall have no rights under this Indenture with respect to any Global  Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global  Note, and the Depository may be treated by the Company, the Trustee and any agent of the  Company or the Trustee as the absolute owner of the Global Note for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any  agent of the Company or the Trustee from giving effect to any written certification, proxy or  other authorization furnished by the Depository or impair, as between the Depository and  Participants, the operation of customary practices governing the exercise of the rights of a Holder  of any Note.  (b) Transfers of Global Notes shall be limited to transfers in whole, but not in part, to  the Depository, its successors or their respective nominees. Interests of beneficial owners in the  Global Notes may be transferred or exchanged for Physical Notes in accordance with the rules  and procedures of the Depository and the provisions of Section 2.16. In addition, Physical Notes  shall be transferred to all beneficial owners in exchange for their beneficial interests in Global  Notes if (i) the Depository notifies the Company that it is unwilling or unable to act as  Depository for any Global Note or has ceased to be a clearing agency registered under the  Exchange Act and, in each case, the Company so notify the Trustee in writing and a successor  Depository is not appointed by the Company within 90 days of such notice, (ii) the Company, at  its option, notify the Trustee in writing that they elect to cause the issuance of the Notes in the  form of Physical Notes under this Indenture (provided that the Temporary Regulation S Global  Note may not be exchanged pursuant to this clause (iii) prior to the expiration of the Distribution  Compliance Period and the receipt of the certificate specified in Section 2.16(c)(i)) or (iv) a  Default or Event of Default has occurred and is continuing and the Registrar has received a  written request from any owner of a beneficial interest in a Global Note to issue Physical Notes.  Upon any issuance of a Physical Note in accordance with this Section 2.15(b) the Trustee is  required to register such Physical Note in the name of, and cause the same to be delivered to,  

 

  47     such Person or Persons (or the nominee of any thereof). All such Physical Notes shall bear the  applicable legends, if any.  (c) In connection with any transfer or exchange of a portion of the beneficial interest in  a Global Note to beneficial owners pursuant to paragraph (b) of this Section 2.15, the Registrar  shall (if one or more Physical Notes are to be issued) reflect on its books and records the date  and a decrease in the principal amount of such Global Note in an amount equal to the principal  amount of the beneficial interest in the Global Note to be transferred or exchanged, and the  Company shall execute, and the Trustee shall authenticate and deliver, one or more Physical  Notes of authorized denominations in an aggregate principal amount equal to the principal  amount of the beneficial interest in the Global Note so transferred or exchanged.  (d) In connection with the transfer of a Global Note as an entirety to beneficial owners  pursuant to paragraph (b) of this Section 2.15, such Global Note shall be deemed to be  surrendered to the Trustee for cancellation, and (i) the Company shall execute and (ii) the  Trustee shall upon written instructions from the Company, authenticate and deliver to each  beneficial owner identified by the Depository in exchange for its beneficial interest in such  Global Note, an equal aggregate principal amount of Physical Notes of authorized  denominations.  (e) Any Physical Note constituting a Restricted Security delivered in exchange for an  interest in a Global Note pursuant to paragraph (b) or (c) of this Section 2.15 shall, except as  otherwise provided by Section 2.16, bear the Private Placement Legend.  (f) The Holder of any Global Note may grant proxies and otherwise authorize any  Person, including Participants and Persons that may hold interests through Participants, to take  any action which a Holder is entitled to take under this Indenture or the Notes.  Section 2.16. Special Transfer and Exchange Provisions.  (a) Transfers to Non-QIB Institutional Accredited Investors. The following provisions  shall apply with respect to the registration of any proposed transfer or exchange of a Restricted  Security to any Institutional Accredited Investor that is not a QIB:  (i) the Registrar shall register the transfer or exchange of any Restricted  Security, whether or not such Note bears the Private Placement Legend, if (x) the  requested transfer or exchange is at least one year after the later of the date of issuance of  such Note and the last date on which the Company or any of their Affiliates was the  owner of such Note or any predecessor of such Note and on which the Company instruct  the Trustee that the Private Placement Legend shall be deemed to have been removed  from such Note (and the Company shall provide an Officer’s Certificate to the Trustee if  the Company or an Affiliate thereof has acquired a beneficial interest in such Note); or  (y) the proposed transferee has delivered to the Registrar a certificate substantially in the  form of Exhibit C hereto and any legal opinions and certifications as may be reasonably  required by the Trustee and the Company;  (ii) if the proposed transferee is a Participant and the Notes to be transferred  or exchanged consist of Physical Notes which after transfer or exchange are to be  

 

  48     evidenced by an interest in the IAI Global Note, upon receipt by the Registrar of the  Physical Note and (x) written instructions given in accordance with the Depository’s and  the Registrar’s procedures and (y) the certificate, if required, referred to in clause (y) of  paragraph (i) above (and any legal opinion or other certifications required by the  Company), the Registrar shall register the transfer or exchange and reflect on its books  and records the date and direct the Depository to increase the principal amount of the IAI  Global Note in an amount equal to the principal amount of Physical Notes to be  transferred or exchanged, and the Registrar shall cancel the Physical Notes so transferred  or exchanged; and  (iii) if the proposed transferor is a Participant seeking to transfer or exchange  an interest in a Global Note, upon receipt by the Registrar of (x) written instructions  given in accordance with the Depository’s and the Registrar’s procedures and (y) the  certificate, if required, referred to in clause (y) of paragraph (i) above, the Registrar shall  register the transfer or exchange and reflect on its books and records the date and (A)  direct the Depository to decrease the principal amount of the Global Note from which  such interests are to be transferred or exchanged in an amount equal to the principal  amount of the Notes to be transferred or exchanged and (B) direct the Depository to  increase the principal amount of the IAI Global Note in an amount equal to the principal  amount of the interest to be transferred or exchanged.  (b) Transfers to QIBs.  The following provisions shall apply with respect to the  registration of any proposed transfer or exchange of a Restricted Security to a QIB:  (i) the Registrar shall register the transfer or exchange of any Restricted  Security, whether or not such Note bears the Private Placement Legend, if (x) the  requested transfer or exchange is at least one year after the later of the date of issuance of  such Note and the last date on which the Company or any of their Affiliates was the  owner of such Note or any predecessor of such Note and on which the Company instruct  the Trustee that the Private Placement Legend shall be deemed to have been removed  from such Note (and the Company shall provide an Officer’s Certificate if the Company  or any Affiliate thereof has acquired a beneficial interest in such Note) or (y) such  transfer or exchange is being made by a proposed transferor who has checked the box  provided for on the applicable Global Note stating, or has otherwise advised the  Company and the Registrar in writing, that the sale has been made in compliance with the  provisions of Rule 144A to a transferee who has signed the certification provided for on  the applicable Global Note stating, or has otherwise advised the Company and the  Registrar in writing, that it is purchasing the Note for its own account or an account with  respect to which it exercises sole investment discretion and that it and any such account is  a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in  reliance on Rule 144A and acknowledges that it has received such information regarding  the Company as it has requested pursuant to Rule 144A or has determined not to request  such information and that it is aware that the transferor is relying upon its foregoing  representations in order to claim the exemption from registration provided by Rule 144A;  (ii) if the proposed transferee is a Participant and the Notes to be transferred  or exchanged consist of Physical Notes which after transfer or exchange are to be  

 

  49     evidenced by an interest in the 144A Global Note, upon receipt by the Registrar of the  Physical Notes and written instructions given in accordance with the Depository’s and the  Registrar’s procedures, the Registrar shall register the transfer or exchange and reflect on  its book and records the date and direct the Depository to increase the principal amount  of the 144A Global Note in an amount equal to the principal amount of Physical Notes to  be transferred or exchanged, and the Registrar shall cancel the Physical Notes so  transferred or exchanged; and  (iii) if the proposed transferor is a Participant seeking to transfer or exchange  an interest in the IAI Global Note or the Regulation S Global Note, upon receipt by the  Registrar of written instructions given in accordance with the Depository’s and the  Registrar’s procedures, the Registrar shall register the transfer or exchange and reflect on  its books and records the date and (A) direct the Depository to decrease the principal  amount of the IAI Global Note or the Regulation S Global Note, as the case may be, in an  amount equal to the principal amount of the Notes to be transferred or exchanged and (B)  direct the Depository to increase the principal amount of the 144A Global Note in an  amount equal to the principal amount of the interest to be transferred or exchanged.  (c) Transfers of Interests in the Temporary Regulation S Global Note.  The following  provisions shall apply with respect to the registration of any proposed transfer or exchange of  interests in the Temporary Regulation S Global Note:  (i) the Registrar shall register the transfer or exchange of an interest in the  Temporary Regulation S Global Note, whether or not such Global Note bears the Private  Placement Legend, if the proposed transferor has delivered to the Registrar a certificate  substantially in the form of Exhibit E stating, among other things, that the proposed  transferee is a Non-U.S. Person (except for a transfer to an Initial Purchaser); and  (ii) if the proposed transferee is a Participant, upon receipt by the Registrar of  the documents referred to in clause (i) above, if required, and instructions given in  accordance with the Depository’s and the Registrar’s procedures, the Registrar shall  reflect on its books and records the date and amount of such transfer or exchange of an  interest in the Temporary Regulation S Global Note.  (d) Transfers to Non-U.S. Persons.  The following provisions shall apply with respect  to any transfer or exchange of a Restricted Security to a Non-U.S. Person under Regulation S:  (i) the Registrar shall register any proposed transfer or exchange of a  Restricted Security to a Non-U.S. Person upon receipt of a certificate substantially in the  form of Exhibit D from the proposed transferor and such certifications, legal opinions and  other information as the Company may reasonably require; and  (ii) (a) if the proposed transferor is a Participant holding a beneficial interest  in the Rule 144A Global Note or the IAI Global Note or the Note to be transferred or  exchanged consists of Physical Notes, upon receipt by the Registrar of (x) the documents  required by paragraph (i) and (y) instructions in accordance with the Depository’s and the  Registrar’s procedures, the Registrar shall reflect on its books and records the date and  

 

  50     direct the Depository to decrease the principal amount of the Rule 144A Global Note or  the IAI Global Note, as the case may be, in an amount equal to the principal amount of  the beneficial interest in the Rule 144A Global Note or the IAI Global Note, as the case  may be, to be transferred or exchanged or cancel the Physical Notes to be transferred or  exchanged, and (b) if the proposed transferee is a Participant, upon receipt by the  Registrar of instructions given in accordance with the Depository’s and the Registrar’s  procedures, the Registrar shall reflect on its books and records the date and direct the  Depository to increase the principal amount of the Permanent Regulation S Global Note  in an amount equal to the principal amount of the interest in the Rule 144A Global Note,  interest in the IAI Global Note or the principal amount of the Physical Notes, as the case  may be, to be transferred or exchanged.  (e) Restrictions on Transfer and Exchange of Global Notes.  Notwithstanding any  other provisions of this Indenture, a Global Note may not be transferred as a whole except by the  Depository to a nominee of the Depository or by a nominee of the Depository to the Depository  or another nominee of the Depository or by the Depository or any such nominee to a successor  Depository or a nominee of such successor Depository.  (f) Private Placement Legend.  Upon the transfer, exchange or replacement of Notes  not bearing the Private Placement Legend unless otherwise required by applicable law, the  Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the transfer,  exchange or replacement of Notes bearing the Private Placement Legend, the Registrar shall  deliver only Notes that bear the Private Placement Legend unless (i) there is delivered to the  Trustee an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither  such legend nor the related restrictions on transfer are required in order to maintain compliance  with the provisions of the Securities Act, (ii) the Notes are delivered in connection with an  exchange pursuant to Section 2.17 hereof, (iii) the Company has instructed the Trustee that the  Private Placement Legend on such Notes shall be deemed to have been removed from such  Notes in accordance with Section 2.16(a)(i) or 2.16(b)(i) or (iv) such Note has been offered and  sold pursuant to an effective registration statement under the Securities Act.  (g) General.  By its acceptance of any Note bearing the Private Placement Legend,  each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in  this Indenture and in the Private Placement Legend and agrees that it will transfer such Note only  as provided in this Indenture.  The Registrar shall retain copies of all letters, notices and other written communications  received pursuant to this Section 2.16. The Company shall have the right to inspect and make  copies of all such letters, notices or other written communications at any reasonable time upon  the giving of reasonable written notice to the Registrar.  Neither the Trustee nor any Agent shall have any obligation or duty to monitor,  determine or inquire as to compliance with any restrictions on transfer or exchange imposed  under this Indenture or under applicable law with respect to any transfer of any interest in any  Note (including, without limitation, any transfers between or among Participants or beneficial  owners of interests in any Global Note) other than to require delivery of such certificates and  other documentation or evidence as are expressly required by, and to do so if and when expressly  

 

  51     required by the terms of, this Indenture, and to examine the same to determine substantial  compliance as to form with the express requirements hereof.  Neither the Trustee nor any agent of the Trustee shall have any responsibility for any  actions taken or not taken by the Depositary. The Trustee shall have no responsibility for the  accuracy of the books and records of the Depository. The Trustee may treat and consider the  person in whose name each security is registered in the registration books as the holder and  absolute owner of such security for all purposes whatsoever (or may list out various purposes,  such as for the purpose of payment of principal, premium, if any, and interest with respect to  such security, for the purpose of giving notices of redemption or tender and other matters with  respect to such security, for the purpose of registering transfers with respect to such security, and  for all purposes whatsoever).  (h) Cancellation and/or Adjustment of Global Note. At such time as all beneficial  interests in a particular Global Note have been exchanged for Physical Notes or a particular  Global Note has been redeemed, repurchased or canceled in whole and not in part, each such  Global Note shall be returned to or retained and canceled by the Trustee in accordance with  Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global  Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a  beneficial interest in another Global Note or for Physical Notes, the principal amount of Notes  represented by such Global Note shall be reduced accordingly, and an endorsement shall be  made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to  reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a  Person who shall take delivery thereof in the form of a beneficial interest in another Global Note,  such other Global Note shall be increased accordingly and an endorsement shall be made on such  Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such  increase.  Section 2.17. [RESERVED]  Section 2.18. Notes Held by Affiliates.  Notwithstanding anything to the contrary in Section 2.16, unless otherwise permitted by  the Company, any Note or interest therein (i) that has been transferred to an Affiliate of the  Company, as evidenced by a notation on the certificate of transfer or certificate of exchange for  such transfer or in the representation letter delivered in respect thereof or (ii) that has been  acquired from an Affiliate (other than by an Affiliate) in a transaction or a chain of transactions  not involving any public offering, as evidenced by a notation on the certificate of transfer or  certificate of exchange for such transfer or in the representation letter delivered in respect  thereof, shall, until one year after the last date on which either the Company or any Affiliate of  the Company was an owner of such Note, in each case, be in the form of either (A) a Global  Note that is a Restricted Security bearing the Affiliate Legend and a restricted CUSIP number  different from the CUSIP number borne by any other Global Note (an “Affiliate Global Note”)  or a Physical Note bearing the Private Placement Legend and the Affiliate Legend and, in each  case, shall be subject to the restrictions in Section 2.16 and this Section 2.18.  

 

  52     Any Person who is not an Affiliate of the Company but who acquired such beneficial  interest or Physical Note from an Affiliate of the Company and who wishes to (1) exchange such  beneficial interest or Physical Note for a beneficial interest in a Global Note that is not an  Affiliate Global Note or that is a Physical Note not bearing the Affiliate Legend, as the case may  be, or (2) transfer such beneficial interest or Physical Note to a Person who takes delivery in the  form of a Global Note that is not an Affiliate Global Note or that is a Physical Note not bearing  the Affiliate Legend shall, in addition to complying with any other applicable requirements of  Section 2.16 and this Section 2.18, deliver to the Company and the Registrar such certifications  and other documentation as the Company and the Registrar may request to the effect that such  exchange or transfer is in compliance with the Securities Act, that the transferee shall receive  freely tradable securities pursuant to Rule 144 or other applicable provisions of the Securities  Act or the rules and regulations thereunder or as to such other matters as the Company or the  Registrar may reasonably request.  If the Company or the Registrar so requests, any Affiliate of the Company that wishes to  transfer or exchange a Note or a beneficial interest therein shall deliver such documentation as  the Company or the Registrar may request to the effect that such transfer or exchange is in  compliance with the Securities Act or as to such other matters as the Company or the Registrar  may reasonably request.  The Registrar shall retain copies of all letters, notices, Opinions of Counsel, certificates  or other written communications received pursuant to this Section 2.18. The Company shall have  the right to inspect and make copies of all such letters, notices, Opinions of Counsel, certificates  or other written communications at any reasonable time upon the giving of reasonable advance  written notice to the Registrar.  Section 2.19. Open Market Purchases.  The Company may at any time and from time to time purchase the Notes in the open  market or otherwise.  ARTICLE 3  REDEMPTION  Section 3.01. Notices to Trustee.  If the Company elects to redeem Notes pursuant to Section 5 of the Notes, it shall notify  the Trustee in writing of the Redemption Date, the Redemption Price and the principal amount of  Notes to be redeemed. The Company shall give notice of redemption to the Trustee in the form  of an Officer’s Certificate at least 15 days prior to the date such notice of redemption is to be  sent to Holders, together with such documentation and records as shall enable the Trustee to  select the Notes to be redeemed.  Section 3.02. Selection of Notes To Be Redeemed.  

 

  53     If less than all of the Notes are to be redeemed at any time pursuant to Section 5 of the  Notes, the Trustee shall select Notes in accordance with applicable Depository procedures;  provided that no Notes of $2,000 or less shall be redeemed in part.  Section 3.03. Notice of Redemption.  At least 10 days but not more than 60 days before a Redemption Date, the Company shall  mail a notice of redemption by first class mail, postage prepaid (or in the case of Notes held in  book-entry form, by electronic transmission or otherwise in accordance with applicable  Depository procedures), to each Holder whose Notes (or in the case of Global Notes, by  electronic submission to the Depository) are to be redeemed (except that a notice issued in  connection with a redemption referred to in Section 8.01 may be more than 60 days before such  Redemption Date) (with a copy to the Trustee). At the Company’s written request, the Trustee  shall forward the notice of redemption in the Company’s name and at the Company’s expense.  Each notice for redemption shall identify the Notes (including the CUSIP or ISIN number) to be  redeemed and shall state:  (1) the Redemption Date;  (2) the Redemption Price, or the appropriate calculation thereof, and the amount of  accrued interest, if any, to be paid; provided that, if the notice does not include the Redemption  Price, the actual Redemption Price shall be set forth in an Officer’s Certificate delivered to the  Trustee no later than two Business Days prior to the Redemption Date;  (3) the name and address of the Paying Agent;  (4) that Notes called for redemption must be surrendered to the Paying Agent to  collect the Redemption Price plus accrued interest, if any;  (5) that, unless the Company defaults in making the redemption payment, interest on  Notes called for redemption ceases to accrue on and after the Redemption Date, and the only  remaining right of the Holders of such Notes is to receive payment of the Redemption Price upon  surrender to the Paying Agent of the Notes redeemed;  (6) if any Note is being redeemed in part, the portion of the principal amount of such  Note to be redeemed and that, after the Redemption Date, and upon surrender and cancellation of  such Note, a new Note or Notes in aggregate principal amount equal to the unredeemed portion  thereof will be issued;  (7) if fewer than all the Notes are to be redeemed, the identification of the particular  Notes (or portion thereof) to be redeemed, as well as the aggregate principal amount of Notes to  be redeemed and the aggregate principal amount of Notes to be outstanding after such partial  redemption;   (8) the Section of the Notes or this Indenture, as applicable, pursuant to which the  Notes are to be redeemed; and  (9) if applicable, any condition to such redemption.  

 

  54     The notice, if delivered in a manner herein provided, shall be conclusively presumed to  have been given, whether or not the Holder receives such notice. In any case, failure to give such  notice by mail or any defect in the notice to the Holder of any Note designated for redemption in  whole or in part shall not affect the validity of the proceedings for the redemption of any other  Note.   Notwithstanding the foregoing, in connection with any tender offer (including any  Change of Control Offer or Asset Sale Offer made in accordance with the terms of this  Indenture) for Notes, if Holders of not less than 90% in aggregate principal amount of the  outstanding Notes validly tender and do not withdraw Notes in such tender offer and the  Company, or any third party making such tender offer in lieu of the Company, purchases all of  the Notes validly tendered and not withdrawn by such Holders, the Company or such third party  will have the right upon not less than 10 nor more than 60 days’ prior notice, given not more than  30 days following such purchase date, to redeem or purchase all the Notes that remain  outstanding following such purchase at a price equal to the price paid to each other Holder in  such tender offer plus, to the extent not included in the purchase price, accrued and unpaid  interest and additional amounts, if any, on the notes that remain outstanding, to, but excluding,  the date of redemption.  The Company shall calculate the redemption price in connection with  any redemption, and the Trustee shall have no duty to calculate or verify any such calculation.  Any redemption or notice of any redemption may, at the Company’s discretion, be  subject to one or more conditions precedent, including, but not limited to, completion of an  Equity Offering, other offering or financing, Change of Control or other corporate transaction or  event. Notice of any redemption in respect of an Equity Offering may be given prior to the  completion thereof.  In addition, if such redemption or notice is subject to satisfaction of one or  more conditions precedent, such notice shall state that, in the Company’s discretion, the  Redemption Date may be delayed until such time as any or all such conditions shall be satisfied  and a new Redemption Date will be set by the Company in accordance with applicable  Depository procedures, or such redemption may not occur and such notice may be rescinded in  the event that any or all such conditions shall not have been satisfied by the Redemption Date, or  by the Redemption Date as so delayed.  Section 3.04. Effect of Notice of Redemption.  Once notice of redemption is delivered in accordance with Section 3.03, Notes called for  redemption become due and payable on the Redemption Date and at the Redemption Price plus  accrued interest, if any, subject to the satisfaction of any conditions precedent to such redemption  as specified pursuant to the third paragraph of Section 3.03. Upon surrender to the Trustee or  Paying Agent, such Notes called for redemption shall be paid at the Redemption Price, including  the accrued interest thereon to, but not including, the Redemption Date, unless the Redemption  Date is on or after the Record Date for any interest payment and on or before the related Interest  Payment Date, in which case the accrued and unpaid interest, if any, shall be paid to the Person  in whose name a Note is registered at the close of business on such Record Date, and no  additional interest shall be payable to Holders whose Notes will be subject to redemption by the  Company.  Subject to the immediately preceding sentence and the satisfaction of any conditions  precedent to the redemption, on and after the Redemption Date interest shall cease to accrue on  

 

  55     Notes or portions thereof called for redemption unless the Company shall have not complied  with its obligations pursuant to Section 3.05.  Section 3.05. Deposit of Redemption Price.  On or before 11:00 a.m. New York City time on the Redemption Date, the Company  shall deposit with the Paying Agent, U.S. Legal Tender sufficient to pay the Redemption Price  plus accrued and unpaid interest, if any, of all Notes to be redeemed on that date.  If the Company complies with the preceding paragraph and Section 3.04, then, unless the  Company defaults in the payment of such Redemption Price or the payment of any interest due  in the case of a Redemption Date falling on or after a Record Date for the payment of such  interest and on or prior to the related Interest Payment Date, interest on the Notes to be redeemed  shall cease to accrue on and after the applicable Redemption Date, whether or not such Notes are  presented for payment.    Section 3.06. Notes Redeemed in Part.  If any Note is to be redeemed in part only, the notice of redemption that relates to such  Note shall state the portion of the principal amount thereof to be redeemed. A new Note or Notes  in principal amount equal to the unredeemed portion of the original Note or Notes shall be issued  in the name of the Holder thereof upon surrender and cancellation of the original Note or Notes.  ARTICLE 4  COVENANTS OF THE COMPANY  Section 4.01. Payment of Notes.  The Company shall pay the principal of (and premium, if any) and interest on the Notes  in the manner provided in the Notes and this Indenture. An installment of principal of, or interest  on, the Notes shall be considered paid on the date it is due if the Trustee or Paying Agent (other  than the Company or an Affiliate thereof) holds on that date, by 11:00 a.m. New York City time,  U.S. Legal Tender designated for and sufficient to pay the installment. Interest on the Notes shall  be computed on the basis of a 360-day year comprised of twelve 30-day months.  The Company shall pay interest on overdue principal (including, without limitation, post- petition interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent  lawful, at the same rate per annum borne by the Notes.  Section 4.02. Maintenance of Office or Agency.  The Company shall maintain the office or agency required under Section 2.03 (which  may be an office of the Trustee or an Affiliate of the Trustee or Registrar). The Company shall  give prompt written notice to the Trustee of the location, and any change in the location, of such  office or agency. If at any time the 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 address of the Trustee set forth in  Section 11.02.  

 

  56     The Company may also from time to time designate one or more other offices or agencies  where the Notes may be presented or surrendered for any or all such purposes and may from  time to time rescind such designations. The Company shall give prompt written notice to the  Trustee of any such designation or rescission and of any change in the location of any such other  office or agency.  The Company hereby initially designates the Corporate Trust Office of Regions Bank as  such office of the Company in accordance with Section 2.03.  Section 4.03. Corporate Existence.  Except as otherwise permitted by Article 5, the Company shall do or cause to be done all  things necessary to preserve and keep in full force and effect its corporate existence and the  corporate, partnership or other existence of each of its Restricted Subsidiaries in accordance with  the respective organizational documents of each such Restricted Subsidiary and the material  rights (charter and statutory) and material franchises of the Company and each of its Restricted  Subsidiaries; provided, however, that the Company shall not be required to preserve any such  right, franchise or corporate existence with respect to itself or any Restricted Subsidiary if the  Board of Directors of the Company shall determine that the preservation thereof is no longer  desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as  a whole, and that the loss thereof is not adverse in any material respect to the Holders of the  Notes.  Section 4.04. Payment of Taxes.  The Company shall, and shall cause each of its Restricted Subsidiaries to, pay or  discharge or cause to be paid or discharged, before the same shall become delinquent, (a) all  material taxes, assessments and governmental charges levied or imposed upon the Company or  any of its Restricted Subsidiaries or upon the income, profits or property of the Company or any  of its Restricted Subsidiaries and (b) all lawful claims for labor, materials and supplies which, in  each case, if unpaid, might by law become a material liability or Lien upon the property of the  Company or any of its Restricted Subsidiaries; provided, however, that the Company and its  Restricted Subsidiaries shall not be required to pay or discharge or cause to be paid or discharged  any such tax, assessment, charge or claim whose amount the applicability or validity is being  contested in good faith by appropriate actions and for which appropriate provision has been  made.  Section 4.05. Compliance Certificate; Notice of Default.  (a) The Company shall deliver to the Trustee, within 120 days after the close of each  fiscal year, commencing with the fiscal year ending on December 31, 2021, an Officer’s  Certificate stating that a review of the activities of the Company and its Subsidiaries has been  made under the supervision of the signing Officer with a view to determining whether the  Company and the Guarantors have kept, observed, performed and fulfilled their obligations  under this Indenture and further stating, as to such Officer signing such certificate, that to the  best of such Officer’s knowledge, the Company and the Guarantors during such preceding fiscal  year have kept, observed, performed and fulfilled each and every such covenant and no Default  

 

  57     occurred during such year and at the date of such certificate there is no Default that has occurred  and is continuing or, if such signers do know of such Default, the certificate shall specify such  Default and what action, if any, the Company is taking or proposes to take with respect thereto.  The Officer’s Certificate shall also notify the Trustee should the Company elect to change the  manner in which it fixes the fiscal year end.  (b) The Company shall deliver to the Trustee promptly and in any event within 10  Business Days after the Company becomes aware of the occurrence of any Default an Officer’s  Certificate specifying the Default, its status and what action, if any, the Company is taking or  proposes to take with respect thereto.  Section 4.06. Waiver of Stay, Extension or Usury Laws.  The Company and each Guarantor covenants (to the extent permitted by applicable law)  that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the  benefit or advantage of, any stay or extension law or any usury law or other law that would  prohibit or forgive such Company or such Guarantor from paying all or any portion of the  principal of and/or interest on the Notes or the Guarantee of any such Guarantor as contemplated  herein, wherever enacted, now or at any time hereafter in force, or which may affect the  covenants or the performance of this Indenture, and (to the extent permitted by applicable law)  each hereby expressly waives all benefit or advantage of any such law, and covenants that it shall  not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall  suffer and permit the execution of every such power as though no such law had been enacted.  Section 4.07. Change of Control Triggering Event.  (a) Upon the occurrence of a Change of Control Triggering Event, each Holder shall  have the right to require the Company to repurchase all or any part of that Holder’s Notes at a  purchase price in cash equal to 101% of the aggregate principal amount of those Notes, plus  accrued and unpaid interest, if any, to, but excluding, the date of purchase (the “Change of  Control Payment”).  (b) Within 30 days following any Change of Control Triggering Event, unless the  Company has delivered a redemption notice with respect to all the outstanding Notes in  accordance with Article 3 of this Indenture and Section 5 of the Notes, the Company shall  deliver a notice to each Holder with a copy to the Trustee describing the transaction or  transactions that constitute a Change of Control Triggering Event and offering to purchase the  Notes on a specified date (the “Change of Control Offer”), which date shall be a Business Day  no earlier than 30 days nor later than 60 days from the date the notice is delivered (the “Change  of Control Payment Date”).  (c) Upon the commencement of a Change of Control Offer, the Company shall deliver  a notice to the Trustee and to each Holder at its registered address. The notice shall contain all  instructions and materials necessary to enable the Holders to tender Notes pursuant to the  Change of Control Offer. Any Change of Control Offer shall be made to all Holders. The notice,  which shall govern the terms of the Change of Control Offer, shall state:  

 

