Document:

EXHIBIT 4.38

 Exhibit 4.38 
  
 XM SATELLITE RADIO INC. 
 ISSUER 
  
 XM SATELLITE
RADIO HOLDINGS INC. 
 GUARANTOR 
  
 AND 
  
 THE BANK OF NEW YORK 
 TRUSTEE 
  
 INDENTURE 
 Dated as of             ,          
  
 SENIOR DEBT SECURITIES 

 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	  	5
	 ARTICLE 2. THE SECURITIES
	  	5
	 Section 2.01.
	  	Issuable in Series	  	5
	 Section 2.02.
	  	Establishment of Terms of Series of Securities	  	6
	 Section 2.03.
	  	Execution and Authentication	  	7
	 Section 2.04.
	  	Registrar and Paying Agent	  	8
	 Section 2.05.
	  	Paying Agent to Hold Money in Trust	  	9
	 Section 2.06.
	  	Securityholder Lists	  	9
	 Section 2.07.
	  	Transfer and Exchange	  	9
	 Section 2.08.
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	10
	 Section 2.09.
	  	Outstanding Securities	  	10
	 Section 2.10.
	  	Treasury Securities	  	10
	 Section 2.11.
	  	Temporary Securities	  	11
	 Section 2.12.
	  	Cancellation	  	11
	 Section 2.13.
	  	Defaulted Interest	  	11
	 Section 2.14.
	  	Global Securities	  	11
	 Section 2.15.
	  	CUSIP Numbers	  	12
	 ARTICLE 3. REDEMPTION AND PREPAYMENT
	  	12
	 Section 3.01.
	  	Notices to Trustee	  	12
	 Section 3.02.
	  	Selection of Securities 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.
	  	Securities Redeemed in Part	  	14
	 ARTICLE 4. COVENANTS
	  	14
	 Section 4.01.
	  	Payment of Securities	  	14
	 Section 4.02.
	  	Compliance Certificate	  	14
	 Section 4.03.
	  	Statement by Officers as to Default	  	15
	 Section 4.04.
	  	Taxes	  	15
	 Section 4.05.
	  	Corporate Existence	  	15
	 ARTICLE 5. SUCCESSORS
	  	15
	 Section 5.01.
	  	Merger, Consolidation or Sale of Assets	  	15
	 Section 5.02.
	  	Successor Corporation Substituted	  	16
	 ARTICLE 6. DEFAULTS AND REMEDIES
	  	16
	 Section 6.01.
	  	Events of Default	  	16
	 Section 6.02.
	  	Acceleration	  	17
	 Section 6.03.
	  	Other Remedies	  	17
	 Section 6.04.
	  	Waiver of Past Defaults	  	18
	 Section 6.05.
	  	Control by Majority	  	18
	 Section 6.06.
	  	Limitation on Suits	  	18
	 Section 6.07.
	  	Rights of Holders of Securities to Receive Payment	  	18
	 Section 6.08.
	  	Collection Suit by Trustee	  	18
	 Section 6.09.
	  	Trustee May File Proofs of Claim	  	19
	 Section 6.10.
	  	Priorities	  	19
	 Section 6.11.
	  	Undertaking for Costs	  	19
	 ARTICLE 7. TRUSTEE
	  	20
	 Section 7.01.
	  	Duties of Trustee	  	20

  

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	 Section 7.02.
	  	Rights of Trustee	  	21
	 Section 7.03.
	  	Individual Rights of Trustee	  	22
	 Section 7.04.
	  	Trustee’s Disclaimer	  	22
	 Section 7.05.
	  	Notice of Defaults	  	22
	 Section 7.06.
	  	Reports by Trustee to Holders of the Securities	  	22
	 Section 7.07.
	  	Compensation and Indemnity	  	22
	 Section 7.08.
	  	Replacement of Trustee	  	23
	 Section 7.09.
	  	Successor Trustee by Merger, etc.	  	24
	 Section 7.10.
	  	Eligibility; Disqualification	  	24
	 Section 7.11.
	  	Preferential Collection of Claims Against Company	  	24
	 ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	24
	 Section 8.01.
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	24
	 Section 8.02.
	  	Legal Defeasance and Discharge	  	24
	 Section 8.03.
	  	Covenant Defeasance	  	25
	 Section 8.04.
	  	Conditions to Legal or Covenant Defeasance	  	25
	 Section 8.05.
	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	27
	 Section 8.06.
	  	Repayment to Company	  	27
	 Section 8.07.
	  	Reinstatement	  	27
	 ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER
	  	28
	 Section 9.01.
	  	Without Consent of Holders of Securities	  	28
	 Section 9.02.
	  	With Consent of Holders of Securities	  	28
	 Section 9.03.
	  	Compliance with Trust Indenture Act	  	29
	 Section 9.04.
	  	Revocation and Effect of Consents	  	29
	 Section 9.05.
	  	Notation on or Exchange of Securities	  	30
	 Section 9.06.
	  	Trustee to Sign Amendments, etc.	  	30
	 ARTICLE 10. GUARANTEES
	  	30
	 Section 10.01.
	  	Applicability of Article	  	30
	 Section 10.02.
	  	Guarantees	  	30
	 Section 10.03.
	  	Obligations Unconditional	  	31
	 Section 10.04.
	  	Execution of Guarantees	  	32
	 Section 10.05.
	  	Withholding	  	32
	 Section 10.06.
	  	Limitation of Guarantees	  	32
	 Section 10.07.
	  	Release of Guarantees	  	33
	 Section 10.08.
	  	Terms	  	33
	 ARTICLE 11. MISCELLANEOUS
	  	33
	 Section 11.01.
	  	Trust Indenture Act Controls	  	33
	 Section 11.02.
	  	Notices	  	34
	 Section 11.03.
	  	Communication by Holders of Securities with Other Holders of Securities	  	35
	 Section 11.04.
	  	Certificate and Opinion as to Conditions Precedent	  	35
	 Section 11.05.
	  	Statements Required in Certificate or Opinion	  	35
	 Section 11.06.
	  	Rules by Trustee and Agents	  	35
	 Section 11.07.
	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	35
	 Section 11.08.
	  	Governing Law	  	36
	 Section 11.09.
	  	No Adverse Interpretation of Other Agreements	  	36
	 Section 11.10.
	  	Successors	  	36
	 Section 11.11.
	  	Severability	  	36
	 Section 11.12.
	  	Counterpart Originals	  	36
	 Section 11.13.
	  	Table of Contents, Headings, etc.	  	36
	 Section 11.14
	  	Force Majeure	  	36

  

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 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)(1)
	  	N.A.
	 (b)(2)
	  	7.07
	 (c)
	  	7.06;11.02
	 (d)
	  	7.06
	 314 (a)
	  	4.03;11.02
	 (b)
	  	N.A.
	 (c)(1)
	  	11.04
	 (c)(2)
	  	11.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	11.05
	 (f)
	  	N.A.
	 315 (a)
	  	7.01
	 (b)
	  	7.05;11.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	 316 (a) (last sentence)
	  	2.10
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	2.13
	 317 (a)(1)
	  	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 the Indenture. 

 INDENTURE dated as of
                     between XM Satellite Radio Inc., a Delaware corporation (the “Company”), XM Satellite Radio Holdings Inc., a
Delaware corporation (“Parent Guarantor”), and The Bank of New York, a New York banking corporation, as trustee (the “Trustee”). 
  
 WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of
senior debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons,
to be authenticated by the certificate of the Trustee; 
  
 WHEREAS, Parent Guarantor has duly authorized the full and unconditional obligation by it of the Securities; 
  
 WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the
execution of this Indenture; and 
  
 WHEREAS, all things necessary
to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done. 
  
 The Company and the Trustee agree as follows for the benefit of each other and for equal and ratable benefit of the Holders of the Securities issued under
this Indenture (the “Securities”). 
  
 ARTICLE 1.

  
 DEFINITIONS AND INCORPORATION BY REFERENCE

  
 Section 1.01. Definitions. 
  
 Certain terms used herein and not defined herein shall have the meanings
assigned to them in a Board Resolution, an Officers’ Certificate or a supplemental Indenture. The following terms shall have the following meanings: 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used
with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise;
provided that beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control. 
  
 “Agent” means any Registrar, Paying Agent or co-registrar. 
  
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

  
 “Board of Directors” means the Board of Directors of
the Company, or any authorized committee of the Board of Directors. 
  
 “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. 
  
 “Capital Stock” means, with respect to any Person, any and all shares (including preferred shares), interests, participations or other equity
ownership interests (however designated, whether voting or non-voting) in the Person and any rights (other than debt securities convertible into or exchangeable for corporate Capital Stock), warrants or options to purchase any thereof. 

 “Clearstream” means Clearstream Banking, societe anonyme. 
  
 “Company” means XM Satellite Radio Holdings Inc., and any and all
successors thereto. 
  
 “Company Order” means a written
order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer. 
  
 “Corporate Trust Office of the Trustee” means the principal office of the Trustee at which at any time its
corporate trust business shall be administered, which office at the dated hereof is located at 101 Barclay Street, Floor 8 West, New York, New York 10286, Attention: Corporate Trust Administration, 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 the Securities in global form, 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. 
  
 “Definitive Security” means a certificated Security registered in the name of the Holder thereof and issued in
accordance with Section 2.07 hereof. 
  
 “Depositary” means, with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section 2.04 hereof as the Depositary with respect to the Securities, and any and all
successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
  
 “Discount Security” means any Security 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. 
  
 “Euroclear” means Morgan Guaranty Trust Company of New York, Brussels office, or its successor as operator of the Euroclear system. 
  
 “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 on the date hereof. 
  
 “Global Security Legend” means the legend set forth in
Section 2.14(3), which is required to be placed on all Global Securities issued under this Indenture. 
  
 “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. The term “Guarantor” shall mean any Person Guaranteeing any obligation, including but not limited to Parent Guarantor.

  

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 “Holder” means a Person in whose name a Security is registered. 
  
 “Indebtedness” means with respect to any specified Person, any
indebtedness of such Person, whether or not contingent, in respect of borrowed money, bonds, notes, debentures or similar instruments or letters of credit, banker’s acceptances, or the balance deferred and unpaid of the purchase price of any
property except any such balance that constitutes an accrued expense or trade payable. 
  
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
  
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Security through a Participant. 
  
 “Legal Holiday” means a Saturday, a Sunday or a day on which
banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next
succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
  
 “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). 
  
 “Maturity,” when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security
or such installment of principal becomes due and payable as therein or herein provided, whether at the stated maturity or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise. 
  
 “Obligation” means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Offering” means the offering of the Securities by the Company. 
  
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company,
one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 11.04 hereof. 
  
 “Opinion of Counsel” means an opinion from legal counsel who is
reasonably acceptable to the Trustee, that meets the requirements of Section 11.04 hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 
  
 “Participant” means, with respect to the Depositary, Euroclear or
Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company, or government or agency or political subdivision thereof (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity, subdivision or
business). 
  

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 “Responsible Officer” with respect to the Trustee, means any officer within the corporate trust
department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 
  
 “SEC” means the
Securities and Exchange Commission. 
  
 “Securities” has
the meaning assigned to it in the preamble to this Indenture. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof. 
  
 “Significant Subsidiary” means any Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof. 
  
 “Subsidiary” means, with respect to any 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) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such 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 such Person or of
one or more Subsidiaries of such Person (or any combination thereof). 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under the TIA. 
  
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder. 
  
 “U.S. Person” means a U.S. person as defined in Rule 902(o) under the Securities Act. 
  
 “Voting Stock,” as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the
occurrence of a contingency. 
  
 Section 1.02. Other Definitions.

  

			
	 Term

	  	Defined
in Section

	 “Covenant Defeasance”
	  	8.03
	 “Event of Default”
	  	6.01
	 “Legal Defeasance”
	  	8.02
	 “Paying Agent”
	  	2.04
	 “Payment Default”
	  	6.01
	 “Registrar”
	  	2.04
	 “Service Agent”
	  	2.04

  

 - 4 - 

 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 Securities; 
  
 “indenture security Holder” means a Holder of a Security; 
  
 “indenture to be qualified” means this Indenture; 
  
 “indenture trustee” or “institutional trustee” means the Trustee; and 
  
 “obligor” on the Securities means the Company and any successor obligor upon the Securities. 
  
 All other terms used in this Indenture that are defined by the TIA, defined
by the TIA’s 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: 
  

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

  

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

  

	 	(c)	“or” is not exclusive; 

  

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

  

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

  

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

  
 ARTICLE 2. 
  
 THE SECURITIES 
  
 Section 2.01. Issuable in Series. 
  
 The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except 

  

 - 5 - 

 
as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to
the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture 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. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably
entitled to the benefits of the Indenture. 
  
 Section 2.02. Establishment
of Terms of Series of Securities. 
  
 At or prior to the
issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.02(1) and either as to such Securities within the Series or as to the Series generally in the case of Subsections
2.02(2) through 2.02(21)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution: 
  

	 	(1)	the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series); 

  

	 	(2)	the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued; 

  

	 	(3)	any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series); 

  

	 	(4)	the date or dates on which the principal of the Securities of the Series is payable; 

  

	 	(5)	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 Securities 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; 

  

	 	(6)	the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other
means; 

  

	 	(7)	if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in
part, at the option of the Company; 

  

	 	(8)	the obligation, if any, of the Company to redeem or purchase the Securities 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 Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

  

	 	(9)	the dates, if any, on which and the price or prices at which the Securities 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; 

  

	 	(10)	if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable; 

  

	 	(11)	the forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities will be issuable as Global Securities);

  

 - 6 - 

	 	(12)	if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.02; 

  

	 	(13)	the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency; 

  

	 	(14)	the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;

  

	 	(15)	if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such
Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 

  

	 	(16)	the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference to
an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

  

	 	(17)	the provisions, if any, relating to any security provided for the Securities of the Series; 

  

	 	(18)	any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such
Securities to declare the principal amount thereof due and payable pursuant to Section 6.02; 

  

	 	(19)	any addition to or change in the covenants set forth in Articles 4 or 5 which applies to Securities of the Series; 

  

	 	(20)	whether the Securities of the series will be convertible or exchangeable into shares of common stock or other securities of the Company or Parent Guarantor and, if so, the terms and
conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price and the conversion or exchange period; 

  

	 	(21)	any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.01, but which may
modify or delete any provision of this Indenture insofar as it applies to such Series); and 

  

	 	(22)	any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein.

  
 All Securities 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 or Officers’ Certificate referred to above, and the
authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate. 
  
 Section 2.03. Execution and Authentication. 
  
 Two Officers shall sign the Securities for the Company by manual or
facsimile signature. 
  
 If an Officer whose signature is on a
Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 
  

 - 7 - 

 A Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
  
 The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly
authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate. 
  
 The aggregate principal amount of
Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to
Section 2.02, except as provided in Section 2.08. 
  
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’
Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with
Section 11.04, and (c) an Opinion of Counsel complying with Section 11.04 and which shall also state: (1) that the form of such Securities has been established by an Officers’ Certificate, a supplemental indenture or by or
pursuant to a resolution of the Board of Directors in accordance with Sections 2.01 and 2.02 and in conformity with the provisions of this Indenture; (2) that the terms of such Securities have been established in accordance with
Section 2.01 and in conformity with the other provisions of this Indenture; and (3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or
affecting the enforcement of creditors’ rights and to general equity principles. 
  
 The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not lawfully be taken; or
(b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine that such action would expose the Trustee to personal liability to Holders of
any then outstanding Series of Securities. 
  
 The Trustee may
appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate. 
  
 Section 2.04. Registrar and Paying Agent. 
  
 The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to
Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange
(“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to each Series of
Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time the Company
shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
  
 The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from time to
time rescind such designations; provided, however, that no such 

  

 - 8 - 

 
designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so
specified pursuant to Section 2.02 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such
co-registrar, additional paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service Agent” includes any
additional service agent. 
  
 The Company hereby appoints the
Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 
  
 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 Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will
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. Upon payment over to the Trustee, 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 Securityholders of any Series of Securities all money held by it as Paying Agent. 
  
 Section 2.06. Securityholder 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
Securityholders of each Series of Securities 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 ten 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 Securityholders of each Series of Securities. 
  
 Section 2.07. Transfer and Exchange. 
  
 Where Securities 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 Securities 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 Securities 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). 
  
 Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of
Securities 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 Securities of any Series selected, called or being called for redemption as a whole
or the portion being redeemed of any such Securities selected, called or being called for redemption in part. 
  

 - 9 - 

 Section 2.08. Mutilated, Destroyed, Lost and Stolen Securities. 
  
 If any mutilated Security is surrendered to the Trustee, the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 If there shall be delivered to the Company and the Trustee (i) evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a
new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security. 
  
 Upon the
issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Trustee) connected therewith. 
  
 Every new Security of any
Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  
 Section 2.09. Outstanding Securities. 
  
 The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security
effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 
  
 If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser. 
  
 If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds to the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be
outstanding and interest on them ceases to accrue. 
  
 A Security
does not cease to be outstanding because the Company or an Affiliate holds the Security. 
  
 In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a
Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.02. 
  
 Section 2.10. Treasury Securities.

  
 In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver Securities of a Series owned by 

  

 - 10 - 

 
the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such
request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 
  
 Section 2.11. Temporary Securities. 
  
 Until definitive Securities are ready for delivery, the Company may prepare
and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall
have the same rights under this Indenture as the definitive Securities. 
  
 Section 2.12. Cancellation. 
  
 The Company
at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall dispose of such canceled Securities (subject to the record retention requirement of the Exchange Act) pursuant to the Trustee’s customary procedures
for the disposition of canceled securities and deliver a certificate of such disposition to the Company, unless the Company otherwise directs. The Company may not issue new Securities to replace Securities that it has paid or delivered to the
Trustee for cancellation. 
  
 Section 2.13. Defaulted Interest.

  
 If the Company defaults in a payment of interest on a
Series of Securities, it shall pay the defaulted interest in any lawful manner, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record
date. The Company shall fix the record date and payment date. At least 15 days before the record date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the
amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner. 
  
 Section 2.14. Global Securities. 
  
 (1) Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form
of one or more Global Securities and the Depositary for such Global Security or Securities. 
  
 (2) Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to
Section 2.07 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Security 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 within 90 days of such event,
(ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities represented by such Global
Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms. 
  
 Except as provided in this Section 2.14(2) a Global Security may not be transferred except as a whole by the Depositary with respect to such Global
Security to a nominee of such Depositary, by a nominee of such 

  

 - 11 - 

 
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. 
  
 (3) Legend. Any Global Security
issued hereunder shall bear a legend in substantially the following form: 
  
 “THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07
OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF XM
SATELLITE RADIO HOLDINGS INC.” 
  
 (4) 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
the Indenture. 
  
 (5) 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 Security shall be made to the Holder thereof. 
  
 (6) Consents, Declaration and Directions. Except as provided in
Section 2.14(5), the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the
Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
  
 Section 2.15. CUSIP Numbers. 
  
 The Company in issuing the Securities may use “CUSIP” numbers (if
then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in
or omission of such numbers. 
  
 ARTICLE 3. 
  
 REDEMPTION AND PREPAYMENT 
  
 Section 3.01. Notices to Trustee. 
  
 The Company may, with respect to any Series of Securities, reserve the right
to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the stated maturity thereof at such time and on such terms as provided for in such Securities. If a Series of
Securities is redeemable and the Company wants or is obligated to redeem prior to the stated maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and
the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 10 but no more that 60 days before the redemption date (or such shorter notice as may be acceptable to the Trustee). 
  

 - 12 - 

 Section 3.02. Selection of Securities to Be Redeemed. 
  
 Unless otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, if less than all of the Securities are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Securities to be redeemed as follows: 
  

	 	(1)	if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities
are listed; or 

  

	 	(2)	if the Securities are not listed on any national securities exchange, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate.

  
 No Securities of $1,000 of principal amount or
less will be redeemed in part. Except as provided in the preceding sentence, provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. Notices of redemption will be mailed
by first class mail at least 30 but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at its registered address. Notices of redemption may not be conditional. 
  
 If any Security is to be redeemed in part only, the notice of redemption that
relates to such Security shall state the portion of the principal amount of that Security to be redeemed. A new Security in principal amount equal to the unredeemed portion of the original Security presented for redemption will be issued in the name
of the Holder thereof upon cancellation of the original Security. Securities called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue or accrete on Securities or portions of them
called for redemption. 
  
