Document:

EX-10.13

 Exhibit 10.13 
  

 
 ILLINOIS CASUALTY COMPANY (A MUTUAL INSURANCE COMPANY) 

WORKERS’ COMPENSATION FIRST, SECOND, AND THIRD EXCESS OF LOSS 

REINSURANCE CONTRACT 

EFFECTIVE JANUARY 1, 2017 

INDEX 
  

							
	 ARTICLE
	 	 SUBJECT
	  	PAGE	 
			
	 ARTICLE 1
	 	BUSINESS COVERED	  	 	1	  
			
	 ARTICLE 2
	 	COMMENCEMENT AND TERMINATION	  	 	1	  
			
	 ARTICLE 3
	 	 REINSURANCE COVERAGE
	  	 	2	  
			
	 ARTICLE 4
	 	 EXCLUSIONS
	  	 	2	  
			
	 ARTICLE 5
	 	 SPECIAL ACCEPTANCES
	  	 	5	  
			
	 ARTICLE 6
	 	 REINSURANCE PREMIUM
	  	 	5	  
			
	 ARTICLE 7
	 	 DEFINITION OF LOSS OCCURRENCE
	  	 	5	  
			
	 ARTICLE 8
	 	 NET RETAINED LINE
	  	 	6	  
			
	 ARTICLE 9
	 	 REPORTS, LOSS AND LOSS SETTLEMENTS
	  	 	6	  
			
	 ARTICLE 10
	 	 EXTRA-CONTRACTUAL OBLIGATIONS/LOSS EXCESS OF POLICY LIMITS
	  	 	7	  
			
	 ARTICLE 11
	 	 COMMUTATION
	  	 	8	  
			
	 ARTICLE 12
	 	 SALVAGE AND SUBROGATION
	  	 	9	  
			
	 ARTICLE 13
	 	 ERRORS AND OMISSIONS
	  	 	9	  
			
	 ARTICLE 14
	 	 CURRENCY
	  	 	9	  
			
	 ARTICLE 15
	 	 FEDERAL EXCISE TAX AND OTHER TAXES
	  	 	9	  
			
	 ARTICLE 16
	 	 FOREIGN ACCOUNT TAX COMPLIANCE ACT (“FATCA”)
	  	 	10	  
			
	 ARTICLE 17
	 	 ACCESS TO RECORDS
	  	 	11	  
			
	 ARTICLE 18
	 	 RESERVES
	  	 	11	  
			
	 ARTICLE 19
	 	 SERVICE OF SUIT
	  	 	14	  
			
	 ARTICLE 20
	 	 ARBITRATION
	  	 	15	  
			
	 ARTICLE 21
	 	 EXPEDITED ARBITRATION
	  	 	17	  
			
	 ARTICLE 22
	 	 INSOLVENCY
	  	 	18	  
			
	 ARTICLE 23
	 	 CONFIDENTIALITY
	  	 	19	  
			
	 ARTICLE 24
	 	 PRIVACY & PROTECTION OF DATA
	  	 	20	  
			
	 ARTICLE 25
	 	 LATE PAYMENTS
	  	 	20	  
			
	 ARTICLE 26
	 	 OFFSET
	  	 	21	  
			
	 ARTICLE 27
	 	 SPECIAL TERMINATION
	  	 	21	  
			
	 ARTICLE 28
	 	 TERRORISM RECOVERY
	  	 	23	  
			
	 ARTICLE 29
	 	 VARIOUS OTHER TERMS
	  	 	24	  
			
	 ARTICLE 30
	 	 MODE OF EXECUTION
	  	 	26	  
			
	 ARTICLE 31
	 	 INTERMEDIARY
	  	 	27	  

 ATTACHMENTS 

NUCLEAR INCIDENT EXCLUSION CLAUSES – LIABILITY – REINSURANCE – U.S.A. 

EXHIBIT A – WORKERS’ COMPENSATION FIRST EXCESS OF LOSS REINSURANCE CONTRACT 

EXHIBIT B – WORKERS’ COMPENSATION SECOND EXCESS OF LOSS REINSURANCE CONTRACT 

EXHIBIT C – WORKERS’ COMPENSATION THIRD EXCESS OF LOSS REINSURANCE CONTRACT 

  

			
	C17-10017712-009	 	
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 ILLINOIS CASUALTY COMPANY (A MUTUAL INSURANCE COMPANY) 

Rock Island, Illinois 

Including any and/or all of the subsidiary or affiliate companies that are now or may hereafter 

come under the ownership, management, and/or control of the Company 

(the “Company”) 

WORKERS’ COMPENSATION FIRST, SECOND AND THIRD EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the
“Contract”) 
 EFFECTIVE JANUARY 1, 2017 

ARTICLE 1 
 BUSINESS COVERED

  

	A.	This Contract applies to all Policies, except as hereinafter excluded, written and classified by the Company as Workers’ Compensation, including Employer’s Liability, and in force at the inception of the term
of this Contract or written with a Policy period (new or renewal) effective during the term of this Contract (“Business Covered”). 

  

	B.	The term “Policy(ies)”, whenever used herein, shall mean all binders, policies, contracts, certificates and other obligations, whether oral or written insurance or reinsurance that are the Business Covered.

  

	C.	The reinsurance of all Business Covered hereunder shall be subject in all respects to the same risks, terms, clauses, conditions, interpretations, alterations, modifications, cancellations and waivers as the respective
insurances (or reinsurances) of the Company’s Policies and the Reinsurer shall pay losses as may be paid thereon, subject to the liability of the Company and the terms and conditions of this Contract. The true intent of the parties to this
Contract being that the Reinsurer shall follow the fortunes of the Company. 

 ARTICLE 2 

COMMENCEMENT AND TERMINATION 
  

	A.	This Contract shall incept at 12:01 a.m., Central Standard Time, January 1, 2017, and shall remain in force until 12:01 a.m., Central Standard Time, January 1, 2018. 

 

	B.	At expiration of this Contract, the Reinsurer shall be released from liability for losses occurring, or claims made as applicable, after expiration of this Contract. 

 

	C.	However, upon notification to the Reinsurers by the Company within thirty (30) days of termination or expiration of this Contract, the Reinsurer shall remain liable for all Policies attaching during the term of
this Contract, until the termination, expiration or renewal of such Policies, whichever occurs first, but in no event for any losses occurring with a date of loss more than twelve (12) months, plus odd time, not to exceed eighteen
(18) months in all after each such termination or expiration of such Policies. The Company shall pay reinsurance premium for any run-off period in accordance with the Article entitled REINSURANCE
PREMIUM. 

  

	D.	If the cut off option in Paragraph B. above is elected by the Company, the Reinsurer’s liability hereunder shall continue if the Company is required by statute, regulation or by order of any court or regulatory
authority to continue coverage, until the earliest date on which the Company may cancel such Policy. 

  

					
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 ARTICLE 3 

REINSURANCE COVERAGE 
 Part One – COVERAGE

 See Exhibits “A”, “B” and “C” attached hereto. 

Part Two – DEFINITION OF NET LOSS 
  

	A.	The term “Net Loss” shall mean the actual loss sustained by the Company, less any inuring reinsurance, on Business Covered including (i) sums paid in settlement of claims and suits and in satisfaction of
judgments, (ii) all interest on awards and judgments including prejudgment interest when made part of a judgment, (iii) ninety percent (90%) of any Extra-Contractual Obligations, (iv) ninety percent (90%) of any Loss Excess of Policy
Limits and (v) all Loss Adjustment Expenses incurred by the Company. 

  

	B.	“Loss Adjustment Expenses” shall mean: (i) claims related expenses sustained in connection with adjustment, including defense, settlement and litigation of specific claims and suits, satisfaction of
judgments, resistance to or negotiations concerning a loss which shall include the expenses and the pro rata share of the salaries and the expenses of the Company’s employees temporarily assigned to the actual adjustment of specific claims and
loss but shall not include any salaries of employees or normal overhead expenses of the Company; (ii) the allocated salaries and expenses of house counsel dedicated to the defense of claims (iii) Declaratory Judgment Expenses;
(iv) all interest on verdicts, awards or judgments except when included in Net Loss; and (v) expenses sustained to obtain recoveries, salvages or other reimbursements, or to secure the reversal or reduction of a verdict, award or judgment.

  

	C.	“Declaratory Judgment Expenses” shall mean legal expenses and costs incurred in connection with coverage questions regarding specific claims and legal actions, including declaratory judgment actions, connected
thereto. 

  

	D.	All recoveries (including salvage and subrogation), payments and reversals or reductions of verdicts, awards or judgments whether recovered, received or obtained prior or subsequent to loss settlement under this
Contract, including amounts recoverable under other reinsurance whether collected or not, shall be applied as if recovered, received or obtained prior to the aforesaid settlement and shall be deducted from the actual losses sustained to arrive at
the amount of the Net Loss. Nothing in this Article shall be construed to mean losses are not recoverable until the final Net Loss to the Company has been ascertained. 

ARTICLE 4 
 EXCLUSIONS

  

	A.	This Contract shall not cover: 

  

	 	1.	All reinsurance assumed by the Company. 

  

					
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	 	2.	All liability of the Company arising by contract, operation of law, or otherwise, from its participation or membership, whether voluntary or involuntary, in any insolvency fund. “Insolvency fund” includes any
guaranty fund, insolvency fund, plan, pool, association, fund, or other arrangement, howsoever denominated, established, or governed, that provides for any assessment of or payment or assumption by the Company of part of all of any claim, debt,
charge, fee, or other obligation or any insurer, or its successors or assigns, which has been declared by any competent authority to be insolvent, or which is otherwise deemed unable to meet any claim, debt, charge, fee, or other obligation in whole
or in part; 

  

	 	3.	Pools, associations, and syndicates; 

  

	 	4.	Risks having maritime exposures or risks having exposure under the U.S. Longshore and Harbor Workers’ Compensation Act (USL&H), Jones Act and/or Federal Employers’ Liability Act (except that individual
risks with USL&H payroll comprising less than ten percent (10%) of that individual risk’s total payroll will not be excluded hereunder); 

  

	 	5.	Loss caused directly or indirectly by war, whether or not declared, civil war, insurrection, rebellion, or revolution, or any act or condition incidental to any of the foregoing. This exclusion shall not apply to any
Policy that contains a standard war exclusion; 

  

	 	6.	Aircraft owned, leased, or operated by an insured; 

  

	 	7.	Amusement Parks or devices and exhibitions including fireworks, carnival, or circuses; 

  

	 	8.	Manufacturing, production, and refining or petroleum and its products; 

  

	 	9.	Professional sports teams; 

  

	 	10.	Offshore drilling; 

  

	 	11.	Tunneling operations; 

  

	 	12.	Wrecking or demolition of buildings, structures, or vessels; 

  

	 	13.	The manufacturing, storage, or transportation of fireworks, ammunition, nitroglycerin, or other explosive devices; 

  

	 	14.	Actual or alleged liability whatsoever for any claim or claims in respect of loss or losses directly or indirectly arising out of, resulting from or in consequence of asbestos, in whatever form or quantity;

  

	 	15.	Mining either above or below ground; 

  

	 	16.	Manufacturing of any pharmaceutical or chemicals; 

  

	 	17.	Caissons or coffer dam work, dams, dikes, locks or revetment construction; 

  

	 	18.	Employees of an insured classed as roofers under a Roofing class code; 

  

	 	19.	Assigned Risk plans; 

  

	 	20.	Railroad operations and construction; 

  

					
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	 	21.	Long Haul Trucking; 

  

	 	22.	Professional Employer Organizations or Employee Leasing; 

  

	 	23.	Temporary Employment Agencies; 

  

	 	24.	Losses from Acts of Terrorism resulting from the use of any biological, chemical, nuclear or radiological weapon(s); 

  

	 	25.	Coverage afforded by the Minnesota Workers’ Compensation Reinsurance Association; 

  

	 	26.	Operations involving nuclear fission/fusion or handling of radioactive material; and, 

  

	 	27.	Excess Workers’ Compensation coverage for self-insured entities excess of a self-insured retention. 

  

	B.	The following Exclusion Clauses are attached hereto and form part of this Contract: 

  

	 	1.	Nuclear Incident pursuant to the “Nuclear Incident Exclusion Clauses – Liability – Reinsurance – U.S.A.” attached hereto; 

 

	C.	Where the excluded class and/or operation constitutes an incidental part of an insured’s regular operations, the exclusions shall not apply. The Company shall be the sole judge of the meaning of the term
“incidental” as used in this Contract. 

  

	D.	Policies or coverages excluded under the provisions of this Article (other than items 1, 2, 3, 5, 8, 10, 13, 14, 15, 19, 22, 23, 24, 26, and 27 of Paragraph A of this Article) which are inadvertently issued or issued in
error or issued without the Company’s knowledge and consent shall be covered hereunder provided such Policies are cancelled or reinsured elsewhere as soon as possible upon the Company’s Home Office Underwriting Management becoming aware
that they are excluded. 

  

	E.	Should any judicial entity having jurisdiction invalidate any exclusion in the Company’s Policy that is also the subject of one or more of the exclusions herein, then subject to the limits of this Contract, a loss
for which the Company is liable because of such invalidation shall not be excluded hereunder. 

  

	F.	Where the Company is required by any regulatory authority to participate in residual market mechanisms including any assigned risk plan or similar mandatory coverage plan covering a class or operation otherwise excluded
hereunder, the relevant exclusions shall not apply, provided that the Policy limits on Company’s Policies are no greater than the statutory minimum limits. 

  

	G.	With respect only to a Lloyd’s of London Syndicate participating as a Reinsurer on this Contract, notwithstanding Paragraphs C-F, no risk prohibited by the Committee at
Lloyd’s such as life, financial, guaranty, and insolvency shall be covered within this Contract. 

  

	H.	No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of
such benefit would be in violation of any trade or economic sanctions, laws or regulations applicable in the (re)insurer’s jurisdiction of domicile, or with which the (re) insurer is legally obligated to comply. 

  

					
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 ARTICLE 5 

SPECIAL ACCEPTANCES 
  

	A.	From time to time the Company may request a special acceptance of reinsurance falling outside the scope of the provisions of this Contract. Within five (5) days of receipt of such a request, if accepted by the
Reinsurers whose cumulative share of the liability under this Contract exceeds fifty percent (50%), then the Special Acceptance shall be approved for this Contract for all Reinsurers. Any reinsurance that is specially accepted by the Reinsurer shall
be covered under this Contract and shall be subject to the terms hereof, except as such terms shall be modified by the special acceptance. If a Reinsurer fails to decline a special acceptance request within five (5) days, the Reinsurer will be
deemed to have agreed to the special acceptance. 

  

	B.	In the event a reinsurer becomes a party to this Contract subsequent to one or more special acceptances hereunder, the new reinsurer shall automatically accept such special acceptance(s) as being covered hereunder.
Further, if one or more Reinsurers under this Contract agreed to special acceptance(s) under the contract being replaced by this Contract, such special acceptance(s) shall be automatically covered hereunder with respect to the interests and
liabilities of such Reinsurer. 

 ARTICLE 6 

REINSURANCE PREMIUM 
 See Exhibits “A”,
“B” and “C” attached hereto. 
 ARTICLE 7 

DEFINITION OF LOSS OCCURRENCE 
  

	A.	The term “Loss Occurrence”, except as otherwise provided herein, shall mean any one accident, disaster, casualty or loss, or series of accidents, disasters, casualties or losses arising out of or following on
one event, regardless of the number of interests insured or the number of policies responding. The Company shall be the sole judge of what constitutes one event. 

  

	B.	Notwithstanding the foregoing, as respects losses arising from Occupational Disease or Other Disease, regardless of the specific kind or class, suffered by employees of one or more employers, all such losses sustained
by the Company from one event not exceeding seventy two (72) consecutive hours in duration shall, together with losses not classified as Occupational Disease or Other Disease, be deemed to be a single Loss Occurrence. 

 

	C.	As respects losses arising from Occupational Disease or Other Disease or Cumulative Trauma suffered by a single employee, and not covered under Paragraph B above, the date that the Loss Occurrence commences shall be
determined as follows: 

  

	 	1.	If the case is compensable under the Workers’ Compensation Law, the date of the beginning of the disability for which compensation is payable. 

 

	 	2.	If the case is not compensable under the Workers’ Compensation Law, the date that disability due to said disease actually began. 

 

	 	3.	If the claim is made after employment has ceased, the date of cessation of such employment. 

  

					
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	D.	As respects losses arising from Occupational Disease or Other Disease or Cumulative Trauma of the same specific kind or class, suffered by multiple employees of the same employer, and not covered under Paragraphs B or C
of this Article, all such losses sustained by the Company within a Policy year shall be aggregated and considered as constituting one Loss Occurrence hereunder and the inception date of the Policy year in which losses occur shall be deemed to be the
date of the Loss Occurrence. 

  

	E.	“Occupational Disease or Other Disease” and “Cumulative Trauma” shall be defined by applicable state or federal statutes, regulations or case law. 

ARTICLE 8 
 NET RETAINED
LINE 
  

	A.	This Contract applies only to that portion of any Policy which the Company retains net for its own account, and in calculating the amount of any loss hereunder and also in computing the amount or amounts in excess of
which this Contract attaches, only loss or losses in respect of that portion of any Policy which the Company retains net for its own account shall be included. 

  

	B.	The amount of the Reinsurers’ liability hereunder in respect of any loss or losses shall not be increased by reason of the inability of the Company to collect from any other Reinsurers, whether specific or general,
any amounts which may have become due from such Reinsurers, whether such inability arises from the insolvency of such other Reinsurers or otherwise. 

  

	C.	Inter-company reinsurance among the companies collectively called the “Company” shall be entirely disregarded for all purposes of this Contract. 

ARTICLE 9 
 REPORTS, LOSS AND
LOSS SETTLEMENTS  
  

	A.	The Company shall advise the Reinsurers promptly of all Loss Occurrences which, in the opinion of the Company, may result in a claim hereunder and of all subsequent developments thereto which, in the opinion of the
Company, may materially affect the position of the Reinsurers, such advices to include any Loss Occurrence for which the Company has established a loss reserve in excess of fifty percent (50%) of the Company’s retention. Inadvertent omission or
oversight in giving such notice shall in no way affect the liability of the Reinsurers. However, the Reinsurers shall be informed of such omission or oversight promptly upon its discovery. 