  58     (1) that the Change of Control Offer is being made pursuant to this Section  4.07;  (2) the Change of Control Payment Date;  (3) that any Notes not tendered or accepted for payment shall continue to  accrue interest;  (4) that, unless the Company defaults in making such payment, any Notes  accepted for payment pursuant to the Change of Control Offer shall cease to accrue  interest on an after the Change of Control Payment Date;  (5) that Holders electing to have any Notes purchased pursuant to any Change  of Control Offer shall be required to surrender the Notes, with the form entitled “Option  of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book- entry transfer, to the Company, a depository, if appointed by the Company, or the Paying  Agent, at the address specified in the notice at least three days before the Change of  Control Payment Date;  (6) that Holders shall be entitled to withdraw their election if the Company,  the Depository or the Paying Agent, as the case may be, receive, not later than the  Change of Control Payment Date, a notice setting forth the name of the Holder, the  principal amount of the Note the Holder delivered for purchase and a statement that such  Holder is withdrawing his election to have such Note purchased; and  (7) that Holders whose Notes were purchased only in part shall be issued new  Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or  transferred by book-entry).  (d) On the Change of Control Payment Date, the Company shall, to the extent lawful:  (1) accept for payment all Notes or portions of Notes properly tendered  pursuant to the Change of Control Offer; and  (2) deliver or cause to be delivered to the Paying Agent, on its behalf, the  Notes properly accepted together with an Officer’s Certificate stating the aggregate  principal amount of Notes or portions of the Notes being tendered and purchased by the  Company.  (e) The Paying Agent shall promptly deliver to each Holder of Notes properly tendered  the Change of Control Payment for those Notes, and the Trustee shall promptly authenticate and  deliver, or cause to be transferred by book-entry, to each Holder a new Note equal in principal  amount to any unpurchased portion of the Notes surrendered, if any; provided, however, that  each new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in  excess thereof.  (f) The Company shall not be required to make a Change of Control Offer upon a  Change of Control Triggering Event if a third party offers to purchase the Notes in the manner, at  

 

  59     the times and otherwise in compliance with the requirements set forth in this Indenture  applicable to a Change of Control Offer by the Company and that third party purchases all Notes  validly tendered to it in response to that offer.  A Change of Control Offer may be made in  advance of a Change of Control Triggering Event, and conditioned upon such Change of Control  Triggering Event, if a definitive agreement is in place for the Change of Control at the time of  making of the Change of Control Offer.  (g) [Reserved]  (h) The Company shall comply with the requirements of Rule 14e-1 under the  Exchange Act and any other securities laws and regulations thereunder to the extent such laws  and regulations are applicable in connection with a Change of Control Offer. To the extent the  provisions of any applicable securities laws or regulations conflict with the provisions of this  Section 4.07, the Company will not be deemed to have breached its obligations under this  Section 4.07 by virtue of complying with such laws or regulations.  Section 4.08. Limitation on Incurrence of Additional Debt and Issuance of Capital  Stock.  (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,  Incur any Debt (including Additional Notes and Acquired Debt) and the Company shall not issue  any Disqualified Capital Stock and its Restricted Subsidiaries will not issue any Preferred Stock,  except Preferred Stock issued to the Company or a Restricted Subsidiary of the Company;  provided, however, that the Company and any of its Restricted Subsidiaries may Incur Debt or  issue shares of such Capital Stock, in either case, if on the date of that Incurrence or issuance,  and after giving effect to all Incurrences of Debt and issuances of such Capital Stock on such  date and the application of the proceeds therefrom, the Fixed Charge Coverage Ratio of the  Company and its Restricted Subsidiaries would be at least 2.00 to 1.00; provided, further, that  the amount of Debt that may be Incurred or shares of such Capital Stock that may be issued by  Restricted Subsidiaries of the Company that are not Guarantors pursuant to this Section 4.08(a)  shall not at any one time outstanding exceed an aggregate amount equal to 100% of Consolidated  EBITDA of the Company and its Restricted Subsidiaries for the period of the most recent four  consecutive fiscal quarters ending prior to the date of such determination for which internal  financial statements are available (calculated on a pro forma basis in a manner consistent with  the adjustments set forth in the definition of “Fixed Charge Coverage Ratio”).  (b) The limitation described in Section 4.08(a) shall not prohibit the Company and its  Restricted Subsidiaries from incurring any or all of the following Debt (“Permitted Debt”):   (1) Existing Debt;   (2) (a) Debt of the Company or a Restricted Subsidiary of the Company under  the ABL Revolving Loan or other Credit Facilities, including guarantees thereof;  provided that, after giving effect to any such Incurrence (including the application of  proceeds therefrom), the aggregate principal amount of all Debt Incurred and then  outstanding under this clause (2)(A) shall not exceed the greater of (x) $700.0 million  less the sum of all principal payments of the ABL Revolving Loan or other Credit  

 

  60     Facilities made pursuant to clause (iii)(A) of the second paragraph of Section 4.11(a) and  less the outstanding principal amount of any Receivables Facilities and (y) the sum of (i)  85% of the book value of accounts receivable of the Company and the Domestic  Restricted Subsidiaries plus (ii) 80% of the book value of inventory of the Company and  the Domestic Restricted Subsidiaries (excluding, in the case of clauses (i) and (ii), any  such assets that are the subject of a Receivables Facility), in the case of clause (y),  determined based on the consolidated balance sheet of the Company for the fiscal quarter  most recently ended on or prior to the date on which such Debt is Incurred for which  internal financial statements are available (as adjusted to give pro forma effect to  acquisitions or dispositions outside the ordinary course of business occurring after the  date of such balance sheet but on or before the date of such Incurrence); and (b) Debt of  the Company or a Restricted Subsidiary of the Company under the Senior Secured Term  Loan and any other Credit Facilities (other than the ABL Revolving Loan and other Debt  under Credit Facilities classified by the Company to clause (2)(a)), including guarantees  thereof; provided that, after giving effect to any such Incurrence (including the  application of proceeds therefrom), the aggregate principal amount of all Debt Incurred  and then outstanding under this clause (2)(B) shall not exceed the greater of (x) $1.0  billion less the sum of all principal payments of the Senior Secured Term Loan and any  other Credit Facilities (other than the ABL Revolving Loan and other Debt under Credit  Facilities classified by the Company to clause (2)(a)) made pursuant to clause (iii)(A) of  the second paragraph of Section 4.11(a) and (y) an aggregate principal amount of Debt  that at the time of Incurrence does not cause the Secured Leverage Ratio of the Company  to exceed 3.50 to 1.00;   (3) intercompany Debt and Intercompany Bonds between or among the  Company and any of its Restricted Subsidiaries; provided, however, that:   (a) except in the case of Intercompany Bonds, if the Company or any  Guarantor is the obligor on such Debt, such Debt must be expressly subordinated  to the prior payment in full in cash of all obligations with respect to the Notes, in  the case of the Company, or the Guarantee, in the case of a Guarantor; and   (b) any subsequent issuance or transfer of any Capital Stock or any  other event which results in any such Restricted Subsidiary of the Company  ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Debt,  except to the Company or any of its Restricted Subsidiaries, will be deemed, in  each case, to constitute the Incurrence of that Debt by the issuer thereof not  permitted by this clause (3);   (4) the Notes issued on the Issue Date and the Guarantees of all of the Notes;   (5) Hedging Obligations; provided, however, that the agreements governing  those Hedging Obligations are not for speculative purposes, as determined in good faith  by the Company;   (6) additional Debt of the Company or any of its Restricted Subsidiaries not  otherwise permitted under this Section 4.08, in an aggregate principal amount, which  

 

  61     when aggregated with the aggregate principal amount of all other Debt Incurred pursuant  to this clause (6) (including any refinancing thereof), does not at any one time  outstanding exceed the greater of (i) $600.0 million and (ii) 75.0% of Consolidated  EBITDA of the Company and its Restricted Subsidiaries for the period of the most recent  four consecutive fiscal quarters ending prior to the date of such determination for which  internal financial statements are available (calculated on a pro forma basis);   (7) Refinancing Debt with respect to Debt permitted by clauses (1), (4), (13),  (14), (20) or this clause (7) of this Section 4.08(b) or by Section 4.08(a);   (8) subject to compliance with Section 4.15, guarantees by the Company or  Restricted Subsidiaries of the Company of any Debt of the Company or any of its  Restricted Subsidiaries permitted to be Incurred under this Section 4.08;   (9) Debt in respect of performance bonds, reimbursement obligations with  respect to letters of credit, bankers’ acceptances, completion guarantees and surety or  appeal bonds provided by the Company or any of its Restricted Subsidiaries in the  ordinary course of their business or Debt with respect to reimbursement type obligations  regarding workers’ compensation claims;   (10) pledges, deposits or payments made or given in the ordinary course of  business in connection with or to secure statutory, regulatory or similar obligations,  including obligations under health, safety or environmental obligations, or arising from  guarantees to suppliers, lessors, licensees, contractors, franchisees or customers of  obligations, other than Debt, made in the ordinary course of business;   (11) Debt arising from agreements providing for indemnification, adjustment  of purchase price, earnouts or similar obligations, or from guarantees or letters of credit,  surety bonds or performance bonds securing any obligations of the Company or any of its  Restricted Subsidiaries pursuant to those agreements, in each case Incurred in connection  with the acquisition or disposition of any business assets or Restricted Subsidiaries of the  Company, other than guarantees of Debt or other obligations Incurred by any Person  acquiring all or any portion of those business assets or Restricted Subsidiaries of the  Company for the purpose of financing that acquisition; provided that, in the case of a  disposition, the principal amount shall not exceed the gross proceeds, including non-cash  proceeds, actually received by the Company or any of its Restricted Subsidiaries in  connection with that disposition plus any fees or expenses incurred therein;   (12) Debt, including but not limited to Capitalized Lease Obligations, mortgage  financings or purchase money obligations, incurred for the purpose of financing all or any  part of the purchase price or cost of design, construction, installation, commissioning or  improvement of property or assets, whether through direct purchase of assets or the  Capital Stock of any Person owning those assets, or Incurred to refinance any such  purchase price or cost of construction or improvement, and refinancings thereof, in an  aggregate amount not to exceed at any one time outstanding the greater of (i) $375.0  million and (ii) 5.0% of Total Assets of the Company;   

 

  62     (13) (a)  Debt or Disqualified Capital Stock of the Company or Debt,  Disqualified Capital Stock or Preferred Stock of any of the Company’s Restricted  Subsidiaries Incurred or issued to finance an acquisition; provided that, the amount of  Debt, Disqualified Capital Stock and Preferred Stock that may be Incurred or issued  pursuant to this clause (a), together with any Refinancing Debt in respect thereof, shall  not at any one time outstanding exceed the greater of (i) $700.0 million and (ii) 100.0%  of Consolidated EBITDA of the Company and its Restricted Subsidiaries for the period  of the most recent four consecutive fiscal quarters ending prior to the date of such  determination for which internal financial statements are available (calculated on a pro  forma basis); or (b) Acquired Debt or Disqualified Capital Stock of Persons that are  acquired by the Company or any of its Restricted Subsidiaries or merged into a Restricted  Subsidiary in accordance with the terms of this Indenture; provided, however, that such  Acquired Debt or Disqualified Capital Stock is not Incurred in contemplation of that  acquisition or merger; and provided further that, in the case of this clause (b), after giving  effect to the acquisition or merger,   (i) the Company would be permitted to Incur at least $1.00 of  additional Debt under Section 4.08(a), or   (ii) the Fixed Charge Coverage Ratio of the Company and its  Restricted Subsidiaries would be equal to or greater than immediately prior to  such acquisition or merger;   (14) the Incurrence by the Company or any Guarantor of Debt to the extent that  the net proceeds thereof are promptly (a) deposited to defease, or to satisfy and discharge,  outstanding Notes in accordance with Section 8.01 or 8.02; or (b) used to purchase Notes  tendered in a Change of Control Offer made as a result of a Change of Control Triggering  Event in accordance with this Indenture;  (15) Debt Incurred by a Foreign Subsidiary of the Company in an aggregate  principal amount which, when added together with the amount of Debt Incurred pursuant  to this clause (15) (including any refinancing thereof), does not any one time outstanding  exceed the greater of (i) $450 million and (ii) 15% of Foreign Subsidiary Total Assets;   (16) Debt arising from the honoring by a bank or other financial institution of a  check, draft or similar instrument drawn inadvertently against insufficient funds in the  ordinary course of business, provided that, such Debt is extinguished within five business  days of incurrence of such Debt;   (17) Debt or Disqualified Capital Stock of the Company, and Debt,  Disqualified Capital Stock or Preferred Stock of any of the Company’s Restricted  Subsidiaries in an aggregate principal amount or liquidation preference up to 100% of the  Net Cash Proceeds received by the Company from either (x) the issuance or sale of its  Qualified Capital Stock subsequent to the Issue Date or (y) as a contribution in respect of  its Qualified Capital Stock from its shareholders subsequent to the Issue Date (in each  case, other than Excluded Contributions or sales of Capital Stock to the Company or any  of its Subsidiaries) as determined in accordance with clause (3)(b) of Section 4.09(a) to  

 

  63     the extent such Net Cash Proceeds have not been applied pursuant to such clause to make  Restricted Payments or to make other Investments, payments or exchanges pursuant to  Section 4.09(b) or to make Permitted Investments (other than Permitted Investments  specified in clauses (14) and (15) of the definition thereof);  (18) Debt supported by a letter of credit issued pursuant to a Credit Facility, in  a principal amount not in excess of the stated amount of such letter of credit;   (19) Debt consisting of the financing of insurance premiums or take or pay  obligations contained in supply arrangements, in each case incurred in the ordinary  course of business;   (20) the incurrence by the Company of JBS Subordinated Indebtedness in an  aggregate principal amount outstanding at any one time under this clause (20) as of the  date of any such incurrence immediately after giving effect thereto, together with any  Refinancing Debt in respect thereof, not to exceed $200.0 million; and  (21) Disqualified Capital Stock issued to the Company or a Wholly-Owned  Restricted Subsidiary but only so long as so held by them.   (c) For purposes of determining compliance with this Section 4.08:   (1) any Debt outstanding or Incurred on the Issue Date under the ABL  Revolving Loan and the Senior Secured Term Loan will be treated as Incurred on  the Issue Date under clauses (2)(a) and (2)(b), respectively, of the definition of  Permitted Debt and may not be reclassified at a later date;   (2) in the event that an item of Debt (or any portion thereof) meets the  criteria of more than one of the clauses of Section 4.08(b) or is entitled to be  Incurred pursuant to Section 4.08(a), the Company, in its sole discretion, shall  classify such item of Debt (or any portion thereof) at the time of Incurrence and  shall only be required to include the amount and type of such Debt in one of such  clauses of Section 4.08(b) or pursuant to Section 4.08(a);   (3) the Company shall be entitled to divide and classify an item of  Debt in more than one of such clauses of Section 4.08(b) or pursuant to Section  4.08(a);   (4) any Debt originally classified as Incurred pursuant to any clause of  Section 4.08(b) may later be reclassified by the Company such that it shall be  deemed as having been Incurred pursuant to Section 4.08(a) or another clause of  Section 4.08(b), as applicable, to the extent that such reclassified Debt could be  Incurred pursuant to such Section 4.08(a) or such clause of Section 4.08(b) at the  time of such reclassification; and   (5) notwithstanding any other provision in this Section 4.08, the  maximum amount of Debt that may be Incurred pursuant to this Section 4.08 shall  

 

  64     not be deemed to be exceeded with respect to any outstanding Debt due solely to  the result of fluctuations in the exchange rates of currencies.    (d) For purposes of determining compliance with any U.S. dollar-denominated  restriction on the Incurrence of Debt where the Debt Incurred is denominated in a different  currency, the amount of such Debt shall be the U.S. Dollar Equivalent determined on the date of  the Incurrence of such Debt; provided, however, that if any such Debt denominated in a different  currency is subject to a Currency Protection Agreement with respect to U.S. dollars covering all  principal, premium, if any, and interest payable on such Debt, the amount of such Debt  expressed in U.S. dollars shall be as provided in such Currency Protection Agreement. The  principal amount of any Refinancing Debt Incurred in the same currency as the Debt,  Disqualified Capital Stock or Preferred Stock being refinanced shall be the U.S. Dollar  Equivalent of the Debt, Disqualified Capital Stock or Preferred Stock refinanced, except to the  extent that (1) such U.S. Dollar Equivalent was determined based on a Currency Protection  Agreement, in which case the Refinancing Debt shall be determined in accordance with the  preceding sentence and (2) such refinancing would cause the applicable U.S. dollar-denominated  restriction to be exceeded if the U.S. Dollar Equivalent were calculated as of the date of such  refinancing, in which case such U.S. dollar-denominated restriction shall be deemed not to have  been exceeded so long as the principal amount in the applicable currency of such Refinancing  Debt does not exceed the principal amount in such currency of such Debt, Disqualified Capital  Stock or Preferred Stock being refinanced.  Section 4.09. Limitation on Restricted Payments.  (a) The Company shall not, and shall not cause or permit any of its Restricted  Subsidiaries to, directly or indirectly, make any Restricted Payment if, at the time of that  Restricted Payment and immediately after giving effect to that Restricted Payment:   (1) a Default or Event of Default shall have occurred and be continuing or  would result from that Restricted Payment;   (2) the Company is not able to Incur an additional $1.00 of Debt pursuant to  Section 4.08(a); or   (3) the aggregate amount of the Restricted Payment and all other Restricted  Payments declared or made subsequent to the Issue Date would exceed the sum of  (without duplication):  (a) 50% of the cumulative Consolidated Net Income of the Company  accrued during the period (treated as one accounting period) from the  Measurement Date to the end of the most recent fiscal quarter ending prior to the  date of such Restricted Payment for which internal financial statements are  available (or if the aggregate amount of Consolidated Net Income for such period  shall be a deficit, minus 100% of such deficit); plus   (b) 100% of the aggregate Net Cash Proceeds and the Fair Market  Value of marketable securities or other property received by the Company either  (x) from the issuance or sale of its Qualified Capital Stock subsequent to the  

 

  65     Measurement Date (except, in the case of this clause (x), for the issuance of  Capital Stock sold to a Restricted Subsidiary or the Company or the Net Cash  Proceeds of which are applied pursuant to Section 4.09(b)(2) or (8) or (y) as a  contribution in respect of its Qualified Capital Stock from its shareholders  subsequent to the Measurement Date (except to the extent such Net Cash  Proceeds (i) have been used to incur Debt, Disqualified Capital Stock or Preferred  Stock pursuant to Section 4.08(b)(17), (ii) are contributed by a Restricted  Subsidiary of the Company or (iii) constitute Excluded Contributions); plus   (c) 100% of the aggregate amount by which Debt of the Company or  any of its Restricted Subsidiaries is reduced on the Company’s balance sheet upon  the conversion or exchange subsequent to the Measurement Date of any Debt of  the Company or any of its Restricted Subsidiaries into or for Qualified Capital  Stock of the Company or any direct or indirect parent entity of the Company (less  the amount of any cash, or the Fair Market Value of any other property,  distributed by the Company or any of its Restricted Subsidiaries upon such  conversion or exchange); provided, however, that the foregoing amount shall not  exceed the Net Cash Proceeds received by the Company or any of its Restricted  Subsidiaries from the sale of such Debt (excluding Net Cash Proceeds from sales  to a Subsidiary of the Company or to an employee stock ownership plan or a trust  established by the Company or any of its Subsidiaries for the benefit of their  employees); plus   (d) 100% of the amount equal to the sum of (x) the aggregate amount  of cash and the Fair Market Value of any asset (other than cash) received by the  Company or any of its Restricted Subsidiaries subsequent to the Measurement  Date with respect to Investments (other than Permitted Investments) made by the  Company or any of its Restricted Subsidiaries in any Person and resulting from  repurchases, repayments or redemptions of such Investments by such Person,  proceeds realized on the sale or other disposition of such Investment and proceeds  representing the return of capital and (y) in the event that the Company  redesignates an Unrestricted Subsidiary to be a Restricted Subsidiary of the  Company, the portion (proportionate to the Company’s equity interest in such  Subsidiary) of the Fair Market Value of the net assets of such Unrestricted  Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted  Subsidiary of the Company.    (b) The provisions of Section 4.09(a) shall not prohibit:   (1) the payment of any dividend or the making of any distribution within 60  days after the date of its declaration if the dividend or distribution would have been  permitted on the date it is declared;   (2) any Restricted Payment made out of the Net Cash Proceeds of the  substantially concurrent sale of, or made by exchange for, Qualified Capital Stock of the  Company or a substantially concurrent cash capital contribution received by the  

 

  66     Company from its shareholders with respect to its Qualified Capital Stock; provided that  such Net Cash Proceeds shall be excluded from the calculation in Section 4.09(a)(3);   (3) repurchases of Capital Stock or warrants, options or rights to acquire  Capital Stock deemed to occur upon exercise of warrants, options or rights to acquire  Capital Stock if such Capital Stock, warrants, options or rights represent a portion of the  exercise price of such warrants, options or rights or nominal cash payments in lieu of  issuances of fractional shares;   (4) payments made to purchase, redeem, defease or otherwise acquire or retire  for value any Subordinated Debt of the Company pursuant to provisions requiring the  Company to offer to purchase, redeem, defease or otherwise acquire or retire for value  such Subordinated Debt, in each case, at a purchase price not greater than 101% of the  principal amount of such Subordinated Debt, plus any accrued and unpaid interest  thereon, pursuant to provisions similar to those in Section 4.07; provided, however, that  the Company shall have previously made a Change of Control Offer in connection with  such change of control transaction and have purchased all Notes tendered in connection  with that Change of Control Offer before the making of such Restricted Payment;   (5) the declaration and payment of dividends by the Company to, or the  making of loans to, any direct or indirect parent entity of the Company in amounts  required for such parent entity to pay:   (A) franchise and excise taxes and other fees, taxes and expenses  required to maintain its corporate existence,   (B) foreign, federal, state and local income and similar taxes, to the  extent such income taxes are attributable to the income, revenue, receipts, capital  or margin of the Company and the Restricted Subsidiaries and, to the extent of  the amount actually received from its Unrestricted Subsidiaries, in amounts  required to pay such taxes to the extent attributable to the income of such  Unrestricted Subsidiaries; provided that in each case the amount of such  payments in any fiscal year does not exceed the amount that the Company and its  Restricted Subsidiaries would be required to pay in respect of foreign, federal,  state and local taxes for such fiscal year were the Company, its Restricted and its  Unrestricted Subsidiaries (to the extent described above) to pay such taxes  separately from any such direct or indirect parent entity of the Company,   (C) customary salary, bonus and other benefits payable to officers,  employees and directors of any direct or indirect parent entity of the Company to  the extent such salaries, bonuses and other benefits are attributable to the  ownership or operation of the Company and the Restricted Subsidiaries,  including the Company’s proportionate share of such amount relating to such  parent entity being a public company,   (D) general corporate operating (including, without limitation,  expenses related to auditing or other accounting matters) and overhead costs and  

 

  67     expenses of any direct or indirect parent entity of the Company to the extent such  costs and expenses are attributable to the ownership or operation of the Company  and the Restricted Subsidiaries, including the Company’s proportionate share of  such amount relating to such parent entity being a public company,   (E) amounts required for any direct or indirect parent entity of the  Company to pay fees and expenses incurred by any direct or indirect parent  entity of the Company related to (i) the maintenance by such parent entity of its  corporate or other entity existence and (ii) any unsuccessful equity or debt  offering of such parent entity of the Company,   (F) taxes with respect to income of any direct or indirect parent entity  of the Company derived from funding made available to the Company and its  Restricted Subsidiaries by such direct or indirect parent entity and   (G) cash payments in lieu of issuing fractional shares in connection  with the exercise of warrants, options or other securities convertible into or  exchangeable for Equity Interests of the Company or any such direct or indirect  parent entity of the Company;   (6) Restricted Payments made after the Issue Date in an aggregate amount  which, when taken together with all Restricted Payments made pursuant to this clause  (6), does not exceed $750.0 million; plus the amount calculated pursuant to Section  4.09(a)(3)(d) with respect to any Investments made (or deemed made with respect to an  Unrestricted Subsidiary) pursuant to this clause (6);   (7) any Restricted Payment so long as the Leverage Ratio is less than 4.00 to  1.00 after giving pro forma effect to such Restricted Payment;   (8) the payment of dividends, distributions or other amounts to fund the  repurchase, redemption or other acquisition or retirement for value of any of the  Company’s or its direct or indirect parent’s Equity Interests or any Equity Interests of any  of its Restricted Subsidiaries held by any then-existing or former director, officer,  employee, independent contractor or consultant of the Company, its direct or indirect  parent or any of its Restricted Subsidiaries or their respective assigns, estates or heirs;  provided, however, that the price paid for all repurchased, redeemed, acquired or retired  Equity Interests in all cases, other than as a result of death or disability, does not exceed  $25.0 million in the aggregate in any fiscal year (with unused amounts in any fiscal year  being carried over to succeeding fiscal years, subject to a maximum (without giving  effect to the following proviso) of $50.0 million in any fiscal year); provided, further,  that the amounts in any fiscal year may be increased by an amount not to exceed:   (A) the cash proceeds received by the Company from the sale of  Qualified Capital Stock of the Company to any present or former employees,  directors, officers or consultants (or their respective permitted transferees) of the  Company or any of its Restricted Subsidiaries following the Issue Date, to the  extent that such cash proceeds have not otherwise been applied to the payment of  

 

  68     Restricted Payments by virtue of Section 4.09(a)(3) or Section 4.09(b)(2);  provided that such amounts as have been applied to the payment of Restricted  Payments in accordance with this clause (8) shall be excluded from the  calculation of the amount of Restricted Payments permitted pursuant to Section  4.09(a)(3)(b) and Section 4.09(b)(2); plus   (B) the cash proceeds of “key man” life insurance policies received  by the Company or any of its Restricted Subsidiaries since the Issue Date; less   (C) the amount of any Restricted Payments previously made with the  cash proceeds described in subclause (A) or (B) of this clause (8);   and provided, further, that cancellation of Debt owing to the Company from any present  or former employees, directors, officers or consultants (or their respective permitted  transferees) of the Company or any of its Restricted Subsidiaries in connection with a  repurchase of Capital Stock of the Company shall not be deemed to constitute a  Restricted Payment for purposes of this Section 4.09;   (9) the redemption, repurchase or other acquisition or retirement of (i)  Subordinated Debt made by exchange for, or out of the proceeds of the substantially  concurrent sale of, Subordinated Debt constituting Refinancing Debt and (ii) Disqualified  Capital Stock made by exchange for, or out of the proceeds of the substantially  concurrent sale of, Disqualified Capital Stock constituting Refinancing Debt;   (10) payments of Subordinated Debt owed to the Company or any of its  Restricted Subsidiaries, the Incurrence of which was permitted under Section 4.08(b)(3);   (11) in the event of an Asset Sale that requires the Company to offer to  repurchase Notes pursuant to Section 4.11, the payment, purchase, redemption,  defeasance or other acquisition or retirement of Subordinated Debt of the Company at a  purchase price not greater than 100% of the principal amount (or, if such Subordinated  Debt were issued with original issue discount, 100% of the accreted value) of such  Subordinated Debt, plus any accrued and unpaid interest thereon; provided, however, that  (A) prior to such payment, purchase, redemption, defeasance or other acquisition or  retirement, the Company has made an Asset Sale Offer with respect to the Notes pursuant  to the provisions of Section 4.11 and has repurchased all Notes validly tendered and not  withdrawn in connection with such Asset Sale Offer and (B) the aggregate amount of all  such payments, purchases, redemptions, defeasances or other acquisitions or retirements  of all such Subordinated Debt may not exceed (x) the amount by which Net Available  Cash was reduced as a result of the Asset Sale Offer less (y) the Net Available Cash  actually used to consummate the Asset Sale Offer for the Notes (and any other Pari Passu  Debt included in such Asset Sale Offer);  (12) the payment of dividends on Disqualified Capital Stock issued in  compliance with Section 4.08 to the extent that such dividends are included in the  determination of Consolidated Interest Expense;   

 

  69     (13) the distribution, by dividend or otherwise, of shares of Capital Stock of, or  Debt owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries  (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash  Equivalents);   (14) the declaration and payment of dividends on the Company’s common  Capital Stock (or the payment of dividends to any direct or indirect parent entity of the  Company to fund a payment of dividends on such entity’s common Capital Stock), of an  amount not to exceed the sum of (i) up to 6.0% per annum of the net cash proceeds  actually received by or contributed to the Company in or from any public offering of the  Company’s common Capital Stock, other than (x) public offerings with respect to  common Capital Stock, or options, warrants or rights, registered on Form S-4, F-4 or S-8,  (y) an issuance to any Subsidiary or (z) any offering of common Capital Stock issued in  connection with a transaction that constitutes a Change of Control and (ii) an aggregate  amount per annum not to exceed 6.0% of Market Capitalization;   (15) distributions or payments of Receivables Fees;   (16) Restricted Payments in an amount equal to the amount of Excluded  Contributions made since the Issue Date;   (17) the repurchase, redemption or other acquisition for value of Equity  Interests of the Company deemed to occur in connection with paying cash in lieu of  fractional shares of such Equity Interests in connection with a share dividend,  distribution, share split, reverse share split, merger, consolidation, amalgamation or other  business combination of the Company that is permitted by this Indenture;  (18) payments on or with respect to JBS Subordinated Indebtedness; and   (19) the payment, purchase, redemption, defeasance or other acquisition or  retirement of Subordinated Debt of the Company in connection with a Change of  Control; provided that the Company has fulfilled its obligations under this Indenture with  respect to a Change of Control Triggering Event;   provided, however, in the case of any Restricted Payment made pursuant to Section 4.09(b)(6),  (7) or (13), that no Event of Default shall have occurred or be continuing at the time of the  payment or as a result of that Restricted Payment.   (c) In calculating the aggregate amount of Restricted Payments made subsequent to the  Issue Date for purposes of clause (3) of Section 4.09(a), amounts expended pursuant to Section  4.09(b)(1) and (14) shall be included in such calculation, and all others shall be excluded.   (d) The amount of all Restricted Payments (other than cash) shall be the Fair Market  Value on the date of such Restricted Payment of the asset(s) or securities proposed to be paid,  transferred or issued by the Company or such Restricted Subsidiary of the Company, as the case  may be, pursuant to such Restricted Payment. The Fair Market Value of any non-cash Restricted  Payment shall be determined in good faith by the Company; provided that, if the Fair Market  Value of such non-cash Restricted Payment is greater than $100.0 million, such value shall be  

