Document:

EX-4.3

 Exhibit 4.3 

TEEKAY LNG PARTNERS L.P., 

AND 
 TEEKAY LNG FINANCE
CORP., 
 AS ISSUERS, 

AND 

                       
 , 
 AS TRUSTEE 

INDENTURE 
 CONVERTIBLE
[SUBORDINATED] DEBT SECURITIES 
 DATED AS OF
                    , 20    

 Reconciliation and tie between Trust Indenture Act of 1939 (the “Trust Indenture Act”) and Indenture

  

			
	 Trust Indenture Act of 1939 Section
	  	 Indenture Section

	310 (a)(1)	  	6.8
	       (a)(2)	  	6.8
	       (a)(3)	  	TIA
	       (a)(4)	  	Not Applicable
	       (a)(5)	  	TIA
	       (b)	  	6.9
		
	311(a)	  	TIA
	       (b)	  	TIA
		
	312 (a)	  	7.1
	       (b)	  	7.2
	       (c)	  	7.2
		
	313 (a)	  	7.3
	       (b)	  	7.3
	       (c)	  	7.3
	       (d)	  	7.3
		
	314 (a)	  	7.4; TIA
	       (b)	  	Not Applicable
	       (c)(1)	  	1.2
	       (c)(2)	  	1.2
	       (c)(3)	  	Not Applicable
	       (d)	  	Not Applicable
	       (e)	  	1.2
	       (f)	  	1.2
		
	315 (a)	  	6.1; TIA
	       (b)	  	6.3
	       (c)	  	6.1; TIA
	       (d)(1)	  	6.1; TIA
	       (d)(2)	  	6.1; TIA
	       (d)(3)	  	6.1; TIA
	       (e)	  	5.15; TIA
		
	316 (a) (last sentence)	  	1.1
	       (a)(1)(A)	  	5.2; 5.12
	       (a)(1)(B)	  	5.13
	       (b)	  	5.8
	       (c)	  	TIA
		
	317 (a)(1)	  	5.3
	       (a)(2)	  	5.4
	       (b)	  	10.3
		
	318 (a)	  	1.8
	       (b)	  	TIA
	       (c)	  	TIA

  
 This
reconciliation and tie section does not constitute part of the Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE 1.
	 	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	  
			
	 Section 1.1.
	 	 Definitions
	  	 	1	  
			
	 Section 1.2.
	 	 Compliance Certificates and Opinions
	  	 	8	  
			
	 Section 1.3.
	 	 Form of Documents Delivered to Trustee
	  	 	8	  
			
	 Section 1.4.
	 	 Acts of Holders
	  	 	9	  
			
	 Section 1.5.
	 	 Notices, Etc. to the Trustee and the Issuers
	  	 	10	  
			
	 Section 1.6.
	 	 Notice to Holders of Securities; Waiver
	  	 	10	  
			
	 Section 1.7.
	 	 Language of Notices
	  	 	11	  
			
	 Section 1.8.
	 	 Conflict with Trust Indenture Act
	  	 	11	  
			
	 Section 1.9.
	 	 Effect of Headings and Table of Contents
	  	 	11	  
			
	 Section 1.10.
	 	 Successors and Assigns
	  	 	11	  
			
	 Section 1.11.
	 	 Separability Clause
	  	 	11	  
			
	 Section 1.12.
	 	 Benefits of Indenture
	  	 	11	  
			
	 Section 1.13.
	 	 Governing Law
	  	 	11	  
			
	 Section 1.14.
	 	 Legal Holidays
	  	 	11	  
			
	 Section 1.15.
	 	 Counterparts
	  	 	12	  
			
	 Section 1.16.
	 	 Judgment Currency
	  	 	12	  
			
	 Section 1.17.
	 	 No Security Interest Created
	  	 	12	  
			
	 Section 1.18.
	 	 Limitation on Individual Liability
	  	 	12	  
			
	 ARTICLE 2.
	 	 SECURITIES FORMS
	  	 	13	  
			
	 Section 2.1.
	 	 Forms Generally
	  	 	13	  
			
	 Section 2.2.
	 	 Form of Trustee’s Certificate of Authentication
	  	 	13	  
			
	 Section 2.3.
	 	 Securities in Global Form
	  	 	13	  
			
	 ARTICLE 3.
	 	 THE SECURITIES
	  	 	14	  
			
	 Section 3.1.
	 	 Amount Unlimited; Issuable in Series
	  	 	14	  
			
	 Section 3.2.
	 	 Currency; Denominations
	  	 	16	  
			
	 Section 3.3.
	 	 Execution, Authentication, Delivery and Dating
	  	 	16	  
			
	 Section 3.4.
	 	 Temporary Securities
	  	 	18	  
			
	 Section 3.5.
	 	 Registration, Transfer and Exchange
	  	 	18	  
			
	 Section 3.6.
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	20	  
			
	 Section 3.7.
	 	 Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved
	  	 	21	  
			
	 Section 3.8.
	 	 Persons Deemed Owners
	  	 	22	  
			
	 Section 3.9.
	 	 Cancellation
	  	 	23	  
			
	 Section 3.10.
	 	 Computation of Interest
	  	 	23	  

  
 i 

 TABLE OF CONTENTS
 (continued) 

 

							
	 ARTICLE 4.
	 	 SATISFACTION AND DISCHARGE OF INDENTURE
	  	 	23	  
			
	 Section 4.1.
	 	 Satisfaction and Discharge
	  	 	23	  
			
	 Section 4.2.
	 	 Defeasance and Covenant Defeasance
	  	 	24	  
			
	 Section 4.3.
	 	 Application of Trust Money
	  	 	27	  
			
	 Section 4.4.
	 	 Reinstatement
	  	 	27	  
			
	 ARTICLE 5.
	 	 REMEDIES
	  	 	27	  
			
	 Section 5.1.
	 	 Events of Default
	  	 	27	  
			
	 Section 5.2.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	28	  
			
	 Section 5.3.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	29	  
			
	 Section 5.4.
	 	 Trustee May File Proofs of Claim
	  	 	29	  
			
	 Section 5.5.
	 	 Trustee May Enforce Claims Without Possession of Securities or Coupons
	  	 	30	  
			
	 Section 5.6.
	 	 Application of Money Collected
	  	 	30	  
			
	 Section 5.7.
	 	 Limitations on Suits
	  	 	30	  
			
	 Section 5.8.
	 	 Unconditional Right of Holders to Receive Principal and Any Premium, Interest and Additional Amounts
	  	 	31	  
			
	 Section 5.9.
	 	 Restoration of Rights and Remedies
	  	 	31	  
			
	 Section 5.10.
	 	 Rights and Remedies Cumulative
	  	 	31	  
			
	 Section 5.11.
	 	 Delay or Omission Not Waiver
	  	 	31	  
			
	 Section 5.12.
	 	 Control by Holders of Securities
	  	 	31	  
			
	 Section 5.13.
	 	 Waiver of Past Defaults
	  	 	32	  
			
	 Section 5.14.
	 	 Waiver of Usury, Stay or Extension Laws
	  	 	32	  
			
	 Section 5.15.
	 	 Undertaking for Costs
	  	 	32	  
			
	 ARTICLE 6.
	 	 THE TRUSTEE
	  	 	32	  
			
	 Section 6.1.
	 	 Certain Duties and Responsibilities
	  	 	32	  
			
	 Section 6.2.
	 	 Certain Rights of Trustee
	  	 	33	  
			
	 Section 6.3.
	 	 Notice of Defaults
	  	 	34	  
			
	 Section 6.4.
	 	 Not Responsible for Recitals or Issuance of Securities
	  	 	34	  
			
	 Section 6.5.
	 	 May Hold Securities
	  	 	34	  
			
	 Section 6.6.
	 	 Money Held in Trust
	  	 	35	  
			
	 Section 6.7.
	 	 Compensation and Reimbursement
	  	 	35	  
			
	 Section 6.8.
	 	 Corporate Trustee Required; Eligibility
	  	 	35	  
			
	 Section 6.9.
	 	 Resignation and Removal; Appointment of Successor
	  	 	36	  
			
	 Section 6.10.
	 	 Acceptance of Appointment by Successor
	  	 	37	  
			
	 Section 6.11.
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	37	  
			
	 Section 6.12.
	 	 Appointment of Authenticating Agent
	  	 	38	  

  
 ii 

 TABLE OF CONTENTS
 (continued) 

 

							
	 ARTICLE 7.
	 	 HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUERS
	  	 	39	  
			
	 Section 7.1.
	 	 Issuers to Furnish Trustee Names and Addresses of Holders
	  	 	39	  
			
	 Section 7.2.
	 	 Preservation of Information; Communications to Holders
	  	 	39	  
			
	 Section 7.3.
	 	 Reports by Trustee
	  	 	39	  
			
	 Section 7.4.
	 	 Reports by Issuers
	  	 	40	  
			
	 ARTICLE 8.
	 	 CONSOLIDATION, MERGER AND SALES
	  	 	40	  
			
	 Section 8.1.
	 	 Issuers May Consolidate, Etc., Only on Certain Terms
	  	 	40	  
			
	 Section 8.2.
	 	 Successor Person Substituted for Issuers
	  	 	41	  
			
	 ARTICLE 9.
	 	 SUPPLEMENTAL INDENTURES
	  	 	41	  
			
	 Section 9.1.
	 	 Supplemental Indentures Without Consent of Holders
	  	 	41	  
			
	 Section 9.2.
	 	 Supplemental Indentures With Consent of Holders
	  	 	42	  
			
	 Section 9.3.
	 	 Execution of Supplemental Indentures
	  	 	43	  
			
	 Section 9.4.
	 	 Effect of Supplemental Indentures
	  	 	43	  
			
	 Section 9.5.
	 	 Reference in Securities to Supplemental Indentures
	  	 	43	  
			
	 Section 9.6.
	 	 Conformity With Trust Indenture Act
	  	 	43	  
			
	 Section 9.7.
	 	 Notice of Supplemental Indenture
	  	 	43	  
			
	 ARTICLE 10.
	 	 COVENANTS
	  	 	43	  
			
	 Section 10.1.
	 	 Payment of Principal, Any Premium, Interest and Additional Amounts
	  	 	43	  
			
	 Section 10.2.
	 	 Maintenance of Office or Agency
	  	 	43	  
			
	 Section 10.3.
	 	 Money for Securities Payments to be Held in Trust
	  	 	44	  
			
	 Section 10.4.
	 	 Additional Amounts
	  	 	45	  
			
	 Section 10.5.
	 	 [Reserved.]
	  	 	46	  
			
	 Section 10.6.
	 	 [Reserved.]
	  	 	46	  
			
	 Section 10.7.
	 	 Corporate Existence
	  	 	46	  
			
	 Section 10.8.
	 	 Waiver of Certain Covenants
	  	 	46	  
			
	 Section 10.9.
	 	 Issuers Statement as to Compliance; Notice of Certain Defaults
	  	 	46	  
			
	 ARTICLE 11.
	 	 REDEMPTION OF SECURITIES
	  	 	47	  
			
	 Section 11.1.
	 	 Applicability of Article
	  	 	47	  
			
	 Section 11.2.
	 	 Election to Redeem; Notice to Trustee
	  	 	47	  
			
	 Section 11.3.
	 	 Selection by Trustee of Securities to be Redeemed
	  	 	47	  
			
	 Section 11.4.
	 	 Notice of Redemption
	  	 	47	  
			
	 Section 11.5.
	 	 Deposit of Redemption Price
	  	 	48	  
			
	 Section 11.6.
	 	 Securities Payable on Redemption Date
	  	 	49	  
			
	 Section 11.7.
	 	 Securities Redeemed in Part
	  	 	49	  

  
 iii 

 TABLE OF CONTENTS
 (continued) 

 

							
	 ARTICLE 12.
	 	 SINKING FUNDS
	  	 	49	  
			
	 Section 12.1.
	 	 Applicability of Article
	  	 	49	  
			
	 Section 12.2.
	 	 Satisfaction of Sinking Fund Payments With Securities
	  	 	50	  
			
	 Section 12.3.
	 	 Redemption of Securities for Sinking Fund
	  	 	50	  
			
	 ARTICLE 13.
	 	 REPAYMENT AT THE OPTION OF HOLDERS
	  	 	50	  
			
	 Section 13.1.
	 	 Applicability of Article
	  	 	50	  
			
	 ARTICLE 14.
	 	 SECURITIES IN FOREIGN CURRENCIES
	  	 	51	  
			
	 Section 14.1.
	 	 Applicability of Article
	  	 	51	  
			
	 ARTICLE 15.
	 	 MEETINGS OF HOLDERS OF SECURITIES
	  	 	51	  
			
	 Section 15.1.
	 	 Purposes for Which Meetings May Be Called
	  	 	51	  
			
	 Section 15.2.
	 	 Call, Notice and Place of Meetings
	  	 	51	  
			
	 Section 15.3.
	 	 Persons Entitled to Vote at Meetings
	  	 	51	  
			
	 Section 15.4.
	 	 Quorum; Action
	  	 	52	  
			
	 Section 15.5.
	 	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	52	  
			
	 Section 15.6.
	 	 Counting Votes and Recording Action of Meetings
	  	 	53	  
			
	 ARTICLE 16.
	 	 CONVERSION OF SECURITIES
	  	 	53	  
			
	 Section 16.1.
	 	 Conversion Privilege
	  	 	53	  
			
	 Section 16.2.
	 	 Exercise of Conversion Privilege
	  	 	53	  
			
	 Section 16.3.
	 	 Fractions of Equity Interests
	  	 	54	  
			
	 Section 16.4.
	 	 Adjustment of Conversion Price
	  	 	54	  
			
	 Section 16.5.
	 	 Notice of Adjustments of Conversion Price
	  	 	57	  
			
	 Section 16.6.
	 	 Notice of Certain Corporate Action
	  	 	57	  
			
	 Section 16.7.
	 	 Issuers to Reserve Equity Interests
	  	 	58	  
			
	 Section 16.8.
	 	 Taxes on Conversions
	  	 	58	  
			
	 Section 16.9.
	 	 Covenant as to Equity Interests
	  	 	58	  
			
	 Section 16.10.
	 	 Cancellation of Converted Securities
	  	 	58	  
			
	 Section 16.11.
	 	 Provisions in Case of Consolidation, Merger of Sale of Assets
	  	 	58	  
			
	 ARTICLE 17.
	 	 [SUBORDINATION OF SECURITIES]
	  	 	59	  
			
	 Section 17.1.
	 	 Securities Subordinate to Senior Indebtedness
	  	 	59	  
			
	 Section 17.2.
	 	 Payment Over of Proceeds Upon Dissolution, Etc
	  	 	59	  
			
	 Section 17.3.
	 	 No Payment when Senior Indebtedness in Default
	  	 	60	  
			
	 Section 17.4.
	 	 Reliance by Senior Indebtedness on Subordination Provisions
	  	 	61	  
			
	 Section 17.5.
	 	 Payment Permitted If No Default
	  	 	61	  
			
	 Section 17.6.
	 	 Subrogation to Rights of Holders of Senior Indebtedness
	  	 	61	  
			
	 Section 17.7.
	 	 Provisions Solely to Define Relative Rights
	  	 	62	  

  
 iv 

 TABLE OF CONTENTS
 (continued) 

 

							
	 Section 17.8.
	 	 Trustee to Effectuate Subordination
	  	 	62	  
			
	 Section 17.9.
	 	 No Waiver of Subordination Provisions
	  	 	62	  
			
	 Section 17.10.
	 	 Notice to Trustee
	  	 	62	  
			
	 Section 17.11.
	 	 Reliance on Judicial Order or Certificate of Liquidating Agent
	  	 	63	  
			
	 Section 17.12.
	 	 Trustee Not Fiduciary for Holders of Senior Indebtedness
	  	 	63	  
			
	 Section 17.13.
	 	 Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights
	  	 	63	  
			
	 Section 17.14.
	 	 Article Applicable to Paying Agents
	  	 	63	  
			
	 Section 17.15.
	 	 Defeasance of this Article 17
	  	 	63	  
			
	 EXHIBIT A
	 	 FORM OF SECURITY
	  	 	A-1	  

  
 v 

 INDENTURE, dated as of
                    , 20     (the “Indenture”), among TEEKAY LNG PARTNERS L.P., a limited partnership duly organized
and existing under the laws of the Republic of The Marshall Islands (hereinafter called the “Partnership”), having its principal executive office located at 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda, TEEKAY
LNG FINANCE CORP., a corporation duly organized and existing under the laws of the Republic of The Marshall Islands (hereinafter called “Finance Corp.,” and, together with the Partnership, the “Issuers”), having its principal
executive office located at 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda, and                     , a
                    , as trustee (hereinafter called the “Trustee”), having its Corporate Trust Office located at
                    . 
 RECITALS

 Teekay GP L.L.C., a Marshall Islands limited liability company (the “General Partner”), as general partner of the
Partnership and Finance Corp. has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured, [unsubordinated/subordinated] debentures, notes or other evidences of indebtedness
(hereinafter called the “Securities”), unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter
provided. 
 The Issuers have duly authorized the execution and delivery of this Indenture. All things necessary to make this Indenture a
valid agreement of the Issuers, in accordance with its terms, have been done. 
 This Indenture is subject to the provisions of the Trust
Indenture Act of 1939, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions.

 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof and any Coupons (as herein defined) as follows: 

ARTICLE 1. 
 DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

	Section 1.1.	Definitions. 

 Except as otherwise expressly provided in or pursuant to this Indenture or
unless the context otherwise requires, for all purposes of this Indenture: 
 (1) the terms defined in this Article have the
meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) all other terms used herein
which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles in the United States of America and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or “GAAP” with respect to any computation required or permitted
hereunder shall mean such accounting principles as are generally accepted in the United States of America at the date or time of such computation; 

(4) the words “herein,” “hereof,” “hereto” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (5) the
word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”). 

Certain terms used principally in certain Articles hereof are defined in those Articles. 

“Act,” when used with respect to any Holders, has the meaning specified in Section 1.4. 

  
 1 

 “Additional Amounts” means any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the Issuers in respect of certain taxes, assessments or other governmental charges imposed on Holders specified therein and which are owing to such Holders. 

“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 the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.12 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
 “Authorized Newspaper” means a newspaper, in an official language of the place
of publication or in the English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are Legal Holidays in the place of publication, and of general circulation in each
place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different
newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 

“Authorized Officer” means, when used with respect to the Issuers or the General Partner, the Chairman (or, if applicable, either
Co-Chairman) of the Board of Directors, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Issuers or the General
Partner, as applicable. 
 “Bearer Security” means any Security in the form established pursuant to Section 2.1 which is
payable to bearer. 
 “Board of Directors” means (a) with respect to the Partnership, the board of directors of the General
Partner, and (b) with respect to Finance Corp., its board of directors, or, in each case, with respect to any determination or resolution required or permitted to be made hereunder, any duly authorized committee or subcommittee of such board.
All references in the Indenture to “Board of Directors” shall be deemed to refer to the Board of Directors of the General Partner, unless otherwise expressly indicated or the context otherwise requires. 

“Board Resolution” means a copy of a resolution certified by the appropriate person to have been duly adopted by the Board of
Directors or any applicable committee thereof and to be in full force and effect on the date of such certification, delivered to the Trustee. 

“Business Day,” with respect to any Place of Payment or other location, means, unless otherwise specified with respect to any
Securities pursuant to Section 3.1, any day other than a Saturday, Sunday or other day on which banking institutions in such Place of Payment or other location are authorized or obligated by law, regulation or executive order to close. 

“Capitalized Lease Obligation” means an obligation under a lease that is required to be capitalized for financial reporting purposes
in accordance with generally accepted accounting principles, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with such principles. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange
Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country or the
confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community or (ii) any currency unit or composite currency for the
purposes for which it was established. 

  
 2 

 “Corporate Trust Office” means the principal corporate trust office of the Trustee at
which at any particular time its corporate trust business shall be administered, which office at the date of original execution of this Indenture is located at
                    . 

“Corporation” includes corporations and limited liability companies and, except for purposes of Article 8, associations, companies
and business trusts. 
 “Coupon” means any interest coupon appertaining to a Bearer Security. 

“Currency,” with respect to any payment, deposit or other transfer in respect of the principal of or any premium or interest on or
any Additional Amounts with respect to any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant to the terms hereof or such Security and, with
respect to any other payment, deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars. 

“CUSIP number” means the alphanumeric designation assigned to a Security by Standard & Poor’s Ratings Service, CUSIP
Service Bureau. 
 “Defaulted Interest” has the meaning specified in Section 3.7. 

“Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the
United States of America. 
 “Equity Interests” mean: 
  

	 	(i)	in the case of a corporation, capital stock; 

  

	 	(ii)	in the case of an association or a business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock; 

 

	 	(iii)	in the case of a partnership or limited liability company, partnership or Equity Interests (whether general or limited); 

  

	 	(iv)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person; and 

 

	 	(v)	all warrants, options or other rights to acquire any of the interests described in clauses (i) through (iv) above (but excluding any debt security that is convertible into, or exchangeable for, any of the
interests described in clauses (i) through (iv) above). 

 “Event of Default” has the meaning specified in
Section 5.1. 
 “Finance Corp.” means the Person named as the “Finance Corp.” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Finance Corp.” shall mean such successor Person, and any other obligor upon the Securities. 

“Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the euro, issued by the
government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 

“Government Obligations” means securities which are (i) direct obligations of the United States of America or the other
government or governments which issued the Foreign Currency in which the principal of or any premium or interest on such Security or any Additional Amounts in respect thereof shall be payable, in each case where the payment or payments thereunder
are supported by the full faith and credit of such government or governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or
governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or governments, and which, in the case of
(i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank 

  
 3 

 
or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of or other amount with respect to any such Government Obligation
held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any
amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government Obligation evidenced by such depository receipt. 

“Holder,” in the case of any Registered Security, means the Person in whose name such Security is registered in the Security
Register and, in the case of any Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof. 

“Indebtedness” means, with respect to any Person, (i) the principal of and any premium and interest on (a) indebtedness of
such Person for money borrowed and (b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all Capitalized Lease Obligations of such Person;
(iii) all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts payable arising in the
ordinary course of business); (iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit
securing obligations (other than obligations described in (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon,
such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit); (v) all obligations of the type referred to in clauses (i) through
(iv) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable as obligor, guarantor or otherwise; and (vi) all obligations of the type referred to in clauses
(i) through (v) of other Persons secured by any lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the value of such
property or assets or the amount of the obligation so secured; and (vii) any amendments, modifications, refundings, renewals or extensions of any indebtedness or obligation described as Indebtedness in clauses (i) through (vi) above.

 “Indenture” means this instrument as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such Security and any Coupon appertaining thereto established pursuant to Section 3.1 (as such terms and
provisions may be amended pursuant to the applicable provisions hereof). 
 “Independent Public Accountants” means accountants or
a firm of accountants that, with respect to the Issuers and any other obligor under the Securities or the Coupons, are independent public accountants within the meaning of the Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission thereunder, who may be the independent public accountants regularly retained by the Issuers or who may be other independent public accountants. Such accountants or firm shall be entitled to rely upon any Opinion of
Counsel as to the interpretation of any legal matters relating to this Indenture or certificates required to be provided hereunder. 

“Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be
more or less than the principal face amount thereof at original issuance. 
 “Interest,” with respect to any Original Issue
Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 10.4, includes
such Additional Amounts. 
 “Interest Payment Date,” with respect to any Security, means the Stated Maturity of an installment of
interest on such Security. 
 “Issuer Request” and “Issuer Order” mean, respectively, a written request or order, as the
case may be, signed in the name of the Issuers by an Authorized Officer, and delivered to the Trustee. 
 “Judgment Currency” has
the meaning specified in Section 1.16. 
 “Legal Holidays” has the meaning specified in Section 1.14. 

  
 4 

 “Maturity,” with respect to any Security, means the date on which the principal of such
Security or an installment of principal becomes due and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect repayment
or otherwise, and includes the Redemption Date. 
 “New York Banking Day” has the meaning specified in Section 1.16. 

“Office” or “Agency,” with respect to any Securities, means an office or agency of the Issuers maintained or designated in
a Place of Payment for such Securities pursuant to Section 10.2 or any other office or agency of the Issuers maintained or designated for such Securities pursuant to Section 10.2 or, to the extent designated or required by
Section 10.2 in lieu of such office or agency, the Corporate Trust Office of the Trustee. 
 “Officer’s Certificate”
means a certificate signed by an Authorized Officer that complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Issuers, or other counsel who
shall be reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act. 

“Original Issue Discount Security” means a Security issued pursuant to this Indenture which provides for declaration of an amount
less than the principal face amount thereof to be due and payable upon acceleration pursuant to Section 5.2. 