 

	B.	In addition, the following categories of losses shall be reported to the Reinsurer immediately, regardless of any questions of liability of the insured or coverage under the Policy: 

 

	 	1.	Fatalities 

  

	 	2.	Spinal cord injuries resulting partial or total paralysis of upper or lower extremities; 

  

	 	3.	Serious burns; 

  

	 	4.	Serious brain injuries resulting in impairment of physical functions; 

  

	 	5.	Amputations or permanent loss of use of upper or lower extremities; 

  

	 	6.	All other injuries likely to result in a permanent disability rating of fifty percent (50%) or more. 

  

					
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	C.	Should payment due from the Reinsurers exceed two hundred fifty thousand dollars ($250,000) as respects any one Net Loss, the Company may give the Reinsurers notice of payment made or its intention to make payment on a
certain date. If the Company intends to pay the loss by a certain date and has submitted a reasonably satisfactory proof of loss or similar document, payment shall be due from the Reinsurers twenty four (24) hours prior to scheduled date of
settlement, provided the Reinsurers have a period of ten (10) business days after receipt of said notice to dispatch the payment. Cash loss amounts specifically remitted by the Reinsurers as set forth herein shall be credited to their next
statement of account. 

  

	D.	If the above reasonable evidence is insufficient and not in accordance with this Article, within that ten (10) day period, the Reinsurer shall advise the Company of any failure to comply with this Article with
particularity. The Company shall respond promptly to such identified deficiency and provide the Reinsurer with any response necessary to remedy the deficiency. Upon receipt of the Company’s response, the Reinsurer shall promptly pay the amount
due. 

  

	E.	The Company shall have the right to settle all claims under its Policies. All loss settlements made by the Company whether under strict Policy conditions or by way of compromise, that are Business Covered and that are
not an Ex-gratia Settlement shall be final and binding subject to the terms and conditions of this Contract. The Reinsurer shall be subject to the liability of the Company to the extent provided in this
Contract and shall pay or allow, as the case may be, its share of each such settlement in accordance with this Contract all amounts for which it is obligated. 

  

	F.	“Ex-gratia Settlements”, as used in this Contract, will mean all settlements of losses not arguably covered under the express terms of the Policies that are primarily
motivated by the customer business relationship. “Ex-gratia Settlements” will not include settlements of losses which (1) arise from court decisions or other judicial acts or orders nor
(2) settlements made to avoid costs that could be incurred in connection with potential or actual litigation relating to coverage issues arising under the Policies. 

 

	G.	The Company shall be the sole judge as to: 

  

	 	1.	What constitutes a claim or loss covered under any Policy; 

  

	 	2.	The Company’s liability thereunder; 

  

	 	3.	The amount or amounts the Company shall pay thereunder. 

 The Reinsurer shall be bound by the judgment of the
Company as to the obligation(s) and liability(ies) of the Company under any Policy. 
 ARTICLE 10 

EXTRA-CONTRACTUAL OBLIGATIONS/LOSS EXCESS OF POLICY LIMITS  
  

	A.	“Extra-Contractual Obligations” means those liabilities not covered under any other provision of this Contract, other than Loss Excess of Policy Limits, including but not limited to compensatory,
consequential, punitive, or exemplary damages together with any legal costs and expenses incurred in connection therewith, paid as damages or in settlement by the Company arising from an allegation or claim of its insured, its insured’s
assignee, or other third party, which alleges negligence, gross negligence, bad faith or other tortious conduct on the part of the Company in the handling, adjustment, rejection, defense or settlement of a claim under a Policy that is Business
Covered. 

  

					
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	B.	“Loss Excess of Policy Limits” means any amount of loss, together with any legal costs and expenses incurred in connection therewith, paid as damages or in settlement by the Company in excess of its Policy
Limits, but otherwise within the coverage terms of the Policy, arising from an allegation or claim of its insured, its insured’s assignee, or other third party, which alleges negligence, gross negligence, bad faith or other tortious conduct on
the part of the Company in the handling of a claim under a Policy or bond that is the Business Covered, in rejecting a settlement within the Policy Limits, in discharging a duty to defend or prepare the defense in the trial of an action against its
insured, or in discharging its duty to prepare or prosecute an appeal consequent upon such an action. For the avoidance of doubt, the decision by the Company to settle a claim for an amount within the coverage of the Policy but not within the Policy
Limit when the Company has reasonable basis to believe that it may have legal liability to its insured or assignee or other third party on the claim will be deemed a Loss Excess of Policy Limits. A reasonable basis shall mean it is more likely than
not a trial would result in a verdict excess of the Policy Limits, in the opinion of counsel assigned to defend the insured or otherwise retained by the Company. 

  

	C.	An Extra-Contractual Obligation or a Loss Excess of Policy Limits shall be deemed to have occurred on the same date as the loss covered under the Company’s original Policy and shall be considered part of the
original loss (subject to other terms of this Contract). 

  

	D.	Neither an Extra-Contractual Obligation nor a Loss Excess of Policy Limits shall include a loss incurred by the Company as the result of any fraudulent or criminal act, as finally adjudicated by a court, by any
executive officer or director of the Company acting individually or collectively or in collusion with any other organization or party involved in the presentation, defense, or settlement of any claim under this Contract. 

 

	E.	The Company shall be indemnified in accordance with this Article to the extent permitted by applicable law. 

ARTICLE 11 
 COMMUTATION

  

	A.	As respects any loss or losses known to the Company that have not been finally settled and that may cause a claim under this Contract, the loss(es) may be commuted by mutual agreement of the Company and the Reinsurer
not less than eighty four (84) months after expiration of this Contract. In such event, the Company and the Reinsurer shall capitalize the loss(es). In the event the Company and the Reinsurer cannot agree on the value of the loss(es), the
Reinsurer and the Company shall mutually appoint an independent actuary who shall investigate and capitalize such loss(es). In the event the Reinsurer and the Company cannot reach an agreement on an independent actuary, each party shall appoint an
actuary within thirty (30) days after receipt of the written request for commutation. Upon such appointment, the two actuaries shall appoint a third actuary. If the two actuaries fail to agree on the selection of a third actuary within thirty
(30) days of their appointment, each of them shall name three individuals, of whom the other shall decline two, and the decision shall be made by drawing lots. The actuaries shall then investigate and capitalize such loss(es). All actuaries
shall be fellows of the Casualty Actuarial Society or the American Academy of Actuaries, and shall be disinterested in the outcome of the commutation. If either party does not agree with the capitalized value of the losses, the commutation shall be
abandoned. 

  

	B.	The Reinsurer’s proportion of the amount so determined shall be considered the Reinsurer’s total liability for the loss(es) and the lump sum payment thereof shall constitute a complete release of the Reinsurer
from liability for the loss(es). 

  

					
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 ARTICLE 12 

SALVAGE AND SUBROGATION 
  

	A.	The Reinsurers shall be subrogated, as respects any loss for which the Reinsurers shall actually pay or become obligated, but only to the extent of the amount of payment by or the amount of liability to the Reinsurers,
to all the rights of the Company against any person or other entity who may be legally responsible for damages as a result of said loss. The Company shall enforce such rights, but in the event that the Company elects or neglects to do so, the
Reinsurers are hereby authorized and empowered to bring any appropriate action in the name of the Company or its Policyholders, or otherwise to enforce such rights, but only after obtaining the prior consent of the Company. The Reinsurers shall
promptly remit to the Company the amount of any recovery obtained net of the expenses sustained in such an action in excess of the amount of payment by, or the amount of liability to, the Reinsurers hereunder. 

 

	B.	Amounts recovered from salvage and/or subrogation will always be used to reimburse any excess reinsurers (and the Company should it carry a portion of excess coverage net) before being used in any way to reimburse the
Company and the Reinsurer hereon, who will share pro-rata in any remainder. 

ARTICLE 13 
 ERRORS AND
OMISSIONS 
 Any inadvertent error, omission or delay in complying with the terms and conditions of this Contract shall not be held to relieve either
party hereto from any liability that would attach to it hereunder if such error, omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery. 

ARTICLE 14 
 CURRENCY
 
 Whenever the word “Dollars” or the “$” sign appears in this Contract, they shall be construed to mean United States Dollars
and all transactions under this Contract shall be in United States Dollars. Amounts paid or received by the Company in any other currency shall be converted to United States Dollars at the rate of exchange at the date such transaction is entered on
the books of the Company. 
 ARTICLE 15 

FEDERAL EXCISE TAX AND OTHER TAXES  
  

	A.	In consideration of the terms under which this Contract is issued, the Company undertakes not to claim any deduction of the premium hereon when making Canadian tax returns or when making tax returns, other than Income
or Profits Tax returns, to any state or territory of the United States of America or to the District of Columbia. Furthermore, the Company is responsible for the payment of any and all bonds, bureaus, assessments and fees that may be due, including
self-procurement or direct placement tax. 

  

					
	B.	 	1.	    	Each Reinsurer has agreed to allow, for the purpose of paying the Federal Excise Tax, the applicable percentage of the premium payable hereon (as imposed under the Internal Revenue Code) to the extent such premium is subject to
Federal Excise Tax. Should the Reinsurer claim exempt status from Federal Excise Tax, it shall provide to the Company, upon its request, proof that the exempt status adequately satisfies the rules as imposed in the Internal Revenue Code and any
other applicable U.S. government authority.

  

					
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	 	2.	In the event of any return of premium becoming due hereunder, the Reinsurer shall deduct the applicable percentage of the premium from the amount of the return, and the Company or its agent should take steps to recover
the Tax from the U.S. Government. 

  

	 	3.	As respects premiums ceded to the Reinsurer under this Contract, the Reinsurer agrees to indemnify the Company for any liability, expense, interest, or penalty it may incur by reason of the Reinsurer’s breach of
this Article. 

 ARTICLE 16 

FOREIGN ACCOUNT TAX COMPLIANCE ACT (“FATCA”)  

 

	A.	Each Reinsurer hereby acknowledges the requirements of Sections 1471-1474 US Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance issued from time to time thereunder
(“FATCA”) and the obligation of each of them to provide to the Intermediary a valid Internal Revenue Service (“IRS”) Form W8-BEN-E, W-9 or other documentation meeting the requirements of the FATCA regulations to establish they are not subject to any withholding requirement pursuant to FATCA (the “Required Documentation”).

  

	B.	Furthermore: 

  

	 	1.	If a Reinsurer becomes non-compliant with FATCA during the Contract period or has not provided the Intermediary with the Required Documentation fourteen (14) days prior to
any reinsurance premium due date, the Withholding Agent (as defined in U.S. Treasury Regulation Section 1.1471-1(b)(147)) shall withhold thirty percent (30%) of the reinsurance premium (to the extent all or a
portion of that reinsurance premium is subject to withholding pursuant to FATCA) due to that Reinsurer under this Contract on that reinsurance premium due date and shall promptly notify that Reinsurer via the Intermediary. 

 

	 	2.	The withholding of reinsurance premium by virtue of 1. above shall not be, and shall not be treated by the Reinsurer as a breach of any reinsurance premium payment condition, warranty or other clause whether or not
entitling the Reinsurer to cancel, terminate or restrict this Contract, refuse, restrict or delay payment of any claim or invoke any interest, penalty or other late payment provision. The Reinsurer shall be liable under this Contract as if no such
withholding had been made. 

  

	 	3.	The Reinsurer shall not recoup sums withheld under 1. above by deducting equivalent sums from any payments due to the Company or by set off against any other sums owed by the Reinsurer and any general or contractual
right of set-off enjoyed by the Reinsurer is hereby varied and qualified to that extent. 

  

	 	4.	Where reinsurance premium is withheld in error, has not yet been paid to the IRS and the underwriter has been paid only the net reinsurance premium following such withholding, the Intermediary will cooperate with the
Reinsurer to process the requisite refund. 

  

					
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 ARTICLE 17 

ACCESS TO RECORDS 
  

	A.	The Company shall place at the disposal of the Reinsurer at all reasonable times, and the Reinsurer shall have the right to inspect (and make reasonable copies) through its designated representatives, all non-privileged books, records and papers of the Company directly related to any reinsurance hereunder, or the subject matter hereof, provided that if the Reinsurer is a
Run-Off Reinsurer this right of access shall be subject to that Reinsurer being current in all payments owed the Company that are not currently the subject of a dispute. For the purposes of this Article, “non-privileged” refers to books, records and papers that are not subject to the Attorney-client privilege and Attorney-work product doctrine. The term “dispute” shall be as defined consistent
with the NAIC Annual Statement Instructions. In the event an arbitration has been demanded, the right of access and audit shall be only allowed as determined by the arbitration Board. 

 

	B.	“Attorney-client privilege” and “Attorney-work product” shall have the meanings ascribed to each by statute and/or the court of final adjudication in the jurisdiction whose laws govern the
substantive law of a claim arising under a Policy reinsured under this Contract. 

  

	C.	Notwithstanding the foregoing, the Company shall permit and not object to the Reinsurer’s access to privileged documents in connection with the underlying claim reinsured hereunder following final settlement or
final adjudication of the case or cases involving such claim; provided that the Company may defer release of such privileged documents if there are subrogation, contribution, or other third party actions with respect to that claim or similar claims,
which might jeopardize the Company’s defense by release of such privileged documents. In the event the Company shall seek to defer release of such privileged documents, it will, in consultation with the Reinsurer, take other steps as reasonably
necessary to provide the Reinsurer with the information it reasonably requires to evaluate exposure, establish reserves or indemnify the Company without causing a loss of such privileges. The Reinsurer, however, shall not have access to privileged
documents relating to any dispute between the Company and the Reinsurer. Furthermore, in the event the Reinsurer demonstrates a need for information contained in privileged documents prior to the resolution of the underlying claim, the Company will
endeavor to undertake steps as reasonably necessary to provide the Reinsurer with the information it reasonably requires to indemnify the Company without causing a loss of such privilege. 

ARTICLE 18 
 RESERVES
 
  

	A.	If, at any time during the period of this Contract and thereafter the reinsurance provided by a Reinsurer participating in this Contract does not qualify for full statutory accounting credit for reinsurance by
regulatory authorities having jurisdiction over the Company (whether by reason of lack of license, accreditation or otherwise) such that a financial penalty to the Company would result on any statutory statement or report the Company is required to
make or file with insurance regulatory authorities (or a court of law in the event of insolvency), the Reinsurer shall secure the Reinsurer’s share of Obligations for which such full statutory credit is not granted by those authorities under
this Contract in a manner, form, and amount acceptable to the Company and to all applicable insurance regulatory authorities in accordance with this Article. 

  

					
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	B.	The Reinsurer shall secure such Obligations, within thirty (30) days after the receipt of the Company’s written request regarding the Reinsurer’s share of Obligations under this Contract (but not later
than December 31) of each year by either: 

  

	 	1.	Clean, irrevocable, and unconditional evergreen letter(s) of credit issued and confirmed, if confirmation is required by the applicable insurance regulatory authorities, by a qualified United States financial
institution as defined under the Insurance Law of the Company’s domiciliary state and acceptable to the Company and to insurance regulatory authorities; 

  

	 	2.	A trust account meeting at least the standards of New York’s Insurance Regulation 114 and the Insurance Law of the Company’s domiciliary state; or 

 

	 	3.	Cash advances or funds withheld or a combination of both, which will be under the exclusive control of the Company (“Funds Deposit”). 

 

	C.	The “Obligations” referred to herein means, subject to the preceding paragraphs, the then current (as of the end of each calendar quarter) sum of any: 

 

	 	1.	amount of ceded unearned premium reserve for which the Reinsurer is responsible to the Company; 

  

	 	2.	amount of Net Losses, including any Loss Adjustment Expenses, and other amounts paid by the Company for which the Reinsurer is responsible to the Company but has not yet paid; 

 

	 	3.	amount of ceded reserves for Net Losses, including any Loss Adjustment Expenses (including amounts for incurred but not reported loss), for which the Reinsurer is responsible to the Company; 

 

	 	4.	amount of return and refund premiums paid by the Company for which the Reinsurer is responsible to the Company but has not yet paid. 

 

	D.	The Company, or its successors in interest, may draw, at any time and from time to time, upon the: 

  

	 	1.	Established letter of credit (or subsequent cash deposit); 

  

	 	2.	Established trust account (or subsequent cash deposit); or 

  

	 	3.	Funds Deposit; 

 without diminution or restriction because of the insolvency of either the Company or the
Reinsurer for one or more of the following purposes set forth below. 
  

	E.	Draws shall be made only for the following purposes: 

  

	 	1.	To make payment to and reimburse the Company for the Reinsurer’s share of Net Loss, including any Loss Adjustment Expense, and other amounts paid by the Company under its Policies and for which the Reinsurer is
responsible under this Contract that is due to the Company but unpaid by the Reinsurer including but not limited to the Reinsurer’s share of premium refunds and returns; and 

 

	 	2.	To obtain a cash advance of the entire amount of the remaining balance under any letter of credit in the event that the Company: 

  

	 	a.	has received notice of non-renewal or expiration of the letter of credit or trust account; 

  

					
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	 	b.	has not received assurances satisfactory to the Company of any required increase in the amount of the letter of credit or trust account, or its replacement or other continuation of the letter of credit or trust account
at least thirty (30) days before its stated expiration date; 

  

	 	c.	has been made aware that others may attempt to attach or otherwise place in jeopardy the security represented by the letter of credit or trust account; or 

 

	 	d.	has concluded that the trustee or issuing (or confirming) bank’s financial condition is such that the value of the security represented by the letter of credit or trust account may be in jeopardy;

 and under any of those circumstances set forth in E(2)(a) through E(2)(d) above, where the Reinsurer’s entire Obligations, or part
thereof, under this Contract remain un-liquidated and un-discharged at least thirty (30) days prior to the stated expiration date or at the time the Company learns
of the possible jeopardy to the security represented by the letter of credit or trust account. 
  

	F.	If the Company draws on the letter of credit or trust account to obtain a cash advance, the Company will hold the amount of the cash advance so obtained in the name of the Company in any qualified United States
financial institution as defined under the Insurance Law of the Company’s domiciliary state in trust solely to secure the Obligations referred to above and for the use and purposes enumerated above and to return any balance thereof to the
Reinsurer: 

  

	 	1.	Upon the complete and final liquidation and discharge of all of the Reinsurer’s Obligations to the Company under this Contract; or 

 

	 	2.	In the event the Reinsurer subsequently provides alternate or replacement security consistent with the terms hereof and acceptable to the Company. 

 

	G.	The Company will prepare and forward at annual intervals or more frequently as determined by the Company, but not more frequently than quarterly to the Reinsurer a statement for the purposes of this Article, showing the
Reinsurer’s share of Obligations as set forth above. If the Reinsurer’s share thereof exceeds the then existing balance of the security provided, the Reinsurer will, within fifteen (15) days of receipt of the Company’s statement,
but never later than December 31 of any year, increase the amount of the letter of credit, (or subsequent cash deposit), trust account or Funds Deposit to the required amount of the Reinsurer’s share of Obligations set forth in the
Company’s statement, but never later than December 31 of any year. If the Reinsurer’s share thereof is less than the then existing balance of the security provided, the Company will release the excess thereof to the Reinsurer upon the
Reinsurer’s written request. The Reinsurer will not attempt to prevent the Company from holding the cash advance or Funds Deposit so long as the Company is acting in accordance with this Article. The Company shall pay interest earned on the
deposited amounts to the Reinsurers as the parties shall have agreed at the time of the deposit. 