 

  70     determined conclusively by the Board of Directors of the Company acting in good faith whose  resolution with respect thereto shall be delivered to the Trustee.   (e) If the Company or any of its Restricted Subsidiaries makes a Restricted Payment  that, at the time of the making of such Restricted Payment, would be permitted under the  requirements of this Section 4.09, such Restricted Payment will be deemed to have been made in  compliance with this Section 4.09 notwithstanding any subsequent adjustments made in good  faith to the Company’s financial statements affecting the amount available for Restricted  Payments.   Section 4.10. Limitation on Liens.  The Company shall not, and shall not permit any Guarantor to Incur or suffer to exist any  Lien (other than Permitted Liens) securing Debt upon any of its property (including Capital  Stock of a Restricted Subsidiary of the Company), whether owned at the Issue Date or thereafter  acquired, or any interest therein or any income or profits therefrom, unless it has made or shall  make effective provision whereby the Notes or the applicable Guarantee shall be secured by a  Lien on such property equally and ratably with (or prior to) all other Debt of the Company or any  of Guarantor secured by a Lien for so long as such other Debt is secured by such Lien; provided,  however, that if the Debt is Subordinated Debt, the Lien on such property securing the Debt shall  be subordinated and junior to the Lien securing the Notes or the Guarantees, as the case may be,  with the same relative priority as such Debt has with respect to the Notes or the Guarantees.  Section 4.11. Limitation on Asset Sales.  (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,  make an Asset Sale unless:  (1) the Company or such Restricted Subsidiary receives consideration at the  time of the Asset Sale at least equal to the Fair Market Value of the shares, property or  assets being disposed of in the Asset Sale; and  (2) except in the case of a Permitted Asset Swap, at least 75% of the  consideration received by the Company or such Restricted Subsidiary, as the case may  be, from the Asset Sale is in the form of cash or Cash Equivalents.  Within one year from the receipt of Net Available Cash from an Asset Sale, the Company  may, at its election or as required by the terms of any Credit Facility, use such Net Available  Cash to:  (i) acquire Additional Assets;   (ii) make capital expenditures used or useful in a Related Business; and/or   (iii) prepay, repay or purchase:  

 

  71     (A) Secured Debt, including, without limitation, Secured Debt under  either of the U.S. Credit Facilities or under any other Credit Facility (and to  correspondingly reduce commitments with respect thereto);   (B) other Debt (other than Subordinated Debt) (and to  correspondingly reduce commitments with respect thereto); provided that, to the  extent the Company reduces such Debt, the Company shall equally and ratably  reduce obligations under the Notes as provided under Article 3 of this Indenture  and Section 5 of the Notes, through open-market purchases (to the extent such  purchases are at or above 100% of the principal amount thereof) or by making an  offer (in accordance with the procedures set forth below for an Asset Sale Offer)  to all Holders to purchase their Notes at 100% of the principal amount thereof,  plus the amount of accrued but unpaid interest, if any, on the amount of Notes  that would otherwise be prepaid; or   (C) Debt of a Restricted Subsidiary of the Company that is not a  Guarantor, other than Debt owed to the Company or an Affiliate of the  Company;    provided that if during such one-year period the Company or such Restricted Subsidiary enters  into a definitive binding agreement committing it to apply such Net Available Cash in  accordance with the requirements of the preceding clause (i) or (ii) after such one year period,  such one-year period shall be extended with respect to the amount of Net Available Cash so  committed for a period not to exceed 180 days until such Net Available Cash is required to be  applied in accordance with such agreement (or, if earlier, until termination of such agreement).  The amount of Net Available Cash not applied or invested as provided in this Section  4.11(a) shall constitute “Excess Proceeds.”  (b) When the aggregate amount of Excess Proceeds exceeds $50.0 million, the  Company shall be required to make an offer to purchase from all Holders and, if applicable,  redeem (or make an offer to do so) any Debt of the Company or any Guarantor that ranks pari  passu in right of payment with the Notes or the Guarantees (“Pari Passu Debt”) the provisions  of which require the Company to redeem or purchase such Debt with the proceeds from any  Asset Sales (or offer to do so), for a purchase price equal to the amount of such Excess Proceeds  as follows:  (1) the Company shall (a) make an offer to purchase (an “Asset Sale Offer”)  to all Holders in accordance with the procedures set forth in this Section 4.11, and (b)  redeem or purchase (or make an offer to do so) any such other Pari Passu Debt, pro rata  in proportion to the respective principal amounts (or accreted value in the case of Debt  issued at a discount) of the Notes and such other Pari Passu Debt required to be redeemed  or purchased, the maximum principal amount (or accreted value) of Notes and Pari Passu  Debt that may be redeemed out of the amount (the “Payment Amount”) of such Excess  Proceeds;  

 

  72     (2) the offer price for the Notes shall be payable in cash in an amount equal to  100% of the principal amount of the Notes tendered pursuant to an Asset Sale Offer, plus  accrued and unpaid interest thereon, if any, to, but excluding, the date such Asset Sale  Offer is consummated (the “Offered Amount”), in accordance with the procedures set  forth in this Section 4.11, and the redemption price for such Pari Passu Debt (the “Pari  Passu Debt Amount”) shall be as set forth in the related documentation governing such  Debt;  (3) if the aggregate Offered Amount of Notes validly tendered and not  withdrawn by Holders thereof exceeds the pro rata portion of the Payment Amount  allocable to the Notes, Notes to be purchased shall be selected in accordance with  applicable Depository procedures; and  (4) upon completion of such Asset Sale Offer in accordance with the  foregoing provisions, the amount of Excess Proceeds with respect to which such Asset  Sale Offer was made shall be deemed to be zero.  To the extent that the sum of the aggregate Offered Amount of Notes tendered pursuant  to an Asset Sale Offer and the aggregate Pari Passu Debt Amount paid to the holders of such Pari  Passu Debt is less than the Payment Amount relating thereto (such shortfall constituting a “Net  Proceeds Deficiency”), the Company may use the Net Proceeds Deficiency, or a portion thereof,  for general corporate purposes, subject to the provisions of this Indenture.  (c) Solely for the purposes of Section 4.11(a)(2), the following shall be deemed to be  cash:  (x) any liabilities (as shown on the Company’s most recent consolidated  balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date  of such balance sheet, such liabilities that would have been shown on the Company’s  consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had  taken place on or prior to the date of such balance sheet, as determined in good faith by  the Company) of the Company or any Restricted Subsidiary, other than liabilities that are  by their terms subordinated to the Notes or to any Guarantee, that are assumed by the  transferee of any such assets (or are otherwise extinguished in connection with the  transactions relating to such Asset Sale) and for which the Company and all of its  Restricted Subsidiaries have been validly released;  (y) securities received by the Company or any of its Restricted Subsidiaries  from the transferee that are converted within 180 days into cash or Cash Equivalents; and  (z) any Designated Noncash Consideration received by the Company or any  of its Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value,  taken together with all other Designated Noncash Consideration received pursuant to this  clause (z) that is at that time outstanding, not to exceed the greater of (i) $375.0 million  and (ii) 5.0% of Total Assets of the Company at the time of the receipt of such  Designated Noncash Consideration (with the Fair Market Value of each item of  

 

  73     Designated Noncash Consideration being measured at the time received without giving  effect to subsequent changes in value).  (d) Upon the commencement of an Asset Sale Offer, the Company shall send, by first  class mail (or otherwise in accordance with applicable Depository procedures), a notice to the  Trustee and to each Holder at its registered address. The notice shall contain all instructions and  materials necessary to enable the Holders to tender Notes pursuant to the Asset Sale Offer. Any  Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the  Asset Sale Offer, shall state:  (1) that the Asset Sale Offer is being made pursuant to this Section 4.11;  (2) the Payment Amount, the Offered Amount and the date on which Notes  tendered and accepted for payment shall be purchased, which date shall be at least 30  days and not later than 60 days from the date such notice is mailed (the “Net Proceeds  Payment Date”);  (3) that any Notes not tendered or accepted for payment shall continue to  accrue interest;  (4) that, unless the Company defaults in making such payment, any Notes  accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest on  and after the Net Proceeds Payment Date;  (5) that Holders electing to have any Notes purchased pursuant to any Asset  Sale Offer shall be required to surrender the Notes, with the form entitled “Option of  Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry  transfer, to the Company, a depository, if appointed by the Company, or the Paying  Agent, at the address specified in the notice at least three days before the Net Proceeds  Payment Date;  (6) that Holders shall be entitled to withdraw their election if the Company,  the Depository or the Paying Agent, as the case may be, receives, not later than the Net  Proceeds Payment Date, a notice setting forth the name of the Holder, the principal  amount of the Note the Holder delivered for purchase and a statement that such Holder is  withdrawing his election to have such Note purchased;  (7) that if the aggregate principal amount of Notes surrendered by Holders  exceeds the Payment Amount, the Company shall select, on a pro rata basis, the Notes to  be purchased (with such adjustments as may be deemed appropriate by the Company so  that only Notes in denominations of $2,000, or integral multiples of $1,000, shall be  purchased); and  (8) that Holders whose Notes were purchased only in part shall be issued new  Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or  transferred by book-entry).  

 

  74     (e) On the Net Proceeds Payment Date, the Company shall, to the extent lawful: (1)  accept for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale  Offer, subject to pro ration if the aggregate amount of Notes tendered exceed the Payment  Amount allocable to the Notes; (2) deposit with the Paying Agent U.S. Legal Tender equal to the  lesser of the Payment Amount allocable to the Notes and the amount sufficient to pay the  Offered Amount in respect of all Notes or portions thereof so tendered; and (3) deliver or cause  to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating  the aggregate principal amount of Notes or portions thereof being repurchased by the Company.  The Company shall announce the results of the Asset Sale Offer on the Net Proceeds Payment  Date.  (f) The Paying Agent shall promptly mail to each Holder of Notes so tendered the  Offered Amount for such Notes, and the Trustee shall promptly authenticate pursuant to an  Authentication Order and mail (or cause to be transferred by book-entry) to each Holder a new  Note equal in principal amount to any unrepurchased portion of the Notes surrendered, if any;  provided that each such new Note shall be in principal amount of $2,000 or an integral multiple  of $1,000 in excess thereof. However, if the Net Proceeds Payment Date is on or after the Record  Date for any interest payment and on or before the related Interest Payment Date, any accrued  and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of  business on such Record Date, and no additional interest shall be payable to Holders who tender  Notes pursuant to the Asset Sale Offer.  (g) The Company shall comply with the requirements of Rule 14e-1 of the Exchange  Act and, to the extent applicable, any other securities laws or regulations in connection with the  repurchase of Notes pursuant to this Indenture. To the extent that the provisions of any securities  laws or regulations conflict with provisions of this Section 4.11, the Company shall comply with  the applicable securities laws and regulations and shall not be deemed to have breached its  obligations under this Indenture by virtue of complying with those laws and regulations.  Section 4.12. Limitation on Restrictions on Distributions from Restricted Subsidiaries.  (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,  create or become effective any consensual encumbrance or consensual restriction on the ability  of any such Restricted Subsidiary to:  (1) pay dividends, in cash or otherwise, or make any other distributions on its  Capital Stock or pay any Debt or other obligation owed to the Company or any  Guarantor;  (2) make any loans or advances to the Company or any Guarantor; or  (3) transfer any of its property or assets to the Company or any Guarantor.  (b) The foregoing limitations shall not apply to:  (1) any encumbrance or restriction pursuant to an agreement in effect at or  entered into on the Issue Date (including, without limitation, under any Credit Facilities,  related Hedging Obligations and Cash Management Services), and any amendments,  

 

  75     modifications, restatements, renewals, increases, supplements, refundings, replacements  or refinancings thereof; provided that such amendments, modifications, restatements,  renewals, increases, supplements, refundings, replacements or refinancings are not  materially less favorable, taken as a whole, than those contained in such agreements as in  effect on the Issue Date, as determined in good faith by the Company;  (2) any encumbrance or restriction existing under or by reason of Debt  Incurred pursuant to Sections 4.08 and 4.10; provided that either (i) the encumbrance or  restriction applies only in the event of and during the continuance of a payment default or  a default with respect to a financial covenant contained in such Debt or agreement or (ii)  the Company determines at the time any such Debt is Incurred (or, in the case of any such  Debt under a revolving Credit Facility, at the time such revolving Credit Facility is  established), and at the time of any modification of the terms of any such encumbrance or  restriction, that any such encumbrance or restriction will not materially affect the  Company’s ability to make principal or interest payments on the Notes;  (3) any encumbrance or restriction with respect to a Restricted Subsidiary of  the Company pursuant to an agreement relating to any Debt Incurred or Preferred Stock  issued by such Restricted Subsidiary on or prior to the date on which such Restricted  Subsidiary became a Restricted Subsidiary or was acquired by the Company or any other  Restricted Subsidiary of the Company and outstanding on such date, other than Debt  Incurred or Preferred Stock issued as consideration in, or to provide all or any portion of  the funds or credit support utilized to consummate, the transaction or series of related  transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary  of the Company or was acquired by the Company or any other Restricted Subsidiary of  the Company;  (4) any encumbrance or restriction with respect to a Restricted Subsidiary of  the Company pursuant to an agreement evidencing Debt Incurred or Preferred Stock  issued without violation of this Indenture or effecting a refinancing of Debt Incurred or  Preferred Stock issued pursuant to an agreement referred to in Section 4.12(b)(1), (2) or  (3) or this Section 4.12(b)(4) or contained in any amendment to an agreement referred to  in Section 4.12(b)(1), (2) or (3) or this Section 4.12(b)(4); provided, however, that the  encumbrances and restrictions with respect to such Restricted Subsidiary contained in  any such agreement, refinancing agreement or amendment, taken as a whole, are not  materially less favorable to the Holders, as determined in good faith by the Company,  than those existing immediately prior to the entry into such agreement, refinancing  agreement or amendment;  (5) in the case of Section 4.12(a)(3), any encumbrance or restriction:  (i) that restricts in a customary manner the subletting,  assignment or transfer of any property or asset that is subject to a lease,  license, conveyance or contract or similar property or asset or the  assignment of any such lease, license or other contract;  

 

  76     (ii) by virtue of any transfer of, agreement to transfer, option or  right with respect to, or Lien on, any property or assets of the Company or  any of its Restricted Subsidiaries not otherwise prohibited by this  Indenture;  (iii) that is included in a licensing agreement to the extent such  restrictions limit the transfer of the property subject to such licensing  agreement;  (iv) arising or agreed to in the ordinary course of business and  that does not, individually or in the aggregate, detract from the value of  property or assets of the Company or any of its Restricted Subsidiaries in  any manner material to the Company or any such Restricted Subsidiary as  determined in good faith by the Company; and  (v) contained in security agreements, mortgages or similar  documents securing Debt of a Restricted Subsidiary of the Company  incurred in accordance with this Indenture to the extent those  encumbrances or restrictions restrict the transfer of the property subject to  such security agreements;  (6) any restriction with respect to a Restricted Subsidiary of the Company or  any of its properties or assets imposed pursuant to an agreement entered into for the sale  or disposition of all or substantially all the Capital Stock or assets of such Restricted  Subsidiary (whether by stock sale, asset sale, merger, consolidation or otherwise) pending  the closing of such sale or disposition;  (7) encumbrances or restrictions arising or existing by reason of applicable  law, regulation or order;  (8) any encumbrance or restriction under Capitalized Lease Obligations and  purchase money obligations for property leased or acquired in the ordinary course of  business that impose encumbrances or restrictions of the nature described in  Section 4.12(a)(3) on the property so leased or acquired;  (9) customary provisions in joint venture agreements or arrangements and  other similar agreements or arrangements relating solely to joint ventures;  (10) restrictions on cash or other deposits or net worth imposed by customers  under contracts entered into in the ordinary course of business; and  (11) restrictions created in connection with any Receivables Facility that, in the  good faith determination of the Company, are necessary or advisable to effect such  Receivables Facility.  Section 4.13. Limitation on Affiliate Transactions.  

 

  77     (a) The Company shall not, and shall not permit any Restricted Subsidiary of the  Company to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its  properties or assets to, or purchase any property or assets from, or enter into or make or amend  any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the  benefit of, any Affiliate of the Company, in each case, in excess of $25.0 million (an “Affiliate  Transaction”) unless:  (1) the terms of the Affiliate Transaction are not less favorable in any material  respect to the Company or such Restricted Subsidiary than those that could reasonably be  obtained at the time of the Affiliate Transaction in arm’s-length dealings with a Person  that is not an Affiliate; and  (2) if such Affiliate Transaction or series of related Affiliate Transactions  involves an amount in excess of $100.0 million, the terms of such transaction have been  approved by a majority of the members of the Board of Directors of the Company and by  a majority of the members of such Board of Directors having no personal financial stake  in such transaction, if any (and such majority or majorities of the Board of Directors, as  the case may be, determines that such Affiliate Transaction satisfies the criteria in  Section 4.13(a)(1) above), as evidenced by a resolution of the Board of Directors of the  Company.  (b) The foregoing restrictions shall not apply to:  (1) any Restricted Payment made pursuant to Section 4.09 and any Permitted  Investment;  (2) any transaction among only the Company and/or any Restricted  Subsidiary or Restricted Subsidiaries of the Company;  (3) any issuance of securities or other payments, awards or grants in cash,  securities or otherwise pursuant to, or the funding of, employment arrangements, stock  options and stock ownership plans and other fair and reasonable compensation, benefits  and indemnities paid or entered into in the ordinary course of business by the Company  or its Restricted Subsidiaries to or with officers, directors or employees of the Company  and its Restricted Subsidiaries, in their capacity as such, approved by the Board of  Directors of the Company;  (4) loans or advances to officers, directors, consultants or employees of the  Company, any of its Restricted Subsidiaries or any direct or indirect parent entity of the  Company, or guarantees in respect thereof, made on its behalf or their behalf (or the  cancellation of such loans, advances or guarantees) in the ordinary course of business and  employment agreements, stock option plans and other similar arrangements with such  officers, directors, consultants or employees which, in each case, are approved by the  Company in good faith; provided that such loans or advances do not exceed $25.0 million  outstanding at any one time;  (5) transactions with customers, clients, suppliers or purchasers or sellers of  goods or services, in each case in the ordinary course of business and on market terms;  

 

  78     (6) the issuance or sale of any Capital Stock (other than Disqualified Capital  Stock) of, and any contribution of capital to, the Company;  (7) any transaction with a Person that is an Affiliate solely because the  Company or a Restricted Subsidiary owns an equity interest in or otherwise controls such  Person;  (8) any transaction on arm’s-length terms with any Person that is not an  Affiliate prior to such transaction but becomes an Affiliate as a result of such transaction;  (9) any agreement as in effect on the Issue Date and described in the Offering  Circular, and any renewals, amendments or extensions of any such agreement (so long as  such renewals, amendments or extensions are not materially less favorable, taken as a  whole, to the Company and its Restricted Subsidiaries) and the transactions evidenced  thereby;  (10) sales of accounts receivable, or participations therein, in connection with  any Receivables Facility;  (11) any transaction entered into by the Company with JBS S.A. or any of its  Affiliates in the ordinary course of business or permitted pursuant to clause (20) of the  definition of “Permitted Debt”;  (12) any Affiliate Transaction with a Person in its capacity as a holder of Debt  or Capital Stock of the Company or any Restricted Subsidiary where such Person is  treated no more favorably than the other holders of Debt or Capital Stock of the  Company or any Restricted Subsidiary;   (13) any agreement that provides customary registration rights to the equity  holders of the Company and the performance of such agreements;   (14) any purchase, sale or resale of common Equity Interests of or  contributions to the common equity capital of the Company, in each case, by, for or on  behalf of the Company or a stockholder thereof (including any customary agreement in  connection therewith); provided that any such purchase or sale of common Equity  Interests by the Company shall be at prices and on terms and conditions not less  favorable to the Company than could be obtained on an arm’s-length basis from unrelated  third parties; and   (15) any transaction entered into by the Company to provide loans and  advances to contract growers.  (c) The Company shall conduct all transactions with its Affiliates in accordance with  principles of good faith and fair dealing. For the avoidance of doubt, the Company shall not be  prohibited by this Section 4.13 from maintaining arrangements with or among its Affiliates to  share the benefits of economies of scale or other similar benefits in an equitable manner between  or among the Company and/or its Affiliates, as reasonably determined by the Company and such  Affiliates.  

 

  79     Section 4.14. Designation of Restricted and Unrestricted Subsidiaries.  (a) The Company may designate any of its Subsidiaries, including any newly formed  Subsidiary or any Person that shall become a Subsidiary of the Company by way of acquisition,  to be an Unrestricted Subsidiary; provided that such designation complies with Section 4.09 or  under one or more clauses of the definition of Permitted Investments.  (b) Upon any such designation of a Restricted Subsidiary of the Company as an  Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned  by the Company and its Restricted Subsidiaries in the newly designated Unrestricted Subsidiary  shall be deemed to be an Investment made as of the time of that designation and shall reduce the  amount available for Restricted Payments under Section 4.09 or reduce the amount available for  future investments under one or more clauses of the definition of “Permitted Investments,” as the  Company determines in its sole discretion.  (c) The Company may redesignate any Unrestricted Subsidiary to be a Restricted  Subsidiary of the Company subject to the condition that the redesignation of such Unrestricted  Subsidiary as a Restricted Subsidiary would not cause a Default, it being understood that any  Debt, Liens, agreements or transactions of such Unrestricted Subsidiary outstanding at the time  of such redesignation shall be deemed to be Incurred or entered into at such time.  Section 4.15. Limitation on Guarantees of Debt by Restricted Subsidiaries.  (a) The Company shall not cause any of its Domestic Restricted Subsidiaries that are  wholly-owned and that guarantee the Company’s obligations under the U.S. Credit Facilities that  is not a Subsidiary Guarantor or a special purpose Restricted Subsidiary formed in connection  with a Receivables Facility to guarantee payment of the Company’s obligations under this  Indenture and the Notes by causing such entity, within 30 days, to:   (1) execute and deliver a supplemental indenture providing for a Guarantee of  payment of the Company’s obligations under this Indenture and the Notes by such  Domestic Restricted Subsidiary, except that if such Debt is by its express terms  subordinated in right of payment to the Notes, any such Guarantee of such Domestic  Restricted Subsidiary with respect to such Debt shall be subordinated in right of payment  to such Domestic Restricted Subsidiary’s Guarantee with respect to the Notes  substantially to the same extent as such Debt is subordinated to the Notes; and  (2) deliver to the Trustee an and Opinion of Counsel to the effect that:  (a) such supplemental indenture has been duly executed and  authorized; and  (b) such supplemental indenture constitutes an enforceable obligation  of such Domestic Restricted Subsidiary (subject to customary exceptions and  limitations), except insofar as enforcement thereof may be limited by bankruptcy,  insolvency or similar laws (including, without limitation, all laws relating to  fraudulent transfers) and except insofar as enforcement thereof is subject to  general principles of equity;  

 

  80     provided, however, that the foregoing provisions of this Section 4.15 shall not be applicable to  any guarantee of any Domestic Restricted Subsidiary if the Company has reasonably determined  that such guarantee would result in or create a material risk of tax or other liability.  Section 4.16. Reports of the Company.  (a) Whether or not required by the rules and regulations of the Commission, so long as  any Notes are outstanding, the Company shall furnish to the Trustee and to the Holders of the  Notes, within the time periods specified in the Commission’s rules and regulations:   (1) all quarterly and annual financial statements that would be required to be  contained in a filing with the Commission on Forms 10-Q and 10-K if the Company were  required to file such reports, including a “Management’s Discussion and Analysis of  Financial Condition and Results of Operations” and, with respect to the annual reports  only, a report on the annual financial statements by the Company’s certified independent  accountants; and   (2) all current reports that would be required to be filed with the Commission  on Form 8-K if the Company were required to file such reports.  All such reports shall be prepared in all material respects in accordance with all of the  rules and regulations applicable to such reports; provided that, unless the Company is otherwise  required to do so under the Exchange Act or the rules and regulations promulgated by the  Commission, the (A) reports provided pursuant to clauses (1) and (2) shall not be required to  comply with (i) Sections 302 (Corporate Responsibility for Financial Reports), 906 (Corporate  Responsibility for Financial Reports) and 404 (Management Assessment of Internal Controls) of  the Sarbanes-Oxley Act of 2002, and Items 307 (Disclosure Controls and Procedures), 308  (Internal Control Over Financial Reporting) and 402 (Executive Compensation) of Regulation  S-K or (ii) Regulation G under the Exchange Act or Item 10(e) of Regulation S-K with respect to  any non-GAAP financial measures contained therein and (B) reports and information provided  pursuant to clauses (1) and (2) shall not be required to be accompanied by any exhibits consisting  of commercial agreements (not including notes or other debt instruments) with customers or  suppliers. If the Company makes available the reports described in clauses (1) and (2) above on  the Company’s website (which may be non-public, but shall not restrict the recipients of such  information from trading in securities) to which Holders of Notes, prospective investors,  securities analysts and market makers that certify that they are qualified institutional buyers or  are otherwise eligible to hold the notes are given access, it shall be deemed to have satisfied the  reporting requirement set forth in such applicable clause. The Trustee shall have no  responsibility whatsoever to determine whether such information has been posted to any such  website.  (b) At any time that the Unrestricted Subsidiaries of the Company, taken as a whole,  account for at least 20% of the Consolidated EBITDA (calculated for the Company and its  Subsidiaries, not just Restricted Subsidiaries) for the period of the most recent four consecutive  fiscal quarters for which internal financial statements are available, of the Company and its  Subsidiaries, taken as a whole, then the quarterly and annual financial information required by  Section 4.16(a) shall include a reasonably detailed presentation, either on the face of the financial  

 

  81     statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of  Financial Condition and Results of Operations,” of the financial condition and results of  operations of the Company and its Restricted Subsidiaries separate from the financial condition  and results of operations of the Unrestricted Subsidiaries of the Company.  (c) The Company’s obligations pursuant to Section 4.16(a) above shall be suspended  as of any date, and for so long as, all of the following conditions are satisfied:   (1) a parent entity fully and unconditionally guarantees the Notes pursuant to  a supplemental indenture satisfactory to the Trustee; and   (2) such parent entity makes the reports and financial information referred to  in Section 4.17(a)(1) and (a)(2) available on its website or otherwise publicly available  within the time periods specified in Section 4.17(a), except that such reports and financial  information may be with respect to such parent entity instead of the Company,   (any period during which the reporting obligations pursuant to Section 4.17(a) above are  suspended pursuant to this clause (c) being referred to herein as a “Reporting Suspension  Period”). The requirements of Section 4.17(a) shall resume as of the end of any Reporting  Suspension Period, but no Default or Event of Default shall be deemed to have occurred or be  continuing due to non-compliance during any Reporting Suspension Period with the  requirements of such Section 4.17(a).  (d) For so long as any Notes remain outstanding, the Company shall furnish to Holders  and securities analysts and prospective investors, upon their request, the information required to  be delivered pursuant to Rule 144A(d)(4) under the Securities Act.  (e) Delivery of the above reports and the reports required by this Section 4.17 to the  Trustee is for informational purposes only and the Trustee’s receipt of such reports shall not  constitute actual or constructive notice of any information contained therein or determinable  from information contained therein, including the Company’s or any Guarantor’s compliance  with any of its covenants in this Indenture (as to which the Trustee is entitled to rely exclusively  on an Officer’s Certificate of the Company) or any other agreement or document. Neither the  Trustee nor the Paying Agent shall be obligated to monitor or confirm, on a continuing basis or  otherwise, the Company’s, any Guarantor’s or any other Person’s compliance with the covenants  described herein or with respect to any reports or other documents on any website.  Section 4.17. Suspension of Covenants.  (a) Following the first day (the “Suspension Date”) that (1) the Notes have an  Investment Grade Rating from two of the Rating Agencies and (2) no Default has occurred and is  continuing under this Indenture, the Company and its Restricted Subsidiaries shall not be subject  to Sections 4.08, 4.09, 4.11, 4.12, 4.13 and 4.15(a) (provided that Section 4.15(a) shall apply to  any Restricted Subsidiary upon any Reinstatement Date to the extent specified in such  Section 4.15(a)) and 5.01(a)(3)(b) (collectively, the “Suspended Covenants”). In the event that  the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any  period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”)  one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the  

 

  82     rating assigned to the Notes below an Investment Grade Rating, then the Company and the  Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect  to future events. The period of time between the Suspension Date and the Reversion Date is  referred to as the “Suspension Period.” Notwithstanding that the Suspended Covenants may be  reinstated, no Default shall be deemed to have occurred as a result of a failure to comply with the  Suspended Covenants during the Suspension Period.  (b) On the Reversion Date, all Debt Incurred during the Suspension Period shall be  classified to have been Incurred pursuant to Section 4.08(a) or one of the clauses set forth in  Section 4.08(b) (to the extent such Debt would be permitted to be Incurred thereunder as of the  Reversion Date and after giving effect to Debt Incurred prior to the Suspension Date and  outstanding on the Reversion Date). To the extent such Debt would not be so permitted to be  Incurred pursuant to Section 4.08, such Debt shall be deemed to have been outstanding on the  Issue Date, so that it is classified as permitted under Section 4.08(b)(1). Calculations made after  the Reversion Date of the amount available to be made as Restricted Payments under Section  4.09 shall be made as though such Section 4.09 had been in effect prior to, but not during, the  Suspension Period (and, for avoidance of doubt, all Consolidated Net Income and other amounts  attributable to the Suspension Period that would otherwise increase the amount of Restricted  Payments available to be made pursuant to any clause (including Section 4.09(a)(3)(a)) of  Section 4.09 shall be excluded in determining the amount of Restricted Payments available to be  made following the Reversion Date). For purposes of determining compliance with Section  4.11(a), on the Reversion Date, the Net Available Cash from all Asset Sales not applied in  accordance with such Section 4.11 shall be deemed to be reset to zero.  (c) The Company shall deliver an Officer’s Certificate to the Trustee of the occurrence  of a Suspension Date or Reversion Date.  The Trustee shall be entitled to rely conclusively on  such Officer’s Certificate. The Trustee shall have no obligation to monitor the occurrence,  continuance or cessation of a Suspension Date or Reversion Date, nor shall it have any obligation  to notify Holders of any such occurrence, continuance or cessation.  Section 4.18. Measuring Compliance.  (a) With respect to any (x) Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction and (y) repayment, repurchase or refinancing of Debt,  Disqualified Stock or Preferred Stock with respect to which a notice of repayment (or similar  notice), which may be conditional, has been delivered, in each case for purposes of determining:  (i) whether any Debt that is being incurred or Disqualified Stock or Preferred  Stock being issued in connection with such Restricted Payment, Investment, acquisition,  merger, amalgamation, or similar transaction or repayment, repurchase or refinancing of  Debt, Disqualified Stock or Preferred Stock is permitted to be incurred in compliance  with the covenant described under Section 4.08;  (ii) whether any Lien being incurred in connection with such Restricted  Payment, Investment, acquisition, merger, amalgamation, or similar transaction, or  repayment, repurchase or refinancing of Debt, Disqualified Stock or Preferred Stock or to  