“Outstanding,” when used with respect to any Securities, means, as of the date of determination, all such Securities theretofore
authenticated and delivered under this Indenture, except: 
 (a) any such Security theretofore cancelled by the Trustee or the Security
Registrar or delivered to the Trustee or the Security Registrar for cancellation; 
 (b) any such Security for whose payment at the Maturity
thereof money in the necessary amount has been theretofore deposited pursuant hereto (other than pursuant to Section 4.2) with the Trustee or any Paying Agent (other than the Issuers) in trust or set aside and segregated in trust by the Issuers
(if the Issuers shall act as their own Paying Agent) for the Holders of such Securities and any Coupons appertaining thereto, provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made; 
 (c) any such Security with respect to which the Issuers have
effected defeasance pursuant to the terms hereof, except to the extent provided in Section 4.2; 
 (d) any such Security which has been
paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such
Security is held by a bona fide purchaser in whose hands such Security is a valid obligation of the Issuers; and 
 (e) any such Security
converted or exchanged as contemplated by this Indenture into securities of the Issuers or another issuer, if the terms of such Security provide for such conversion or exchange pursuant to Section 3.1; provided, however, that 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 or are present at a meeting of Holders of Securities for quorum purposes,
(i) the principal amount of an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to
the terms of such Original Issue Discount Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant to Section 5.2 at the time of such determination, and (ii) the
principal amount of any Indexed Security that may be counted in making such determination and that shall be deemed Outstanding for such purposes shall be equal to the principal face amount of such Indexed Security at original issuance, unless
otherwise provided in or pursuant to this Indenture, and (iii) the principal amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of such Security, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar 

  
 5 

 
equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, and (iv) Securities owned by the Issuers or any other
obligor upon the Securities or any Affiliate of the Issuers or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying
upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not either of the Issuers or any
other obligor upon the Securities or any Coupons appertaining thereto or an Affiliate of the Issuers or such other obligor. 

“Partnership” means the Person named as the “Partnership” in the first paragraph of this instrument until a successor
Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Partnership” shall mean such successor Person, and any other obligor upon the Securities. 

“Paying Agent” means any Person authorized by the Issuers to pay the principal of, or any premium or interest on, or any Additional
Amounts with respect to, any Security or any Coupon on behalf of the Issuers. 
 [“Payment Blockage Notice” has the meaning
specified in Section 17.3.] 
 [“Payment Blockage Period” has the meaning specified in Section 17.3.] 

“Person” means any individual, Corporation, partnership, joint venture, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof. 
 “Place of Payment,” with respect to any Security, means the place or
places where the principal of, or any premium or interest on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or such Security. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same Indebtedness
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to
which a mutilated, destroyed, lost or stolen Coupon appertains shall be deemed to evidence the same Indebtedness as the lost, destroyed, mutilated or stolen Security or the Security to which a mutilated, destroyed, lost or stolen Coupon appertains.

 “Redemption Date,” with respect to any Security or portion thereof to be redeemed, means the date fixed for such redemption by
or pursuant to this Indenture or such Security. 
 “Redemption Price,” with respect to any Security or portion thereof to be
redeemed, means the price at which it is to be redeemed as determined by or pursuant to this Indenture or such Security. 
 “Registered
Security” means any Security established pursuant to Section 2.1 which is registered in a Security Register. 
 “Regular
Record Date” for the interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant to this Indenture or such Security as the “Regular Record Date.” 

“Required Currency” has the meaning specified in Section 1.16. 

“Responsible Officer” means any vice president, any assistant vice president, the secretary, any assistant secretary, the treasurer,
any assistant treasurer, or any trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 

“Restricted Subsidiary” has the meaning specified in the Indenture, as supplemented or amended as applicable. 

  
 6 

 “Security” or “Securities” means any note or notes, bond or bonds, debenture
or debentures, or any other evidences of Indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture,
“Securities,” with respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 

[“Securities Payment” has the meaning specified in Section 17.2.] 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.5. 

[“Senior Indebtedness” means (x) all Indebtedness for money borrowed of the Issuers and other Indebtedness of the Issuers
referred to in the definition of Indebtedness other than in clause (iii) thereof, whether incurred on or prior to the date of this Indenture or thereafter incurred, other than the Securities and (y) amendments, renewals, extensions,
modifications, refinancings and refundings of any such Indebtedness; provided, however, the following shall not constitute Senior Indebtedness: (A) any Indebtedness owed to a Person when such Person is a Subsidiary of the Issuers
and (B) any Indebtedness which by the terms of the instrument creating or evidencing the same is not superior in right of payment to the Securities.] 

“Special Record Date” for the payment of any Defaulted Interest on any Registered Security means a date fixed by the Issuers
pursuant to Section 3.7. 
 “Stated Maturity,” with respect to any Security or any installment of principal thereof or
interest thereon, or any Additional Amounts with respect thereto, means the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security or such installment of principal or interest is,
or such Additional Amounts are, due and payable. 
 “Subsidiary” means, in respect of any Person, any Corporation, limited or
general partnership, limited liability company or other business entity of which at the time of determination more than 50% of the voting power of its Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person.

 “Trading Day” means each Monday, Tuesday, Wednesday, Thursday and Friday, other than any day on which securities are not traded
on the applicable securities exchange or in the applicable securities market. 
 “Trust Indenture Act” means the Trust Indenture
Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to time by
rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or provision, as the case may be. 

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

“United States,” except as otherwise provided in or pursuant to this Indenture or any Security, means the United States of America
(including the states thereof and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 

“United States Alien,” except as otherwise provided in or pursuant to this Indenture or any Security, means any Person who, for
United States Federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States
Federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust. 

  
 7 

 “U.S. Depository” or “Depository” means, with respect to any Security
issuable or issued in the form of one or more global Securities, the Person designated as U.S. Depository or Depository by the Issuers in or pursuant to this Indenture, which Person must be, to the extent required by applicable law or regulation, a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person, “U.S. Depository” or
“Depository” shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities. 

“Vice President,” when used with respect to the Issuers or the Trustee, means any vice president, whether or not designated by a
number or a word or words added before or after the title “Vice President.” 
  

	Section 1.2.	Compliance Certificates and Opinions. 

 Except as otherwise expressly provided in this
Indenture, upon any application or request by the Issuers to the Trustee to take any action under any provision of this Indenture, the Issuers shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of
any such application or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be
furnished. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall
include: 
 (1) a statement that the individual signing such certificate or opinion has read such condition or covenant and the definitions
herein relating thereto; 
 (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 individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4) a statement as to whether, in the opinion of such individual, such condition or covenant has been complied with. 

 

	Section 1.3.	Form of Documents Delivered to Trustee. 

 In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Issuers may be based, insofar as it relates to legal matters, upon an Opinion of Counsel,
provided that such officer, after reasonable inquiry, has no reason to believe and does not believe that the Opinion of Counsel with respect to the matters upon which his certificate or opinion is based is erroneous. Any such Opinion of Counsel may
be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuers stating that the information with respect to such factual matters is in the possession of the Issuers,
provided that such counsel, after reasonable inquiry, has no reason to believe and does not believe that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument. 

  
 8 

	Section 1.4.	Acts of Holders. 

 (1) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by or pursuant to this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided in or pursuant to this Indenture to be given or taken by
Holders of Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders
of Securities of such series duly called and held in accordance with the provisions of Article 15, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuers. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any
Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Issuers and any agent of the Trustee and the Issuers, if made in the
manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 15.6. 

Without limiting the generality of this Section 1.4, unless otherwise provided in or pursuant to this Indenture, a Holder, including a
U.S. Depository that is a Holder of a global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this
Indenture to be made, given or taken by Holders, and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests in any such global Security through such U.S. Depository’s
standing instructions and customary practices. 
 The Issuers shall fix a record date for the purpose of determining the Persons who are
beneficial owners of interest in any permanent global Security held by a U.S. Depository entitled under the procedures of such U.S. Depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies,
and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other Act, whether or not such Holders remain Holders after such record date. No such request, demand,
authorization, direction, notice, consent, waiver or other Act shall be valid or effective if made, given or taken more than 90 days after such record date. 

(2) The fact and date of the execution by any Person of any such instrument or writing referred to in this Section 1.4 may be proved in
any reasonable manner; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(3) The ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and the
date of the termination of holding the same, shall be proved by the Security Register. 
 (4) The ownership, principal amount and serial
numbers of Bearer Securities held by any Person, and the date of the commencement and the date of the termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any
trust company, bank, banker or other depositary reasonably acceptable to the Issuers, wherever situated, if such certificate shall be deemed by the Issuers and the Trustee to be satisfactory, showing that at the date therein mentioned such Person
had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by
the Trustee to be satisfactory. The Trustee and the Issuers may assume that such ownership of any Bearer Security continues until (i) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is
produced, or (ii) such Bearer Security is produced to the Trustee by some other Person, or (iii) such Bearer Security is surrendered in exchange for a Registered Security, or (iv) such Bearer Security is no longer Outstanding. The
ownership, principal amount and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of the commencement and the date of the termination of holding the same may also be proved in any other
manner which the Issuers and the Trustee deem sufficient. 

  
 9 

 (5) If the Issuers shall solicit from the Holders of any Registered Securities any request,
demand, authorization, direction, notice, consent, waiver or other Act, the Issuers may at their option (but are not obligated to), by Board Resolution, fix in advance a record date for the determination of Holders of Registered Securities entitled
to give such request, demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such
record date, but only the Holders of Registered Securities of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

(6) Any request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any
Paying Agent or the Issuers in reliance thereon, whether or not notation of such Act is made upon such Security. 
  

	Section 1.5.	Notices, Etc. to the Trustee and the Issuers. 

 Any request, demand, authorization,
direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1) the Trustee by any Holder or the Issuers shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to
or with the Trustee at its Corporate Trust Office, or 
 (2) the Issuers by the Trustee or any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Issuers addressed to the attention of its Chief Financial Officer, Chief Accounting Officer or Secretary, at the address of its
principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Issuers. 
  

	Section 1.6.	Notice to Holders of Securities; Waiver. 

 Except as otherwise expressly provided in or
pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event, 
 (1) such notice shall be
sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to each Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice; and 
 (2) such notice shall be sufficiently
given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper in The City of New York and, if such Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the
Issuers shall advise the Trustee that such stock exchange so requires, on a Business Day at least twice, the first such publication to be not earlier than the earliest date and the second such publication not later than the latest date prescribed
for the giving of such notice. 
 In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders of
Bearer Securities given as provided herein. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of
any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

  
 10 

 In case by reason of the suspension of publication of any Authorized Newspaper or Authorized
Newspapers or by reason of any other cause it shall be impracticable to publish any notice to Holders of Bearers Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of the Trustee
shall constitute sufficient notice to such Holders for every purpose hereunder. Neither failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency
of any notice mailed to Holders of Registered Securities as provided above. 
 Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  

	Section 1.7.	Language of Notices. 

 Any request, demand, authorization, direction, notice, consent,
election or waiver required or permitted under this Indenture shall be in the English language, except that, if the Issuers so elect, any published notice may be in an official language of the country of publication. 

 

	Section 1.8.	Conflict with Trust Indenture Act. 

 If any provision hereof limits, qualifies or
conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof, such required provision shall control. 
  

	Section 1.9.	Effect of Headings and Table of Contents. 

 The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

	Section 1.10.	Successors and Assigns. 

 All covenants and agreements in this Indenture by the Issuers
shall bind their successors and assigns, whether so expressed or not. 
  

	Section 1.11.	Separability Clause. 

 In case any provision in this Indenture, any Security or any
Coupon 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 1.12.	Benefits of Indenture. 

 Nothing in this Indenture, any Security or any Coupon, express
or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder[, the holders of Senior Indebtedness] and the Holders of Securities or Coupons,
any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  

	Section 1.13.	Governing Law. 

 This Indenture, the Securities and any Coupons shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state. 
  

	Section 1.14.	Legal Holidays. 

 Unless otherwise specified in or pursuant to this Indenture or any
Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of any Security, or the last date on which a Holder has the right to convert or exchange Securities of a series that are convertible or exchangeable, shall be a
Legal Holiday at any Place of Payment, then (notwithstanding any other provision of this Indenture, any Security or any Coupon other than a provision in any Security or Coupon that specifically states that such provision shall apply in lieu hereof)
payment need not be made at such Place of Payment on such date, and such Securities need not be converted or 

  
 11 

 
exchanged on such date but such payment may be made, and such Securities may be converted or exchanged, on the next succeeding day that is a Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or at the Stated Maturity or Maturity or on such last day for conversion or exchange, and no interest shall accrue on the amount payable on such date or at such time for the period from and
after such Interest Payment Date, Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to such next succeeding Business Day. 
  

	Section 1.15.	Counterparts. 

 This Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same instrument. 
  

	Section 1.16.	Judgment Currency. 

 The Issuers agree, to the fullest extent that it may effectively do
so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, or Additional Amounts on the Securities of any series
(the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the requisite amount of the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Indenture
to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency,
except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be
affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which
banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed. 
  

	Section 1.17.	No Security Interest Created. 

 Nothing in this Indenture or in any Security, express or
implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect in any jurisdiction where property of the Issuers or their Subsidiaries is or may be
located. 
  

	Section 1.18.	Limitation on Individual Liability. 

 No recourse under or upon any obligation, covenant
or agreement contained in this Indenture or in any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, officer or director, as such, past, present or future, of the Issuers, either
directly or through the Issuers, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder
are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, equityholders, officers or directors, as such, of the Issuers, or any of them, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom; and that any and all such personal liability of every name and nature,
either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, equityholder, officer or director, as such, because of the creation of the indebtedness hereby authorized,
or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this
Indenture and the issuance of such Security. 

  
 12 

 ARTICLE 2. 

SECURITIES FORMS 
  

	Section 2.1.	Forms Generally. 

 Each Registered Security, Bearer Security, Coupon and temporary or
permanent global Security issued pursuant to this Indenture shall be in substantially the form attached as Exhibit A and as set forth pursuant to this Article, or in such other form established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant to this Indenture or any indenture supplemental hereto and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Security or Coupon as evidenced by their execution of such Security or Coupon. 

Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall be issuable in registered form without
Coupons and shall not be issuable upon the exercise of warrants. 
 Definitive Securities and definitive Coupons shall be printed,
lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers of the Issuers executing such Securities or
Coupons, as evidenced by their execution of such Securities or Coupons. 
  

	Section 2.2.	Form of Trustee’s Certificate of Authentication. 

 Subject to Section 6.12, the
Trustee’s certificate of authentication shall be in substantially the following form: 
 This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture. 
  

							
		 		 	,
	Dated:	 		 	as Trustee
				
		 		 	By:	 	 
		 		 		 	Authorized Officer

  

	Section 2.3.	Securities in Global Form. 

 Unless otherwise provided in or pursuant to this Indenture
or any Securities, the Securities shall not be issuable in temporary or permanent global form. If Securities of a series shall be issuable in global form, any such Security may provide that it or any number of such Securities shall represent the
aggregate amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented
thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding
Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Issuer Order to be delivered pursuant to Section 3.3 or 3.4 with respect thereto. Subject to the provisions of
Section 3.3 and, if applicable, Section 3.4, the Trustee shall deliver and redeliver, in each case at the Issuers’ expense, any Security in permanent global form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Issuer Order. If a Issuer Order pursuant to Section 3.3 or 3.4 has been, or simultaneously is, delivered, any instructions by the Issuers with respect to a Security in global form shall be in writing but
need not be accompanied by or contained in an Officer’s Certificate and need not be accompanied by an Opinion of Counsel. 

Notwithstanding the provisions of Section 3.7, unless otherwise specified in or pursuant to this Indenture or any Security, payment of
principal of, any premium and interest on, and any Additional Amounts in respect of, any Security in temporary or permanent global form shall be made to the Person or Persons specified therein. 

  
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 Notwithstanding the provisions of Section 3.8 and except as provided in the preceding
paragraph, the Issuers, the Trustee and any agent of the Issuers or the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a global Security (i) in the case of a global Security in registered
form, the Holder of such global Security in registered form, or (ii) in the case of a global Security in bearer form, the Person or Persons specified pursuant to Section 3.1. 

ARTICLE 3. 
 THE
SECURITIES 
  

	Section 3.1.	Amount Unlimited; Issuable in Series. 

 The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series. 
 With
respect to any Securities to be authenticated and delivered hereunder, there shall be established in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, 

(1) the title of such Securities and the series in which such Securities shall be included; 

(2) any limit upon the aggregate principal amount of the Securities of such title or the Securities of such 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 such series pursuant to Section 3.4, 3.5, 3.6, 9.5 or 11.7, upon
repayment in part of any Registered Security of such series pursuant to Article 13, upon surrender in part of any Registered Security for conversion into other securities of the Issuers or exchange for securities of another issuer pursuant to its
terms, or pursuant to or as contemplated by the terms of such Securities); 
 (3) if such Securities are to be issuable as Registered
Securities, as Bearer Securities or alternatively as Bearer Securities and Registered Securities, and whether the Bearer Securities are to be issuable with Coupons, without Coupons or both, and any restrictions applicable to the offer, sale or
delivery of the Bearer Securities and the terms, if any, upon which Bearer Securities may be exchanged for Registered Securities and vice versa; 

(4) if any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in global form and
(i) whether such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such global Security may exchange such interests for Securities of the same series and of like
tenor and of any authorized form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in Section 3.5, and (iii) the name of the Depository or the U.S. Depository, as the
case may be, with respect to any such global Security; 
 (5) if any of such Securities are to be issuable as Bearer Securities or in global
form, the date as of which any such Bearer Security or global Security shall be dated (if other than the date of original issuance of the first of such Securities to be issued); 

(6) if any of such Securities are to be issuable as Bearer Securities, whether interest in respect of any portion of a temporary Bearer
Security in global form payable in respect of an Interest Payment Date therefor prior to the exchange, if any, of such temporary Bearer Security for definitive Securities shall be paid to any clearing organization with respect to the portion of such
temporary Bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization will be credited to the Persons entitled
to interest payable on such Interest Payment Date; 
 (7) the date or dates, or the method or methods, if any, by which such date or dates
shall be determined, on which the principal of such Securities is payable; 
 (8) the rate or rates at which such Securities shall bear
interest, if any, or the method or methods, if any, by which such rate or rates are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which such date or dates are to be
determined, the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances
Additional Amounts on such Securities or any of them shall be payable, the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which interest shall
be calculated if other than that of a 360-day year of twelve 30-day months; 

  
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 (9) if in addition to or other than the Borough of Manhattan, The City of New York, the place or
places where the principal of, any premium and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for registration of transfer or exchange,
any of such Securities may be surrendered for conversion or exchange and notices or demands to or upon the Issuers in respect of such Securities and this Indenture may be served, the extent to which, or the manner in which, any interest payment or
Additional Amounts on a global Security on an Interest Payment Date, will be paid and the manner in which any principal of or premium, if any, on any global Security will be paid; 

(10) whether any of such Securities are to be redeemable at the option of the Issuers and, if so, the date or dates on which, the period or
periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the Issuers; 

(11) whether the Issuers are obligated to redeem or purchase any of such Securities pursuant to any sinking fund or analogous provision or at
the option of any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in
part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 
 (12) the
denominations in which any of such Securities that are Registered Securities shall be issuable if other than denominations of $1,000 and any integral multiple thereof, and the denominations in which any of such Securities that are Bearer Securities
shall be issuable if other than the denomination of $5,000; 
 (13) whether the Securities of the series will be convertible into Equity
Interests of the Issuers and/or exchangeable for securities of another issuer, and if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this
Indenture to permit or to facilitate the issuance of such convertible or exchangeable Securities or the administration thereof; 
 (14) if
other than the principal amount thereof, the portion of the principal amount of any of such Securities that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the method by which such portion is
to be determined; 
 (15) if other than Dollars, the Foreign Currency in which payment of the principal of, any premium or interest on or any
Additional Amounts with respect to any of such Securities shall be payable; 
 (16) if the principal of, any premium or interest on or any
Additional Amounts with respect to any of such Securities are to be payable, at the election of the Issuers or a Holder thereof or otherwise, in Dollars or in a Foreign Currency other than that in which such Securities are stated to be payable, the
date or dates on which, the period or periods within which, and the other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency in which such Securities are stated
to be payable and the Currency in which such Securities or any of them are to be paid pursuant to such election, and any deletions from or modifications of or additions to the terms of this Indenture to provide for or to facilitate the issuance of
Securities denominated or payable, at the election of the Issuers or a Holder thereof or otherwise, in a Foreign Currency; 
 (17) whether
the amount of payments of principal of, any premium or interest on or any Additional Amounts with respect to such Securities may be determined with reference to an index, formula or other method or methods (which index, formula or method or methods
may be based, without limitation, on one or more Currencies, commodities, equity securities, equity indices or other indices), and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or
payable; 
 (18) any deletions from, modifications of or additions to the Events of Default or covenants of the Issuers with respect to any
of such Securities, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 

(19) whether either or both of Section 4.2(2) relating to defeasance or Section 4.2(3) relating to covenant defeasance shall not be
applicable to the Securities of such series, or any covenants in addition to those specified in Section 4.2(3) relating to the Securities of such series which shall be subject to covenant defeasance, and any deletions from, or modifications or
additions to, the provisions of Article 4 in respect of the Securities of such series; 

  
 15 

 (20) whether any of such Securities are to be issuable upon the exercise of warrants, and the
time, manner and place for such Securities to be authenticated and delivered; 
 (21) if any of such Securities are to be issuable in global
form and are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such
certificates, documents or conditions; 
 (22) if there is more than one Trustee, the identity of the Trustee and, if not the Trustee, the
identity of each Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities; 
 (23) [any deletions from or
modifications or additions to the provisions of Article 17 in respect of any of such Securities;] and 
 (24) any other terms of such
Securities and any other deletions from or modifications or additions to this Indenture in respect of such Securities. 
 All Securities of
any one series and all Coupons, if any, appertaining to Bearer Securities of such series shall be substantially identical except as to Currency of payments due thereunder, denomination and the rate of interest thereon, or method of determining the
rate of interest, if any, Maturity, and the date from which interest, if any, shall accrue and except as may otherwise be provided by the Issuers in or pursuant to the Board Resolution and set forth in the Officer’s Certificate or in any
indenture or indentures supplemental hereto pertaining to such series of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities shall be authenticated and delivered by the Trustee on original issue
from time to time upon written order of persons designated in the Officer’s Certificate or supplemental indenture and that such persons are authorized to determine, consistent with such Officer’s Certificate or any applicable supplemental
indenture, such terms and conditions of the Securities of such series as are specified in such Officer’s Certificate or supplemental indenture. All Securities of any one series need not be issued at the same time and, unless otherwise so
provided, a series may be reopened for issuances of additional Securities of such series or to establish additional terms of such series of Securities. 

If any of the terms of the Securities of any series shall be established by action taken by or pursuant to a Board Resolution, the Board
Resolution shall be delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of such series. 

[The Securities shall be subordinated in right of payment to Senior Indebtedness as provided in Article 17.] 

 

	Section 3.2.	Currency; Denominations. 

 Unless otherwise provided in or pursuant to this Indenture,
the principal of, any premium and interest on and any Additional Amounts with respect to the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall be
issuable in registered form without Coupons in denominations of $1,000 and any integral multiple thereof, and the Bearer Securities denominated in Dollars shall be issuable in the denomination of $5,000. Securities not denominated in Dollars shall
be issuable in such denominations as are established with respect to such Securities in or pursuant to this Indenture. 
  

	Section 3.3.	Execution, Authentication, Delivery and Dating. 

 Securities shall be executed on behalf
of the Issuers by their Chairman (or, if applicable, either Co-Chairman) of the Board, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer or the Treasurer or any Assistant Treasurer and attested by its
Secretary or one of its Assistant Secretaries. Coupons shall be executed on behalf of the Issuers by their Chairman (or, if applicable, either Co-Chairman) of the Board, the Chief Executive Officer, the President, any Vice President, the Chief
Financial Officer, the Treasurer or any Assistant Treasurer, or the Secretary or any Assistant Secretary of the Issuers. The signature of any of these officers on the Securities or any Coupons appertaining thereto may be manual or facsimile. 

Securities and any Coupons appertaining thereto bearing the manual or facsimile signatures of individuals who were at any time the proper
officers of the Issuers shall bind the Issuers, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities and Coupons or did not hold such offices at the date of
original issuance of such Securities or Coupons. 

  
 16 

 At any time and from time to time after the execution and delivery of this Indenture, the Issuers
may deliver Securities, together with any Coupons appertaining thereto, executed by the Issuers, to the Trustee for authentication and, provided that the Board Resolution and Officer’s Certificate or supplemental indenture or indentures with
respect to such Securities referred to in Section 3.1 and an Issuer Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Issuer Order and subject to the provisions
hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities and any Coupons appertaining thereto,
the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, 

(1) an Opinion of Counsel to the effect that: 

(a) the form or forms and terms of such Securities and Coupons, if any, have been established in conformity with the provisions of this
Indenture; 
 (b) all conditions precedent to the authentication and delivery of such Securities and Coupons, if any, appertaining thereto,
have been complied with and that such Securities and Coupons, when completed by appropriate insertions, executed and attested by duly authorized officers of the Issuers, delivered by duly authorized officers of the Issuers to the Trustee for
authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued by the Issuers in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legally valid and binding
obligations of the Issuers, enforceable against the Issuers in accordance with their terms, except as enforcement thereof may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, arrangement, fraudulent conveyance,
fraudulent transfer or other similar laws relating to or affecting creditors’ rights generally, and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and will entitle the
Holders thereof to the benefits of this Indenture; such Opinion of Counsel need express no opinion as to the availability of equitable remedies; 

(c) all laws and requirements in respect of the execution and delivery by the Issuers of such Securities and Coupons, if any, have been
complied with; and 
 (d) this Indenture has been qualified under the Trust Indenture Act; and 

(2) an Officer’s Certificate stating that, to the best knowledge of the Persons executing such certificate, all conditions precedent to
the execution, authentication and delivery of such Securities and Coupons, if any, appertaining thereto, have been complied with, and no event which is, or after notice or lapse of time would become, an Event of Default with respect to any of the
Securities shall have occurred and be continuing. 
 If all the Securities of any series are not to be issued at one time, it shall not be
necessary to deliver an Opinion of Counsel and an Officer’s Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications, shall be delivered at or before the time of issuance of the
first Security of such series. After any such first delivery, any separate written request by an Authorized Officer of the Issuers or any person designated in writing by an Authorized Officer that the Trustee authenticate and deliver Securities of
such series for original issue will be deemed to be a certification by the Issuers that all conditions precedent provided for in this Indenture relating to authentication and delivery of such Securities continue to have been complied with and that
no Event of Default with respect to any of the Securities has occurred or is continuing. 
 The Trustee shall not be required to
authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken. 