  

	H.	 Any assets deposited to a trust account will be valued according to their current fair market value and will
consist only of cash (U.S. legal tender), certificates of deposit issued by a qualified United States financial institution as defined under the Insurance Law of the Company’s domiciliary state and payable in cash and investments of the types
no less conservative than those specified in Section 1404 (a)(1)(2)(3)(8) and (10) of the New York Insurance Law and which are admitted assets under the Insurance Law of the Company’s domiciliary state. Investments issued by the
parent, subsidiary, or affiliate of either the Company or the Reinsurer will not be eligible investments. All assets so deposited will be accompanied by 

  

					
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all necessary assignments, endorsements in blank, or transfer of legal title to the trustee in order that the Company may negotiate any such assets without the requirement of consent or signature
from the Reinsurer or any other entity. 

  

	I.	All settlements of account between the Company and the Reinsurer will be made in cash or its equivalent. All income earned and received by the amount held in an established trust account will be added to the principal.

  

	J.	The Company’s “successors in interest” will include those by operation of law, including without limitation, any liquidator, rehabilitator, receiver, or conservator. 

 

	K.	The Reinsurer will take any other reasonable steps that may be required for the Company to take full credit on its statutory financial statements for the reinsurance provided by this Contract. 

ARTICLE 19 
 SERVICE OF
SUIT 
  

	A.	This Article applies only to those Reinsurers not domiciled in the United States of America, and/or not authorized in any state, territory and/or district of the United States of America where authorization is required
by insurance regulatory authorities. 

  

	B.	This Article shall not be read to conflict with or override the obligations of the parties to arbitrate their disputes as provided for in the Article entitled ARBITRATION. This Article is intended as an
aid to compelling arbitration or enforcing such arbitration or arbitral award, not as an alternative to the Article entitled ARBITRATION for resolving disputes arising out of this Contract. 

 

	C.	In the event of the failure of the Reinsurer to perform its obligations hereunder, the Reinsurer, at the request of the Company, shall submit to the jurisdiction of a court of competent jurisdiction within the United
States. Nothing in this Article constitutes or should be understood to constitute a waiver of the Reinsurer’s rights to commence an action in any court of competent jurisdiction in the United States, to remove an action to a United States
District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or of any state in the United States. The Reinsurer, once the appropriate court is selected, whether such court is the one originally
chosen by the Company and accepted by the Reinsurer or is determined by removal, transfer, or otherwise, as provided for above, shall comply with all requirements necessary to give said court jurisdiction and, in any suit instituted against the
Reinsurer upon this Contract, shall abide by the final decision of such court or of any appellate court in the event of an appeal. 

  

	D.	Service of process in such suit may be made upon Messrs. Mendes and Mount, 750 Seventh Avenue, New York, New York 10019-6829, or another party specifically designated in the applicable Reinsurer’s signature page
attached hereto. The above-named are authorized and directed to accept service of process on behalf of the Reinsurer in any such suit. 

  

	E.	Further, pursuant to any statute of any state, territory or district of the United States that makes provision therefor, the Reinsurer hereby designates the Superintendent, Commissioner or Director of Insurance, or
other officer specified for that purpose in the statute, or his successor or successors in office, as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Company
or any beneficiary hereunder arising out of this Contract, and hereby designates the above-named as the person to whom the said officer is authorized to mail such process or a true copy thereof. 

  

					
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 ARTICLE 20 

ARBITRATION  
  

	A.	Any and all disputes between the Company and the Reinsurer arising out of, relating to, or concerning this Contract including its formation or validity whether sounding in contract or tort and whether arising during or
after termination of this Contract, shall be submitted to the decision of a board of arbitration composed of two (2) arbitrators and an umpire (“Board”) meeting at a site in the city in which the principal headquarters of the Company
are located. The arbitration shall be conducted under the Federal Arbitration Act and shall proceed as set forth below. 

  

	B.	A notice requesting arbitration, or any other notice made in connection therewith, shall be in writing and be sent certified or registered mail, return receipt requested to the affected parties. The notice requesting
arbitration shall state in particular all issues to be resolved in the view of the claimant, shall appoint the arbitrator selected by the claimant and shall set a tentative date for the hearing, which date shall be no sooner than ninety
(90) days and no later than one hundred fifty (150) days from the date that the notice requesting arbitration is mailed. Within thirty (30) days of receipt of claimant’s notice, the respondent shall notify claimant of any
additional issues to be resolved in the arbitration and of the name of its appointed arbitrator. 

  

	C.	The members of the Board shall be impartial, disinterested and not currently representing any party participating in the arbitration, and shall be current or former senior officers of insurance or reinsurance concerns,
experienced in the line(s) of business that are the subject of this Contract. The Company and the Reinsurer as aforesaid shall each appoint an arbitrator and the two (2) arbitrators shall choose an umpire before instituting the hearing. As time
is of the essence, if the respondent fails to appoint its arbitrator within thirty (30) days after having received claimant’s written request for arbitration, the claimant is authorized to and shall appoint the second arbitrator. If the
two (2) arbitrators fail to agree upon the appointment of an umpire within thirty (30) days after notification of the appointment of the second arbitrator, within ten (10) days thereof, the two (2) arbitrators shall apply ARIAS
U.S. (“ARIAS”) procedures to appoint an umpire for the arbitration with the qualifications set forth above in this Article. If the use of ARIAS procedures fails to name an umpire, either party may apply to a court of competent jurisdiction
to appoint an umpire with the above required qualifications. The umpire shall promptly notify in writing all parties to the arbitration of his selection and of the scheduled date for the hearing. Upon resignation or death of any member of the Board,
a replacement shall be appointed in the same fashion as the resigning or deceased member was appointed. 

  

	D.	The claimant and respondent shall each submit initial briefs to the Board outlining the facts, the issues in dispute and the basis, authority, and reasons for their respective positions within thirty (30) days of
the date of notice of appointment of the umpire. The claimant and the respondent may submit a reply brief to the Board within ten (10) days after filing of the initial brief(s). Initial and reply briefs may be amended by the submitting party at
any time, but not later than ten (10) days prior to the date of commencement of the arbitration hearing. Reasonable responses shall be allowed at the arbitration hearing to new material contained in any amendments filed to the briefs but not
previously responded to. 

  

	E.	The Board shall consider this Contract as an honorable engagement and shall make a decision and award with regard to the terms expressed in this Contract, the original intentions of the parties to the extent reasonably
ascertainable, and the custom and usage of the insurance and reinsurance business that is the subject of this Contract. Notwithstanding any other provision of this Contract, the Board shall have the right and obligation to consider underwriting and
submission-related documents in any dispute between the parties. 

  

					
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	F.	The Board shall be relieved of all judicial formalities and the decision and award shall be based upon a hearing in which evidence shall be allowed though the formal rules of evidence shall not strictly apply.
Cross-examination and rebuttal shall be allowed. The Board may request a post-hearing brief to be submitted within twenty (20) days of the close of the hearing. 

 

	G.	The Board shall render its decision and award in writing within thirty (30) days following the close of the hearing or the submission of post-hearing briefs, whichever is later, unless the parties consent to an
extension. Every decision by the Board shall be by a majority of the members of the Board and each decision and award by the majority of the members of the Board shall be final and binding upon all parties to the proceeding. Such decision shall be a
condition precedent to any right of legal action arising out of the arbitrated dispute which either party may have against the other. However, the Board is not authorized to award punitive, exemplary or enhanced compensatory damages.

  

	H.	The Board may award: (i) interest at a rate not in excess of that set forth in the Article entitled LATE PAYMENTS, calculated from the date the Board determines that any amounts due the prevailing
party should have been paid to the prevailing party, and (ii) applicable Attorneys’ fees and costs. 

  

	I.	Either party may apply to a court of competent jurisdiction for an order confirming any decision and the award; a judgment of that Court shall thereupon be entered on any decision or award. If such an order is issued,
the Attorneys’ fees of the party so applying and court costs will be paid by the party against whom confirmation is sought. 

  

	J.	Except in the event of a consolidated arbitration, unless otherwise determined by the Board each party shall bear the expense of the one arbitrator appointed by or for it and shall jointly and equally bear with the
other party the expense of any stenographer requested, and of the umpire. The remaining costs of the arbitration proceedings shall be finally allocated by the Board. 

 

	K.	Subject to customary and recognized legal rules of privilege, each party participating in the arbitration shall have the obligation to produce those documents and as witnesses at the arbitration those of its employees,
and those of its affiliates as any other participating party reasonably requests, providing always that the same witnesses and documents be obtainable and relevant to the issues before the arbitration and not be unduly burdensome or excessive in the
opinion of the Board. 

  

	L.	The parties may mutually agree as to pre-hearing discovery prior to the arbitration hearing and in the absence of agreement, upon the request of any party, pre-hearing discovery may be conducted as the Board shall determine in its sole discretion to be in the interest of fairness, full disclosure, and in furtherance of a prompt hearing, decision and award by the Board.

  

	M.	The Board shall be the final judge of the composition of the Board, the procedures of the Board, the conduct of the arbitration, of the rules of evidence, the rules of privilege, discovery and production and of
excessiveness and relevancy of any witnesses and documents upon the petition of any participating party. To the extent permitted by law, the Board shall have the authority to issue subpoenas and other orders to enforce their decisions. The Board
shall also have the authority to issue interim decisions, awards or costs in the interest of fairness, full disclosure, and a prompt and orderly hearing and decision and award by the Board. 

  

					
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	N.	Upon request made to the Board not later than ten (10) days after the umpire’s appointment, the Board may order a consolidated hearing as respects common issues between the Company and all affected Reinsurers
participating in this Contract if the Board is satisfied in its discretion that the issues in dispute affect more than one Reinsurer and a consolidated hearing would be in the interest of fairness, and a prompt and cost-effective resolution of the
issues in dispute. 

  

	O.	If the parties mutually agree to or the Board orders a consolidated hearing, all other affected participating Reinsurers shall join and participate in the arbitration under time frames established by the Board and will
be bound by the Board’s decision and award unless excused by the Board in its discretion. A consolidated hearing shall not result in any change or modification of any Reinsurer’s liability for its participation, that is several, but not
joint shall remain the same. 

  

	P.	Any Reinsurer may decline to actively participate in a consolidated arbitration if in advance of the hearing, that Reinsurer shall file with the Board a written agreement in form satisfactory to the Board to be bound by
the decision and award of the Board in the same fashion and to the same degree as if it actively participated in the arbitration. 

  

	Q.	In the event of an order of consolidation by the Board, the arbitrator appointed by the original Reinsurer shall be subject to being, and may be, replaced within thirty (30) days of the decision to have a
consolidated arbitration by an arbitrator named collectively by the Reinsurers or in the absence of agreement, by the Lead Reinsurer, or if there is no Lead Reinsurer involved in the dispute, the Reinsurer with the largest participation in this
Contract affected by the dispute. In the event two (2) or more Reinsurers affected by the dispute each have the same largest participation, they shall agree among themselves as to the replacement arbitrator, if any, to be appointed. The umpire
shall be the final determiner in the event of any dispute over replacement of that arbitrator. All other aspects of the arbitration shall be conducted as provided for in this Article provided that (1) each party actively participating in the
consolidated arbitration will have the right to its own attorney, position, and related claims and defenses; (2) each party will not, in presenting its position, be prevented from presenting its position by the position set forth by any other
party; and (3) the cost and expense of the arbitration including the expense of any stenographer, will be borne equally by each party actively participating in the consolidated arbitration (exclusive of Attorney’s fees, which will be borne
by the respective retaining party unless otherwise determined by the Board) or as the Board shall determine to be fair and appropriate under the circumstances. 

  

	R.	Nothing in this Article shall preclude any of the parties engaged in an arbitration from settling the dispute and withdrawing from an arbitration established to resolve that dispute. 

ARTICLE 21 
 EXPEDITED
ARBITRATION 
 In the event that either party demands arbitration of a dispute between the Company and the Reinsurer, and the amount in dispute is
less than two hundred fifty thousand dollars ($250,000), unless the arbitration notice includes a demand for rescission of this Contract, notwithstanding the terms of the Article entitled ARBITRATION, the dispute shall be resolved by a
sole arbitrator and the following procedures shall apply: 
  

	 	1.	The sole arbitrator shall be chosen by mutual agreement of the parties within fifteen (15) business days after the demand for arbitration. If the parties have not chosen an arbitrator within the fifteen
(15) business days after the receipt of the arbitration notice, the arbitrator shall be chosen in accordance with the Neutral Arbitrator Selection Procedure modified for a single arbitrator, established by the AIDA Reinsurance and Insurance
Arbitration Society – U.S. (ARIAS) and in force on the date the arbitration is demanded. The nominated arbitrator must be available to read any written submissions and hear testimony within sixty (60) calendar days of being chosen.

  

					
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	 	2.	Within ten (10) business days after the arbitrator has been appointed, the parties shall be notified of deadlines for the submission of briefs and documentary evidence, as determined by the arbitrator. There shall
be no discovery or hearing unless the parties agree to engage in limited discovery and/or a hearing. Also, the arbitrator can determine, without the consent of the parties, that a limited discovery and/or a limited hearing is necessary.

  

	 	3.	The arbitrator shall render a decision within ten (10) business days after the latter of the date on which briefs are submitted or the end of the limited hearing. The decision of the arbitrator shall be in writing
and shall be final and binding on both parties. 

  

	 	4.	Each party shall jointly and equally bear with the other party the cost of the arbitrator. The remaining costs of the arbitration shall be allocated by the arbitrator. The arbitrator may, at its discretion, award such
further costs and expenses as it considers appropriate, including but not limited to attorneys’ fees, to the extent permitted by law. However, the arbitrator may not award any exemplary or punitive damages. 

ARTICLE 22 
 INSOLVENCY

  

	A.	If more than one reinsured company is referenced within the definition of “Company” in the Preamble to this Contract, this Article shall apply severally to each such company. Further, this Article and the laws
of the domiciliary state shall apply in the event of the insolvency of any company covered hereunder. In the event of a conflict between any provision of this Article and the laws of the domiciliary state of any company covered hereunder, that
domiciliary state’s laws shall prevail. 

  

	B.	In the event of the insolvency of the Company, this reinsurance (or the portion of any risk or obligation assumed by the Reinsurer, if required by applicable law) shall be payable directly to the Company, or to its
liquidator, receiver, conservator or statutory successor, either: (1) on the basis of the liability of the Company, or (2) on the basis of claims filed and allowed in the liquidation proceeding, whichever may be required by applicable
statute, without diminution because of the insolvency of the Company or because the liquidator, receiver, conservator or statutory successor of the Company has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator,
receiver, conservator or statutory successor of the Company shall give written notice to the Reinsurer of the pendency of a claim against the Company indicating the Policy or bond reinsured, which claim would involve a possible liability on the part
of the Reinsurer within a reasonable time after such claim is filed in the conservation or liquidation proceeding or in the receivership, and that during the pendency of such claim, the Reinsurer may investigate such claim and interpose, at its own
expense, in the proceeding where such claim is to be adjudicated any defense or defenses that it may deem available to the Company or its liquidator, receiver, conservator or statutory successor. The expense thus incurred by the Reinsurer shall be
chargeable, subject to the approval of the court, against the Company as part of the expense of conservation or liquidation to the extent of a pro rata share of the benefit that may accrue to the Company solely as a result of the defense undertaken
by the Reinsurer. 

  

	C.	Where two (2) or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to such claim, the expense shall be apportioned in accordance with the terms of this reinsurance
Contract as though such expense had been incurred by the Company. 

  

					
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	D.	As to all reinsurance made, ceded, renewed or otherwise becoming effective under this Contract, the reinsurance shall be payable as set forth above by the Reinsurer to the Company or to its liquidator, receiver,
conservator or statutory successor, (except as provided by Section 4118(a)(1)(A) of the New York Insurance Law, provided the conditions of 1114(c) of such law have been met, if New York law applies) or except (1) where the Contract specifically
provides another payee in the event of the insolvency of the Company, or (2) where the Reinsurer, with the consent of the direct insured or insureds, has assumed such Policy obligations of the Company as direct obligations of the Reinsurer to
the payees under such Policies and in substitution for the obligations of the Company to such payees. Then, and in that event only, the Company, with the prior approval of the certificate of assumption on New York risks by the Superintendent of
Financial Services of the State of New York, or with the prior approval of such other regulatory authority as may be applicable, is entirely released from its obligation and the Reinsurer shall pay any loss directly to payees under such Policy.

 ARTICLE 23 

CONFIDENTIALITY 
  

	A.	The information, data, statements, representations and other materials provided by the Company or the Reinsurer to the other arising from consideration and participation in this Contract whether contained in the
reinsurance submission, this Contract, or in materials or discussions arising from or related to this Contract, constitutes confidential or proprietary information unless expressly indicated otherwise by the Disclosing Party (“Disclosing
Party”) in writing from time to time to the other party or the respective parties (“Confidential Information”). This Confidential Information is intended for the sole use of the parties to this Contract (and their affiliates involved
in management or operation of assumed reinsurance business, retrocessionaires, prospective retrocessionaires, intermediaries involved in such placements, respective auditors, third-party service providers, and legal counsel) as may be necessary in
analyzing and/or accepting a participation in and/or executing their respective responsibilities under or related to this Contract. 

  

	B.	Disclosing or using Confidential Information relating to this Contract, without the prior written consent of the Disclosing Party, for any purpose beyond (i) the scope of this Contract, (ii) the reasonable
extent necessary to perform rights and responsibilities expressly provided for under this Contract, (iii) the reasonable extent necessary to administer, report to and effect recoveries from retrocessional Reinsurers, (iv) the reporting to
regulatory or other governmental authorities as may be legally required or (v) persons with a need to know the information, (all of the preceding persons or entities who are legally obligated by either written agreement or otherwise to maintain
the confidentiality of the Confidential Information) is expressly forbidden. Copying, duplicating, disclosing, or using Confidential Information for any purpose beyond this expressed purpose is forbidden without the prior written consent of the
Disclosing Party. 