 

  83     secure any such Indebtedness is permitted to be incurred in accordance with the covenant  described under Section 4.10 or the definition of “Permitted Liens”;  (iii) whether any other transaction undertaken or proposed to be undertaken in  connection with such Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction, or repayment, repurchase or refinancing of Debt,  Disqualified Stock or Preferred Stock complies with the covenants or agreements  contained in this Indenture or the Notes;  (iv) any calculation of the ratios, baskets or financial metrics, including Fixed  Charge Coverage Ratio, Leverage Ratio, Secured Leverage Debt Ratio, Consolidated Net  Income, Consolidated EBITDA, Total Assets and/or pro forma cost savings and, whether  a Default or Event of Default exists in connection with the foregoing; and  (v) whether any condition precedent to the incurrence of Debt or Liens, or  issuance of Disqualified Stock or Preferred Stock, in each case, that is being incurred in  connection with such Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction or repayment, repurchase or refinancing of Debt,  Disqualified Stock or Preferred Stock is satisfied, at the option of the Company, any of its  Restricted Subsidiaries, any parent entity, any successor entity of any of the foregoing or  a third party (the “Testing Party”), the date of declaration of such Restricted Payment,  the date that the definitive agreement for such Restricted Payment, Investment,  acquisition, merger, amalgamation, or similar transaction is entered into, the date a public  announcement of such Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction or the date of such notice, which may be  conditional, of such repayment, repurchase or refinancing of Debt, Disqualified Stock or  Preferred Stock is given to the holders of such Debt, Disqualified Stock or Preferred  Stock (any such date, the “Transaction Agreement Date”) may be used as the  applicable date of determination, as the case may be, in each case with such pro forma  adjustments as are appropriate and consistent with the pro forma adjustment provisions  set forth in the definition of “Fixed Charge Coverage Ratio.”  (b) For the avoidance of doubt, if the Testing Party elects to use the Transaction  Agreement Date as the applicable date of determination in accordance with the foregoing:   (i) any fluctuation or change in the ratios, baskets or financial metrics,  including Fixed Charge Coverage Ratio, Leverage Ratio, Secured Leverage Debt Ratio,  Consolidated Net Income, Consolidated EBITDA, Total Assets and/or pro forma cost  savings of the Company, from the Transaction Agreement Date to the date of  consummation of such Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction, or repayment, repurchase or refinancing of  Indebtedness, Disqualified Stock or Preferred Stock will not be taken into account for  purposes of determining (x) whether any Debt or Lien that is being incurred in  connection with such Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction, or repayment, repurchase or refinancing of Debt,  Disqualified Stock or Preferred Stock is permitted to be incurred or (y) in connection  with compliance by the Company or any of its Restricted Subsidiaries with any other  

 

  84     provision of this Indenture or the Notes, whether any other transaction undertaken in  connection with such Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction, or repayment, repurchase or refinancing of Debt,  Disqualified Stock or Preferred Stock is permitted to be incurred;   (ii) if financial statements for one or more subsequent fiscal quarters shall  have become available, the Testing Party may elect, in its sole discretion, to redetermine  all such baskets, ratios and financial metrics on the basis of such financial statements, in  which case such date of redetermination shall thereafter be deemed to be the applicable  Transaction Agreement Date for purposes of such baskets, ratios and financial metrics;  (iii) until such Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction, or repayment, repurchase or refinancing of Debt,  Disqualified Stock or Preferred Stock is consummated or such definitive agreements are  terminated, such Restricted Payment, Investment, acquisition, merger, amalgamation, or  similar transaction or repayment, repurchase or refinancing of Debt, Disqualified Stock  or Preferred Stock and all transactions proposed to be undertaken in connection therewith  (including the incurrence of Debt, issuance of Disqualified Stock or Preferred Stock and  Liens) shall be given pro forma effect when determining compliance of other transactions  (including the incurrence of Debt, issuance of Disqualified Stock or Preferred Stock and  Liens unrelated to such Restricted Payment, Investment, acquisition, merger,  amalgamation, or similar transaction, or repayment, repurchase or refinancing of Debt,  Disqualified Stock or Preferred Stock) that are consummated after the Transaction  Agreement Date and on or prior to the date of consummation of such Restricted Payment,  Investment, acquisition, merger, amalgamation, or similar transaction, or repayment,  repurchase or refinancing of Debt, Disqualified Stock or Preferred Stock and any such  transactions (including any incurrence of Debt or issuance of Disqualified Stock or  Preferred Stock and the use of proceeds thereof) shall be deemed to have occurred on the  Transaction Agreement Date and deemed to be outstanding thereafter for purposes of  calculating any baskets, ratios or financial metrics under this Indenture after the  Transaction Agreement Date and before the date of consummation of such Restricted  Payment, Investment, acquisition, merger, amalgamation, or similar transaction, or  repayment, repurchase or refinancing of Debt, Disqualified Stock or Preferred Stock and   (iv) Consolidated Interest Expense for purposes of the Fixed Charge Coverage  Ratio will be calculated using an assumed interest rate based on the indicative interest  margin (without giving effect to any step-ups) contained in any financing commitment  documentation with respect to such Debt, Disqualified Stock or Preferred Stock or, if no  such indicative interest margin exists, as reasonably determined by the Company in good  faith. In addition, compliance with any requirement relating to the absence of a Default or  Event of Default may be determined as of the Transaction Agreement Date (including  any new Transaction Agreement Date) and not as of any later date as would otherwise be  required under this Indenture.   Notwithstanding anything to the contrary herein, with respect to any amounts incurred or  transactions entered into (or consummated) in reliance on a provision of this Indenture that does  not require compliance with a financial ratio or financial test (including any Fixed Charge  

 

  85     Coverage Ratio, Leverage Ratio, Secured Leverage Debt Ratio, Consolidated Net Income,  Consolidated EBITDA, or Total Assets test) (any such amounts, the “Fixed Amounts”)  substantially concurrently with any amounts incurred or transactions entered into (or  consummated) in reliance on a provision of this Indenture that requires compliance with a  financial ratio or financial test (including any Fixed Charge Coverage Ratio, Leverage Ratio,  Secured Leverage Debt Ratio, Consolidated Net Income, Consolidated EBITDA, or Total Assets  test) (any such amounts, the “Incurrence-Based Amounts”), it is understood and agreed that the  Fixed Amounts shall be disregarded in the calculation of the financial ratio or test applicable to  the Incurrence-Based Amounts (and thereafter, incurrence of the portion of such amount under  the Fixed Amount shall be included in such calculation).  ARTICLE 5  SUCCESSOR CORPORATION  Section 5.01. Mergers, Consolidations, Etc.  (a) The Company shall not, in a single transaction or a series of related transactions,  consolidate with or merge with or into, or sell, assign, transfer, lease, convey or otherwise  dispose of all or substantially all of its assets determined on a consolidated basis to, another  Person, unless:  (1) either  (a) the Company is the Surviving Person; or  (b) the Person, if other than the Company, formed by such  consolidation or into which the Company is merged or the Person that acquires  the properties and assets of the Company substantially as an entirety or in the case  of a Plan of Liquidation, the Person to which assets of the Company have been  transferred, shall be a corporation or limited liability company organized and  existing under the laws of the United States or any State of the United States or  the District of Columbia; provided, however, that if the Person formed by such  consolidation or into which the Company is merged or the Person that acquires  the properties and assets of the Company substantially as an entirety is a limited  liability company, the Company or such Surviving Person shall cause a Restricted  Subsidiary of the Company that is a corporation to become a co-obligor on the  Notes;  (2) such Surviving Person, if other than the Company, assumes all of the  obligations of the Company under the Notes and this Indenture pursuant to a  supplemental indenture;  (3) immediately after giving effect to that transaction and the use of the  proceeds from that transaction, on a pro forma basis, including giving effect to any Debt  Incurred or anticipated to be Incurred in connection with that transaction and the use of  the proceeds from that transaction,  

 

  86     (a) no Default or Event of Default shall have occurred and be  continuing; and  (b) except in the case of a consolidation or merger of the Company  with or into a Restricted Subsidiary or a sale, assignment, transfer, lease,  conveyance or other disposition of all or substantially all of the Company’s assets  to a Restricted Subsidiary, immediately after giving effect to such transaction,   (i) such Surviving Person shall be able to Incur $1.00 of  additional Debt under Section 4.08(a); or  (ii) the Fixed Charge Coverage Ratio for the Surviving Person  and its Restricted Subsidiaries would be equal to or greater than such ratio  for the Company and its Restricted Subsidiaries immediately prior to the  transaction; and  (4) the Company delivers to the Trustee prior to the consummation of the  proposed transaction an Officer’s Certificate and an Opinion of Counsel, each stating that  such consolidation, merger or transfer complies with this Indenture and that all conditions  precedent in this Indenture relating to such transaction have been satisfied.  For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a  single transaction or series of related transactions) of all or substantially all of the properties and  assets of one or more Restricted Subsidiaries of the Company, the Capital Stock of which  constitutes all or substantially all of the properties or assets of the Company, shall be deemed to  be the transfer of all or substantially all of the properties and assets of the Company.  Notwithstanding clause (3) of this Section 5.01(a),  (A) any Restricted Subsidiary of the Company may consolidate with,  merge into or transfer all or part of its properties and assets to the Company, and  (B) the Company may merge with one of its Affiliates solely for the  purpose of reorganizing the Company in another jurisdiction in the United States  to realize tax or other benefits.  In the event of any transaction (other than a lease) referred to in and complying with the  conditions listed in Section 5.01(a)(1) in which the Company is not the Surviving Person and the  Surviving Person is to assume all the obligations of the Company under the Notes and this  Indenture pursuant to a supplemental indenture, that Surviving Person shall succeed to, and be  substituted for, and may exercise every right and power of the Company, and the Company shall  be discharged from its obligations under this Indenture and the Notes.  (b) Each Guarantor (other than any Guarantor whose Guarantee is to be released in  accordance with the terms of the Guarantee and this Indenture in connection with any transaction  complying with Section 4.11) shall not, and the Company shall not cause or permit any  Guarantor to, consolidate with or merge with or into any Person other than the Company or any  other Guarantor unless:  

 

  87     (1) the entity formed by or surviving any such consolidation or merger (if  other than the Guarantor) is a corporation, partnership, limited liability company or other  business entity organized and existing under the laws of the United States or any State of  the United States or the District of Columbia;  (2) such entity surviving any such consolidation or merger (if other than the  Guarantor) assumes by supplemental indenture all of the obligations of the Guarantor on  the Guarantee;  (3) immediately after giving effect to such transaction, no Default or Event of  Default shall have occurred and be continuing; and  (4) the Company delivers to the Trustee prior to the consummation of the  proposed transaction an Officer’s Certificate and an Opinion of Counsel, each stating that  such consolidation, merger or transfer complies with this Indenture and that all conditions  precedent in this Indenture relating to such transaction have been satisfied.  ARTICLE 6  DEFAULT AND REMEDIES  Section 6.01. Events of Default.  Each of the following is an “Event of Default”:  (1) the failure to pay interest on the Notes when that interest becomes due and  payable and the Default continues for 30 days;  (2) the failure to pay principal of or premium, if any, on the Notes when that  principal or premium, if any, becomes due and payable, at maturity, upon redemption or  otherwise;  (3) the failure to comply with Section 5.01;  (4) failure by the Company or any Restricted Subsidiary of the Company to  observe or perform (a) the provisions described under Section 4.17, which failure is  continuing for a period of 90 days (and may be cured by filing or furnishing, as  applicable, the delinquent report within such 90-day period) or (b) any other covenant or  agreement contained in the Notes or this Indenture, which failure continues for a period  of 60 days, in each case, after the Company receives a written notice specifying the  Default from the Trustee or Holders of at least 30% in outstanding aggregate principal  amount of Notes;  (5) Debt of the Company or any Significant Subsidiary of the Company is not  paid within any applicable grace period after final maturity or is accelerated by the  holders thereof because of a default and the total amount of such Debt unpaid or  accelerated exceeds $75.0 million;  

 

  88     (6) failure by the Company or any of its Significant Subsidiaries to pay or  discharge final judgments for the payment of money entered by a court or courts of  competent jurisdiction aggregating in excess of $75.0 million, which judgments are not  discharged, waived or stayed (to the extent not covered by insurance) for a period of 60  consecutive days following entry of such final judgments or decrees during which a stay  of enforcement of each such final judgment or decree, by reason of pending appeal or  otherwise, is not in effect;  (7) the Company or any Significant Subsidiary of the Company 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 assets, or  (d) makes a general assignment for the benefit of its creditors;  (e) or takes any comparable action under foreign laws relating to  insolvency;  (8) a court of competent jurisdiction enters an order or decree under any  Bankruptcy Law that:  (a) is for relief against the Company, any Guarantor or any Significant  Subsidiary of the Company as debtor in an involuntary case,  (b) appoints a Custodian of the Company, any Guarantor or any  Significant Subsidiary of the Company, or  (c) orders the liquidation of the Company, any Guarantor or any  Significant Subsidiary of the Company,  (d) or any similar relief is granted under any foreign laws, or takes any  comparable action under any foreign law relating to insolvency; and the order,  decree or similar relief remains unstayed and in effect for 60 days; and  (9) any Guarantee of a Significant Subsidiary of the Company ceases to be in  full force and effect, or is declared to be null and void and unenforceable by a judicial  determination, or is found to be invalid by a judicial determination, or any Guarantor that  is a Significant Subsidiary of the Company denies its obligations under its Guarantee (in  each case, other than by reason of release of a Guarantor in accordance with the terms of  this Indenture).   Section 6.02. Acceleration.  

 

  89     (a) If any Event of Default (other than those of the type in clause (7) or (8) of Section  6.01 with respect to the Company) occurs and is continuing, the Trustee may, and the Trustee  upon the written direction of Holders of at least 30% in outstanding aggregate principal amount  of the then outstanding Notes shall, or the Holders of at least 30% in outstanding aggregate  principal amount of then outstanding Notes may, declare the principal of the Notes, together with  all accrued and unpaid interest, premium, if any, to be due and payable by notice in writing to the  Company and the Trustee specifying the respective Event of Default and that such notice is a  notice of acceleration, and the same shall become immediately due and payable.  (b) If an Event of Default of the type referred to in clause (7) or (8) of Section 6.01  relating to the Company occurs and is continuing, then such amount with respect to all the Notes  shall ipso facto become due and payable immediately without any declaration or other act on the  part of the Trustee or any Holder.  (c) Holders of a majority in aggregate principal amount of the then outstanding Notes  by written notice to the Trustee may on behalf of the Holders of all of the Notes rescind any  acceleration and its consequences with respect to the Notes; provided such rescission would not  conflict with any judgment of a court of competent jurisdiction. In the event of any Event of  Default specified in clause (5) of Section 6.01, such Event of Default and all consequences  thereof (excluding any resulting payment default) shall be annulled, waived and rescinded,  automatically and without any action by the Trustee or the Holders, if within 30 days after such  Event of Default arose,  (i) the Debt or guarantee that is the basis for such Event of Default has been  discharged;   (ii) the holders thereof have rescinded or waived the acceleration, notice or  action (as the case may be) giving rise to such Event of Default; or   (iii) if the default that is the basis for such Event of Default has been cured.   Section 6.03. Other Remedies.  If a Default 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 interest on, the Notes or  to enforce the performance of any provision of the Notes or this Indenture.  The Trustee may maintain a proceeding even if it does not possess any of the Notes 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 a Default shall not impair the right or  remedy or constitute a waiver of or acquiescence in the 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 Sections 2.09, 6.07 and 9.02, the Holders of a majority in principal amount of  the outstanding Notes (which may include consents obtained in connection with a tender offer or  exchange offer of Notes) by written notice to the Trustee may on behalf of the Holders of all of  

 

  90     the Notes waive an existing Default and its consequences (including any resulting non-payment  Default or Event of Default), except a continuing Default or Event of Default in the payment of  principal, premium, if any, or interest on, any Note held by a non-consenting Holder that did not  result from a non-payment Default or Event of Default. The Company shall deliver to the Trustee  an Officer’s Certificate stating that the requisite percentage of Holders have consented to such  waiver and attaching copies of such consents. When a Default is waived, it is cured and ceases.  Section 6.05. Control by Majority.  The Holders of not less than a majority in principal amount of the outstanding Notes 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. Subject to Section 7.01, however, the  Trustee may refuse to follow any direction that conflicts with any law or this Indenture, that the  Trustee determines may be unduly prejudicial to the rights of another Holder (it being  understood that the Trustee has no duty to determine whether any direction is unduly prejudicial  to any Holder of a Note), or that may involve the Trustee in personal liability; provided that the  Trustee may take any other action deemed proper by the Trustee which is not inconsistent with  such direction.  In the event the Trustee takes any action or follows any direction pursuant to this  Indenture, the Trustee shall be entitled to indemnification reasonably satisfactory to it against  any loss or expense caused by taking such action or following such direction.  Section 6.06. Limitation on Suits.  No Holder shall have any right to institute any proceeding with respect to this Indenture  or for any remedy thereunder, unless the Trustee:  (1) has failed to act for a period of 60 days after receiving written notice of a  continuing Event of Default by such Holder and a request to act by Holders of at least  25% in aggregate principal amount of Notes outstanding;  (2) has been offered indemnity satisfactory to it against loss, liability or  expense; and  (3) has not received from the Holders of a majority in aggregate principal  amount of the outstanding Notes a direction inconsistent with such request.  However, such limitations do not apply to a suit instituted by a Holder of any Note for  enforcement of payment of the principal of or interest on such Note on or after the due date  therefor.  A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain  a preference or priority over such other Holder (it being understood that the Trustee has no duty  to determine whether any direction is unduly prejudicial to any Holder of a Note).  Section 6.07. Rights of Holders To Receive Payment.  

 

  91     Notwithstanding any other provision of this Indenture, the right of any Holder to receive  payment of principal of, and interest on, a Note, on or after the respective due dates therefor, 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 6.08. Collection Suit by Trustee.  If a Default in payment of principal or interest specified in Section 6.01(1) or (2) occurs  and is continuing, the Trustee may recover judgment in its own name and as trustee of an express  trust against the Company or any other obligor on the Notes for the whole amount of principal  and accrued interest and fees remaining unpaid, together with interest on overdue principal and,  to the extent that payment of such interest is lawful, interest on overdue installments of interest,  in each case at the rate per annum borne by the Notes and such further amount as shall be  sufficient to cover the costs and expenses of collection, including the reasonable compensation,  expenses, indemnities, disbursements and advances of the Trustee, its agents and counsel.  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 (including any claim for the  compensation, expenses, indemnities, disbursements and advances of the Trustee, its agents and  counsel) and the Holders allowed in any judicial proceedings relating to the Company, their  creditors or their property and shall be entitled and empowered to collect and receive any monies  or other property payable or deliverable on any such claims and to distribute the same, and any  Custodian in any such judicial proceedings 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, indemnities, disbursements and advances of the Trustee, its agent and  counsel, and any other amounts due the Trustee under Section 7.07. 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  Notes 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. The Trustee shall be entitled to participate as a  member of any official committee of creditors in the matters as it deems necessary or advisable.  Section 6.10. Priorities.  If the Trustee collects any money or property pursuant to this Article 6, it shall pay out  the money or property in the following order:  First: to the Trustee for amounts due under Section 7.07;  Second: to Holders for interest accrued on the Notes, ratably, without preference  or priority of any kind, according to the amounts due and payable on the Notes for  interest;  

 

  92     Third: to Holders for principal amounts due and unpaid on the Notes, ratably,  without preference or priority of any kind, according to the amounts due and payable on  the Notes for principal; and  Fourth: to the Company or, if applicable, the Guarantors, as their respective  interests may appear.  The Trustee, upon prior notice to the Company, may fix a record date and payment date  for any payment to Holders pursuant to this Section 6.10.  Section 6.11. Undertaking for Costs.  In any suit for the enforcement of any right or remedy under this Indenture or in any suit  against the Trustee for any action taken or omitted by it as 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  and expenses, 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 6.11 does not apply to a suit by  the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more  than 10% in principal amount of the outstanding Notes.  ARTICLE 7  TRUSTEE  Section 7.01. Duties of Trustee.  (a) If a 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 person would exercise or use under the circumstances in the conduct of his  or her own affairs.  (b) Except during the continuance of a Default:  (1) The Trustee need perform only those duties as are specifically set forth  herein or in the Trust Indenture Act and no duties, covenants, responsibilities or  obligations shall be implied in this Indenture against the Trustee.  (2) 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 certificates (including Officer’s Certificates) or opinions (including Opinions of  Counsel) furnished to the Trustee and conforming to the requirements of this Indenture.  However, in the case of any such certificates or opinions which by any provision hereof  are specifically required to be furnished to the Trustee, the Trustee shall examine the  certificates and opinions to determine whether or not they conform to the requirements of  this Indenture.  

 

  93     (c) Notwithstanding anything to the contrary herein, 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 paragraph does not limit the effect of Section 7.01(b).  (2) The Trustee shall not be liable for any error of judgment made in good  faith by a Responsible Officer, unless it is proved that the Trustee was negligent in  ascertaining the pertinent facts.  (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) No provision of this Indenture shall require the Trustee to expend or risk its own  funds or otherwise incur any financial liability in the performance of any of its duties hereunder  or to take or omit to take any action under this Indenture or take any action at the request or  direction of Holders if it shall have reasonable grounds for believing that repayment of such  funds is not assured to it.  (e) Whether or not therein expressly so provided, every provision of this Indenture or  any other transaction document that in any way relates to the Trustee is subject to this Section  7.01 and Section 7.02.  (f) The Trustee shall not be liable for the investment of or for interest on any money  received, or for any loss which may result from any investment or sale of investment, by it  except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee  need not be segregated from other funds except to the extent required by law.  (g) In the absence of negligence or willful misconduct on the part of the Trustee, the  Trustee shall not be responsible for the application of any money by any Paying Agent other than  the Trustee.  Section 7.02. Rights of Trustee.  Subject to Section 7.01:  (a) The Trustee may rely conclusively on any resolution, certificate (including any  Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice,  request, direction, consent, order, bond, debenture, note, other evidence of indebtedness,  electronic communication or other paper or document believed by it to be genuine and to have  been signed, sent 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 shall be entitled to receive an  Officer’s Certificate and an Opinion of Counsel, which shall conform to the provisions of  Section 11.05. The Trustee shall not be liable for any action it takes or omits to take in good faith  in reliance on such Officer’s Certificate or Opinion of Counsel.  

 

  94     (c) The Trustee may act through its attorneys and agents and shall not be responsible  for the misconduct or negligence of any agent (other than an agent who is an employee of the  Trustee) 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 reasonably believes to be authorized or within its rights or powers under this Indenture.  (e) The Trustee may consult with counsel of its selection and the advice or opinion of  such counsel as to matters of law shall be full and complete authorization and protection from  liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in  accordance with the advice or opinion of such counsel.  (f) The Trustee shall be under no obligation to exercise any of the rights or powers  vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to  the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or  indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred  therein or thereby.  (g) The Trustee shall not be bound to make any investigation into the facts or matters  stated in any resolution, certificate (including any Officer’s Certificate), statement, instrument,  opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond,  debenture or other paper or document, but the Trustee, in its discretion, may make such further  inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall  determine to make such further inquiry or investigation, it shall be entitled, upon reasonable  notice to the Company, to examine the books, records and premises of the Company, personally  or by agent or attorney at the sole cost of the Company.  (h) The Trustee shall not be required to give any bond or surety in respect of the  performance of its powers and duties hereunder.  (i) The permissive rights of the Trustee to do things enumerated in this Indenture shall  not be construed as duties.  (j) Except with respect to Sections 4.01 and 4.05, the Trustee shall have no duty to  inquire as to the performance of the Company with respect to the covenants contained in Article  4. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except  (i) any Default or Event of Default occurring pursuant to Section 4.01, 6.01(1) or 6.01(2) or (ii)  any Default or Event of Default of which the Trustee shall have received written notification at  the Corporate Trust Office of the Trustee and such notice references the Notes and this  Indenture.  (k) 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, each Agent appointed hereunder  and to each agent, custodian and other Person employed to act hereunder.  (l) Notwithstanding any provision in this Indenture to the contrary, in no event shall  the Trustee be liable for any failure or delay in the performance of its obligations under this  

 

  95     Indenture because of circumstances beyond its control, including, but not limited to, acts of God,  flood, war (whether declared or undeclared), terrorism, fire, riot, epidemics, strikes or work  stoppages for any reason, embargo, government action, including any laws, ordinances,  regulations or the like which restrict or prohibit the providing of the services contemplated by  this Indenture, inability to obtain material, equipment, or communications or computer facilities,  or the failure of equipment or interruption of communications or computer facilities, the  unavailability of the federal Reserve Bank wire or telex or other wire communication facility,  and other causes beyond its control whether or not of the same class or kind as specifically  named above.  (m) The Trustee may at any time request that any of the Company and/or Guarantors  deliver an Officer’s Certificate setting forth the specimen signatures and the names of individuals  and/or titles of Officers authorized at such time to take specified actions pursuant to this  Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an  Officer’s Certificate, including any Person specified as so authorized in any such certificate  previously delivered and not superseded.  (n) In no event shall the Trustee be responsible or liable for special, indirect,  consequential, incidental, or punitive loss or damage of any kind whatsoever (including, but not  limited to, loss of profit), irrespective of whether the Trustee has been advised of the likelihood  of such loss or damage and regardless of the form of action arising in connection with this  Indenture.  (o) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to  the documents upon the request or authority or consent of any person who, at the time of making  such request or giving such authority or consent, is the holder of any security shall be conclusive  and binding upon all future holders of securities and upon securities executed and delivered in  exchange therefor or in place thereof.  (p) Under no circumstances shall the Trustee be liable, in its individual capacity or in  any capacity hereunder, for the obligations evidenced by the Notes.  (q) The Company will be responsible for making calculations called for under the  Notes, including, but not limited to, determination of redemption price, premium, if any, and any  other amounts payable on the Notes. The Company will make the calculations in good faith and,  absent manifest error, their calculations will be final and binding on the Holders of the Notes.  The Company will provide a schedule of their calculations to the Trustee, upon request, when  applicable, and the Trustee is entitled to rely conclusively on the accuracy of the Company’s as  to the payment of any taxes or assessments, or to require any such payment to be made.  Section 7.03. Individual Rights of Trustee.  The Trustee in its individual or any other capacity may become the owner or pledgee of  Notes and may otherwise deal with the Company, their Subsidiaries or its respective 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.  Section 7.04. Trustee’s Disclaimer.  

 

  96     The Trustee shall not be responsible for and makes no representation as to the validity,   or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of  the proceeds from the Notes, and it shall not be responsible for any statement of the Company in  this Indenture or any document issued in connection with the sale of Notes (including, without  limitation, the Offering Circular) or any statement in the Notes other than the Trustee’s  certificate of authentication. The Trustee makes no representations with respect to the  effectiveness or adequacy of this Indenture or the Notes.  Section 7.05. Notice of Default.  If a Default occurs and is continuing and the Trustee receives actual notice of such  Default, the Trustee shall mail to each Holder notice of the uncured Default within 30 days after  such Default occurs. Except in the case of a Default in payment of principal of, or interest on,  any Note, including an accelerated payment and the failure to make a payment on the Change of  Control Payment Date pursuant to a Change of Control Offer or the Net Proceeds Payment Date  pursuant to an Asset Sale Offer, or a Default in complying with the provisions of Article 5, the  Trustee may withhold the notice if and so long as the Board of Directors, the executive  committee, or a trust committee of directors and/or Responsible Officers, of the Trustee in good  faith determines that withholding the notice is in the interest of the Holders.  Section 7.06. Reports by Trustee to Holders.  Within 60 days after each April 1, beginning with April 1, 2018, the Trustee shall, to the  extent that any of the events described in Trust Indenture Act § 313(a) occurred within the  previous twelve months, but not otherwise, mail to each Holder a brief report dated as of such  date that complies with Trust Indenture Act § 313(a). The Trustee also shall comply with Trust  Indenture Act §§ 313(b), 313(c) and 313(d).  A copy of each report at the time of its mailing to Holders shall be mailed to the  Company and filed with the Commission and each securities exchange, if any, on which the  Notes are listed.  The Company shall notify the Trustee in writing if the Notes become listed on any  securities exchange or of any delisting thereof and the Trustee shall comply with Trust Indenture  Act § 313(d).  Section 7.07. Compensation and Indemnity.  Each of the Company and the Guarantors shall, jointly and severally, pay to the Trustee  from time to time such compensation as the Company and the Trustee shall from time to time  agree in writing for its services 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 upon request for all reasonable disbursements, expenses and advances (including,  without limitation, reasonable fees and expenses of counsel) incurred or made by it in addition to  the compensation for its services, except any such disbursements, expenses and advances as may  be attributable to the Trustee’s negligence or willful misconduct. Such expenses shall include the  reasonable fees and expenses of the Trustee’s agents and counsel.  