 Section 3.03. Notice of Redemption.

  
 Unless otherwise indicated for a particular Series by a
Board Resolution, a supplemental indenture or an Officers’ Certificate, at least 10 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each
Holder whose Securities are to be redeemed at its registered address. 
  
 The notice shall identify the Securities to be redeemed (including the CUSIP number, if any) and shall state: 
  

	 	(1)	the redemption date; 

  

	 	(2)	the redemption price; 

  

	 	(3)	if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the redemption date upon surrender of such Security, a
new Security or Securities in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Security; 

  

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

  

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

  

	 	(6)	that, unless the Company defaults in making such redemption payment, interest on Securities called for redemption ceases to accrue on and after the redemption date;

  

	 	(7)	the paragraph of the Securities and/or provision of an indenture pursuant to which the Securities called for redemption are being redeemed; and 

  

 - 13 - 

	 	(8)	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 Securities. 

  
 At the Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
  
 Section 3.04. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Securities called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of
redemption may not be conditional. 
  
 Section 3.05. Deposit of Redemption
Price. 
  
 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 Securities 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 Securities 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 Securities or the portions of Securities called for redemption. If a Security is redeemed on or after an interest record date but on or prior to the related interest payment date,
then any accrued and unpaid interest shall be paid to the Person in whose name such Security was registered at the close of business on such record date. If any Security 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 Securities. 
  
 Section 3.06. Securities Redeemed in Part. 
  
 Upon surrender of a Security that is redeemed in part, the Company shall issue and, upon the Company’s written request, the Trustee shall authenticate for the Holder at the expense of the Company a new Security equal in principal
amount to the unredeemed portion of the Security surrendered. 
  
 ARTICLE 4. 
  
 COVENANTS 
  
 Section 4.01. Payment of Securities. 
  
 The Company covenants and agrees for the benefit of the Holders of each
Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. 
  
 Section 4.02. Compliance Certificate. 
  
 The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year, a brief certificate from its principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the Company’s compliance with all conditions and covenants under this
Indenture, and in the 

  

 - 14 - 

 
event of any noncompliance, specifying such noncompliance and the nature and status thereof. For purposes of this Section 4.02, such compliance shall be
determined without regard to any period of grace or requirement of notice under this Indenture. 
  
 Section 4.03. Statement by Officers as to Default. 
  
 The Company shall deliver to the Trustee, as soon as possible and in any event within five days after the Company becomes aware of the occurrence of any
Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default and the action which the Company proposes
to take with respect thereto. 
  
 Section 4.04. Taxes. 
  
 The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the
Holders of the Securities. 
  
 Section 4.05. Corporate Existence.

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

	 	(1)	its corporate existence, and the corporate, partnership or other existence of 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 

  

	 	(2)	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 the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Securities. 

  
 ARTICLE 5. 
  
 SUCCESSORS 
  
 Section 5.01. Merger, Consolidation or Sale of Assets. 
  
 Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, the Company shall not: 
  

	 	(1)	consolidate or merge with or into (whether or not the Company is the surviving corporation); or 

  

	 	(2)	sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to another corporation,
Person or entity, 

  
 in either case unless:

  

	 	(a)	 either (A) the Company is the surviving corporation; or (B) the entity or the Person formed by or surviving any such consolidation or merger (if other
than the Company) or 

  

 - 15 - 

	 	 
to which the sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation organized or existing under the laws of
the United States, any state thereof or the District of Columbia; 

  

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

  

	 	(c)	immediately after such transaction no Default exists. 

  
 Section 5.02. Successor Corporation Substituted. 
  
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of
the Company in accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made
shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the
successor corporation and not to the Company), and may exercise every right and power of the Company under this Indenture, as modified or supplemented by an Officers’ Certificate, a Board Resolution or a supplemental 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 the Securities except in the case of a sale of
all of the Company’s assets that meets the requirements of Section 5.01 hereof. 
  
 ARTICLE 6. 
  
 DEFAULTS
AND REMEDIES 
  
 Section 6.01. Events of Default. 
  
 Unless otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture, or an Officers’ Certificate, each of the following constitutes an Event of Default: 
  

	 	(1)	default for 30 days in the payment when due of interest on the Securities; 

  

	 	(2)	default in payment when due of the principal of or premium, if any, on the Securities; 

  

	 	(3)	failure by the Company or any of its Subsidiaries for 60 days after notice by the Trustee or the Holders of at least 25% in the aggregate principal amount of the Securities then
outstanding, voting as a single class, to comply with any of its other agreements in the Indenture or the Securities; 

  

	 	(4)	 default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness (as defined in
the Board Resolution, a supplemental indenture, or an Officers’ Certificate for a particular Series) for money borrowed by the Company (or the payment of which is guaranteed by the Company) whether such Indebtedness or guarantee now exists, or
is created after the date of this Indenture, which default results in the acceleration of the Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has 

  

 - 16 - 

	 	 
been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million or more; 

  

	 	(5)	the Company pursuant to or within the meaning of Bankruptcy Law: 

  

	 	(a)	commences a voluntary case, 

  

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

  

	 	(c)	consents to the appointment of a Custodian of it or for all or substantially all of its property, 

  

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

  

	 	(e)	generally is not paying its debts as they become due; or 

  

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

  

	 	(a)	is for relief against the Company in an involuntary case; 

  

	 	(b)	appoints a Custodian of the Company or for all or substantially all of the property of the Company; or 

  

	 	(c)	orders the liquidation of the Company; 

  
 and the order or decree remains unstayed and in effect for 90 consecutive days. 
  
 Section 6.02. Acceleration. 
  
 If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may
declare all the Securities to be due and payable immediately. Upon any such declaration, the principal of, and accrued and unpaid interest if any, on such Securities shall become due and payable immediately. Notwithstanding the foregoing, if an
Event of Default specified in clause (5) or (6) of Section 6.01 hereof occurs with respect to the Company, all outstanding Securities shall be due and payable immediately without further action or notice. The Holders of a majority in
aggregate principal amount of the then outstanding Securities by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if
all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 
  
 Section 6.03. Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium, if any, and
interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder of a Security in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
  

 - 17 - 

 Section 6.04. Waiver of Past Defaults. 
  
 Holders of not less than a majority in aggregate principal amount of the then outstanding Securities by notice to the
Trustee may on behalf of the Holders of all of the Securities waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or
interest on, the Securities (including in connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Securities may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  
 Section 6.05. Control by Majority. 
  
 Holders of a majority in principal amount of the then outstanding Securities may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any
trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Securities or that may involve
the Trustee in personal liability. 
  
 Section 6.06. Limitation on Suits.

  
 A Holder of a Security may pursue a remedy with respect
to this Indenture or the Securities only if: 
  

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

  

	 	(2)	the Holders of at least 25% in principal amount of the then outstanding Securities make a written request to the Trustee to pursue the remedy; 

  

	 	(3)	such Holder of a Security or Holders of Securities offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;

  

	 	(4)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 

 

	 	(5)	during such 60-day period the Holders of a majority in principal amount of the then outstanding Securities do not give the Trustee a direction inconsistent with the request.

  
 A Holder of a Security may not use this
Indenture to prejudice the rights of another Holder of a Security or to obtain a preference or priority over another Holder of a Security. 
  
 Section 6.07. Rights of Holders of Securities to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of principal of, premium, if any, and
interest on the Security, on or after the respective due dates expressed in the Security (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder. 
  
 Section 6.08.
Collection Suit by Trustee. 
  
 If an Event of Default
specified in Section 6.01(a) or (b) 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 Securities and interest on overdue principal and, 

  

 - 18 - 

 
to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 Section 6.09. Trustee May File Proofs of Claim. 
  
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Securities allowed in any judicial proceedings relative to the Company (or any other obligor upon the Securities), its creditors or its property and
shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding. 
  
 Section 6.10. Priorities.

  
 If the Trustee collects any money pursuant to this
Article, it shall pay out the money in the following order: 
  
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses
of collection; 
  
 Second: to Holders of Securities for
amounts due and unpaid on the Securities for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities 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 of Securities pursuant to this Section 6.10. 
  
 Section 6.11. Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities. 
  

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 ARTICLE 7. 
  

TRUSTEE 
  
 Section 7.01. Duties of Trustee. 
  

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

  

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

  

	 	(a)	the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in
this Indenture, as modified or supplemented by an Officers’ Certificate, a Board Resolution or a supplemental indenture, and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

  

	 	(b)	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 shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

  

	 	(3)	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:

  

	 	(a)	this paragraph does not limit the effect of paragraph (2) of this Section; 

  

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

  

	 	(c)	the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05
hereof. 

  

	 	(4)	Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (1), (2), and (3) of this
Section. 

  

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

  

	 	(6)	The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law. 

  

 - 20 - 

 Section 7.02. Rights of Trustee. 
  

	 	(1)	The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact
or matter stated in the document. 

  

	 	(2)	Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the written or oral advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

  

	 	(3)	The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

  

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

  

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

  

	 	(6)	The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders
shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 

  

	 	(7)	The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney. 

  

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

  

	 	(9)	The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 

  

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

  

	 	(11)	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. 

  

 - 21 - 

 Section 7.03. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal
with the 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 it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  
 Section 7.04. Trustee’s Disclaimer. 
  
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, as
modified or supplemented by an Officers’ Certificate, a Board Resolution or a supplemental indenture, or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities or any money paid to the Company
or upon the Company’s direction under any provision of this Indenture, as modified or supplemented by an Officers’ Certificate, a Board Resolution or a supplemental indenture, it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Securities or any other document in connection with the sale of the Securities or pursuant to this
Indenture other than its certificate of authentication. 
  
 Section 7.05.
Notice of Defaults. 
  
 If a Default or Event of Default
occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Securities 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 Security, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the
Securities. 
  
 Section 7.06. Reports by Trustee to Holders of the
Securities. 
  
 Within 60 days after each May 15,
beginning with the May 15 for so long as Securities remain outstanding, the Trustee shall mail to the Holders of the Securities a brief report dated as of such reporting date that complies with TIA Section 313(a) (but if no event described
in TIA Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all reports as
required by TIA Section 313(c). 
  
 A copy of each report at
the time of its mailing to the Holders of Securities shall be mailed to the Company and filed with the SEC and each stock exchange on which the Securities are listed in accordance with TIA Section 313(d). The Company shall promptly notify the
Trustee when the Securities are listed on any stock exchange and of any delisting thereof. 
  
 Section 7.07. Compensation and Indemnity. 
  
 The Company shall pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the Company and the Trustee shall from time to time agree in writing. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by
it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
  
 The Company shall indemnify the Trustee or any predecessor Trustee and their agents for, and hold them harmless 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 

  

 - 22 - 

 
asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and
expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  
 The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture. 
  
 To secure the Company’s payment obligations in this Section, the Trustee
shall have a Lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities. Such Lien shall survive the satisfaction and discharge of this
Indenture. 
  
 When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.01(g) or (h) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law. 
  
 The Trustee shall
comply with the provisions of TIA Section 313(b)(2) to the extent applicable. 
  
 Section 7.08. Replacement of Trustee. 
  
 A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
  
 The Trustee may resign in writing at any time and be discharged from the
trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee 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. 

  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

  
 If a successor Trustee does not take office within 60 days
after the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense), the Company, or the Holders of at least 10% in principal amount of the then outstanding Securities may petition any court of competent
jurisdiction for the appointment of a successor Trustee. 
  
 If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee. 
  

 - 23 - 

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to
the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice
of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in
Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
  
 Section 7.09. Successor Trustee by Merger, etc. 
  
 If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. 
  
 If at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture,
any of the Securities of a series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Securities so authenticated; and if at that
time any of the Securities of a series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such
cases such certificates shall have the full force which it is anywhere in the Securities of a series or in this Indenture provided that the certificate of the Trustee shall have. 
  
 Section 7.10. Eligibility; Disqualification. 
  
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the
United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at
least $75 million as set forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b). 
  
 Section 7.11. Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
  
 ARTICLE 8. 
  
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 
  
 The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’
Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Securities upon compliance with the conditions set forth below in this Article Eight. 
  
 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 shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been 

  

 - 24 - 

 
discharged from its obligations with respect to all outstanding Securities on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (1) and (2) below, and to have satisfied all its other obligations under such Securities and this Indenture
(and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
  

	 	(1)	the rights of Holders of outstanding Securities to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in
respect of the principal of, premium, if any, and interest on such Securities when such payments are due; 

  

	 	(2)	the Company’s obligations with respect to such Securities under Article 2 hereof; 

  

	 	(3)	the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith; and 

  

	 	(4)	this Article Eight. 

  
 Subject to compliance with this Article Eight, 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 shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in an
Officers’ Certificate, a Board Resolution or a supplemental indenture and clause (4) of Section 5.01 hereof with respect to the outstanding Securities on and after the date the conditions set forth in Section 8.04 are satisfied
(hereinafter, “Covenant Defeasance”), and the Securities shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Securities, 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 Securities 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, Sections 6.01(3) through 6.01(6) hereof shall not constitute Events of Default. 
  
 Section 8.04. Conditions to Legal or Covenant Defeasance. 
  
 The following shall be the conditions to the application of either
Section 8.02 or 8.03 hereof to the outstanding Securities: 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance: 
  

	 	(1)	 the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States dollars, non-callable Government Securities,
or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on the outstanding 

  

 - 25 - 

	 	 
Securities on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

  

	 	(2)	in the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that: 

  

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

  

	 	(b)	since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Holders of the outstanding Securities 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; 

  

	 	(3)	in the case of an election under Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that the Holders of the outstanding Securities 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; 

  

	 	(4)	no Default or Event of Default shall have occurred and be continuing either: 

  

	 	(a)	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); or 

  

	 	(b)	insofar as Sections 6.01(7) or 6.01(8) hereof are concerned, at any time in the period ending on the 91st day after the date of deposit; 

  

	 	(5)	such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this
Indenture) to which the Company is a party or by which the Company is bound; 

  

	 	(6)	the Company shall have delivered to the Trustee an Opinion of Counsel (which may be subject to customary exceptions including, but not limited to the assumption that there is no
intervening bankruptcy of the Company between the date of deposit and the 91st day following the deposit and the
assumption that no Holder is an “insider” of the Company under applicable bankruptcy law) to the effect that on the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally; 

  

	 	(7)	the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any
other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and 

  

	 	(8)	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the
Legal Defeasance or the Covenant Defeasance have been complied with. 

  

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 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 Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except
to the extent required by law. 
  
 The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities. 
  
 Anything in this Article Eight to the contrary notwithstanding, the Trustee shall 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. 
  
 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 Security and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the
Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; 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 shall 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 United States 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 obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had
occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 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 Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the
money held by the Trustee or Paying Agent. 
  

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 ARTICLE 9. 
  

AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 9.01. Without Consent of Holders of Securities. 
  
 Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Securities without the
consent of any Holder of Securities: 
  

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

  

	 	(2)	to provide for uncertificated Securities in addition to or in place of certificated Securities; 

  

	 	(3)	to provide for the assumption of the Company’s obligations to the Holders of the Securities by a successor to the Company pursuant to Article 5 hereof;

  

	 	(4)	to make any change that would provide any additional rights or benefits to the Holders of the Securities or that does not adversely affect the legal rights hereunder of any Holder
of Securities; 

  

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

  

	 	(6)	as provided in Section 2.02 hereof. 

  
 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 receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall 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 shall not be obligated to enter into such amended or supplemental Indenture that affects its own rights, duties or immunities
under this Indenture or otherwise. 
  
 Section 9.02. With Consent of
Holders of Securities. 
  
 Except as provided below in this
Section 9.02, the Company and the Trustee may amend or supplement this Indenture and the Securities with the consent of the Holders of at least a majority in principal amount of the Securities then outstanding, voting as a single class
(including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Securities), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default
or Event of Default in the payment of the principal of, premium, if any, or interest on the Securities, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the
Securities may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Securities, voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Securities). Section 2.09 hereof shall determine which Securities are considered to be “outstanding” for purposes of this Section 9.02. 
  
 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 Securities as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02
hereof, the Trustee shall 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 shall not be obligated to, enter into such amended or supplemental Indenture. 
  

 - 28 - 

 It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to
approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Securities affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or
waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Securities then outstanding, voting as a single class, may waive compliance in a particular instance by the Company with any provision
of this Indenture or the Securities. However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Securities held by a non-consenting Holder): 
  

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

  

	 	(2)	reduce the principal of or change the fixed maturity of any Security or alter or waive any of the provisions with respect to the redemption of the Securities;

  

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

  

	 	(4)	waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Securities (except a rescission of acceleration of the Securities by the
Holders of at least a majority in aggregate principal amount of the then outstanding Securities and a waiver of the payment default that resulted from such acceleration); 

  

	 	(5)	make any Security payable in money other than that stated in the Securities; 

  

	 	(6)	make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Securities to receive payments of principal of, or premium, if
any, or interest on the Securities; 

  

	 	(7)	waive a redemption payment with respect to any Security; 

  

	 	(8)	except as provided under Article Eight hereof or in accordance with the terms of any Security Guarantee, release any Guarantor from any of its obligations under its Security
Guarantee or make any change in a Security Guarantee that would adversely affect the Holders of the Securities; or 

  

	 	(9)	make any change in Section 6.04 or 6.07 hereof or in the foregoing amendment and waiver provisions. 

  
 Section 9.03. Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture or the Securities shall be set forth in an amended or supplemental Indenture
that complies with the TIA as then in effect. 
  
 Section 9.04. Revocation
and Effect of Consents. 
  
 Until an amendment, supplement or
waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder of a Security and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any Security. However, any such Holder of a Security or subsequent Holder of a Security may revoke the consent as to its Security if the Trustee receives written notice of revocation before
the date the waiver, supplement or amendment 

  

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becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
  
 Section 9.05. Notation on or Exchange of Securities. 
  
 The Trustee may place an appropriate notation about an amendment, supplement
or waiver on any Security thereafter authenticated. The Company in exchange for all Securities may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Securities that reflect the amendment, supplement or waiver.

  
 Failure to make the appropriate notation or issue a new
Security shall not affect the validity and effect of such amendment, supplement or waiver. 
  
 Section 9.06. Trustee to Sign Amendments, etc. 
  
 The Trustee shall sign any amended or supplemental Indenture authorized pursuant to this Article Nine if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. The Company may not sign an amendment or supplemental Indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof)
shall be fully protected in relying upon, in addition to the documents required by Section 11.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized
or permitted by this Indenture. 
  
 ARTICLE 10. 

 
 GUARANTEES 
  
 Section 10.01. Applicability of Article. 
  
 If applicable, the guarantee of any series of Securities shall be
established in accordance with Article Two and in accordance with this Article. 
  
 Section 10.02. Guarantees. 
  
 Subject to
the provisions of this Article 10, each Guarantor, jointly and severally, hereby unconditionally and irrevocably guarantees to each Holder of a Security authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
that: (a) the aggregate principal amount of, and premium, if any, and interest on the Securities will be duly and punctually paid in full when due, whether at maturity, by acceleration or otherwise, and interest on overdue aggregate principal
amount of, and premium if any, and (to the extent permitted by law) interest on any interest, if any, on the Securities and all other obligations of the Company to the Holders or the Trustee hereunder or under the Securities (including fees,
expenses or other) will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Securities or any of such other obligations the same will
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or failing performance of any
other obligation of the Company to the Holders, for whatever reason, each Guarantor will be obligated to pay or to perform or to cause the performance of, the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a
guarantee of collection. An Event of Default under this Indenture or the Securities shall constitute an event of default under this Indenture Guarantee, and shall entitle the Holders of Securities to accelerate the obligations of each Guarantor
hereunder in the same manner and to the same extent as the obligations of the Company. Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Securities
or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities with respect to any thereof, the entry of any judgment against the Company, 

  

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any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each
Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands
whatsoever. Each Guarantor hereby covenants that this Indenture Guarantee will not be discharged except by payment in full of all principal, premium, if any, and interest on the Notes and all other costs provided for under this Indenture.