Each Registered Security shall be dated the date of its authentication. Each Bearer Security and any Bearer Security in global form shall be
dated as of the date specified in or pursuant to this Indenture. 
 No Security or Coupon appertaining thereto shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a certificate of authentication substantially in the form provided for in Section 2.2 or 6.12 executed by or on behalf of the Trustee
or by the Authenticating Agent by the manual signature of one of its authorized officers. Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder.
Except as permitted by Section 3.6 or 3.7, the Trustee shall not authenticate and deliver any Bearer Security unless all Coupons appertaining thereto then matured have been detached and cancelled. 

  
 17 

	Section 3.4.	Temporary Securities. 

 Pending the preparation of definitive Securities, the Issuers may
execute and deliver to the Trustee and, upon Issuer Order, the Trustee shall authenticate and deliver, in the manner provided in Section 3.3, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form or, if authorized in or pursuant to this Indenture, in bearer form with one or more
Coupons or without Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Issuers executing such Securities may determine, as conclusively evidenced by their execution of such Securities.
Such temporary Securities may be in global form. 
 Except in the case of temporary Securities in global form, which shall be exchanged in
accordance with the provisions thereof, if temporary Securities are issued, the Issuers shall cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities of the same series and containing
terms and provisions that are identical to those of any temporary Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such Securities,
without charge to any Holder thereof. Upon surrender for cancellation of any one or more temporary Securities (accompanied by any unmatured Coupons appertaining thereto), the Issuers shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like principal amount of definitive Securities of authorized denominations of the same series and containing identical terms and provisions; provided, however, that no definitive Bearer Security, except as provided in or pursuant
to this Indenture, shall be delivered in exchange for a temporary Registered Security; and provided, further, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set
forth in or pursuant to this Indenture. Unless otherwise provided in or pursuant to this Indenture with respect to a temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series. 
  

	Section 3.5.	Registration, Transfer and Exchange. 

 With respect to the Registered Securities of each
series, if any, the Issuers shall cause to be kept a register (each such register being herein sometimes referred to as the “Security Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it
may prescribe, the Issuers shall provide for the registration of the Registered Securities of such series and of transfers of the Registered Securities of such series. Such Office or Agency shall be the “Security Registrar” for that series
of Securities. Unless otherwise specified in or pursuant to this Indenture or the Securities, the Trustee shall be the initial Security Registrar for each series of Securities. The Issuers shall have the right to remove and replace from time to time
the Security Registrar for any series of Securities; provided that no such removal or replacement shall be effective until a successor Security Registrar with respect to such series of Securities shall have been appointed by the Issuers and shall
have accepted such appointment by the Issuers. In the event that the Trustee shall not be or shall cease to be Security Registrar with respect to a series of Securities, it shall have the right to examine the Security Register for such series at all
reasonable times. There shall be only one Security Register for each series of Securities. 
 Upon surrender for registration of transfer of
any Registered Security of any series at any Office or Agency for such series, the Issuers shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities
of the same series denominated as authorized in or pursuant to this Indenture, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions. 

At the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series
containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any Office or Agency for such series. Whenever any Registered Securities are so
surrendered for exchange, the Issuers shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. 

  
 18 

 If provided in or pursuant to this Indenture, with respect to Securities of any series, at the
option of the Holder, Bearer Securities of such series may be exchanged for Registered Securities of such series containing identical terms, denominated as authorized in or pursuant to this Indenture and in the same aggregate principal amount, upon
surrender of the Bearer Securities to be exchanged at any Office or Agency for such series, with all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such
unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Issuers and the Trustee in an amount equal to the face amount of such
missing Coupon or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Issuers and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent
harmless. If thereafter the Holder of such Bearer Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment;
provided, however, that, except as otherwise provided in Section 10.2, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an Office or Agency for such series located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such Office or Agency for such series in exchange for a Registered Security of such series and like tenor after the close of business at such Office
or Agency on (i) any Regular Record Date and before the opening of business at such Office or Agency on the next succeeding Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such Office or Agency
on the related date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with
such Bearer Security, such Coupon shall be returned to the Person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case may be, shall not be payable on such Interest Payment Date or proposed date for payment, as the
case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but shall be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture. 

If provided in or pursuant to this Indenture with respect to Securities of any series, at the option of the Holder, Registered Securities of
such series may be exchanged for Bearer Securities upon such terms and conditions as may be provided in or pursuant to this Indenture with respect to such series. 

Whenever any Securities are surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Issuers shall execute,
and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

Notwithstanding the foregoing, except as otherwise provided in or pursuant to this Indenture, any global Security shall be exchangeable for
definitive Securities only if (i) the Depository is at any time unwilling, unable or ineligible to continue as depository and a successor depository is not appointed by the Issuers within 90 days of the date the Issuers are so informed in
writing, (ii) the Issuers execute and deliver to the Trustee an Issuer Order to the effect that such global Security shall be so exchangeable, or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If
the beneficial owners of interests in a global Security are entitled to exchange such interests for definitive Securities as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary
delay but in any event not later than the earliest date on which such interests may be so exchanged, the Issuers shall deliver to the Trustee definitive Securities in such form and denominations as are required by or pursuant to this Indenture, and
of the same series, containing identical terms and in aggregate principal amount equal to the principal amount of such global Security, executed by the Issuers. On or after the earliest date on which such interests may be so exchanged, such global
Security shall be surrendered from time to time by the U.S. Depository or such other Depository as shall be specified in the Issuer Order with respect thereto, and in accordance with instructions given to the Trustee and the U.S. Depository or such
other Depository, as the case may be (which instructions shall be in writing but need not be contained in or accompanied by an Officer’s Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Issuer Order with
respect thereto to the Trustee, as the Issuers’ agent for such purpose, to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in
exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged, which
(unless such Securities are not issuable both as Bearer Securities and as Registered Securities, in which case the definitive Securities exchanged for the global Security shall be issuable only in the form in which the Securities are issuable, as
provided in or pursuant to this Indenture) shall be in the form of Bearer Securities or 

  
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Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof, but subject to the satisfaction of any certification or other requirements to the
issuance of Bearer Securities; provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities of the same series to be redeemed and ending on the relevant
Redemption Date; and provided, further, that (unless otherwise provided in or pursuant to this Indenture) no Bearer Security delivered in exchange for a portion of a global Security shall be mailed or otherwise delivered to any location in the
United States. Promptly following any such exchange in part, such global Security shall be returned by the Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository referred to above in
accordance with the instructions of the Issuers referred to above. If a Registered Security is issued in exchange for any portion of a global Security after the close of business at the Office or Agency for such Security where such exchange occurs
on or after (i) any Regular Record Date for such Security and before the opening of business at such Office or Agency on the next succeeding Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of
business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in
respect of such Registered Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such global Security shall be payable in
accordance with the provisions of this Indenture. 
 All Securities issued upon any registration of transfer or exchange of Securities shall
be the valid obligations of the Issuers evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

Every Registered Security presented or surrendered for registration of transfer or for exchange or redemption shall (if so required by the
Issuers or the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Security Registrar for such Security duly executed by the Holder thereof or his
attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange, or redemption of
Securities, but the Issuers may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the Trustee) that may be imposed in connection with any registration of transfer
or exchange of Securities, other than exchanges pursuant to Section 3.4, 9.5 or 11.7 not involving any transfer. 
 Except as otherwise
provided in or pursuant to this Indenture, the Issuers shall not be required (i) to issue, register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of mailing of a notice of
redemption of Securities of like tenor and the same series under Section 11.3 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Registered Security selected for redemption
in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security selected for redemption except, to the extent provided with respect to such Bearer
Security, that such Bearer Security may be exchanged for a Registered Security of like tenor and the same series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment consistent
with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such
Security not to be so repaid. 
  

	Section 3.6.	Mutilated, Destroyed, Lost and Stolen Securities. 

 If any mutilated Security or a
Security with a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of this Section 3.6, the Issuers shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to the surrendered Security. 

If there be delivered to the Issuers and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security
or Coupon, 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 Issuers or the Trustee that

  
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such Security or Coupon has been acquired by a bona fide purchaser, the Issuers shall execute and, upon the Issuers’ request the Trustee shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains with all appurtenant Coupons not destroyed, lost or stolen, a new Security of the same series
containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to such destroyed, lost or stolen Security or to the
Security to which such destroyed, lost or stolen Coupon appertains. 
 Notwithstanding the foregoing provisions of this Section 3.6, in
case any mutilated, destroyed, lost or stolen Security or Coupon has become or is about to become due and payable, the Issuers in their discretion may, instead of issuing a new Security, pay such Security or Coupon; provided, however, that payment
of principal of, any premium or interest on or any Additional Amounts with respect to any Bearer Securities shall, except as otherwise provided in Section 10.2, be payable only at an Office or Agency for such Securities located outside the
United States and, unless otherwise provided in or pursuant to this Indenture, any interest on Bearer Securities and any Additional Amounts with respect to such interest shall be payable only upon presentation and surrender of the Coupons
appertaining thereto. 
 Upon the issuance of any new Security under this Section 3.6, the Issuers 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, with any Coupons appertaining thereto issued pursuant to this Section 3.6 in lieu of any destroyed, lost or stolen
Security, or in exchange for a Security to which a destroyed, lost or stolen Coupon appertains shall constitute a separate obligation of the Issuers, whether or not the destroyed, lost or stolen Security and Coupons appertaining thereto or the
destroyed, lost or stolen Coupon 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 such series and any Coupons, if any, duly
issued hereunder. 
 The provisions of this Section 3.6, as amended or supplemented pursuant to this Indenture with respect to
particular Securities or generally, shall be 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 or Coupons. 

 

	Section 3.7.	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved. 

Unless otherwise provided in or pursuant to this Indenture, any interest on and any Additional Amounts with respect to any Registered Security
which shall be payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered as of the close of business on the
Regular Record Date for such interest. 
 Unless otherwise provided in or pursuant to this Indenture, any interest on and any Additional
Amounts with respect to any Registered Security which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security (herein called “Defaulted Interest”) shall forthwith
cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Issuers, at their election, as provided in clause (1) or (2) below: 

(1) The Issuers may elect to make payment of any Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor
Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed by the Issuers in the following manner. The Issuers shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on such Registered Security, the Special Record Date therefor and the date of the proposed payment, and at the same time the Issuers shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for
the benefit of the Person entitled to such Defaulted Interest as provided in this clause (1). The Special Record Date for the payment of such Defaulted Interest shall be not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after notification to the Trustee of the proposed payment. The Trustee shall, in the name and at the expense of the Issuers, cause notice of the proposed payment of such Defaulted Interest and the Special

  
 21 

 
Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at his address as it appears in the Security Register
not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Issuers, cause a similar notice to be published at least once in an Authorized Newspaper of general circulation in the
Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (2). 
 (2) The Issuers may make payment of any Defaulted Interest in any other lawful
manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuers to the Trustee of the proposed payment
pursuant to this clause (2), such payment shall be deemed practicable by the Trustee. 
 Unless otherwise provided in or pursuant to this
Indenture or the Securities of any particular series pursuant to the provisions of this Indenture, at the option of the Issuers, interest on Registered Securities that bear interest may be paid by mailing a check to the address of the Person
entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located in the United States. 

Subject to the foregoing provisions of this Section and Section 3.5, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

In the case of any Registered Security of any series that is convertible into other securities of the Issuers or exchangeable for securities
of another issuer, which Registered Security is converted or exchanged after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Registered Security with respect to which the Stated Maturity is prior
to such Interest Payment Date), interest with respect to which the Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion or exchange, and such interest (whether or not
punctually paid or duly provided for) shall be paid to the Person in whose name that Registered Security (or one or more predecessor Registered Securities) is registered at the close of business on such Regular Record Date. Except as otherwise
expressly provided in the immediately preceding sentence, in the case of any Registered Security which is converted or exchanged, interest with respect to which the Stated Maturity is after the date of conversion or exchange of such Registered
Security shall not be payable. 
  

	Section 3.8.	Persons Deemed Owners. 

 Prior to due presentment of a Registered Security for
registration of transfer, the Issuers, the Trustee and any agent of the Issuers or the Trustee may treat the Person in whose name such Registered Security is registered in the Security Register as the owner of such Registered Security for the
purpose of receiving payment of principal of, any premium and (subject to Sections 3.5 and 3.7) interest on and any Additional Amounts with respect to such Registered Security and for all other purposes whatsoever, whether or not any payment with
respect to such Registered Security shall be overdue, and none of the Issuers, the Trustee or any agent of the Issuers or the Trustee shall be affected by notice to the contrary. 

The Issuers, the Trustee and any agent of the Issuers or the Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon
as the absolute owner of such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not any payment with respect to such Security or Coupon shall be overdue, and none
of the Issuers, the Trustee or any agent of the Issuers or the Trustee shall be affected by notice to the contrary. 
 No Holder of any
beneficial interest in any global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such global Security, and such Depository may be treated by the Issuers, the Trustee and any agent of the
Issuers or the Trustee as the owner of such global Security for all purposes whatsoever. None of the Issuers, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests of a global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  
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	Section 3.9.	Cancellation. 

 All Securities and Coupons surrendered for payment, redemption,
registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and Coupons, as well as Securities and
Coupons surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The Issuers may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which
the Issuers may have acquired in any manner whatsoever, and all Securities so delivered shall be cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this
Section, except as expressly permitted by or pursuant to this Indenture. All cancelled Securities and Coupons held by the Trustee shall be destroyed by the Trustee, unless by an Issuer Order the Issuers directs their return to it. 

 

	Section 3.10.	Computation of Interest. 

 Except as otherwise provided in or pursuant to this Indenture
or in any Security, interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 
 ARTICLE 4.

 SATISFACTION AND DISCHARGE OF INDENTURE 
  

	Section 4.1.	Satisfaction and Discharge. 

 Upon the direction of the Issuers by an Issuer Order, this
Indenture shall cease to be of further effect [and the provisions of Article 17 shall cease to be effective,] with respect to any series of Securities specified in such Issuer Order and any Coupons appertaining thereto, and the Trustee, on receipt
of an Issuer Order, at the expense of the Issuers, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 

(1) either 
 (a) all Securities
of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons appertaining to Bearer Securities of such series surrendered in exchange for Registered Securities of such series and maturing
after such exchange whose surrender is not required or has been waived as provided in Section 3.5, (ii) Securities and Coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 3.6, (iii) Coupons appertaining to Securities of such series called for redemption and maturing after the relevant Redemption Date whose surrender has been waived as provided in Section 11.7, and (iv) Securities and
Coupons of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such trust, as provided in Section 10.3) have been
delivered to the Trustee for cancellation; or 
 (b) all Securities of such series and, in the case of (i) or (ii) below, any
Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation, (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the
option of the Issuers, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers, and the Issuers, in the case
of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which such Securities are payable in an amount sufficient to pay and discharge the
entire indebtedness on such Securities and any Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest on, and any Additional Amounts with respect to such
Securities and any Coupons appertaining thereto, to the date of such deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case may be; 

(2) the Issuers have paid or caused to be paid all other sums payable hereunder by the Issuers with respect to the Outstanding Securities of
such series and any Coupons appertaining thereto; and 

  
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 (3) the Issuers have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

In the event there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging
satisfaction and discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Issuers to
the Trustee under Section 6.7 and, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the Issuers and the Trustee with respect to the Securities of such
series under Sections 3.5, 3.6, 4.3, 10.2 and 10.3, with respect to the payment of Additional Amounts, if any, with respect to such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable with
respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.1(1)(b)), and with respect to any rights to convert or exchange such Securities into securities of the Issuers or another issuer
shall survive. 
  

	Section 4.2.	Defeasance and Covenant Defeasance. 

 (1) Unless pursuant to Section 3.1, either or
both of (i) defeasance of the Securities of or within a series under clause (2) of this Section 4.2 shall not be applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities of or within
a series under clause (3) of this Section 4.2 shall not be applicable with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 4.2 (with such modifications thereto as may
be specified pursuant to Section 3.1 with respect to any Securities), shall be applicable to such Securities and any Coupons appertaining thereto, and the Issuers may at their option by Board Resolution, at any time, with respect to such
Securities and any Coupons appertaining thereto, elect to have Section 4.2(2) or Section 4.2(3) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions set forth below in this
Section 4.2. 
 (2) Upon the Issuers’ exercise of the above option applicable to this Section 4.2(2) with respect to any
Securities of or within a series, the Issuers shall be deemed to have been discharged from its obligations[, and the provisions of Article 17 shall cease to be effective,] with respect to such Outstanding Securities and any Coupons appertaining
thereto on the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Issuers shall be deemed to have paid and discharged the
entire Indebtedness represented by such Outstanding Securities and any Coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only for the purposes of clause (5) of this Section 4.2 and the other
Sections of this Indenture referred to in clauses (i) and (ii) below, and to have satisfied all of its other obligations under such Securities and any Coupons appertaining thereto, and this Indenture insofar as such Securities and any
Coupons appertaining thereto are concerned (and the Trustee, at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder:
(i) the rights of Holders of such Outstanding Securities and any Coupons appertaining thereto to receive, solely from the trust fund described in clause (4) of this Section 4.2 and as more fully set forth in such clause, payments in
respect of the principal of (and premium, if any) and interest, if any, on, and Additional Amounts, if any, with respect to, such Securities and any Coupons appertaining thereto when such payments are due, and any rights of such Holder to convert
such Securities into other securities of the Issuers or exchange such Securities for securities of another issuer, (ii) the obligations of the Issuers and the Trustee with respect to such Securities under Sections 3.5, 3.6, 10.2 and 10.3 and
with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of
such Additional Amounts pursuant to Section 4.2(4)(a) below), and with respect to any rights to convert such Securities into other securities of the Issuers or exchange such Securities for securities of another issuer, (iii) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 4.2. The Issuers may exercise their option under this Section 4.2(2) notwithstanding the prior exercise of its option under clause (3) of this
Section 4.2 with respect to such Securities and any Coupons appertaining thereto. 
 (3) Upon the Issuers’ exercise of the option
to have this Section 4.2(3) apply with respect to any Securities of or within a series, the Issuers shall be released from its obligations under, to the extent specified pursuant to Section 3.1(19), any covenant applicable to such
Securities[, and the provisions of Article 17 shall cease 

  
 24 

 
to be effective as it relates to the aforementioned obligations and covenants,] with respect to such Outstanding Securities and any Coupons appertaining thereto, on and after the date the
conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “covenant defeasance”), and such Securities and any Coupons appertaining thereto shall thereafter be deemed to be 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 any such obligation or covenant, but shall continue to be deemed “Outstanding” for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities and any Coupons appertaining thereto, the Issuers may omit to comply with, and shall have no liability in respect of, any term, condition
or limitation set forth in any such Section or such other covenant, [or Article,] whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant[, or Article,] or by reason of reference in any
such Section or such other covenant[, or Article,] 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 5.1(4) or 5.1(7) or otherwise, as the case
may be, but, except as specified above, the remainder of this Indenture and such Securities and Coupons appertaining thereto shall be unaffected thereby. 

(4) The following shall be the conditions to application of clause (2) or (3) of this Section 4.2 to any Outstanding Securities
of or within a series and any Coupons appertaining thereto: 
 (a) The Issuers shall irrevocably have deposited or caused to be deposited
with the Trustee (or another trustee satisfying the requirements of Section 6.8 who shall agree to comply with the provisions of this Section 4.2 applicable to it) as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any Coupons appertaining thereto, (1) an amount in Dollars or in such Foreign Currency in which such Securities and any Coupons
appertaining thereto are then specified as payable at Stated Maturity, or (2) Government Obligations applicable to such Securities and Coupons appertaining thereto (determined on the basis of the Currency in which such Securities and Coupons
appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any
payment of principal of (and premium, if any) and interest, if any, on such Securities and any Coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest, if any, on such Outstanding Securities and any Coupons appertaining thereto at the Stated Maturity of such principal or
installment of principal or premium or interest and (z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities and any Coupons appertaining thereto on the days on which such payments are due and
payable in accordance with the terms of this Indenture and of such Securities and any Coupons appertaining thereto. 
 (b) Such defeasance
or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Issuers are a party or by which it is bound. 

(c) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities
and any Coupons appertaining thereto shall have occurred and be continuing on the date of such deposit and, with respect to defeasance only, at any time during the period ending on the 123rd day
after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

(d) In the case of an election under clause (2) of this Section 4.2, the Issuers shall have delivered to the Trustee an Opinion of
Counsel stating that (i) the Issuers have received from the Internal Revenue Service a letter ruling, or there has been published by the Internal Revenue Service a Revenue Ruling, or (ii) since the date of execution 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 shall confirm that, the Holders of such Outstanding Securities and any Coupons appertaining thereto will not
recognize income, gain or loss for Federal income tax purposes as a result of such 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 defeasance had
not occurred. 

  
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 (e) In the case of an election under clause (3) of this Section 4.2, the Issuers shall
have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any Coupons appertaining thereto 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. 

(f) The Issuers shall have delivered to the Trustee an Opinion of Counsel to the effect that, after the 123rd day after the date of deposit, all money and Government Obligations (or other property as may be provided pursuant to Section 3.1) (including the proceeds thereof) deposited or caused to be
deposited with the Trustee (or other qualifying trustee) pursuant to this clause (4) to be held in trust will not be subject to any case or proceeding (whether voluntary or involuntary) in respect of the Issuers under any Federal or State
bankruptcy, insolvency, reorganization or other similar law, or any decree or order for relief in respect of the Issuers issued in connection therewith. 

(g) [At the time of the deposit, (i) no default in the payment of any principal of, premium, if any, or interest on any Senior
Indebtedness shall have occurred and be continuing, (ii) no event of default with respect to any Senior Indebtedness shall have resulted in such Senior Indebtedness becoming, and continuing to be, due and payable prior to the date on which it
would otherwise have become due and payable (unless payment of such Senior Indebtedness has been made or duly provided for), and (iii) no other event of default with respect to any Senior Indebtedness shall have occurred and be continuing
permitting (after notice or lapse of time or both) the holders of such Senior Indebtedness (or a trustee on behalf of such holders) to declare such Senior Indebtedness due and payable prior to the date on which it would otherwise have become due and
payable.] 
 (h) The Issuers shall have delivered to the Trustee an Officer’s Certificate and the Issuers shall have delivered to the
Trustee an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under clause (2) or (3) of this Section 4.2 (as the case may be) have been complied with. 

(i) Notwithstanding any other provisions of this Section 4.2(4), such defeasance or covenant defeasance shall be effected in compliance
with any additional or substitute terms, conditions or limitations which may be imposed on the Issuers in connection therewith pursuant to Section 3.1. 

(5) Unless otherwise specified in or pursuant to this Indenture or any Security, if, after a deposit referred to in Section 4.2(4)(a) has
been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.1 or the terms of such Security to receive payment in a Currency other than that in which the deposit
pursuant to Section 4.2(4)(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the Foreign Currency in which the deposit pursuant to Section 4.2(4)(a) has been made, the indebtedness
represented by such Security and any Coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any), and interest, if any, on, and Additional
Amounts, if any, with respect to, such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such
Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made pursuant to clause (a) above, the applicable market exchange rate for such
Currency in effect on the second Business Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign Currency in effect (as nearly as feasible) at the time of the Conversion
Event. 
 The Issuers shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes of this
Section 4.2(5) and Section 4.3, the “Trustee”) against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 4.2 or the principal or 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 such Outstanding Securities and any Coupons appertaining thereto. 

Anything in this Section 4.2 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon
Issuer Request, any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in clause (4) of this Section 4.2 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this
Section 4.2. 

  
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	Section 4.3.	Application of Trust Money. 

 Subject to the provisions of the last paragraph of
Section 10.3, all money and Government Obligations (or other property as may be provided pursuant to Section 3.1) (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.1 or 4.2 in respect of any Outstanding
Securities of any series and any Coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any Coupons appertaining thereto and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuers acting as their own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any Coupons appertaining thereto of all sums due and to become due thereon in respect
of principal (and premium, if any) and interest and Additional Amounts, if any; but such money and Government Obligations need not be segregated from other funds except to the extent required by law. [Money and Government Obligations so held in
trust shall not be subject to the provisions of Article 17 except to the extent set forth in Section 17.1.] Money and Government Obligations deposited with the Trustee pursuant to Section 4.1 (and held by it or a Paying Agent) for the
payment of Securities subsequently converted shall be returned to the Issuers upon Issuer Request. 
  

	Section 4.4.	Reinstatement. 

 If the Trustee or any Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and
such Securities from which the Issuers have been discharged or released pursuant to Section 4.2(2) or 4.2(3) shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such
time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 4.3 with respect to such Securities in accordance with this Article; provided, however, that if the Issuers make any payment of
principal of or any premium or interest on any such Securities following such reinstatement of its obligations, the Issuers shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held
in trust. 
 ARTICLE 5. 