 

  97     Each of the Company and the Guarantors shall, jointly and severally, indemnify each of  the Trustee and any predecessor Trustee and each of its officers, directors, employees or agents  for, and hold them harmless against, any and all loss, damage, claims (whether involving the  Company, Guarantors, Holders or any other Person) including taxes (other than taxes based  upon, measured by or determined by the income of the Trustee), liability or expense incurred by  it except for such actions to the extent caused by any negligence or willful misconduct on its part  (as determined by a court of competent jurisdiction in a final and non-appealable order), arising  out of or in connection with the acceptance or administration of this trust or exercise of its rights,  powers or duties (including the reasonable fees and expenses of counsel) including, without  limitation, the reasonable costs and expenses of defending itself against or investigating any  claim or liability in connection with the exercise or performance of any of the Trustee’s rights,  powers or duties hereunder, including the costs and expenses of enforcing this Indenture against  the Issuer or any Guarantor including this Section 7.07. The Trustee shall notify the Company  promptly of any third party claim asserted against the Trustee or any of its agents for which it  may seek indemnity. The Company may, subject to the approval of the Trustee (which approval  shall not be unreasonably withheld), defend such claim and the Trustee shall cooperate in the  defense. The Trustee and its agents subject to the claim may have separate counsel and the  Company shall pay the reasonable fees and expenses of such counsel. The Company need not  pay for any settlement made without their written consent (which consent shall not be  unreasonably withheld). The Company need not reimburse any expense or indemnify against any  loss or liability to the extent incurred by the Trustee through its negligence or willful misconduct,  as determined by a final non-appealable decision of a court of competent jurisdiction.  To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have  a Lien prior to the Notes against all money or property held or collected by the Trustee, in its  capacity as Trustee, except money or property held in trust to pay principal and interest on  particular Notes.  When the Trustee incurs expenses or renders services after a Default specified in Section  6.01(7) or (8) occurs, such expenses and the compensation for such services shall be paid to the  extent allowed under any Bankruptcy Law.Notwithstanding any other provision in this  Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and  discharge of this Indenture, payment of the Notes, resignation or removal of the Trustee or the  appointment of a successor Trustee.  Section 7.08. Replacement of Trustee.  The Trustee may resign at any time by so notifying the Company in writing. The Holders  of a majority in principal amount of the outstanding Notes may remove the Trustee upon 30  days’ prior notice by so notifying the Company and the Trustee in writing and may appoint a  successor Trustee. The Company 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;  

 

  98     (3) a receiver or other public officer takes charge of the Trustee or its  property; or  (4) the Trustee 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 Company shall notify each Holder of such event and shall promptly appoint a  successor Trustee. Within one year after the successor Trustee takes office, the Holders of a  majority in principal amount of the Notes may appoint a successor Trustee to replace the  successor Trustee appointed by the Company.  A successor Trustee shall deliver a written acceptance of its appointment to the retiring  Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer, after  payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as  Trustee to the successor Trustee, subject to the Lien provided in Section 7.07, 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. A successor Trustee shall mail  notice of its succession to each Holder.  If a successor Trustee does not take office within 30 days after the retiring Trustee  resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in  principal amount of the outstanding Notes may petition any court of competent jurisdiction for  the appointment of a successor Trustee at the expense of the Company.  If the Trustee fails to comply with Section 7.10, any Holder may petition any court of  competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.  Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s  obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.  Section 7.09. Successor Trustee by Merger, Etc.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially  all of its corporate trust business (including this transaction) to, another corporation, the  resulting, surviving or transferee corporation without any further act shall, if such resulting,  surviving or transferee corporation is otherwise eligible hereunder, be the successor Trustee;  provided that such corporation shall be otherwise qualified and eligible under this Article 7.  Section 7.10. Eligibility; Disqualification.  This Indenture shall always have a Trustee who satisfies the requirement of Trust  Indenture Act §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee shall have a combined capital  and surplus of at least $150,000,000 as set forth in its most recent published annual report of  condition. The Trustee shall comply with Trust Indenture Act § 310(b); provided, however, that  there shall be excluded from the operation of Trust Indenture Act § 310(b)(1) any indenture or  indentures under which other securities, or certificates of interest or participation in other  securities, of the Company are outstanding, if the requirements for such exclusion set forth in  

 

  99     Trust Indenture Act § 310(b)(1) are met. The provisions of Trust Indenture Act § 310 shall apply  to the Company and any other obligor of the Notes.  Section 7.11. Preferential Collection of Claims Against the Company.  The Trustee, in its capacity as Trustee hereunder, shall comply with Trust Indenture Act §  311(a), excluding any creditor relationship listed in Trust Indenture Act § 311(b). A Trustee who  has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent  indicated.  ARTICLE 8  DISCHARGE OF INDENTURE; DEFEASANCE  Section 8.01. Satisfaction and Discharge.  The Company may discharge this Indenture such that it shall cease to be of further effect,  except as to surviving rights of registration of transfer or exchange of the Notes as to all  outstanding Notes and the rights and indemnities of the Trustee when:  (1) either  (a) all the Notes previously authenticated (except lost, stolen or destroyed  Notes that have been replaced or paid and Notes for whose payment money has  previously been deposited in trust or segregated and held in trust by the Company and is  thereafter repaid to the Company or discharged from the trust) have been delivered to the  Trustee for cancellation; or  (b) all Notes not previously delivered to the Trustee for cancellation  (i) have become due and payable, or  (ii) shall become due and payable at their maturity within one year, or  (iii) are to be called for redemption within one year under arrangements  satisfactory to the Trustee for the giving of notice of a redemption by the Trustee,  and in the case of (i), (ii) or (iii), the Company has irrevocably deposited or caused to be  irrevocably deposited with the Trustee as trust funds in trust solely for the benefit of the Holders,  cash in U.S. Legal Tender, non-callable U.S. Government Securities, or a combination of such  cash and non-callable U.S. Government Securities, in such amounts as shall be sufficient without  consideration of any reinvestment of interest, in the opinion of a nationally recognized  investment bank, appraisal firm or firm of independent public accountants (in the case of U.S.  Government Securities), to pay and discharge the entire Debt on the Notes not previously  delivered to the Trustee for cancellation for principal, premium, if any, on the Notes to the date  of deposit, in the case of Notes that have become due and payable, or to the Maturity Date or  Redemption Date, as the case may be;  

 

  100     (2) the Company has paid or caused to be paid all other sums payable by the  Company under this Indenture; and  (3) the Company delivers to the Trustee an Officer’s Certificate and Opinion of  Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and  discharge of this Indenture have been satisfied.  Section 8.02. Legal Defeasance and Covenant Defeasance.  (a) The Company may, at its option and at any time, elect to terminate all its and the  Guarantors’ obligations with respect to the then outstanding Notes, the Guarantees and this  Indenture (“legal defeasance”), except for:  (1) the rights of Holders of outstanding Notes to receive payments in respect  of the principal of, premium, if any, or interest on those Notes when these payments are  due from the defeasance trust referred to below;  (2) the Company’s obligations with respect to the issuance of temporary  Notes, the registration of Notes, the status of mutilated, destroyed, lost or stolen Notes  and the maintenance of an office or agency for payment and money for security payments  held in trust;  (3) the rights, powers, trusts, duties, indemnities and immunities of the  Trustee and the Company’s and the Guarantors’ obligations in connection with those  rights, powers, trusts, duties, indemnities and immunities; and  (4) the Company’s obligations under the defeasance provisions contained in  this Indenture.  (b) In addition, the Company may, at its option and at any time, elect to release its and  the Guarantors’ obligations under any covenant described in Section 4.05, Sections 4.07 through  4.17, and Section 5.01(a)(3) (“covenant defeasance”) and thereafter any failure by the Company  or its Restricted Subsidiaries to comply with such Sections shall not constitute a Default or an  Event of Default with respect to the Notes.  (c) If the Company exercises legal defeasance, payment of the Notes may not be  accelerated as a result of an Event of Default. If the Company exercises its covenant defeasance  option, payment of the Notes may not be accelerated because of an Event of Default specified in  clause (4), (5), (6), (7) (with respect only to Significant Subsidiaries), (8) (with respect only to  Significant Subsidiaries) or (9) in Section 6.01 or because of the failure of the Company to  comply with Section 5.01(a)(3).  The Company may exercise its legal defeasance option notwithstanding its prior exercise  of covenant defeasance.  Section 8.03. Conditions to Legal Defeasance or Covenant Defeasance.  In order to exercise either legal defeasance or covenant defeasance:  

 

  101     (1) the Company must irrevocably deposit with the Trustee, in trust (the “defeasance  trust”), for the benefit of the Holders, cash in U.S. Legal Tender, non-callable U.S. Government  Securities or a combination of cash and non-callable U.S. Government Securities, sufficient, in  the opinion of a firm of independent public accountants of recognized international standing, to  pay the principal, premium, if any, and interest on the outstanding Notes on the Maturity Date or  on an available Redemption Date, as the case may be, and the Company must specify whether  the Notes are being defeased to the Maturity Date or to that Redemption Date;  (2) in the case of legal defeasance only, the Company must deliver to the Trustee an  Opinion of Counsel confirming that:  (a) the Company has received from, or there has been published by, the  Internal Revenue Service a ruling, or  (b) since the Issue Date, there has been a change in the applicable federal  income tax law, and  (c) based on the ruling obtained under clause (a) or the change in tax law  referred to under clause (b), the Holders of the outstanding Notes will not recognize  income, gain or loss for federal income tax purposes as a result of legal defeasance and  will be subject to federal income tax on the same amounts, in the same manner and at the  same times as would have been the case if legal defeasance had not occurred;  (3) in the case of covenant defeasance, the Company must deliver to the Trustee an  Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize  income, gain or loss for federal income tax purposes as a result of covenant defeasance and will  be subject to federal income tax on the same amounts, in the same manner and at the same times  as would have been the case if covenant defeasance had not occurred;  (4) no Default or Event of Default (other than that resulting from borrowing funds to  be applied to make such deposit and any similar and simultaneous deposit relating to other Debt,  and, in each case the granting of Liens in connection therewith) with respect to the Notes shall  have occurred and be continuing on the date of such deposit;  (5) legal defeasance or covenant defeasance shall not result in a breach or violation  of, or constitute a default under, any material agreement or instrument (other than this Indenture)  to which the Company or any of its Restricted Subsidiaries is a party or by which the Company  or any of its Restricted Subsidiaries is bound;  (6) in the case of legal defeasance only, the Company must deliver to the Trustee an  Opinion of Counsel, subject to customary exceptions and assumptions, to the effect that on the  91st day following the deposit, the defeasance trust funds will not be subject to the effect of any  applicable bankruptcy, insolvency, reorganization or similar laws generally affecting creditors’  rights;  (7) the Company must deliver to the Trustee an Officer’s Certificate stating that the  deposit was not made by the Company with the intent of preferring the Holders of Notes over  

 

  102     any other creditors of the Company or with the intent of defeating, hindering, delaying or  defrauding any other creditors of the Company; and  (8) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion  of Counsel, each stating that all conditions precedent relating to the legal defeasance or the  covenant defeasance have been complied with.  Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above with  respect to a legal defeasance need not be delivered if all Notes not theretofore delivered to the  Trustee for cancellation (a) have become due and payable, (b) shall become due and payable on  the Maturity Date within one year or (c) as to which a redemption notice has been given calling  the Notes for redemption within one year, under arrangements satisfactory to the Trustee for the  giving of notice of redemption by the Trustee in the name, and at the expense, of the Company.  Section 8.04. Application of Trust Money.  The Trustee or Paying Agent shall hold in trust U.S. Legal Tender and U.S. Government  Securities deposited with it pursuant to this Article 8, and shall apply the deposited U.S. Legal  Tender and the money from U.S. Government Securities in accordance with this Indenture to the  payment of the principal of and the interest on the Notes. The Trustee shall be under no  obligation to invest said U.S. Legal Tender and U.S. Government Securities, except as it may  agree in writing with the Company.  The Company shall pay and indemnify and hold harmless the Trustee against any tax, fee  or other charge imposed on or assessed against the U.S. Legal Tender and U.S. Government  Securities deposited pursuant to Section 8.03 or the principal and interest received in respect  thereof, other than any such tax, fee or other charge which by law is for the account of the  Holders of the outstanding Notes.  Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay  to the Company from time to time upon the Company’s written request any U.S. Legal Tender  and U.S. Government Securities held by it as provided in Section 8.03 which, in the opinion of a  firm of independent public accountants of recognized international standing expressed in a  written certification thereof delivered to the Trustee, are in excess of the amount thereof that  would then be required to be deposited to effect an equivalent legal defeasance or covenant  defeasance.  Section 8.05. Repayment to the Company.  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 that remains unclaimed for two  years and prior to the escheat date; provided that the Trustee or such Paying Agent, before being  required to make any payment, may at the expense of the Company mail to each Holder entitled  to such money notice that such money remains unclaimed and that after a date specified therein  which shall be at least 30 days from the date of such publication or mailing any unclaimed  balance of such money then remaining shall be repaid to the Company. After payment to the  Company, Holders entitled to such money must look to the Company for payment as general  creditors unless an applicable law designates another Person.  

 

  103     Section 8.06. Reinstatement.  If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender and U.S.  Government Securities in accordance with this Article 8 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, or if the funds deposited with the Trustee to effect  covenant defeasance are insufficient to pay the principal of, and interest on, the Notes when due,  the Company’s obligations under this Indenture, and the Notes shall be revived and reinstated as  though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying  Agent is permitted to apply all such U.S. Legal Tender and U.S. Government Securities in  accordance with this Article 8; provided that if the Company has made any payment of interest  on, or principal of, any Notes because of the reinstatement of their obligations, the Company  shall be subrogated to the rights of the Holders of such Notes to receive such payment from the  U.S. Legal Tender and U.S. Government Securities held by the Trustee or Paying Agent.  ARTICLE 9  AMENDMENTS, SUPPLEMENTS AND WAIVERS  Section 9.01. Without Consent of Holders.  (a) The Company and the Trustee, together, may amend or supplement this Indenture,  the Notes or any Guarantee without notice to or consent of any Holder to:  (1) cure any ambiguity, omission, defect or inconsistency;  (2) provide for the assumption by a successor entity of the obligations of the  Company under this Indenture;  (3) provide for uncertificated Notes in addition to or in place of certificated  Notes (provided that the uncertificated Notes are issued in registered form for purposes of  Section 163(f) of the Code);  (4) add additional Guarantees or additional obligors with respect to the Notes;  (5) secure the Notes;  (6) add to the covenants of the Company for the benefit of the Holders or  surrender any right or power conferred upon the Company;  (7) make any other change that does not adversely affect the rights of any  Holder in any material respect;  (8) comply with any requirement of the Commission in connection with the  qualification of this Indenture under the Trust Indenture Act of 1939, as amended;  (9) provide for the issuance of Additional Notes in accordance with the  limitations set forth in this Indenture as of the date hereof; or  

 

  104     (10) conform the text of this Indenture, the Notes or any Guarantee to any  provision of the section entitled “Description of Notes” in the Offering Circular;   provided that the Company has delivered to the Trustee an Opinion of Counsel and an Officer’s  Certificate, each stating that such amendment or supplement complies with the provisions of this  Section 9.01.  Section 9.02. With Consent of Holders.  (a) Subject to Section 6.07, the Company and the Trustee, together, with the consent of  Holders of a majority in principal amount of the Notes, including Additional Notes, if any, then  outstanding voting as a single class (including consents obtained in connection with a purchase  of or tender offer or exchange offer for the Notes), may amend or supplement this Indenture or  the Notes without notice to any other Holders. Subject to Sections 6.04 and 6.07, Holders of a  majority in principal amount of the Notes may waive compliance with any provision of this  Indenture or the Notes without notice to any other Holders.  (b) Notwithstanding Section 9.02(a), without the consent of each Holder of an  outstanding Note affected, no amendment or waiver may:  (1) reduce the amount of Notes whose Holders must consent to an  amendment, supplement or waiver;  (2) reduce the rate of or change the time for payment of interest, including  defaulted interest, on any Notes;  (3) reduce the principal of or change the fixed maturity of any Notes, or  change the date on which any Notes may be subject to redemption or repurchase, or  reduce the redemption or repurchase price for those Notes (except, in the case of  repurchases, as would otherwise be permitted under clauses (7) and (9) of this Section  9.02(b)); provided that any amendment to the minimum notice requirement may be made  with the consent of the Holders of a majority in aggregate principal amount of the Notes  then outstanding;  (4) make any Note payable in money other than that stated in the Note and  this Indenture;  (5) impair the right of any Holder to receive payment of principal, premium,  interest on that Holder’s Notes on or after the due dates for those payments, or to bring  suit to enforce that payment on or with respect to such Holder’s Notes or any Guarantee;  (6) modify the provisions contained in this Indenture permitting Holders of a  majority in principal amount of the Notes to waive a Default;  (7) after the Company’s obligation to purchase the Notes arises under this  Indenture, amend, modify or change the obligation of the Company to make or  consummate a Change of Control Offer or waive any default in the performance of that  

 

  105     Change of Control Offer or modify any of the provisions or definitions with respect to  any such offer;  (8) make any change to or modify the ranking of any such Note or related  Guarantee that would adversely affect the Holders of the Notes; or  (9) at any time after the Company are obligated to make an Asset Sale Offer  pursuant to Section 4.11, change the time at which such offer to purchase must be made  or the price at which the Notes must be repurchased pursuant thereto.  (c) It shall not be necessary for the consent of the Holders under this Section to  approve the particular form of any proposed amendment, supplement or waiver but it shall be  sufficient if such consent approves the substance thereof.  (d) A consent to any amendment, supplement or waiver under this Indenture by any  Holder given in connection with an exchange (in the case of an exchange offer) or a tender (in  the case of a tender offer) of such Holder’s Notes shall not be rendered invalid by such tender or  exchange.  (e) After an amendment, supplement or waiver under this Section 9.02 becomes  effective, the Company shall deliver to the Holders affected thereby a notice briefly describing  the amendment, supplement or waiver. Any failure of the Company to deliver such notice, or any  defect therein, shall not, however, in any way impair or affect the validity of any such  amendment, supplement or waiver.  Section 9.03. Compliance with the Trust Indenture Act.  From the date on which this Indenture is qualified under the Trust Indenture Act, every  amendment, waiver or supplement of this Indenture, the Notes or any Guarantee shall comply  with the Trust Indenture Act as then in effect.  Section 9.04. Revocation and Effect of Consents.  Until an amendment, waiver or supplement becomes effective, a consent to it by a Holder  is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note  that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is  not made on any Note. However, any such Holder or subsequent Holder may revoke the consent  as to his Note or portion of his Note by written notice to the Trustee or the Company received  before the date on which the Trustee receives an Officer’s Certificate of the Company certifying  that the Holders of the requisite principal amount of Notes have consented (and not theretofore  revoked such consent) to the amendment, supplement or waiver.  The Company may, but shall not be obligated to, fix a record date for the purpose of  determining the Holders entitled to consent to any amendment, supplement or waiver. If a record  date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph,  those Persons who were Holders at such record date (or their duly designated proxies), and only  those Persons, shall be entitled to revoke any consent previously given, whether or not such  Persons continue to be Holders after such record date. No such consent shall be valid or effective  

 

  106     for more than 90 days after such record date. The Company shall inform the Trustee in writing of  the fixed record date if applicable.  After an amendment, supplement or waiver becomes effective, it shall bind every Holder,  unless it makes a change referred to in any of clauses (1) through (9) of Section 9.02(b), in which  case, the amendment, supplement or waiver shall bind only each Holder of a Note who has  consented to it and every subsequent Holder of a Note or portion of a Note that evidences the  same debt as the consenting Holder’s Note; provided that any such waiver shall not impair or  affect the right of any Holder to receive payment of principal of, and interest on, a Note, on or  after the respective due dates therefor, or to bring suit for the enforcement of any such payment  on or after such respective dates without the consent of such Holder.  Section 9.05. Notation on or Exchange of Notes.  If an amendment, supplement or waiver changes the terms of a Note, the Company may  require the Holder of the Note to deliver it to the Trustee. The Company shall provide the  Trustee with an appropriate notation on the Note about the changed terms and cause the Trustee  to return it to the Holder at the Company’s expense. Alternatively, if the Company or the Trustee  so determines, the Company in exchange for the Note shall issue, and the Trustee shall  authenticate, a new Note that reflects the changed terms. Failure to make the appropriate notation  or issue a new Note shall not affect the validity and effect of such amendment, supplement or  waiver.  Section 9.06. Trustee To Sign Amendments, Etc.  The Trustee shall execute any amendment, supplement or waiver authorized pursuant to  this Article 9; provided that the Trustee may, but shall not be obligated to, execute any such  amendment, supplement or waiver which affects the Trustee’s own rights, duties or immunities  under this Indenture. The Trustee shall be entitled to receive, in addition to the documents  required by Section 11.04, and shall be fully protected in relying upon, an Opinion of Counsel  and an Officer’s Certificate of the Company each stating that the execution of any amendment,  supplement or waiver authorized pursuant to this Article 9 is authorized or permitted by this  Indenture and, in the case of such opinion, that such amendment, supplement or waiver  constitutes valid and binding obligations of the Company enforceable in accordance with its  terms. Such Officer’s Certificate and Opinion of Counsel shall be at the expense of the  Company.  ARTICLE 10  GUARANTEE  Section 10.01. Guarantee.  Subject to this Article 10, each of the Guarantors hereby, jointly and severally,  unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee  and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of  this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (a) the  principal of and interest on the Notes shall be promptly paid in full when due, whether at  

 

  107     maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and  interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or  the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance  with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal  of any Notes or any of such other obligations, that same shall 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 (all of the foregoing being hereinafter collectively called  the “Guaranteed Obligations”).  Each Guarantor waives presentation to, demand of, payment from and protest to the  Company of any of the Guaranteed Obligations and also waives notice of protest for  nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed  Obligations. The obligations of each Guarantor hereunder shall not be affected by (1) the failure  of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy  against the Company or any other Person (including any Guarantor) under this Indenture, the  Notes or any other agreement or otherwise; (2) any extension or renewal of any thereof; (3) any  rescission, waiver, amendment or modification of any of the terms or provisions of this  Indenture, the Notes or any other agreement; (4) the release of any security held by any Holder  or the Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder or the  Trustee to exercise any right or remedy against any other guarantor of the Guaranteed  Obligations; or (6) except as set forth in Section 10.04 or 10.05, any change in the ownership of  such Guarantor.  Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of  payment, performance and compliance when due (and not a guarantee of collection) and waives  any right to require that any resort be had by any Holder or the Trustee to any security held for  payment of the Guaranteed Obligations.  Except as expressly set forth in Sections 9.02(a), 10.02, 10.04 and 10.05, the obligations  of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or  termination for any reason, including any claim of waiver, release, surrender, alteration or  compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or  termination whatsoever or by reason of the invalidity, illegality or unenforceability of the  Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the  obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by  the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy  under this Indenture, the Notes or any other agreement, by any waiver or modification of any  thereof, by any default, failure or delay, willful or otherwise, in the performance of the  obligations, or by any other act or thing or omission or delay to do any other act or thing which  may or might in any manner or to any extent vary the risk of such Guarantor or would otherwise  operate as a discharge of such Guarantor as a matter of law or equity.  Each Guarantor further agrees that its Guarantee herein shall continue to be effective or  be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or  interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder  or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.  

 

  108     In furtherance of the foregoing and not in limitation of any other right which any Holder  or the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of  the Company to pay the principal of or interest on any Guaranteed Obligation when and as the  same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to  perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to  and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in  cash, to the Holders or the Trustee an amount equal to the sum of (A) the unpaid amount of such  Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but  only to the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of  the Company to the Holders and the Trustee.  Each Guarantor also agrees to pay any and all costs and expenses (including reasonable  attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Section  10.01.  Each Guarantor agrees that it shall not be entitled to any right of reimbursement,  indemnity or subrogation in relation to the Holders in respect of any obligations guaranteed  hereby or any other rights against the Company or any other Restricted Subsidiary of the  Company as a result of any payment by such Guarantor under its Guarantee of the Notes until  payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as  between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x)  the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6  hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other  prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y)  in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof,  such obligations (whether or not due and payable) shall forthwith become due and payable by the  Guarantors for the purpose of this Guarantee.  If any Guarantor makes payments under its Guarantee, the other Guarantors must  contribute their share of such payments. The other Guarantors’ shares of such payment will be  computed based on the proportion that the net worth of the paying Guarantor represents relative  to the aggregate net worth of all the Guarantors combined.  Section 10.02. Limitation on Guarantor Liability.  Each Guarantor, and by its acceptance of Notes, 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 U.S. federal, state or foreign law to the  extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the  Holders and the Guarantors hereby irrevocably agree that, any term or provision of this Indenture  to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations  guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be  hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable  under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws  affecting the rights of creditors generally.  

 

  109     Section 10.03. Execution and Delivery of Guarantee.  To evidence its Guarantee set forth in Section 10.01, each Guarantor on the Issue Date  hereby agrees that this Indenture shall be executed on behalf of such Guarantor by an Officer.  Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 shall remain in  full force and effect notwithstanding the absence of the endorsement of any notation of such  Guarantee on the Notes.  If an Officer whose signature is on this Indenture or on the notation of Guarantee no  longer holds that office at the time the Trustee authenticates the Note, the Guarantee shall be  valid nevertheless.  The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall  constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors.  Section 10.04. Release of a Guarantor.  A Guarantee by a Guarantor of the Notes shall be automatically and unconditionally  released and discharged upon:  (1) (a) such Guarantor ceasing to constitute a Restricted Subsidiary of the  Company in compliance with this Indenture, whether upon a sale, exchange, transfer or  disposition of Capital Stock in such Guarantor (including by way of merger or  consolidation) or the designation of such Guarantor as an Unrestricted Subsidiary, or (b)  the sale or disposition in compliance with this Indenture of all or substantially all of the  assets of such Guarantor;  (2) such Guarantor ceasing to be a guarantor under the U.S. Credit Facilities,  except a discharge or release by or as a result of payment under such guarantee;  (3) the exercise of the legal defeasance option or the covenant defeasance  option under Section 8.02 or if the obligations of the Company under this Indenture are  otherwise discharged in accordance with the terms of this Indenture; or  (4) a release in accordance with Article 9.  Once released, the Company shall not be required to cause the reinstatement of any  Guarantee of the Notes even if one or more of the conditions required for the release is not  satisfied in the future, subject to the requirements of the covenant described under Section 4.15.  A Guarantee by a Guarantor of the Notes may be modified or terminated with the consent  of Holders of a majority in principal amount of the Notes in accordance with Article 9.  Each Guarantor may consolidate with or merge into or sell its assets to the Company or  another Guarantor without limitation, or with other Persons upon the terms and conditions set  forth in Section 5.01 of this Indenture.  

 

  110     The Trustee shall execute an appropriate instrument prepared by the Company  evidencing the release of a Guarantor from its obligations under its Guarantee and this Indenture  upon receipt of a request by the Company or such Guarantor accompanied by an Officer’s  Certificate and an Opinion of Counsel certifying as to the compliance with this Section 10.04.  Section 10.05. No Waiver.  Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising  any right, power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a  single or partial exercise thereof preclude any other or further exercise of any right, power or  privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly  specified are cumulative and not exclusive of any other rights, remedies or benefits which either  may have under this Article 10 at law, in equity, by statute or otherwise.  Section 10.06. Modification.  No modification, amendment or waiver of any provision of this Article 10, nor the  consent to any departure by any Guarantor therefrom, shall in any event be effective unless the  same shall be in writing and signed by the Trustee, and then such waiver or consent shall be  effective only in the specific instance and for the purpose for which given. No notice to or  demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice  or demand in the same, similar or other circumstances.  ARTICLE 11  MISCELLANEOUS  Section 11.01. Trust Indenture Act Controls.  If any provision of this Indenture limits, qualifies, or conflicts with another provision  which is required or deemed to be included in this Indenture by the Trust Indenture Act, such  required or deemed provision shall control.  Section 11.02. Notices.  Any notices or other communications required or permitted hereunder shall be in English  and in writing (including by facsimile transmission), and shall be sufficiently given if made by  hand delivery, by telex, by internationally recognized overnight courier service, by telecopier or  registered or certified mail, postage prepaid, return receipt requested, addressed as follows:  if to the Company or a Guarantor:  c/o Pilgrim’s Pride Corporation  Attention: Chief Financial Officer  1770 Promontory Circle  Greeley, CO 80634  Facsimile: (970) 506-8323  

 

  111     if to the Trustee:  Regions Bank  10245 Centurion Parkway, 2nd Floor  Jacksonville, FL 32256  Attention: Corporate Trust Services  Email: Craig.Kaye@Regions.com    Each of the Company and the Trustee by written notice to each other such Person may  designate additional or different addresses for notices to such Person. Any notice or  communication to the Company and the Trustee, shall be deemed to have been given or made  upon actual receipt thereof.  Any notice or communication mailed to a Holder shall be mailed to him by first class  mail or other equivalent means at his address as it appears on the registration books of the  Registrar and shall be sufficiently given to him if so mailed within the time prescribed.  Failure to mail a notice or communication to a Holder or any defect in it shall not affect  its sufficiency with respect to other Holders. If a notice or communication is mailed in the  manner provided above, it is duly given, whether or not the addressee receives it.  Where this Indenture provides for notice of any event to a Holder of a beneficial interest  in a Global Note, such notice shall be sufficiently given if given to the Depository for such Note  (or its designee) pursuant to the applicable procedures of such Depository, if any, prescribed for  the giving of such notice, notwithstanding any reference to mailing of notices or any other  provision of this Indenture.  In respect of this Indenture, the Trustee shall not have any duty or obligation to verify or  confirm that the Person sending instructions, directions, reports, notices or other communications  or information by electronic transmission is, in fact, a person authorized to give such  instructions, directions, reports, notices or other communications or information on behalf of the  party purporting to send such e-mail; and the Trustee shall not have any liability for any losses,  liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon  or compliance with such instructions, directions, reports, notices or other communications or  information. Each other party agrees to assume all risks arising out of the use of electronic  methods to submit instructions, directions, reports, notices or other communications or  information to the Trustee, including without limitation the risk of the Trustee acting on  unauthorized instructions, notices, reports or other communications or information, and the risk  of interception and misuse by third parties.  Section 11.03. Communications by Holders with Other Holders.  Holders may communicate pursuant to Trust Indenture Act § 312(b) with other Holders  with respect to their rights under this Indenture, the Notes or the Guarantees. The Company, the  Trustee, the Registrar and any other Person shall have the protection of Trust Indenture Act §  312(c).  