  
 If the Trustee or the Holder of any Security is required by
any court or otherwise to return to the Company or any Guarantor, or any custodian, receiver, liquidator, trustee, sequestrator or other similar official acting in relation to the Company or such Guarantor, any amount paid to the Trustee or such
Holder in respect of a Security, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees, to the fullest extent that it may lawfully do so, that, as between it, on the one
hand, and the Holders and the Trustee, on the other hand, the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five hereof for the purposes of its Guarantee, notwithstanding any stay, injunction or other
prohibition extant under any applicable bankruptcy law preventing such acceleration in respect of the obligations guaranteed hereby. 
  
 Each Guarantor hereby further agrees that its obligations under this Indenture and the Securities shall be unconditional, regardless of the validity,
regularity or enforceability of this Indenture or the Securities, the absence of any action to enforce this Indenture or the Securities, any waiver or consent by any Holder with respect to any provisions of this Indenture or the Securities, any
modification or amendment of, or supplement to, this Indenture or the Securities, the recovery of any judgment against the Company or any action to enforce any such judgment, or any other circumstance that might otherwise constitute a legal or
equitable discharge or defense of a Guarantor. 
  
 Each Guarantor
that makes or is required to make any payment in respect of its Guarantee shall be entitled to seek contribution from the other Guarantors to the extent permitted by applicable law; provided that each Guarantor agrees that any such claim for
contribution that such Guarantor may have against any other Guarantor shall be subrogated to the prior payment in full, in cash, of all obligations owed to Holders under or in respect of the Securities. 
  
 Each Guarantor hereby irrevocably waives any claim or other rights that it
may now or hereafter acquire against the Company that arise from the existence, payment, performance or enforcement of its obligations under its Guarantee and this Indenture, including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution, indemnification, any right to participate in any claim or remedy of the Holders against the Company or any collateral that any such Holder or the Trustee on behalf of such Holder hereafter acquires, whether or not such
claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the principal of (and premium, if any) and interest on the Securities shall not have been paid in
full, such amount shall be deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Holders, and shall forthwith be paid to the Trustee for the benefit of the Holders to be credited and applied upon
the principal of (and premium, if any) and interest on the Securities. Each Guarantor acknowledges that it will receive direct and indirect benefits from the issuance of the Securities pursuant to this Indenture and that the waivers set forth in
this Section 10.02 are knowingly made in contemplation of such benefits. 
  
 Each Guarantee set forth in this Section 10.02 shall not be valid or become obligatory for any purpose with respect to a Security until the certificate of authentication on such Security shall have been signed by
or on behalf of the Trustee. 
  
 Section 10.03. Obligations Unconditional.

  
 Subject to Section 10.06, nothing contained in this
Article Ten or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among each Guarantor and the Holders, the obligation of each Guarantor, which is absolute and unconditional, upon failure by the Company, to pay to
the Holders the principal of (and 

  

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premium, if any) and interest on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall
affect the relative rights of the Holders and creditors of each Guarantor, nor shall anything herein or therein prevent any Holder or the Trustee on its behalf from exercising all remedies otherwise permitted by applicable law upon default under
this Indenture. 
  
 Without limiting the foregoing, nothing
contained in this Article Ten will restrict the right of the Trustee or the Holders to take any action to declare the Guarantee to be due and payable prior to the stated maturity of the Securities pursuant to Section 6.02 or to pursue any
rights or remedies hereunder. 
  
 Section 10.04. Execution of Guarantees.

  
 To evidence its obligations under this Article Ten, each
Guarantor hereby agrees to execute a guarantee in a form set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate for each series of Securities guaranteed by the Guarantor, to be endorsed on each Security
authenticated and delivered by the Trustee. The signature of any officer of a Guarantor on the Securities may be manual or facsimile. Each Guarantor hereby agrees that its Guarantee set forth in this Article Ten shall remain in full force and effect
notwithstanding any failure to endorse such Guarantee on any series of Securities. 
  
 Section 10.05. Withholding. 
  
 All payments
made by a Guarantor with respect to the Guarantees will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of
any country (other than the United States) or any political subdivision thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is then required
by law. In the event that any country (other than the United States) or any political subdivision thereof, or any authority therein or thereof, imposes any such withholding or deduction on (a) any payments made by a Guarantor with respect to
the Guarantees or (b) any net proceeds on the sale to or exchange with any Guarantor of the Securities, such Guarantor will pay such additional amounts as may be necessary in order that the net amounts received in respect to such payments or
sale or exchange by the Holders or the Trustee, as the case may be, after such withholding or deduction shall equal the respective amounts that would have been received in respect of such payments or sale or exchange in the absence of such
withholding or deduction; except that no such additional amounts shall be payable with respect to any series of Securities held by or on behalf of a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of such
Security by reason of his being a citizen or resident of, or carrying on a business in, the country of residence of any Guarantor. Notwithstanding the foregoing, a Guarantor making a payment on the Securities pursuant to the Guarantee shall not be
required to pay any additional amounts if (x) the beneficial holder of a Security received by certified mail (evidenced by a return receipt signed by such beneficial holder) (i) written notice from such Guarantor no less than 60 days in
advance of making such payment and (ii) the appropriate forms or instructions necessary to enable such beneficial holder to certify or document the availability of an exemption from, or reduction of, the withholding or deduction of such taxes
under applicable law, which such instructions shall clearly specify that additional amounts under this Section 10.05 may not be paid if such forms are not completed by such beneficial holder, and (y) the Guarantor that would otherwise have
to pay such additional amounts establishes to the satisfaction of the Trustee that the obligation to pay such additional amounts would not have risen but for the failure of such beneficial holder to (i) duly complete such forms as were actually
received by such beneficial holder or respond to such instructions and (ii) provide to such Guarantor such duly completed forms or responses to instructions. Without prejudice to the survival of any of the agreements of the Guarantors
hereunder, the agreements and obligations of the Guarantors contained in this Section 10.05 shall survive the payment in full of Securities and all other amounts payable under this Guarantee. 
  
 Section 10.06. Limitation of Guarantees. 
  
 The Company and each Holder by its acceptance thereof, hereby confirm that
it is the intention of all such parties that any Guarantee of the Securities executed by a Guarantor under this Indenture and the terms of a Board Resolution, a supplemental indenture or an Officers’ Certificate for any series of Securities not
constitute a 

  

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fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act or any similar federal or state law. To
effectuate the foregoing intention, in the event that any such Guarantee would constitute or result in a violation of any applicable fraudulent conveyance or similar law of any relevant jurisdiction, the liability of the Guarantor under such
Guarantee shall be reduced to the maximum amount, after giving effect to all other contingent and fixed liabilities of such Guarantor, permissible under the applicable fraudulent conveyance or similar law. 
  
 Section 10.07. Release of Guarantees. 
  
 (1) Concurrently with the payment in full of all of the Securities, the
Guarantors shall be released from and relieved of their obligations under this Article Ten. Upon the delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that the transaction giving rise to
the release of such obligations was made by the Company in accordance with the provisions of this Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guarantors from their obligations. If
any of the Guaranteed Obligations are revived and reinstated after the termination of this Guarantee, then all of the obligations of the Guarantors under this Guarantee shall be revived and reinstated as if this Guarantee had not been terminated
until such time as the Guaranteed Obligations are again terminated, and the Guarantors shall enter into an amendment to this Guarantee, reasonably satisfactory to the Trustee, evidencing such revival and reinstatement. 
  
 (2) Upon the sale or disposition of all the Capital Stock owned by the
Company of a Guarantor (by merger or otherwise) to a Person other than the Company or any other Guarantor and which sale or disposition is otherwise in compliance with the terms of this Indenture, such Guarantor shall be deemed released from all
obligations under this Article Ten; provided, however, that any such termination upon such sale or disposition shall occur if and only to the extent that all obligations of such Guarantor under all of its guarantees of, and under all of its pledges
of assets or other security interests which secure, indebtedness of the Company or any other Guarantor shall also terminate upon such sale or disposition. Upon the delivery by the Company to the Trustee of an Officers’ Certificate and, if
requested by the Trustee, an Opinion of Counsel to the effect that the transaction giving rise to the release of such obligations was made in accordance with the provisions of this Indenture, the Trustee shall execute any documents reasonably
required in order to evidence the release of such Guarantor from its obligations. Any Guarantor not so released remains liable for the full amount of principal of (and premium, if any) and interest on the Securities as provided in this Article Ten.

  
 Section 10.08. Terms. 
  
 No Guarantor may consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person) another corporation, Person or entity (other than the Company or another Guarantor), unless (i) subject to the provisions of Section 10.07 hereof, the Person formed by or surviving any such consolidation
or merger (if other than the Guarantor) assumes all of the obligations of such Guarantor under the Securities (including the guarantee) in form and substance reasonably satisfactory to the Trustee, together with an Officers’ Certificate of the
Company and an Opinion of Counsel stating that the transaction and such supplemental indenture comply with this Indenture and (ii) immediately after giving effect to such transaction, no Event of Default exists. 
  
 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 Section 318(c), the imposed duties shall control. 
  

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 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 mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
  
 If to the Company: 
  
 XM Satellite Radio Inc. 
 1500 Eckington
Place, N.E. 
 Washington, D.C. 20002 
 Telecopier No.: (202) 380-4500 
 Attention: General Counsel 
  
 With a copy to: 
  
 Hogan & Hartson L.L.P. 
 555
13th Street, N.W. 
 Washington, D.C. 20004 
 Telecopier No.: (202) 637-5910 
 Attention: Steven M. Kaufman, Esq. 
  
 If to the Trustee: 
  
 The Bank of New York 
 101 Barclay Street,
Floor 8W 
 New York, New York 10286 
 Telecopier No.: (212) 815-5707 
 Attention: Corporate Trust Administration 
  
 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) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  
 Any notice or communication to a Holder shall be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in
TIA Section 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within
the time prescribed, it is duly given, whether or not the addressee receives it. 
  
 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
  

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 Section 11.03. Communication by Holders of Securities with Other Holders of Securities. 
  
 Holders may communicate pursuant to TIA Section 312(b) with other
Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 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: 
  

	 	(1)	an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that,
in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

  

	 	(2)	an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the
opinion of such counsel, 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 Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 
  

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

  

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

  

	 	(3)	a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or
not such covenant or condition has been satisfied; and 

  

	 	(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. 
  
 The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions; provided that no such rule shall conflict with the terms of this Indenture or the TIA. 
  
 Section 11.07. No Personal Liability of Directors, Officers, Employees and
Stockholders. 
  
 No past, present or future director,
officer, employee, incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Securities, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
  

 - 35 - 

 Section 11.08. Governing Law. 
  
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK. 
  
 Section 11.09. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture. 
  
 Section 11.10. Successors. 

 
 All agreements of the Company in this Indenture and the Securities shall
bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
  
 Section 11.11. Severability. 
  
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 
  
 Section 11.12. Counterpart Originals.

  
 The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 Section 11.13. Table of Contents, Headings, etc. 
  
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and
shall in no way modify or restrict any of the terms or provisions hereof. 
  
 Section 11.14. Force Majeure. 
  
 In no
event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  
 [Signatures on following page] 
  

 - 36 - 

									
	 	 	 	 	 SIGNATURES

	 Dated as of _________________________________
	 	 	 	 
			
	 	 	 	 	 XM Satellite Radio Inc.

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	 XM Satellite Radio Holdings Inc.

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	 The Bank of New York

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 

  

 - 37 -Redevelopment Agreement

 Exhibit 10.1 
  

  
 REDEVELOPMENT AGREEMENT 
  
 FOR THE

  
 FORSYTH/HANLEY REDEVELOPMENT AREA 
  
 BETWEEN THE 
  
 CITY OF CLAYTON, MISSOURI 
  
 AND 
  
 CENTENE PLAZA REDEVELOPMENT CORPORATION 
  
 Dated: December 30, 2005 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 Recitals
	  	1
		
	ARTICLE 1	  	 
		
	INCORPORATED ITEMS; DEFINITIONS; EXHIBITS	  	 
			
	 1.01
	 	Items Incorporated into this Agreement; Coordination with Redevelopment Plan	  	2
	 1.02
	 	Definitions	  	2
	 1.03
	 	Exhibits	  	3
	ARTICLE 2	  	 
		
	REDEVELOPMENT PROJECT	  	 
			
	 2.01
	 	Redevelopment Project	  	4
	 2.02
	 	Acquisition	  	4
	 2.03
	 	Acquisition by Condemnation	  	5
	 2.04
	 	Business Assistance	  	6
	 2.05
	 	Notice of Acquisition	  	7
	 2.06
	 	Deadline for Acquisition of Property and Construction of Redevelopment Project	  	7
	 2.07
	 	Site Plan	  	8
	 2.08
	 	Certificate of Substantial Completion	  	8
	 2.09
	 	Financial Ability	  	8
	 2.10
	 	Removal of Blight	  	8
	 2.11
	 	Insurance	  	8
	 2.12
	 	Redevelopment Project Maintenance	  	9
	 2.13
	 	Changes	  	9
	 2.14
	 	City Access to Redevelopment Project	  	9
	 2.15
	 	Construction/Use Provisions	  	9
	 2.16
	 	Development Expertise	  	10
		
	ARTICLE 3	  	 
		
	FORCE MAJEURE	  	 
			
	 3.01
	 	Force Majeure	  	10
	 3.02
	 	Extensions	  	10
	
	ARTICLE 4
	
	TAX ABATEMENT AND PAYMENTS IN LIEU OF TAXES
			
	 4.01
	 	Tax Abatement	  	10
	 4.02
	 	Payments in Lieu of Taxes	  	11
	 4.03
	 	Earnings Limitation on Redevelopment Project	  	13
	 4.04
	 	Financial and Annual Reports	  	13
	 4.05
	 	Accounting Practices	  	14

  

 (i) 

					
	ARTICLE 5	  	 
		
	TRANSFER OF THE REDEVELOPMENT AREA	  	 
			
	 5.01
	  	Corporation’s Right to Transfer the Redevelopment Area	  	14
		
	ARTICLE 6	  	 
		
	DEFAULT AND REMEDIES	  	 
			
	 6.01
	  	Default and Remedies	  	14
		
	ARTICLE 7	  	 
		
	GENERAL PROVISIONS	  	 
			
	 7.01
	  	Modifications; Successors and Assigns	  	15
	 7.02
	  	Payment of City’s Costs	  	15
	 7.03
	  	Creation of Community Improvement District	  	16
	 7.04
	  	Term of Agreement	  	16
	 7.05
	  	Representatives Not Personally Liable	  	17
	 7.06
	  	Indemnification and Hold Harmless	  	17
	 7.07
	  	Contest of Assessed Valuation	  	17
	 7.08
	  	Notice	  	18
	 7.09
	  	Severability	  	18
	 7.10
	  	Headings	  	19
	 7.11
	  	Recording of Agreement	  	19
	 7.12
	  	Governing Law; Other Applicable Provisions	  	19
	 7.13
	  	Corporation’s Right of Termination	  	19
	 7.14
	  	Counterpart	  	19

  
 Exhibit A - Site Plan 
 Exhibit B - Legal Description of the Redevelopment Area 
 Exhibit C - Redevelopment Plan 
 Exhibit D - Form of Certificate of Substantial Completion 
 Exhibit E - Transferee Agreement

 Exhibit F - Special Development Conditions 
  

 (ii) 

 REDEVELOPMENT AGREEMENT 
  
 THIS REDEVELOPMENT AGREEMENT is made and entered into effective as of the 30th day of December, 2005,
by and between the CITY OF CLAYTON, MISSOURI (the “City”), a Missouri municipal corporation, and CENTENE PLAZA REDEVELOPMENT CORPORATION (the “Corporation”), a Missouri urban
redevelopment corporation, for the implementation of the Forsyth/Hanley Redevelopment Plan described herein. Capitalized terms not otherwise defined herein are defined in Article 1 of this Agreement. 
  
 RECITALS 
  

	 	1.	Chapter 353 of the Revised Statutes of Missouri, known as The Urban Redevelopment Corporations Law (the “URC Law”), authorizes the City to approve, by ordinance,
redevelopment plans that allow for the redevelopment of blighted areas within the City and the granting of tax abatements and exemptions to encourage such redevelopment. 

  

	 	2.	The Board of Aldermen of the City, in recognition that the Redevelopment Area has not experienced meaningful new private sector investment in recent years and that the Redevelopment
Area is blighted within the meaning of that term in the URC Law, solicited proposals on April 22, 2005, to facilitate redevelopment of such area. On May 27, 2005, Centene Corporation (the “Developer”) submitted a proposal (the
“Proposal”) in response thereto. 

  

	 	3.	The Proposal calls for three phases of redevelopment: Phase I consists of the Developer’s acquisition and renovation of the City-owned parking garage and construction of a
pedestrian bridge connecting the garage to the Developer’s current office building; Phase II consists of construction of a new 16-story office building to house the Developer’s headquarters and to provide additional office space for
expansion and lease; and Phase III consists of a new office building for future expansion and lease, retail space and a parking structure. The Proposal requested that the City provide for partial tax abatement in order to make the proposed
development economically feasible. Subsequent to the submission of the Proposal, the Developer agreed not to seek tax abatement on Phase I in return for other redevelopment consideration; consequently, the Redevelopment Area will consist of only
those portions of property relating to Phase II and Phase III, as described in the Proposal. 

  

	 	4.	The Board of Aldermen has: (a) enacted into law Resolution No. 05-31 conveying in fee the City-owned parking garage at 7733 Carondelet Avenue, (b) enacted into law
Ordinance No. 5911, finding the Redevelopment Area to be blighted within the meaning of Section 353.020(2) of the URC Law, approving the Redevelopment Plan, and authorizing and directing the City Manager to enter into this Redevelopment
Agreement, and (c) determined that the clearance and redevelopment provided for in the Redevelopment Plan are necessary for the public convenience and necessity and that the approval of the Redevelopment Plan and the activities related thereto
are necessary for the preservation of the public health, safety and welfare. 

	 	5.	The Corporation intends to (a) construct or cause to be constructed the Redevelopment Project within the Redevelopment Area in one or more phases, (b) acquire property
within the Redevelopment Area for the purpose of receiving tax abatement under the URC Law in one or more phases, and (c) transfer such property to the Developer for the purpose of operating a commercial office and retail development in one or
more phases. 

  

	 	6.	The Corporation is in good standing in the State of Missouri and has represented that it has the necessary expertise, skill and ability to carry out the commitments contained in
this Agreement. 

  
 NOW, THEREFORE, for and
in consideration of the foregoing Recitals (which are incorporated into this Agreement as an integral part hereof) and the promises, covenants and agreements contained herein, the City and the Corporation do hereby agree as follows: 
  
 ARTICLE 1 
 INCORPORATED ITEMS; DEFINITIONS; EXHIBITS 
  
 1.01 Items Incorporated into this Agreement; Coordination with Redevelopment Plan. The provisions of: (a) the URC Law, (b) the
Redevelopment Plan and (c) the Proposal are hereby incorporated herein by this reference thereto and made in whole a part of this Agreement. To the extent that any of the provisions of this Agreement conflict with any of the provisions of the
Redevelopment Plan, the provisions of this Agreement shall control and govern. 
  
 1.02 Definitions. In addition to the terms defined elsewhere in this Agreement, the following capitalized words and terms shall have the following meanings: 
  
 “Affiliate” means any entity that is controlled by the
Developer or a wholly-owned subsidiary of the Developer. 
  
 “Agreement” means this Redevelopment Agreement. 
  
 “Authorizing Ordinance” means Ordinance No. 5911 adopted by the City on December 13, 2005, finding the Redevelopment Area to be blighted within the meaning of the URC Law, approving the
Redevelopment Plan and authorizing this Agreement. 
  
 “Building Permit” means any and all demolition, grading and/or building permits required by the City’s Code of Ordinances to construct all or any portion of the Redevelopment Project. 
  
 “Business Assistance Policy” means the relocation policy of
the City for the Redevelopment Area adopted on December 13, 2005, pursuant to Ordinance No. 5910. 
  
 “Certificate of Substantial Completion” means the Certificate of Substantial Completion attached hereto as Exhibit D, to be
delivered by the Corporation upon the completion of the Redevelopment Project and each phase thereof, and upon approval thereof accepted by the City in accordance with Section 2.08 of this Agreement. 
  
 “Developer” means Centene Corporation, a Delaware
corporation, and its permitted successors and assigns. 
  

 -2- 

 “Effective Date” means the effective date of this Agreement, which shall be the date
written above on page 1. 
  