REMEDIES 
  

	Section 5.1.	Events of Default. 

 “Event of Default,” wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be [occasioned by the provisions of Article 17, or be] voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is specifically deleted or modified in or pursuant to the supplemental indenture, Board Resolution
or Officer’s Certificate establishing the terms of such Series pursuant to this Indenture: 
 (1) default in the payment of any interest
on any Security of such series, or any Additional Amounts payable with respect thereto, when such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or 

(2) default in the payment of the principal of or any premium on any Security of such series, or any Additional Amounts payable with respect
thereto, when such principal or premium becomes or such Additional Amounts become due and payable at their Maturity; or 
 (3) default in the
deposit of any sinking fund payment when and as due by the terms of a Security of such series; or 
 (4) default in the performance, or
breach, of any covenant or warranty of the Issuers in this Indenture or the Securities (other than a covenant or warranty a default in the performance or the breach of which is elsewhere in this Section specifically dealt with or which has been
expressly included in this Indenture solely for the benefit of a series of Securities other than such series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the
Issuers by the Trustee or to the Issuers and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; or 

  
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 (5) the entry by a court having competent jurisdiction of: 

(a) a decree or order for relief in respect of the Partnership in an involuntary proceeding under any applicable bankruptcy, insolvency,
reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(b) a decree or order adjudging the Partnership to be insolvent, or approving a petition seeking reorganization, arrangement, adjustment or
composition of the Partnership and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (c) a
final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee or other similar official of the Partnership of any substantial part of the property of the Partnership or ordering the winding up or liquidation of the
affairs of the Partnership; or 
 (6) the commencement by the Partnership of a voluntary proceeding under any applicable bankruptcy,
insolvency, reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Partnership to the entry of a decree or order for relief in an involuntary proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Partnership of a petition or answer or consent seeking reorganization, arrangement, adjustment or
composition of the Partnership or relief under any applicable law, or the consent by the Partnership to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or similar
official of the Partnership or any substantial part of the property of the Partnership or the making by the Partnership of an assignment for the benefit of creditors, or the taking of corporate action by the Partnership in furtherance of any such
action; or 
 (7) any other Event of Default provided in or pursuant to this Indenture with respect to Securities of such series. 

 

	Section 5.2.	Acceleration of Maturity; Rescission and Annulment. 

 If an Event of Default with respect
to Securities of any series at the time Outstanding (other than an Event of Default specified in clause (5) or (6) of Section 5.1) occurs and is continuing, then the Trustee or the Holders of not less than 25% in principal amount of
the Outstanding Securities of such series may declare the principal of all the Securities of such series, or such lesser amount as may be provided for in the Securities of such series, to be due and payable immediately, by a notice in writing to the
Issuers (and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount shall become immediately due and payable. 

If an Event of Default specified in clause (5) or (6) of Section 5.1 occurs, all unpaid principal of and accrued interest on
the Outstanding Securities of that series (or such lesser amount as may be provided for in the Securities of such series) shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or
any Holder of any Security of that series. 
 At any time after a declaration of acceleration with respect to the Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Outstanding Securities of such
series, by written notice to the Issuers and the Trustee, may rescind and annul such declaration and its consequences if 
 (1) the Issuers
have paid or deposited with the Trustee a sum of money sufficient to pay 
 (a) all overdue installments of any interest on and Additional
Amounts with respect to all Securities of such series and any Coupon appertaining thereto, 
 (b) the principal of and any premium on any
Securities of such series which have become due otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities, 

  
 28 

 (c) to the extent that payment of such interest or Additional Amounts is lawful, interest upon
overdue installments of any interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and 
 (d) all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.7; and 

(2) all Events of Default with respect to Securities of such series, other than the non-payment of the principal of, any premium and interest
on, and any Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration of acceleration, shall have been cured or waived as provided in Section 5.13. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

 

	Section 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee. 

 The Issuers covenant
that if 
 (1) default is made in the payment of any installment of interest on or any Additional Amounts with respect to any Security or any
Coupon appertaining thereto when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 30 days, or 

(2) default is made in the payment of the principal of or any premium on any Security or any Additional Amounts with respect thereto at their
Maturity, 
 the Issuers shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities and any Coupons
appertaining thereto, the whole amount of money then due and payable with respect to such Securities and any Coupons appertaining thereto, with interest upon the overdue principal, any premium and, to the extent that payment of such interest shall
be legally enforceable, upon any overdue installments of interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount of money 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 and all other amounts due to the Trustee under Section 6.7. 

If the Issuers fail to pay the money it is required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the
Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Issuers or any other obligor upon such Securities and any Coupons appertaining thereto and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the Issuers or any other obligor upon
such Securities and any Coupons appertaining thereto, wherever situated. 
 If an Event of Default with respect to Securities of any series
occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series and any Coupons appertaining thereto by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to
enforce any other proper remedy. 
  

	Section 5.4.	Trustee May File Proofs of Claim. 

 In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuers or any other obligor upon the Securities of any series or the property of the Issuers or such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on
the Issuers for the payment of any overdue principal, premium, interest or Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

  
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 (1) to file and prove a claim for the whole amount, or such lesser amount as may be provided for
in the Securities of any applicable series, of the principal and any premium, interest and Additional Amounts owing and unpaid in respect of the Securities and any Coupons appertaining thereto and to file such 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 or counsel) and of the Holders of Securities or any Coupons
appertaining thereto allowed in such judicial proceeding, and 
 (2) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities or any
Coupons to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities or any Coupons, 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 6.7. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a
Security or any Coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a
Security or any Coupon in any such proceeding. 
  

	Section 5.5.	Trustee May Enforce Claims Without Possession of Securities or Coupons. 

 All rights of
action and claims under this Indenture or any of the Securities or Coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or Coupons or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, shall be for the ratable benefit of each and every Holder of the Securities or Coupons in respect of which such judgment has been recovered. 
  

	Section 5.6.	Application of Money Collected. 

 [Subject to Article 17, any/Any] money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts, upon
presentation of the Securities or Coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under Section 6.7; 

SECOND: To the payment of the amounts then due and unpaid upon the Securities and any Coupons for principal and any premium, interest and
Additional Amounts in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities and Coupons for principal
and any premium, interest and Additional Amounts, respectively; 
 THIRD: The balance, if any, to the Person or Persons entitled thereto.

  

	Section 5.7.	Limitations on Suits. 

 No Holder of any Security of any series or any Coupons
appertaining thereto shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such
series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of such series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

  
 30 

 (3) such Holder or Holders have offered to the Trustee such indemnity as is reasonably
satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of such series; it being understood and intended that no one or more of
such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other
series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 

 

	Section 5.8.	Unconditional Right of Holders to Receive Principal and Any Premium, Interest and Additional Amounts. 

Notwithstanding any other provision in this Indenture, the Holder of any Security or Coupon shall have the right, which is absolute and
unconditional, to receive payment of the principal of, any premium and (subject to Sections 3.5 and 3.7) interest on, and any Additional Amounts with respect to, such Security or payment of such Coupon, as the case may be, on the respective Stated
Maturity or Maturities therefor specified in such Security or Coupon (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of such Holder if provided in or pursuant to this Indenture, on the date such
repayment is due) and to convert such Security in accordance with Article 16 hereof, and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

 

	Section 5.9.	Restoration of Rights and Remedies. 

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

	Section 5.10.	Rights and Remedies Cumulative. 

 Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to each and every Holder of a Security or a Coupon
is intended to be exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law, shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 

 

	Section 5.11.	Delay or Omission Not Waiver. 

 No delay or omission of the Trustee or of any Holder of
any Security or Coupon to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to any Holder of a Security or a Coupon may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holder, as the case may be. 

 

	Section 5.12.	Control by Holders of Securities. 

 The Holders of a majority in principal amount of the
Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the
Securities of such series and any Coupons appertaining thereto, provided that 
 (1) such direction shall not be in conflict with any rule of
law or with this Indenture or with the Securities of such series, 

  
 31 

 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent
with such direction, and 
 (3) such direction is not unduly prejudicial to the rights of the other Holders of Securities of such series not
joining in such action. 
  

	Section 5.13.	Waiver of Past Defaults. 

 The Holders of not less than a majority in principal amount of
the Outstanding Securities of any series on behalf of the Holders of all the Securities of such series and any Coupons appertaining thereto may waive any past default hereunder with respect to such series and its consequences, except a default 

(1) in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any Security of such series or
any Coupons appertaining thereto, or 
 (2) in respect of a covenant or provision hereof which under Article 9 cannot be modified or amended
without the consent of the Holder of each Outstanding Security of such series affected. 
 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 5.14.	Waiver of Usury, Stay or Extension Laws. 

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

	Section 5.15.	Undertaking for Costs. 

 All parties to this Indenture agree, and each Holder of any
Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any)
or interest, if any, on or Additional Amounts, if any, with respect to any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of
repayment, on or after the date for repayment) or for the enforcement of the right, if any, to convert or exchange any Security into other securities in accordance with its terms. 

ARTICLE 6. 
 THE TRUSTEE

  

	Section 6.1.	Certain Duties and Responsibilities. 

 (a) Except during the continuance of an Event of
Default, 
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  
 32 

 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture but not to verify or confirm the contents
thereof. 
 (b) In case an Event of Default actually known to a Responsible Officer of the Trustee has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that 
 (1) this paragraph (c) shall not be construed to limit the effect of
paragraph (a) of this Section 6.1; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall
not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 
  

	Section 6.2.	Certain Rights of Trustee. 

 Subject to the provisions of Section 6.1: 

(1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 (2) any request or direction of the Issuers mentioned herein shall be sufficiently evidenced by an Issuer Request or an Issuer Order (in
each case, other than delivery of any Security, together with any Coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 3.3 which shall be sufficiently evidenced as provided therein) and any resolution
of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its
part, request and rely upon an Officer’s Certificate; 
 (4) the Trustee may consult with counsel and the written advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the
request or direction of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture, unless such Holders shall have offered to the Trustee such security or indemnity as is reasonably satisfactory to
it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (6) 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, coupon or other paper or document, but
the Trustee, in its discretion, may, but shall not be obligated to 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, during business hours and upon reasonable notice, the books, records and premises of the Issuers, personally or by agent or attorney; 

  
 33 

 (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(8) the Authenticating Agent, Paying Agent, and Security Registrar shall have the same protections as the Trustee set forth hereunder; 

(9) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers; 
 (10) whether or not therein expressly so
provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article 6; 

(11) the Trustee shall not be liable for any action taken or omitted to be taken by it in good faith that is believed to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture, unless the Trustee’s conduct constitutes negligence; 

(12) the permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified
herein; and 
 (13) the Trustee shall not be deemed to have notice or actual knowledge of any Event of Default unless a Responsible Officer
of the Trustee has actual knowledge thereof or unless written notice of any Event of Default is received by the Trustee pursuant to Section 1.5 hereof. Except as otherwise expressly provided herein, the Trustee shall not be bound to ascertain
or inquire as to the performance or observance of any of the terms, conditions, covenants or agreements herein or in any series of Securities. 
  

	Section 6.3.	Notice of Defaults. 

 Within 90 days after the occurrence of any default hereunder with
respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series entitled to receive reports pursuant to Section 7.3(3), notice of such default hereunder actually known to a Responsible
Officer of the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any), or interest, if any, on, or Additional Amounts or any
sinking fund or purchase fund installment with respect to, any Security of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities and Coupons of such series. For the purpose of this Section, the term “default”
means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
  

	Section 6.4.	Not Responsible for Recitals or Issuance of Securities. 

 The recitals contained herein
and in the Securities, except the Trustee’s certificate of authentication, and in any Coupons shall be taken as the statements of the Issuers and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or the Coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Issuers are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the Issuers of the Securities or the proceeds thereof. 
  

	Section 6.5.	May Hold Securities. 

 The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other Person that may be an agent of the Trustee or the Issuers, in their individual or any other capacity, may become the owner or pledgee of Securities or Coupons and, subject to Sections 310(b) and 311 of the Trust
Indenture Act, may otherwise deal with the Issuers with the same rights it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person. 

  
 34 

	Section 6.6.	Money Held in Trust. 

 Except as provided in Section 4.3 and Section 10.3,
money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except
as otherwise agreed to in writing with the Issuers. 
  

	Section 6.7.	Compensation and Reimbursement. 

 The Issuers agree: 

(1) to pay to the Trustee from time to time reasonable compensation for all services rendered by the Trustee hereunder (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as otherwise
expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or arising out of or in connection with
the acceptance or administration of the trust or trusts hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to the
Trustee’s negligence or bad faith; and 
 (3) to indemnify the Trustee and its agents, officers, directors and employees for, and to
hold them harmless against, any loss, liability or expense incurred without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and
expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder, except to the extent that any such loss, liability or expense was due to the Trustee’s
negligence or bad faith. 
 As security for the performance of the obligations of the Issuers under this Section, the Trustee shall have a
lien prior to the Securities of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or interest on or any Additional Amounts with respect to
Securities or any Coupons appertaining thereto. 
 To the extent permitted by law, any compensation or expense incurred by the Trustee after
a default specified in or pursuant to Section 5.1 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 6.7 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not affect the rights of any other Trustee under this Section 6.7. 

The provisions of this Section 6.7 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal
of the Trustee and shall apply with equal force and effect to the Trustee in its capacity as Authenticating Agent, Paying Agent or Security Registrar. 
  

	Section 6.8.	Corporate Trustee Required; Eligibility. 

 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, any state thereof or the District of Columbia, that is eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee
under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000, and that is subject to supervision or
examination by Federal or state authority. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

  
 35 

	Section 6.9.	Resignation and Removal; Appointment of Successor. 

 (1) No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee pursuant to Section 6.10. 

(2) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Issuers.
If the instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to such series. 
 (3) The Trustee may be removed at any time
with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and the Issuers. 

(4) If at any time: 
 (a) the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to Securities of any series after written request therefor by the Issuers or any Holder of a Security of such series
who has been a bona fide Holder of a Security of such series for at least six months, or 
 (b) the Trustee shall cease to be eligible under
Section 6.8 and shall fail to resign after written request therefor by the Issuers or any such Holder, or 
 (c) the Trustee shall
become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Issuers, by or pursuant to a Board Resolution, may remove the Trustee with respect to all Securities or the Securities of such series, or (ii) subject
to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees. 

(5) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Issuers, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of such series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable
requirements of Section 6.10. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Issuers and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Issuers. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Issuers or the Holders of Securities and accepted appointment in the manner required by Section 6.10, any Holder of a Security who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(6) The Issuers shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and
addresses appear in the Security Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place of Payment located outside the United States. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

  
 36 

 (7) In no event shall any retiring Trustee be liable for the acts or omissions of any successor
Trustee hereunder. 
  

	Section 6.10.	Acceptance of Appointment by Successor. 

 (1) Upon the appointment hereunder of any
successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to the Issuers and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the
Issuers or such successor Trustee, such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to
Section 10.3, shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.7. 

(2) Upon the appointment hereunder of any successor Trustee with respect to the Securities of one or more (but not all) series, the Issuers,
the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or
failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring
Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Issuers or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates and subject to Section 10.3 shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, subject to its claim, if any, provided for in
Section 6.7. 
 (3) Upon request of any Person appointed hereunder as a successor Trustee, the Issuers shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as the case may be. 

(4) No Person shall accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person shall
be qualified and eligible under this Article. 
  

	Section 6.11.	Merger, Conversion, Consolidation or Succession to Business. 

 Any Corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation succeeding by sale or otherwise to all
or substantially all of the corporate trust business of the Trustee shall be the successor of the Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities
shall have been authenticated but not delivered by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated such Securities. 

  
 37 

	Section 6.12.	Appointment of Authenticating Agent. 

 The Trustee may appoint one or more Authenticating
Agents acceptable to the Issuers with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of
transfer, partial redemption or partial repayment or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. 

Each Authenticating Agent must be acceptable to the Issuers and, except as provided in or pursuant to this Indenture, shall at all times be a
Corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined
capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect specified in this Section. 
 Any Corporation into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding by sale or otherwise to all
or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, provided such Corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustee and the Issuers. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Issuers. Upon
receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Issuers and shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities, if any, of the series with respect to which such Authenticating
Agent shall serve, as their names and addresses appear in the Security Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least once in an Authorized Newspaper in the place
where such successor Authenticating Agent has its principal office if such office is located outside the United States. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Issuers agree to pay each Authenticating Agent from time to time reasonable compensation for its services under this Section. If the
Trustee makes such payments, it shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.7. 
 The
provisions of Sections 3.8, 6.4 and 6.5 shall be applicable to each Authenticating Agent. 
 If an Authenticating Agent is appointed with
respect to one or more series of Securities pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication
in substantially the following form: 
 This is one of the Securities of the series designated herein referred to in the within-mentioned
Indenture. 

  
 38 

							
		 		 	,
	Dated:	 		 	as Trustee
				
		 		 		 	 
				
		 		 	By:	 	 
		 		 		 	as Authenticating Agent
				
		 		 	By:	 	 
		 		 		 	Authorized Officer

 If all of the Securities of any series may not be originally issued at one time, and if the Trustee does not
have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Issuers wish to have Securities of such series authenticated upon original issuance, the Trustee, if so requested in writing (which
writing need not be accompanied by or contained in an Officer’s Certificate by the Issuers), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the Issuers with respect to
such series of Securities. 
 ARTICLE 7. 

HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUERS 
  

	Section 7.1.	Issuers to Furnish Trustee Names and Addresses of Holders. 

 In accordance with
Section 312(a) of the Trust Indenture Act, the Issuers shall furnish or cause to be furnished to the Trustee 
 (1) semi-annually with
respect to Securities of each series not later than May 1 and November 1 of the year or upon such other dates as are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each
case in such form as the Trustee may reasonably require, of the names and addresses of Holders as of the applicable date, and 
 (2) at such
other times as the Trustee may request in writing, within 30 days after the receipt by the Issuers of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, provided,
however, that so long as the Trustee is the Security Registrar no such list shall be required to be furnished. 
  

	Section 7.2.	Preservation of Information; Communications to Holders. 

 The Trustee shall comply with
the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act. 
 Every Holder of Securities or Coupons, by
receiving and holding the same, agrees with the Issuers and the Trustee that none of the Issuers, the Trustee, any Paying Agent or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders of Securities in accordance with Section 312(c) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 
  

	Section 7.3.	Reports by Trustee. 

 (1) Within 60 days after September 15 of each year commencing
with the first September 15 following the first issuance of Securities pursuant to Section 3.1, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust
Indenture Act, a brief report dated as of such September 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later of the immediately preceding September 15 and the date of this
Indenture. 
 (2) The Trustee shall transmit the reports required by Section 313(a) and (b) of the Trust Indenture Act at the
times specified therein. 

  
 39 

 (3) Reports pursuant to this Section shall be transmitted in the manner and to the Persons
required by Sections 313(c) and 313(d) of the Trust Indenture Act. 
  

	Section 7.4.	Reports by Issuers. 

 The Issuers, pursuant to Section 314(a) of the Trust Indenture
Act, shall: 
 (1) file with the Trustee, within 15 days after the Issuers are required to file the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuers may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the Issuers are not required to file information, documents or reports pursuant to either of said Sections, then it shall file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13
of the Securities Exchange Act of 1934, as amended, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such
additional information, documents and reports with respect to compliance by the Issuers with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(3) transmit within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the
Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Issuers pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time
by the Commission. 
 ARTICLE 8. 

CONSOLIDATION, MERGER AND SALES 
  

	Section 8.1.	Issuers May Consolidate, Etc., Only on Certain Terms. 

 The Issuers shall not consolidate
with or merge into any other Person (whether or not affiliated with the Issuers), or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to any other Person (whether or not affiliated with the Issuers),
and the Issuers shall not permit any other Person (whether or not affiliated with the Issuers) to consolidate with or merge into the Issuers or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the
Issuers; unless: 
 (1) in case the Issuers shall consolidate with or merge into another Person or convey, transfer or lease its properties
and assets as an entirety or substantially as an entirety to any Person, the Person formed by such consolidation or into which the Issuers are merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets
of the Issuers as an entirety or substantially as an entirety shall be a business entity organized and existing under the laws of the United States of America, any state thereof, the District of Columbia or the Republic of The Marshall Islands and
shall expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by the successor Person and delivered to the Trustee the due and punctual payment of the principal of, any premium
and interest on and any Additional Amounts with respect to all the Securities and the performance of every obligation in this Indenture and the Outstanding Securities on the part of the Issuers to be performed or observed and shall provide for
conversion or exchange rights in accordance with the provisions of the Securities (and in the case of conversion Article 16 hereof as well) of any series that are convertible or exchangeable into Equity Interests or other securities; 

(2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Issuers or a
Subsidiary as a result of such transaction as having been incurred by the Issuers or such Subsidiary at the time of such transaction, no Event of Default or event which, after notice or lapse of time, or both, would become an Event of Default, shall
have occurred and be continuing; and 
 (3) either the Issuers or the successor Person shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article
and that all conditions precedent herein provided for relating to such transaction have been complied with. 

  
 40 

	Section 8.2.	Successor Person Substituted for Issuers. 

 Upon any consolidation by either of the
Issuers with or merger of either of the Issuers into any other Person or any conveyance, transfer or lease of the properties and assets of either of the Issuers substantially as an entirety to any Person in accordance with Section 8.1, the
successor Person formed by such consolidation or into which either of the Issuers is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, either of the
Issuers under this Indenture with the same effect as if such successor Person had been named as the Issuer herein; and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this
Indenture, the Securities and the Coupons. 
 ARTICLE 9. 

SUPPLEMENTAL INDENTURES 
  

	Section 9.1.	Supplemental Indentures Without Consent of Holders. 

 Without the consent of any Holders
of Securities or Coupons, the Issuers (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, for any of the following purposes: 

(1) to evidence the succession of another Person to the Issuers, and the assumption by any such successor of the covenants of the Issuers,
contained herein and in the Securities; or 
 (2) to add to the covenants of the Issuers for the benefit of the Holders of all or any series
of Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Issuers; or 

(3) to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change
or eliminate any restrictions on the payment of principal of, any premium or interest on or any Additional Amounts with respect to Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer
Securities to be exchanged for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided any such action shall not adversely affect the interests of the Holders of
Outstanding Securities of any series or any Coupons appertaining thereto in any material respect; or 
 (4) to establish the form or terms of
Securities of any series and any Coupons appertaining thereto as permitted by Sections 2.1 and 3.1; or 
 (5) to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.10; or 
 (6) to cure any ambiguity or to
correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not adversely affect the
interests of the Holders of Securities of any series then Outstanding or any Coupons appertaining thereto in any material respect; or 
 (7)
to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue, authentication and delivery of Securities, as herein set forth; or 

(8) to add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental
indenture); or 
 (9) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
defeasance and discharge of any series of Securities pursuant to Article 4, provided that any such action shall not adversely affect the interests of any Holder of an Outstanding Security of such series and any Coupons appertaining thereto or any
other Outstanding Security or Coupon in any material respect; or 

  
 41 

 (10) to secure the Securities; or 

(11) to make provisions with respect to conversion or exchange rights of Holders of Securities pursuant to Article 16; or 

(12) to amend or supplement any provision contained herein or in any supplemental indenture, provided that no such amendment or supplement
shall materially adversely affect the interests of the Holders of any Securities then Outstanding. 
  

	Section 9.2.	Supplemental Indentures With Consent of Holders. 

 With the consent of the Holders of not
less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Issuers and the Trustee, the Issuers (when authorized by or pursuant to an
Issuers’ Board Resolution) and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Securities of such series under this Indenture or of the Securities of such series; provided, however, that no such supplemental indenture, without the consent of the Holder of each Outstanding
Security affected thereby, shall 
 (1) change the Stated Maturity of the principal of, or any premium or installment of interest on or any
Additional Amounts with respect to, any Security, or reduce the principal amount thereof or the rate (or modify the calculation of such rate) of interest thereon or any Additional Amounts with respect thereto, or any premium payable upon the
redemption thereof or otherwise, or change the obligation of the Issuers to pay Additional Amounts pursuant to the terms hereof (except as contemplated by Section 8.1(1) and permitted by Section 9.1(1)), or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the amount thereof provable in bankruptcy pursuant to Section 5.4, change
the redemption provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment, Currency in which the principal of, any premium or interest on, or any Additional Amounts
with respect to any Security is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of
repayment at the option of the Holder, on or after the date for repayment), [or modify the provisions of this Indenture with respect to the subordination of the Securities in a material manner adverse to the Holders,] or 

(2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the
requirements of Section 15.4 for quorum or voting, or 
 (3) modify any of the provisions of this Section, Section 5.13 or
Section 10.8, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or 

(4) make any change that adversely affects the right to convert or exchange any Security into or for securities of the Issuers or other
securities (whether or not issued by the Issuers), cash or property in accordance with its terms (except as otherwise provided in Section 9.1(11)). 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which shall have been included
expressly and solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders of Securities
under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
 42 

	Section 9.3.	Execution of Supplemental Indentures. 

 As a condition to executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 315 of the Trust Indenture
Act) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Officer’s Certificate stating that all conditions precedent to
the execution of such supplemental indenture have been fulfilled. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
  

	Section 9.4.	Effect of Supplemental Indentures. 

 Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered
hereunder and of any Coupon appertaining thereto shall be bound thereby. 
  

	Section 9.5.	Reference in Securities to Supplemental Indentures. 

 Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Issuers shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Issuers, to any such supplemental indenture may be prepared and executed by the Issuers and authenticated and
delivered by the Trustee in exchange for Outstanding Securities of such series. 
  

	Section 9.6.	Conformity With Trust Indenture Act. 

 Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
  

	Section 9.7.	Notice of Supplemental Indenture. 

 Promptly after the execution by the Issuers and the
Trustee of any supplemental indenture pursuant to Section 9.2, the Issuers shall transmit to the Holders of Outstanding Securities of any series affected thereby a notice setting forth the substance of such supplemental indenture. 

ARTICLE 10. 
 COVENANTS

  

	Section 10.1.	Payment of Principal, Any Premium, Interest and Additional Amounts. 

 The Issuers
covenant and agree for the benefit of the Holders of the Securities of each series that it will duly and punctually pay the principal of, any premium and interest on and any Additional Amounts with respect to the Securities of such series in
accordance with the terms thereof, any Coupons appertaining thereto and this Indenture. Any interest due on any Bearer Security on or before the Maturity thereof, and any Additional Amounts payable with respect to such interest, shall be payable
only upon presentation and surrender of the Coupons appertaining thereto for such interest as they severally mature. 
  

	Section 10.2.	Maintenance of Office or Agency. 

 The Issuers shall maintain in each Place of Payment
for any series of Securities an Office or Agency where Securities of such series (but not Bearer Securities, except as otherwise provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered for
payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities of such series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices and demands
to or upon the Issuers in respect of the Securities of such series relating thereto and this Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Issuers shall maintain, subject to any laws or regulations
applicable thereto, an Office or Agency in a Place of Payment for such series which is located outside the United 

  
 43 

 
States where Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment; provided, however, that if the Securities of such series are listed on
The Stock Exchange of the United Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so require, the Issuers shall maintain a Paying Agent
in London, Luxembourg or any other required city located outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange. The Issuers will give prompt written notice to the Trustee of the location,
and any change in the location, of such Office or Agency. If at any time the Issuers shall fail to maintain any such required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment at the place specified for the purpose with
respect to such Securities as provided in or pursuant to this Indenture, and the Issuers hereby appoint the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

Except as otherwise provided in or pursuant to this Indenture, no payment of principal, premium, interest or Additional Amounts with respect
to Bearer Securities shall be made at any Office or Agency in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank located in the United States; provided, however, if amounts
owing with respect to any Bearer Securities shall be payable in Dollars, payment of principal of, any premium or interest on and any Additional Amounts with respect to any such Security may be made at the Corporate Trust Office of the Trustee or any
Office or Agency designated by the Issuers in the Borough of Manhattan, The City of New York, if (but only if) payment of the full amount of such principal, premium, interest or Additional Amounts at all offices outside the United States maintained
for such purpose by the Issuers in accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar restrictions. 

The Issuers may also from time to time designate one or more other Offices or Agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuers of its obligation to maintain an Office or
Agency in each Place of Payment for Securities of any series for such purposes. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency.
Unless otherwise provided in or pursuant to this Indenture, the Issuers hereby designate as the Place of Payment for each series of Securities the Borough of Manhattan, The City of New York, and initially appoints the Corporate Trust Office of the
Trustee as the Office or Agency of the Issuers in the Borough of Manhattan, The City of New York for such purpose. The Issuers may subsequently appoint a different Office or Agency in the Borough of Manhattan, The City of New York for the Securities
of any series. 
 Unless otherwise specified with respect to any Securities pursuant to Section 3.1, if and so long as the Securities
of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Issuers will maintain with respect to each such series
of Securities, or as so required, at least one exchange rate agent. 
  

	Section 10.3.	Money for Securities Payments to be Held in Trust. 

 If the Issuers shall at any time act
as its own Paying Agent with respect to any series of Securities, it shall, on or before each due date of the principal of, any premium or interest on or Additional Amounts with respect to any of the Securities of such series, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to
Section 3.1 for the Securities of such series) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall
promptly notify the Trustee of its action or failure so to act. 
 Whenever the Issuers shall have one or more Paying Agents for any series
of Securities, it shall, on or prior to each due date of the principal of, any premium or interest on or any Additional Amounts with respect to any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies,
currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due, such sum to be held in trust for the benefit of the
Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Issuers will promptly notify the Trustee of its action or failure so to act. 

  
 44 

 The Issuers shall cause each Paying Agent for any series of Securities other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: 

(1) hold all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to
Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; 

(2) give the Trustee notice of any default by the Issuers (or any other obligor upon the Securities of such series) in the making of any
payment of principal, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and 
 (3) at any
time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

The Issuers may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuers or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Issuers or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Issuers,
in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to any Security of any series or any Coupon appertaining thereto and remaining unclaimed for two years after such principal or any such
premium or interest or any such Additional Amounts shall have become due and payable shall be paid to the Issuers on Issuer Request, or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Security or any Coupon
appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers 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 Issuers cause to be published once, in an Authorized Newspaper in each
Place of Payment for such series or to be mailed to Holders of Registered Securities of such series, or both, 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 publication or mailing nor shall it be later than two years after such principal and any premium or interest or Additional Amounts shall have become due and payable, any unclaimed balance of such money then remaining will be repaid to the
Issuers. 
  

	Section 10.4.	Additional Amounts. 

 If any Securities of a series provide for the payment of Additional
Amounts, the Issuers agree to pay to the Holder of any such Security or any Coupon appertaining thereto Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture there is mentioned, in any
context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or any Coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such
terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

Except as otherwise provided in or pursuant to this Indenture or the Securities of the applicable series, if the Securities of a series
provide for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of such series shall not bear interest prior to Maturity, the first day on which
a payment of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Issuers shall
furnish to the Trustee and the principal Paying Agent or Paying 

  
 45 

 
Agents, if other than the Trustee, an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, or
interest on the Securities of such series shall be made to Holders of Securities of such series or the Coupons appertaining thereto who are United States Aliens without withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of such series. If any such withholding shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities or
Coupons, and the Issuers agree to pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. The Issuers covenant to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any
loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this
Section 10.4. 
  

	Section 10.5.	[Reserved.] 

  

	Section 10.6.	[Reserved.] 

  

	Section 10.7.	Corporate Existence. 

 Subject to Article 8, the Issuers shall do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence and that of each of its Restricted Subsidiaries and their respective rights (charter and statutory) and franchises; provided, however, that the foregoing shall
not obligate the Issuers or any of its Restricted Subsidiaries to preserve any such right or franchise if the Issuers or any such Restricted Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of its
business or the business of such Restricted Subsidiary and that the loss thereof is not disadvantageous in any material respect to any Holder. 
  

	Section 10.8.	Waiver of Certain Covenants. 

 The Issuers may omit in any particular instance to comply
with any term, provision or condition set forth in Section 10.7 with respect to the Securities of any series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such
series, by Act of such Holders, either shall waive such compliance in such instance or generally shall have waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Issuers and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

 

	Section 10.9.	Issuers Statement as to Compliance; Notice of Certain Defaults. 

 (1) The Issuers shall
deliver to the Trustee, within 120 days after the end of each fiscal year, a written statement (which need not be contained in or accompanied by an Officer’s Certificate) signed by the principal executive officer, the principal financial
officer or the principal accounting officer of the Issuers, stating that 
 (a) a review of the activities of the Issuers during such year
and of its performance under this Indenture has been made under his or her supervision, and 
 (b) to the best of his or her knowledge,
based on such review, (a) the Issuers have complied with all the conditions and covenants imposed on it under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such condition or covenant, specifying
each such default known to him or her and the nature and status thereof, and (b) no event has occurred and is continuing which is, or after notice or lapse of time or both would become, an Event of Default, or, if such an event has occurred and
is continuing, specifying each such event known to him and the nature and status thereof. 
 (2) The Issuers shall deliver to the Trustee,
within five days after the occurrence thereof, written notice of any Event of Default or any event which after notice or lapse of time or both would become an Event of Default pursuant to clause (4) of Section 5.1. 

(3) The Trustee shall have no duty to monitor the Issuers’ compliance with the covenants contained in this Article 10 other than as
specifically set forth in this Section 10.9. 

  
 46 

 ARTICLE 11. 

REDEMPTION OF SECURITIES 
  

	Section 11.1.	Applicability of Article. 

 Redemption of Securities of any series at the option of the
Issuers as permitted or required by the terms of such Securities shall be made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. 

 

	Section 11.2.	Election to Redeem; Notice to Trustee. 

 The election of the Issuers to redeem any
Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Issuers of (a) less than all of the Securities of any series or (b) all of the Securities of any series, with the same
issue date, interest rate or formula, Stated Maturity and other terms, the Issuers shall, at least 60 days prior to the Redemption Date fixed by the Issuers (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series to be redeemed. 
  

	Section 11.3.	Selection by Trustee of Securities to be Redeemed. 

 Unless otherwise specified as
contemplated by Section 3.1, if less than all of the Securities of any series with the same issue date, interest rate or formula, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection
for redemption of portions of the principal amount of Registered Securities of such series; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to
less than the minimum denomination for a Security of such series established herein or pursuant hereto. 
 The Trustee shall promptly notify
the Issuers and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

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

Unless otherwise specified in or pursuant to this Indenture or the Securities of any series, if any Security selected for partial redemption
is converted into other securities of the Issuers or exchanged for securities of another issuer in part before termination of the conversion or exchange right with respect to the portion of the Security so selected, the converted portion of such
Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose
of such selection. 
  

	Section 11.4.	Notice of Redemption. 

 Notice of redemption shall be given in the manner provided in
Section 1.6, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the
manner herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other
Securities or portion thereof. 
 Any notice that is mailed to the Holder of any Registered Securities in the manner herein provided shall
be conclusively presumed to have been duly given, whether or not such Holder receives the notice. 
 All notices of redemption shall state:

 (1) the Redemption Date, 

  
 47 

 (2) the Redemption Price, 

(3) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the
principal amount) of the particular Security or Securities to be redeemed, 
 (4) in case any Security is to be redeemed in part only, the
notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the
principal amount thereof remaining unredeemed, 
 (5) that, on the Redemption Date, the Redemption Price shall become due and payable upon
each such Security or portion thereof to be redeemed, and, if applicable, that interest thereon shall cease to accrue on and after said date, 

(6) the place or places where such Securities, together (in the case of Bearer Securities) with all Coupons appertaining thereto, if any,
maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and any accrued interest and Additional Amounts pertaining thereto, 

(7) that the redemption is for a sinking fund, if such is the case, 

(8) that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by
all Coupons maturing subsequent to the date fixed for redemption or the amount of any such missing Coupon or Coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the Issuers, the Trustee and any Paying
Agent is furnished, 
 (9) if Bearer Securities of any series are to be redeemed and no Registered Securities of such series are to be
redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on the Redemption Date pursuant to Section 3.5 or otherwise, the last date, as determined by the Issuers, on which such exchanges may
be made, 
 (10) in the case of Securities of any series that are convertible into Equity Interests of the Issuers or exchangeable for other
securities, the conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series to be redeemed will commence or terminate and the place or places where such Securities
may be surrendered for conversion or exchange, and 
 (11) the CUSIP number or the Euroclear or the Cedel reference numbers of such
Securities, if any (or any other numbers used by a Depository to identify such Securities). 
 A notice of redemption published as
contemplated by Section 1.6 need not identify particular Registered Securities to be redeemed. 
 Notice of redemption of Securities to
be redeemed at the election of the Issuers shall be given by the Issuers or, at the Issuers’ request, by the Trustee in the name and at the expense of the Issuers. 
  

	Section 11.5.	Deposit of Redemption Price. 

 On or prior to any Redemption Date, the Issuers shall
deposit, with respect to the Securities of any series called for redemption pursuant to Section 11.4, with the Trustee or with a Paying Agent (or, if the Issuers are acting as their own Paying Agent, segregate and hold in trust as provided in
Section 10.3) an amount of money in the applicable Currency sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the
Securities of such series) any accrued interest on and Additional Amounts with respect thereto, all such Securities or portions thereof which are to be redeemed on that date, other than any Securities called for redemption on that date which have
been converted prior to the date of such deposit (as described in Section 11.3). 
 If any Security called for redemption is converted,
any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security to receive interest as
provided in the last paragraph of Section 3.7) be paid to the Issuers upon Issuer Request or, if then held by the Issuers, shall be discharged from such trust. 

  
 48 

	Section 11.6.	Securities Payable on Redemption Date. 

 Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Issuers shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Issuers at the Redemption Price, together with any accrued interest and
Additional Amounts to the Redemption Date; provided, however, that, except as otherwise provided in or pursuant to this Indenture or the Bearer Securities of such series, installments of interest on Bearer Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable only upon presentation and surrender of Coupons for such interest (at an Office or Agency located outside the United States except as otherwise provided in Section 10.2), and provided, further,
that, except as otherwise specified in or pursuant to this Indenture or the Registered Securities of such series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the
Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 3.7. 

If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Issuers and the Trustee if there be furnished to
them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing Coupon in respect of which a
deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that any interest or Additional Amounts represented by Coupons shall be payable only upon presentation and
surrender of those Coupons at an Office or Agency for such Security located outside of the United States except as otherwise provided in Section 10.2. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium, until paid,
shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
  

	Section 11.7.	Securities Redeemed in Part. 

 Any Registered Security which is to be redeemed only in
part shall be surrendered at any Office or Agency for such Security (with, if the Issuers or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuers and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing) and the Issuers shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered Security or Securities of the same
series, containing identical terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a
Security in global form is so surrendered, the Issuers shall execute, and the Trustee shall authenticate and deliver to the U.S. Depository or other Depository for such Security in global form as shall be specified in the Issuer Order with respect
thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered. 

ARTICLE 12. 
 SINKING
FUNDS 
  

	Section 12.1.	Applicability of Article. 

 The provisions of this Article shall be applicable to any
sinking fund for the retirement of Securities of a series, except as otherwise permitted or required in or pursuant to this Indenture or any Security of such series issued pursuant to this Indenture. 

  
 49 

 The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as an “optional sinking fund
payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such series and this Indenture. 
  

	Section 12.2.	Satisfaction of Sinking Fund Payments With Securities. 

 The Issuers may, in satisfaction
of all or any part of any sinking fund payment with respect to the Securities of any series to be made pursuant to the terms of such Securities (1) deliver Outstanding Securities of such series (other than any of such Securities previously
called for redemption or any of such Securities in respect of which cash shall have been released to the Issuers), together in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto, and (2) apply as a
credit Securities of such series which have been converted pursuant to Article 16 or which have been redeemed either at the election of the Issuers pursuant to the terms of such series of Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, provided that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If, as a result of the delivery or credit of Securities of any series in lieu of cash
payments pursuant to this 
 Section 12.2, the principal amount of Securities of such series to be redeemed in order to satisfy the
remaining sinking fund payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Issuer Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the request of the Issuers from time to time pay over and deliver to the Issuers any cash payment so being held by the Trustee or such Paying Agent
upon delivery by the Issuers to the Trustee of Securities of that series purchased by the Issuers having an unpaid principal amount equal to the cash payment requested to be released to the Issuers. 

 

	Section 12.3.	Redemption of Securities for Sinking Fund. 

 Not less than 75 days prior to each sinking
fund payment date for any series of Securities, the Issuers shall deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the
portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 12.2, and the optional amount, if any,
to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officer’s Certificate shall specify an optional amount to be
added in cash to the next ensuing mandatory sinking fund payment, the Issuers shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities
to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Issuers in the manner provided in Section 11.4. Such
notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7. 

ARTICLE 13. 
 REPAYMENT
AT THE OPTION OF HOLDERS 
  

	Section 13.1.	Applicability of Article. 

 Securities of any series which are repayable at the option of
the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of
Securities before their Stated Maturity, for purposes of Section 3.9, shall not operate as a payment, redemption or satisfaction of the Indebtedness represented by such Securities unless and until the Issuers, at their option, shall deliver or
surrender the same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this Section 13.1, in connection with any repayment of Securities, the Issuers may arrange for the

  
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purchase of any Securities by an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close
of business on the repayment date an amount not less than the repayment price payable by the Issuers on repayment of such Securities, and the obligation of the Issuers to pay the repayment price of such Securities shall be satisfied and discharged
to the extent such payment is so paid by such purchasers. 
 ARTICLE 14. 

SECURITIES IN FOREIGN CURRENCIES 
  

	Section 14.1.	Applicability of Article. 

 Whenever this Indenture provides for (i) any action by,
or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities are denominated in the same Currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to
the contrary in the form of Security of any particular series or pursuant to this Indenture or the Securities, any amount in respect of any Security denominated in a Currency other than Dollars shall be treated for any such action or distribution as
that amount of Dollars that could be obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Registered Securities of such series (if any) for such action, determination of rights or distribution (or,
if there shall be no applicable record date, such other date reasonably proximate to the date of such action, determination of rights or distribution) as the Issuers may specify in a written notice to the Trustee. 

ARTICLE 15. 
 MEETINGS OF
HOLDERS OF SECURITIES 
  

	Section 15.1.	Purposes for Which Meetings May Be Called. 

 A meeting of Holders of Securities of any
series may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by
Holders of Securities of such series. 
  

	Section 15.2.	Call, Notice and Place of Meetings. 

 (1) The Trustee may at any time call a meeting of
Holders of Securities of any series for any purpose specified in Section 15.1, to be held at such time and at such place in the Borough of Manhattan, The City of New York, or, if Securities of such series have been issued in whole or in part as
Bearer Securities, in London or in such place outside the United States as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.6, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(2) In case at any time the Issuers (by or pursuant to a Board Resolution) or the Holders of at least 10% in principal amount of the
Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.1, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request (whichever shall be required pursuant to Section 1.6)
or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuers or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place in the Borough
of Manhattan, The City of New York, or, if Securities of such series are to be issued as Bearer Securities, in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (1) of this
Section. 
  

	Section 15.3.	Persons Entitled to Vote at Meetings. 

 To be entitled to vote at any meeting of Holders
of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities
of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel and any representatives of the Issuers and their counsel. 

  
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	Section 15.4.	Quorum; Action. 

 The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for any meeting of Holders of Securities of such series. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence
of a quorum at any reconvened meeting, such reconvened meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such reconvened meeting. Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 15.2(1), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of
an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute a quorum. 

Except as limited by the proviso to Section 9.2, any resolution presented to a meeting or adjourned meeting duly reconvened at which a
quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the proviso to Section 9.2,
any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a
majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified
percentage in principal amount of the Outstanding Securities of such series. 
 Any resolution passed or decision taken at any meeting of
Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series and the Coupons appertaining thereto, whether or not such Holders were present or represented at the
meeting. 
  

	Section 15.5.	Determination of Voting Rights; Conduct and Adjournment of Meetings. 

 (1)
Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of such series in regard to proof of the holding of Securities of such series
and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of
the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.4 and the appointment of any proxy shall be proved in
the manner specified in Section 1.4 or by having the signature of the person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 1.4 to certify to the holding of Bearer Securities. Such
regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.4 or other proof. 

(2) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Issuers or by Holders of Securities as provided in Section 15.2(2), in which case the Issuers or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting. 

(3) At any meeting, each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of
Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding.
The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

  
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 (4) Any meeting of Holders of Securities of any series duly called pursuant to Section 15.2
at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting may be held as so adjourned without
further notice. 
  

	Section 15.6.	Counting Votes and Recording Action of Meetings. 

 The vote upon any resolution submitted
to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial
numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall
make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Securities of any series shall be
prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth
a copy of the notice of the meeting and showing that said notice was given as provided in Section 15.2 and, if applicable, Section 15.4. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one such copy shall be delivered to the Issuers and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive
evidence of the matters therein stated. 
 ARTICLE 16. 

CONVERSION OF SECURITIES 
  

	Section 16.1.	Conversion Privilege. 

 Subject to and upon compliance with the provisions of this
Article, at the option of the Holder thereof, Securities of any series or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 (or in the case of Bearer Securities, a principal amount or portion of $5,000 or
an integral multiple of $5,000) may be converted at the principal amount thereof, or of such portion thereof, into fully paid Equity Interests (calculated as to each conversion to the nearest 1/100 of a Equity Interest) of the Issuers, in accordance
with the terms of such series of Securities and (except as otherwise specified as contemplated by Section 3.1) in accordance with this Article. In case a Security or portion thereof is called for redemption, such conversion right in respect of
the Security or portion so called shall expire at the close of business on the Business Day immediately preceding the Redemption Date, unless the Issuers default in making the payment due upon redemption or the applicable Security provides
otherwise. 
 The price at which Equity Interests shall be delivered upon conversion, which shall be specified as contemplated by
Section 3.1, shall be referred to herein as the “conversion price.” The conversion price shall be adjusted in certain instances as provided in paragraphs (1), (2), (3), (4), (5), (6) and (10) of Section 16.4. 

 

	Section 16.2.	Exercise of Conversion Privilege. 

 In order to exercise the conversion privilege, the
Holder of any Security to be converted shall surrender such Security, duly endorsed or assigned to the Issuers or in blank, at any office or agency of the Issuers maintained for that purpose pursuant to Section 10.2, accompanied by written
notice to the Issuers at such office or agency that the Holder elects to convert such Security or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted (in the case of Bearer Securities, any Bearer
Security surrendered for conversion pursuant to this Article must be accompanied by all Coupons maturing subsequent to the date of surrender of such Bearer Security for conversion or the amount of any such missing Coupons will be deducted from the
amount due on such Security used to determine the amount of Equity Interests such Bearer Security may be converted into). Securities surrendered for conversion during the period from the close of business on any Regular Record Date next preceding
any Interest Payment Date to the opening of business on such Interest Payment Date shall (except in the case of Securities or portions thereof which have been called for redemption on a Redemption Date such that the conversion right of such
Securities would terminate between such Regular Record Date and the close of business on such Interest Payment Date) be accompanied by payment in funds reasonably acceptable to the Issuers of an amount

  
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equal to the interest payable on such Interest Payment Date on the principal amount of Securities being surrendered for conversion (with similar provision to be made for Bearer Securities). The
interest so payable on such Interest Payment Date with respect to any Security (or portion thereof, if applicable) which is surrendered for conversion during the period from the close of business on any Regular Record Date next preceding any
Interest Payment Date to the opening of business on such Interest Payment Date and which Security has been called for redemption on a Redemption Date with the consequence that the conversion right of such Security would terminate between such
Regular Record Date and the close of business on such Interest Payment Date shall be paid to the Holder of such Security being converted in an amount equal to the interest that would have been payable on such Security if such Security had been
converted as of the close of business on such Interest Payment Date. The interest so payable on such Interest Payment Date in respect of any Security (or portion thereof, as the case may be) that has not been called for redemption on a Redemption
Date with the consequence of termination of the conversion right as aforesaid, which Security (or portion thereof, as the case may be) is surrendered for conversion during the period from the close of business on any Regular Record Date next
preceding any Interest Payment Date to the opening of business on such Interest Payment Date, shall be paid to the Holder of such Security as of such Regular Record Date. Interest payable in respect of any Security surrendered for conversion on or
after an Interest Payment Date shall be paid to the Holder of such Security as of the next preceding Regular Record Date, notwithstanding the exercise of the right of conversion. Except as provided in this paragraph and subject to the last paragraph
of Section 3.7, no cash payment or adjustment shall be made upon any conversion on account of any interest accrued from the Interest Payment Date next preceding the conversion date, in respect of any Security (or part thereof, as the case may
be) surrendered for conversion, or on account of any dividends on the Equity Interests issued upon conversion. The Issuers’ delivery to the Holder of the number of Equity Interests (and cash in lieu of fractions thereof, as provided in this
Indenture) into which a Security is convertible will be deemed to satisfy the Issuers’ obligation to pay the principal amount of the Security. 

Securities shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such Securities for
conversion in accordance with the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person or Persons entitled to receive the Equity Interests issuable upon conversion shall be
treated for all purposes as the record holder or holders of such Equity Interests at such time. As promptly as practicable on or after the conversion date, the Issuers shall issue and shall deliver at such office or agency a certificate or
certificates for the number of full Equity Interests issuable upon conversion, together with payment in lieu of any fraction of Equity Interest, as provided in Section 16.3. 

In the case of any Security which is converted in part only, upon such conversion the Issuers shall execute and the Trustee shall authenticate
and deliver to the Holder thereof, at the expense of the Issuers, a new Security or Securities of authorized denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Security. 

 

	Section 16.3.	Fractions of Membership Interests. 

 No fractional Equity Interests shall be issued upon
conversion of Securities. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full Equity Interests which shall be issuable upon conversion thereof shall be computed on the basis of the
aggregate principal amount of the Securities (or specified portions thereof) so surrendered. Instead of any fractional Equity Interest which would otherwise be issuable upon conversion of any Security or Securities (or specified portions thereof),
the Issuers shall pay a cash adjustment in respect of such fraction in an amount equal to the same fraction of the closing price per Equity Interest (as determined in the manner described in the second sentence of Section 16.4(8)) at the close
of business on the day of conversion. 
  

	Section 16.4.	Adjustment of Conversion Price. 