 

  112     Section 11.04. 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:  (1) an Officer’s Certificate of the Company, in form and substance satisfactory to the  Trustee, stating that, in the opinion of the signers, all conditions precedent to be performed or  effected by the Company or the Guarantors, if applicable, 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 11.05. Statements Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a condition or covenant  provided for in this Indenture, other than the Officer’s Certificate required by Section 4.05, shall  include a statement to the following effect:  (1) the Person making such certificate or opinion has read such covenant or  condition;  (2) describing the nature and scope of the examination or investigation upon which  the statements or opinions contained in such certificate or opinion are based;  (3) in the opinion of such Person, he or she has made such examination or  investigation as is necessary to enable him or her to express an informed opinion as to whether or  not such covenant or condition has been complied with or satisfied; and  (4) whether or not, in the opinion of each such Person, such condition or covenant has  been complied with; provided, however, that with respect to matters of fact, an Opinion of  Counsel may rely on an Officer’s Certificate or certificates of public officials.  Section 11.06. Rules by Paying Agent or Registrar.  The Paying Agent or Registrar may make reasonable rules and set reasonable  requirements for their functions.  Section 11.07. Legal Holidays.  If a payment date is not a Business Day, payment may be made on the next succeeding  day that is a Business Day with the same force and effect as if payment was made on such date  and no interest shall accrue in respect of such payment for the intervening period.  Section 11.08. Governing Law; Submission to Jurisdiction.  This Indenture, the Notes and the Guarantees, and any claim, controversy or  dispute arising under or related to this Indenture, the Notes and the Guarantees, shall be  

 

  113     governed by and construed in accordance with the laws of the State of New York without  giving effect to applicable principles of conflicts of law to the extent that the application of  the law of another jurisdiction would be required.  Section 11.09. Waiver of Jury Trial.  ALL PARTIES HERETO AND EACH HOLDER (BY THEIR ACCEPTANCE OF THE  NOTES) HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY  ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,  TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS INDENTURE, THE  NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR  THEREBY.  Section 11.10. No Adverse Interpretation of Other Agreements.  This Indenture may not be used to interpret another indenture, loan or debt agreement of  the Company or any of its Subsidiaries. Any such indenture, loan or debt agreement may not be  used to interpret this Indenture.  Section 11.11. No Personal Liability of Directors, Officers, Employees and Stockholders.  No past, present or future director, officer, employee, incorporator, member, manager or  stockholder, as such, of the Company or any Guarantor shall have any liability for any  obligations of the Company or of the Guarantors under the Notes, this Indenture, the Guarantees  or for any claim based on, in respect of, or by reason of, those obligations or their creation. Each  Holder by accepting a Note waives and releases all such liability. The waiver and release are part  of the consideration for issuance of the Notes.  Section 11.12. Successors.  All agreements of the Company and the Guarantors in this Indenture, the Notes and the  Guarantees shall bind their respective successors. All agreements of the Trustee in this Indenture  shall bind its successor.  Section 11.13. Duplicate Originals.  All parties may sign any number of copies of this Indenture. Each signed copy or  counterpart shall be an original, but all of them together shall represent the same agreement.  The  exchange of copies of this Indenture and of signature pages by facsimile, PDF or other electronic  transmission shall constitute effective execution and delivery of this Indenture as to the parties  hereto and will be of the same effect, validity and as enforceability as manually executed  signatures or a paper-based recordkeeping system, as the case may be, to the extent and as  provided for under applicable law, including the Electronic Signatures in Global and National  Commerce Act of 2000 (15 U.S.C. §§ 7001-7006), the Electronic Signatures and Records Act of  1999 (N.Y. State Tech. §§ 301-309), or any other similar state laws based on the Uniform  Electronic Transactions Act; provided that, notwithstanding anything herein to the contrary, the  Trustee is not under any obligation to agree to accept electronic signatures in any form or in any  

 

  114     format unless expressly agreed to by such Trustee pursuant to procedures approved by such  Trustee.    Section 11.14. Severability.  To the extent permitted by applicable law, in case any one or more of the provisions in  this Indenture, the Notes or any Guarantee shall be held invalid, illegal or unenforceable, in any  respect for any reason, the validity, legality and enforceability of any such provision in every  other respect and of the remaining provisions shall not in any way be affected or impaired  thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent  permitted by law. This Indenture, the exhibits hereto and the Notes set forth the entire agreement  and understanding of the parties related to this transaction and supersedes all prior agreements  and understandings, oral or written.  Section 11.15. U.S.A. Patriot Act.  The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot  Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism  and money laundering, is required to obtain, verify, and record information that identifies each  person or legal entity that establishes a relationship or opens an account with the Trustee. The  parties to this Indenture agree that they will provide the Trustee with such information as it may  request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. The terms  of this Section 11.15 shall survive the satisfaction and discharge of this Indenture, payment of  the Notes, resignation or removal of the Trustee or the appointment of a successor Trustee.    

 

  S-1        SIGNATURES  IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly  executed all as of the date first written above.  PILGRIM’S PRIDE CORPORATION, as  Issuer  By: /s/ Fabio Sandri   Name: Fabio Sandri   Title: Chief Executive Officer       

 

  S-2          GUARANTORS:  Pilgrim’s Pride Corporation of West  Virginia, Inc., as Guarantor  By: /s/ Fabio Sandri   Name: Fabio Sandri   Title: Chief Executive Officer    Gold’n Plump Poultry, LLC, as Guarantor  By: /s/ Fabio Sandri   Name: Fabio Sandri   Title: Chief Executive Officer    Gold’n Plump Farms, LLC, as Guarantor  By: /s/ Fabio Sandri   Name: Fabio Sandri   Title: Chief Executive Officer    JFC LLC, as Guarantor  By: /s/ Fabio Sandri   Name: Fabio Sandri   Title: Chief Executive Officer       

 

  S-3        REGIONS BANK,   as Trustee  By: /s/ Craig Kaye   Name: Craig Kaye   Title: Vice President    

 

  A-1     EXHIBIT A  [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]  [Insert the Private Placement Legend, if applicable pursuant to the provisions of the  Indenture]  PILGRIM’S PRIDE CORPORATION  4.250% Sustainability-Linked Senior Notes due 2031  CUSIP No. [  ]  ISIN No. [  ]  No. [  ] [Initially] $[  ]  PILGRIM’S PRIDE CORPORATION, a Delaware corporation (the “Company”), for  value received promise to pay to [_______] / [CEDE & CO.] or its registered assigns, the  principal sum of [_______] DOLLARS ($[_______]) [(or such other amount as is provided in  the Schedule of Exchanges of Interests in the Global Note attached hereto)] on April 15, 2031.  Interest Rate: 4.250% per annum  Subsequent Rate of Interest: From and including October 15, 2026, the interest rate  payable on the Notes shall be increased by 25 basis points per annum unless the Company has  notified the Trustee at least 30 days prior to October 15, 2026 that in respect of the year ended  December 31, 2025, (i) the Sustainability Performance Target (as defined in the Indenture  referred to on the reverse of this Note) has been satisfied and (ii) the satisfaction of the  Sustainability Performance Target has been confirmed by the External Verifier (as defined in the  Indenture referred to on the reverse of this Note) in accordance with its customary procedures.  Interest Payment Dates: April 15 and October 15, commencing October 15, 2021.  Record Dates: April 1 and October 1.  Reference is made to the further provisions of this Note contained herein, which shall for  all purposes have the same effect as if set forth at this place.  [Remainder of Page Intentionally Blank]     

 

  A-2     IN WITNESS WHEREOF, the Company have caused this Note to be signed manually or  by facsimile by its duly authorized Officer.  Dated:  PILGRIM’S PRIDE CORPORATION, as  Issuer  By:    Name: [_______]   Title: [_______]     

 

  A-3     TRUSTEE’S CERTIFICATE OF AUTHENTICATION  This is one of the 4.250% Sustainability-Linked Senior Notes due 2031 described in the  within-mentioned Indenture.  Dated:  REGIONS BANK,   as Trustee  By:    Authorized Signatory       

 

  A-4     (Reverse of Note)  4.250% Sustainability-Linked Senior Notes due 2031  Capitalized terms used herein shall have the meanings assigned to them in the Indenture  referred to below unless otherwise indicated.  Section 1. Interest.  PILGRIM’S PRIDE CORPORATION, a Delaware corporation  (the “Company”), promise to pay interest on the principal amount of this Note at 4.250% per  annum from [_______], 20[__] until maturity. The Company shall pay interest semi-annually on  April 15 and October 15 of each year, or if any such day is not a Business Day, on the next  succeeding Business Day with the same force and effect as if payment was made on such date  and no interest shall accrue in respect of such payment for the intervening period (each an  “Interest Payment Date”), commencing October 15, 2021. Interest on the Notes shall accrue  from the most recent date to which interest has been paid or, if no interest has been paid, from  the date of original issuance. From and including October 15, 2026 (the “Interest Rate Step Up  Date”), the interest rate payable on the notes shall be increased by 25 basis points to a rate per  annum of 4.500% (the “Subsequent Rate of Interest”) unless the Company has notified (the  “Satisfaction Notice”) the Trustee at least 30 days prior to the Interest Rate Step Up Date (the  “Notification Date”) that in respect of the year ended December 31, 2025: (i) the Sustainability  Performance Target has been satisfied; and (ii) the Sustainability Performance Target (as defined  in the Indenture) has been confirmed by the External Verifier (as defined in the Indenture) in  accordance with its customary procedures. If as of the Notification Date (x) the Company fails,  or is unable, to provide the Satisfaction Notice, (y) the Sustainability Performance Target has not  been satisfied or (z) the External Verifier has not confirmed satisfaction of the Sustainability  Performance Target, the Subsequent Rate of Interest will apply for each interest period from, and  including, the Interest Rate Step Up Date up to and including the Maturity Date. The Trustee  shall be entitled to rely upon the Satisfaction Notice and shall have no duty to verify if the  Sustainability Performance Target has been satisfied or if the External Verifier has confirmed  satisfaction of the Sustainability Performance Target. The Company shall pay interest (including  post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and  premium, if any, from time to time on demand to the extent lawful at the interest rate applicable  to the Notes; it shall pay interest (including post-petition interest in any proceeding under any  Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace  periods) from time to time on demand at the same rate to the extent lawful. Interest shall be  computed on the basis of a 360-day year of twelve 30-day months.  Section 2. Method of Payment.  The Company shall pay interest on the Notes to the  Persons who are registered Holders of Notes at the close of business on the April 1 and October  1 next preceding the Interest Payment Date, even if such Notes are canceled after such record  date and on or before such Interest Payment Date, except as provided in Section 2.12 of the  Indenture with respect to defaulted interest. The Notes shall be issued in denominations of  $2,000 or an integral multiple of $1,000 in excess thereof. The Company shall pay principal,  premium, if any, and interest on the Notes in such coin or currency of the United States of  America as at the time of payment is legal tender for payment of public and private debts.  Principal, premium, if any, and interest on the Notes shall be payable at the office or agency of  the Company maintained for such purpose except that, at the option of the Company, the  

 

  A-5     payment of interest may be made by check mailed to the Holders of the Notes at their respective  addresses set forth in the register of Holders of Notes; provided that for all Global Notes and for  all other Notes the Holders of which are holding at least $5.0 million in principal amount of the  Notes and have given written wire transfer instructions within the continental United States to  the Company and the Trustee at least ten Business Days prior to the applicable payment date, the  Company shall make all payments of principal, premium and interest by wire transfer within the  continental United States of immediately available funds in accordance with applicable  Depository procedures (in the case of Global Notes) and to the accounts specified by the Holders  thereof (in the case of such other Notes). Until otherwise designated by the Company, the  Company’s office or agency in New York shall be the office of the Trustee maintained for such  purpose. Presentation of Notes is required for payment at final maturity.  Section 3. Paying Agent and Registrar.  Initially, Regions Bank, the Trustee under the  Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent  or Registrar without notice to any Holder. Except as provided in the Indenture, the Company or  any of their Subsidiaries may act in any such capacity.  Section 4. Indenture.  The Company issued the Notes under an Indenture dated as of  April 8, 2021 (“Indenture”) by and among the Company, the Guarantors and the Trustee, as  amended or supplemented from time to time in accordance with the terms thereof. The terms of  the Notes include those stated in the Indenture and those made part of the Indenture by reference  to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are  subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act  for a statement of such terms.  To the extent any provision of this Note conflicts with the express  provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.  Section 5. Optional Redemption.  The Company may choose to redeem all or any  portion of the Notes, at once or over time, after giving the required notice under the Indenture,  before April 15, 2026, upon payment of a Redemption Price equal to the greater of:  (a) 100% of the principal amount of the Notes to be redeemed; and  (b) the present value at the Redemption Date of (1) the Redemption Price of the Notes  to be redeemed at April 15, 2026 (based on (x) the Initial Rate of Interest if the Sustainability  Performance Target has been satisfied and the Sustainability Performance Target has been  confirmed by the External Verifier or (y) the Subsequent Rate of Interest if the Sustainability  Performance Target has not been satisfied and/or the Sustainability Performance Target has not  been confirmed by the External Verifier) plus (2) the remaining scheduled payments of interest  (calculated using the Initial Rate of Interest) from the Redemption Date through April 15, 2026  (but excluding accrued and unpaid interest to, but excluding, the Redemption Date), computed  using a discount rate equal to the Treasury Yield (determined on the second business day  immediately preceding the date of redemption) plus 50 basis points,  plus, in either case, accrued and unpaid interest to, but excluding, the Redemption Date (subject  to the right of Holders of record on the relevant record date to receive interest due on the related  Interest Payment Date).  

 

  A-6     On or after April 15, 2026, the Company may redeem all or any all or any portion of the  Notes, at once or over time, after giving the required notice under the Indenture, at the  Redemption Prices set forth below (expressed as a percentage of principal amount of the Notes  to be redeemed), plus accrued and unpaid interest, if any, to, but excluding, the applicable  Redemption Date (subject to the right of Holders of record on the relevant Record Date to  receive interest due on the relevant Interest Payment Date), if redeemed during the twelve-month  period beginning on April 15 of each of the years indicated below:  Year   Percentage  (if the Sustainability Performance  Target has been satisfied and the  Sustainability Performance Target  has been confirmed by the  External Verifier)  Percentage   (if the Sustainability Performance  Target has not been satisfied  and/or the Sustainability  Performance Target has not been  confirmed by the External  Verifier)  2026 .............................................  102.125% 102.250%  2027 ............................................. 101.417% 101.500%  2028 ............................................. 100.708% 100.750%  2029 and thereafter  ..................... 100.000% 100.000%      Prior to April 15, 2026, the Company may on any one or more occasions redeem up to  40% of the original aggregate principal amount of the Notes (calculated after giving effect to any  issuance of Additional Notes) with the Net Cash Proceeds of one or more Equity Offerings at a  redemption price equal to 104.250% of the aggregate principal amount thereof, plus accrued and  unpaid interest, if any, to, but excluding, the Redemption Date (subject to the right of Holders of  record on the relevant Record Date to receive interest due on the related Interest Payment Date);  provided that   at least 50% of the original aggregate principal amount of the Notes (calculated after  giving effect to any issuance of Additional Notes) remains outstanding after each  such redemption; and   such redemption occurs within 120 days after the closing of such Equity Offering.   Any notice to the Holders of Notes of such a redemption must include the appropriate  calculation of the Redemption Price, but need not include the Redemption Price itself. The actual  Redemption Price must be set forth in an Officer’s Certificate of the Company delivered to the  Trustee no later than two Business Days prior to the Redemption Date.  Section 6. Notice of Redemption.  Notice of redemption shall be delivered in  accordance with Section 3.03 of the Indenture.  Section 7. Mandatory Redemption.  The Company is not required to make any  mandatory redemption or sinking fund payments with respect to the Notes. The Company or the  Company may be required to offer to purchase the Notes pursuant to Sections 4.07 and 4.11 of  

 

  A-7     the Indenture. The Company may at any time and from time to time purchase the Notes in the  open market or otherwise.  Section 8. Repurchase at Option of Holder.  Upon the occurrence of a Change of  Control Triggering Event, and subject to certain conditions set forth in the Indenture, the  Company shall be required to offer to purchase all of the outstanding Notes at a purchase price  equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon  to, but excluding, the date of repurchase.  The Company is, subject to certain conditions and exceptions, obligated to make an offer  to purchase Notes at 100% of their principal amount, plus accrued and unpaid interest, if any,  thereon to, but excluding, the date of repurchase, with certain net cash proceeds of certain sales  or other dispositions of assets in accordance with the Indenture.  Section 9. Denominations, Transfer, Exchange. The Notes are in registered form  without coupons in denominations of $2,000 and integral multiples of $1,000. The transfer of  Notes may be registered and Notes may be exchanged as provided in the Indenture. The  Company, the Registrar and the Trustee may require a Holder, among other things, to furnish  appropriate endorsements and transfer documents and the Company may require a Holder to pay  any taxes and fees required by law or permitted by the Indenture. The Company and the  Registrar are not required to transfer or exchange any Note selected for redemption. Also, the  Company and the Registrar are not required to transfer or exchange any Notes for a period of 15  days before a selection of Notes to be redeemed.   Section 10. Persons Deemed Owners.  The registered Holder of a Note may be treated  as its owner for all purposes.  Section 11. Amendment.  The Indenture, the Guarantees or the Notes may be amended  or supplemented as provided in the Indenture.  Section 12. Defaults and Remedies.  In the case of an Event of Default, as defined in the  Indenture, arising from certain events of bankruptcy or insolvency with respect to the Company,  all outstanding Notes will ipso facto become due and payable immediately without any  declaration or other act on the part of the Trustee or any Holder of the Notes.  If any other Event  of Default occurs and is continuing, the Trustee or the Holders of at least 30% in aggregate  principal amount of the then outstanding Notes may declare all the then outstanding Notes to be  due and payable immediately.  Section 13. Trustee Dealings with the Company.  Subject to certain terms, the Trustee  under the Indenture, in its individual or any other capacity, may become the owner or pledgee of  Notes and may otherwise deal with the Company and its Subsidiaries or its Affiliates as if it were  not the Trustee.  Section 14. Authentication.  This Note shall not be valid until authenticated by the  manual signature of the Trustee or an authenticating agent.  Section 15. Abbreviations.  Customary abbreviations may be used in the name of a  Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the  

 

  A-8     entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common),  CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).  Section 16. CUSIP and ISIN Numbers.  Pursuant to a recommendation promulgated by  the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP  and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP or ISIN numbers in  notices of redemption as a convenience to Holders. No representation is made as to the accuracy  of such numbers either as printed on the Notes or as contained in any notice of redemption and  reliance may be placed only on the other identification numbers placed thereon.  Section 17. Governing Law.  This Note, and any claim, controversy or dispute  arising under or related to this Note, shall be governed by, and construed in accordance  with, the laws of the State of New York without giving effect to applicable principles of  conflicts of law to the extent that the application of the law of another jurisdiction would be  required.  The Company shall furnish to any Holder upon written request and without charge a copy  of the Indenture.    

 

  A-9     PILGRIM’S PRIDE CORPORATION  4.250% Sustainability-Linked Senior Notes due 2031  ASSIGNMENT FORM  I or we assign and transfer this Note to      (Print or type name, address and zip code of assignee or transferee)  (Insert Social Security or other identifying number of assignee or transferee)  and irrevocably appoint ______________________________agent to transfer this Note on the  books of the Company.   The agent may substitute another to act for him.  Dated:  Signed:      (Sign exactly as name appears on the other  side of this Note)  Signature Guarantee:     Participant in a recognized Signature Guarantee Medallion Program  (or other signature guarantor program reasonably acceptable to the  Trustee)    In connection with any transfer of this Note occurring prior to the date which is the date  following the first anniversary of the original issuance of this Note, the undersigned confirms that it  has not utilized any general solicitation or general advertising in connection with the transfer and is  making the transfer pursuant to one of the following:  [Check One]  (1)  to the Company or a direct or indirect parent company or subsidiary thereof; or  (2)  to a person who the transferor reasonably believes is a “qualified institutional buyer”  pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended  (the “Securities Act”); or  (3)  to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under  the Securities Act) that has furnished to the Trustee a signed letter containing certain  representations and agreements (the form of which letter can be obtained from the  Company); or  (4)  outside the United States to a non-“U.S. person” as defined in Rule 902 of Regulation S  under the Securities Act in compliance with Rule 904 of Regulation S under the Securities  Act; or  

 

  A-10     (5)  pursuant to the exemption from registration provided by Rule 144 under the Securities Act;  or  (6)  pursuant to an effective registration statement under the Securities Act.  and unless the box below is checked, the undersigned confirms that such Note is not being  transferred to an “affiliate” of the Company as defined in Rule 144 under the Securities Act (an  “Affiliate”):   The transferee is an Affiliate of the Company.  Unless one of the foregoing items (1) through (6) is checked, the Trustee shall refuse to  register any of the Notes evidenced by this certificate in the name of any person other than the  registered Holder thereof; provided, however, that if item (3), (4) or (5) is checked, the Company  may require, prior to registering any such transfer of the Notes, in their sole discretion, such written  legal opinions, certifications (including an investment letter in the case of box (3) or (4)) and other  information as the Company have reasonably requested to confirm that such transfer is being made  pursuant to an exemption from, or in a transaction not subject to, the registration requirements of  the Securities Act.  If none of the foregoing items (1) through (6) are checked, the Trustee or Registrar shall not  be obligated to register this Note in the name of any person other than the Holder hereof unless and  until the conditions to any such transfer of registration set forth herein and in Section 2.16 of the  Indenture shall have been satisfied.  Dated:  Signed:      (Sign exactly as name appears on the other  side of this Note)  Signature Guarantee:     Participant in a recognized Signature Guarantee Medallion Program  (or other signature guarantor program reasonably acceptable to the  Trustee)    TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED  The undersigned represents and warrants that it is purchasing this Note for its own account  or an account with respect to which it exercises sole investment discretion and that it and any such  account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities  Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it  has received such information regarding the Company as the undersigned has requested pursuant to  Rule 144A or has determined not to request such information and that it is aware that the transferor  is relying upon the undersigned’s foregoing representations in order to claim the exemption from  registration provided by Rule 144A.  Dated:         NOTICE:  To be executed by an executive officer      

 

  A-11     PILGRIM’S PRIDE CORPORATION  4.250% Sustainability-Linked Senior Notes due 2031  OPTION OF HOLDER TO ELECT PURCHASE  If you want to elect to have this Note purchased by the Company pursuant to Section 4.07  or Section 4.11 of the Indenture, check the appropriate box:  Section 4.07 [       ] Section 4.11 [      ]  If you want to elect to have only part of this Note purchased by the Company pursuant to  Section 4.07 or Section 4.11 of the Indenture, state the amount (in denominations of $2,000 and  integral multiples of $1,000): $_________________  Dated:  Signed:      (Sign exactly as name appears on the  other side of this Note)  Signature Guarantee:     Participant in a recognized Signature Guarantee Medallion Program  (or other signature guarantor program reasonably acceptable to the  Trustee)         

 

  A-12     SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE  The following exchanges of a part of this Global Note for an interest in another Global  Note or for a Physical Note, or exchanges of a part of another Global Note or Physical Note for  an interest in this Global Note, have been made:  Date of  Transfer or  Exchange  Amount of  decrease in  Principal  Amount of this  Global Note  Amount of  increase in  Principal  Amount of this  Global Note  Principal  Amount of this  Global Note  following such  decrease (or  increase)  Signature of  authorized  officer of  Trustee                        

 

  B-1     EXHIBIT B  FORM OF LEGENDS  Each Global Note and Physical Note that constitutes a Restricted Security shall bear the  following legend (the “Private Placement Legend”) on the face thereof until at least one year  after the later of the date of issuance of such Note and the last date on which the Company or any  of their Affiliates was the owner of such Note or any predecessor of such Note and on which the  Company instruct the Trustee that the Private Placement Legend shall be deemed to have been  removed from such Note, unless otherwise agreed by the Company and the Holder thereof or if  such legend is no longer required by Section 2.16(f) of the Indenture:  THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF  1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED,  SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE  WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A  BENEFICIAL INTEREST HEREIN, THE ACQUIRER  (1) REPRESENTS THAT  (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A  “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF  RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES  SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH  ACCOUNT,  (B) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR”  (WITHIN THE MEANING OF RULE 501(a) (1), (2), (3) OR (7) UNDER THE  SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED INVESTOR”)  OR  (C) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF  REGULATION S UNDER THE SECURITIES ACT) AND  (2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT  OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY  BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE  SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE  OF THE UNITED STATES AND ONLY   (A) TO THE COMPANY OR ITS DIRECT OR INDIRECT PARENT,  (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS  BECOME EFFECTIVE UNDER THE SECURITIES ACT,  (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH  RULE 144A UNDER THE SECURITIES ACT,  

 

  B-2     (D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904  OF REGULATION S UNDER THE SECURITIES ACT,  (E) IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000, TO AN  INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER,  DELIVERS TO THE TRUSTEE A DULY COMPLETED AND SIGNED  CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE  TRUSTEE) RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE,  OR  (F) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED  BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE  EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE  SECURITIES ACT.  Each Global Note authenticated and delivered hereunder shall also bear the following  legend (the “Global Note Legend”):  THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE  INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE  NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A  SUCCESSOR DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES  REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY  OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN  THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A  TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A  NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO  THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE  REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE  INDENTURE.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK  CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION  OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS  REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS  REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY  PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS  REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY  TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE  BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED  OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.  TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO  TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR  TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND  TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO  

 

  B-3     TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH  IN SECTION 2.16 OF THE INDENTURE.  Each Temporary Regulation S Global Note shall also bear the following legend (the  “Temporary Regulation S Global Note Legend”):  THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES  OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933,  AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY  GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR  DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED  TO BELOW.  NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE  SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST  HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED  PURSUANT TO THE TERMS OF THE INDENTURE.  Each Affiliate Global Note or Physical Note delivered pursuant to Section 2.18 of the  Indenture shall also bear the following legend (the “Affiliate Legend”):  INTERESTS IN THIS GLOBAL NOTE MAY BE HELD BY AFFILIATES (AS  DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF PILGRIM’S PRIDE  CORPORATION OR BY PERSONS WHO HAVE ACQUIRED SUCH INTERESTS  FROM AN AFFILIATE IN A TRANSACTION OR CHAIN OF TRANSACTIONS  NOT INVOLVING ANY PUBLIC OFFERING. ACCORDINGLY, EXCEPT AS  PERMITTED BY THE INDENTURE, INTERESTS IN THIS GLOBAL NOTE MAY  NOT BE TRANSFERRED OR EXCHANGED FOR INTERESTS IN A GLOBAL  NOTE THAT IS NOT A RESTRICTED SECURITY (AS DEFINED IN THE  INDENTURE) UNTIL THE DATE THAT IS ONE YEAR (OR SUCH SHORTER  PERIOD AS MAY BE PERMITTED BY THE INDENTURE AND RULE 144 UNDER  THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION THEREOF)) AFTER  THE LAST DATE ON WHICH PILGRIM’S PRIDE CORPORATION OR ANY  AFFILIATE THEREOF WAS THE OWNER OF SUCH INTEREST.  Any Additional Notes so designated by the Company shall also bear the following legend  (the “Original Issue Discount Legend”):  THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR U.S.  FEDERAL INCOME TAX PURPOSES. PILGRIM’S PRIDE CORPORATION AGREES TO  PROMPTLY MAKE AVAILABLE TO THE HOLDER OF THIS NOTE, UPON WRITTEN  REQUEST, THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE  DATE AND YIELD TO MATURITY WITH RESPECT TO THE NOTE. ANY SUCH  WRITTEN REQUEST SHOULD BE SENT TO PILGRIM’S PRIDE CORPORATION AT THE  FOLLOWING ADDRESS: PILGRIM’S PRIDE CORPORATION, 1770 PROMONTORY  CIRCLE, GREELEY, CO 80634, ATTENTION: TREASURER.  