 “Phase I” means
Phase I of the Developer’s undertakings, as described in the Proposal (but which is not part of the Redevelopment Project and which is not included in the Redevelopment Area). 
  
 “Phase II” means Phase II of the Redevelopment Project, as described in the Redevelopment Plan. 

 
 “Phase III” means Phase III of the Redevelopment Project,
as described in the Redevelopment Plan. 
  
 “Phase III
(Forsyth Retail Properties)” means the portion of Phase III of the Redevelopment Project which consists of the redevelopment of the “Forsyth Retail Properties,” as described in the Redevelopment Plan. 
  
 “Phase III (Tower B)” means the portion of Phase III of the
Redevelopment Project which consists of the redevelopment of the “Plaza B Property,” as described in the Redevelopment Plan. 
  
 “Proposal” means the proposal submitted by the Developer on May 27, 2005, relating to the development of the Redevelopment Area.

  
 “Redevelopment Area” means all of the real
property located within and comprising the Redevelopment Area as shown on the Site Plan and as more particularly described on Exhibit B attached hereto, upon which the Redevelopment Project will be constructed pursuant to this
Agreement. 
  
 “Redevelopment Plan” means the
Development Plan for Hanley/Forsyth Redevelopment Area, approved by the City pursuant to the Authorizing Ordinance, a copy of which Redevelopment Plan is attached hereto as Exhibit C. 
  
 “Redevelopment Project” means the project to be constructed
by the Corporation in the Redevelopment Area, which collectively encompasses “Phase II” and “Phase III” as described in the Proposal, the Redevelopment Plan and the Site Plan. 
  
 “Site Plan” means the preliminary site plan depicting the
Redevelopment Project attached hereto as Exhibit A, as the same may be changed or amended in accordance with this Agreement. 
  
 “URC Law” means The Urban Redevelopment Corporations Law, Chapter 353 of the Revised Statutes of Missouri, as amended. 
  
 1.03 Exhibits. The following exhibits are attached to and incorporated
into this Agreement: 
  

			
	Exhibit A	  	Site Plan
		
	Exhibit B	  	Legal Description of the Redevelopment Area
		
	Exhibit C	  	Redevelopment Plan
		
	Exhibit D	  	Form of Certificate of Substantial Completion
		
	Exhibit E	  	Form of Transferee Agreement
		
	Exhibit F	  	Special Development Conditions

  

 -3- 

 ARTICLE 2 
 REDEVELOPMENT PROJECT 
  
 2.01 Redevelopment Project. The Corporation shall, in order to eliminate the conditions that have caused the Redevelopment Area to become “blighted” within the meaning of the URC Law, but subject to the terms and conditions
of this Agreement, (a) acquire all property within the Redevelopment Area in one or more phases and (b) develop and construct the Redevelopment Project in one or more phases in accordance with the Site Plan, the Redevelopment Plan and all
applicable federal, state and local laws, rules, regulations and ordinances. 
  
 2.02 Acquisition by Negotiation. 
  
 (a) Reasonable Efforts to Acquire by Negotiation. The Corporation represents and warrants that, with respect to any property it seeks to acquire within the Redevelopment Area, the Corporation will make
reasonable efforts to acquire the same by negotiated purchase within the time specified in Section 2.06. With respect to property in the Redevelopment Area that is acquired by negotiated sale before the commencement of a jurisdictional
hearing as contemplated in Section 2.03 of this Agreement, the Corporation agrees to pay all of the seller’s costs and expenses (to the extent deemed reasonable by the City Manager) associated with the sale of such property, but not
to exceed 5% of the purchase price of the property being acquired. 
  
 (b) Requirements for Purchase Agreement. Without limiting the generality of the foregoing subdivision (a), within 60 days after the execution of this Agreement, the Corporation shall offer to owners of parcels an Purchase Agreement
(the “Purchase Agreement”) which shall include the following terms: 
  
 (1) A purchase price equal to at least 105% of the appraised value of the parcel (which shall be exclusive of any relocation benefits to
which the owner is entitled under state law), as evidenced by an appraisal with respect to such parcel performed subsequent to August 1, 2005, by an independent third-party appraiser licensed in the State of Missouri who is reasonably
acceptable to the City. The City pre-approves the use of Mueller & Neff Real Estate Appraisers & Consultants, Inc. as the Corporation’s appraiser. The appraisal shall be obtained at the Corporation’s sole cost and
expense. Prior to the delivery of the Purchase Agreement to an owner, the Corporation shall provide a copy to the City Attorney who shall have one week either to approve the form and substance of the appraisal (i.e., in a customary form and of a
professional caliber in accordance with other appraisals prepared by certified appraisers) or to provide objections thereto to the Corporation. 
  
 (2) Unless waived by the owner, the Corporation must provide at least thirty (30) days’ notice for closing on the property. If
the Corporation terminates its obligation to acquire the property once such notice is given (unless in the City’s reasonable opinion there is due cause for such termination), all redevelopment rights granted hereunder, including the rights of
eminent domain and tax abatement, shall expire and terminate. 
  
 (3) Unless waived by the owner, the owner (and any tenant of the owner) will have 150 days from closing on the parcel to vacate the property. 
  

 -4- 

 (c) Other Information to be Provided. At the time the Purchase Agreement is submitted to a
Property owner, the Corporation shall: 
  
 (1)
Advise the owner in writing of the relocation benefits to which the owner would be entitled under this Agreement, and (if applicable) advise the owner in writing that the proposed purchase price includes an express waiver of such relocation
benefits; 
  
 (2) Advise the owner in writing of
the time period for acceptance of the Purchase Agreement (the “Acceptance Deadline”), which shall not be less than 45 days; and 
  
 (3) Provide a copy of the Purchase Agreement to the City. 
  
 (d) Mediation Process. 
  
 (1) Before the initiation of condemnation proceedings with respect to any parcel of the property, an owner is entitled to participate in a
mediation process by which an independent third party can facilitate the resolution of any differences between the owner and the Corporation. To initiate the mediation process, the owner must notify the City and the Corporation, on or before the
Acceptance Deadline, that the owner does not intend to accept the offer made by the Corporation under the Purchase Agreement, and that the owner desires to participate in mediation. 
  
 (2) Within 7 days after the owner has given notice to the Corporation and to the City of its desire to
participate in mediation, the Corporation and the owner (or their attorneys) shall select a mediator. The mediator shall be selected from a list of five mediators provided by United States Arbitration & Mediation Midwest Inc. If the parties
cannot agree on a mediator on the list, then each party shall eliminate two mediators and the remaining person shall be the designated mediator. The mediation shall be scheduled within 30 days of the mediator’s selection. 
  
 (3) Within one week after the mediator’s selection, the
owner must submit to the Corporation a counteroffer to the offer made by the Corporation under the Purchase Agreement. Failure to provide a counteroffer shall be deemed a waiver of the owner’s right to mediation. The mediation shall not exceed
one 8-hour session. The Corporation shall pay for the mediator’s costs and expenses for up to 8 hours of mediation. 
  
 (4) To ensure each party is negotiating in good faith, immediately following the conclusion of any mediation, the mediator shall submit a
report to the City Attorney that shall include the last offer made by each party. 
  
 (5) The Corporation agrees to cooperate in all reasonable respects to facilitate the mediation process; provided, if for any reason the
parties are unable to hold or complete the mediation within 45 days after the owner has given notice to the Corporation and to the City of its desire to participate in mediation, or if the mediation effort fails to result in an executed Purchase
Agreement, the Corporation can proceed with condemnation as provided in this Agreement. 
  
 2.03 Acquisition by Condemnation. 
  
 (a) Covenant to Comply with Statutory Requirements. As a condition to its authorization hereunder to institute any eminent domain proceedings against an owner of all or part of the Redevelopment Area, the
Corporation hereby covenants and agrees that it shall first satisfy all jurisdictional prerequisites necessary for the initiation of such eminent domain proceedings, including the requirement to negotiate in good faith. 
  

 -5- 

 (b) Conditions Precedent. At least fifteen (15) days prior to the initiation of eminent
domain proceedings with respect to any property within the Redevelopment Area that the Corporation fails to acquire by negotiated purchase in accordance with Section 2.02, the Corporation shall deliver, at the Corporation’s sole
cost and expense, the following documentation to the City Attorney: 
  
 (1) The appraisal prepared in connection with the Purchase Agreement provided pursuant to Section 2.02(b)(1). 
  
 (2) Evidence that the purchase price offered to the owner of the property was not less than the greater of (A) 105% of the appraised
value of the parcel to be acquired (as determined by the appraiser referenced in Section 2.02(b)(1)), or (b) 100% of the County Assessor’s valuation of the parcel to be acquired. 
  
 (3) If the parcel to be acquired includes businesses that
are tenants, information regarding the terms of each tenant’s lease and the benefits that each tenant would receive under the Corporation’s most recent proposal to acquire the property. 
  
 (4) Evidence of the Corporation’s efforts to acquire
such parcel(s) (including but not limited to evidence of communications or attempts at communications with the owners of such parcel(s), copies of proposed purchase contracts, offers and counter-offers, if any, tendered to the owners); provided, the
City shall retain all such documents submitted to the City in connection with the acquisition of any parcel through eminent domain, as closed records to the extent permitted by law, including but not limited to the provisions of Chapter 610 of the
Revised Statutes of Missouri, as amended. 
  
 (c) Information
to be Provided to City. During the condemnation proceedings, the Corporation agrees to consult with the City regarding the prosecution of the litigation. Advice and consultation with the City shall continue throughout such proceedings. The City
shall, upon initiation of the condemnation proceedings, designate in writing to the Corporation an individual who is authorized to represent the City in consultations with the Corporation and its counsel. Upon the request of the City’s
designee, the Corporation shall provide copies of all pleadings and other documents filed or prepared in conjunction with the prosecution of the condemnation proceedings for the designee’s inspection. The Corporation shall pay all costs
incurred by the City in connection with any condemnation action in which the City is named as a third-party defendant. 
  
 2.04 Business Assistance. The Corporation shall relocate those occupants or businesses displaced from any portion of the Redevelopment Area
acquired by the Corporation in accordance with and to the extent required by the Business Assistance Policy, except insofar as otherwise agreed in writing by such displaced occupant or business and approved in writing by the Corporation; it being
understood and agreed that any displaced occupant or business may waive his/her/their rights to statutory and other relocation benefits under the Business Assistance Policy or otherwise. The Corporation understands that the Business Assistance
Policy prohibits the Corporation from displacing businesses from the Redevelopment Area until the Corporation determines in its good faith discretion that such property is required for construction of the Redevelopment Project. The parties hereby
acknowledge that the schedule set forth in Section 2.06(b) hereof for the Corporation’s acquisition of the property in the Redevelopment Area is intended in part to demonstrate the Corporation’s good faith intention to pursue
the Redevelopment Project, and the Corporation shall use commercially reasonable efforts to allow tenants and owners currently operating businesses in the Redevelopment Area to continue operations until the Corporation determines in its good faith
discretion that vacation of such property is required for construction of the Redevelopment Project. 
  

 -6- 

 2.05 Notice of Acquisition. 
  
 (a) Within thirty (30) days after acquiring any and each parcel of property within the Redevelopment Area, the
Corporation shall provide to the City (1) written notice (the “Notice of Acquisition”) to the City confirming that it has acquired title to such property and (2) a copy of the recorded instrument conveying ownership of such
property to the Corporation. The Notice of Acquisition shall specify the phase of the Redevelopment Project to which such property relates. 
  
 (b) The City will not issue a Building Permit for the construction of permanent buildings and structures to the Corporation or an authorized transferee of
the Corporation for any structure in the Redevelopment Area associated with the applicable phase until the Corporation submits a Notice of Acquisition to the City concerning the Corporation’s acquisition of all property within the applicable
phase. 
  
 2.06 Deadline for Acquisition of Property and
Construction of Redevelopment Project. 
  
 (a) As of the date
hereof, the parties agree that the Developer owns all of the property (excluding rights-of-way and other publicly-owned property) in the Redevelopment Area except those located at 7716, 7720, 7730, 7732 and 7736 Forsyth Blvd. The Corporation
will cause notice to be provided to the City within 10 days after either the Corporation or the Developer enters into an agreement to purchase or obtains a judgment giving such party right to title to each of said parcels. 
  
 (b) Subject to Section 3.01 hereof, if the Corporation fails to acquire
all property (excluding rights-of-way and other publicly-owned property) in the Redevelopment Area within eleven (11) months after the Effective Date, all redevelopment rights granted hereunder, including the rights of eminent domain and tax
abatement, shall expire and terminate. In addition, upon request of the Corporation the Board of Aldermen will give reasonable consideration to eliminating the requirement to acquire all property within the Redevelopment Area, if the goals of the
Agreement (including but not limited to eliminating the blighting conditions within the Redevelopment Area) can be accomplished without acquiring one or more specific structures. The date on which the Corporation has acquired all property (except as
otherwise required by the preceding sentence) in the Redevelopment Area is hereinafter referred to as the “Final Acquisition Date.” In addition, within 30 days after any commissioners’ award, the Corporation shall either:
(1) notify the City that it is terminating this Agreement; or (2) settle the proceeding; or (3) pay the amount of any commissioners’ award issued in conjunction with any such condemnation proceeding to the Clerk of the Circuit
Court. 
  
 (c) Subject to Section 3.01 hereof, if the
Corporation fails to commence construction of Phase II within twenty-seven (27) months after the Effective Date, all redevelopment rights granted hereunder, including the rights of eminent domain and tax abatement, shall expire and terminate.
For purposes of this paragraph, “commence construction” means the demolition of all (or substantially all) of the improvements within Phase II as of the Effective Date and the pouring of foundations for at least 75% of the new structures
within Phase II, as shown on the Site Plan. 
  
 (d) Subject to
Section 3.01 hereof, if the Corporation fails to commence construction of Phase III (Forsyth Retail Properties) within thirty-six (36) months after the Final Acquisition Date, all redevelopment rights granted hereunder, including
the rights of eminent domain and tax abatement, shall expire and terminate. For purposes of this paragraph, “commence construction” means the demolition of all (or substantially all) of the improvements within Phase III (Forsyth Retail
Properties) as of the Effective Date and the pouring of foundations for 100% of the new structures within Phase III (Forsyth Retail Properties), as shown on the Site Plan. 
  

 -7- 

 (e) The parties acknowledge that by operation of Section 4.02(b) of this Agreement, if the
Corporation fails to commence construction of Phase III (Tower B) within thirty-six (36) months after the Final Acquisition Date, the total period during which the Corporation is entitled to tax abatement hereunder shall be shortened in
accordance with such Section 4.02(b). 
  
 2.07 Site
Plan. The Corporation may make changes to the Site Plan as site conditions or other issues of feasibility may dictate or as may be required to meet the reasonable requests of prospective tenants or as may be necessary or desirable in the sole
determination of the Corporation to enhance the economic viability of the Redevelopment Project; provided that (a) the Corporation may not make any material changes to the Site Plan (i.e., changes which either reduce the square footage
or intended uses of the Redevelopment Project by more than 10% exclusive of reductions required to comply with the City’s Code of Ordinances), whether individually or in the aggregate, without the advance written consent of the Board of
Aldermen and (b) the Corporation shall obtain the City’s consent to any changes to the extent required by the City’s Code of Ordinances. The Corporation shall promptly furnish the City with a current Site Plan in the event of any
changes thereto. 
  
 2.08 Certificate of Substantial
Completion. After substantial completion of construction of any phase of the Redevelopment Project in accordance with the Redevelopment Plan, the Corporation shall deliver to the City a Certificate of Substantial Completion for the applicable
phase of the Redevelopment Project in substantially the form attached hereto as Exhibit D. The City shall sign the Certificate of Substantial Completion upon the City’s verification that the representations in such certificate are
accurate (which shall not be unreasonably withheld, conditioned or delayed). The City may issue any and all appropriate certificates of occupancy in accordance with the City’s ordinances, even if the City has not yet accepted the Certificate of
Substantial Completion. If the Corporation fails to deliver a Certificate of Substantial Completion to the City with respect to any phase of the Redevelopment Project in a timely fashion and the City has issued occupancy certificates with respect to
at least seventy-five percent (75%) of the usable space in such phase of the Redevelopment Project, the City may at its sole option deem the delivery of such occupancy certificates to constitute delivery of the Certificate of Substantial
Completion for such phase. 
  
 2.09 Financial Ability. The
Corporation shall submit to the City, prior to the commencement of construction of any phase or all of the Redevelopment Project, as applicable, (a) reasonable proof of the Corporation’s financial ability to complete the Redevelopment
Project, and (b) reasonably acceptable performance and payment bonds and maintenance bonds, as required by the City’s Code of Ordinances, issued in connection with the public improvements to be constructed by or at the direction of the
Corporation for the Redevelopment Project. The City and the Corporation shall be named as obligees on the bonds. The City will not issue a Building Permit for any structure in the Redevelopment Area until the Corporation submits to the City the
items specified in this Section. 
  
 2.10 Removal of
Blight. The Corporation shall clear blight or rehabilitate to eliminate the physical blight existing in the Redevelopment Area, or to make adequate provisions satisfactory to the City for the clearance of such blight. This obligation shall be a
covenant running with the land and shall not be affected by any sale or disposition of the Redevelopment Area. Any purchaser of property in the Redevelopment Area from the Corporation or any of the Corporation’s successors in title, who wishes
to receive the development rights and tax abatement granted by this Agreement, shall acquire title subject to this obligation insofar as it pertains to the land so acquired. 
  
 2.11 Insurance. Not less than ten (10) days prior to commencement of construction of each and any portion of the
Redevelopment Project, the Corporation and/or its general contractor shall provide the City with a certificate of insurance evidencing a commercial general liability insurance policy with 
  

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 coverages of not less than $2,234,121 for claims arising out of a single accident or occurrence and $335,118 for any one
person in a single accident or occurrence, which reflects the current absolute statutory waivers of sovereign immunity in Sections 537.600 and 537.610 of the Revised Statutes of Missouri, as amended. Further, the policy shall be adjusted upward
annually, to remain at all times not less than the inflation-adjusted sovereign immunity limits as published in the Missouri Register on an annual basis by the Department of Insurance pursuant to Section 537.610 of the Revised Statutes of
Missouri, as amended. The policy shall provide that it may not be cancelled, terminated, allowed to lapse or be substantially modified without at least thirty (30) days prior written notice to the City. The City shall be listed as an additional
insured on such certificate. Such policy shall include a severability of interests clause and the insurance shall be primary with respect to any applicable insurance maintained by the City. The requirements of this Section shall terminate for each
Phase upon the City’s acceptance of a Certificate of Substantial Completion for said Phase of the Redevelopment Project. 
  
 2.12 Redevelopment Project Maintenance. Upon substantial completion of the Redevelopment Project and so long as this Agreement is in effect, the
Corporation or its successor(s) in interest, as owner or owners of the affected portion(s) of the Redevelopment Area, shall maintain or cause to be maintained the buildings and improvements within the Redevelopment Area which it owns in a good state
of repair and in conformity with applicable state and local laws, ordinances, and regulations. 
  
 2.13 Changes. The Corporation shall promptly notify the City in writing of any changes in the location of the Corporation’s principal place of business and of any other material adverse change in fact or
circumstance directly affecting the Redevelopment Project. 
  
 2.14 City Access to Redevelopment Project. The City may conduct such periodic inspections of the Redevelopment Area and the Redevelopment Project as may be generally provided in the City’s Code of Ordinances. In addition, the
Corporation shall allow any authorized representatives of the City access to the Redevelopment Area and the Redevelopment Project from time to time upon reasonable advance notice prior to the completion of the Redevelopment Project for reasonable
inspection thereof. The Corporation shall also allow the City and its employees, agents and representatives to inspect, upon request, all architectural, engineering, demolition, construction and other contracts and documents pertaining to the
construction of the Redevelopment Project as the City determines is reasonable and necessary to verify the Corporation’s compliance with the terms of this Agreement. 
  
 2.15 Construction/Use Provisions. 
  
 (a) The Corporation agrees to construct the Redevelopment Project in accordance with the City’s Code of Ordinances and
with the site development/construction specifications that are described on Exhibit F hereto. In addition, the Corporation agrees that the office towers within the Redevelopment Project will be constructed and maintained in a manner
such that they will be classified as “Class A” or “first-class” office space by commercial real estate brokers. The Corporation further acknowledges the City’s desire that the Redevelopment Project be constructed in
accordance with standards established by the U.S. Green Building Council (USGBC) in order to obtain LEED certification, and the Corporation will, or will cause the Developer to, use commercially reasonable efforts to incorporate USGBC standards into
the design, construction and maintenance of the Redevelopment Project. 
  