 (1) In case the Issuers shall pay or make a dividend or
other distribution on any class of Equity Interests of the Issuers, the conversion price in effect at the opening of business on the day following the date fixed for the determination of equityholders entitled to receive such dividend or other
distribution shall be reduced by multiplying such conversion price by a fraction of which the numerator shall be the number of Equity Interests outstanding at the close of business on the date fixed for such determination and the denominator shall
be the sum of such number of Equity Interests and the total number of Equity Interests constituting such dividend or other distribution, such reduction to become effective immediately after the opening of business on the day following the

  
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date fixed for such determination. If, after any such date fixed for determination, any dividend or distribution is not in fact paid, the conversion price shall be immediately readjusted,
effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the conversion price that would have been in effect if such determination date had not been fixed. For the purposes of this paragraph (1), the
number of Equity Interests at any time outstanding shall not include Equity Interests held in the treasury of the Issuers but shall include Equity Interests issuable in respect of scrip certificates issued in lieu of fractions Equity Interests. The
Issuers will not pay any dividend or make any distribution on Equity Interests held in the treasury of the Issuers. 
 (2) In case the
Issuers shall issue rights or warrants to all holders of its Equity Interests entitling them to subscribe for or purchase Equity Interests at a price per Equity Interest less than the current market price per Equity Interest (determined as provided
in paragraph (8) of this Section) of the same class of Equity Interests on the dated fixed for the determination of equityholders entitled to receive such rights or warrants, the conversion price in effect at the opening of business on the day
following the date fixed for such determination shall be reduced by multiplying such conversion price by a fraction of which the numerator shall be the number of Equity Interests outstanding at the close of business on the date fixed for such
determination plus the number of Equity Interests which the aggregate of the offering price of the total number of Equity Interests so offered for subscription or purchase would purchase at such current market price and the denominator shall be the
number of Equity Interests outstanding at the close of business on the date fixed for such determination plus the number of Equity Interests so offered for subscription or purchase, such reduction to become effective immediately after the opening of
business on the day following the date fixed for determination. If, after any such date fixed for determination, any such rights or warrants are not in fact issued, the conversion price shall be immediately readjusted, effective as of the date the
Board of Directors determines not to issue such rights or warrants, to the conversion price that would have been in effect if such determination date had not been fixed. For the purposes of this paragraph (2), the number of Equity Interests at any
time outstanding shall not include Equity Interests held in the treasury of the Issuers but shall include Equity Interests issuable in respect of scrip certificates issued in lieu of fractions of Equity Interests. The Issuers will not issue any
rights or warrants in respect of Equity Interests held in the treasury of the Issuers. 
 (3) In case outstanding Equity Interests shall be
subdivided into a greater number of Equity Interests, the conversion price in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in case
outstanding Equity Interests shall each be combined into a smaller number of Equity Interests, the conversion price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be
proportionately increased, such reduction or increase, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective. 

(4) In case the Issuers shall, by dividend or otherwise, distribute to all holders of its Equity Interests evidences of its indebtedness or
assets (including securities, but excluding any rights or warrants referred to in paragraph (2) of this Section, any dividend or distribution paid exclusively in cash and any dividend or distribution referred to in paragraph (1) of this
Section), the conversion price shall be adjusted so that the same shall equal the price determined by multiplying the conversion price in effect immediately prior to the close of business on the date fixed for the determination of equityholders
entitled to receive such distribution by a fraction of which the numerator shall be the current market price (determined as provided in paragraph (8) of this Section) of Equity Interests on the date fixed for such determination less the then
fair market value (as determined by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee) of the portion of the assets or evidences of indebtedness so distributed applicable to
one Equity Interest and the denominator shall be such current market price per Equity Interest, such adjustment to become effective immediately prior to the opening of business on the day following the date fixed for the determination of
equityholders entitled to receive such distribution. If, after any such date fixed for determination, any such distribution is not in fact made, the conversion price shall be immediately readjusted, effective as of the date the Board of Directors
determines not to make such distribution, to the conversion price that would have been in effect if such determination date had not been fixed. 

(5) In case the Issuers shall, by dividend or otherwise, distribute to all holders of its Equity Interests cash (excluding any cash that is
distributed as part of a distribution referred to in paragraph (4) of this Section) in an aggregate amount that, combined together with (I) the aggregate amount of any other cash distributions to all holders of its Equity Interests made
exclusively in cash within the 12 months preceding the date of payment of such distribution and in respect of which no adjustment pursuant to this paragraph (5) has been made and (II) the aggregate of any cash plus the fair market value (as
determined by the Board of Directors, whose 

  
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determination shall be conclusive and described in a Board Resolution and filed with the Trustee) of consideration payable in respect of any tender offer by the Issuers or any of its subsidiaries
for all or any portion of the Equity Interests concluded within the 12 months preceding the date of payment of such distribution and in respect of which no adjustment pursuant to paragraph (6) of this Section has been made (the “combined
cash and tender amount”) exceeds 10% of the product of the current market price per Equity Interest (determined as provided in paragraph (8) of this Section) of the particular Equity Interest on the date for the determination of holders of
Equity Interests entitled to receive such distribution times the number of Equity Interests outstanding on such date (the “aggregate current market price”), then, and in each such case, immediately after the close of business on such date
for determination, the conversion price shall be adjusted so that the same shall equal the price determined by multiplying the conversion price in effect immediately prior to the close of business on the date fixed for determination of the
equityholders entitled to receive such distribution by a fraction (i) the numerator of which shall be equal to the current market price per Equity Interest (determined as provided in paragraph (8) of this Section) on the date fixed for
such determination less an amount equal to the quotient of (x) the excess of such combined cash and tender amount over such aggregate current market price divided by (y) the number of Equity Interests outstanding on such date for
determination and (ii) the denominator of which shall be equal to the current market price per Equity Interest (determined as provided in paragraph(8) of this Section) on such date for determination. 

(6) In case a tender offer made by the Issuers or any subsidiary of the Issuers for all or any portion of the Equity Interests shall expire
and such tender offer (as amended upon the expiration thereof) shall require the payment to equityholders (based on the acceptance (up to any maximum specified in the terms of the tender offer) of Purchased Equity Interests (as defined below)) of an
aggregate consideration having a fair market value (as determined by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution and filed with the Trustee) that combined together with (I) the aggregate
of the cash plus the fair market value (as determined by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution and filed with the Trustee), as of the expiration of such tender offer, of consideration
payable in respect of any other tender offer by the Issuers or any subsidiary of the Issuers for all or any portion of the Equity Interests expiring within the 12 months preceding the expiration of such tender offer and in respect of which no
adjustment pursuant to this paragraph (6) has been made and (II) the aggregate amount of any cash distributions to all holders of the Issuers’ Equity Interests within 12 months preceding the expiration of such tender offer and in respect
of which no adjustment pursuant to paragraph (5) of this Section has been made (the “combined tender and cash amount”) exceeds 10% of the product of the current market price per Equity Interest (determined as provided in paragraph
(8) of this Section) as of the last time (the “Expiration Time”) tenders could have been made pursuant to such tender offer (as it may be amended) times the number of Equity Interests outstanding (including any tendered Equity
Interests) as of the Expiration Time, then, and in each such case, immediately prior to the opening of business on the day after the date of the Expiration Time, the conversion price shall be adjusted so that the same shall equal the price
determined by multiplying the conversion price immediately prior to close of business on the date of the Expiration Time by a fraction (i) the numerator of which shall be equal to (A) the product of (I) the current market price per
Equity Interest (determined as provided in paragraph (8) of this Section) on the date of the Expiration Time multiplied by (II) the number of Equity Interests outstanding (including any tendered Equity Interests) on the Expiration Time less
(B) the combined tender and cash amount, and (ii) the denominator of which shall be equal to the product of (A) the current market price per Equity Interest (determined as provided in paragraph (8) of this Section) as of the
Expiration Time multiplied by (B) the number of Equity Interests outstanding (including any tendered Equity Interests) as of the Expiration Time less the number of all Equity Interests validly tendered and not withdrawn as of the Expiration
Time (the Equity Interests deemed so accepted up to any such maximum, being referred to as the “Purchased Equity Interests”). 

(7) The reclassification of Equity Interests into securities including other than Equity Interests (other than any reclassification upon a
consolidation or merger to which Section 12.11 applies) shall be deemed to involve (a) a distribution of such securities other than Equity Interests to all holders of Equity Interests (and the effective date of such reclassification shall
be deemed to be “the date fixed for the determination of equityholders entitled to receive such distribution” and “the date fixed for such determination” within the meaning of paragraph (4) of this Section) and (b) a
subdivision or combination, as the case may be, of the number of Equity Interests outstanding immediately prior to such reclassification into the number of Equity Interests outstanding immediately thereafter (and the effective date of such
reclassification shall be deemed to be “the day upon which such subdivision becomes effective” or “the day upon which such combination becomes effective,” as the case may be, and “the day upon which such subdivision or
combination becomes effective” within the meaning of paragraph (3) of this Section). 

  
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 (8) For the purpose of any computation under paragraphs (2), (4), (5) and (6) of this
Section, the current market price per Equity Interest on any date shall be deemed to be the average of the daily closing prices for the five consecutive Trading Days selected by the Issuers commencing not more than 20 Trading Days before, and ending
not later than, the earlier of the day in question and the day before the “ex” date (as described below) with respect to the issuance or distribution requiring such computation. The closing price for each day shall be the last reported
sales price regular way or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices regular way, in either case on the NASDAQ Global Select Market or the New York Stock Exchange or, if the
Equity Interests are not listed or admitted to trading on either such Exchange, on the principal national securities exchange on which the Equity Interests are listed or admitted to trading or, if not listed or admitted to trading on any national
securities exchange, the average of the closing bid and asked prices in the over-the-counter market as furnished by any New York Stock Exchange member firm selected from time to time by the Issuers for that purpose. For purposes of this paragraph,
the term “‘ex’ date,” when used with respect to any issuance or distribution, means the first date on which the Equity Interests trade regular way on such exchange or in such market without the right to receive such issuance or
distribution. 
 (9) No adjustment in the conversion price shall be required unless such adjustment (plus any adjustments not previously
made by reason of this paragraph (9)) would require an increase or decrease of at least one percent in such price; provided, however, that any adjustments which by reason of this paragraph (9) are not required to be made shall be
carried forward and taken into account in any subsequent adjustment. All calculations under this Article shall be made to the nearest cent or to the nearest one-hundredth of a Equity Interest, as the case may be. 

(10) The Issuers may make such reductions in the conversion price, in addition to those required by paragraphs (1), (2), (3), (4),
(5) and (6) of this Section, as it considers to be advisable in order that any event treated for federal income tax purposes as a dividend of Equity Interests or Equity Interest rights shall not be taxable to the recipients. 

To the extent permitted by applicable law, the Issuers from time to time may reduce the conversion price by any amount for any period of time
if the period is at least twenty (20) days and the Board of Directors shall have made a determination that such reduction would be in the best interests of the Issuers, which determination shall be conclusive. Whenever the conversion price is
reduced pursuant to the preceding sentence, the Issuers shall give notice of the reduction to the Holders of Securities in the manner provided in Section 1.6 at least fifteen (15) days prior to the date the reduced conversion price takes
effect, and such notice shall state the reduced conversion price and the period during which it will be in effect. 
  

	Section 16.5.	Notice of Adjustments of Conversion Price. 

 Whenever the conversion price is adjusted as
herein provided: 
 (a) the Issuers shall compute the adjusted conversion price in accordance with Section 16.4 and shall prepare a
certificate signed by the Treasurer of the Issuers, or other applicable officer, setting forth the adjusted conversion price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be
filed at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 10.2; and 
 (b) a notice
stating that the conversion price has been adjusted and setting forth the adjusted conversion price shall forthwith be required, and as soon as practicable after it is required, such notice shall be mailed by the Issuers to all Holders at their last
addresses as they shall appear in the Security Register. 
  

	Section 16.6.	Notice of Certain Corporate Action. 

 In case: 

(a) either of the Issuers shall declare a dividend (or any other distribution) on its Equity Interests payable (i) otherwise than
exclusively in cash or (ii) exclusively in cash in an amount that would require any adjustment pursuant to Section 16.4; 

  
 57 

 (b) either of the Issuers shall authorize the granting to the holders of its Equity Interests of
rights or warrants to subscribe for or purchase any Equity Interests or of any other rights; 
 (c) of any reclassification of the Equity
Interests of either of the Issuers (other than a subdivision or combination of its outstanding Equity Interests), or of any consolidation or merger to which either of the Issuers are a party and for which approval of any equityholders of either of
the Issuers is required, or of the sale or transfer of all or substantially all of the assets of either of the Issuers; or 
 (d) of the
voluntary or involuntary dissolution, liquidation or winding up of either of the Issuers; then the appropriate Issuer shall cause to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to
Section 10.2, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register or as otherwise allowed by Section 1.6, at least 20 days (or ten days in any case specified in clause
(a) or (b) above) prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a
record is not to be taken, the date as of which the holders of Equity Interests of record to be entitled to such dividend, distribution, rights or warrants are to be determined, or (y) the date on which such reclassification, consolidation,
merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of Equity Interests of record shall be entitled to exchange their Equity Interests for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. 

The Issuers shall cause to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to
Section 10.2, and shall cause to be provided to all Holders in accordance with Section 1.6, notice of any tender offer by either of the Issuers or any subsidiary of the Issuers for all or any portion of the Equity Interests at or about the
time that such notice of tender offer is provided to the public generally. 
  

	Section 16.7.	Issuers to Reserve Equity Interests. 

 The Issuers shall at all times reserve and keep
available, free from preemptive rights, out of their authorized but unissued Equity Interests, for the purpose of effecting the conversion of Securities, the full number of Equity Interests then issuable upon the conversion of all outstanding
Securities. 
  

	Section 16.8.	Taxes on Conversions. 

 The Issuers will pay any and all taxes that may be payable in
respect of the issue or delivery of Equity Interests on conversion of Securities pursuant hereto. The Issuers shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of Equity
Interests in a name other than that of the Holder of the Security or Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Issuers the amount of any such tax, or has
established to the satisfaction of the Issuers that such tax has been paid. 
  

	Section 16.9.	Covenant as to Equity Interests. 

 The Issuers covenant that all Equity Interests which
may be issued upon conversion of Securities will upon issue be fully paid and nonassessable and, except as provided in Section 16.8, the Issuers will pay all taxes, liens and charges with respect to the issue thereof. 

 

	Section 16.10.	Cancellation of Converted Securities. 

 All Securities delivered for conversion shall be
delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 3.9. 
  

	Section 16.11.	Provisions in Case of Consolidation, Merger of Sale of Assets. 

 In case of any
consolidation of either of the Issuers with, or merger of either of the Issuers into, any other Person, any merger of another Person into either of the Issuers (other than a merger which does not result in any reclassification, conversion, exchange
or cancellation of outstanding Equity Interests of either of the Issuers) or any sale or transfer or conveyance of all or substantially all of the assets of either of the Issuers, the Person formed 

  
 58 

 
by such consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver to the Trustee a supplemental indenture providing that the Holder
of each Security then Outstanding shall have the right thereafter, during the period such Security shall be convertible as specified in Section 16.1, to convert such Security only into the kind and amount of securities, cash and other property
receivable upon such consolidation, merger, sale or transfer or conveyance by a holder of the number of Equity Interests of the appropriate Issuer into which such Security might have been converted immediately prior to such consolidation, merger,
sale or transfer or conveyance, assuming such holder of Equity Interests of the appropriate Issuer (i) is not a Person with which the Issuer consolidated or into which the Issuer merged or which merged into the Issuer or to which such sale or
transfer was made, as the case may be (“constituent Person”), or an Affiliate of a constituent Person and (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, sale or transfer or conveyance (provided that if the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale or transfer is not the same for each Equity
Interest of the Issuer held immediately prior to such consolidation, merger, sale or transfer by others than a constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised
(“nonelecting Equity Interest”), then for the purpose of this Section the kind and amount of securities, cash and other property receivable upon such consolidation, merger, sale or transfer by each nonelecting Equity Interest shall be
deemed to be the kind and amount so receivable per Equity Interest by a plurality of the nonelecting Equity Interests). Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental
indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article. The above provisions of this Section shall similarly apply to successive consolidations, mergers, sales or transfers. Notice of the
execution of such a supplemental indenture shall be given by the Issuers to the Holder of each Security as provided in Section 1.6 promptly upon such execution. 

The Issuers shall be solely responsible for performing the duties and responsibilities contained in this Article and the Trustee shall have no
responsibility therefor. 
 ARTICLE 17. 

[SUBORDINATION OF SECURITIES 
  

	Section 17.1.	Securities Subordinate to Senior Indebtedness. 

 The Issuers covenant and agree, and each
Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of the principal of (and
premium, if any) and interest on each and all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness. 

Notwithstanding the foregoing, if a deposit referred to in Section 4.2(4)(a) is made pursuant to Section 4.2(2) or
Section 4.2(3) with respect to any Securities (and provided all other conditions set out in Section 4.2(4) shall have been satisfied with respect to such Securities), then, following such deposit or following the 123rd day after such
deposit with respect to defeasance only, no money or Government Obligations so deposited, and no proceeds thereon, will be subject to any rights of holders of Senior Indebtedness, including any such rights arising under this Article 17. 

 

	Section 17.2.	Payment Over of Proceeds Upon Dissolution, Etc. 

 In the event of (a) any insolvency
or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to the Issuers or to its creditors, as such, or to its assets, or (b) any liquidation,
dissolution or other winding up of the Issuers, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the
Issuers, then and in any such event the holders of Senior Indebtedness shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all Senior Indebtedness, or provision shall be made for such payment in cash
or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, before the Holders of the Securities are entitled to receive any payment or distribution of any kind or character, whether in cash, property or
securities (including any payment or distribution which may be payable or deliverable by reason of the payment of any other Indebtedness of the Issuers subordinated to the payment of the Securities), on account of principal of (or premium, if any)
or interest on the Securities or on account of any purchase or other acquisition of Securities by the Issuers or any Subsidiary of the Issuers (all such payments, distributions, purchases and acquisitions herein referred to, individually and
collectively, as a “Securities Payment”), and to that end the holders of Senior Indebtedness shall be entitled to receive, for application to the payment thereof, any Securities Payment. 

  
 59 

 In the event that, notwithstanding the foregoing provisions of this Section, the Trustee or the
Holder of any Security shall have received any Securities Payment, before all Senior Indebtedness is paid in full or payment thereof provided for in cash or cash equivalents or otherwise in a manner satisfactory to holders of Senior Indebtedness,
and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over or delivered forthwith to the
trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Issuers for application to the payment of all Senior Indebtedness remaining unpaid, to the extent
necessary to pay all Senior Indebtedness in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. Any taxes that have been withheld or deducted from any Securities Payment, or any taxes
that ought to have been withheld or deducted from any such Securities Payment that have been remitted to the relevant taxing authority, shall not be considered to be an amount that the Trustee or the Holder of any Security receives for purposes of
this Section. 
 For purposes of this Article only, the words “cash, property or securities” shall not be deemed to include Equity
Interests of either of the Issuers as reorganized or readjusted, or securities of either of the Issuers or any other business entity provided for by a plan of reorganization or readjustment which are subordinated in right of payment to all Senior
Indebtedness which may at the time be outstanding to substantially the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. The consolidation of either of the Issuers with, or the merger of
either of the Issuers into, another Person or the liquidation or dissolution of either of the Issuers following the conveyance or transfer of its properties and assets substantially as an entirety to another Person upon the terms and conditions set
forth in Article 8 shall not be deemed a dissolution, winding up, liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of either of the Issuers for the purposes of this Section if the Person
formed by such consolidation or into which either of the Issuers is merged or which acquires by conveyance or transfer such properties and assets substantially as an entirety, as the case may be, shall, as a part of such consolidation, merger,
conveyance or transfer, comply with the conditions set forth in Article 8. 
  

	Section 17.3.	No Payment when Senior Indebtedness in Default. 

 Anything in this Indenture to the
contrary notwithstanding, no Securities Payment shall be made by or on behalf of the Issuers (i) unless full payment of amounts then due for principal and interest and of all other obligations then due on all Senior Indebtedness has been made
or duly provided for pursuant to the terms of the instrument governing such Senior Indebtedness, (ii) if, at the time of such payment, redemption, purchase or other acquisition, or immediately after giving effect thereto, there shall exist
under any Senior Indebtedness, or any agreement pursuant to which any Senior Indebtedness is issued, any default, which default shall not have been cured or waived and which default shall have resulted in the full amount of such Senior Indebtedness
being declared due and payable or (iii) if, at the time of such payment, redemption, purchase or other acquisition, the Trustee shall have received written notice from the holder or holders of any Senior Indebtedness or their representative or
representatives (a “Payment Blockage Notice”) that there exists under such Senior Indebtedness, or any agreement pursuant to which such Senior Indebtedness is issued, any default, which default shall not have been cured or waived,
permitting the holders thereof to declare the full amount of such Senior Indebtedness due and payable, but only for the period (the “Payment Blockage Period”) commencing on the date of receipt of the Payment Blockage Notice and ending
(unless earlier terminated by notice given to the Trustee by the Holders of such Senior Indebtedness) on the earlier of (A) the date on which such event of default shall have been cured or waived or shall have ceased to exist or the Senior
Indebtedness to which such default relates shall have been discharged or (B) 180 days from the receipt of the Payment Blockage Notice; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in
accordance with Article 12 hereof by delivery and crediting pursuant to Section 12.2 Securities which have been acquired (upon redemption or otherwise) prior to the acceleration of any such default listed in (i) or (ii) directly above
or prior to receipt of any Payment Blockage Notice. Upon termination of a Payment Blockage Period, payments on account of principal of, premium, if any, or interest on the Securities, and redemptions, purchases or other acquisitions may be made by
or on behalf of the Issuers. Notwithstanding anything herein to the contrary, (A) only one Payment Blockage Notice may be given during any period of 360 consecutive days with respect to the same event of default and any other events of default
on the same issue of 

  
 60 

 
Senior Indebtedness existing and known to the person giving such notice at the time of such notice and (B) no new Payment Blockage Period may be commenced by the holder or holders of the
same issue of Senior Indebtedness or their representative or representatives during any period of 360 consecutive days unless all events of default which were the object of the immediately preceding Payment Blockage Notice, and any other event of
default on the same issue of Senior Indebtedness existing and known to the person giving such notice at the time of such notice, have been cured or waived for a period of at least 90 consecutive days. 

In the event that, notwithstanding the provisions of this Section 17.3, payments are made by or on behalf of the Issuers in contravention
of the provisions of this Section 17.3, such payments shall be held by the Trustee, any Paying Agent or the Holders, as applicable, in trust for the benefit of, and shall be paid over to and delivered to, the holders of Senior Indebtedness or
their representative or the trustee under the indenture or other agreement (if any), pursuant to which any instruments evidencing any Senior Indebtedness may have been issued, as their respective interests may appear, for application to the payment
of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with the terms of such Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders
of Senior Indebtedness. 
 The provisions of this Section shall not apply to any payment with respect to which Section 17.2 would be
applicable. 
  

	Section 17.4.	Reliance by Senior Indebtedness on Subordination Provisions. 

 Each Holder of any
Security by his acceptance thereof acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness, whether such Senior Indebtedness was
created or acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such
subordination provisions in acquiring and continuing to hold or in continuing to hold such Senior Indebtedness. 
  

	Section 17.5.	Payment Permitted If No Default. 

 Nothing contained in this Article or elsewhere in this
Indenture or in any of the Securities shall prevent (a) the Issuers, at any time except during the pendency of any case, proceeding, dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshalling of
assets and liabilities of the Issuers referred to in Section 17.2 or under the conditions described in Section 17.3, from making Securities Payments, or (b) the application by the 

Trustee of any money deposited with it hereunder to Securities Payments or the retention of such Securities Payments by the Holders, if, at
the time of such application by the Trustee, it did not have knowledge that such Securities Payments would have been prohibited by the provisions of this Article. 
  

	Section 17.6.	Subrogation to Rights of Holders of Senior Indebtedness. 

 Subject to the payment in full
of all Senior Indebtedness or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or
distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article (equally and ratably with the holders of all indebtedness of the Issuers which by its express terms is subordinated to indebtedness of the
Issuers to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and
securities applicable to the Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior
Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article to the holders of
Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Issuers, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Issuers to or
on account of the Senior Indebtedness. 

  
 61 

	Section 17.7.	Provisions Solely to Define Relative Rights. 

 The provisions of this Article are and are
intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Indebtedness on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the
Securities is intended to or shall (a) impair, as among the Issuers, their creditors other than holders of Senior Indebtedness and the Holders of the Securities, the obligation of the Issuers, which is absolute and unconditional (and which,
subject to the rights under this Article of the holders of Senior Indebtedness, is intended to rank equally with all other general obligations of the Issuers), to pay to the Holders of the Securities the principal of (and premium, if any) and
interest on the Securities as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the Issuers of the Holders of the Securities and creditors of the Issuers other than the
holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of
the holders of Senior Indebtedness to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder. 
  

	Section 17.8.	Trustee to Effectuate Subordination. 

 Each holder of a Security by his acceptance
thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes.

  

	Section 17.9.	No Waiver of Subordination Provisions. 

 No right of any present or future holder of any
Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuers or by any act or failure to act, in good faith, by any such holder, or by
any non-compliance by the Issuers with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness may, at any time and from time to
time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing the subordination provided in this Article or the
obligations hereunder of the Holders of the Securities to the holders of Senior Indebtedness, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior
Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii) release any Person liable in any manner for the collection of Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Issuers and
any other Person. 
  