 

  C-1     EXHIBIT C  FORM OF CERTIFICATE TO BE  DELIVERED IN CONNECTION WITH  TRANSFERS TO NON-QIB INSTITUTIONAL ACCREDITED INVESTORS  [                    ], [    ]  Regions Bank  10245 Centurion Parkway, 2nd Floor  Jacksonville, FL 32256  Attention: Corporate Trust Services  Email: Craig.Kaye@Regions.com  Ladies and Gentlemen:  In connection with our proposed purchase of 4.250% Sustainability-Linked Senior Notes  due 2031 (the “Notes”) of PILGRIM’S PRIDE CORPORATION, a Delaware corporation (the  “Company”), we confirm that:  1. We understand that any subsequent transfer of the Notes is subject to certain  restrictions and conditions set forth in the Indenture relating to the Notes (the “Indenture”), and  the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes  except in compliance with, such restrictions and conditions and the Securities Act of 1933, as  amended (the “Securities Act”), and all applicable state securities laws.  2. We understand that the offer and sale of the Notes have not been registered under  the Securities Act and that the Notes may not be offered, sold, pledged or otherwise transferred  except as permitted in the following sentence. We agree, on our own behalf and on behalf of any  accounts for which we are acting as hereinafter stated, that if we should sell, offer, pledge or  otherwise transfer any Notes, we shall do so only (1) to the Issuer or its direct or indirect parent  or a subsidiary thereof, (2) pursuant to a registration statement that has been declared effective  under the Securities Act, (3) to a “qualified institutional buyer” in compliance with Rule 144A  under the Securities Act, (4) outside the United States in compliance with Rule 904 under the  Securities Act or (5) to an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or  (7) under the Securities Act that is an institution acquiring the security for its own account or for  the account of such an institutional accredited investor, in each case in a minimum principal  amount of the securities of $100,000, for investment purposes and not with a view to or for offer  or sale in connection with any distribution in violation of the Securities Act and who prior to  such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to the Trustee (as  defined in the Indenture) a signed letter containing certain representations and agreements  relating to the restrictions on transfer of the Notes (the form of which letter can be obtained from  the Company) and we further agree to provide to any person purchasing any of the Notes from us  a notice advising such purchaser that resales of the Notes are restricted as stated herein.  3. We are not acquiring the Notes for or on behalf of, and shall not transfer the  Notes to, any employee benefit plan subject to Title I of the Employee Retirement Income  Security Act of 1974, as amended (“ERISA”), any plan, individual retirement accounts or other  

 

  C-2     arrangements subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the  “Code”), or provisions under any federal, state, local, or non-U.S. or other laws or regulations  that are similar to such provisions of ERISA of the Code or any entity whose underlying assets  are considered to include “plan assets” of such plans, accounts or arrangements, except as  permitted in the sections entitled “Transfer Restrictions” and “Certain ERISA Considerations” of  the Offering Circular.  4. We understand that, on any proposed resale of any Notes, we shall be required to  furnish to the Trustee and the Company such certification, legal opinions and other information  as the Company may reasonably require to confirm that the proposed sale complies with the  foregoing restrictions. We further understand that the Notes purchased by us shall bear a legend  to the foregoing effect.  5. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3)  or (7) of Regulation D under the Securities Act) and have such knowledge and experience in  financial and business matters as to be capable of evaluating the merits and risks of our  investment in the Notes, and we and any accounts for which we are acting are each able to bear  the economic risk of our or their investment, as the case may be.  6. We are acquiring the Notes purchased by us for our account or for one or more  accounts (each of which is an institutional “accredited investor”) as to each of which we exercise  sole investment discretion.  You, as Trustee, the Company, counsel for the Company and others are entitled to rely  upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any  interested party in any administrative or legal proceeding or official inquiry with respect to the  matters covered hereby.  Very truly yours,  [Name of Transferee]  By:    Name:    Title:     Signature Guarantee:     Participant in a recognized Signature Guarantee Medallion Program  (or other signature guarantor program reasonably acceptable to the  Trustee)    

 

  D-1     EXHIBIT D  FORM OF CERTIFICATE TO BE DELIVERED  IN CONNECTION WITH TRANSFERS  PURSUANT TO REGULATION S  [                    ], [    ]  Regions Bank  10245 Centurion Parkway, 2nd Floor  Jacksonville, FL 32256  Attention: Corporate Trust Services  Email: Craig.Kaye@Regions.com  Re: PILGRIM’S PRIDE CORPORATION (the “Company”)  4.250% Sustainability-Linked Senior Notes due 2031 (the “Notes”)  Ladies and Gentlemen:  In connection with our proposed sale of $[                ] aggregate principal amount of the  Notes, we confirm that such sale has been effected pursuant to and in accordance with  Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and,  accordingly, we represent that:  (1) the offer of the Notes was not made to a person in the United States;  (2) either (a) at the time the buy offer was originated, the transferee was  outside the United States or we and any person acting on our behalf reasonably believed  that the transferee was outside the United States, or (b) the transaction was executed in,  on or through the facilities of a designated offshore securities market and neither we nor  any person acting on our behalf knows that the transaction has been prearranged with a  buyer in the United States;  (3) no directed selling efforts have been made in the United States in  contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as  applicable;  (4) the transaction is not part of a plan or scheme to evade the registration  requirements of the Securities Act; and  (5) we have advised the transferee of the transfer restrictions applicable to the  Notes.  You, as Trustee, the Company, counsel for the Company and others are entitled to rely  upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any  interested party in any administrative or legal proceedings or official inquiry with respect to the  matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation  S.  

 

  D-2     Very truly yours,  [Name of Transferor]  By:    Name:    Title:     Signature Guarantee:     Participant in a recognized Signature Guarantee Medallion Program  (or other signature guarantor program reasonably acceptable to the  Trustee)    

 

  E-1     EXHIBIT E  FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH  TRANSFERS OF TEMPORARY REGULATION S GLOBAL NOTE  ________________, ______  Regions Bank  10245 Centurion Parkway, 2nd Floor  Jacksonville, FL 32256  Attention: Corporate Trust Services  Email: Craig.Kaye@Regions.com  Re: PILGRIM’S PRIDE CORPORATION (the “Company”)  4.250% Sustainability-Linked Senior Notes due 2031 (the “Notes”)  Dear Sirs:  This letter relates to $[                ] principal amount of Notes represented by a certificate  (the “Legended Certificate”) which bears a legend outlining restrictions upon transfer of such  Legended Certificate. Pursuant to Sections 2.01 and 2.16(c) of the Indenture (the “Indenture”)  dated as of April 8, 2021 relating to the Notes, we hereby certify that we are (or we shall hold  such securities on behalf of) a person outside the United States to whom the Notes could be  transferred in accordance with Rule 904 of Regulation S promulgated under the U.S. Securities  Act of 1933, as amended.  You, as Trustee, the Company, counsel for the Company and others are entitled to rely  upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any  interested party in any administrative or legal proceedings or official inquiry with respect to the  matters covered hereby. Terms used in this letter have the meanings set forth in Regulation S.  Very truly yours,  [Name of Transferor]  By:    Name:    Title:     Signature Guarantee:     Participant in a recognized Signature Guarantee Medallion Program  (or other signature guarantor program reasonably acceptable to the  Trustee)EX-4.2

 Exhibit 4.2 

 
  

GENERAL MOTORS FINANCIAL COMPANY, INC., 

AS ISSUER 
  

 
 FLOATING RATE
NOTES DUE 2024 
 1.050% SENIOR NOTES DUE 2024 

2.400% SENIOR NOTES DUE 2028 
  

 
 FORTY-SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of April 9, 2021 

to 
 INDENTURE 

Dated as of October 13, 2015 
  

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

AS TRUSTEE 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1         DEFINITIONS AND
INCORPORATION BY REFERENCE
	  	 	1	 
			
		 	 Section 1.01 Definitions
	  	 	1	 
		 	 Section 1.02 Incorporation by Reference of Trust Indenture Act
	  	 	9	 
		 	 Section 1.03 Rules of Construction
	  	 	9	 
		 	 Section 1.04 Relationship with Base Indenture
	  	 	9	 
		
	 ARTICLE 2         THE NOTES
	  	 	9	 
			
		 	 Section 2.01 Establishment, Form and Dating
	  	 	9	 
		 	 Section 2.02 Registrar and Paying Agent
	  	 	10	 
		
	 ARTICLE 3         REDEMPTION OF NOTES
	  	 	10	 
			
		 	 Section 3.01 Optional Redemption
	  	 	10	 
		 	 Section 3.02 Mandatory Redemption
	  	 	11	 
		
	 ARTICLE 4         COVENANTS
	  	 	11	 
			
		 	 Section 4.01 Liens
	  	 	12	 
		 	 Section 4.02 Corporate Existence
	  	 	12	 
		
	 ARTICLE 5         DEFEASANCE
	  	 	12	 
		
	 ARTICLE 6         NO GUARANTEES
	  	 	12	 
		
	 ARTICLE 7         MISCELLANEOUS
	  	 	12	 
			
		 	 Section 7.01 Governing Law
	  	 	12	 
		 	 Section 7.02 Successors
	  	 	12	 
		 	 Section 7.03 Severability
	  	 	13	 
		 	 Section 7.04 Counterpart Originals
	  	 	13	 
		 	 Section 7.05 Table of Contents, Headings, Etc.
	  	 	13	 
		 	 Section 7.06 Calculation Agent
	  	 	13	 
		 	 Section 7.07 SOFR Unavailable
	  	 	14	 
		 	 Section 7.08 Effect of a Benchmark Transition Event
	  	 	14	 

  
 i 

 This FORTY-SECOND SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of April 9, 2021, between General Motors Financial Company, Inc., a Texas corporation (the “Company”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”). 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture, dated as of October 13, 2015 (as
amended or supplemented to the date hereof, the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture), between the Company and the Trustee, providing for the issuance by the Company from time
to time of one or more series of Securities; 
 WHEREAS, the Company has duly authorized the execution and delivery of this
Supplemental Indenture to provide for the issuance of (i) its floating rate senior notes due 2024 (the “Floating Rate Notes”), (ii) its 1.050% senior notes due 2024 (the “2024 Notes”) and (iii) its 2.400%
senior notes due 2028 (the “2028 Notes” and, together with the Floating Rate Notes and the 2024 Notes, the “Notes”); 

WHEREAS, the Company desires and has requested the Trustee to join with it in the execution and delivery of this Supplemental
Indenture in order to supplement the Base Indenture and to add covenants to and remove covenants from the Base Indenture with respect to the Notes as and to the extent set forth herein to provide for the issuance and the terms of the Notes; and 

WHEREAS, all things necessary to make this Supplemental Indenture a valid indenture and agreement of the Company according to
its terms have been done. 
 NOW, THEREFORE: 

In consideration of the premises and the purchase of the Notes by the Holders thereof, the Company and the Trustee mutually
covenant and agree for the equal and proportionate benefit of all Holders from time to time of the Notes as follows. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

Certain terms used principally in certain Articles hereof are defined in those Articles. Capitalized terms used but not defined
in this Supplemental Indenture shall have the meaning ascribed to them in the Base Indenture or in this Article. In the event of any conflict between any term defined in the Base Indenture and this Supplemental Indenture, the defined terms in this
Supplemental Indenture shall govern and control. 
 “Additional Notes” means any additional Notes of a
particular series issued under the Indenture as part of such series of Notes. 
 “Bank Lines” means, with
respect to the Company or any of its Restricted Subsidiaries, one or more debt facilities with banks or other lenders providing for revolving credit loans and/or letters of credit. 

“Base Indenture” has the meaning assigned to it in the recitals hereto, as amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof. 
 “Benchmark” means, initially, Compounded
SOFR; provided that if the Company or its designee determine on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published daily
SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the
Company or its designee as of the Benchmark Replacement Date: 

	 	(1)	 the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

  

	 	(2)	 the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

  

	 	(3)	 the sum of (a) the alternate rate of interest that has been selected by the Company or its designee as
the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark
Replacement Adjustment. 

 “Benchmark Replacement Adjustment” means the first alternative
set forth in the order below that can be determined by the Company or its designee as of the Benchmark Replacement Date: 
  

	 	(1)	 the spread adjustment, or method for calculating or determining such spread adjustment (which may be a
positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

 

	 	(2)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA
Fallback Adjustment; or 

  

	 	(3)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the
Company or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate notes at such time. 

 “Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of the Interest Period, timing and frequency of determining rates and making
payments of interest, rounding of amounts or tenors and other administrative matters) that we or our designee decide may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice
(or, if the Company or its designee decide that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determine that no market practice for use of the Benchmark Replacement exists, in such
other manner as the Company or its designee determine is reasonably necessary). 
 “Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof): 

 

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

  

	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 “Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof): 

 

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark (or
such component) announcing that such administrator has ceased or will 

  
 2 

	 	 
cease to provide the Benchmark (or such component), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark (or such component)
has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark
(or such component); or 

 (3)            a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

“Board of Directors” means the Company’s board of directors or any committee of that board duly
authorized to act generally or in any particular respect for the Company under the Indenture. 
 “Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York are authorized or obligated by law, regulation or executive order to remain closed and is also a U.S. Government Securities
Business Day. 
 “Calculation Agent” shall initially mean Wells Fargo Bank, National Association, or any
successor appointed from time to time by the Company, acting as calculation agent. 
 “Compounded SOFR”
means, with respect to any Interest Period, the rate computed in accordance with the following formula set forth below: 
  

 
 where: 

“SOFR IndexStart” is the SOFR
Index value for the day that is two U.S. Government Securities Business Days preceding the first date of the relevant Interest Period; 

“SOFR IndexEnd” is the SOFR
Index value for the day that is two U.S. Government Securities Business Days preceding the Latter Floating Rate Interest Payment Date relating to such Interest Period; and 

“dc” is the actual number of calendar days from
(and including) SOFR IndexStart to (but excluding) SOFR IndexEnd (the actual number of calendar days in the applicable Observation Period). 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by the Quotation
Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 
 “Comparable Treasury
Price” means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest 

  
 3 

 
such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other
properly deductible items) after deducting therefrom all current liabilities and all goodwill, trade names, trademarks, unamortized debt discounts and expense and other like intangibles of the Company and its consolidated Subsidiaries, all as set
forth in the most recent balance sheet of the Company and its consolidated Subsidiaries prepared in accordance with GAAP. 

“Credit Enhancement Agreements” means, collectively, any documents, instruments, guarantees or
agreements entered into by the Company, any of its Restricted Subsidiaries or any Receivables Entity for the purpose of providing credit support for one or more Receivables Entities or any of their respective securities, debt instruments,
obligations or other Indebtedness. 
 “Fixed Rate Interest Payment Date” means each day on which interest on
the 2024 Notes and the 2028 Notes will be paid, which will be semi-annually in arrears (i) in the case of the 2024 Notes, on March 8 and September 8 of each year, commencing on September 8, 2021 and (ii) in the case of the
2028 Notes, on April 10 and October 10 of each year, commencing on October 10, 2021, and, in each case, at maturity. 

“Floating Rate Interest Payment Date” means each day on which interest on the Floating Rate Notes will be
paid, which will be quarterly in arrears on March 8, June 8, September 8 and December 8 of each year, commencing on June 8, 2021, and at maturity. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time
to time, including those 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 have been approved by a significant segment of the accounting profession, consistently applied. 

“Global Notes” means, individually and collectively, each certificated Note deposited with or on behalf of and
registered in the name of the Depositary or its nominee, substantially in the forms of Exhibit A, Exhibit B and Exhibit C hereto and each of which has the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. As of the date of this Supplemental Indenture, all of the Notes are represented by one or more Global Notes. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under
(i) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (ii) other agreements or arrangements designed to protect such Person against fluctuations in interest or currency exchange rates. 

“Indebtedness” means, with respect to any Person, without duplication, any indebtedness of such Person in
respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof), except any such balance that constitutes an accrued expense or trade payable, if and to
the extent any of the foregoing indebtedness (other than letters of credit) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP (but does not include contingent liabilities which appear only in a footnote
to a balance sheet). 
 “Indenture” has the meaning assigned to it in the preamble hereto. 

“Initial Interest Period” means the period from and including the date of this Supplemental Indenture to, but
excluding, the first Floating Rate Interest Payment Date. 
 “Initial Notes” means (i) with respect to
Floating Rate Notes, the first $400,000,000 aggregate principal amount of the Floating Rate Notes, (ii) with respect to the 2024 Notes, the first $850,000,000 aggregate principal amount of the 2024 Notes and (iii) with respect to the 2028
Notes, the first $1,000,000,000 aggregate principal amount of the 2028 Notes, in each case, issued under the Indenture on the date hereof. 

  
 4 

 “Interest Determination Date” means, with respect to any
Interest Period, the second U.S. Government Securities Business Day preceding such Floating Rate Interest Payment Date. 

“Interest Period” means, after the Initial Interest Period, the period from and including a Floating Rate
Interest Payment Date to, but excluding, the immediately succeeding Floating Rate Interest Payment Date (such succeeding Floating Rate Interest Payment Date, the “Latter Floating Rate Interest Payment Date”); provided that
the final Interest Period for the Floating Rate Notes will be the period from and including the Floating Rate Interest Payment Date immediately preceding the maturity date of the Floating Rate Notes to, but excluding, the maturity date. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives
Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero)
that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA
Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Latter Floating Rate Interest Payment Date” has the meaning assigned to it in the definition of
“Interest Period” hereto. 
 “Make-Whole Redemption Price” has the meaning assigned to it in
Section 3.01(c) hereto. 
 “New York Federal Reserve” means the Federal Reserve Bank of New York (or a
successor administrator of the Secured Overnight Financing Rate). 
 “New York Federal Reserve’s
Website” means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org, or any successor source. 

“Non-Domestic Entity” means a Person not organized or existing under
the laws of the United States, any state thereof or the District of Columbia. 
 “Notes” has the meaning
assigned to it in the recitals hereto. For purposes of the Indenture, all references to the notes to be issued or authenticated upon transfer or replacement of or in exchange for Notes shall be deemed to refer to Notes. In addition, unless the
context otherwise requires, all references to the “Notes” shall include the Initial Notes and any Additional Notes. 

“Observation Period” means, in respect of each Interest Period, the period from and including two U.S.
Government Securities Business Days preceding the first date of such relevant Interest Period to, but excluding, two U.S. Government Securities Business Days preceding the Latter Floating Rate Interest Payment Date for such Interest Period;
provided that the first Observation Period shall be the period from and including two U.S. Government Securities Business Days preceding the date hereof to, but excluding, the two U.S. Government Securities Business Days preceding the first
Floating Rate Interest Payment Date. 
 “Par Call Date” means February 10, 2028 (the date that is two
months prior to the stated maturity date for the 2028 Notes). 
 “Par Call Redemption Price” has the meaning
assigned to it in Section 3.01(d) hereto. 
 “Permitted Liens” means: 

 

	 	(i)	 Liens existing on the date of the Base Indenture; 

 

	 	(ii)	 Liens to secure securities, debt instruments or other Indebtedness of one or more Receivables Entities or
guarantees thereof; 

  
 5 

	 	(iii)	 Liens to secure Indebtedness under a Residual Funding Facility or guarantees thereof; 

 

	 	(iv)	 Liens to secure Indebtedness and other obligations (including letter of credit indemnity obligations and
obligations relating to expenses with respect to debt facilities) under Bank Lines or guarantees thereof; 

  

	 	(v)	 Liens on spread accounts, reserve accounts and other credit enhancement assets, Liens on the Capital Stock
of Subsidiaries of the Company, substantially all of the assets of which are spread accounts, reserve accounts and/or other credit enhancement assets, and Liens on interests in one or more Receivables Entities, in each case incurred in connection
with Credit Enhancement Agreements, Residual Funding Facilities or issuances of securities, debt instruments or other Indebtedness by a Receivables Entity; 

  

	 	(vi)	 Liens on property existing at the time of acquisition of such property (including properties acquired
through merger or consolidation); 

  

	 	(vii)	 Liens securing Indebtedness incurred to finance the construction or purchase of property of the Company or
any of its Subsidiaries (but excluding Capital Stock of another Person); provided that any such Lien may not extend to any other property owned by the Company or any of its Subsidiaries at the time the Lien is incurred, and the Indebtedness
secured by the Lien may not be incurred more than 180 days after the later of the acquisition or completion of construction of the property subject to the Lien; 

 

	 	(viii)	 Liens securing Hedging Obligations; 

 

	 	(ix)	 Liens to secure any Refinancing Indebtedness incurred to refinance any Indebtedness and all other
obligations secured by any Lien referred to in the foregoing clause (i); provided that such new Lien shall be limited to all or part of the same property or type of property that secured the original Lien, and the Indebtedness secured by such
Lien at such time is not increased to any amount greater than the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clause (i) of this definition at the time the original Lien became a Permitted
Lien; 

  

	 	(x)	 Liens in favor of the Company or any of its Subsidiaries; 

 

	 	(xi)	 Liens of the Company or any Restricted Subsidiary of the Company with respect to obligations that do not
exceed five percent of Consolidated Net Tangible Assets; 

  

	 	(xii)	 Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other
obligations of a like nature incurred in the ordinary course of business (including, without limitation, landlord Liens on leased properties); 

  

	 	(xiii)	 Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings; provided, that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

 

	 	(xiv)	 Liens imposed by law or regulation, such as carriers’, warehousemen’s, materialmen’s,
repairmen’s and mechanics’ and similar Liens, in each case for sums not yet overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards
against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; provided, that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have
been made therefor; 

  

	 	(xv)	 Liens related to minor survey exceptions, minor encumbrances, ground leases, easements or reservations of,
or rights of others for, licenses, rights-of-way, servitudes, sewers, 

  
 6 

	 	 
electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar purposes, or zoning, building codes or other restrictions (including, without
limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not incurred in
connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

 

	 	(xvi)	 Liens on equipment of the Company or any of its Restricted Subsidiaries granted in the ordinary course of
business; 

  

	 	(xvii)	 deposits made or other security provided to secure liabilities to insurance carriers under insurance or
self-insurance arrangements in the ordinary course of business; 

  

	 	(xviii)	 purported Liens evidenced by filings of precautionary UCC financing statements relating solely to operating
leases of personal property; 

  

	 	(xix)	 Liens evidenced by UCC financing statement filings (or similar filings) regarding or otherwise arising under
leases entered into by the Company or any Restricted Subsidiary in the ordinary course of business; (xx) Liens on accounts, payment intangibles, chattel paper, instruments and/or other Receivables granted in connection with sales of any of such
assets; and 

  

	 	(xxi)	 Liens on Receivables and related assets and proceeds thereof arising in connection with a Permitted
Receivables Financing. 

 “Permitted Receivables Financing” means any facility,
arrangement, transaction or agreement (i) pursuant to which the Company or any Restricted Subsidiary finances the acquisition or origination of Receivables with, or sells Receivables that it has acquired or originated to, a third party on terms
that the Board of Directors has concluded are customary and market-standard, and/or (ii) that grants Liens to, or permits filings of precautionary UCC financing statements by, the third party against the Company or its Restricted Subsidiaries,
as applicable, under such facility, arrangement, transaction or agreement relating to the subject Receivables, related assets and/or proceeds. 

“Quotation Agent” means a Reference Treasury Dealer appointed by the Company. 

“Receivable” means each of the following: (i) any right to payment of a monetary obligation, including,
without limitation, any promissory note, financing agreement, installment sale contract, lease contract, insurance or service contract, or any credit, debit or charge card receivable, and (ii) any assets related to such receivables, including,
without limitation, any collateral securing, or property leased under, such receivables. 
 “Receivables
Entity” means each of the following: (i) any Person (whether or not a Subsidiary of the Company) established for the purpose of transferring or holding Receivables or issuing securities, debt instruments or other Indebtedness backed by
Receivables and/or Receivable-backed securities, regardless of whether such Person is an issuer of securities, debt instruments or other Indebtedness; and (ii) any Subsidiary of the Company formed exclusively for the purpose of satisfying the
requirements of Credit Enhancement Agreements, regardless of whether such Person is an issuer of securities, debt instruments or other Indebtedness. 

“Redemption Price” has the meaning assigned to it in Section 3.01(b) hereto. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is
Compounded SOFR, the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by us or our designee after giving effect to the Benchmark Replacement Conforming Changes. 

  
 7 

 “Reference Treasury Dealer” means (i)(a) any of Citigroup
Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Wells Fargo Securities, LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer, and (b) any other Primary Treasury Dealer selected by Citigroup Global Markets Inc. and its
successors; and (ii) any other Primary Treasury Dealer(s) selected by the Company. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued
in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund, other Indebtedness of the Company or any of its Restricted Subsidiaries. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a
committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Remaining Scheduled Payments” means the remaining scheduled payments of principal of and interest on the
Notes called for redemption that would be due after the related redemption date but for that redemption (exclusive of interest accrued and unpaid as of the date of redemption). 

“Residual Funding Facility” means any funding arrangement with a financial institution or institutions or
other lenders or purchasers under which advances are made to the Company or any Subsidiary based upon residual, subordinated or retained interests in Receivables Entities or any of their respective securities, debt instruments or other Indebtedness.

 “Restricted Subsidiary” means any Subsidiary of the Company that is not a Receivables Entity or Non-Domestic Entity. 
 “Secured Overnight Financing Rate” means the daily
secured overnight financing rate as provided by the New York Federal Reserve on the New York Federal Reserve’s Website. 

“SOFR Index” means, with respect to any U.S. Government Securities Business Day: 

 

	 	(1)	 the SOFR Index value as published by the New York Federal Reserve as such index appears on the New York
Federal Reserve’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Determination Time”); provided that: 

 

	 	(2)	 if a SOFR Index value does not so appear as specified in clause (1) above at the SOFR Determination
Time, then: 

  

	 	(i)	 if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to
SOFR, then Compounded SOFR shall be the rate determined pursuant to Section 7.07 hereto; or 

  

	 	(ii)	 if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to
SOFR, then Compounded SOFR shall be the rate determined pursuant to Section 7.08 hereto. 

“SOFR Determination Time” has the meaning assigned to it in the definition of “SOFR Index” hereto.

 “Supplemental Indenture” has the meaning assigned to it in the preamble hereto. 

  
 8 

 “Treasury Rate” means, with respect to any redemption date,
the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated by the Quotation Agent on the third Business Day preceding the redemption date, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

“Trustee” means Wells Fargo Bank, National Association, until a successor replaces it in accordance with the
applicable provisions of this Indenture, and thereafter means the successor serving thereunder. 
 “Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

“U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the
Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Section 1.02 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute
or defined by SEC rule under the TIA have the meanings so assigned to them. 
 Section 1.03 Rules of
Construction. 
 Unless the context otherwise requires: 

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

(b)            “or” is not exclusive; 

(c)            words in the singular include the plural, and in the
plural include the singular; 
 (d)            provisions apply
to successive events and transactions; and 

(e)            references to sections of or rules under the
Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time. 

Section 1.04 Relationship with Base Indenture. 

The terms and provisions contained in the Base Indenture shall constitute, and are hereby expressly made, a part of this
Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of the Base Indenture
conflicts with the express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern and be controlling. 

ARTICLE 2 
 THE NOTES 

Section 2.01 Establishment, Form and Dating. 

(a)            There is hereby established three new series of
Securities to be issued under the Base Indenture, to be designated as (i) the Company’s Floating Rate Senior Notes due 2024, (ii) the Company’s 1.050% Senior Notes due 2024 and (iii) the Company’s 2.400% Senior Notes due
2028. 

  
 9 

(b)            There are to be authenticated and delivered (i)
$400,000,000 principal amount of Floating Rate Notes, (ii) $850,000,000 principal amount of 2024 Notes and (iii) $1,000,000,000 principal amount of 2028 Notes, and such principal amount of each series of Notes may be increased from time to time
pursuant to Section 2.02 of the Base Indenture by the issuance of Additional Notes. Any such Additional Notes will have the same interest rate, maturity and other terms as the Initial Notes of such series, except, in some cases, for their issue
price and, if applicable, the initial interest accrual date and the initial interest payment date, and shall constitute a single series of Securities with the Initial Notes of such series; provided that if such Additional Notes are not
fungible with the applicable series of Initial Notes for U.S. federal income tax purposes, they will have a separate CUSIP number. No Notes shall be authenticated and delivered in addition to Notes for the principal amount as so increased except as
provided by Sections 2.09, 2.10, 2.13 or 3.08 of the Base Indenture. The Notes shall be senior debt securities and shall be issued in fully registered form. 

(c)            The Floating Rate Notes and the Trustee’s
certificate of authentication with respect thereto will be substantially in the form of Exhibit A hereto, the 2024 Notes and the Trustee’s certificate of authentication with respect thereto will be substantially in the form of Exhibit
B hereto, and the 2028 Notes and the Trustee’s certificate of authentication with respect thereto will be substantially in the form of Exhibit C hereto. The Notes may have notations, legends or endorsements required by law, stock
exchange rule or usage. Each Note will be dated the date of its authentication, and except as provided in Section 2.09 of the Base Indenture, will be issued in the form of one or more Global Notes. The principal of, and any premium or interest
on, the Notes shall be payable in U.S. dollars. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(d)            The terms and provisions contained in the Notes will
constitute, and are hereby expressly made, a part of the Indenture and the Company and the Trustee, by their execution and delivery of the Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

Section 2.02 Registrar and Paying Agent. 

(a)            The Company will maintain a Registrar and Paying
Agent with respect to the Notes. The Registrar will keep a register with respect to the Notes and of their transfer and exchange. 

(b)            The Company initially appoints The Depository Trust
Company to act as Depositary with respect to the Global Notes. 

(c)            The Company initially appoints the Trustee to act as
the Registrar and Paying Agent with respect to the Notes and to act as custodian for the Depositary with respect to the Global Notes. 

ARTICLE 3 
 REDEMPTION OF NOTES

 Section 3.01 Optional Redemption. 

(a)            The Floating Rate Notes are not subject to optional
redemption prior to maturity. 
 (b)            The 2024 Notes
and the 2028 Notes may be redeemed, in whole or in part, at the option of the Company pursuant to Section 3.01(c) hereof. Other than as specifically provided in this Article 3, any redemption pursuant to this Article 3 will be made
pursuant to the provisions of Article 3 of the Base Indenture. 

(c)            Prior to maturity, in the case of the 2024 Notes,
and prior to the Par Call Date, in the case of the 2028 Notes, the Company may redeem the 2024 Notes and the 2028 Notes, in whole or in part from time to time, at a redemption price (the “Make-Whole Redemption Price”) equal to the
greater of: (1) 100% of the principal amount of the Notes to be redeemed; and (2) as determined by the Quotation Agent, the 

  
 10 

 
sum of the present values of the Remaining Scheduled Payments, discounted to the redemption date on a semi-annual basis at the Treasury Rate plus 15 basis points, in the case of the 2024 Notes,
or 20 basis points, in the case of the 2028 Notes, plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption. 

(d)            On or after the Par Call Date, the Company may
redeem the 2028 Notes, in whole or in part from time to time, at a redemption price (the “Par Call Redemption Price” and, together with the Make-Whole Redemption Price, each a “Redemption Price”) equal to 100% of
the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. 

(e)            If the redemption date is after a record date and
on or prior to a corresponding interest payment date, interest will be paid on the redemption date to the holder of record on the record date. 

(f)            If the Company elects to redeem the 2024 Notes or
the 2028 Notes pursuant to this Article 3, it must furnish to the Trustee, at least 15 days but not more than 60 days before the redemption date of any redemption permitted hereunder, an Officer’s Certificate setting forth the information
required by Section 3.03 of the Base Indenture. 