 (b) The Corporation covenants that the uses in the Redevelopment Area shall at all times be in accordance with the zoning and subdivision approvals granted by the City, and all conditions thereof, for the Redevelopment Area. 
  
 (c) The City agrees to cooperate with the Corporation and to process and
timely consider all applications for governmental approvals as received, all in accordance with the applicable City ordinances and laws of the State of Missouri, for the vacation of one or more alleys in the Redevelopment Area and the granting of
other City easements as necessary to implement the Site Plan. 
  

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 2.16 Development Expertise. The Corporation shall, before May 15, 2006, provide evidence to
the City that the Corporation has entered into a joint venture or co-developer arrangement with an entity with sufficient expertise to carry out the retail portion of the Redevelopment Project. 
  
 ARTICLE 3 
 FORCE MAJEURE 
  
 3.01 Force Majeure. 
  
 (a) Upon satisfaction of the provisions of paragraph (b) of this Section, the time periods provided for herein shall be extended by the number of days of delay caused by actions or events beyond the control of the Corporation,
including acts of God, labor disputes, strikes, lockouts, civil disorder, war, lack of issuance of any permits and/or legal authorization by any governmental entity necessary for Corporation to proceed with the construction of the Redevelopment
Project, shortage or delay in the shipment of material or fuel, governmental action, fire, unusually adverse weather conditions, wet soil conditions, unavoidable casualties, litigation that challenges the Corporation’s right to acquire property
by eminent domain or that contests the designation of the Redevelopment Area as blighted, or by any other cause which the City Manager determines may justify the delay; provided that any such occurrences or events shall not be deemed to exist as to
any matter initiated or unreasonably sustained by Corporation, and further provided that Corporation notifies the City in writing within thirty (30) days of the commencement of any of the foregoing events. 
  
 (b) No event under (a) shall be deemed to exist (1) as to any
matter that could have been avoided by the exercise of due care on the part of the Corporation, (2) as to any matter initiated or unreasonably sustained by the Corporation, and (3) unless the Corporation provides the City with a written
notice within 30 days of the commencement of such claimed event specifying the event of force majeure. 
  
 3.02 Extensions. In addition to any extension permitted pursuant to Section 3.01 of this Agreement, the City may, upon request of the
Corporation and approval by the Board of Aldermen in its sole discretion, extend times within which development activities are to commence or be completed. 
  
 ARTICLE 4 
 TAX ABATEMENT AND PAYMENTS
IN LIEU OF TAXES 
  
 4.01 Tax Abatement. The tax
abatement provided in this Section, and the corresponding payments in lieu of taxes as required by Section 4.02, shall apply to each phase of the Redevelopment Project, and references in this Section and in Section 4.02 to
the Redevelopment Area shall apply to that portion of the Redevelopment Area associated with the appropriate phase of the Redevelopment Project; provided, in no event shall the tax abatement extend longer than 15 years after the Effective Date.

  
 (a) First Ten (10) Years. Subject
to the provisions of this Agreement, the real property within the Redevelopment Area shall not be subject to assessment or payment of general ad valorem taxes imposed by the City, the State of Missouri, or any political subdivision thereof, for a
period of ten (10) years after the date upon which the Corporation acquires title to such property (but only for so long as said parcel is used in accordance with the Redevelopment Plan), 
  

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 except to such extent and in such amount as may be imposed upon such real property during such period
measured solely by the amount of the assessed valuation of land, exclusive of improvements, during the calendar year preceding the calendar year during which the Corporation acquired title to such real property. 
  
 (b) Next Five (5) Years. Until the earlier of
(1) the completion of five (5) additional years after the first ten (10) years in Section 4.01(a); or (2) twelve (12) complete calendar years after delivery or deemed delivery of the Certificate of Substantial
Completion, ad valorem taxes upon the real property within the Redevelopment Area shall be measured by the assessed valuation thereof as determined by the St. Louis County Assessor upon the basis of not to exceed fifty percent (50%) of the true
value of such real property, including improvements thereon, nor shall such valuations be increased above fifty percent (50%) of the true value of said real property from year to year during such period so long as the Redevelopment Area is used
in accordance with this Agreement and the Redevelopment Plan. 
  
 (c) Abatement Contingent upon Compliance with Redevelopment Plan. The tax relief provided in this Section shall be contingent upon the Corporation’s compliance with the Redevelopment Plan and this
Agreement, and shall apply to general ad valorem taxes only and shall not be deemed or construed to exempt the Corporation or its successors in interest, in whole or in part, from special assessments, fees, charges or other taxes that may be imposed
by the City or another governmental unit. 
  
 (d)
Expiration. Upon the expiration of such periods, the real property comprising the Redevelopment Area shall be subject to assessment and payment of all ad valorem taxes, based upon the full true value of such real property. 
  
 4.02 Payments in Lieu of Taxes. 
  
 (a) Agreement to Make PILOTs. Notwithstanding any provisions of
Section 4.01 above and Section 353.110 of the URC Law to the contrary, the Corporation agrees that, in addition to the ad valorem taxes computed pursuant to Section 4.01 hereinabove, it will pay to the St. Louis County
Collector of Revenue (“Collector”), on or before December 31 of each year during which real property taxes are abated in accordance with Section 4.01 above, payments in lieu of taxes (“PILOTs”) according to the
following: 
  
 (1) PILOTs during First Ten
(10) Years. During the first ten (10) years of each phase or all of the Redevelopment Project, as applicable, the Corporation will make the following PILOTS: 
  
 (A) Calendar years before and including Substantial Completion:  
  
 (i) The portion of the PILOTs calculated for the land in
the Redevelopment Area shall equal one hundred percent (100%) of the total assessed valuation of such land, excluding the value of such land prior to the initiation of the Redevelopment Project, until the City accepts the Certificate of
Substantial Completion; and 
  
 (ii) The portion
of the PILOTs calculated for the improvements on property in the Redevelopment Area shall equal one hundred percent (100%) of the total assessed valuation of the improvements, until the City accepts the Certificate of Substantial Completion.

  

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 (B) Calendar years after Substantial Completion: 
  
 (i) The portion of the PILOTs calculated for the land in
the Redevelopment Area shall equal fifty percent (50%) of the total assessed valuation of such land, excluding the value of such land prior to the initiation of the Redevelopment Project, for each year after the City accepts the Certificate of
Substantial Completion; and 
  
 (ii) The portion
of the PILOTs calculated for the improvements on property in the Redevelopment Area shall equal fifty percent (50%) of the total assessed valuation of the improvements, for each year after the City accepts the Certificate of Substantial
Completion. 
  
 (2) PILOTs during Next Five
(5) Years. Until the earlier of (A) the completion of five (5) additional years after the first ten (10) years in Section 4.02(a)(1) or (B) twelve (12) complete calendar years after delivery of the Certificate
of Substantial Completion for the Redevelopment Project, the Corporation shall make PILOTs which, when added to payments made pursuant to Section 4.01, shall equal fifty percent (50%) of the general ad valorem taxes that would have
been due and payable for both land and improvements in the absence of the tax abatement provided in Section 4.01. 
  
 (b) Adjustment of PILOTS for Failure to Maintain Jobs. Centene Corporation will maintain the following number of Jobs within the Redevelopment Area
during the term of this Agreement: 
  

			
	 Calendar Year

	  	Number of Jobs

	 2006
	  	336
	 2007
	  	436
	 2008
	  	567
	 2009
	  	738
	 2010 and Thereafter
	  	959

  
 If Centene Corporation
fails to maintain the minimum number of Jobs within the Redevelopment Area as herein provided, measured by determining the highest actual number of Jobs during the 90-day period ending on each Test Date, either Centene Corporation or the Corporation
shall make a PILOT payment (in addition to any payments required under Section 4.02(a)) to the Collector on or before December 31 of each such calendar year in which Centene Corporation fails to maintain the required number of Jobs,
in an amount equal to: 
  

															
	 	 	 A.V.
   100
	  	X	  	T.T.L.	  	X .50 X	  	     R.J.-A.J.    
         R.J.
	  	=	  	Additional PILOT Payment

  

					
	A.V.	  	=	  	assessed valuation of the Corporation’s property in the Redevelopment Area for Test Date year
			
	T.T.L.	  	=	  	total of all ad valorem tax levies of all taxing jurisdictions in which the Redevelopment Area is located
			
	A.J.	  	=	  	highest number of Jobs during the 90-day period ending on the Test Date
			
	R.J.	  	=	  	required number of Jobs for Test Date year

  

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 The Corporation shall perform the calculation set forth in this Section on each Test Date, and shall promptly provide a
copy of such calculation to the City, accompanied by a written certification of the Corporation that none of the Jobs included in such calculation is occupied by a person that has been hired for the primary purpose of satisfying or inflating the
calculation of Jobs required by this Agreement. The Corporation shall also provide to the City, promptly upon request, any information reasonably required by the City to verify such calculation. Any resulting increase in Additional PILOT Payments as
a result of such calculation shall be paid for the calendar year in which such Test Date occurs. In no event shall the PILOT payments as a result of such calculation exceed the amount of taxes that the Corporation would have been required to pay
during the applicable year in the absence of the adoption of the Development Plan. 
  
 For purposes of this Section, (a) “Job” means a full-time equivalent job position with Centene Corporation of not less than 35 hours per week within the Redevelopment Area, which shall include normal full-time employee
benefits offered by Centene Corporation, and (b) “Test Date” means October 1 of each year, beginning on October 1, 2006. 
  
 (c) Payment, Distribution and Enforcement. The obligation to make the foregoing PILOTs shall constitute a lien against the Redevelopment Area,
enforceable by the City in the same manner as general real estate taxes. The Board of Aldermen shall furnish the Collector with a copy of this Agreement. The Collector shall allocate the revenues received from such PILOTs (whether received under
this Section or any other provision of this Agreement) among applicable taxing authorities in accordance with Section 353.110.4 of the URC Law. 
  
 4.03 Earnings Limitation on Redevelopment Project. The net earnings of the Corporation (and/or any successor owner) from the Redevelopment Project
shall be limited in accordance with the applicable provisions of the URC Law. 
  
 4.04 Financial and Annual Reports. 
  
 (a) During the period of tax relief provided in this Agreement for each phase or all of the Redevelopment Project, as applicable, the Corporation shall provide annually to the City’s Finance Director, within one
hundred twenty (120) days after the end of the Corporation’s fiscal year, three (3) copies of its detailed financial report for the preceding year for the Redevelopment Project, examined by a certified public accountant and containing
a certification concerning such examination. Said financial reports shall disclose: 
  
 (1) the Corporation’s earnings derived from the Redevelopment Project; 
  
 (2) the disposition of any net earnings in excess of those permitted by Section 4.03 above;

  
 (3) the interest rate on income debentures,
bonds, notes or other evidences of debt of Corporation; 
  
 (4) the Corporation’s cost of the Redevelopment Project; and 
  
 (5) the Corporation’s income and expenses derived from or attributable to the Redevelopment Project. 
  

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 (b) If, in the Finance Director’s judgment, the financial reports fail to provide the information
required by this Section in accordance with generally accepted accounting principles or if a material dispute arises regarding the information provided in a financial report, and if requested by the City in writing, the Corporation shall, at its own
expense and in an amount agreed by the Corporation and the City, have an audit made of its books by an auditing firm to be named by the City and approved by the Corporation, and the findings of such audit shall be made available to the Finance
Director. 
  
 4.05 Accounting Practices. The Corporation
shall establish and maintain depreciation, obsolescence, and other reserves, and surplus and other accounts, including a reserve for the payment of taxes and PILOTs, according to recognized standard accounting practices. 
  
 ARTICLE 5 
 TRANSFER OF THE REDEVELOPMENT AREA 
  
 5.01 Corporation’s Right to Transfer the Redevelopment Area. 
  
 (a) Sale to Developer. The Corporation may voluntarily sell, lease, assign, transfer, convey and/or otherwise dispose (hereinafter collectively
referred to as a “Sale”) the Redevelopment Area or any portion thereof to the Developer or an Affiliate without the City’s prior written consent, but the Corporation shall provide written notice to the City within ten (10) days
following such Sale to any such entity. Upon a Sale, all of the Corporation’s rights and obligations hereunder with respect to the subject property, including those concerning tax abatement and eminent domain, shall transfer to such entity.

  
 (b) Sale to Third Party. If the proposed Sale is to a
party other than the Developer or an Affiliate, then the Corporation shall first obtain the City’s written consent (which consent shall not be unreasonably withheld or delayed). The City may require that any proposed transferee, other than the
Developer or an Affiliate, demonstrate to the City’s reasonable satisfaction that the transferee is sufficiently experienced and financially capable in that it has reasonable financial worth and experience in light of the responsibilities
undertaken. In the event of such a Sale, all rights and obligations of the Corporation hereunder with respect to the subject property, including those concerning tax abatement and eminent domain, shall transfer to the transferee. 
  
 (c) Transferee Agreement. In the event of each transfer of property in
the Redevelopment Area pursuant to Section 5.01(b), the Corporation or its authorized successors and assigns shall require the proposed transferee to execute a transferee agreement with the City in substantial compliance with the form
attached as Exhibit E. No Sale shall occur without the prior execution of a transferee agreement with the City. The parties agree that the intention of each transferee agreement is to protect the Corporation and the City by ensuring
that all transferees of property within the Redevelopment Area receive actual notice of the rights, duties and obligations contained in this Agreement prior to taking ownership, and nothing contained in a transferee agreement that is an accordance
with Exhibit E shall be deemed to impose any rights, duties or obligations that are not imposed pursuant to this Agreement. 
  
 ARTICLE 6 
 DEFAULT AND REMEDIES

  
 6.01 Default and Remedies. 
  
 (a) Event of Default. The occurrence and continuance of any of the
following shall constitute a “Corporation Event of Default”: 
  
 (1) Centene Corporation fails to maintain its headquarters within the Redevelopment Area (for purposes of this section the term “headquarters” means the location at which Centene Corporation maintains its
centralized administrative, management, finance and support functions); or 
  

 -14- 

 (2) the Corporation fails to make the punctual payment of the PILOTs on the due date; or

  
 (3) the Corporation fails to timely perform,
in all material respects, any obligation or covenant of the Corporation under this Agreement, and such failure is not cured to the City’s reasonable satisfaction within thirty (30) days after the City gives written notice thereof to the
Corporation, or if it cannot reasonably be cured within thirty (30) days, the Corporation is not diligently proceeding to cure same. 
  
 (b) Remedies. The City shall have the following remedies upon the occurrence of a Corporation Event of Default: 
  
 (1) if the default is under (a)(1) or (a)(3) above, the
City’s sole remedy shall be to terminate this Agreement; and 
  
 (2) if the default is under (a)(2) above, the City may bring an action for specific performance to enforce such payments and/or may terminate this Agreement. In the event of litigation pertaining to the enforcement of
such payments, the losing party shall pay all costs of litigation, including reasonable attorneys’ fees. In addition, any amounts due hereunder that are not paid when due shall bear interest at the then applicable statutory interest rate per
annum from the date such payment was first due. 
  
 (c) Results
of Termination. Upon termination of this Agreement pursuant to this Section, a declaration of abandonment shall be filed with the Recorder of Deeds of St. Louis County, and the real property included in the Redevelopment Area shall from that
date be subject to assessment and payment of all ad valorem taxes based on the true full value of such real property. 
  
 ARTICLE 7 
 GENERAL PROVISIONS

  
 7.01 Modifications; Successors and Assigns. The
terms, conditions and provisions of this Agreement and of the Redevelopment Plan shall not be modified or amended except by mutual agreement in writing between the City and the Corporation. This Agreement shall be binding upon and inure to the
benefit of the City and the Corporation and their respective successors and assigns; provided, however, the Corporation may not assign its rights under this Agreement except in conjunction with a Sale in accordance with the provisions of
Section 5.01 hereof. 
  
 7.02 Payment of
City’s Costs. The Developer has heretofore advanced, pursuant to a Preliminary Funding Agreement dated as of June 15, 2005, between the City and the Developer, the sum of $75,000 to assist in the payment of the City’s costs, fees
and expenses (including attorneys’ fees and expenses) incurred with respect to the approval of the Redevelopment Plan and this Agreement. Within sixty (60) days after the execution of this Agreement, the City shall provide Developer with a
detailed accounting of the use of funds paid pursuant to the Preliminary Funding Agreement. To the extent any portion of the funds advanced by Developer pursuant to the Preliminary Funding Agreement exceeds the 
  

 -15- 

 professional service costs, planning costs, legal costs, financial advisor costs, other consultant costs and
administrative costs incurred or charged by the City associated with the Redevelopment Plan (“City Costs”) as of the Effective Date, the City shall retain such excess (the “Excess Funds”) in a separate account and apply such
Excess Funds as needed to pay additional City Costs paid or incurred after the Effective Date and not previously reimbursed. Upon full disbursement of the Excess Funds to pay City Costs, City shall notify Developer, and Developer shall reimburse the
City for all additional City Costs paid or incurred by the City and not previously reimbursed, within thirty (30) days after the City makes written request therefor. This Section shall survive the expiration or earlier termination of this
Agreement. The obligations of the parties under the Preliminary Funding Agreement are deemed fully performed and shall be merged into and superseded by this Agreement. 
  
 7.03 Creation of Community Improvement District. 
  
 (a) The Corporation and/or the Developer may petition the Board of Aldermen for the creation of a Community Improvement
District (the “District”) pursuant to Section 67.1401 through 67.1571 of the Revised Statutes of Missouri, as amended (the “CID Act”), which will encompass all or a portion of the property in the Redevelopment Area. The
parties agree that the District shall be operated in accordance with the following conditions and limitations: 
  
 (1) The District will be authorized to impose a special assessment up to the value of the tax abatement on all redeveloped parcels, to
ensure that all benefited property contributes to offset the extraordinary costs of the Redevelopment Project. 
  
 (2) The Corporation shall cause the District, at the request of the City, to impose a sales tax of up to one percent (1.0%) of gross
retail sales in accordance with the CID Act to pay for public improvements and/or services mutually agreed upon by the District and the City and benefiting the Redevelopment Area. 
  
 (3) The District shall impose no other tax, assessment, toll or charge whatsoever without the written
consent of the City. 
  
 (4) The District shall
maintain its existence until all costs of such District for which it was created and all outstanding District Obligations, if any, have been paid in full, at which time such District shall dissolve and the District Tax shall no longer be levied.

  
 (5) The District shall keep accurate records
of all revenues received and costs incurred, and such records shall be open to inspection by the City at all reasonable times. 
  
 (b) The City will cooperate with and assist the Corporation and/or the Developer in all proceedings relating to the creation and certification, as
necessary, of the District. The City shall timely consider and act upon the petition for the formation of the District and shall appoint directors, if applicable, as such time as requested by the Corporation and/or the Developer. The Corporation
shall pay or cause to be paid all reasonable costs incurred by the City in connection with the creation of the District. 
  
 7.04 Term of Agreement. Unless otherwise terminated pursuant to Section 6.01, this Agreement shall terminate when no portion of the
real property located within the Redevelopment Area is subject to abatement of general ad valorem taxes pursuant to Section 4.01 hereof. The rights and privileges given to the Corporation by this Agreement and the duties and obligations
imposed on the Corporation shall apply only to the Redevelopment Project described in the Redevelopment Plan. Notwithstanding anything herein to the contrary, any liability of the Corporation to the City accruing prior to the termination of this
Agreement and remaining unsatisfied at the time of such termination shall continue and remain actionable beyond such date of termination. 
  

 -16- 

 7.05 Representatives Not Personally Liable. No elected or appointed official, agent, employee or
representative of the City shall be personally liable to the Corporation in the event of any default or breach by any party under this Agreement, or for any amount which may become due to any party or on any obligations under the terms of this
Agreement. 
  
 7.06 Indemnification and Hold Harmless. The
indemnification and covenants contained in this Section 7.06 shall survive expiration or earlier termination of this Agreement. As used in this Section, the term “Corporation” shall include the authorized successors and assigns
of the Corporation. 
  