	Section 17.10.	Notice to Trustee. 

 The Issuers shall give prompt written notice to the Trustee of any
fact known to the Issuers which would prohibit the making of any payment to or by the Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged
with knowledge of the existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received written notice thereof from the Issuers or a holder of
Senior Indebtedness or from any trustee therefor; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Section 6.1, shall be entitled in all respects to assume that no such facts exist. 

Subject to the provisions of Section 6.1, the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee therefor) to establish that such notice has been given by a holder of Senior Indebtedness (or a trustee therefor). In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this
Article, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

  
 62 

	Section 17.11.	Reliance on Judicial Order or Certificate of Liquidating Agent. 

 Upon any payment or
distribution of assets of the Issuers referred to in this Article, the Trustee, subject to the provisions of Section 6.1, and the Holders of the Securities shall be entitled to rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian,
assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior Indebtedness and other indebtedness of the Issuers, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 

 

	Section 17.12.	Trustee Not Fiduciary for Holders of Senior Indebtedness. 

 The Trustee shall not be
deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of Securities or to the Issuers or to any other Person cash,
property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article or otherwise. 
  

	Section 17.13.	Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights. 

The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness
which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. 

Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.7. 

 

	Section 17.14.	Article Applicable to Paying Agents. 

 In case at any time any Paying Agent other than
the Trustee shall have been appointed by the Issuers and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however, that Section 17.13 shall not apply to the Issuers or
any Affiliate of the Issuers if it or such Affiliate acts as Paying Agent. 
  

	Section 17.15.	Defeasance of this Article 17. 

 The subordination of the Securities provided by this
Article 17 is expressly made subject to the provisions for defeasance in Section 4.2(2) hereof or covenant defeasance in Section 4.2(3) hereof and, anything herein to the contrary notwithstanding, upon the effectiveness of any such
defeasance or covenant defeasance, the Securities then outstanding shall thereupon cease to be subordinated pursuant to this Article 17.] 

[Intentionally left blank] 

  
 63 

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

			
	TEEKAY LNG PARTNERS L.P.
		
	By:	 	TEEKAY GP L.L.C.,
		 	its General Partner

 Attest: 
  

					
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

	
	TEEKAY LNG FINANCE CORP.

 Attest: 
  

					
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	,
	as Trustee
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 EXHIBIT A 

[If the Holder of this Security is a depository, such as The Depository Trust Company (“DTC”) or a nominee of DTC, this Security
is a Global Security and insert the following two legends: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF
THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

UNLESS THE SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),]
TO THE ISSUERS (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO. OR IN] SUCH [OTHER] NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE
DEPOSITORY] [DTC] (AND ANY PAYMENT IS MADE TO [CEDE & CO. OR TO] SUCH [OTHER] ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITORY] [DTC]), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF[, CEDE & CO.,] HAS AN INTEREST HEREIN.] 
 [Insert any applicable
legend(s) required by the Internal Revenue Code] 
  

	 NO.                         

	
$                       
 

 TEEKAY LNG PARTNERS L.P. 

TEEKAY LNG FINANCE CORP. 

[Designation of Series] 
 TEEKAY
LNG PARTNERS L.P., a Marshall Islands limited partnership (hereinafter called the “Partnership”) and TEEKAY LNG FINANCE CORP., a Marshall Islands corporation (together with the Partnership, hereinafter called the “Issuers,” which
term includes any successor entity under the Indenture referred to below), for value received, hereby promises to pay to                     , or
registered assigns, the principal sum of                      Dollars
($                    ) on                     ,
                     [ If the Security is to bear interest prior to Maturity, insert — , and to pay interest thereon from
                     or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually on
                     and                      in
each year, commencing                     , [If the Security is to bear interest at a fixed rate, insert — at the rate of
        % per annum] [If the Security is to bear interest at an adjustable rate, insert — at a rate per annum computed or determined in accordance with the provisions below], until the principal
hereof is paid or made available for payment [If applicable, insert —, and (to the extent that the payment of such interest shall be legally enforceable) at the rate of         % per annum on any
overdue principal and premium and on any overdue installment of interest from the dates such amounts are due until they are paid or made available for payment and such interest shall be payable on demand]. [If applicable, insert —
Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or the maturity date falls on a day that is not a Business Day, the required payment shall be made on the next Business
Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or the maturity date, as the case may be, to such next Business Day.] The interest
so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on
the regular record date for such interest, which shall be                      or
                     (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is
payable but not punctually paid or duly provided for on any Interest 

  
 A-1 

 
Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant regular record date by virtue or having been such holder, and may be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent special record date (which shall be at least 10 days before the payment date) for the payment of such defaulted interest to be
fixed by the Issuers, notice whereof shall be given to the Holders of Securities of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture. 

[If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except
in the case of a default in payment of principal upon acceleration or redemption or at the Stated Maturity and in such case the overdue principal of this Security shall bear interest at the rate of         %
per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue
principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of         % per annum (to the extent that the payment of such
interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 

Payment of the principal of and [If applicable, insert — any such] interest on this Security will be made at the office or agency
of the Issuers maintained for that purpose in The Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts [If
applicable, insert — ; provided, however, that, at the option of the Issuers, interest may be paid by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;] [If applicable,
insert — provided, further, that payment to [DTC or] any [successor] depository may be made by wire transfer to the account designated by [DTC or] such [successor] depository in writing]. 

This Security is one of a duly authorized issue of securities of the Issuers (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of                     , 20     (herein called, together with all
indentures supplemental thereto, the “Indenture”), between the Issuers and                     , as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuers, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [,
initially limited (subject to exceptions provided in the Indenture) to the aggregate principal amount of $                    ]. 

Subject to and upon compliance with the provisions of the Indenture, the Holder of this Security is entitled, at his option, at any time on or
before the close of business on                     ,         , or in case this Security or a portion hereof
is called for redemption, then in respect of this Security or such portion hereof until and including, but (unless the Issuers default in making the payment due upon redemption) not after, the close of business on the Business Day immediately
preceding the Redemption Date, to convert this Security (or any portion of the principal amount hereof which is $1,000 or an integral multiple thereof or in the case of Bearer Securities $5,000 or an integral multiple of $5,000), at the principal
amount hereof, or of such portion, into fully paid and validly issued Equity Interests (calculated as to each conversion to the nearest 1/100 of a Equity Interest) of the Issuers at a conversion price equal to
$                     aggregate principal amount of Securities for each Equity Interest (or at the current adjusted conversion price if an adjustment
has been made as provided in the Indenture) by surrender of this Security, duly endorsed or assigned to the Issuers or in blank, to the Issuers at their office or agency in
                    , accompanied by written notice to the Issuers that the Holder hereof elects to convert this Security, or if less than the entire
principal amount hereof is to be converted, the portion hereof to be converted (in the case of Bearer Securities, any Bearer Security surrendered for conversion must be accompanied by all Coupons maturing subsequent to the date of surrender of such
Bearer Security for conversion or the amount of any such missing Coupons will be deducted from the amount due on such Security used to determine the amount of Equity Interests such Bearer Security may be converted into), and, in case such surrender
shall be made during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date (unless this Security or the portion thereof being converted has
been called for redemption on a Redemption Date such that the conversion right of this Security would terminate between such Regular Record Date and the close of business on 

  
 A-2 

 
such Interest Payment Date), also accompanied by payment in funds reasonably acceptable to the Issuers of an amount equal to the interest payable on such Interest Payment Date on the principal
amount of this Security then being converted (with similar provision to be made for Bearer Securities). In case surrender of this Security for conversion shall be made during the period from the close of business on any Regular Record Date next
preceding any Interest Payment Date to the opening of business on such Interest Payment Date and if this Security or portion hereof has been called for redemption on a Redemption Date with the consequence that the conversion right of this Security
would terminate between such Regular Record Date and the close of business on such Interest Payment Date, then the Holder of this Security will be entitled to receive the interest accruing hereon from the Interest Payment Date next preceding the
date of such conversion to such succeeding Interest Payment Date and shall not be required to pay such interest upon surrender of this Security for conversion. Subject to the aforesaid requirement for payment and, in the case of a conversion after
the Regular Record Date next preceding any Interest Payment Date and on or before such Interest Payment Date, to the right of the Holder of this Security (or any Predecessor Security) of record at such Regular Record Date to receive an installment
of interest (with certain exceptions provided in the Indenture), no payment or adjustment is to be made on conversion for interest accrued hereon or for dividends on the Equity Interests issued on conversion. No fractions of Equity Interests or
scrip representing fractions of Equity Interests will be issued on conversion, but instead of any fractional interest the Issuers shall pay a cash adjustment as provided in the Indenture. The conversion price is subject to adjustment as provided in
the Indenture. In addition, the Indenture provides that in case of certain consolidations or mergers to which the Issuers are a party or the transfer of substantially all of the assets of the Issuers, the Indenture shall be amended, without the
consent of any Holders of Securities, so that this Security, if then outstanding, will be convertible thereafter, during the period this Security shall be convertible as specified above, only into the kind and amount of securities, cash and other
property receivable upon the consolidation, merger or transfer or conveyance by a holder of the number of Equity Interests into which this Security might have been converted immediately prior to such consolidation, merger or transfer or conveyance
(assuming such holder of Equity Interests failed to exercise any rights of election and received per Equity Interest the kind and amount received per Equity Interest by a plurality of nonelecting Equity Interests). 

[If applicable, insert — The indebtedness evidenced by the Securities is, to the extent provided in the Indenture, subordinate and
subject in right of payment to the prior payment in full of all indebtedness and obligations of the Issuers as are defined in the Indenture as “Senior Indebtedness,” and this Security is issued subject to the provisions of the Indenture
with respect thereto, and each Holder of this Security, by accepting the same, agrees to and shall be bound by such provisions. Each Holder of this Security, by accepting the same, agrees that each holder of Senior Indebtedness, whether created or
acquired before or after the issuance of this Security, shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness.] 

[If the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to the Securities shall
occur and be continuing, the principal of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series
shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to [insert formula for determining the
amount]. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally
enforceable), all of the Issuers’ obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.] 

[If applicable, insert — The Securities may not be redeemed prior to the Stated Maturity.] 

[If applicable, insert — The Securities are not subject to any sinking fund.] 

  
 A-3 

 [If applicable, insert — The Securities are subject to redemption [(l) [If
applicable, insert — on                      in any year commencing with the year          and
ending with the year          through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] [If applicable, insert — at any time [on or
after                     ], as a whole or in part, at the election of the Issuers, at the following Redemption Prices (expressed as percentages of
the principal amount): if redeemed on or before                     ,         % and if redeemed during the
12-month period beginning                      of the years indicated at the Redemption Prices indicated below: 

 

			
	 Year
	  	Redemption Price
		  	
		  	
		  	

 and thereafter at a Redemption Price equal to         % of the principal amount,
together in the case of any such redemption [If applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date; provided, however, that installments of interest on this
Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture.] 
 [If applicable, insert — The Securities are subject to redemption (1) on
                     in any year commencing with the year          and ending with the year
         through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the
table below, and (2) at any time [on or after                     ], as a whole or in part, at the election of the Issuers, at the Redemption
Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: if redeemed during the 12-month period beginning
                     of the years indicated below: 
  

					
	 Year
	  	Redemption Price
for Redemption
through Operation
of the Sinking Fund	  	Redemption Price for
Redemption
Otherwise than
through Operation
of the Sinking Fund
		  		  	
		  		  	
		  		  	

 and thereafter at a Redemption Price equal to         % of the principal amount,
together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date; provided, however, that installments of interest on this Security whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 [If applicable, insert — Notwithstanding the foregoing, the Issuers may not, prior to
                    , redeem any Securities as contemplated by [Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any
refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Issuers (calculated in accordance with generally accepted financial practice) of less than
        % per annum.] 
 [If applicable, insert — The sinking fund for the Securities
provides for the redemption on                      in each year, beginning with the year          and ending
with the year         , of [not less than] $                     [(“mandatory sinking fund”) and
not more than $                    ] aggregate principal amount of the Securities of this series. [The Securities acquired or redeemed by the Issuers
otherwise than through [mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made in the [describe order].]] 

[If applicable, insert — Notice of redemption will be given by mail to Holders of Securities, not less than 30 nor more than
60 days prior to the Redemption Date, all as provided in the Indenture.] 
 In the event of [If applicable, insert —
redemption or] conversion of this Security in part only, a new Security or Securities for the [If applicable, insert — unredeemed or] unconverted portion hereof shall be issued in the name of the Holder hereof upon the cancellation
hereof. 
 The Indenture contains provisions permitting, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuers and the rights of the Holders of the Securities of each series issued under the Indenture at any time by the Issuers and the Trustee with the written consent of the Holders of not less than a
majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities
of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuers with certain provisions of the 

  
 A-4 

 
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Securities and of any Securities issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Issuers, which is absolute and unconditional, to pay the principal of and interest on this Security, at the times, place and rate, and in the coin or currency, herein or to convert this Security, and in the Indenture prescribed. 

As provided in the Indenture and subject to certain limitations set forth therein and in this Security, the transfer of this Security may be
registered on the Security Register upon surrender of this Security for registration of transfer at the office or agency of the Issuers maintained for that purpose in any place where the principal of and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

[If applicable, insert — The Securities are issuable only in registered form [without coupons] in the denominations of
$                     or any integral multiple thereof.] As provided in the Indenture and subject to certain limitations set forth in the Indenture,
and in this Security, the Securities are exchangeable for a like aggregate principal amount of Securities of this series in different authorized denominations, as requested by the Holders surrendering the same.] 

No service charge shall be made for any such registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. 
 Prior
to due presentment of this Security for registration of transfer, the Issuers, the Trustee and any agent of the Issuers or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Issuers, the Trustee nor any such agent shall be affected by notice to the contrary. 
 [If
applicable, insert — The Indenture contains provisions whereby (i) the Issuers may be discharged from its obligations with respect to the Securities (subject to certain exceptions) or (ii) the Issuers may be released from its
obligations under specified covenants and agreements in the Indenture, in each case if the Issuers irrevocably deposits with the Trustee money or Government Obligations, or a combination thereof, in an amount sufficient, without consideration of any
reinvestment, to pay and discharge the entire indebtedness on all Securities of this series, and satisfies certain other conditions, all as more fully provided in the Indenture.] 

This Security shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or
instruments entered into and, in each case, performed in said State. 
 All terms used in this Security without definition that are defined
in the Indenture shall have the meanings assigned to them in the Indenture. 
 [Remainder of Page Intentionally Left Blank] 

  
 A-5 

 Unless the Certificate of Authentication hereon has been executed by or on behalf of the Trustee
under the Indenture by the manual signature of one of its authorized officers, this Security shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Issuers have caused this instrument to be duly executed. 

 

					
	TEEKAY LNG PARTNERS L.P.
		
	By:	 	TEEKAY GP L.L.C.,
		 	its General Partner
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Attest: 
  

					
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	TEEKAY LNG FINANCE CORP.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Attest: 

 

					
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 CERTIFICATE OF AUTHENTICATION 

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

 

									
		 		 	,
		 		 	as Trustee
				
	Dated:                                 	 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	Authorized Officer

  
 A-6EX-10.1

 Exhibit 10.1 

DATED JULY 8, 2014 

DSME HULL NO. 2423 L.L.C. 

as BUYER 
 - AND -

 DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD. 

and 
 DY TANKERS LIMITED

 as BUILDER 
  

 
 SHIPBUILDING
CONTRACT 
 IN RESPECT OF AN 

ARC 7, 172,410 M3 ICE BREAKING 

LIQUEFIED NATURAL GAS CARRIER 

BUILDER’S HULL NO. 2423 
  

 

  
 1 

 TABLE OF CONTENTS 

 

					
	 TABLE OF CONTENTS
	  	 	2	  
	 DEFINITIONS
	  	 	5	  
	 CLAUSE 1 – DESCRIPTION AND CLASS
	  	 	15	  
	 CLAUSE 2 – CONTRACT PRICE AND TERMS OF PAYMENT
	  	 	25	  
	 CLAUSE 3 – ADJUSTMENT OF CONTRACT PRICE AND LIQUIDATED DAMAGES
	  	 	30	  
	 CLAUSE 4 – APPROVAL OF PLANS AND DRAWINGS INSPECTION
	  	 	36	  
	 CLAUSE 5 – MODIFICATIONS
	  	 	41	  
	 CLAUSE 6 – PLANNED PROGRAMME
	  	 	44	  
	 CLAUSE 7 – TRIALS AND ACCEPTANCE
	  	 	46	  
	 CLAUSE 8 – ACCEPTANCE AND FINAL DELIVERY
	  	 	54	  
	 CLAUSE 9 – DELAYS AND EXTENSION OF TIME FOR TECHNICAL ACCEPTANCE AND FINAL DELIVERY (FORCE MAJEURE)
	  	 	59	  
	 CLAUSE 10 – WARRANTY OF QUALITY
	  	 	61	  
	 CLAUSE 11 – BUILDER’S DEFAULT
	  	 	67	  
	 CLAUSE 12 – BUYER’S DEFAULT
	  	 	70	  
	 CLAUSE 13 – INSURANCE
	  	 	73	  
	 CLAUSE 14 – DISPUTES
	  	 	76	  
	 CLAUSE 15 – RIGHT OF ASSIGNMENT
	  	 	78	  
	 CLAUSE 16 – TAXES AND DUTIES
	  	 	79	  
	 CLAUSE 17 – PATENTS, TRADEMARKS, COPYRIGHTS, ETC.
	  	 	80	  
	 CLAUSE 18 – BUYER’S SUPPLIES
	  	 	81	  
	 CLAUSE 19 – NOTICE
	  	 	83	  
	 CLAUSE 20 – EFFECTIVE DATE OF CONTRACT
	  	 	85	  
	 CLAUSE 21 – CONFIDENTIAL INFORMATION
	  	 	86	  
	 CLAUSE 22 – HEALTH, SAFETY, SECURITY AND ENVIRONMENTAL ISSUES
	  	 	88	  
	 CLAUSE 23 – ETHICS
	  	 	95	  
	 CLAUSE 24 – INTERPRETATION
	  	 	96	  
	 CLAUSE 25 – JOINT AND SEVERAL LIABILITY
	  	 	99	  
	 CLAUSE 26 – SANCTIONS
	  	 	100	  
	 APPENDIX A – PRINCIPAL PLANS
	  	 	103	  
	 APPENDIX B – SUPPLIERS’ LIST
	  	 	104	  
	 APPENDIX C – FORM OF STAGE CERTIFICATE
	  	 	105	  
	 APPENDIX D – PART 1 – PROTOCOL OF INITIAL ACCEPTANCE
	  	 	106	  
	 APPENDIX – LIST OF MINOR NON-CONFORMITIES
	  	 	107	  
	 APPENDIX D – Part 2 – PROTOCOL OF FINAL DELIVERY
	  	 	108	  
	 APPENDIX E – PLANNED PROGRAMME
	  	 	109	  
	 APPENDIX F – REFUND GUARANTEE
	  	 	110	  

  
 2 

					
	 APPENDIX G – FORM OF PERFORMANCE GUARANTEE
	  	 	112	  
	 APPENDIX H – HSSE PLAN
	  	 	114	  
	 APPENDIX I – FORM OF STEP IN AGREEMENT
	  	 	117	  
	 APPENDIX J – METHOD OF MEASURING LOADED BOIL OFF RATE
	  	 	128	  
	 APPENDIX K – METHOD OF MEASURING FUEL GAS POWER RATIO
	  	 	129	  
	 APPENDIX L – LIST OF APPROVED SUBCONTRACTORS
	  	 	131	  
	 APPENDIX M – LIST OF PRIMARY TERMINALS
	  	 	133	  
	 APPENDIX N – GUARANTEE FOR EXTERNAL HULL AND BALLAST TANKS COATINGS
	  	 	137	  
	 APPENDIX O – ICE TRIALS MANAGEMENT AGREEMENT
	  	 	140	  
	 APPENDIX P – CORPORATE GUARANTEE
	  	 	154	  

  
 3 

 THIS SHIPBUILDING CONTRACT made this
             day of                      2014 

BY AND BETWEEN 
  

	(1)	DSME HULL NO. 2423 L.L.C., a corporation organised and existing under the laws of the Republic of the Marshall Islands, having its principal office at Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands MH96960, (the “Buyer”); 

  

	(2)	DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD., a corporation organised and existing under the laws of The Republic of Korea, having its principal office at 125, Namdaemun-ro, Jung-gu, Seoul,
100-180, Republic of Korea (“DSME”); and 

  

	(3)	DY TANKERS LIMITED, a corporation organised and existing under the laws of the Bahamas, having its registered office at Bayside Executive Park, Building No. 3, West Bay Street & Blake Road, P.O. Box
N-4875, Nassau, the Bahamas. (“DY Tankers” and together with DSME, the “Builder”) 

 WITNESSETH THAT 

 

	(A)	In consideration of the mutual covenants herein contained, Builder agrees to design, build, launch, equip and complete at its Okpo shipyard (the “Shipyard”) and sell and deliver to Buyer one (1) ARC 7
172,410 m3 ice breaking LNG Carrier more fully described in Clause 1 hereof, and Buyer agrees to purchase and take delivery of the Vessel from Builder and to pay for the same, all upon the terms
and conditions hereinafter set forth. 

  

	(B)	It is anticipated by the Parties that DSME will transfer title in the Vessel to DY Tankers on the Initial Acceptance Date for the purposes of conducting the Ice Trials and delivering the Vessel to Buyer at Final
Delivery. 

  

	(C)	DSME and DY Tankers will remain jointly and severally liable for all the obligations expressed to be obligations of Builder in this Contract. 

  
 4 

 DEFINITIONS 

In this Contract the following terms shall bear the meanings hereafter set out: 
  

					
	“Affiliate”	  	Means any natural or legal person who directly or indirectly controls, is under common control with or is controlled by the party in question; and “control” means the right to exercise 50% or more of the voting
shares of a company or other entity or of the equivalent rights so as to determine the decisions of such company or other entity;
		
	“Agreed Interest Rate”	  	Means six per cent (6%) per annum;
		
	“Approved Subcontractors”	  	Has the meaning set out in Clause 1.7(a);
		
	“Authorised Representatives”	  	Has the meaning set out in Clause 4.2;
		
	“Banking Days”	  	Means days, other than Saturday and Sunday, on which banks in each of New York and Moscow are customarily open for business;
		
	“Boil-off”	  	Means the vapour resulting from the vapourisation of LNG in the cargo tanks of the Vessel;
		
	“Builder’s Bank”	  	Means the bank identified as such in Clause 2.6;
		
	“Builder Party”	  	Has the meaning set out in Clause 4.6;
		
	 “Buyer’s Modification”
  

“Buyer Party”
	  	 Has the meaning set out in Clause 5.1(a);
  

Has the meaning set out in Clause 4.6;

		
	“Charterer”	  	Means Yamal Trade Pte. Ltd. (or one of its Affiliates);
		
	“Classification Society”	  	Means together:
			
		  	(i)	  	the Russian Maritime Register of Shipping (“RS”); and

  
 5 

					
			
		  	(ii)	  	Bureau Veritas
			
		  		  	or either of them as the context demands.
		