  

	C.	Should a party (“Receiving Party”) receive a third party demand pursuant to subpoena, summons, or court or governmental order or request, to disclose Confidential Information that has been provided by another
party to this Contract, the Receiving Party shall provide the Disclosing Party with written notice of any subpoena, summons, or court or governmental order or request, at least ten (10) days prior to such release or disclosure. Unless the
Disclosing Party has given its prior permission to release or disclose the Confidential Information, the Receiving Party shall not comply with the subpoena prior to the actual date required by the subpoena. If a protective order or appropriate
remedy is not obtained, the Receiving Party may disclose only that portion of the Confidential Information that it is legally obligated to disclose. However, notwithstanding anything to the contrary in this Contract, in no event, to the extent
permitted by law, shall this Article require the Receiving Party not to comply with the subpoena, summons, or court or governmental order. 

  

					
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 ARTICLE 24 

PRIVACY & PROTECTION OF DATA 
  

	A.	The Company and the Reinsurer represent that they are aware of and in compliance with their responsibilities and obligations under applicable laws and regulations pertaining to
Non-Public Personal Information and Protected Health Information (hereinafter “NPPI” and “PHI”, respectively). For the purpose of this Contract,
“Non-Public Personal Information” and “Protected Health Information” shall mean financial or health information that identifies an individual, including claimants under Policies reinsured
under this Contract, and which information is not otherwise available to the public. Data conveyed through the Intermediary may include NPPI and/or PHI that is protected under applicable laws and regulations and shall be used only in the performance
of rights, obligations and duties in connection with this Contract. 

  

	B.	The Intermediary shall receive and convey NPPI and PHI data that it has received from the parties to this Contract or others for the sole purpose of carrying out the respective obligations of the parties under this
Contract. To the extent that this Contract is placed in conjunction with one or more corresponding Intermediaries the parties hereby authorize the transmission of the relevant data through the corresponding Intermediaries whether located in the
United States or any other country. The parties shall use any NPPI and PHI data received from another party or the Intermediary only as may be necessary to satisfy their respective obligations under this Contract. Furthermore, the parties shall
maintain appropriate safeguards to protect any data received from accidental loss or unauthorized access, use or disclosure. 

ARTICLE 25 
 LATE
PAYMENTS  
  

	A.	Payments from the Reinsurer to the Company have a due date as expressed in the Article entitled REPORTS, LOSS AND LOSS SETTLEMENTS. Payment not received within ten (10) days of the due date shall be
deemed overdue (the “Overdue Date”). Payments due from the Reinsurer to the Company will not be considered overdue if the Reinsurer requests, in writing, that such payment be made by drawing on a letter of credit or other similar method of
funding that has been established for this Contract, provided that there is an adequate balance in place, and further provided that such advice to draw is received by the Company by the Overdue Date. Payments from the Company to the Reinsurer will
have a due date as the date specified in this Contract and will be overdue thirty (30) days thereafter. Premium adjustments will be overdue thirty (30) days from the Contract due date or one hundred twenty (120) days after the
expiration or renewal date, whichever is greater. 

  

	B.	If payment is made of overdue amounts within thirty (30) days of the Overdue Date, overdue amounts will bear simple interest from the due date at a rate determined by the annualized one month London Interbank
Offered Rate for the first business day of the calendar month in which the amount becomes overdue, as published in The Wall Street Journal, plus two hundred (200) basis points to be calculated weekly. If payment is made of overdue amounts more
than thirty (30) days after the Overdue Date, overdue amounts will bear simple interest from the due date at a rate determined by the annualized one month London Interbank Offered Rate for the first business day of the calendar month in which
the amount becomes overdue, as published in The Wall Street Journal, plus four hundred (400) basis points to be calculated on a weekly basis, but in no event less than eight percent (8%) simple interest. If the sum of the compensating
additional amount computed in respect of any overdue payment is less than one quarter of one percent (0.25%) of the amount overdue, or one thousand dollars ($1,000), whichever is greater, and/or the overdue period is one week or less, then the
interest amount shall be waived. The basis point standards referred to above shall be doubled if the payment is due from a Reinsurer who is no longer an active reinsurance market. Interest shall cease to accrue upon the party’s payment of an
overdue amount to the Intermediary. 

  

					
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 ARTICLE 26 

OFFSET 
 The Company and the Reinsurer shall have
the right to offset any balance or amounts due as billed from one party to the other under the terms of this Contract. The party asserting the right of offset may exercise such right any time whether the balances due as billed are on account of
premiums or losses or otherwise and immediately inform the Intermediary accordingly. In the event of the insolvency of any party, offset shall be as permitted by applicable insolvency or liquidation law. 

ARTICLE 27 
 SPECIAL
TERMINATION 
  

	A.	The Company may terminate or commute this Contract upon the happening of any one of the following circumstances at any time by the giving of fifteen (15) days prior written notice to the Reinsurer:

  

	 	1.	The Reinsurer ceases active underwriting operations or a State Insurance Department or other legal authority orders the Reinsurer to cease writing business; or 

 

	 	2.	The Reinsurer has filed a plan to enter into a Scheme of Arrangement or similar procedure affecting the Business Covered under this Contract. “Scheme of Arrangement” is defined as a legislative or regulatory
process that provides a solvent Reinsurer the opportunity to settle its Obligations with the Company either (i) without the Company’s unrestrained consent or (ii) prior to the Company having the ability to determine, with exact certainty,
the actual amount of the Obligations still outstanding and ultimately due to the Company; or 

  

	 	3.	The Reinsurer has: a) become insolvent, b) been placed under supervision (voluntarily or involuntarily), c) been placed into liquidation or receivership, or d) had instituted against it proceedings for the appointment
of a supervisor, receiver, liquidator, rehabilitator, conservator or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or control of its operations; or 

 

	 	4.	A reduction in the Reinsurer’s surplus, risk-based capital or financial strength rating occurs: 

  

	 	a.	As respects Reinsurers domiciled in the United States of America, (i) the Reinsurer’s policyholders’ surplus (“PHS”) has been reduced by, whichever is greater, twenty percent (20%) of the amount
of PHS pursuant to the most recent publicly available figure at the inception of this Contract or twenty percent (20%) of the amount of PHS stated in its last filed quarterly or annual statutory statement with its state of domicile; or (ii) the
Reinsurer’s total adjusted capital is less than two hundred percent (200%) of its authorized control level risk-based capital; or (iii) the Reinsurer’s A.M. Best’s insurer financial strength rating or its Standard &
Poor’s Insurance Rating becomes less than “A-”; or 

  

					
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	 	b.	As respects Reinsurers domiciled outside the United States of America, other than Lloyd’s Syndicates (i) the Reinsurer’s Capital & Surplus (“C&S”) has been involuntarily reduced by,
whichever is greater, twenty five percent (25%) of the published currency amount of C&S at the inception of this Contract or twenty five percent (25%) of the published currency amount of C&S stated in its last filed financial statement with
its local regulatory authority; or (ii) as respects Lloyd’s Syndicates, the Reinsurer’s total stamp capacity has been reduced by more than twenty five percent (25%) of the amount of total stamp capacity which stood at the inception of
this Contract. (This provision does not apply to any Lloyd’s Syndicate that voluntarily reduces its total stamp capacity.) or (iii) the Reinsurer’s A.M. Best’s insurer financial strength rating or its Standard &
Poor’s Insurance Rating becomes less than “A-”; or 

  

	 	5.	The Reinsurer has entered into a definitive agreement to: 

  

	 	a.	become merged with, acquired or controlled by any company, corporation or individual(s) not controlling or affiliated with the party’s operations previously; or 

 

	 	b.	directly or indirectly assign all or essentially all of its entire liability for Obligations under this Contract to another party, other than with affiliated companies with substantially the same or greater net worth,
without the Company’s prior written consent; or 

  

	 	6.	There is either a: 

  

	 	a.	severance or obstruction of free and unfettered communication and/or normal commercial or financial intercourse between the United States of America and the country in which the Reinsurer is incorporated or has its
principal office as a result of war, currency regulations or any circumstances arising out of political, financial or economic uncertainty; or 

  

	 	b.	severance from active employment (of any kind) of any two (2) or more executives, by whatever title, of the Reinsurer during the most recent forty five (45) day period who perform the following functions:
chief executive officer, chief underwriting officer, chief actuary, or chief financial officer. This condition does not apply whenever the severance in employment is for the publicly announced purpose of the individual’s assuming within thirty
(30) days a known position with another identified firm in the (re)insurance or financial services industry. 

  

	B.	In the event that notice of termination is given by reason of an event described in A(4) above (the “Termination Notice”) and prior to the effective date of the termination (the “Termination Date”),
the chief financial officer of the Reinsurer represents and certifies in writing to the Company that (i) the deterioration of the Reinsurer’s financial condition is the direct and sole result of a recent major property catastrophe(s) or the
result of an Act(s) of Terrorism (either the “Event”) and (ii) that it is actively seeking and has a high probability of successfully obtaining additional capital to substantially replace the capital loss because of the Event (the
“Extension Notice”), the Termination Date shall be extended an additional thirty (30) days from the Termination Date (the “Extended Termination Date”). If prior to the Extended Termination Date, the chief financial officer of the
Reinsurer represents and certifies in writing to the Company that (a) it has raised sufficient capital so as to return its PHS or C&S to within five percent (5%) of the Reinsurer’s PHS or C&S last filed with its domiciliary regulatory
authorities prior to the Event, (b) obtained reinstatement of its rating agency grade(s) to the level as existed immediately prior to the Event, and (c) as respects Reinsurers domiciled in the United States of America, raised its adjusted capital to
at least two hundred fifty percent (250%) of its authorized control level risk-based capital, the Termination Notice shall be null and void. Otherwise, this Contract shall terminate on the Extended Termination Date in the manner described in the
Termination Notice. 

  

					
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	C.	In the event the Company elects to terminate this Contract on a Cut-Off basis and to commute Obligations relating to this Contract, the Reinsurer shall return the sum total of the net present value
(“capitalized”) of the ceded (1) Net Loss Reserves, (2) Loss Adjustment Expense Reserves, (3) Incurred But Not Reported Reserve, and (4) Unearned Premium Reserve (after deduction for any ceding commission allowed thereon). In the event the
parties are unable to agree on the capitalized value of the reserves to be returned to the Company, the Company and the Reinsurer shall jointly appoint an independent and neutral actuary experienced in such matters and the mutually agreed actuary
shall render a decision. In the event that the Company and the Reinsurer are unable to agree upon a single actuary within thirty (30) days, the parties shall ask the then current President of any Casualty Actuarial Society to appoint an actuary
with those qualifications within another thirty (30) days. If the selected President of the Casualty Actuarial Society is unable or declines to do so, the parties shall request a Federal or State judge of a court of competent jurisdiction to
make the appointment from a list of six (6) neutral nominees submitted by the parties jointly. The decision of the actuary will be final and binding on both parties. The Company and the Reinsurer shall share equally the fees and expenses of the
actuary. Upon payment of the amount so agreed or determined by the actuary to the Company, the Reinsurer and the Company shall each be completely released from all liability to each other under this Contract. 

 

	D.	If the Reinsurer is not otherwise obligated under the Article entitled RESERVES to provide the Company security in order for the Company to obtain credit for the reinsurance provided by this Contract and
the Reinsurer has not cured the conditions described above, other than as expressed in conditions A(5) and A(6) above, the Company shall also have the option, if it does not elect the commutation option described above, to require the Reinsurer to
provide the Company with collateral funding as if the Reinsurer were otherwise obligated to provide security for the Reinsurer’s Obligations under this Contract in an amount and manner and as provided for under the Article entitled
RESERVES. The Company shall have the option to require the Reinsurer to provide collateral funding but, provided it is reasonably acceptable to the Company and any insurance regulatory authorities involved, the Reinsurer shall have the
sole option of determining the method of funding referred to above. In recognition of security a participating Reinsurer or Lloyd’s Syndicate may place under the terms of a master trust agreement, such as the U.S. Lloyd’s Credit for
Reinsurance Trust, the provisions of this Paragraph shall not apply to that participating Reinsurer or Lloyd’s Syndicate that has fully funded one hundred percent (100%) of the Obligations to the Company, as the term Obligations is defined in
the Article entitled RESERVES, pursuant to the terms of that trust agreement and the applicable funding requirements and procedures. 

ARTICLE 28 
 TERRORISM
RECOVERY 
  

	A.	Any financial assistance the Company receives from the government of the United States of America under the Terrorism Risk Insurance Act of 2002, including the Terrorism Risk Insurance Extension Act of 2005, the
Terrorism Risk Insurance Program Reauthorization Acts of 2007 and 2015, and any subsequent amendment to the Act or any regulations promulgated thereunder (the “Act”) shall apply as follows: 

 

	 	1.	Except as provided in subparagraph 2 below, any such financial assistance shall inure solely to the benefit of the Company and shall be entirely disregarded in applying all of the provisions of this Contract.

  

	 	2.	If Loss Occurrences hereunder result in recoveries made by the Company both under this Contract and under the Act, and such recoveries, together with any other reinsurance recoveries made by the Company applicable to
said Loss Occurrences, exceed the amount permitted by the Act, any amount in excess thereof shall be paid to the Reinsurer. The payment of the excess amount to the Reinsurer shall be an amount equal to the proportion that the Reinsurer’s
payment of losses eligible for reimbursement under the Act bears to the Company’s total collected reinsurance recoverables for such Insured Losses. 

  

					
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	B.	If the financial assistance provided under the Act is based on the Company’s Insured Losses in more than one Loss Occurrence and the Act and/or the government of the United States of America does not designate the
amount allocable to each Loss Occurrence, the Act’s financial assistance shall be prorated in the proportion that the Company’s Insured Losses in each Loss Occurrence bear to the Company’s total Insured Losses arising out of all Loss
Occurrences to which the Act’s financial assistance applies. If, as a result of such Act, the loss to the Reinsurer under this Contract in any one Loss Occurrence is less than the amount previously paid by the Reinsurer under this
Contract, the Company shall promptly remit the difference to the Reinsurer. 

  

	C.	The method set forth herein for determining an excess recovery is intended to be consistent with the United States Treasury Department’s construction and application of Section 103(g)(2) of the Act. To the extent
it is inconsistent, it shall be amended to conform with such construction and application, nevertheless the Company shall be the sole judge as to the allocation of recoveries under the Act to this or to other reinsurance Contracts.

  

	D.	“Company” shall have the same meaning as “Insurer” under the Act and “Insured Losses” shall follow the definition as provided in the Act. 

ARTICLE 29 
 VARIOUS OTHER
TERMS 
  

	A.	Assignment: This Contract shall be binding upon and inure to the benefit of the Company and Reinsurer and their respective successors and assigns provided, however, that this Contract may not be assigned by
either party without the prior written consent of the other which consent may be withheld by either party in its sole unfettered discretion. This provision shall not be construed to preclude the assignment by the Company of reinsurance recoverables
to another party for collection. 

  

	B.	Territory: The territorial limits of this Contract shall be identical with those of the Company’s Policies. 

  

	C.	Entire Agreement: This Contract shall constitute the entire agreement between the parties with respect to the Business Covered hereunder. There are no understandings between the parties other than as expressed in
this Contract. Any change or modification of this Contract shall be null and void unless made by amendment to the Contract and signed by the affected parties. However, nothing in this paragraph shall limit the introduction of evidence at an
arbitration as authorized by the Article entitled ARBITRATION. 

  

					
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	D.	Jurisdiction: Any dispute, suit, action or proceeding under this Contract or arising out of, directly, indirectly or incidentally or related to this Contract or to the transactions and actions arising from
performance of this Contract shall be governed by and subject to the jurisdiction of and resolved in the courts of the United States or any state thereof consistent with the Article entitled SERVICE OF SUIT. 

 

	E.	Governing Law: This Contract shall be governed by the laws of the State of Illinois, exclusive of its rules with respects to conflicts of law. 

 

	F.	Headings: The headings preceding the text of the Articles and paragraphs of this Contract are intended and inserted solely for the convenience of reference and shall not affect the meaning, interpretation,
construction or effect of this Contract. 

  

	G.	No Third Party Rights: This Contract is solely between the Company and the Reinsurer, and in no instance shall any insured, claimant or other third party have any rights under this Contract unless expressly
provided by an endorsement to this Contract and signed by the Reinsurer. 

  

	H.	Severability: If any provision of this Contract should be invalid under applicable laws, the latter shall control but only to the extent of the conflict without affecting the remaining provisions of this
Contract. 

  

	I.	Non-Waiver: The failure of the Company or Reinsurer to insist on strict compliance with this Contract or to exercise any right or remedy shall not constitute a waiver of
any rights contained in this Contract nor estop the parties from thereafter demanding full and complete compliance nor prevent the parties from exercising any remedy. 

 

	J.	Force Majeure: Each party shall be excused for any reasonable failure or delay in performing any of its respective obligations under this Contract, if such failure or delay is caused by Force Majeure. “Force
Majeure” shall mean any act of God, strike, lockout, act of public enemy, any accident, explosion, fire, storm, earthquake, flood, drought, peril of sea, riot, embargo, war or foreign, federal, state or municipal order or directive issued by a
court or other authorized official, seizure, requisition or allocation, any failure or delay of transportation, shortage of or inability to obtain supplies, equipment, fuel or labor or any other circumstance or event beyond the reasonable control of
the party relying upon such circumstance or event; provided, however, that no such Force Majeure circumstance or event shall excuse any failure or delay beyond a period exceeding ten (10) days from the date such performance would have been due
but for such circumstance or event. 

  

	K.	Survival: All Articles of this Contract shall survive the termination of this Contract until all obligations between the parties have been finally settled provided that this shall not be construed to provide any
additional underwriting exposure to the Reinsurer after the termination date of this Contract except as may be provided for in the Article entitled COMMENCEMENT AND TERMINATION. 

 

	L.	Counterparts: This Contract may be executed by the parties hereto in any number of counterparts, and by each of the parties hereto in separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  

	M.	Affiliated Companies: Whenever the word “Company” is used in this Contract, such term shall mean each and all affiliated companies which are or may hereafter be under common control. 

  

					
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	N.	Several and Not Joint Obligations: The term “Reinsurer” shall refer to each Reinsurer participating severally and not jointly in this Contract. The subscribing Reinsurers’ Obligations under
contracts of (re)insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing Reinsurers are not responsible for the subscriptions of any co-subscribing Reinsurer who for any reason does not satisfy all or part of its Obligations. 

  

	O.	“Company”: Whenever the word “Company” is used in this Contract, such term shall mean “Reinsured”, “Reassured” or whatever other term is used in the document to designate
the reinsured company or companies. 

  

	P.	Notice – Multiple Cedents: For purposes of sending and receiving notices and payments required by this Contract other than in respect of the Articles entitled SERVICE OF SUIT and
RESERVES herein, the reinsured company that is set forth first in the definition of “Company” is deemed the agent of all other reinsured companies referenced herein. In no event, however, shall any reinsured company be deemed
the agent of another with respect to the terms of the Article entitled INSOLVENCY. 