 (a) Notwithstanding
anything herein to the contrary, the City shall not be liable to the Corporation for damages or otherwise in the event that all or any part of the URC Law, the Authorizing Ordinance and/or any other ordinance of the City adopted in connection with
this Agreement or the Redevelopment Plan or affecting the proposed Redevelopment Project is declared invalid or unconstitutional in whole or in part by the final (as to which all rights of appeal have expired or have been exhausted) judgment of any
court of competent jurisdiction. 
  
 (b) The
Corporation hereby agrees that, anything to the contrary herein notwithstanding, it will defend, indemnify and hold harmless the City, its governing body members, officers, agents, servants and employees against any and all claims, demands, actions,
causes of action, loss, damage, injury, liability and/or expense (including attorneys’ fees and court costs) resulting from, arising out of, or in any way connected with (1) a Corporation Event of Default, (2) the negligence or
intentional misconduct of the Corporation, its employees, agents, contractors, or subcontractors, or (3) the presence of hazardous wastes, hazardous materials or other environmental contaminants on any property within the Redevelopment Area. If
the validity or construction of the URC Law, the Authorizing Ordinance and/or any other ordinance of the City adopted in connection with this Agreement or the Redevelopment Plan or affecting the proposed Redevelopment Project is contested in court,
the Corporation shall defend, hold harmless and indemnify the City from and against all claims, demands and/or liabilities of any kind whatsoever including, without limitation, any claim for attorneys’ fees and expenses and court costs, and the
Corporation shall pay any monetary judgment and all court costs rendered against the City, if any. Notwithstanding the foregoing terms of this Section 7.06(b), the Corporation is not obligated to defend, hold harmless or indemnify the
City with respect to any matter or expense resulting from or arising out of the negligence or willful misconduct of the City and/or its elected and/or appointed officers, governing body, members, servants, employees, agents, contractors or
subcontractors. 
  
 (c) The City and its
governing body members, officers, agents, servants and employees shall not be liable for any damage or injury to the persons or property of the Corporation or its officers, agents, servants or employees or any other person who may be about the
Redevelopment Area, or to the construction of the Redevelopment Project, except for matters arising out of the willful misconduct or negligence of the City or its governing body members, officers, agents, servants, employees, contractors or
subcontractors. 
  
 7.07 Contest of Assessed Valuation. In
consideration for the incentives and benefits provided by this Agreement, the Corporation agrees that neither it nor any successor in title or interest to any of the real property within the Redevelopment Area will challenge, appeal or otherwise
make an effort to reduce the assessed valuation of such real property during any time that the Redevelopment Project is receiving tax abatement under this Agreement; provided, the foregoing shall not bind the 
  

 -17- 

 Corporation or any successor if the assessed valuation is more than 10% greater than the projected assessed valuation of
such property, as shown in the Tax Impact Statement for the Redevelopment Area, attached hereto as part of Exhibit C. If (a) the Corporation or any successor challenges the assessed valuation pursuant to the provisions in the
preceding sentence, and (b) as a result of such challenge, the assessed valuation is reduced to an amount below the amount shown in the Tax Impact Statement, the Corporation shall make PILOTs to the Collector in an amount sufficient to produce
the same amount of revenues (i.e., taxes and PILOTs) under this Agreement as would otherwise be payable if the assessed valuation equaled the amount shown in the Tax Impact Statement. 
  
 7.08 Notices. Whenever notice or other communication is called for
herein to be given or is otherwise given pursuant hereto, it shall be in writing and shall be personally delivered or sent by registered or certified mail, return receipt requested, addressed as follows: 
  

			
	(a)	  	If to the City:
		
	 	  	City of Clayton
	 	  	10 N. Bemiston Avenue
	 	  	Clayton, Missouri 63105
	 	  	Attention: Michael A. Schoedel
		
	 	  	with a copy to:
		
	 	  	Curtis, Heinz, Garrett & O’Keefe, P.C.
	 	  	130 South Bemiston, Suite 200
	 	  	St. Louis, Missouri 63105
	 	  	Attention: Kevin M. O’Keefe
		
	(b)	  	If to the Corporation:
		
	 	  	Centene Plaza Redevelopment Corporation
	 	  	c/o Centene Corporation
	 	  	Centene Place
	 	  	7711 Carondelet Avenue, Suite 800
	 	  	Clayton, Missouri 63105
	 	  	Attention: James Reh
		
	 	  	with a copy to:
		
	 	  	Armstrong Teasdale LLP
	 	  	One Metropolitan Square, Suite 2600
	 	  	St. Louis, Missouri 63102
	 	  	Attention: James E. Mello

  
 All said notices by mail shall be
deemed given on the day of deposit in the mail. A change of designated officer or address may be made by a party by providing written notice of such request to the other party. 
  
 7.09 Severability. The provisions of this Agreement shall be deemed severable. If any provision of this Agreement is
found by a court of competent jurisdiction to be invalid, the remaining provisions of this Agreement shall remain valid unless the court finds that the valid provisions are so essentially and inseparably connected with and so dependent upon the
invalid provision that it cannot be presumed that the parties hereto would have agreed to the valid provisions of this Agreement, or unless the Court finds the valid provisions, standing alone, are incomplete and incapable of being executed in
accordance with the contracting parries’ intent. 
  

 -18- 

 7.10 Headings. The headings and captions of this Agreement are for convenience and reference only,
and in no way define, limit, or describe the scope or intent of this Agreement or any provision hereof. 
  
 7.11 Recording of Agreement. The Corporation shall, at its sole expense, record this Agreement in the real property records of St. Louis County,
Missouri. The rights and obligations set forth herein shall be a covenant running with the Redevelopment Area throughout the term of this Agreement. No Building Permit shall be issued for any structure in the Redevelopment Area until proof of such
recording has been provided to the City. 
  
 7.12 Governing
Law; Other Applicable Provisions. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Missouri without giving effect to any choice or conflict of law provision or rule (whether of the State of
Missouri or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Missouri. The terms of this Agreement do not usurp or limit the City’s or any other governmental entity’s exercise
of administrative and/or legislative discretion as to review and approval of land uses, infrastructure improvements, site plan, architectural elements and related matters. 
  
 7.13 Corporation’s Right of Termination. At any time prior to commencement of construction of the Redevelopment
Project, the Corporation may, by giving written notice to the City, abandon the Redevelopment Project and terminate this Agreement if the Corporation determines in its sole discretion that the Redevelopment Project is no longer economically
feasible. Upon termination of this Agreement, the parties shall have no further rights or obligations hereunder except as may expressly survive termination. 
  
 7.14 Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which together shall
constitute one and the same instrument. 
  
 [Remainder of page
intentionally left blank.] 
  

 -19- 

 IN WITNESS WHEREOF, the parties have set their hands and seals the day and year first above
written. 
  

									
	 	 	 	 	 	 	CITY:
			
	ATTEST:	 	 	 	CITY OF CLAYTON
			
	  

	 	 	 	  

	 Name:
	 	  

	 	 	 	Michael A. Schoedel
	City Clerk	 	 	 	City Manager
				
	 	 	 	 	 	 	CORPORATION:
				
	 	 	 	 	 	 	CENTENE PLAZA REDEVELOPMENT
	 	 	 	 	 	 	CORPORATION
					
	 	 	 	 	 	 	By:	 	 /s/ James E. Reh

	 	 	 	 	 	 	Name:	 	James E. Reh
	 	 	 	 	 	 	Title:	 	V.P. Facilities Mgmt.

  
 Red Agr 12/23/05 
  

 -20- 

 ACKNOWLEDGMENTS 
  

					
	STATE OF MISSOURI	 	)	 	 
	 	 	)	 	SS.
	COUNTY OF ST. LOUIS	 	)	 	 

  
 On this
     day of December, 2005, before me appeared MICHAEL A. SCHOEDEL, to me personally known, who, being by me duly sworn, did say that he is the City Manager of the CITY OF CLAYTON, MISSOURI, an incorporated
political subdivision of the State of Missouri, and that the seal affixed to the foregoing instrument is the seal of said city, and said instrument was signed and sealed in behalf of said City by authority of its Board of Aldermen, and said
MICHAEL A. SCHOEDEL acknowledged said instrument to be the free act and deed of said city. 
  
 Subscribed and sworn to before me this      day of December, 2005. 
  

			
	  

	 Name:
	 	  

	 Notary Public

  
 My Commission Expires:

  

					
	STATE OF MISSOURI	 	)	 	 
	 	 	)	 	SS.
	COUNTY OF ST. LOUIS	 	)	 	 

  
 On this 28th day of December, 2005, before me appeared James Reh, to me personally known, who, being by me duly sworn, did say that he is
the V.P. Facilities Mgmt. of CENTENE PLAZA REDEVELOPMENT CORPORATION, an urban redevelopment corporation organized under the laws of the State of Missouri, and said instrument was signed in behalf of said corporation by authority of its Board of
Directors, and said James Reh acknowledged said instrument to be the free act and deed of said corporation. 
  
 Subscribed and sworn to before me this 28th day of December, 2005. 
  

			
	  

	 Name:
	 	 Kimerly A. Beard

	 Notary Public

  
 My Commission Expires:

  

 -21- 

 EXHIBIT A 
  

SITE PLAN 
  
 [On file in the Office of the City Manager] 
  

 A-1 

 EXHIBIT B 
  

LEGAL DESCRIPTION OF THE REDEVELOPMENT AREA 
  
 Phase II 
  
 Lots 1, 2, 3, 4 and 5 of Langtry’s Subdivision in Clayton, a Subdivision of Lots 4, 5 and 6 of the Resubdivision of the Eastern portion of Block 13 of the Town (now City) of Clayton, according to plat thereof
recorded in Plat Book 25 page 75 of the St. Louis County Recorder’s Office. 
  
 Phase III 
  
 Parcel 1:

  
 Lots 1, 2 and 3 of the Resubdivision of the Eastern portion of Block 13 of
the Town (now City) of Clayton, in St. Louis County, Missouri, according to the plat thereof recorded in Plat Book 1 page 125 of the St. Louis County Recorder’s Office. 
  
 Parcel 2: 
  
 The East  1/2 of Lot 19 in Block
13 of the Town of Clayton, according to the plat thereof recorded in Plat Book 1, Page 7 of the St. Louis County Recorder’s Office. 
  
 Parcel 3: 
  
 The West  1/2 of Lot 19 in Block
13 of the Town of Clayton, according to the plat thereof recorded in Plat Book 1, Page 7 of the St. Louis County Recorder’s Office. 
  
 Parcel 4: 
  
 Lot 20 in Block 13 of Town (now City) of Clayton, according to the plat thereof recorded in Plat Book 1 Page 7 of the St. Louis County Records. 
  
 Parcel 5A: 
  
 Lot 21 in Block 13 of Town of Clayton, according to the plat thereof recorded in Plat Book 1
Page 7 of the St. Louis County Records. 
  
 Parcel 5B: 
  
 Lot 22 in Block 13 of the Town (now City) of Clayton,
according to the plat thereof recorded in Plat Book 1 Page 11, now 7, of the St. Louis County Records, fronting 50 feet on the south line of Forsyth Boulevard, by a depth Southwardly of 190 feet to an alley. 
  
 Parcel 6: 
  
 Lot 23 in block 13 of the Town (now City) of Clayton, a subdivision in St. Louis County,
Missouri, according to the plat thereof recorded in plat book 1 page 11 now 7 of the St. Louis County Records. 
  

 B-1 

 Parcel 7: 
  
 Lot 24 in Block 13 of Town (now City) of Clayton, as per plat thereof recorded in Plat Book 1 Page 7 of the St. Louis County Recorder’s
Office. 
  

 B-1-2 

 EXHIBIT C 
  

REDEVELOPMENT PLAN 
  
 [On File in the Office of the City Clerk] 
  

 C-1 

 CENTENE PLAZA REDEVELOPMENT CORPORATION 
  
 PROPOSED DEVELOPMENT PLAN 
  
 FOR 
  
 FORSYTH/HANLEY REDEVELOPMENT AREA 
  
 Submitted to 
 City of Clayton, Missouri 
 Clayton City Council 
 October 28, 2005 

 FORSYTH/HANLEY REDEVELOPMENT AREA 
 PROPOSED DEVELOPMENT PLAN 
  

							
	I.	  	INTRODUCTION	  	3
			
	 	  	Background information on Chapter 353	  	3
	 	  	The proposed redevelopment area and redevelopment project	  	4
			
	II.	  	FINDING THAT THE REDEVELOPMENT AREA IS BLIGHTED	  	5
	III.	  	DEVELOPMENT PLAN OBJECTIVES	  	5
	IV.	  	DEVELOPMENT PLAN	  	6
				
	 	  	(a)	  	Legal Description of the Redevelopment Area	  	6
	 	  	(b)	  	Description of the Project	  	6
	 	  	(c)	  	No Property to Public Agencies	  	8
	 	  	(d)	  	Zoning Changes	  	8
	 	  	(e)	  	Street Changes	  	9
	 	  	(f)	  	Business Relocations	  	9
	 	  	(g)	  	Projects or Relocations Outside the Redevelopment Area	  	9
	 	  	(h)	  	Financing; Marketability	  	9
	 	  	(i)	  	Management	  	11
	 	  	(j)	  	Eminent Domain	  	11
	 	  	(k)	  	Limitations on Assignment of Project	  	11
	 	  	(l)	  	Reimbursement and Indemnification Agreements	  	12
	 	  	(m)	  	Current Assessed Values of Parcels	  	12
	 	  	(n)	  	Tax Abatement Requested; Economic Impact on Tax Base	  	12
	 	  	(o)	  	Objectives of Development Plan	  	13
	 	  	(p)	  	Other Information	  	13
		
	APPENDICES	  	 
	1.	  	LEGAL DESCRIPTIONS OF THE REDEVELOPMENT AREA	  	 
	2.	  	REDEVELOPMENT AREA MAP AND SITE PLAN	  	 
	3.	  	BLIGHTING STUDY	  	 
	4.	  	TAX IMPACT STATEMENTS	  	 

  

 -2- 

	I.	INTRODUCTION 

  
 This proposed Development Plan is submitted to the City of Clayton (the “City”) by the Centene Plaza Redevelopment Corporation (the
“Corporation”), an urban redevelopment corporation organized under and pursuant to the provisions of “The Urban Redevelopment Corporations Law,” Chapter 353 of the Revised Statutes of Missouri 2000, as amended (“Chapter
353” or the “Law”) and covers a redevelopment area of seven (7) parcels containing approximately three and four-tenths (3.4) acres within a portion of the city block bounded by Forsyth Road and Carondolet Avenue
(North/South) and Bemiston and Hanley Boulevard (East/West). The boundaries of the Redevelopment Area are displayed on Plate 1 in Appendix 2. 
  
 Background information on Chapter 353 
  
 In pursuing the redevelopment of a declining area or to induce the development of an area that has been deficient in growth and development, the State of
Missouri has provided various statutory tools a municipality may use in order to initiate private and public development. One such tool is Chapter 353. This legislation provides for the establishment of a “redevelopment area”. In order to
establish a redevelopment area, the area proposed for designation must be “blighted” according to the criteria set forth in Chapter 353. 
  
 Chapter 353 allows cities and counties to (1) identify and designate redevelopment areas that qualify as “blighted areas”; (2) adopt a
Development Plan that designates the redevelopment area and states the objectives to be attained and the program to be undertaken; (3) approve a redevelopment project(s) for implementation of the Development Plan; and (4) utilize the tools
set forth in the Law to assist in reducing or eliminating those conditions that cause the area to qualify as a redevelopment area. The purpose of establishing a redevelopment area is to reduce or eliminate blighting conditions, foster economic and
physical improvement, and enhance the tax base of the taxing jurisdictions that levy taxes within the redevelopment area. 
  
 Generally, the Law allows municipalities to foster economic and physical improvements in a redevelopment or project area by granting a developer the power
of eminent domain to provide necessary property acquisition for the implementation of a Development Plan and redevelopment project. Chapter 353 also allows municipalities to grant the developer an abatement of the increased portion of the ad valorem
taxes (real estate taxes) that would otherwise result from the developer’s redevelopment project. 
  
 The premise underlying the tax abatement portion of Chapter 353 is relatively straight-forward. Ad valorem taxes in a redevelopment area are expected to
increase over prior levels when there is an increase in development activity. New development is induced through the ability to abate a percentage of the incremental ad valorem tax revenue created by the new development to lower future operating
costs of the developer and/or end user. 
  

 -3- 

 Chapter 353 allows up to 100% incremental tax abatement for a period of 10 years and up to 50%
incremental tax abatement for the following 15 years. When incremental tax abatement is approved, local jurisdictions that levy real property taxes continue to collect the taxes based on the assessed value of the property prior to the implementation
of Chapter 353. If the incremental tax abatement granted is less than 100%, local jurisdictions also collect taxes on a portion of the increased assessed value of the property. Following the abatement period, the assessor reassesses the property and
taxes are thereafter based on the full assessed value of the developed property. Throughout the entire abatement period, the taxing jurisdictions receive 100% of any new revenues from economic activity taxes (generally sales and utility taxes) and
100% of any personal property taxes. 
  
 Depending on the needs
of any particular project, the municipality may require that the developer make payments in lieu of taxes (PILOTS) which payments are distributed on a pro rata basis to all local jurisdictions which levy ad valorem taxes on real property. In
addition, the developer and the municipality can agree to an incremental abatement that is less than the maximum percentages described above. 
  
 The proposed redevelopment area and redevelopment project. 
  
 On April 22, 2005, the City of Clayton requested proposals for redevelopment of the 7700 block of Forsyth Blvd. and
Carondelet Ave., in the heart of the City’s downtown business district. On May 27, 2005, Centene Corporation (the “Developer”) submitted a proposal (the “Proposal”) in response thereto. The Corporation proposes to
redevelop the designated Redevelopment Area, to create a signature project suitable as a location for Centene Corporation’s expanding headquarters and provide new retail shopping experiences for downtown Clayton. 
  
 The project will include two, new first-class office buildings total
approximately 560,000 square feet, and additional retail and office space along Forsyth Blvd. Construction of the facilities will be focused around a pedestrian-friendly design in order to attract visitors and customers. The redevelopment project
will take full advantage of the Redevelopment Area’s highly visible and strategic location and significantly strengthen Clayton’s economy, as well as have a positive impact on the region. 
  
 The Redevelopment Area includes two parcels currently controlled by the
Developer: a parking garage located at 21 S. Hanley Road (the “Plaza C Property”) and a building located at 7700 Hanley Road, the former site of a Library Limited bookstore (the “Plaza B Property”). The Redevelopment Area also
includes five parcels located on Forsyth Blvd., at 7716 and 7718, 7720, 7730, 7732 and 7734, and 7736 Forsyth Blvd., each of which is currently under separate ownership (collectively, the “Forsyth Retail Properties”). The Plaza B Property,
the Plaza C Property, and the Forsyth Retail Properties are collectively referred to herein as the “Redevelopment Area.” 
  

 -4- 

 The master plan for the redevelopment of the Redevelopment Area and adjacent property owned by the
Developer or its affiliates consists of three phases, set forth in the Proposal. Phase I consists of the acquisition and renovation of the parking garage owned by the City at 7733 Carondelet Ave. (the “City Garage”) and construction of a
pedestrian bridge connecting the City Garage to Developer’s current office building located at 7711 Carondelet, adjacent to the Plaza C Property. As described in greater detail below, in Phase II, the Corporation will construct a new 16-story
office building on the Plaza C Property to house Centene Corporation’s headquarters, as well as provide additional office space for lease (“Tower C”). Phase III is the redevelopment of the Plaza B Property and the Forsyth Retail
Properties, including construction of a new office building on the Plaza B Property (“Tower B”). Subsequent to the submission of the Proposal, the Developer agreed not to seek tax abatement on Phase I in return for other redevelopment
consideration; consequently, the Redevelopment Area will consist of only those portions of property relating to Phase II and Phase III. Phase II and Phase III of the proposed redevelopment project are herein referred to collectively as the
“Project.” The Corporation’s plans for each of Phase II and Phase III are described in greater detail later in this document. 
  
 The Redevelopment Area legal descriptions and site maps are contained herein as Appendix 1 and Appendix 2, respectively. 
  

	II.	FINDING THAT REDEVELOPMENT AREA IS A BLIGHTED AREA 

  
 A blighting study entitled Analysis for the Designation of the Forsyth/Hanley Redevelopment Area, prepared by Peckham, Guyton, Albers, Viets, Inc. (PGAV),
is attached hereto as Appendix 3. 
  