(g)            The Notes to be redeemed will be selected in
compliance with Section 3.04 of the Base Indenture; provided that, in the event of partial redemption, the particular Notes to be redeemed will be selected, unless otherwise provided herein or in the Base Indenture, not less than 15 days
nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. 

(h)            At least 15 days but not more than 60 days before a
redemption date, the Company will send or cause to be sent a notice of redemption to each Holder whose Notes are to be redeemed in a manner provided for in and otherwise in compliance with Section 3.05 of the Base Indenture, except that
redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 of the Base Indenture. At the
Company’s request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 20 days prior to the redemption date (or a
shorter period as agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice setting forth the information to be stated in such notice as provided in the preceding sentence. 

(i)            The Redemption Price will be calculated assuming a 360-day year consisting of twelve 30-day months. 

(j)            The Trustee shall not be responsible for the
calculation of such Redemption Price. The Company shall calculate such Redemption Price and promptly notify the Trustee in writing thereof. 

Section 3.02 Mandatory Redemption. 

(a)            The Company is not required to make mandatory
redemption or sinking fund payments with respect to the Notes. 
 ARTICLE 4 

COVENANTS 
 The
Notes shall be subject to the following covenants in addition to the provisions of Article 4 of the Base Indenture (provided that Section 4.07 of the Base Indenture shall not be applicable to the Notes): 

  
 11 

 Section 4.01 Liens. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur or assume any Lien of any kind
(other than Permitted Liens) upon any of its or their property or assets, now owned or hereafter acquired, unless all payments due under this Indenture and the Notes are secured on an equal and ratable basis with the obligations so secured until
such time as such obligations giving rise to such Lien are no longer secured by a Lien. 
 Section 4.02 Corporate
Existence. 
 Subject to Article 5 of the Base Indenture, the Company shall do or cause to be done all things necessary
to preserve and keep in full force and effect (i) its corporate existence in accordance with the organizational documents (as the same may be amended from time to time) of the Company and (ii) the rights (charter and statutory), licenses
and franchises of the Company; provided that the Company shall not be required to preserve any such right license or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of
the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 

ARTICLE 5 
 DEFEASANCE 

Legal Defeasance of the Notes under Section 8.04 of the Base Indenture and Covenant Defeasance of the Notes under
Section 8.05 of the Base Indenture shall be applicable to the Notes, and the Company may at its option by a resolution of the Board of Directors, at any time, with respect to any series of the Notes, elect to have Section 8.04 or
Section 8.05 of the Base Indenture be applied to the outstanding Notes of such series upon compliance with the conditions set forth in Section 8.06 of the Base Indenture. Article 4 of this Supplemental Indenture shall be subject to
Covenant Defeasance under Section 8.05 of the Base Indenture. 
 ARTICLE 6 

NO GUARANTEES 

The provisions of Article 10 of the Base Indenture shall be inapplicable to the Notes. 

ARTICLE 7 
 MISCELLANEOUS 

Section 7.01 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE NOTES
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 7.02 Successors. 

All agreements of the Company in this Supplemental Indenture and the Notes will bind its successors. All agreements of the
Trustee in this Supplemental Indenture will bind its successors. 

  
 12 

 Section 7.03 Severability. 

In case any provision in this Supplemental Indenture or in the Notes is invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 7.04 Counterpart Originals. 

The parties may sign any number of copies of this Supplemental Indenture. Each signed copy will be an original, but all of them
together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution and delivery of this instrument as to the parties hereto and
may be used in lieu of the original instrument for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf shall be deemed to be their original signatures for all purposes. This Supplemental Indenture shall be valid, binding,
and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act,
state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code/UCC (collectively, “Signature Law”); (ii) an original manual
signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an
original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no
duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together,
constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the
writings. 
 Section 7.05 Table of Contents, Headings, Etc. 

The Table of Contents and headings of the Articles and Sections of this Supplemental Indenture have been inserted for
convenience of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 7.06 Calculation Agent. 

(i)            The Calculation Agent’s determination of any
interest rate and its calculation of the amount of interest for any Floating Rate Interest Period will be final and binding in the absence of manifest error. All percentages resulting from any calculation are to be rounded to the nearest one
hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward. Dollar amounts used in the calculation are to be rounded to the nearest cent (with one-half cent being rounded upward). So long as Compounded SOFR is required to be determined with respect to the Notes, there will at all times be a Calculation Agent. In the event that any then-acting Calculation
Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish the Compounded SOFR for any Interest Period, or that the Company proposes to remove such Calculation Agent, the Company shall appoint the Company
or another person which is a bank, trust company, investment banking firm or other financial institution to act as the Calculation Agent. 

(j)            Neither the Trustee nor the Calculation agent shall
have any (i) responsibility or liability for (A) the determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred or (B) the determination or calculation of a Benchmark Replacement, Unadjusted
Benchmark Replacement, or Benchmark Replacement Adjustment, and, in each such case under clauses (A) and (B) above, shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as

  
 13 

 
provided by the Company or its designee, as applicable, and (ii) liability or responsibility for any failure or delay in performing its duties hereunder as a result of the unavailability of
a Benchmark rate as described in the definition thereof, including, without limitation, as a result of the Company or its designee’s failure to select a Benchmark Replacement, Unadjusted Benchmark Replacement or Benchmark Replacement Adjustment
or the failure of the Company or its designee to calculate a Benchmark or Benchmark Replacement Adjustment. Each of the Trustee and the Calculation Agent shall be entitled to rely conclusively on all notices from the Company or its designee
regarding any Benchmark, Benchmark Replacement, Unadjusted Benchmark Replacement or Benchmark Replacement Adjustment, including, without limitation, in regard to a Benchmark Transition Event, Benchmark Replacement Date and Benchmark Replacement
Conforming Changes. Neither the Trustee nor the Calculation Agent shall be responsible or liable for the failure or delay of the Company or its designee in the performance of the Company’s or such designee’s duties or obligations with
respect to a Benchmark Transition Event, nor shall they be under any obligation to monitor or oversee the Company’s or its designee’s performance with respect thereto. The Trustee and the Calculation Agent shall be entitled to rely
conclusively on any determination made, and any instruction, notice, officers’ certificate or other instruction or information provided by the Company or its designee with respect to a Benchmark Transition Event without independent
verification, investigation or inquiry of any kind. 

(k)            The Company will give the Trustee and the
Calculation Agent written notice of the person appointed as its designee. 
 Section 7.07 SOFR Unavailable. 

If a SOFR IndexStart or SOFR IndexEnd is not published on the associated Interest Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to the Secured Overnight
Financing Rate, “Compounded SOFR” means, for the applicable Interest Period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages,
and definitions required for such formula, published on the New York Federal Reserve’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For the purposes of this provision, references in the SOFR Averages
compounding formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-,
90-, or 180- calendar days” shall be removed. If the daily Secured Overnight Financing Rate
(“SOFRi”) does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i” shall be the Secured Overnight Financing Rate published in respect of the first preceding U.S. Government
Securities Business Day for which the Secured Overnight Financing Rate was published on the New York Federal Reserve’s Website. 

Section 7.08 Effect of a Benchmark Transition Event. 

(a)            If the Company or its designee determine on or prior
to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes
relating to the Floating Rate Notes in respect of all determinations on such date and for all determinations on all subsequent dates. 

(b)            In connection with the implementation of a Benchmark
Replacement, the Company or its designee will have the right to make Benchmark Replacement Conforming Changes from time to time. 

(c)            Any determination, decision or election that may be
made by the Company or its designee pursuant to this Section 7.08, including a determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or
date and any decision to take or refrain from taking any action or any selection: 
  

	 	(i)	 will be conclusive and binding absent manifest error; 

  
 14 

	 	(ii)	 will be made in the sole discretion of the Company or its designee; and 

 

	 	(iii)	 notwithstanding anything to the contrary in the documentation relating to the Floating Rate Notes, shall become
effective without consent from the holders of the Floating Rate Notes or any other party. 

(d)            For the avoidance of doubt, if the event that gives
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such
determination. 
 (e)            For the avoidance of doubt, for
purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to Benchmark also include any reference rate underlying such Benchmark. 

[Signature Pages Follow] 

  
 15 

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

			
	GENERAL MOTORS FINANCIAL COMPANY, INC.
	
	By: /s/ Richard A. Gokenbach, Jr.                        
	Name: Richard A. Gokenbach, Jr.
	Title:   Executive Vice President and
	            Treasurer

  
 [Signature Page to
Supplemental Indenture] 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Trustee
	
	By: /s/ Susan B.
Wright                                        

	Name: Susan B. Wright
	Title:   Assistant Vice President

  
 [Signature Page to
Supplemental Indenture] 

 Exhibit A 

THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO GENERAL MOTORS FINANCIAL COMPANY, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.1 

BY ITS ACQUISITION AND/OR HOLDING OF THIS DEBT SECURITY OR ANY INTEREST IN THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED
AND WARRANTED THAT EITHER (A) THE HOLDER IS NOT ACQUIRING OR HOLDING THE SECURITY FOR OR ON BEHALF OF, AND NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY, OR ANY INTEREST THEREIN, CONSTITUTES THE ASSETS OF AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S.
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE
CODE (COLLECTIVELY, “SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (B)(1) THE ACQUISITION, HOLDING, AND SUBSEQUENT DISPOSITION OF THIS
SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS AND (2) NONE OF THE ISSUER,
ANY UNDERWRITER OR THE ANY OF THEIR RESPECTIVE AFFILIATES IS ACTING, OR WILL ACT, AS A FIDUCIARY TO ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT WITH RESPECT TO THE DECISION TO PURCHASE OR HOLD THIS SECURITY OR IS UNDERTAKING TO PROVIDE IMPARTIAL
INVESTMENT ADVICE OR GIVE ADVICE IN A FIDUCIARY CAPACITY WITH RESPECT TO THE DECISION TO PURCHASE OR HOLD THIS SECURITY. 
  

                       
                                  

 

	1 	 Insert in Global Notes only. 

					
	  
 CUSIP No.:
	 		  	37045X DF0
	ISIN No.:	 		  	US37045XDF06

 Floating Rate Note due 2024 
  

					
	
No. R-[         
       ]
	  	    	  	$[            ]

 GENERAL MOTORS FINANCIAL COMPANY, INC. promises to pay to [CEDE & CO.]2 or registered assigns, the principal sum of $[        ][(subject to the decreases and increases in principal amount set forth on the Schedule of
Exchanges of Interests in the Global Note attached hereto)]3 on March 8, 2024. 

Interest Payment Dates: March 8, June 8, September 8 and December 8, commencing June 8, 2021. 

Interest Rate: The interest rate for the Initial Interest Period shall be Compounded SOFR, as determined on June 4, 2021, plus 0.76%
per annum. Thereafter, the interest rate for any Interest Period will be Compounded SOFR, as determined on the applicable Interest Determination Date, plus 0.76% per annum. The interest rate shall be reset quarterly on each Floating
Rate Interest Payment Date. 
 Record Dates: 15 calendar days prior to each Floating Rate Interest Payment Date. 

 
  
  

                       
                              

	2 	 Insert in Global Notes only. 

3 Insert in Global Notes only 

  
 A-2 

 Dated: 
  

			
	GENERAL MOTORS FINANCIAL COMPANY, INC.
	
	By:                                   
                                    
	Name: Richard A. Gokenbach, Jr.
	Title:   Executive Vice President and
	           Treasurer

  
 A-3 

 This is one of the Global 

Notes referred to in the 

within-mentioned Indenture: 

Dated: 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Trustee 
  

			
	
	By:                                   
                                      
	Name: Susan B. Wright
	Title:   Assistant Vice President

  
 A-4 

 [Back of Note] 

Floating Rate Note due 2024 

This Note is one of a duly authorized issue of Securities of General Motors Financial Company, Inc. (the
“Company,” which term includes any successor Person under the Base Indenture hereinafter referred to), issued and issuable in one or more series under an indenture, dated as of October 13, 2015 (as amended or supplemented to
the date hereof, the “Base Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Base Indenture), to which Base
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities issued
thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as Floating Rate Notes due 2024 (the “Notes”), which was issued
under the Forty-Second Supplemental Indenture, dated as of April 9, 2021, to the Base Indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) and which is initially
limited to $400,000,000 in principal amount. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

1.          INTEREST. The Notes will bear interest at a floating
rate, reset quarterly on each Floating Rate Interest Payment Date, equal to Compounded SOFR plus 0.76% per annum. The Company will pay interest quarterly in arrears on March 8, June 8, September 8 and December 8 of each
year, commencing on June 8, 2021, and at maturity. If any March 8, June 8, September 8 or December 8 is not a Business Day, then the next succeeding Business Day will be the applicable Floating Rate Interest Payment Date and
interest on the Notes will be paid on such next succeeding Business Day; provided that if such next succeeding Business Day falls in the succeeding calendar month, then the applicable Floating Rate Interest Payment Date will be the Business
Day immediately preceding such March 8, June 8, September 8 and December 8, and interest on the Notes will be paid on such immediately preceding Business Day). If the stated maturity date of the Notes is not a Business Day, the
payment of principal of, and interest on, the Notes will be made on the next succeeding Business Day, and no interest will accrue for the period from and after the stated maturity date. Interest on the Notes will accrue from and including the most
recent date to which interest has been paid or, if no interest has been paid, from April 9, 2021; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred
to on the face hereof and the next succeeding Floating Rate Interest Payment Date, interest shall accrue from such next succeeding Floating Rate Interest Payment Date; provided, further, that the first Floating Rate Interest Payment
Date shall be June 8, 2021. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in
excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest from time to time on demand at the same rate to the extent lawful. Interest
will be computed on the basis of the actual number of days elapsed over a 360-day year. 

2.          METHOD OF PAYMENT. The Company will pay interest on the
Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the record date on the next preceding Floating Rate Interest Payment Date, even if such Notes are cancelled after such record date and
on or before such Floating Rate Interest Payment Date, except as provided in Section 2.08 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, if any, at the office or
agency of the Trustee maintained for such purpose within the City and State of New York. The Company will make payments of principal, premium, if any, and interest, if any, in respect of the Notes in book-entry form to the Depositary in immediately
available funds, while 

  
 A-5 

 
disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of the Depositary and its participants in effect from
time to time. 
 3.          PAYING AGENT, CALCULATION AGENT AND
REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying Agent, Calculation Agent and Registrar. The Company may change any Paying Agent, Calculation Agent or Registrar without notice to
any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4.          INDENTURE. The Company issued the Notes under the
Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of
such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are general unsecured obligations of the Company and are not
limited as to aggregate principal amount. The Notes, including any Additional Notes issued hereunder, shall contain the terms set forth herein and in the Indenture and shall constitute and be treated as one series of Notes for all purposes. 

5.          OPTIONAL REDEMPTION. The Notes are not subject to
optional redemption prior to maturity. 
 6.          MANDATORY
REDEMPTION. The Company shall not be required to make mandatory redemption payments with respect to the Notes. 

7.          DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed or during the period between a record date and the corresponding Floating Rate Interest Payment Date. 

8.          PERSONS DEEMED OWNERS. The registered Holder of a Note
will be treated as its owner for all purposes. 

9.          AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture or the
Notes may be amended or supplemented as provided in Article 9 of the Base Indenture. 

10.        DEFAULTS AND REMEDIES. The terms of Article 6 of the Base Indenture
shall be applicable to the Notes. 
 11.        TRUSTEE DEALINGS WITH
COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the
Trustee. 
 12.        NO RECOURSE AGAINST OTHERS. A director, officer,
employee, incorporator or shareholder of the Company, as such, shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their

  
 A-6 

 
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

13.        AUTHENTICATION. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent. 

14.        ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 15.        CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers, either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

16.        NOTICES. The Company will furnish to any Holder upon written request
and without charge a copy of the Indenture. Requests may be made to: 
 General Motors Financial Company, Inc. 

801 Cherry Street, Suite 3500 

Fort Worth, Texas 76102 

Attention: Chief Financial Officer 

17.        GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THIS NOTE AND THE INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-7 

 Assignment Form 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to: 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint:
                                         
                     
 to transfer this Note on the books
of the Registrar. The agent may substitute another to act for him. 
 Date:
                                         
                             

Your Signature:
                                         
                          

(Sign exactly as your name appears on the face of this Note) 

  
 A-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or
exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of Decrease

in Principal
 Amount of
this
 Global Note
	  	 Amount of

Increase in
 Principal
Amount
 of this Global Note
	  	 Principal Amount

of this Global Note

Following Such
 Decrease
(or
 Increase)
	  	 Signature of

Authorized Officer
 of
Trustee or Note
 Custodian

		  		  		  		  	
		  		  		  		  	

  
 A-9 

 Exhibit B 

THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO GENERAL MOTORS FINANCIAL COMPANY, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.4 

BY ITS ACQUISITION AND/OR HOLDING OF THIS DEBT SECURITY OR ANY INTEREST IN THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED
AND WARRANTED THAT (A) EITHER (1) THE HOLDER IS NOT ACQUIRING OR HOLDING THE SECURITY FOR OR ON BEHALF OF, AND NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY, OR ANY INTEREST THEREIN, CONSTITUTES THE ASSETS OF AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S.
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE
CODE (COLLECTIVELY, “SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION, HOLDING, AND SUBSEQUENT DISPOSITION OF
THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS AND (B) NONE OF THE
ISSUER, ANY UNDERWRITER OR THE ANY OF THEIR RESPECTIVE AFFILIATES IS ACTING, OR WILL ACT, AS A FIDUCIARY TO ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT WITH RESPECT TO THE DECISION TO PURCHASE OR HOLD THIS SECURITY OR IS UNDERTAKING TO PROVIDE IMPARTIAL
INVESTMENT ADVICE OR GIVE ADVICE IN A FIDUCIARY CAPACITY WITH RESPECT TO THE DECISION TO PURCHASE OR HOLD THIS SECURITY. 
  

                       
                                

4 Insert in Global Notes only. 

			
	CUSIP No.:	  	37045X DG8
	ISIN No.:	  	US37045XDG88

 1.050% Senior Notes due 2024 
  

			
	 No.
R-[                    ]
	  	$[            ]

 GENERAL MOTORS FINANCIAL COMPANY, INC. promises to pay to [CEDE & CO.]5 or registered assigns, the principal sum of $[        ][(subject to the decreases and increases in principal amount set forth on the Schedule of
Exchanges of Interests in the Global Note attached hereto)]6 on March 8, 2024. 

Interest Payment Dates: March 8 and September 8, commencing September 8, 2021. 

Record Dates: 15 calendar days prior to each Fixed Rate Interest Payment Date. 

 
  
  

                       
                                  

5 Insert in Global Notes only. 

6 Insert in Global Notes only 

  
 B-2 

 Dated: 
  

			
	GENERAL MOTORS FINANCIAL COMPANY, INC.
	
	By:                                   
                                      
	Name: Richard A. Gokenbach, Jr.
	Title:   Executive Vice President and
	           Treasurer

  
 B-3 

 This is one of the Global 

Notes referred to in the 

within-mentioned Indenture: 

Dated: 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as Trustee 
  

			
	
By:                         
                    
 Name: Susan B. Wright

Title:   Assistant Vice President

  
 B-4 

 [Back of Note] 

1.050% Senior Note due 2024 

This Note is one of a duly authorized issue of Securities of General Motors Financial Company, Inc. (the
“Company,” which term includes any successor Person under the Base Indenture hereinafter referred to), issued and issuable in one or more series under an indenture, dated as of October 13, 2015 (as amended or supplemented to
the date hereof, the “Base Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Base Indenture), to which Base
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities issued
thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 1.050% Senior Notes due 2024 (the “Notes”), which was issued
under the Forty-Second Supplemental Indenture, dated as of April 9, 2021, to the Base Indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) and which is initially
limited to $850,000,000 in principal amount. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

1.          INTEREST. The Notes will bear interest at 1.050% per
annum. The Company will pay interest semi-annually in arrears on March 8 and September 8 of each year, commencing on September 8, 2021, and at maturity. If any Fixed Rate Interest Payment Date, stated maturity date or earlier
redemption date for the Notes is not a Business Day, the Company will make the required payment of principal, premium, if any, and interest, if any, on the next succeeding Business Day, and no interest will accrue on the amount so payable for the
intervening period. Interest on the Notes will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from April 9, 2021; provided that if there is no existing Default in the
payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Fixed Rate Interest Payment Date, interest shall accrue from such next succeeding Fixed Rate Interest Payment Date;
provided, further, that the first Fixed Rate Interest Payment Date shall be September 8, 2021. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2.          METHOD OF PAYMENT. The Company will pay interest on the
Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the record date on the next preceding Fixed Rate Interest Payment Date, even if such Notes are cancelled after such record date and on
or before such Fixed Rate Interest Payment Date, except as provided in Section 2.08 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, if any, at the office or agency
of the Trustee maintained for such purpose within the City and State of New York. The Company will make payments of principal, premium, if any, and interest, if any, in respect of the Notes in book-entry form to the Depositary in immediately
available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of the Depositary and its participants in effect from time to time. 

3.          PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank,
National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity.

  
 B-5 

4.          INDENTURE. The Company issued the Notes under the
Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of
such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are general unsecured obligations of the Company and are not
limited as to aggregate principal amount. The Notes, including any Additional Notes issued hereunder, shall contain the terms set forth herein and in the Indenture and shall constitute and be treated as one series of Notes for all purposes. 

5.          OPTIONAL REDEMPTION. The Notes are subject to
redemption as provided in Article 3 of the Indenture. 

6.          MANDATORY REDEMPTION. The Company shall not be required
to make mandatory redemption payments with respect to the Notes. 

7.          DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed or during the period between a record date and the corresponding Fixed Rate Interest Payment Date. 

8.          PERSONS DEEMED OWNERS. The registered Holder of a Note
will be treated as its owner for all purposes. 

9.          AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture or the
Notes may be amended or supplemented as provided in Article 9 of the Base Indenture. 

10.        DEFAULTS AND REMEDIES. The terms of Article 6 of the Base Indenture
shall be applicable to the Notes. 
 11.        TRUSTEE DEALINGS WITH
COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the
Trustee. 
 12.        NO RECOURSE AGAINST OTHERS. A director, officer,
employee, incorporator or shareholder of the Company, as such, shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

13.        AUTHENTICATION. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent. 

14.        ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= 

  
 B-6 

 
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

15.        CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers, either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

16.        NOTICES. The Company will furnish to any Holder upon written request
and without charge a copy of the Indenture. Requests may be made to: 
 General Motors Financial Company, Inc. 

801 Cherry Street, Suite 3500 

Fort Worth, Texas 76102 

Attention: Chief Financial Officer 

17.        GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THIS NOTE AND THE INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 B-7 

 Assignment Form 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to: 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably
appoint:                                       
                        
 to transfer this
Note on the books of the Registrar. The agent may substitute another to act for him. 
 Date:
                                        
                              

Your Signature:
                                         
                          

(Sign exactly as your name appears on the face of this Note) 

  
 B-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or
exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of Decrease

in Principal
 Amount of
this
 Global Note
	  	 Amount of

Increase in
 Principal
Amount
 of this Global Note
	  	 Principal Amount

of this Global Note

Following Such
 Decrease
(or
 Increase)
	  	 Signature of

Authorized Officer
 of
Trustee or Note
 Custodian

		  		  		  		  	
		  		  		  		  	

  
 B-9 

 Exhibit C 

THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO GENERAL MOTORS FINANCIAL COMPANY, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.7 

BY ITS ACQUISITION AND/OR HOLDING OF THIS DEBT SECURITY OR ANY INTEREST IN THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED
AND WARRANTED THAT (A) EITHER (1) THE HOLDER IS NOT ACQUIRING OR HOLDING THE SECURITY FOR OR ON BEHALF OF, AND NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY, OR ANY INTEREST THEREIN, CONSTITUTES THE ASSETS OF AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S.
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE
CODE (COLLECTIVELY, “SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION, HOLDING, AND SUBSEQUENT DISPOSITION OF
THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS AND (B) NONE OF THE
ISSUER, ANY UNDERWRITER OR THE ANY OF THEIR RESPECTIVE AFFILIATES IS ACTING, OR WILL ACT, AS A FIDUCIARY TO ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT WITH RESPECT TO THE DECISION TO PURCHASE OR HOLD THIS SECURITY OR IS UNDERTAKING TO PROVIDE IMPARTIAL
INVESTMENT ADVICE OR GIVE ADVICE IN A FIDUCIARY CAPACITY WITH RESPECT TO THE DECISION TO PURCHASE OR HOLD THIS SECURITY. 
  

                       
                                      

7 Insert in Global Notes only. 

  
 C-1 

			
	 CUSIP No.:
	  	 37045X DH6

	 ISIN No.:
	  	 US37045XDH61

 2.400% Senior Notes due 2028 
  

			
	No. R-[                    ]	  	$[            ]

 GENERAL MOTORS FINANCIAL COMPANY, INC. promises to pay to [CEDE & CO.]8 or registered assigns, the principal sum of $[        ][(subject to the decreases and increases in principal amount set forth on the Schedule of
Exchanges of Interests in the Global Note attached hereto)]9 on April 10, 2028. 

Interest Payment Dates: April 10 and October 10, commencing October 10, 2021. 

Record Dates: 15 calendar days prior to each Fixed Rate Interest Payment Date. 

 
  

                       
                              

8 Insert in Global Notes only. 

9 Insert in Global Notes only. 

  
 C-2 

 Dated: 
  

			
	GENERAL MOTORS FINANCIAL COMPANY, INC.
	
	By:                               
                                         
 
	Name: Richard A. Gokenbach, Jr.
	Title:   Executive Vice President and
	           Treasurer

  
 C-3 

 This is one of the Global 

Notes referred to in the 

within-mentioned Indenture: 

Dated: 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as Trustee 
  

			
	
By:                         
                     
 Name: Susan B. Wright

Title:   Assistant Vice President

  
 C-4 

 [Back of Note] 

2.400% Senior Note due 2028 

This Note is one of a duly authorized issue of Securities of General Motors Financial Company, Inc. (the
“Company,” which term includes any successor Person under the Base Indenture hereinafter referred to), issued and issuable in one or more series under an indenture, dated as of October 13, 2015 (as amended or supplemented to
the date hereof, the “Base Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Base Indenture), to which Base
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities issued
thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 2.400% Senior Notes due 2028 (the “Notes”), which was issued
under the Forty-Second Supplemental Indenture, dated as of April 9, 2021, to the Base Indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) and which is initially
limited to $1,000,000,000 in principal amount. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

1.          INTEREST. The Notes will bear interest at 2.400% per
annum. The Company will pay interest semi-annually in arrears on April 10 and October 10 of each year, commencing on October 10, 2021, and at maturity. If any Fixed Rate Interest Payment Date, stated maturity date or earlier
redemption date for the Notes is not a Business Day, the Company will make the required payment of principal, premium, if any, and interest, if any, on the next succeeding Business Day, and no interest will accrue on the amount so payable for the
intervening period. Interest on the Notes will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from April 9, 2021; provided that if there is no existing Default in the
payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Fixed Rate Interest Payment Date, interest shall accrue from such next succeeding Fixed Rate Interest Payment Date;
provided, further, that the first Fixed Rate Interest Payment Date shall be October 10, 2021. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2.          METHOD OF PAYMENT. The Company will pay interest on the
Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the record date on the next preceding Fixed Rate Interest Payment Date, even if such Notes are cancelled after such record date and on
or before such Fixed Rate Interest Payment Date, except as provided in Section 2.08 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, if any, at the office or agency
of the Trustee maintained for such purpose within the City and State of New York. The Company will make payments of principal, premium, if any, and interest, if any, in respect of the Notes in book-entry form to the Depositary in immediately
available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of the Depositary and its participants in effect from time to time. 

3.          PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank,
National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity.

  
 C-5 

4.          INDENTURE. The Company issued the Notes under the
Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of
such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are general unsecured obligations of the Company and are not
limited as to aggregate principal amount. The Notes, including any Additional Notes issued hereunder, shall contain the terms set forth herein and in the Indenture and shall constitute and be treated as one series of Notes for all purposes. 

5.          OPTIONAL REDEMPTION. The Notes are subject to
redemption as provided in Article 3 of the Indenture. 

6.          MANDATORY REDEMPTION. The Company shall not be required
to make mandatory redemption payments with respect to the Notes. 

7.          DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed or during the period between a record date and the corresponding Fixed Rate Interest Payment Date. 

8.          PERSONS DEEMED OWNERS. The registered Holder of a Note
will be treated as its owner for all purposes. 

9.          AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture or the
Notes may be amended or supplemented as provided in Article 9 of the Base Indenture. 

10.        DEFAULTS AND REMEDIES. The terms of Article 6 of the Base Indenture
shall be applicable to the Notes. 
 11.        TRUSTEE DEALINGS WITH
COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the
Trustee. 
 12.        NO RECOURSE AGAINST OTHERS. A director, officer,
employee, incorporator or shareholder of the Company, as such, shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

13.        AUTHENTICATION. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent. 

14.        ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= 

  
 C-6 

 
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

15.        CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers, either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

16.        NOTICES. The Company will furnish to any Holder upon written request
and without charge a copy of the Indenture. Requests may be made to: 
 General Motors Financial Company, Inc. 

801 Cherry Street, Suite 3500 

Fort Worth, Texas 76102 

Attention: Chief Financial Officer 

17.        GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THIS NOTE AND THE INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 C-7 

 Assignment Form 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to: 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint:
                                         
                     
 to transfer this Note on the books
of the Registrar. The agent may substitute another to act for him. 
 Date:
                                         
                             

Your Signature:
                                         
                          

(Sign exactly as your name appears on the face of this Note) 

  
 C-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or
exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of Decrease

in Principal
 Amount of
this
 Global Note
	  	 Amount of

Increase in
 Principal
Amount
 of this Global Note
	  	 Principal Amount

of this Global Note

Following Such
 Decrease
(or
 Increase)
	  	 Signature of

Authorized Officer
 of
Trustee or Note
 Custodian

		  		  		  		  	
		  		  		  		  	

  
 C-9

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