  

	Q.	Singular/Plural Terms & Contra Proferentum: Whenever the content of this Contract requires the number of all words shall include the singular and the plural. Furthermore, this Contract
shall be construed without regard to any presumption or other rule requiring construction against the party causing this Contract to be drafted. 

  

	R.	NAIC Property and Casualty Statement of Statutory Accounting Principles: As and to the extent required by NAIC Property and Casualty Statement of Statutory Accounting Principles 62(8)(d), the Company shall
furnish the Reinsurers a periodic statement showing a report of the premium, the unearned premium, the total loss and loss expense ceded under this Contract, and such other information as may be required by regulatory authorities for completion of
financial statements. Pursuant to any regulatory requirement to do so, the Reinsurer shall promptly notify the Company in writing within thirty (30) days of any change in its license status or rating status. 

 

	S.	“Run-Off Reinsurer”: Whenever the term “Run-Off Reinsurer” is used in this Contract, such term shall mean a
Reinsurer that is no longer an “active reinsurance market.” A Reinsurer will no longer be an “active reinsurance market” if that Reinsurer becomes insolvent, is placed into liquidation or receivership or if the Reinsurer ceases
all underwriting operations in the United States to the extent it no longer accepts new and renewal business. 

 ARTICLE
30 
 MODE OF EXECUTION 
  

	A.	This Contract may be executed by: 

  

	 	1.	an original written ink signature of paper documents; 

  

	 	2.	an exchange of facsimile copies showing the original written ink signature of paper documents; or 

  

	 	3.	electronic signature technology employing computer software and a digital signature or digitizer pen pad to capture a person’s handwritten signature in such a manner that the signature is unique to the person
signing, is under the sole control of the person signing, is capable of verification to authenticate the signature and is linked to the document signed in such a manner that if the data is changed, such signature is invalidated. 

 

	B.	The use of any one or a combination of these methods of execution shall constitute a legally binding and valid signing of this Contract. This Contract may be executed in one or more counterparts, each of which, when
duly executed, shall be deemed an original. 

  

					
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 ARTICLE 31 

INTERMEDIARY 
  

	A.	JLT Re (North America) Inc. (“JLT Re”) is hereby recognized as the Intermediary negotiating this Contract for all business hereunder. All communications (including but not limited to notices, statements,
premium, return premium, commissions, taxes, losses, loss adjustment expense, salvages and loss settlements) relating thereto shall be transmitted to the Company or the Reinsurer through JLT Re, United Plaza, 30 South 17th Street, 17th Floor, Philadelphia, Pennsylvania 19103. Payments by the Company to the Intermediary shall be deemed to constitute payment to the
Reinsurer. Payments by the Reinsurer to the Intermediary shall be deemed to constitute payment to the Company only to the extent that such payments are actually received by the Company. In acting as Intermediary for this Contract, the Intermediary
shall (i) comply with all aspects of New York Regulation 98 and shall (ii) be entitled to withdraw funds in accordance with section 32.3(a)(3) of that Regulation including commissions, excise tax and interest received on its premium and
loss accounts. 

  

	B.	Whenever notice is required within this Contract, such notice may be given by certified mail, registered mail, or overnight express mail. Notice shall be deemed to be given on the date received by the receiving party.

  

					
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 NUCLEAR INCIDENT EXCLUSION CLAUSE - LIABILITY - REINSURANCE U.S.A. (BRMA 35A)

 1. This reinsurance does not cover any loss or liability accruing to the Reassured as a member of, or subscriber to, any association of insurers
or reinsurers formed for the purpose of covering nuclear energy risks or as a direct or indirect reinsurer of any such member, subscriber or association. 

2. Without in any way restricting the operation of paragraph 1 of this Clause, it is understood and agreed that for all purposes of this reinsurance all the
original policies of the Reassured (new, renewal and replacement) of the classes specified in Clause II of this paragraph 2 from the time specified in Clause III in this paragraph 2 shall be deemed to include the following provision (specified as
the Limited Exclusion Provision): 
 Limited Exclusion Provision* 

 

	I.	It is agreed that the policy does not apply under any liability coverage, 

	 	to	(injury, sickness, disease, death or destruction 

 (bodily injury or
property damage 
 with respect to which an insured under the policy is also an insured under a nuclear energy liability policy
issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or Nuclear Insurance Association of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of
liability. 
  

	II.	Family Automobile Policies (liability only), Special Automobile Policies (private passenger automobiles, liability only), Farmers Comprehensive Personal Liability Policies (liability only), Comprehensive Personal
Liability Policies (liability only) or policies of a similar nature; and the liability portion of combination forms related to the four classes of policies stated above, such as the Comprehensive Dwelling Policy and the applicable types of
Homeowners Policies. 

  

	III.	The inception dates and thereafter of all original policies as described in II above, whether new, renewal or replacement, being policies which either 

 

	 	(a)	become effective on or after 1st May, 1960, or 

 (b) become effective before that date and
contain the Limited Exclusion Provision set out above; 
 provided this paragraph 2 shall not be applicable to Family Automobile Policies,
Special Automobile Policies, or policies or combination policies of a similar nature, issued by the Reassured on New York risks, until 90 days following approval of the Limited Exclusion Provision by the Governmental Authority having jurisdiction
thereof. 
 3. Except for those classes of policies specified in Clause II of paragraph 2 and without in any way restricting the operation of paragraph 1 of
this Clause, it is understood and agreed that for all purposes of this reinsurance the original liability policies of the Reassured (new, renewal and replacement) affording the following coverages: 

Owners, Landlords and Tenants Liability, Contractual Liability, Elevator Liability, Owners or Contractors (including railroad), Protective
Liability, Manufacturers and Contractors Liability, Product Liability, Professional and Malpractice Liability, Storekeepers Liability, Garage Liability, Automobile Liability (including Massachusetts Motor Vehicle or Garage Liability) 

shall be deemed to include, with respect to such coverages, from the time specified in Clause V of this paragraph 3, the following provision (specified as the
Broad Exclusion Provision): 
 Broad Exclusion Provision* 

It is agreed that the policy does not apply: 
  

	I.	Under any Liability Coverage, to (injury, sickness, disease, death or destruction 

 (bodily injury or property damage 
  

	 	(a)	with respect to which an insured under the policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or
Nuclear Insurance Association of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability; or 

  

	 	(b)	resulting from the hazardous properties of nuclear material and with respect to which (1) any person or organization is required to maintain financial protection pursuant to the Atomic Energy Act of 1954, or any
law amendatory thereof, or (2) the insured is, or had this policy not been issued would be, entitled to indemnity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any
agency thereof, with any person or organization. 

  

	II.	Under any Medical Payments Coverage, or under any Supplementary Payments Provision 

 relating to
(immediate medical or surgical relief 
 (first aid 

to expenses incurred with respect 

	 	to	(bodily injury, sickness, disease or death 

 (bodily injury
resulting from the hazardous properties of nuclear material and arising out of the operation of a nuclear facility by any person or organization. 

  

					
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	III.	Under any Liability Coverage, to (injury, sickness, disease, death or destruction 

	 	         (bodily	injury or property damage 

 resulting from the hazardous properties of nuclear material,
if 
  

	 	(a)	the nuclear material (1) is at any nuclear facility owned by, or operated by or on behalf of, an insured, or (2) has been discharged or dispersed therefrom; 

 

	 	(b)	the nuclear material is contained in spent fuel or waste at any time possessed, handled, used, processed, stored, transported or disposed of by or on behalf of an insured; or 

 

	 	(c)	the      (injury, sickness, disease, death or destruction 

(bodily injury or property damage  

arises out of the furnishing by an insured of services, materials, parts or equipment in connection with the planning, construction,
maintenance, operation or use of any nuclear facility, but if such facility is located within the United States of America, its territories, or possessions or Canada, this exclusion (c) applies only to 

(injury to or destruction of property at such nuclear facility 

(property damage to such nuclear facility and any property thereat. 

 

	IV.	As used in this endorsement: 

 “Hazardous properties” include radioactive, toxic or
explosive properties; “nuclear material” means source material, special nuclear material or byproduct material; “source material”, “special nuclear material”, and “byproduct material” have the meanings given
them in the Atomic Energy Act of 1954 or in any law amendatory thereof; “spent fuel” means any fuel element or fuel component, solid or liquid, which has been used or exposed to radiation in a nuclear reactor; “waste” means any
waste material (1) containing byproduct material other than tailings or wastes produced by the extraction or concentration of uranium or thorium from any ore processed primarily for its source material content, and (2) resulting from the
operation by any person or organization of any nuclear facility included under the first two paragraphs of the definition of nuclear facility; “nuclear facility” means: 

(a) any nuclear reactor, 
 (b) any
equipment or device designed or used for (1) separating the isotopes of uranium or plutonium, (2) processing or utilizing spent fuel, or (3) handling, processing or packaging waste, 

(c) any equipment or device used for the processing, fabricating or alloying of special nuclear material if at any time the total amount of
such material in the custody of the insured at the premises where such equipment or device is located consists of or contains more than 25 grams of plutonium or uranium 233 or any combination thereof, or more than 250 grams of uranium 235, 

(d) any structure, basin, excavation, premises or place prepared or used for the storage or disposal of waste, 

and includes the site on which any of the foregoing is located, all operations conducted on such site and all premises used for such
operations; “nuclear reactor” means any apparatus designed or used to sustain nuclear fission in a self-supporting chain reaction or to contain a critical mass of fissionable material; 

(With respect to injury to or destruction of property, the word “injury” or “destruction” 

(“property damage” includes all forms of radioactive contamination of property. 

(includes all forms of radioactive contamination of property. 

 

	V.	The inception dates and thereafter of all original policies affording coverages specified in this paragraph 3, whether new, renewal or replacement, being policies which become effective on or after 1st May, 1960,
provided this paragraph 3 shall not be applicable to: 

 (a) Garage and Automobile Policies issued by the Reassured on New York
risks, or 
 (b) statutory liability insurance required under Chapter 90, General Laws of Massachusetts, 

until 90 days following approval of the Broad Exclusion Provision by the Governmental Authority having jurisdiction thereof. 

4. Without in any way restricting the operation of paragraph 1 of this Clause, it is understood and agreed that paragraphs 2 and 3 above are not applicable to
original liability policies of the Reassured in Canada and that with respect to such policies this Clause shall be deemed to include the Nuclear Energy Liability Exclusion Provisions adopted by the Canadian Underwriters’ Association or the
Independent Insurance Conference of Canada. 
  

	*	NOTE: The words printed in italics in the Limited Exclusion Provision and in the Broad Exclusion Provision shall apply only in relation to original liability policies which include a Limited Exclusion Provision
or a Broad Exclusion Provision containing those words. 

  

					
	USN170000948/USN170000952/USN170002237	 	2	 	FINAL

 

 
 EXHIBIT “A” - 
  

 EXHIBIT A 

ILLINOIS CASUALTY COMPANY 

Rock Island, Illinois 

Including any and/or all of the subsidiary or affiliate companies that are now or may hereafter come under the ownership, management, and/or
control of the Company 
 (the “Company”) 

WORKERS’ COMPENSATION FIRST EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the
“Contract”) 
 EFFECTIVE JANUARY 1, 2017 

ARTICLE 3 
 REINSURANCE
COVERAGE 
 Part One – COVERAGE 
  

	A.	With respect to a Loss Occurrence during the term of this Contract, the Reinsurers shall be liable to, indemnify and reinsure the Company for each and every Loss Occurrence, for one hundred percent (100%) of the
Company’s excess Net Loss above an initial Net Loss to the Company of five hundred thousand dollars ($500,000) each and every Loss Occurrence; but the Reinsurers shall not be liable for more than five hundred thousand dollars ($500,000) of Net
Loss for each and every Loss Occurrence. 

 ARTICLE 6 

REINSURANCE PREMIUM 
 Part One – BASIC
ANNUAL PREMIUM 
  

	A.	As reinsurance premium for the reinsurance provided hereunder, the Company shall pay the Reinsurers * percent (*%) of its Net Subject Earned Premium for the term of this Contract, subject to a minimum reinsurance
premium of * dollars ($*). 

  

	B.	The Company shall pay the Reinsurers a deposit premium of * dollars ($*) in four (4) equal installments of * dollars ($*) on January 1, April 1, July 1, and October 1, 2017. 

 

	C.	As promptly as possible after the end of the Contract, but not later than ninety (90) days after the end of the term of this Contract, the Company shall provide a report to the Reinsurers setting forth the
reinsurance premium due hereunder, computed in accordance with Paragraph A. of this Article, and if the reinsurance premium so computed is greater than the previously paid deposit premium, the balance shall be remitted by the Company with its
report. If the reinsurance premium is less than the previously paid deposit premium, but greater than the minimum premium, the difference shall be remitted by the Reinsurers to the Company promptly, but not later than thirty (30) days of
receiving the report. If the reinsurance premium is less than the minimum premium, no further adjustment shall be made. 

  

	D.	“Net Subject Earned Premium” as used in this Contract shall mean the gross earned premium of the Company for the Business Covered plus additions, less return premium for cancellations and reductions and after
deduction of any reinsurance premium paid or payable for reinsurance that inures to the benefit of this Contract. 

  

	*	Confidential information has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission. 

  

					
	USN170000948/USN170000952/USN170002237	 	1	 	FINAL

 

 
 EXHIBIT “A” - 
  

 Part Two – CEDING COMMISSION 

The Reinsurer shall allow the Company a fixed ceding commission of * percent (*%) of the Company’s Net Subject Earned Premium ceded to the Reinsurer
hereunder during the term of the Contract. The Company shall allow the Reinsurer return commission on return premiums at the same rate. 
  

	*	Confidential information has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission. 

  

					
	USN170000948/USN170000952/USN170002237	 	2	 	FINAL

 

 
 EXHIBIT “B” - 
  

 EXHIBIT B 

ILLINOIS CASUALTY COMPANY (A MUTUAL INSURANCE COMPANY) 

Rock Island, Illinois 

Including any and/or all of the subsidiary or affiliate companies that are now or may hereafter come under the ownership, management, and/or
control of the Company 
 (the “Company”) 

WORKERS’ COMPENSATION SECOND EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the
“Contract”) 
 EFFECTIVE JANUARY 1, 2017 

ARTICLE 3 
 REINSURANCE
COVERAGE 
 Part One – COVERAGE 
  

	A.	With respect to a Loss Occurrence during the term of this Contract or any applicable period of Run-Off, the Reinsurers shall be liable to, indemnify and reinsure the Company for
each and every Loss Occurrence, for one hundred percent (100%) of the Company’s excess Net Loss above an initial Net Loss to the Company of one million dollars ($1,000,000) each and every Loss Occurrence; but the Reinsurers shall not be liable
for more than nine million dollars ($9,000,000) of Net Loss for each and every Loss Occurrence. 

  

	B.	Further, the liability of the Reinsurer for all losses hereunder during the term of this Contract as a result of Acts of Terrorism shall not exceed nine million dollars ($9,000,000). 

 

	C.	“Act of Terrorism” shall be defined as in the Company’s original Policies or, if not defined therein, shall mean the use of force or violence and/or the threat thereof committed for political, religious,
or ideological purposes and with the intention to influence any government and/or to put the public, or section of the public, in fear. 

  

	D.	Any recoveries under Exhibit A, Workers’ Compensation First Excess of Loss Reinsurance Contract shall be disregarded for purposes of any recoveries under this Exhibit B, Workers’ Compensation Second Excess of
Loss Reinsurance Contract. 

 ARTICLE 6 

REINSURANCE PREMIUM 
  

	A.	As reinsurance premium for the reinsurance provided hereunder, the Company shall pay the Reinsurers * percent (*%) of its Net Subject Earned Premium for the term of this Contract, subject to a minimum reinsurance
premium of * dollars ($*). 

  

	B.	The Company shall pay the Reinsurers a deposit premium of * dollars ($*) in four (4) equal installments of * dollars ($*) on January 1, April 1, July 1, and October 1, 2017. 

 

	*	Confidential information has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission. 

  

					
	USN170000948/USN170000952/USN170002237	 	1	 	FINAL

 

 
 EXHIBIT “B” - 
  

	C.	As promptly as possible after the end of the Contract, but not later than ninety (90) days after the end of the term of this Contract, the Company shall provide a report to the Reinsurers setting forth the
reinsurance premium due hereunder, computed in accordance with Paragraph A. of this Article, and if the reinsurance premium so computed is greater than the previously paid deposit premium, the balance shall be remitted by the Company with its
report. If the reinsurance premium is less than the previously paid deposit premium, but greater than the minimum premium, the difference shall be remitted by the Reinsurers to the Company promptly, but not later than thirty (30) days of
receiving the report. If the reinsurance premium is less than the minimum premium, no further adjustment shall be made. 

  

	D.	“Net Subject Earned Premium” as used in this Contract shall mean the gross earned premium of the Company for the Business Covered plus additions, less return premium for cancellations and reductions and after
deduction of any reinsurance premium paid or payable for reinsurance that inures to the benefit of this Contract. 

  

	*	Confidential information has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission. 

  

					
	USN170000948/USN170000952/USN170002237	 	2	 	FINAL

 

 
 EXHIBIT “C” - 
  

 EXHIBIT C 

ILLINOIS CASUALTY COMPANY (A MUTUAL INSURANCE COMPANY) 

Rock Island, Illinois 

Including any and/or all of the subsidiary or affiliate companies that are now or may hereafter come under the ownership, management, and/or
control of the Company 
 (the “Company”) 

WORKERS’ COMPENSATION THIRD EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the
“Contract”) 
 EFFECTIVE JANUARY 1, 2017 

ARTICLE 3 
 REINSURANCE
COVERAGE 
 Part One – COVERAGE 
  

	A.	With respect to a Loss Occurrence during the term of this Contract or any applicable period of Run-Off, the Reinsurers shall be liable to, indemnify and reinsure the Company for
each and every Loss Occurrence, for one hundred percent (100%) of the Company’s excess Net Loss above an initial Net Loss to the Company of fifteen million five hundred thousand dollars ($15,500,000) each and every Loss Occurrence; but the
Reinsurers shall not be liable for more than ten million dollars ($10,000,000) of Net Loss for each and every Loss Occurrence. 

  

	B.	Further, the liability of the Reinsurer for all losses hereunder during the term of this Contract as a result of Acts of Terrorism shall not exceed ten million dollars ($10,000,000). 

 

	C.	“Act of Terrorism” shall be defined as in the Company’s original Policies or, if not defined therein, shall mean the use of force or violence and/or the threat thereof committed for political, religious,
or ideological purposes and with the intention to influence any government and/or to put the public, or section of the public, in fear. 