	III.	DEVELOPMENT PLAN OBJECTIVES 

  
 The City’s Ordinance No. 6024 (the “Clayton 353 Ordinance”) found that there are blighted areas in isolated portions of the City.
Specifically, the Clayton 353 Ordinance found that certain areas, lots, and structures that, by reason of age, obsolescence, inadequate or outmoded design or physical deterioration, have become economic and social liabilities conducive to the ill
health, transmission of disease, crime, or inability to pay reasonable taxes. 
  
 For the reasons stated in Appendix 3, the Corporation believes that the Redevelopment Area meets the definition of a blighted area under the Law and that the Project to be developed pursuant to this proposed
Development Plan will address such blighted conditions by meeting the following objectives: 
  

	 	•	 	Serve as a catalyst for the removal of blight and reinvestment in the City of Clayton; 

  

	 	•	 	Enhance the public health, safety, and welfare of the community by improving the infrastructure, curing blighting conditions, and encouraging other public improvements necessary for
insuring the Redevelopment Area’s stability and existing and future redevelopment consistent with this Development Plan; 

  

 -5- 

	 	•	 	Stimulate private reinvestment and permanent employment opportunities and increased demand for services within the Redevelopment Area; 

  

	 	•	 	Enhance the tax base by inducing development of the Redevelopment Area to its highest and best use, benefit taxing districts and encourage private investment in surrounding areas;

  

	 	•	 	Provide development/business opportunities in the Redevelopment Area and surrounding areas; 

  

	 	•	 	Increase property values of the Redevelopment Area; and 

  

	 	•	 	Upgrade and refurbish utilities, and other infrastructure facilities serving the Redevelopment Area. 

  

	IV.	DEVELOPMENT PLAN. 

  
 The Corporation’s proposed Development Plan is described in this Section. 
  

	 	(a)	Legal Description. Legal descriptions for parcels located within the Redevelopment Area are attached hereto as Appendix 1. 

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

	 	(b)	Description of the Project. 

  
 The initial site plan of the Redevelopment Area is attached hereto in Appendix 2. 
  
 The properties within the Redevelopment Area consist of seven parcels (described in Appendix 1). The Corporation owns
or controls 54% of the Redevelopment Area and anticipates it will acquire the remaining property through voluntary sale. Nevertheless, the Corporation must be given the right to condemn properties in the Redevelopment Area in order to ensure a
cohesive, timely development of the Project. 
  

 -6- 

 Project Phase I: The first step in the planned redevelopment is the Developer’s
acquisition and renovation of the City Garage. Developer plans to build a pedestrian bridge connecting the City Garage to the current Centene office building located at 7711 Carondelet. Phase I also includes approximately $2,000,000 in improvements
to Centene’s current office building. As noted above, the Developer has agreed not to seek tax abatement on Phase I in return for other redevelopment consideration; consequently, the Redevelopment Area will consist of only those portions of
property relating to Phase II and Phase III. 
  
 Project
Phase II: In Phase II of the proposed redevelopment, the Corporation will demolish the parking structure located on the Plaza C Property. In its place, the Corporation will construct a 16-story office building with approximately 290,000
gross square feet. Centene plans to occupy 50 to 60% of Tower C as its headquarters, and the remaining office space will be leased to other high quality tenants. During the Phase II construction period, it will be necessary for all of Centene’s
employees to park in the City Garage. Therefore, public parking in the City Garage may be limited during this construction period. 
  
 Project Phase III: Phase III of the Project is the planned redevelopment of the Plaza B Property and the Forsyth Retail Properties. The
largest component of Phase III consists of office space designed to accommodate the growing needs of Centene. Tower B is currently planned to contain approximately 271,000 gross square feet of building area, about 240,000 square feet of which will
be office space, 15,000 square feet of which will be retail space, with the balance to be used for stair cores, elevators, and other necessary components of the building which are not occupied by people. During this phase the Corporation, with a
development partner it will choose, will fully investigate and include a greater emphasis on retail development. Redevelopment of the Forsyth Retail Properties at 7716 through 7736 Forsyth Blvd. is expected to be included in this phase. All of the
design elements from Phase I through the final phase are designed around the need for connectivity. Pedestrian friendly connectivity between the streets and the buildings, from one building to another building, and access to parking are critical to
the redevelopment project and will be incorporated in the plan. It is anticipated that as much as 50,000 square feet of additional retail space could be incorporated on Forsyth adjacent to the Plaza B Property. 
  
 Overall, the Project will be designed with an emphasis on pedestrian
friendly access. It is anticipated that Centene Corporation will have employees in each of the three office towers on and adjacent to the Redevelopment Area and the Developer desires for employees to have easy and convenient pedestrian access to
each building, the new retail components, and all parts of the City of Clayton. As a result of this design focus, all pedestrians approaching the Project, whether employees, guests, patrons, or customers, will be provided easy access through its
plazas and surrounding sidewalks, and to a planned centralized parking structure. 
  

 -7- 

	 	(c)	No Property to Public Agencies. No portions of the Redevelopment Area are proposed to be sold, donated, exchanged or leased to the board of education, public library board,
art museum board or other public agency. 

  

	 	(d)	Zoning Changes. A Concept Site Plan for the Redevelopment Area is attached as Appendix 2 (the “Site Plan”), and includes uses of land and buildings in the
Project, the location, size and height of new building construction and identification of existing structures to remain, the location of all drives, curb cuts, sidewalks, and new traffic lanes, service and delivery access, the location and number of
parking spaces, islands, curbs, and a conceptual landscaping and screening plan. Currently, the Redevelopment Area is located in the High Density Commercial (“HDC”) District. It is anticipated that as plans for Phase II and Phase III of
the Project are finalized, the properties must be rezoned to a Planned Unit Development District to better accommodate the mixed uses and parking requirements anticipated in the Redevelopment Area. 

  
 Compliance with City Goals and Building Requirements: The Project will
address key goals within the Redevelopment Area set forth in the City’s Business Districts Master Plan (the “Master Plan”). The Redevelopment Area is part of Action Area #10, the “Office/Hotel Core,” as described in the
Master Plan. Recommended functions of this Action Area are “high density office uses, hotels and accompanying public and private parking facilities.” The Project also meets development objectives established for the Redevelopment Area,
because the Project will: 
  

	 	•	 	Maintain/upgrade the quality of existing high density development in the area, by constructing Tower C and Tower B, two high-quality office buildings which will enhance the image
and value of the Redevelopment Area; and 

  

	 	•	 	Develop mid-block pedestrian linkages in the long blocks comprising this action area, by constructing the skywalks described above, a spacious plaza linking the office buildings and
connecting sidewalks throughout the development. 

  
 The Project Property included in Phase III is also part of Action Area #1, the “Forsyth Corridor,” as described in the Master Plan. The Corporation recognizes the City’s vision of Forsyth Boulevard as the “spine” of
the City’s Central Business District, and the City’s focus on retail businesses and a pedestrian-friendly environment along this main corridor. As described in further detail above, Phase III will be the construction of Tower B, an office
building, and the redevelopment of the Forsyth Retail Properties. All ground floor space in the Phase III properties will be retail, as recommended by the Master Plan and required by the CBD Core Overlay Zoning District. As developed, the Phase III
properties will be pedestrian oriented, with upgraded facades, entries, signage, window treatments/displays and landscaping. Streetscape improvements will be installed along Forsyth, Hanley and Carondolet as part of the Project. New retail

  

 -8- 

 stores along Forsyth, including those in the ground floor of Tower B, will provide an attractive, busy
street level atmosphere consistent with a “Main Street” environment and the City’s goals for Forsyth Boulevard. Phase III of the Project will also comply with the other standards for the CBD Core Overlay Zoning District, including
required step-backs and design guidelines. 
  

	 	(e)	Street Changes. 

  

	 	1.	The Project will meet or exceed all guidelines for landscaping in the Redevelopment Area, including the planned pedestrian plaza. The walks and patios will incorporate attractive
landscape features such as trees, shrubs, other plants, fountains and public art. 

  

	 	2.	Existing trees will be preserved if possible. 

  

	 	3.	The alley extending west from Hanley Road through the former Library Limited property will be vacated to its intersection with the north/south alley and direct access from Hanley
Road will be eliminated. 

  

	 	4.	Crawford, Bunte, Brammeier (“CBB”) has been engaged to review the proposed Project and any necessary traffic or circulation improvements. CBB has extensive experience in
evaluating and recommending improvements in the Clayton area. Representatives from CBB have met with the City of Clayton and the St. Louis County Department of Highways and Traffic regarding the traffic conditions in and around the Redevelopment
Area. The Corporation and the Developer will continue to cooperate with the City and the County to settle on the best method of alleviating any anticipated traffic or circulation issues. A formal traffic study will be prepared and the plans for
traffic and circulation improvements will be modified based on conclusions in that study. 

  

	 	(f)	Business Relocations. The parcels with occupied businesses may require relocation assistance. The Corporation does not know the specific number of businesses occupying those
parcels. With respect to those parcels, the Corporation will develop and comply with a relocation policy consistent with the Relocation Policy of the City of Clayton set forth in Clayton Ordinance No. 6023. 

  

	 	(g)	Projects or Relocations Outside the Redevelopment Area. The Corporation does not know of any projects or relocations outside of the Redevelopment Area that would be initiated
due to the Project. 

  

	 	(h)	Financing; Marketability. The proposed financing for the Project consists of both private and public funds. Total costs are projected to be $77,356,028 for Phase II and
$89,565,203 for Phase III. The Corporation initially intends to finance the real property acquisition with cash, periodically accessing the capital markets on a project-by-project basis. Subject to reasonable confidentiality protections, the
Corporation will provide the City with evidence that the Corporation and its affiliates have the capacity to finance the Project. As the financing and 

  

 -9- 

 development plan for the Forsyth Retail Properties is refined, it may be beneficial to have a number of
parties participate as owners, lessees and/or sub-developers of one or more of these properties. The Corporation, however, will control the development process. If the Corporation determines a change in ownership of any portion of the property will
facilitate its development, such a change will be subject to the City’s approval in the City’s commercially reasonable discretion. 
  
 Based on estimated Project costs, the Corporation requires public participation to fund a portion of the costs, in order to make Clayton an overall
competitive location for the Project. The Corporation anticipates utilizing state and local incentives as critical parts of the Project funding. The availability of a suitable mix of these incentives is necessary for the Corporation’s
commitment to the Project. 
  
 The Corporation will work closely
with City, St. Louis County, and State of Missouri officials to cooperatively settle on the public funding approach that works best for all of the participating political subdivisions. 
  
 The Corporation further anticipates the following local financial incentives to play a role in the overall financing:

  
 1. Community Improvement District: The Corporation
proposes a community improvement district (“CID”) be formed encompassing the Redevelopment Area. A CID is authorized under the Community Improvement District Act, Sections 67.1401-67.1571 RSMo, as amended. The CID would provide the
Corporation a mechanism for converting the value of tax abatement under Chapter 353 to a stream of revenue to be used by the Corporation to offset the cost of various improvements related to the Project including, but not limited to, the pedestrian
plaza, street improvements and parking facilities. A CID assessment on real property equal to the value of the tax abatement would be imposed on all redeveloped parcels regardless of subsequent ownership and/or control to ensure that all benefited
property contribute to offset these extraordinary costs. Additionally, the CID would be authorized to impose a sales tax of up to 1% in retail sales within the Project Property. These funds would be applied toward the same activities as the CID
assessment. In the event major improvements to Hanley Road were undertaken by the City with the participation of other benefited property owners, the Corporation would consider having the CID sales tax pooled with the CID sales tax of a larger
benefit district to accomplish a comprehensive Hanley Road solution through Downtown Clayton. 
  
 2. Missouri Quality Jobs Program: The Corporation expects its affiliates to qualify and receive benefits from the State of Missouri under the
Quality Jobs Act Program (the “Jobs Program”) in connection with the Project. The Project will qualify as a “high-impact project” under the Jobs Program, defined as a project which creates at least 100 new jobs within 2 years.
Pursuant to the Jobs Program, qualified companies may retain an amount from 
  

 -10- 

 the withholding tax of the new jobs equal to 3% of new payroll for a period of five years if the average
wage of the new payroll equals or exceeds the county’s average wage. A qualified company may retain 3.5% of new payroll if the average wage of the new payroll in any year exceeds 120% of the county’s average wage or 4% of the new payroll
if the average wage in any year exceeds 140% of the county’s average wage. The Missouri Department of Economic Development (the “DED”) will issue a refundable tax credit for any difference between the benefit allowed and the
withholding tax retained in the event that the withholding tax is not sufficient to provide the entire benefit due to the qualified company. The maximum amount of tax credits that can be issued in a calendar year is $750,000. This amount can be
increased to $1,000,000 if the action is proposed by the DED and approved by the Quality Jobs Advisory Task Force. This tax credit cannot be carried forward but can be sold. A refund will be issued to the qualified company if the credits exceed the
company’s tax liability. Local government support is an important part of the Jobs Program. An additional 1% of new payroll may be retained by a qualified company if local incentives for the project are between 10% and 24% of the new direct
local revenues; 2% of new payroll may be added if the local incentives are between 25% and 49%; or 3% of payroll may be added if the local incentives are 50% or more of the new direct revenue. City participation in the Chapter 353 will substantially
enhance the effectiveness of this program as a funding source for the Project. 
  
 In addition to cash investment, it is anticipated that construction financing for the Project will be provided through a local bank. Permanent financing (upon completion of construction) is expected to be provided by
a bank or other institutional lender. 
  

	 	(i)	Management. The following persons will likely be active in or associated with the management of the Project following the approval of the Development Plan:

  

			
	Michael F. Neidorff	 	James E. Reh
	7711 Carondelet Avenue,	 	7711 Carondelet Avenue,
	Suite 800	 	Suite 800
	St. Louis, MO 63105	 	St. Louis, MO 63105

  

	 	(j)	Eminent Domain. The Corporation anticipates that eminent domain rights may be necessary to acquire certain parcels not owned or controlled by the Corporation. These parcels
represent less than 46% of the total land coverage within the Redevelopment Area and are described on Appendix 1 as Parcels 2, 3, 4, 5A, 5B, 6, and 7 of Phase III. These parcels include an aggregate area of approximately 1.38 acres. Efforts
have been made and will continue to purchase these parcels by negotiated agreements. However, the Corporation believes the sale at a fair and reasonable price from the current owners remains undecided. 

  

	 	(k)	Limitations on Assignment of Project. A separate development agreement to be executed by the Corporation and the City will include reasonable limitations on the
Corporation’s right to assign the Project to ensure that the intention and purpose of the Project will be carried out. 

  

 -11- 

	 	(l)	Reimbursement and Indemnification Agreements. A separate development agreement to be executed by the Corporation and the City will include reasonable reimbursement and
indemnification agreements with the City regarding (i) the City’s costs incurred for evaluating and reviewing of the proposed development plan and for participating in plan implementation, and (ii) costs or damages resulting from
third-party claims or litigations. 

  

	 	(m)	Current Assessed Value of Parcels. The most current assessed value of the real property located in the Redevelopment Area is shown in Appendix 4. A parcel
identification map identifying the parcels by tax locator numbers is also included in Appendix 4. 

  

	 	(n)	Tax Abatement Requested; Economic Impact on Tax Base. 

  
 Chapter 353 provides for the creation of a specialized corporation (a “URC”) to acquire, construct, maintain and operate redevelopment projects.
URCs can own and operate redevelopment projects in areas that qualify. Real property owned by a URC is eligible for tax abatement. 
  
 The Corporation is requesting tax abatement pursuant to Section 5 of the Clayton 353 Ordinance. Specifically, the Corporation is requesting for the
City to approve a tax abatement of fifty percent (50%) of the incremental real property taxes for the Redevelopment Area for up to twelve (12) years following the completion of Phases II and III, respectively, as more specifically
described in the Redevelopment Agreement to be entered into between the City and the Corporation. Because the 12-year period for each phase will begin at the completion of the particular phase, and the construction schedule is staggered, the total
period during which abatement will affect tax revenues is 15 years. In year 16 and going forward, real property taxes will be payable with respect to the entire Redevelopment Area based on 100% of the assessed value of the improved property.
Incremental real property taxes refer to the amount of increase in tax due to higher property valuations occurring in the project area after completion of the redevelopment. The increase or increment is based on the amount of real property taxes
paid with respect to the affected property in the “base year,” which is usually the year before work on the redevelopment began. This approach provides a level of incentives necessary to make this project feasible. Based upon current tax
rates as provided by the City, the Developer’s estimates of Project costs, and the schedule for phased construction, the benefit to the Project from this program is $10,702,154 over 15 years, as reflected in the attached Appendix 4. The
City, the Clayton School District and other taxing jurisdictions will enjoy increased taxes generated as a result of the Project in an amount superior to those taxes otherwise generated without this comprehensive redevelopment. Additional local real
and personal property tax revenues will be $24,793,810 over the same 15-year period, as reflected in the attached Appendix 4. The abatement sought 
  

 -12- 

 by the Corporation is less than the maximum abatement levels permitted by Chapter 353. The City will also
gain additional benefit from increased sales and utility taxes. In 2010, projected to be the first full year after completion and stabilization of the Project, it is anticipated the Project will generate an additional $745,000 in city sales tax and
an additional $67,256 in utility taxes. 
  
 A detailed
explanation of the abatement requested and the related tax impact statement is attached hereto as Appendix 4. 
  

	 	(o)	Objectives of the Development Plan. The objectives of the proposed Development Plan and how those objectives will be implemented through the Project are stated in Part II of
this Development Plan and in the above provisions of this Part IV. 

  

	 	(p)	Other Information. 

  
 Jobs Impact on City of Clayton: Job retention and creation is a major focal point of this proposal. Centene projects an increase in full-time
employees at its Clayton headquarters from the current 290 employees to 1,279 by the end of 2010: 
  

			
	 Year Ending December 31:

	  	Estimated Number of Employees Projected
for Centene’s Clayton Headquarters

	 2005
	  	345
	 2006
	  	448
	 2007
	  	582
	 2008
	  	757
	 2009
	  	984
	 2010
	  	1,279

  
 The new job creation
will include positions in administration, finance, information systems, strategy and business implementation, provider relations, customer support service, medical management, marketing and communications and specialty companies. The employment
increase reflects an average annual job growth rate of approximately 30%. Centene’s projected payroll for 2005 is approximately $22,000,000. It is estimated the new jobs will increase Centene’s payroll to approximately $110,000,000 in
2010, upon completion and stabilization of the Project. 
  
 Centene has a strong record of job growth to support these growth projections. Between December 2000 and October 7, 2005, the number of Centene employees in Clayton increased from 45 to 329, an increase of over 600% in less than five
(5) years. Over the same period, total employees nationwide grew from 277 to 1,752, an increase of over 500%. The average wage for these new jobs will exceed the average wage for St. Louis County. 
  

 -13- 

 In addition to the projected employment increase at Centene, newly created retail space as a result of
the Project is estimated to generate approximately 72 new, full-time equivalent (FTE) positions. 
  
 The Corporation further understands the submission of other information may be required as part of the City’s review process. 
  
 Respectfully submitted, 
  

					
	 	 	CENTENE PLAZA REDEVELOPMENT CORPORATION
			
	 	 	Name:	 	 /s/ James E. Reh

			
	 	 	Title:	 	 V.P. Facilities Mgmt.

  

 -14- 

 APPENDIX 1 
  

LEGAL DESCRIPTION OF THE REDEVELOPMENT AREA 
  
 Phase II 
  
 Lots 1, 2, 3, 4 and 5 of Langtry’s Subdivision in Clayton, a Subdivision of Lots 4, 5 and 6 of the Resubdivision of the Eastern portion of Block 13 of the Town (now City) of Clayton, according to plat thereof
recorded in Plat Book 25 page 75 of the St. Louis County Recorder’s Office. 
  
 Phase III 
  
 Parcel 1:

  
 Lots 1, 2 and 3 of the Resubdivision of the Eastern portion of Block 13 of
the Town (now City) of Clayton, in St. Louis County, Missouri, according to the plat thereof recorded in Plat Book 1 page 125 of the St. Louis County Recorder’s Office. 
  