  

	D.	The Maximum Amount any One Life can contribute to Net Loss from any one Loss Occurrence under this Contract shall be fifteen million dollars ($15,000,000), including any Extra-Contractual Obligations and Losses in
Excess of Policy Limits, as defined in the Article entitled EXTRA-CONTRACTUAL OBLIGATIONS AND LOSSES IN EXCESS OF POLICY LIMITS. 

  

	E.	Any recoveries under Exhibit A, Workers’ Compensation First Excess of Loss Reinsurance Contract, Exhibit B, Workers’ Compensation Second Excess of Loss Reinsurance Contract and Casualty First Excess of Loss
Reinsurance Contract (Risk Reference #USN170000946/USN170000919) shall be disregarded for purposes of any recoveries under this Exhibit C, Workers’ Compensation Third Excess of Loss Reinsurance Contract. 

  

					
	USN170000948/USN170000952/USN170002237	 	1	 	FINAL

 

 
 EXHIBIT “C” - 
  

 ARTICLE 6 

REINSURANCE PREMIUM 
 Part One – BASIC
ANNUAL PREMIUM 
  

	A.	As reinsurance premium for the reinsurance provided hereunder, the Company shall pay the Reinsurers * percent (*%) of its Net Subject Earned Premium for the term of this Contract, subject to a minimum reinsurance
premium of * dollars ($*). 

  

	B.	The Company shall pay the Reinsurers a deposit premium of * dollars ($*) in four (4) equal installments of * dollars ($*) on January 1, April 1, July 1, and October 1, 2017. 

 

	C.	As promptly as possible after the end of the Contract, but not later than ninety (90) days after the end of the term of this Contract, the Company shall provide a report to the Reinsurers setting forth the
reinsurance premium due hereunder, computed in accordance with Paragraph A. of this Article, and if the reinsurance premium so computed is greater than the previously paid deposit premium, the balance shall be remitted by the Company with its
report. If the reinsurance premium is less than the previously paid deposit premium, but greater than the minimum premium, the difference shall be remitted by the Reinsurers to the Company promptly, but not later than thirty (30) days of
receiving the report. If the reinsurance premium is less than the minimum premium, no further adjustment shall be made. 

  

	D.	“Net Subject Earned Premium” as used in this Contract shall mean the gross earned premium of the Company for the Business Covered plus additions, less return premium for cancellations and reductions and after
deduction of any reinsurance premium paid or payable for reinsurance that inures to the benefit of this Contract. 

 Part Two –
REINSTATEMENT PREMIUM 
  

	A.	Each claim hereunder shall reduce the amount of the Reinsurers’ limit of liability from the time of the Loss Occurrence by the sum paid, but the sum so exhausted shall be reinstated immediately from the time of the
Loss Occurrence. 

  

	B.	For each amount so reinstated, the Company shall pay an additional premium calculated by multiplying one hundred percent (100%) of the reinsurance premium earned by the Reinsurer hereon by the percentage that the amount
reinstated bears to the limit (i.e., ten million dollars ($10,000,000)) of this Contract. Nevertheless, the liability of the Reinsurers shall never be more than ten million dollars ($10,000,000) for Net Loss in respect of any one Loss Occurrence,
nor more than twenty million dollars ($20,000,000) in all for Net Loss in respect of all Loss Occurrences during the term of the Contract. 

  

	C.	A provisional statement of reinstatement premium due the Reinsurers shall be prepared by the Company and submitted to the Reinsurers as soon as practicable after payment of a claim hereunder. The provisional
reinstatement premium shall be based on one hundred percent (100%) of the estimated reinsurance premium earned by the Reinsurer hereunder. The amount of reinstatement premium due Reinsurers shall be offset against the loss payment due the Company
with only the net amount due to be remitted by the debtor party. 

  

	*	Confidential information has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission. 

  

					
	USN170000948/USN170000952/USN170002237	 	2	 	FINAL

 

 
 EXHIBIT “C” - 
  

	D.	As promptly as possible after the reinsurance premium earned by the Reinsurer hereunder for the just completed coverage period has been finally determined, the Company shall prepare and submit to the Reinsurers a final
statement of reinstatement premium due. Any reinstatement premium shown to be due the Reinsurers (less prior payments, if any) shall be remitted by the Company with its statement. Any return reinstatement premium shown to be due the Company shall be
remitted by the Reinsurers as promptly as possible after receipt of the Company’s final statement. 

  

					
	USN170000948/USN170000952/USN170002237	 	3	 	FINALEX-4.1

 Exhibit 4.1 

HORIZON GLOBAL CORPORATION 
  

 
 INDENTURE

 Dated as of February 1, 2017 

 
 WELLS FARGO
BANK, 
 NATIONAL ASSOCIATION, 

Trustee 
  

 

 CROSS-REFERENCE TABLE* 

 

					
	 Trust Indenture

Act Section
	  	Indenture
Section	 
	 310(a)(1)
	  	 	7.10	  
	 (a)(2)
	  	 	7.10	  
	 (a)(3)
	  	 	N.A.	  
	 (a)(4)
	  	 	N.A.	  
	 (a)(5)
	  	 	7.10	  
	 (b)
	  	 	7.10	  
	 (c)
	  	 	N.A.	  
	 311(a)
	  	 	7.11	  
	 (b)
	  	 	7.11	  
	 (c)
	  	 	N.A.	  
	 312(a)
	  	 	2.06	  
	 (b)
	  	 	11.03	  
	 (c)
	  	 	11.03	  
	 313(a)
	  	 	7.06	  
	 (b)(2)
	  	 	7.06; 7.07	  
	 (c)
	  	 	7.06; 11.02	  
	 (d)
	  	 	7.06	  
	 314(a)
	  	 
 	4.03; 4.04;
11.05	  
  
	 (b)
	  	 	N.A.	  
	 (c)(l)
	  	 	11.04	  
	 (c)(2)
	  	 	11.04	  
	 (c)(3)
	  	 	N.A.	  
	 (d)
	  	 	N.A.	  
	 (e)
	  	 	11.05	  
	 (f)
	  	 	N.A.	  
	 315(a)
	  	 	7.01	  
	 (b)
	  	 	7.05; 11.02	  
	 (c)
	  	 	7.01	  
	 (d)
	  	 	7.01	  
	 (e)
	  	 	6.11	  
	 316(a) (last sentence)
	  	 	2.10	  
	 (a)(l)(A)
	  	 	6.05	  
	 (a)(l)(B)
	  	 	6.04	  
	 (a)(2)
	  	 	N.A.	  
	 (b)
	  	 	6.07	  
	 (c)
	  	 	2.14	  
	 317(a)(l)
	  	 	6.08	  
	 (a)(2)
	  	 	6.09	  
	 (b)
	  	 	2.05	  
	 318(a)
	  	 	11.01	  
	 (b)
	  	 	N.A.	  
	 (c)
	  	 	11.01	  

  
 N.A. means
not applicable. 
  

	*	This Cross Reference Table is not part of this Indenture. 

  
 2 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
			
	 Section 1.01
	 	Definitions	  	 	1	  
	 Section 1.02
	 	Other Definitions	  	 	5	  
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	 	5	  
	 Section 1.04
	 	Rules of Construction	  	 	6	  
		
	 ARTICLE 2 THE NOTES
	  	 	6	  
			
	 Section 2.01
	 	Issuable in Series	  	 	6	  
	 Section 2.02
	 	Establishment of Terms of Series of Notes	  	 	6	  
	 Section 2.03
	 	Execution and Authentication	  	 	8	  
	 Section 2.04
	 	Registrar and Paying Agent	  	 	8	  
	 Section 2.05
	 	Paying Agent to Hold Money in Trust	  	 	9	  
	 Section 2.06
	 	Holder Lists	  	 	9	  
	 Section 2.07
	 	Transfer and Exchange	  	 	9	  
	 Section 2.08
	 	Replacement Notes	  	 	10	  
	 Section 2.09
	 	Outstanding Notes	  	 	10	  
	 Section 2.10
	 	Treasury Notes	  	 	10	  
	 Section 2.11
	 	Temporary Notes	  	 	11	  
	 Section 2.12
	 	Cancellation	  	 	11	  
	 Section 2.13
	 	Defaulted Interest	  	 	11	  
	 Section 2.14
	 	Global Notes	  	 	11	  
	 Section 2.15
	 	CUSIP Number	  	 	12	  
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	12	  
			
	 Section 3.01
	 	Notice to Trustee	  	 	12	  
	 Section 3.02
	 	Selection of Notes to Be Redeemed	  	 	13	  
	 Section 3.03
	 	Notice of Redemption	  	 	13	  
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	14	  
	 Section 3.05
	 	Deposit of Redemption Price	  	 	14	  
	 Section 3.06
	 	Notes Redeemed in Part	  	 	14	  
		
	 ARTICLE 4 COVENANTS
	  	 	14	  
			
	 Section 4.01
	 	Payment of Principal and Interest	  	 	14	  
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	14	  
	 Section 4.03
	 	Reports	  	 	15	  
	 Section 4.04
	 	Compliance Certificate	  	 	15	  
	 Section 4.05
	 	Taxes	  	 	15	  
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	 	15	  
	 Section 4.07
	 	Corporate Existence	  	 	15	  
		
	 ARTICLE 5 SUCCESSORS
	  	 	16	  
			
	 Section 5.01
	 	Merger, Consolidation, or Sale of Assets	  	 	16	  
	 Section 5.02
	 	Successor Corporation Substituted	  	 	16	  
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	17	  
			
	 Section 6.01
	 	Events of Default	  	 	17	  
	 Section 6.02
	 	Acceleration	  	 	18	  
	 Section 6.03
	 	Other Remedies	  	 	18	  
	 Section 6.04
	 	Waiver of Past Defaults	  	 	18	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 6.05
	 	Control by Majority	  	 	19	  
	 Section 6.06
	 	Limitation on Suits	  	 	19	  
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	19	  
	 Section 6.08
	 	Collection Suit by Trustee	  	 	19	  
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	19	  
	 Section 6.10
	 	Priorities	  	 	20	  
	 Section 6.11
	 	Undertaking for Costs	  	 	20	  
	 Section 6.12
	 	Restoration of Rights and Remedies	  	 	20	  
		
	 ARTICLE 7 TRUSTEE
	  	 	21	  
			
	 Section 7.01
	 	Duties of Trustee	  	 	21	  
	 Section 7.02
	 	Rights of Trustee	  	 	21	  
	 Section 7.03
	 	Individual Rights of Trustee	  	 	23	  
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	23	  
	 Section 7.05
	 	Notice of Defaults	  	 	23	  
	 Section 7.06
	 	Reports by Trustee to Holders of the Notes	  	 	23	  
	 Section 7.07
	 	Compensation and Indemnity	  	 	23	  
	 Section 7.08
	 	Replacement of Trustee	  	 	24	  
	 Section 7.09
	 	Successor Trustee by Merger, etc	  	 	25	  
	 Section 7.10
	 	Eligibility; Disqualification	  	 	25	  
	 Section 7.11
	 	Preferential Collection of Claims Against Company	  	 	25	  
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	25	  
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	25	  
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	25	  
	 Section 8.03
	 	Covenant Defeasance	  	 	26	  
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	26	  
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	27	  
	 Section 8.06
	 	Repayment to Company	  	 	28	  
	 Section 8.07
	 	Reinstatement	  	 	28	  
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	28	  
			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	28	  
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	29	  
	 Section 9.03
	 	Compliance with Trust Indenture Act	  	 	30	  
	 Section 9.04
	 	Revocation and Effect of Consents	  	 	30	  
	 Section 9.05
	 	Notation on or Exchange of Notes	  	 	30	  
	 Section 9.06
	 	Trustee to Sign Amendments, etc	  	 	30	  
		
	 ARTICLE 10 SATISFACTION AND DISCHARGE
	  	 	30	  
			
	 Section 10.01
	 	Satisfaction and Discharge	  	 	30	  
	 Section 10.02
	 	Application of Trust Money	  	 	31	  
		
	 ARTICLE 11 MISCELLANEOUS
	  	 	32	  
			
	 Section 11.01
	 	Trust Indenture Act Controls	  	 	32	  
	 Section 11.02
	 	Notices	  	 	32	  
	 Section 11.03
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	33	  
	 Section 11.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	33	  
	 Section 11.05
	 	Statements Required in Certificate or Opinion	  	 	33	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 11.06
	 	Rules by Trustee and Agents	  	 	34	  
	 Section 11.07
	 	Calculation of Foreign Currency Amounts	  	 	34	  
	 Section 11.08
	 	No Personal Liability of Directors, Officers, Employees and Shareholders	  	 	34	  
	 Section 11.09
	 	Governing Law	  	 	34	  
	 Section 11.10
	 	No Adverse Interpretation of Other Agreements	  	 	34	  
	 Section 11.11
	 	Successors	  	 	34	  
	 Section 11.12
	 	Severability	  	 	34	  
	 Section 11.13
	 	Counterpart Originals	  	 	35	  
	 Section 11.14
	 	Table of Contents, Headings, etc	  	 	35	  
	 Section 11.15
	 	Waiver of Jury Trial	  	 	35	  
	 Section 11.16
	 	Patriot Act Compliance	  	 	35	  
	 Section 11.17
	 	Foreign Account Tax Compliance Act (FATCA)	  	 	35	  

  
 iii 

 INDENTURE, dated as of February 1, 2017, by and between Horizon Global Corporation, a
Delaware corporation (the “Company”), and Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, as trustee (the “Trustee”).

 The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the
Notes issued under this Indenture. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 

BY REFERENCE 
 Section 1.01
Definitions. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings. 
 “Agent”
means any Registrar, co-registrar, Custodian, Paying Agent or additional paying agent. 
 “Applicable Procedures” means,
with respect to any payment, tender, redemption, transfer, exchange, or conversion of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such payment, tender, redemption, transfer, exchange, or
conversion. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership;

 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means any day other than a Legal Holiday. If a payment date falls on a day that is not a Business Day, the
related payment shall be made on the next succeeding Business Day as if made on the date the payment is due, and no interest shall accrue on such payment for the intervening period. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP. 

 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Company” means Horizon Global Corporation, and, subject to Article 5, any and all successors thereto. 

“Company Order” means a written order signed in the name of the Company by an Officer. 

“Corporate Trust Office of the Trustee” means the designated office of the Trustee at which at any time its corporate trust
business in respect of this Indenture shall be administered, which office at the date hereof is located at 150 East 42nd Street, 40th Floor, New York, New York 10017, Attention: Corporate, Municipal and Escrow Services, or such other address as the
Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company). 
 “Custodian” means the Trustee, as custodian for the Depositary with respect to any Global
Notes, or any successor entity thereto. 
 “Default” means any event that is, or with the passage of time or the giving of
notice or both would be, an Event of Default. 
 “Depositary” means, with respect to the Notes of any Series issuable or
issued in whole or in part in the form of one or more Global Notes, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more
than one such person, “Depositary” as used with respect to the Notes of any Series shall mean the Depositary with respect to the Notes of such Series. 

“Discount Note” means any Note that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
 “Dollars” and
“$” means the currency of The United States of America. 
 “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). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States
of America. 
 “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. 

  
 2 

 “Global Note” or “Global Notes” means a Note or Notes, as the
case may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Notes, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

“Government Securities” means direct obligations of, or obligations guaranteed by, The United States of America, and the
payment for which the United States pledges its full faith and credit. 
 “Guarantee” means a guarantee other than by
endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness. 
 “Hedging Obligations” means, with respect to any specified
Person, the obligations of such Person under: 
 (1) interest rate swap agreements (whether from fixed to floating or from
floating to fixed), interest rate cap agreements and interest rate collar agreements; 
 (2) other agreements or arrangements
designed to manage interest rates or interest rate risk; and 
 (3) other agreements or arrangements designed to protect such
Person against fluctuations in currency exchange rates or commodity prices. 
 “Holder” means a Person in whose name a Note
is registered. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or
not contingent (without duplication): 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments; 

(3) in respect of banker’s acceptances or other similar instruments or credit transactions (including reimbursement
obligations with respect thereto), other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) – (2), (4) or (5) hereof) entered into in the ordinary course of
business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement
following payment on the letter of credit; 
 (4) representing Capital Lease Obligations; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable; or 
 (6) representing any Hedging Obligations, 

if and to the extent any of the preceding items, other than letters of credit and Hedging Obligations, would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person, whether or not such Indebtedness is assumed by the
specified Person, and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person or any liability of any person, whether or not contingent and whether or not it appears on the balance sheet
of such Person. Notwithstanding anything to the contrary in the foregoing, the term “Indebtedness” excludes (x) any indebtedness of the Company or any Subsidiary of the Company to the Company or another Subsidiary of the Company and
(y) any Guarantee by the Company or any Subsidiary of the Company of indebtedness of the Company or any Subsidiary of the Company. 

  
 3 

 The amount of any Indebtedness outstanding as of any date shall be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness that does not require the current payment of interest; and 

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case
of any other Indebtedness. 
 “Indenture” means this Indenture, as amended, supplemented or restated from time to time and
shall include the form and terms of particular Series of Notes established as contemplated hereunder. 
 “Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or the city where the Corporate Trust Office of the Trustee is located at such time are required or authorized by law, regulation or executive order to close
or be closed. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease
be deemed to constitute a Lien. 
 “Notes” means notes or other debt instruments of the Company of any Series issued under
this Indenture. 
 “Officer” means, with respect to any Person, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, the Assistant Secretary or any Vice-President of such Person. 

“Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer of the Company that meets the
requirements of Section 11.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel, who may be an
employee of or counsel to the Company or any Subsidiary of the Company, or other counsel reasonably acceptable to the Trustee, that meets the requirements of Section 11.05 hereof. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Responsible Officer,” when used
with respect to the Trustee, means any director, vice president, assistant vice president or associate within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated officers who at the time shall have direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“SEC” means the Securities and Exchange Commission. 

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

“Series” or “Series of Notes” means each series of debentures, notes or other debt instruments of the
Company created pursuant to Sections 2.01 and 2.02 hereof. 

  
 4 

 “Significant Subsidiary” means a Subsidiary of any Person that would be a
“significant subsidiary” as defined under Regulation S-X promulgated under the Securities Act. 
 “Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness, and
will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

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

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees
of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary
of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

“TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 

“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each person who is then a Trustee hereunder, and if at any time there is more than one such person,
“Trustee” as used with respect to the Notes of any Series shall mean the Trustee with respect to Notes of that Series. 

“Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to
vote in the election of the Board of Directors of such Person. 
 Section 1.02 Other Definitions. 

 

					
	 Term
	  	Defined
in Section	 
	 “Authentication Order”
	  	 	2.03	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “Event of Default”
	  	 	6.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Paying Agent”
	  	 	2.04	  
	 “Registrar”
	  	 	2.04	  

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 

“indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

  
 5 

 “indenture trustee” or “institutional trustee” means the
Trustee; and 
 “obligor” on the indenture securities means the Company, and any other obligor upon the Notes. 