 Parcel 2: 
  
 The East  1/2 of Lot 19 in Block
13 of the Town of Clayton, according to the plat thereof recorded in Plat Book 1, Page 7 of the St. Louis County Recorder’s Office. 
  
 Parcel 3: 
  
 The West  1/2 of Lot 19 in Block
13 of the Town of Clayton, according to the plat thereof recorded in Plat Book 1, Page 7 of the St. Louis County Recorder’s Office. 
  
 Parcel 4: 
  
 Lot 20 in Block 13 of Town (now City) of Clayton, according to the plat thereof recorded in Plat Book 1 Page 7 of the St. Louis County Records. 
  
 Parcel 5A: 
  
 Lot 21 in Block 13 of Town of Clayton, according to the plat thereof recorded in Plat Book 1
Page 7 of the St. Louis County Records. 
  
 Parcel 5B: 
  
 Lot 22 in Block 13 of the Town (now City) of Clayton,
according to the plat thereof recorded in Plat Book 1 Page 11, now 7, of the St. Louis County Records, fronting 50 feet on the south line of Forsyth Boulevard, by a depth Southwardly of 190 feet to an alley. 
  

 -15- 

 Parcel 6: 
  
 Lot 23 in block 13 of the Town (now City) of Clayton, a subdivision in St. Louis County, Missouri, according to the plat thereof recorded in
plat book 1 page 11 now 7 of the St. Louis County Records. 
  
 Parcel 7: 
  
 Lot 24 in Block 13 of Town (now
City) of Clayton, as per plat thereof recorded in Plat Book 1 Page 7 of the St. Louis County Recorder’s Office. 
  

 -16- 

 APPENDIX 2 
  

REDEVELOPMENT AREA MAP AND SITE PLAN 
  
 [MAP] 
  

 -17- 

 APPENDIX 3 
  

BLIGHTING STUDY 
  

 -18- 

 APPENDIX 4 
  

TAX IMPACT ANALYSIS 
  

 -19- 

 EXHIBIT D 
  

FORM OF 
 CERTIFICATE OF
SUBSTANTIAL COMPLETION 
  
 CERTIFICATE OF SUBSTANTIAL
COMPLETION 
 DELIVERED BY CENTENE PLAZA REDEVELOPMENT CORPORATION 
  
 The undersigned, Centene Plaza Redevelopment Corporation, a Missouri urban redevelopment corporation (the
“Corporation”), pursuant to that Redevelopment Agreement dated as of                     , 2005, between the City of Clayton,
Missouri (the “City”) and the Corporation (the “Agreement”), hereby certifies to the City as follows: 
  
 1. All of the construction of building(s) located on the parcel legally described on Appendix A attached hereto and by this reference
incorporated herein (the “Parcel”) has been substantially completed in accordance with the Agreement. 
  
 2. The Parcel corresponds to Phase      of the Redevelopment Project. [Use this paragraph and all other bracketed language
below if the Redevelopment Project is developed in phases; otherwise delete.] 
  
 3. This Certificate of Substantial Completion is accompanied by the Redevelopment Project architect’s certificate of substantial completion on AIA Form G-704 (or the substantial equivalent thereof), a copy of
which is attached hereto as Appendix B and by this reference incorporated herein, certifying that building(s) [associated with Phase     ] on the Parcel have been substantially completed in accordance with the
Agreement. 
  
 4. This Certificate of Substantial Completion is
being delivered by the Corporation to the City in accordance with the Agreement to evidence the Corporation’s satisfaction of all obligations and covenants with respect to building(s) constructed on the Parcel. 
  
 5. Shown on Appendix C or otherwise attached hereto are: 

 
 (a) The name of the record owner of the Parcel, 
  
 (b) The Parcel identification/locator number (according to the records of the
St. Louis County Assessor); 
  
 (c) A map showing the location of
the Parcel in relation to the Redevelopment Area (as defined in the Agreement) and identifying each existing building located on such Parcel; and 
  
 (d) Identification of the phase of the Redevelopment Project]. 
  
 6. The City’s acceptance (below) or the City’s failure to object in writing to this Certificate within 60 days of the date of delivery of this
Certificate to the City (which written objection, if any, must be delivered to the Corporation prior to the end of such 60-day period), and the recordation of this Certificate with the St. Louis County Recorder, shall evidence the satisfaction of
Corporation’s construction obligations and covenants pursuant to the Agreement with respect to [Phase      of the Redevelopment Project and] said Parcel. 
  

 D-1 

 This Certificate shall be recorded in the office of the St. Louis County Recorder. This Certificate is
given without prejudice to any rights against third parties which exist as of the date hereof or which may subsequently come into being. 
  
 Terms not otherwise defined herein shall have the meaning ascribed to such terms in the Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has hereunto set his/her hand this
     day of                     , 20        . 
  

			
	CENTENE PLAZA REDEVELOPMENT
	CORPORATION
		
	By:	 	  

  

			
	ACCEPTED:
	CITY OF CLAYTON, MISSOURI
		
	By:	 	  

	(Insert Notary Form(s) and Legal Description)

  

 D-2 

 APPENDIX A 
  
 [Upon completion of Certificate of Substantial Completion, 
 insert legal description of property to which the Certificate relates.] 
  

 A-1 

 APPENDIX B 
  
 [Upon completion of Certificate of Substantial Completion, 
 insert AIA Form G-704 or substantial equivalent thereof.] 
  

 B-1 

 APPENDIX C 
  
 [Upon completion of Certificate of Substantial Completion, 
 insert information required by Section 4 of the Certificate.] 
  

 C-1 

 EXHIBIT E 
  

TRANSFEREE AGREEMENT 
 (Name of
Transferee) 
  
 This TRANSFEREE AGREEMENT (“Transferee
Agreement”) is entered into this      day of                     , 2005, by and between the CITY OF
CLAYTON, MISSOURI (the “City”) and                     , a
             corporation (“Transferee”). 
  
 RECITALS 
  
 A. The property to be purchased by Transferee as legally described in Exhibit A attached hereto (the “Property”) is part of
the Redevelopment Area under the Forsyth/Hanley Redevelopment Plan (the “Redevelopment Plan”) approved by the City pursuant to Ordinance No.              adopted by
the Board of Aldermen on     , 2005 (the “353 Ordinance”). 
  
 B. The Property is subject to that certain Redevelopment Agreement for the Forsyth/Hanley Redevelopment Area between the City and the Centene Plaza
Redevelopment Corporation (the “Corporation”), dated                     , 2005, and recorded in the St. Louis County
Recorder of Deeds Office on                     , 2005, as Document No.
            (the “Redevelopment Agreement”). 
  
 C.                     , a Missouri
             company, is the successor in interest to Corporation with respect to the Property. [Use if transfer is from an entity other than Corporation.] 
  
 D. Sections 5.01(c) and 7.01 of the Redevelopment Agreement
require as a condition precedent to the transfer of property within the boundaries of the Redevelopment Area (as defined in the Redevelopment Agreement) that the proposed transferee enter into and deliver to the City this Transferee Agreement,
obligating the Transferee to comply with the requirements of the Redevelopment Plan and the obligations of the Redevelopment Agreement relating to the Property. 
  

E. The Board of Aldermen has found that Transferee has satisfied the conditions set forth in Section 5.01 of the Redevelopment Agreement,
wherein the Transferee has demonstrated to the City’s reasonable satisfaction that the Transferee has (1) prior real estate development experience in Projects similar to the Redevelopment Project, and (2) reasonable financial worth
and management experience in light of the responsibilities imposed under the Redevelopment Agreement. 
  
 F. The parties desire to enter into this Transferee Agreement in order to satisfy the condition precedent set forth in Sections 5.01(c) and
7.01 of the Redevelopment Agreement. 
  
 NOW, THEREFORE, for
and in consideration of the promises and the covenants entered herein, City and Transferee agree as follows: 
  
 1. The Transferee has entered into a purchase contract with the Corporation, or an authorized successor and assign, pursuant to which the Transferee will
acquire the Property. 
  
 2. The Transferee acknowledges that it
has been provided with and/or has reviewed the Redevelopment Plan, the 353 Ordinance, the Redevelopment Agreement and all other documents associated with the Redevelopment Plan that may be necessary for the Transferee to make an informed decision
regarding purchase of the Property with respect to the matters set forth in those documents and this Transferee Agreement. 
  

 E-1 

 3. The Transferee acknowledges and agrees that its acquisition of the Property and the transfer of the
Property to the Transferee is subject in all respects to the Redevelopment Agreement, the Redevelopment Plan, the 353 Ordinance, and the rights of the City pursuant to the Redevelopment Agreement, and the URC Law (as defined in the Redevelopment
Agreement). 
  
 4. The Transferee acknowledges that in the event
of the sale, lease, sublease, assignment, or other voluntary or involuntary disposition of any or all of the Property, the obligations of the Redevelopment Agreement shall continue and shall inure to and be binding upon the heirs, executors,
administrators, successors and assigns of the respective subsequent transferees as if they were in every case specifically named and shall be construed as a covenant running with the land and enforceable as if such purchaser, tenant, transferee or
other possessor thereof were originally a party to and bound by the Redevelopment Agreement. The Transferee assumes the duty to notify any purchaser, tenant, transferee or other possessor of the property its rights, duties and obligations under the
Redevelopment Agreement. 
  
 5. The Transferee acknowledges that
its acquisition of the Property, and any subsequent conveyance, requires the prior written approval of the City so long as the Redevelopment Agreement is in full force and effect. Pursuant to the Redevelopment Agreement, the City may require,
without limitation, that a subsequent transferee demonstrate to the City’s reasonable satisfaction that it has reasonable financial worth and experience in light of the responsibilities imposed under the Redevelopment Agreement. Transferee
acknowledges that its purchase and any subsequent sale of the Property will be subject to any and all rights of the City or the Corporation, as are set forth in the Redevelopment Agreement, the Redevelopment Plan, the 353 Ordinance and the URC Law
with respect to such purchaser or transferee of the Property, whether or not specifically enumerated herein. 
  
 6. The parties agree that the intention of this Transferee Agreement is to ensure that Transferee has actual notice of the rights, duties and obligations
contained in the Redevelopment Agreement prior to taking ownership of the Property, and nothing contained in this Transferee Agreement shall be deemed to impose any rights, duties or obligations that are not imposed pursuant to the Redevelopment
Agreement. 
  
 7. This Transferee Agreement shall be governed by
the laws of the State of Missouri. 
  
 IN WITNESS WHEREOF,
the parties hereto have set their hands and seals the day and year first above written. 
  

							
	 	 	 	 	CITY OF CLAYTON, MISSOURI
	ATTEST:	 	 	 	 	 	 
	  

	 	 	 	  

	City Clerk	 	 	 	City Manager
			
	 	 	 	 	[TRANSFEREE],
				
	 	 	 	 	By:	 	  

	 	 	 	 	[Name]	 	 
	 	 	 	 	[Title]	 	 

  

 E- 

 EXHIBIT F 
  

SPECIAL DEVELOPMENT CONDITIONS 
  
 General Objectives 
  
 The General Objectives of the design guidelines are to provide a brief description of the City’s expectation regarding several aspects of the project. Specific
regulations pertaining to the below-referenced categories and other project requirements are governed by the City’s Zoning Ordinance, particularly the Site Plan Review section and other applicable ordinances, regulations and standards.

  

	 	A.	Architectural design including size, mass, bulk, color and quality, must be compatible with the site development and provide continuity for all phases of the project.

  

	 	B.	Site and building design must respect the adjacent Central Business District and Carondelet Plaza to the east. 

  

	 	C.	Design and materials for all phases of the project must be of the highest quality and provide the Clayton Central Business District a signature presence on these pivotal corners.

  

	 	D.	Landscaping must be aesthetically pleasing and functional in screening uses. 

  

	 	E.	Site layout must assure appropriate ingress/egress while diminishing the impact of traffic associated with the project. 

  

	 	F.	Off-site improvements shall be consistent with the already-existing Clayton design standards for the Central Business District including but not limited to City Streetscape on
sidewalks adjacent to the project. 

  

	 	G.	Elements of visual interest to the public shall be included in the project. Public art, seating areas and similar features shall be included to make the project inviting to the
general public. 

  

	 	H.	Signage must be well designed of quality material and in scale with the development and surrounding uses. 

  
 Overlay Standards 
  
 All aspects of the Business District Master Plan, Zoning Ordinance and Architectural Review Board Standards will be followed for the entire Redevelopment Area. However, a
portion of the area is located in the Central Business District Overlay Zone as shown below: 
  

 F-1 

 

 
  
 The City designated this district as an Overlay Zone
in an effort to maintain and enhance the “pedestrian scale” of the area. To accomplish this goal and provide for high quality development compatible with the Clayton Central Business District, the following conditions must be met:

  

	 	1.	For buildings permitted to exceed the maximum height through the planned unit development process, a 15-foot step-back (upper story building setback) shall be provided beginning at
the third story level or thirty (30) feet above grade, whichever is less. However, the Plan Commission shall have the authority to require a different step-back(s) for buildings dependent upon building height, lot size and other relevant
factors. Step-backs shall be proportional to the amount of building height. The upper story step-back shall be provided along all building elevations with street frontage, excluding alleys. 

  

	 	2.	Footprint geometry must be square and true with the roadway to the extent possible. Odd shapes and building orientation which compete with the total urban setting should be avoided.

  

	 	3.	For properties within the CBD Core Overlay District, all ground floor uses must be retail in nature, but may include personal care services. 

  

	 	4.	Party wall development should be encouraged to ensure a continuous building façade. 

  

	 	5.	Building skylines should provide interest through introduction of compatible shapes and roof forms. Long interrupted cornices should be avoided. 

  

	 	6.	Façade relief should be incorporated into all building elevations. Blank walls, long horizontal openings, odd shapes and glass walls should be avoided.

  

 F-2 

	 	7.	Street level (ground floor) elevation facing the street should be storefront architecture with large show windows interrupted at regular intervals with building piers and generous
entrances. Blank walls, long uninterrupted show windows, odd shaped and small show windows should be avoided. 

  

	 	8.	Parking structures abutting the street must have ground level retail, personal care services, dry cleaning facilities, food and beverage service uses, consumer service offices
(limited to financial institutions including banks, savings and loans, and credit unions, retail offices and travel agencies), or governmental offices facing the sidewalk. The upper story must be of design, material and color compatible with the
urban setting of the Central Business District. 

  
 Building Design – Entire Project 
  
 The purpose of the Building Design Guidelines is to promote high quality development that enhances the aesthetics of the Clayton Central Business District and encourage creativity. These Guidelines serve as a supplement to existing zoning
regulations, Architectural Review Guidelines and Building Codes, and must be satisfied with respect to all aspects of the Redevelopment Project: 
  

	 	1.	Material and design must be of the highest quality to assure this project is considered a signature development for this pivotal corner. 

  

	 	2.	Architectural design must be compatible with the existing development within the area, and to the east at Carondelet Plaza. 

  

	 	3.	Variations of detail, form and siting shall be used to provide visual interest. Architectural detail on the ground floor, window trim and roofline shall provide unique styling.

  

	 	4.	All elevations, including the rear of the structures, shall be similar in design and material so as to assure building continuity from all directions. 

  

	 	5.	Window openings shall be incorporated into all building elevations. Blank walls, long, horizontal openings and odd shaped windows shall be avoided. 

  

	 	6.	Parking garages must be located above or below the ground floor retail level. The design of the parking garage shall blend with the building and contain identical architectural
features. 

  

	 	7.	All roof and ground mechanical equipment shall be screened so as to conform in design, color and texture with the overall architectural treatment of the structure.

  
 Site Access, Circulation and Traffic Control

  
 The location and orientation of site access will be evaluated as part
of a traffic study to be performed on the City’s behalf by Crawford, Bunte & Brammeier (CBB). CBB will research and provide recommendations related to the building site, adjacent developments, engineering consideration, circulation
patterns and impact of curb-cut placement on the traffic flow on Forsyth Boulevard, Carondelet, and Hanley Road. In addition, site access issues will consider the following: 
  

	 	1.	This development will likely require the widening of Hanley Road or Forsyth Boulevard or both to mitigate the impact of additional traffic at this location.

  

 F-3 

	 	2.	The plan must provide assurance that the developer will design the site for safe traffic movements into and exiting the site. 

  

	 	3.	Conflict between vehicular areas and pedestrian crossings must be alleviated by the appropriate placement of the curb-cut(s). 

  

	 	4.	Parking facilities must have adequate interior circulation. Parking stall placement, size, provisions for handicapped parking, and travel aisle(s) must meet City codes.

  

	 	5.	Driveway and garage entrances must be compatible and efficient with the site layout and surrounding area. 

  

	 	6.	Service and loading areas must be located at the rear of the building accessible from the alley. 

  

	 	7.	Surface parking should be limited and placed to the rear of buildings and screened from public view. 

  
 Landscaping 
  
 Significant landscaping shall be incorporated throughout the development area to create a pleasing environment. A landscape plan prepared by a landscape architect or
certified arborist must be submitted as part of the site plan review process. The landscape plan must depict existing trees to be removed, trees to be replaced and new tree plantings per caliper and species. The landscape plan must also depict other
existing and proposed landscaping (i.e. bushes, grassy areas). The following landscape guidelines shall be incorporated: 
  

	 	1.	Existing vegetation, where appropriate, should be retained and incorporated into the overall landscape design. 

  

	 	2.	Parking areas must be screened with dense plantings with an emphasis on the use of evergreen species as the primary plant material. 

  

	 	3.	Trash areas must be screened with a wood fence or masonry enclosure with dense landscaping at the perimeter. 

  

	 	4.	Where possible, plant material must be placed intermittently along building frontages, retaining walls, fences and other linear structures. 

  

	 	5.	To promote the healthy growth of the plantings, all landscaped areas and turf must be irrigated. 

  

	 	6.	Trees that are removed will require replacement on a caliper-per-caliper basis. 

  

	 	7.	The City’s tree protection standards will apply to all remaining existing trees (including street trees) to ensure survival during construction. 

  

	 	8.	Deciduous trees must be a minimum diameter of 3-inches. Upright evergreens must be a minimum height of 6-feet. 

  

 F-4 

 Signage 
  
 Signage is an important architectural detail that reflects upon the integrity of the project. Signage should be designed in a coordinated manner throughout the
development area to provide business identification and direction. Size and placement of signage must be consistent with the City’s Sign Ordinance and is subject to Architectural Review Board approval. Additional considerations are as follows:

  

	 	1.	The signage location, size, size and orientation shall not impair visibility or distract motorists. 

  

	 	2.	No flashing, rotating, revolving, animated or changeable copy signage shall be allowed. A-frame signage is prohibited. 

  
 Public Art and Public Space 
  
 This development will utilize a Planning Unit Development (PUD) process that requires public
benefit. Some of that benefit can be met by providing significant pieces of public art and encouraging pedestrian-friendly public access as follows: 
  

	 	1.	Public art incorporated into the project must be a significant piece(s) and be approved by the City’s Art Commission and Architectural Review Board. 

 

	 	2.	Public art must be located on plazas or greenspace easily accessible to the public. 

  

	 	3.	Public seating areas and other features of interest must be integrated into the project. 

  
 Streetscape 
  
 The City of Clayton requires streetscape installation for all new development in the Central Business District. Streetscape must be installed per the specifications of
CDG engineers, 1997, to assure conformance with the existing streetscape already in place. Streetscape takes place on City right-of-way but is paid by the developer. The following elements are included in the Clayton streetscape requirements:

  

	 	1.	Decorative tree grates generally located on the sidewalk near the curb. 

  

	 	2.	Tree(s) as specified by the City’s Pubic Works Department (including irrigation). 

  

	 	3.	Brick banding along the sidewalk and surrounding tree grate(s). 

  

	 	4.	Light pole and fixture per Public Works specifications and placement. 

  
 Streetscape specifications are available from the City’s Public Works Department and required on the plans as part of the Site Plan Review process. 
  

 F-5 

 CONCLUSION: 
  
 The above objectives and standards will be required for the Centene project. Additionally, the project must follow the normal approval process for development in Clayton.
This includes, but is not limited to, the provisions found in the Zoning Ordinance governing Planned Unit Developments, the Subdivision Ordinance for property assembly, the Architectural Review Standards for design and material integrity and Site
Plan Review provisions, which will govern the majority of the elements related to the project. 
  
 END OF DOCUMENT 
  

 F-6

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