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 1.04 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 in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; and 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time. 
 ARTICLE 2 

THE NOTES 
 Section 2.01
Issuable in Series. 
 The aggregate principal amount of Notes that may be authenticated and delivered under this
Indenture is unlimited. The Notes may be issued in one or more Series. All Notes of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the
terms thereof pursuant to the authority granted under a Board Resolution. In the case of Notes of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms
thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Notes may differ
between Series in respect of any matters, provided that all Series of Notes shall be equally and ratably entitled to the benefits of this Indenture. 

Section 2.02 Establishment of Terms of Series of Notes. 

At or prior to the issuance of any Notes within a Series, the following shall be established (as to the Series generally, in the case of
Subsection 2.02(a) and either as to such Notes within the Series or as to the Series generally in the case of Subsections 2.02(b) through 2.02(r)) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board
Resolution, supplemental indenture or an Officer’s Certificate pursuant to authority granted under a Board Resolution: 
 (a) the title
of the Series (which shall distinguish the Notes of that particular Series from the Notes of any other Series); 
 (b) the price or prices
(expressed as a percentage of the principal amount thereof) at which the Notes of the Series will be issued; 

  
 6 

 (c) any limit upon the aggregate principal amount of the Notes of the Series which may be
authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the Series pursuant to Section 2.07, 2.08, 2.11, 3.06 or 9.05);

 (d) the date or dates on which the principal of the Notes of the Series is payable; 

(e) the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates
(including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Notes of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or
dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

(f) the place or places where the principal of, premium and interest, if any, on the Notes of the Series shall be payable, where the Notes of
such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes of such Series and this Indenture may be served, and the method of such payment, if by wire
transfer, mail or other means; 
 (g) if applicable, the period or periods within which, the price or prices at which and the terms and
conditions upon which the Notes of the Series may be redeemed, in whole or in part, at the option of the Company; 
 (h) the obligation, if
any, of the Company to redeem or purchase the Notes of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Notes of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (i) the
dates, if any, on which and the price or prices at which the Notes of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

(j) the denominations in which the Notes of the Series shall be issuable, if other than minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof; 
 (k) the forms of the Notes of the Series in bearer or fully registered form (and, if in fully registered
form, whether the Notes will be issuable as Global Notes); 
 (l) if other than the principal amount thereof, the portion of the principal
amount of the Notes of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02; 

(m) the designation of the currency, currencies or currency units in which payment of the principal of, premium and interest, if any, on the
Notes of the Series will be made if other than U.S. dollars; 
 (n) whether the Notes of the Series may be exchangeable for and/or
convertible into common shares of the Company or any other security; 
 (o) the provisions, if any, relating to any security provided for
the Notes of the Series, and any subordination in right of payment, if any, of the Notes of the Series; 
 (p) any addition to or change in
the Events of Default which applies to any Notes of the Series and any change in the right of the Trustee or the requisite Holders of such Notes to declare the principal amount thereof due and payable pursuant to Section 6.02; 

(q) any addition to or change in the covenants set forth in Articles 4 or 5 that applies to Notes of the Series; 

  
 7 

 (r) any other terms of the Notes of the Series (which may modify or delete any provision of this
Indenture insofar as it applies to such Series); and 
 (s) any depositaries, interest rate calculation agents, exchange rate calculation
agents or other agents with respect to Notes of such Series if other than those appointed herein. 
 All Notes of any one Series need not be
issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above, and,
unless otherwise provided, a Series may be reopened, without the consent of the Holders, for issuances of additional Notes of such Series; provided, however, that if such additional Notes are not fungible with the Notes of such Series
for U.S. federal income tax purposes, the additional Notes will have a separate CUSIP number. No Board Resolution or Officer’s Certificate may affect the Trustee’s own rights, duties or immunities under this Indenture or otherwise with
respect to any series of Notes except as it may agree in writing. 
 Section 2.03 Execution and Authentication. 

One Officer shall sign the Notes for the Company by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds
that office at the time such Note is authenticated, such Note shall nevertheless be valid. 
 A Note shall not be valid until authenticated
by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note, as applicable, has been authenticated under this Indenture. 

The Trustee shall, upon a written order of the Company signed by one Officer (an “Authentication Order”), authenticate Notes
for original issue in accordance with this Indenture. The Notes shall be dated their date of authentication. 
 The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Notes. 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 Holders or an Affiliate of the Company. 
 At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Notes of any Series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes,
and the Trustee in accordance with the Company Order will authenticate and deliver such Notes. In authenticating such Notes, and accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall receive, and
(subject to Section 7.01) will be fully protected in relying upon, an Opinion of Counsel stating: 
 (a) that such form has been
established in conformity with the provisions of this Indenture; 
 (b) that such terms have been established in conformity with the
provisions of this Indenture; and 
 (c) that this Indenture and such Notes, when authenticated and delivered by the Trustee and, with
respect to the Notes, when issued by the Company, in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company enforceable in accordance with their terms, except as
the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other laws relating to or affecting creditors’ rights and by general principles of equity. 

Section 2.04 Registrar and Paying Agent. 

The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register with respect to each Series of the Notes and of their transfer and exchange. The

  
 8 

 
Company may appoint one or more co-registrars and one or more additional paying agents or change the office of such Registrar or Paying Agent. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder; however, the Company shall maintain a Paying Agent in each place of payment
for the Notes of each Series. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints the
Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. The Company shall be responsible for making calculations called for under the Notes and this Indenture, including, but not limited to,
determination of interest, additional amounts, 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, its calculations will be final and binding
on the Holders. The Company will provide a schedule of its calculations to the Trustee when requested by the Trustee in writing, and the Trustee is entitled to rely conclusively on the accuracy of the Company’s calculations without independent
verification. The Trustee shall forward the Company’s calculations to any Holder of the Notes upon the written request of such Holder. 

Section 2.05 Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Holders of any Series of Notes, or the Trustee, all money held by the Paying Agent for the payment of principal or interest on the Series of Notes, and shall notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. All payments to a Paying Agent on any
Notes which remain unclaimed for a period of two years after such payment was due shall be repaid to the Company. Thereafter, the Holder may look only to the Company for repayment. Upon payment over to the Trustee, or to the Company, as the case may
be, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of
any Series of Notes all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.06 Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Holders of each Series of Notes and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee, at least seven Business Days before each interest payment date and at such other
times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of each Series of Notes and the Company shall otherwise comply with TIA
Section 312(a). 
 Section 2.07 Transfer and Exchange. 

Notes may be transferred or exchanged at the office of the Registrar or co-registrar designated by the Company. Where Notes of a Series are
presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for
such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Notes at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable
upon exchanges pursuant to Sections 2.11, 3.06 or 9.05). 

  
 9 

 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer
of, or exchange Notes of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Notes of that Series selected for redemption and ending at the close of business on
the day of such mailing, or (b) to register the transfer of or exchange Notes of any Series selected, called or being called for redemption as a whole or a portion thereof, except the unredeemed portion of Notes being redeemed in part. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary 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 required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 Section 2.08 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee, or if the Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order together with such indemnity or security sufficient in the judgment of the Trustee and the Company to protect the Company, the
Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced, shall authenticate a replacement Note of the same Series if the Trustee’s requirements are met. The Company may charge for its
expenses in replacing a Note. 
 Every replacement Note of any Series is an additional obligation of the Company and shall be entitled to
all of the benefits of this Indenture equally and proportionately with all other Notes of that Series duly issued hereunder. 
 Section 2.09
Outstanding Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set
forth in Section 2.10 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 

If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an
Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.10 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes of a Series have concurred in any direction, waiver or consent,
Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, shall be considered as though not outstanding, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 

  
 10 

 Section 2.11 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order,
shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee.
Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 

Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 

Section 2.12 Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. The Company may not issue new
Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. Cancelled Notes shall be disposed of by the Trustee pursuant to its standard procedures and, upon request by the Company, the Trustee shall deliver
a certificate or other evidence of such disposition. 
 Section 2.13 Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Notes, it shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who are Holders of the Series on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date, provided that no such
special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at
the expense of the Company) shall mail or cause to be mailed (or, in the case of the Depositary with respect to any Global Note, sent electronically) to Holders a notice that states the special record date, the related payment date and the amount of
such interest to be paid. 
 Section 2.14 Global Notes. 

(a) Terms of Notes. A Board Resolution, a supplemental indenture hereto, or an Officer’s Certificate shall establish whether the
Notes of a Series shall be issued in whole or in part in the form of one or more Global Notes and shall name the Depositary for such Global Note or Notes. Except as provided herein, each Global Note shall be (i) registered in the name of the
Depositary, (ii) deposited with the Depositary or its nominee, and (iii) bear the legend indicated in Section 2.14(c). 
 (b)
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 and in addition thereto, any Global Note shall be exchangeable pursuant to Section 2.07 for Notes registered in the names of Holders
other than the Depositary for such Note or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or if at any time such Depositary ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event, (ii) the Company executes and delivers to
the Trustee an Officer’s Certificate to the effect that such Global Note shall be so exchangeable or (iii) an Event of Default with respect to the Notes represented by such Global Note shall have happened and be continuing. Any Global Note
that is exchangeable pursuant to the preceding sentence shall be exchangeable for Notes registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Note with like
tenor and terms. 
 Except as provided in this Section 2.14(b), a Global Note may not be transferred except as a whole by the
Depositary with respect to such Global Note to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary, or any such nominee to a successor Depositary or a nominee of
such a successor Depositary. 

  
 11 

 (c) Legend. Any Global Note issued hereunder shall bear a legend in substantially the
following form: 
 “This Note is a Global Note within the meaning of the Indenture hereinafter referred to and is
registered in the name of the Depositary or a nominee of the Depositary. This Note is exchangeable for Notes registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture,
and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary
or a nominee of such a successor Depositary.” 
 (d) Acts of Holders. The Depositary, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Indenture. The record date for purposes of determining the
identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture may be determined as provided for in Section 316(c) of the TIA. 

(e) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02,
payment of the principal of and interest, if any, on any Global Note shall be made to the Holder thereof. Prior to due presentment of a Note for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may
treat the Person in whose name such Note is registered as the owner of such Note at the close of business on the regular record date for the purpose of receiving payment of principal of and any premium and (subject to Section 2.13) any interest
on such Note and for all other purposes whatsoever, whether or not such Note shall be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee will be affected by notice to the contrary. 

(f) Consents, Declaration and Directions. Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall
treat a person as the Holder of such principal amount of outstanding Notes of such Series represented by a Global Note as shall be specified in a written statement of the Depositary with respect to such Global Note, for purposes of obtaining any
consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
 (g) Responsibility of
Trustee or Agents. Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. The Company has entered into a letter of representations with the Depositary in the form provided by the
Depositary and the Trustee and each Agent is hereby authorized to act in accordance with such letter and the Applicable Procedures. 
 Section 2.15
CUSIP Number. 
 The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use CUSIP numbers in notices as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in
any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such notice shall not be affected by any defect in or the omission of such numbers. The Company shall promptly notify the Trustee in
writing of any change in the CUSIP numbers. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notice to Trustee. 

The Company may, with respect to any Series of Notes, reserve the right to redeem and pay the Series of Notes or may covenant to redeem and pay
the Series of Notes or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Notes. If a Series of Notes is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Notes pursuant to the 

  
 12 

 
terms of such Notes, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Notes to be redeemed. The Company shall give the notice at least 15 days
prior to the mailing or sending of notice of redemption to the Holders of the Notes to be redeemed (or such shorter notice as may be acceptable to the Trustee). 

Section 3.02 Selection of Notes to Be Redeemed. 

If less than all of the Notes of a Series are to be redeemed or purchased in an offer to purchase at any time, the Trustee (subject to the
applicable procedures of the Depositary) shall select the Notes of a Series to be redeemed or purchased among the Holders of the Notes (a) in compliance with the requirements of the principal national securities exchange, if any, on which the
Notes are listed or, (b) if the Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee considers fair and appropriate. 

The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for
partial redemption, the principal amount thereof to be redeemed. Notes of a Series and portions of them selected shall be in amounts of $2,000 or whole multiples of $1,000, or with respect to Notes of any Series issuable in other denominations
pursuant to Section 2.02(j), the minimum principal denomination for each Series and integral multiples thereof. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes of a Series called for redemption or
repurchase also apply to portions of Notes of a Series called for redemption or repurchase. 
 Section 3.03 Notice of
Redemption. 
 Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, or, in the case of the Depositary with respect to any Global Note, sent
electronically, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. 
 The notice shall identify
the Notes of the Series to be redeemed and shall state: 
 (1) the redemption date; 

(2) the redemption price (or manner of calculation if not then known); 

(3) the name and address of the Paying Agent; 

(4) that Notes of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 (5) that interest on Notes of the Series called for redemption ceases to accrue on and after the redemption date; 

(6) the CUSIP number, if any, provided that no representation is made as to the correctness or accuracy of the CUSIP number, if
any, listed in such notice or printed on the Notes; 
 (7) the conditions precedent, if any, to the redemption; and 

(8) any other information as may be required by the terms of the particular Series of the Notes or the Notes of a Series being
redeemed. 
 At the Company’s request, and upon receipt of an Officer’s Certificate complying with Section 11.04 hereof at
least 15 days prior to the date notice is to be given (unless a shorter period shall be satisfactory to the Trustee), together with the notice to be given setting forth the information to be stated therein as provided in the preceding
paragraph, the Trustee shall give the notice of redemption in the Company’s name and at its expense. 

  
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 Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is sent in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable
on the redemption date at the redemption price. Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, a notice of redemption may not be conditional. 

Section 3.05 Deposit of Redemption Price. 

At least one Business Day prior to the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to
pay the redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
 If the Company complies with the
provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If any Note called for redemption shall not be so paid upon surrender for redemption
because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed in
Part. 
 Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written
request, the Trustee shall authenticate for the Holder, or transfer by book-entry, at the expense of the Company, a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

No Notes of $2,000 or less can be redeemed in part (or with respect to Notes of any Series issuable in other denominations pursuant to
Section 2.02(j), the minimum denomination for each Series and integral multiples thereof). 
 ARTICLE 4 

COVENANTS 
 Section 4.01
Payment of Principal and Interest. 
 The Company covenants and agrees for the benefit of the Holders of each Series
of Notes that it will pay or cause to be paid the principal of, premium, if any, and interest on such Series of Notes on the dates and in the manner provided in such Notes. Principal, premium, if any, and interest on any Series of Notes will be
considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all principal, premium, if any, and interest then due. 
 Section 4.02 Maintenance of Office or Agency.

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

  
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 With respect to each Series of Notes, the Company hereby designates the Corporate Trust Office of
the Trustee as one such office or agency of the Company in accordance with Section 2.04. 
 Section 4.03 Reports. 

The Company will at all times comply with TIA § 314(a). Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 4.04
Compliance Certificate. 
 The Company and each guarantor of any Series of Notes (to the extent that such guarantor is so
required under the TIA) shall deliver to the Trustee with respect to such Series, within 120 days after the end of each fiscal year, an Officer’s Certificate signed by the principal executive officer, the principal financial officer or the
principal accounting officer, stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company has
kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to the Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason
of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 

Section 4.05 Taxes. 

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

Section 4.06 Stay, Extension and Usury Laws. 

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

Section 4.07 Corporate Existence. 

Subject to Articles 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(a) the corporate, partnership or other existence of itself and each of its Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 

  
 15 

 (b) the rights (charter and statutory), licenses and franchises of the Company and its
Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if an Officer 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 
 SUCCESSORS

 Section 5.01 Merger, Consolidation, or Sale of Assets. 

The Company shall not, directly or indirectly: 

(a) merge or consolidate with or into another Person or Persons; or 

(b) sell, convey, transfer, lease or otherwise dispose of all or substantially all of the properties or assets of the Company and its
Subsidiaries, taken as a whole, in one or more related transactions, to another Person or Persons, unless: 
 (1) either:

 (A) the transaction is a merger or consolidation and the Company is the surviving corporation; or 

(B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale,
conveyance, transfer, lease or other disposition has been made is a corporation, limited liability company, partnership, trust or other entity organized and existing under the laws of the United States, any state of the United States or the District
of Columbia and expressly assumes all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee; 

(2) immediately after giving effect to such transaction and treating the Company’s obligations in connection with or as a
result of such transaction as having been incurred as of the time of such transaction, no Default or Event of Default shall have occurred and be continuing; and 

(3) the Company or the surviving entity shall have delivered to the Trustee (a) an Officer’s Certificate stating that
the conditions in (1) and (2) above have been satisfied and any other conditions precedent in this Indenture relating to such transaction have been satisfied and (b) an Opinion of Counsel stating that the conditions in (1) above
have been satisfied and any other conditions precedent in this Indenture relating to such transaction have been satisfied. 
 Section 5.02
Successor Corporation Substituted. 
 Upon any merger or consolidation, or any sale, conveyance, transfer, lease or
other disposition of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor
Person into which the Company is merged or formed by such consolidation or to which such sale, conveyance, transfer, lease or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such merger,
consolidation, sale, conveyance, transfer, lease or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power
of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal
of and interest on any Series of Notes except in the case of a sale of all of the assets of the Company and its Subsidiaries, taken as a whole, in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof.

  
 16 

 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

“Event of Default,” wherever used herein with respect to Notes of any Series, means any one of the following events, unless in
the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a) default in the payment of any interest on any Note of that Series when it becomes due and payable, and continuance of such default for a
period of 30 days; or 
 (b) default in payment when due of the principal of, or premium, if any, on any Note of that Series; or 

(c) failure on the part of the Company to comply with Article 5; 

(d) default in the performance or breach of any covenant or warranty of the Company in this Indenture or in any Board Resolution, supplemental
indenture or Officer’s Certificate with respect to such Series (other than a covenant or warranty that has been included in this Indenture or a Board Resolution, supplemental indenture or Officer’s Certificate solely for the benefit of
Series of Notes other than that Series), which default continues uncured for a period of 90 days after (i) the Company receives written notice from the Trustee for such Notes or (ii) the Company and the Trustee receive written notice from
Holders of not less than 25% in aggregate principal amount of Notes of that Series outstanding; or 
 (e) the Company or any of its
Significant Subsidiaries: 
 (1) commences a voluntary case in bankruptcy, 

(2) consents to the entry of an order for relief against it in an involuntary bankruptcy case, 

(3) applies for or consents to the appointment of any custodian, receiver, trustee, conservator, liquidator, rehabilitator or
similar officer of it or a Significant Subsidiary or for all or substantially all of any of its property, 
 (4) makes a
general assignment for the benefit of its creditors, or 
 (5) generally is unable to pay its debts as they become due; 

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

(1) is for relief against the Company or any of its Significant Subsidiaries; 

(2) appoints a custodian of the Company or any of its Significant Subsidiaries or for all or substantially all of the property
of the Company or any of its Significant Subsidiaries; or 
 (3) orders the winding up or liquidation of the Company or any
of its Significant Subsidiaries; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(g) any other Event of Default provided with respect to Notes of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate, in accordance with Section 2.02. 
 The Company shall deliver to the Trustee
promptly after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (c), (d) or (g), its status and
what action the Company is taking or proposes to take with respect thereto. 

  
 17 

 Section 6.02 Acceleration. 

If an Event of Default with respect to Notes of any Series at the time outstanding occurs and is continuing (other than an Event of Default
referred to in Section 6.01(e) or (f)) (in either case with respect to the Company) then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes of that Series may declare the
principal amount (or, if any Notes of that Series are Discount Notes, such portion of the principal amount as may be specified in the terms of such Notes) of and accrued and unpaid interest, if any, on all of the Notes of that Series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and
payable. If an Event of Default specified in Section 6.01(e) or (f) (in either case with respect to the Company) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Notes
shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

At any time after such a declaration of acceleration with respect to any Series has been made, the Holders of a majority in principal amount
of the outstanding Notes of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if the rescission and annulment would not conflict with any judgment or decree already rendered
and if all existing Events of Default with respect to that Series (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived and all sums paid or advanced by the Trustee
hereunder and the reasonable compensation expenses and disbursements of the Trustee and its agents and counsel have been paid. 
 No such
rescission shall affect any subsequent Event of Default or impair any right consequent thereon. 
 Section 6.03 Other Remedies.

 If an Event of Default with respect to Notes of any Series at the time outstanding occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and interest on such Notes or to enforce the performance of any provision of such 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 of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

Prior to the acceleration of the maturity of the Notes of any Series as provided in Section 6.02, the Holders of a majority in aggregate
principal amount of the Notes of any Series then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes of such Series waive any existing Default or Event of Default with respect to such Series and its consequences
under this Indenture except (i) a continuing Default or Event of Default in the payment of premium or interest on, or the principal of, the Notes of such Series (including in connection with an offer to purchase) or (ii) a Default or Event
of Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected thereby. Upon any such waiver, such Default or Event of Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

  
 18 

 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes of any Series may in writing direct the time, method and
place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it, subject to Section 7.02(f). However, the Trustee may refuse to follow any direction that conflicts with law
or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes of such Series (it being understood that the Trustee does not have an affirmative duty to ascertain whether any such directions are
unduly prejudicial to such Holders) or that may involve the Trustee in personal liability. The Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. 

Section 6.06 Limitation on Suits. 

A Holder of any Series of Notes may pursue a remedy with respect to this Indenture or the Notes only if: 

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

(b) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes of such Series make a written request to the
Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee security or
indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60
days after receipt of the request and the offer and, if requested, the provision of security or indemnity; and 
 (e) during such 60-day
period the Holders of a majority in aggregate principal amount of the then outstanding Notes of such Series do not give the Trustee a direction inconsistent with the request. 

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

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

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

Section 6.09 Trustee May File Proofs of Claim. 

The Trustee for each Series of Notes is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes of such Series allowed in any judicial
proceedings relative to the Company (or any other obligor upon the Notes of such Series), its creditors or its property and shall be entitled and empowered to collect, 

  
 19 

 receive and distribute any money or other property payable or deliverable on any such claims and any custodian in
any such judicial proceeding is hereby authorized by each Holder of such Series 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 of such Series, to pay to
the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of
any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders of such Series may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. 

If the Trustee collects any money or property with respect to a Series of Notes pursuant to this Article 6, or, after an Event of Default, any
money or other property distributable in respect of the Company’s obligations under this Indenture, it shall pay out the money or property in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof applicable to the Notes
of such Series, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

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

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees 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 does not apply to a suit by the Trustee, a suit by a Holder of a Note
pursuant to Section 6.07 hereof, or a suit by Holders or group of Holders of more than 10% in principal amount of the then outstanding Notes of any Series. 

Section 6.12 Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee, and the Holders will be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders will continue as though no such proceeding had been instituted. 

  
 20 

 ARTICLE 7 

TRUSTEE 
 Section 7.01
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default the duties of the Trustee will be determined solely by the express provisions of this
Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee. 

(c) 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 or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated thereon). 

(d) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 (2) the Trustee will 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 will 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 hereof; and 

(4) no provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee
will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

 (e) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b), (c) and (d) of this Section 7.01. 
 (f) The Trustee will not be liable for interest on any money
received 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. The Trustee shall not be required to give any bond or surety
in respect of the performance of its powers or duties hereunder. The permissive rights or powers of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document (whether in its original or facsimile form) believed by it to be genuine and to have
been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the
Trustee acts or refrains from acting or as specifically called for in this Indenture, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will 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. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

  
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 (c) The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any attorney or agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e)
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. Any resolution of the Board of Directors may be sufficiently evidenced by
a Board Resolution. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the losses, liabilities and expenses that might be incurred by it in compliance with such
request or direction. 
 (g) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, or other unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication
facility; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

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

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

(j) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of a Default or Event of Default from the Company or by the Holders of at least 25% in aggregate principal amount of the then outstanding Notes of such Series is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Notes and this Indenture. 
 (k) The Trustee may request that the Company
deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

(l) The Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document, or inquire as to the performance by the Company or any guarantor of any of their covenants in
this Indenture, 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 will be entitled
to examine the books, records, and premises of the Company or any such guarantor, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or
investigation. 

  
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 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 or any
Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest as defined in the TIA it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will 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 or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by any Notes. 

Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice
of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice from Holders of the
Notes if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 60 days after each December 15 beginning with the December 15 following the date of this Indenture, and for so long as
Notes remain outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve
months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

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

Section 7.07 Compensation and Indemnity. 

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

 (b) The Company will indemnify the Trustee, its officers, directors, employees, representatives and agents from and against any and all
losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this
Section 7.07) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent
any such loss, liability or expense may be 

  
 23 

 attributable to its negligence or willful misconduct as finally adjudicated by a court of competent jurisdiction.
The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee
will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be
unreasonably withheld. 
 (c) The obligations of the Company under this Section 7.07 will survive the resignation or removal of the
Trustee and the satisfaction and discharge of this Indenture. 
 (d) To secure the Company’s payment obligations in this
Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee. Such Lien will survive the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture. 

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

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

(g) “Trustee” for the purposes of this Section 7.07 shall include any predecessor Trustee and the Trustee in each of its
capacities hereunder and each agent, custodian and other person employed to act hereunder; provided, however, that the negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 

Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created with respect to one or more Series of Notes by so notifying the Company with 30 days prior notice. The Holders of a majority in aggregate principal amount of the then outstanding Notes of such Series may remove the Trustee
by so notifying the Trustee and the Company with 30 days prior notice in writing. The Company may remove the Trustee with respect to one or more Series of Notes with 30 days prior written notice if: 

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

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes of such Series may appoint a successor Trustee to replace the successor Trustee
appointed by the Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes of such Series may petition any court of competent jurisdiction, at the expense of the Company, for the
appointment of a successor Trustee. 

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

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The retiring Trustee will promptly transfer all properly held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.10 Eligibility;
Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital
and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 
 This Indenture will always
have a Trustee who satisfies the requirements of TIA § 310(a)(l), (2) and (5). The Trustee is subject to TIA § 310(b). There shall be excluded from the operation of TIA § 310(b)(1) any series of Notes under this
Indenture if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
 Section 7.11 Preferential Collection
of Claims Against Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in
TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

ARTICLE 8 
 LEGAL
DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate,
elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes of such Series on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes of such Series, which will
thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all their other obligations under
such Notes and this Indenture (and the Trustee, on written demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or
discharged hereunder: 
 (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or
premium, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

  
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 (b) the Company’s obligations with respect to such Notes under Article 2 and
Section 4.02 hereof; 
 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
obligations in connection therewith; and 
 (d) this Article 8. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the
guarantors, if any, will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Section 4.03 and any other covenants specified in the applicable
Board Resolutions, supplemental indenture or Officer’s Certificate as being subject to covenant defeasance pursuant to this Section 8.03, in each case, with respect to the outstanding Notes of the applicable Series on and after the date
the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes of such Series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission
to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, (i) the failure to comply with any such covenants shall not
constitute an Event of Default pursuant to Section 6.01(d) and (ii) Section 6.01(f) (with respect to Significant Subsidiaries only) and (g) (with respect to Significant Subsidiaries only) shall not constitute an Event of Default.

 Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the written opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants delivered to the Trustee, to pay the
principal of, premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated
date for payment or to a particular redemption date; 
 (b) in the case of an election under Section 8.02 hereof, the Company must
deliver to the Trustee an Opinion of Counsel confirming that: 
 (1) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling; or 

  
 26 

 (2) since the date of this Indenture, there has been a change in the applicable
federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial
owners of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election under Section 8.03 hereof, the
Company must deliver to the Trustee an Opinion of Counsel confirming that the beneficial owners of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound;

 (e) such Legal Defeasance or Covenant Defeasance will 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 Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 

(f) 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 the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 

(g) 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. 
 Section 8.05 Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money
and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes of any Series will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds
except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Notes of the applicable Series. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee
will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

  
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 Section 8.06 Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on, any Series of Notes and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall, subject to applicable abandoned property law, be paid to the Company on its
request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the
Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the
date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07
Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s
and any applicable guarantors’ obligations under this Indenture and the applicable Notes and the guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or
interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

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

Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Notes of one or
more Series without the consent of any Holder of Note: 
 (a) to cure any ambiguity or to correct or supplement any provision contained
herein or in any supplemental indenture that may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to conform the provisions of this Indenture to the description of the Notes contained in the
prospectus or other offering document pursuant to which the Notes of one or more Series were sold, as evidenced by an Officer’s Certificate stating that such text constitutes an unintended conflict with the description of the corresponding
provision in the offering document; 
 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(c) to provide for the assumption of the Company’s obligations to the Holders of the Notes by a successor to the Company pursuant to
Article 5 hereof; 
 (d) to make any change that would provide any additional rights or benefits to the Holders of all or any Series of
Notes or that does not adversely affect the rights hereunder of any Holder in any material respect, as evidenced by an Officer’s Certificate; 

(e) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 

(f) to provide for the issuance of and establish the form and terms and conditions of Notes of any Series as permitted by this Indenture; 

  
 28 

 (g) to add guarantees with respect to the Notes of any Series or to provide security for the
Notes of any Series; or 
 (h) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to
the Notes of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee. 

Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and
upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make
any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or
otherwise. 
 Section 9.02 With Consent of Holders of Notes. 

The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in aggregate
principal amount of the outstanding Notes of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Notes of such Series), for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of Notes of each such Series. Except as otherwise provided herein, the
Holders of at least a majority in aggregate principal amount of the outstanding Notes of each Series, by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Notes of such Series) may waive
compliance by the Company with any provision of this Indenture or the Notes with respect to such Series. 
 It shall not be necessary for
the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of
Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental
indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Notes affected thereby
a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.
However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not, with respect to any Notes held by a non-consenting Holder: 

(a) reduce the principal amount, any premium or change the Stated Maturity of any Note or alter or waive any of the provisions with respect to
the redemption or repurchase of the Notes; 
 (b) reduce the rate (or alter the method of computation) of or extend the time for payment of
interest, including defaulted interest, on any Note; 
 (c) waive a Default or Event of Default in the payment of principal of or premium,
if any, or interest on the Notes, except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes of such Series with respect to a nonpayment default and a waiver of
the payment default that resulted from such acceleration; 
 (d) make the principal of or premium, if any or interest on any Note payable in
currency other than that stated in the Notes; 

  
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 (e) change any place of payment where the Notes of any series or interest thereon is payable;

 (f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of the Notes to
receive payments of principal of or premium, interest, if any, on the Notes and to institute suit for the enforcement of any such payments; 

(g) make any change in the foregoing amendment and waiver provisions; or 

(h) reduce the percentage in principal amount of any Notes, the consent of the Holders of which is required for any of the foregoing
modifications or otherwise necessary to modify or amend this Indenture or to waive any past Defaults. 
 Section 9.03 Compliance with
Trust Indenture Act. 
 Every amendment to this Indenture or the Notes of one or more Series will be set forth in a
supplemental indenture hereto that complies with the TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents.

 Until an amendment or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note
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 of a Note or subsequent Holder of a Note
may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every
Holder. 
 Section 9.05 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment or waiver on any Note of any Series thereafter authenticated. The Company in
exchange for Notes of that Series may issue and the Trustee shall authenticate upon request new Notes of that Series that reflect the amendment or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment or waiver. 

Section 9.06 Trustee to Sign Amendments, etc. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture, and an Opinion of Counsel stating that it will be the valid and binding obligation of the Company, enfoceable in accordance with its terms, subject to customary exceptions.
The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights. 

ARTICLE 10 
 SATISFACTION
AND DISCHARGE 
 Section 10.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to a Series of Notes issued hereunder, when: 

(a) either: 
 (1)
all such Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered
to the Trustee for cancellation; or 

  
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 (2) all such Notes that have not been delivered to the Trustee for cancellation
have become due and payable by reason of the sending of a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust
solely for the benefit of the Holders of such Notes, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and
discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(b) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other material instrument to which the Company or any guarantor, as applicable, is a
party or by which the Company, or any guarantor, as applicable, is bound; 
 (c) the Company or any guarantor of such Notes has paid or
caused to be paid all sums payable by it under this Indenture; and 
 (d) the Company has delivered irrevocable instructions to the Trustee
under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition,
the Company must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(2) of clause (a) of this Section 10.01, the provisions of Sections 10.02 and 8.06 hereof will survive. In addition, nothing in this Section 10.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. After the conditions to discharge contained in this Article Ten have been satisfied, and the Company has paid or caused to be paid all other sums payable hereunder by the
Company, and delivered to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that all conditions precedent to satisfaction and discharge have been satisfied, the Trustee upon Company request shall acknowledge in writing
the discharge of the obligations of the Company (except for those surviving obligations specified in this Section 10.01 and the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in
connection therewith). 
 Section 10.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes with respect to which such deposit was made and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except
to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 10.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any applicable
guarantor’s obligations under this Indenture and the applicable Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Company has made any payment of principal
of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the
Trustee or Paying Agent. 

  
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 ARTICLE 11 

MISCELLANEOUS 
 Section 11.01
Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by TIA § 318(c), the imposed duties will control. 
 Section 11.02 Notices.

 Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or by
first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

 

	
	 If to the Company:

	
	 Horizon Global Corporation

2600 West Big Beaver Road, Suite 500

Troy, Michigan 48084

Attention: Legal Director

Facsimile No.: (248) 480-4175

Telephone No.: (248) 593-8820

	
	 With a copy to:

	
	 Jones Day

North Point

901 Lakeside Avenue

Cleveland, Ohio 44114

Attention: Michael J. Solecki, Esq.

Facsimile No.: (216) 579-0212

Telephone No.: (216) 586-7103

	
	 If to the Trustee:

	
	 Wells Fargo Bank, National Association

150 East 42nd Street, 40th Floor

New York, New York 10017

Attention: Corporate, Municipal and Escrow Services

Facsimile No.: (917) 260-1594

Telephone No.: (917) 260-1539

	

 The Company or the Trustee, by notice to the others, may designate additional or different addresses for
subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery. 

  
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 Any notice or communication to a Holder will be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA
§ 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. Notwithstanding any other provision of this Indenture or
any Global Note, where this Indenture or any Global Note provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if
given to the Depositary (or its designee) pursuant to the Applicable Procedures, including by electronic mail in accordance with the standing instructions from the Depositary. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same
time. 
 The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf,
facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed
instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If the party
elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be
deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 Section 11.03
Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA
§ 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

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
(except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or
opinion need be furnished): 
 (1) an Officer’s Certificate stating that, in the opinion of the signers (who may rely
upon an Opinion of Counsel as to matters of law), all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel stating that, in the opinion of such counsel (who may rely upon an Officer’s Certificate as to
matters of fact), all such conditions precedent and covenants have been satisfied. 
 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 a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 

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

  
 33 

 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement
that, in the opinion of such Person, 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 satisfied; and 

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

Section 11.06 Rules by Trustee and Agents. 

Holders may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 11.07 Calculation of Foreign Currency Amounts. 

The calculation of the U.S. dollar equivalent amount for any amount denominated in a foreign currency shall be the noon buying rate in the City
of New York as certified by the Federal Reserve Bank of New York on the date on which such determination is required to be made or, if such day is not a day on which such rate is published, the rate most recently published prior to such day. 

Section 11.08 No Personal Liability of Directors, Officers, Employees and Shareholders. 

No past, present or future director, officer, employee, incorporator or shareholder of the Company, as such, will have any liability for any
obligations of the Company under the Notes, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

Section 11.09 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES, AND THE GUARANTEES, IF ANY, 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 11.10 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.11 Successors.

 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this
Indenture will bind its successors. 
 Section 11.12 Severability. 

In case any provision in this 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. 

  
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 Section 11.13 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 11.14 Table of Contents, Headings, etc. 

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

Section 11.15 Waiver of Jury Trial 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 11.16
Patriot Act Compliance 
 The parties hereto acknowledge that in accordance with Section 326 of the USA 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, which information includes the name, address, tax identification number and formation documents and other information that will allow Trustee to identify the person or legal entity in accordance with the USA Patriot
Act. The parties to this Agreement agree that they will provide the Trustee with such information in order for the Trustee to satisfy the requirements of the USA Patriot Act. 

Section 11.17 Foreign Account Tax Compliance Act (FATCA) 

In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by
competent authorities) in effect from time to time (“Applicable Law”) to which a foreign financial institution, issuer, trustee, paying agent, holder or other institution is or has agreed to be subject related to this Indenture, the
Company agrees (i) to provide to the Trustee sufficient information about Holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so as to enable the Trustee to determine whether it
has tax related obligations under Applicable Law and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law for which the Trustee
shall not have any liability. The terms of this section shall survive the termination of this Indenture. 
 [Signatures on following page]

  
 35 

 SIGNATURES 
  

							
	Dated as of February 1, 2017	 		 	
		 		 	 HORIZON GLOBAL CORPORATION

				
		 		 	By:	 	/s/ David Rice
		 		 	Name:	 	David Rice
		 		 	Title:	 	Chief Financial Officer
			
		 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
				
		 		 	By:	 	/s/ Gregory S. Clarke
		 		 	Name:	 	Gregory S. Clarke
		 		 	Title:	 	Vice President

 [Signature Page to Indenture]

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