	“Classification Surveyor”	  	Means any surveyor appointed by the Classification Society to supervise the Vessel’s design and construction;
		
	“Contract”	  	Means this shipbuilding contract, together with any additions or amendments hereto hereafter agreed between the Parties;
		
	“Contract Price”	  	Has the meaning set out in Clause 2.1;
		
	“Corporate Guarantees”	  	Means the guarantees of the performance of Buyer’s obligations to be given by the Corporate Guarantors substantially in the form of Appendix P;
		
	“Corporate Guarantors”	  	Means:
			
		  	(i)	  	Teekay LNG Partners LP (“TGP”).
			
		  		  	and
			
		  	(ii)	  	China LNG Shipping Holdings Ltd (“CLNG”);
		
	“Depot Spares”	  	Has the meaning set out in Clause 1.10;
		
	“Effective Date”	  	Has the meaning set out in Clause 20;
		
	“Final Acceptance”	  	Means the technical acceptance of the Vessel by Buyer following completion of all Trials and confirming conformity of the Vessel with this Contract and the Specifications;
		
	“Final Delivery”	  	Means the final delivery of the Vessel by Builder following her Final Acceptance in accordance with the terms hereof;

  
 6 

					
		
	“Final Delivery Date”	  	Means the date referred to in Clause 8.1(b), as the same may from time to time automatically be extended in accordance with the provisions of this Contract;
		
	“Final Instalment”	  	Has the meaning set out in Clause 2.3(e);
		
	“First Instalment”	  	Has the meaning set out in Clause 2.3(a);
		
	“Flag State”	  	Has the meaning set out in Clause 1.11;
		
	“Force Majeure Delay”	  	Means any delay caused by a Force Majeure Event (but excluding any such delays the Builder cannot rely upon pursuant to Clause 9.1(b));
		
	“Force Majeure Event”	  	Has the meaning set out in Clause 9.1(a);
		
	“Fourth Instalment”	  	Has the meaning set out in Clause 2.3(d);
		
	“Fuel Gas Power Ratio”	  	Means the percentage ratio obtained by dividing:
			
		  	(i)	  	energy (expressed in kW.h) generated by the Vessel’s main generators when burning fuel gas; by
			
		  	(ii)	  	the total energy generated by the Vessel’s main generators (expressed in kW.h);
		
		  	and multiplied by one hundred (100);
		
	“Green Passport”	  	Means the inventory of hazardous materials for the Vessel as required by the Ship Recycling Convention adopted in May 2009 which inventory is issued by the Classification Society;
		
	“Guaranteed Boil-off Rate”	  	Has the meaning set out in Clause 1.3;
		
	“Guaranteed Fuel Consumption”	  	Has the meaning set out in Clause 1.3;
		
	“Guaranteed Fuel Gas Power Ratio”	  	Has the meaning set out in Clause 1.3;
		
	“Guaranteed Gross LNG Cargo Capacity”	  	Has the meaning set out in Clause 1.3;

  
 7 

					
		
	“Guaranteed Speed in Open Water”	  	Has the meaning set out in Clause 1.3;
		
	“Guaranteed Speed in Ice Conditions”	  	Means each of the speeds in ice referred to in Clause 1.3;
		
	“HSSE Management Systems”	  	Has the meaning set out in Clause 22.1(b);
		
	“HSSE Plan”	  	Has the meaning set out in Clause 22.2(a);
		
	“HSSE Policy”	  	Means Builder’s policy with respect to preservation of health, safety, security and the environment and approved by Buyer pursuant to Clause 22;
		
	“Ice Certificate”	  	Means the ice certificate issued by the Central Marine Research and Design Institute or the Krylov Institute (both of the Russian Federation) confirming the ice capabilities of the Vessel;
		
	“Ice Coating”	  	Means the abrasion resistant low friction icebreaker paint to be applied to the bottom and sides, up to the upper limit of the icebelt, of the Vessel in accordance with the Specifications;
		
	“Ice Coating Acceptance”	  	Means, where the Ice Coating is to be applied at the Ice Coating Facility, the acceptance by Buyer that the Vessel’s Ice Coating complies with the requirements of this Contract and the Specifications;
		
	“Ice Coating Facility”	  	Has the meaning set out in Clause 1.14;
		
	“Ice Trials Management Agreement”	  	Means the agreement in the form of Appendix O to be entered into between Builder and Manager, whereby Manager will provide certain operational and management services for Builder in respect of the Vessel for the period
from Initial Acceptance to Final Delivery;

  
 8 

					
		
	“Ice Trials”	  	Means the trials of the Vessel to be conducted in accordance with the Specifications and Clause 7.3 in order to measure the ice performance of the Vessel;
		
	“Ice Trials Voyage”	  	Has the meaning set out in Clause 7.1(f);
		
	“Ice Trials Window”	  	Means, in respect of the Preferred Location, the period in any calendar year during which the ice conditions are most suitable to conduct the Ice Trials, such period to be the months of March to May inclusive;
		
	“Initial Acceptance”	  	Means the technical approval of the Vessel by Buyer at the Shipyard following completion of all Trials (other than the Ice Trials) and confirming conformity of the Vessel with this Contract and the Specifications other
than in relation to:
			
		  	(i)	  	the Ice Coating (to the extent the same has not been applied at the Shipyard prior to Initial Acceptance);
			
		  	(ii)	  	the ice performance of the Vessel to be measured during the Ice Trials;
			
		  	(iii)	  	the Boil-off of the Vessel to be measured in accordance with Appendix J following Final Delivery; and
			
		  	(iv)	  	the Fuel Gas Power Ratio of the Vessel to be measured in accordance with Appendix K following Final Delivery;
		
	“Initial Acceptance Date”	  	Means the date referred to in Clause 8.1(a), as the same may from time to time automatically be extended in accordance with the provisions of this Contract;
		
	“Instalment”	  	Means any of the First Instalment, Second Instalment, Third Instalment, Fourth Instalment and/or Final Instalment;

  
 9 

					
		
	“Kara Gate”`	  	Means the channel between the southern part of Novaya Zemlya and the northern part of Vaygach Island;
		
	“Liabilities”	  	Means collectively all proceedings, claims, obligations, losses, damages, assessments, penalties, actions, suits, costs, expenses and disbursements of any kind or nature whatsoever (including reasonable legal fees and
expenses);
		
	“LNG”	  	Means Natural Gas in a liquid state at or below its point of expansion;
		
	“Manager”	  	Means Teekay Shipping Limited;
		
	“Minor Non-Conformities”	  	Means any respects in which the Vessel, or any part or equipment thereof, does not conform to the requirements of this Contract and the Specifications and which, in the reasonable opinion of Buyer, do not, either
individually or cumulatively, affect either (i) the safe and efficient operation of the Vessel, (ii) any rules and regulations (whether of the Classification Society, the Flag State, the Primary Terminals or any other regulatory body) to which the
Vessel is required to conform pursuant to this Contract and the Specifications, or (iii) the ability to conduct any and all Trials which remain to be conducted, and which can be rectified by Builder between the Initial Acceptance and Final Delivery
without any loss of time to the Vessel;
		
	“Model Tests”	  	Has the meaning set out in Clause 1.2;
		
	“Natural Gas”	  	Means any hydrocarbon or a mixture of hydrocarbons consisting principally of methane, other hydrocarbons and non-combustible gases, all of which are substantially in the
gaseous

  
 10 

					
		  	phase at a pressure of one hundred and one point three two five (101.325) kilopascals absolute and at a temperature of fifteen degrees Celsius (15° C);
		
	“Northern Sea Route”	  	Means the Northern Sea Route, as defined in the Federal law of the Russian Federation No. 132-FZ dated 28.07.2012 as amended or replaced from time to time;
		
	“Northern Sea Route Administration”	  	Means the Russian governmental body that regulates all sailing on the Northern Sea Route;
		
	“Party”	  	Means either Builder or Buyer, as the case may be;
		
	“Performance Guarantee”	  	Means a performance guarantee to be given by the Performance Guarantor substantially in the form attached as Appendix G as security for the performance by Builder of its obligations under Clause 10, in an amount equal to
five per cent (5%) of the Contract Price during the first two (2) years after Final Delivery and in an amount equal to three per cent (3%) of the Contract Price during the subsequent three (3) years;
		
	“Performance Guarantor”	  	Means any of the Export-Import Bank of Korea or Korea Development Bank or Nonghyup Bank or another first class bank with a credit rating of “A-” or better from Standard & Poor’s and/or a credit rating
of “A3” from Moody’s or other equivalent financial institution acceptable to Buyer and includes any replacement(s) thereof pursuant to Clause 2.5;
		
	“Permissible Delay”	  	Has the meaning set out in Clause 9.3;
		
	“Planned Programme”	  	Means the programme set out in Appendix E;
		
	“Preferred Location”	  	Has the meaning given to it in Clause 7.3(a);

  
 11 

					
		
	“Primary Terminal”	  	Means any of the ports or terminals listed in Appendix M;
		
	“Proprietary Items”	  	Has the meaning set out in Clause 17.1(a);
		
	“Protocol of Final Delivery and Acceptance”	  	Means a protocol in the form of Appendix D, Part 2 to be signed at Final Delivery;
		
	“Protocol of Initial Acceptance”	  	Means a protocol in the form of Appendix D, Part 1 to be signed at Initial Acceptance;
		
	“Refund Guarantee”	  	Means a letter of guarantee to be given by the Refund Guarantor in favour of Buyer substantially in the form attached as Appendix F;
		
	“Refund Guarantor”	  	Means any of the Export-Import Bank of Korea or Korea Development Bank or Nonghyup Bank or another first class bank with a credit rating of “A-” or better from Standard & Poor’s and/or a credit rating
of “A3” rating from Moody’s or other equivalent financial institution acceptable to Buyer and includes any replacement(s) thereof pursuant to Clause 2.5;
		
	“Second Instalment”	  	Has the meaning set out in Clause 2.3(b);
		
	“Shipyard”	  	Means DSME’s shipyard at Okpo;
		
	“Specifications”	  	Means:
			
		  	(i)	  	specification no H2423-FS-R0 dated                      initialled by the Parties hereto for identification and forming an integral
part of this Contract, together with any additions or amendments thereto hereafter agreed between the Parties; and

  
 12 

					
			
		  	(ii)	  	the principal plans and drawings initialled by each of the Parties hereto for identification, listed at Appendix A and forming an integral part of this Contract;
		
	“Statutory Modification”	  	Has the meaning set out in Clause 5.2;
		
	“Step In Agreement”	  	Means an agreement in the form set out at Appendix I to be entered into between Builder, Buyer and Charterer together with this Contract;
		
	“Suppliers’ List”	  	Means the agreed list of approved suppliers set out in Appendix B hereto;
		
	“Target Milestone Date”	  	Has the meaning set out in Clause 6.1;
		
	“Technology Transfer Agreement”	  	Means the agreement entered into by Builder with JSC Far Eastern Shipbuilding and Ship Repair Center, providing, inter alia, for:
			
		  	(i)	  	implementing a training programme for Russian based shipyard personnel;
			
		  	(ii)	  	the provision of certain technical documentation (including, but not limited to, basic and detailed vessel design) reasonably required by the Russian shipyard to enable it to build and deliver to Builder those parts of the Vessel as
agreed between Builder and Russian shipyard; and
			
		  	(iii)	  	sub-contracting a portion of the work to be performed under this Contract to such Russian shipyard;
		
	“Third Instalment”	  	Has the meaning set out in Clause 2.3(c);
		
	“Trials”	  	Has the meaning set out in Clause 7.1(a);
		
	“United States Dollars”	  	Means the lawful currency from time to time of the United States of America;

  
 13 

					
		
	“Vessel”	  	Means the Vessel, its machinery, equipment and outfitting described in Clause 1 hereof and in the Specifications (including all spare parts), built in accordance with this Contract, the Specifications and the Principal
Plans; and
		
	“Working Day”	  	Means any day on which work is normally carried out at the Shipyard.

  
 14 

 CLAUSE 1 – DESCRIPTION AND CLASS 

 

	1.1	Description 

 The Vessel shall have Builder’s Hull No 2423 and shall be designed,
constructed, equipped, tested, completed and delivered in accordance with the provisions of this Contract, including without limitation the Specifications. All of the works envisaged by this Contract shall be undertaken by Builder in a good, sound
and workmanlike manner, in accordance with first class shipbuilding and marine engineering standards and practice for vessels engaged in the transportation of LNG and for ice breaking vessels, including without limitation such standards and practice
in relation to quality assurance and quality control. 
 The Vessel shall be delivered safely afloat at Sabetta, or in another agreed
location following Initial Acceptance and successful completion of the Ice Trials, in accordance with this Contract, ready in all respects to engage in the transportation of LNG in both open water and ice-bound conditions. 

 

	1.2	Design and Model Testing Obligations 

 Notwithstanding any other provisions of this
Contract, it is expressly agreed and understood that Builder shall be solely responsible for all aspects of the design of the Vessel, whether or not such design has been approved by Buyer and/or the Classification Society, and whether or not such
design derives from drawings and/or calculations supplied by Buyer and/or to any requests for Buyer’s Modifications. Builder warrants the accuracy, suitability and sufficiency of the Vessel’s design to permit her to meet the performance
and quality standards of this Contract. 
 Builder shall have no liability for the design of Buyer’s Supplies, but shall be fully
responsible for all aspects of the installation of the same. 
 Builder shall be responsible for conducting, at its own cost, all model tests
(the “Model Tests”) of the Vessel in accordance with the Specifications. Promptly following each such Model Test, Builder shall communicate the results of such Model Test to Buyer and Charterer in writing and in reasonable detail. 

  
 15 

	1.3	Dimensions and Characteristics 

 The Vessel shall have the following principal dimensions
and characteristics:- 
  

			
		
	Length overall:	  	Approx. 299 metres
		
	Length between perpendiculars:	  	283.1 metres
		
	Breadth moulded:	  	50.0 metres
		
	Depth moulded, to upper deck:	  	26.5 metres
		
	Design Draft, moulded (in seawater of specific gravity 1.025):	  	11.7 metres
		
	Scantling Draft, moulded (in seawater of specific gravity of 1,025):	  	13.0 metres
		
	Air Draft at normal ballast condition (9.4m of moulded draft with even keel):	  	54.4 metres
		
	Deadweight at 11.7 metres of moulded summer draft (in sea water of gravity of 1.025)	  	79,970 tonnes
		
	Guaranteed Gross LNG Cargo Capacity at a temperature of -163 degrees Celsius (°C):	  	172,410 cubic metres (If the revised IGC Code in terms of the minimum allowable proximity of the cargo tanks to the ship’s side which will apply to gas carriers constructed on/after 1 July 2016 is waived by the Flag State,
172,410 cubic metres shall be changed to 172,610 cubic metres.)
		
	Cargo containment system type:	  	GT NO 96-GW
		
	Guaranteed Speed in Open Water:	  	19.5 knots
		
	Guaranteed Speed in Ice Condition 1.5m level ice, astern:	  	5.0 knots
		
	Guaranteed Speed in Ice Condition 1.5m level ice, ahead:	  	2.0 knots

  
 16 

			
		
	Guaranteed Speed in Ice Condition 4.0m brash ice, astern:	  	4.0 knots
		
	Main propulsion plant:	  	POD propulsion system and Main generator engine
		
	POD propulsion system:	  	ABB POD propulsion system
		
	POD Propulsion power at rating and No. of sets:	  	15,000 kW x 3 sets
		
	Normal POD propulsion power at open sea with 21% sea margin:	  	39,600 kW
		
	Main generator engine and No. of sets:	  	Wärtsilä 12V50DF x 4 sets, Wärtsilä 9L50DF x 2 sets
		
	Main generators engine power at rating:	  	Wärtsilä 12V50DF: 11,700 kW, Wärtsilä 9L50DF: 8,775 kW
		
	Guaranteed Fuel Consumption of main diesel generator engine:	  	189.0 g/kWh at engine MCR during shop test with fuel oil with lower calorific value of 42.7 MJ/Kg, engine driven HT CW, LT CW and LO pumps and methane number (MN) of 80 and above under ISO reference conditions (ISO
3046-1:2002)
		
	Guaranteed Fuel Gas Power Ratio:	  	Ninety-six per cent (96%)
		
	Guaranteed Boil-off Rate:	  	0.130 per cent per laden day of the Guaranteed Gross LNG Cargo Capacity.
		
	Cargo Discharge / Loading Rate:	  	Approx. 16,000/14,000 m3/hour, for the details, Section 326 of the Specifications shall be referred to

 The Vessel shall have a Green Passport. 

The details of the above particulars as well as the definitions and method of measurements and calculations are as indicated in the
Specifications. 

  
 17 

	1.4	Classification, Rules and Regulations 

  

	(a)	The Vessel, including its machinery, equipment and outfitting, shall be designed and constructed in accordance with the rules, regulations and requirements of, and under special survey of, the Classification Society, so
as to achieve on Initial Acceptance and Final Delivery the class notation: 

  

	 	(i)	Bureau Veritas 

 I, +HULL, +MACH, Liquefied Gas Carrier / LNG, unrestricted navigation,
INWATERSURVEY, +VeriSTAR Hull DFL(40), spectral fatigue (north atlantic) +AUT-IMS, +SYS-NEQ-1, SYS-IBS, MONSHAFT, BWE, BWT, CLEANSHIP, LI, AVM-IPS, ERS-S, GREEN PASSPORT, COMF-NOISE-2, COMF-VIB-2 

 

	 	(ii)	RS 

 KM

, Arc7 (Arc7 at d£12.0 m), Gas carrier type 2G(methane), AUT1-ICS, OMBO, EPP, ANTI-ICE, LI, CCO, ECO-S, WINTERIZATION(-50), BWE(E-S) 

The Vessel’s classification status and certificates are to be clean and free of all conditions, recommendations, restrictions or
qualifications whatsoever. 
 For the purposes of liaison with, and ensuring compliance with the rules and requirements of the Flag State,
Bureau Veritas shall be the lead Classification Society responsible for such liaison and compliance. 
  

	(b)	The Vessel shall also comply with: 

  

	 	(i)	the rules, regulations and requirements of the Classification Society in effect as of 31 July 2013 together with those rules, regulations and requirements which as of 31 July 2013 have been adopted by the
Classification Society and scheduled to come into effect for compulsory application to the Vessel between 31 July 2013 and 31 December 2025, both dates inclusive. Decisions of the Classification Society as to compliance or non-compliance
with the Classification Society’s rules, regulations and requirements shall be final and binding upon both Parties hereto; and 

  

	 	(ii)	the rules, regulations and requirements of the Flag State, the Primary Terminals and of the regulatory bodies listed in Section 122 of the Specifications in effect as of 31 July 2013, together with those
rules, regulations and requirements which as of 31 July 2013 have been adopted and/or ratified and scheduled to come into effect for compulsory application to the Vessel between 31 July 2013 and 31 December 2025, both dates inclusive.

  
 18 

 For the purpose of determining compliance with any rules, regulations and requirements of the
International Maritime Organisation that are scheduled to come into effect after 31 July 2013, Builder shall be entitled to rely upon Part 1 of the latest edition of “LR’s Future IMO Legislation” publication as of 31 July
2013, which Builder and Buyer agree shall be conclusive. 
 Notwithstanding the above, Builder and Buyer agree that (i) the Vessel as
far as its operation in gas mode is concerned complies with IMO Tier III NOx Emissions regulations and (ii) the Vessel is not required to comply with such regulations when operating in any other mode. 

All fees and charges incidental to the classification and with respect to compliance with the rules, regulations and requirements set out above
shall be for the account of Builder. 
  

	1.5	Compatible Terminals 

  

	 	(a)	Builder warrants that the Vessel shall be designed and constructed so that at the date of Initial Acceptance: 

  

	 	(i)	she is compatible with the Primary Terminals listed in Appendix M Part I; and 

  

	 	(ii)	she is compatible with the Primary Terminals listed in Appendix M Part II save in relation to the specific main dimensions or characteristics listed against such Primary Terminal in Appendix M Part II;

  

	 	(b)	If Buyer provides Builder, no later than 31 December 2014, with information in respect of the physical restrictions (i.e. maximum draft; LOA; breadth; displacement; gangway; loading arm) applicable at any Primary
Terminal listed in Appendix M Part II or Part III, then if such information demonstrates that the Vessel is physically able to call at such Primary Terminal, Builder shall warrant compatibility with that Primary Terminal in accordance with Clause
1.5(a)(i) or (ii) above as if such Primary Terminal were listed in either Appendix M Part I (if the additional information is sufficient for Builder, acting reasonably, to include such Primary Terminal in Appendix M Part I) or Appendix M Part
II, as the case may be. 

  
 19 

	1.6	Quality Assurance 

 Builder shall implement and maintain a management system for quality
assurance and quality control reasonably acceptable to Buyer (the “QA/QC System”). The QA/QC System shall meet the requirements of ISO9001:2000 and any addition or revision thereto and shall cover all activities relating to the design,
construction and testing of the Vessel and the procurement of any equipment or appurtenances for the Vessel. The QA/QC System shall be sufficiently detailed to ensure that the level of workmanship required by this Contract and the Specifications is
met. 
  

	1.7	Subcontracting 

  

	(a)	Builder shall be entitled to subcontract to the subcontractors identified in Appendix L (the “Approved Subcontractors”) such work in relation to the construction of the Vessel as set out therein.

  

	(b)	Notwithstanding the above, where any of the Approved Subcontractors are Russian, Builder shall be obliged to use such Russian Approved Subcontractor rather than any alternative subcontractor (whether an Approved
Subcontractor or otherwise) for the work set out in Appendix L in relation to such Russian Approved Subcontractor. 

  

	(c)	Other than in relation to any work to be performed by any Approved Subcontractors, Builder shall not, without the prior written consent of Buyer, be entitled to: 

 

	 	(i)	subcontract any work relating to the fabrication of hull blocks or the cargo containment system; or 

  

	 	(ii)	perform any part of the construction work outside the Shipyard. 

 When seeking Buyer’s
consent, Builder shall provide to Buyer, reasonably in advance, all necessary information allowing Buyer to evaluate performance of such proposed subcontractor, including detailed company profile, past experience and track record, HSE performance
data, certification etc. If requested by Buyer, Builder shall procure that Buyer is allowed to conduct quality control and safety audits at the premises of any proposed subcontractor. Buyer will act in good faith in giving or withholding its consent
to any proposed subcontractor. 
  

	(d)	Builder shall in all events remain directly responsible in full for the performance of its obligations as set out herein in respect of all subcontracted work and materials supplied. Builder shall ensure that all
subcontractors and suppliers are paid promptly and have in place equivalent procedures in relation to quality assurance and HSE to those that are applicable to Builder in accordance with this Contract. 

  
 20 

	1.8	Suppliers’ List 

  

	(a)	In respect of the items of materials and equipment detailed in the Suppliers’ List, Builder shall be entitled to select any of the makers or suppliers therein listed to furnish the same. Builder shall advise Buyer
of its intended selection at least sixty (60) days prior to placing any order. 

  

	(b)	If Buyer should prefer Builder to use a different maker or supplier to the one proposed by Builder and should Buyer’s preference involve a cost change or any other change to this Contract or the Specifications,
Builder shall promptly notify Buyer of any proposed changes to this Contract or the Specifications and provide Buyer with documentary evidence supporting such change. 

Buyer shall then have the option to notify Builder within seven (7) days after receipt of Builder’s notice that it insists on its
preference, and in such case this Contract and/or Specifications shall be amended in accordance with Builder’s proposal. Builder shall comply in all respects with any recommendations of the maker or supplier relevant to the installation,
application and/or commissioning of such material and/or equipment. 
  

	(c)	Without prejudice to the provisions of the Clause 1.8 (b) above, if a Russian maker or Supplier is referred to in the Supplier’s List in respect of the supply of certain materials and/or equipment, Builder
shall be obliged to use such Russian maker or Supplier in respect of such materials and/or equipment and shall not be entitled to nominate an alternative maker or Supplier. 

 

	1.9	Spare Parts 

 Builder shall, at Final Delivery, furnish spare parts and maintenance tools
for two (2) years of operation (other than in relation to the main generator engines for which Builder shall provide spare parts for up to eighteen thousand (18,000) running hours), in each case including at least of the kind and in at
least the quantities specified by each of the Specifications, the Classification Society recommendations, and the maker’s standards. The cost of these spare parts is included in the Contract Price. Builder at its own cost shall be responsible
for handling, bringing on board and storage on the Vessel of all spare parts, tools and supplies under instruction and supervision of the Authorised Representatives. 

  
 21 

 The spare parts furnished by Builder shall be properly protected against physical decay,
corrosion and mechanical damage and shall be properly stored and/or installed on board and listed so that replacements may be readily ordered. 

Not later than one hundred and eighty (180) days prior to the Initial Acceptance Date, Builder shall provide to Buyer a provisional
inventory of spare parts for Buyer’s review and approval. Such inventory shall be prepared in accordance with the requirements and recommendations of the suppliers of the relevant equipment or machinery and shall contain, for each of the spare
parts to be provided by Builder, the description, the number of parts in use on board the Vessel, the number of proposed spares for maintenance and emergency and, in respect of major items and if so requested by Buyer, the price. Builder shall
comply with any requests of Buyer for amendment of such inventory provided such remarks are in compliance with makers’ recommendations or in line with industry standards for the maintenance of LNG carriers and icebreaking vessels (as may be
relevant). Builder shall allow Buyer and Charterer to contact the suppliers of the relevant spare parts to enable Buyer and Charterer to verify such list. 
  

	1.10	Depot Spare Parts 

 Buyer may request a quote for spare parts for the Vessel
(“Depot Spares”) and Builder will provide a documented firm price for such Depot Spares (on an ex works basis), together with a confirmation of the dates by which such Depot Spares must be ordered (the “Ordering
Date” for each Depot Spare) so that they can be delivered by Final Delivery. Buyer will confirm its order for any Depot Spares by the relevant Ordering Date and, together with such confirmation, will indicate the place of delivery of the
relevant Depot Spare. The cost of such Depot Spares shall be in addition to the Contract Price and shall be paid by Buyer to Builder on Final Delivery. 
  

	1.11	Registration 

 The Vessel shall be registered by Buyer at its own cost and expense under
the laws of the Commonwealth of the Bahamas (the “Flag State”) with its home port of Nassau at the time of Final Delivery. 
  

	1.12	No Double Banking 

 Builder shall be permitted to double bank the Vessel on either the
inner or outer berth without Buyer’s prior written approval, provided always that the following conditions are met: 
  

	 	(a)	no more than two (2) vessels shall be moored together on the same shore mooring; 

  
 22 

	 	(b)	Builder shall submit a written risk assessment in advance (the results of which shall be acceptable to Buyer and Charterer), which shall include a mooring force calculation and shall take into consideration the
following factors: prevailing and forecasted weather conditions; intended duration of double banking; mooring arrangements and fendering; safe access and egress; provision of power and other services; emergency response; and contingency planning to
double bank the Vessel; 

  

	 	(c)	shore mooring for the inner vessel shall account for loads from both vessels with reasonable shielding assumptions acceptable to Buyer and Charterer; 

 

	 	(d)	inner vessel mooring shall be based on reasonable shielding assumptions acceptable to Buyer and Charterer; 

  

	 	(e)	vessel movement plans shall proactively incorporate the current result of continuous weather forecasting; 

  

	 	(f)	the double banked vessel shall be moored so as to provide adequate egress consistent with relevant emergency and health & safety guidelines, including but not limited to having two gangways connecting the
vessels. Builder shall conduct periodic exercises acceptable to Buyer and Charterer to test the adequacy of such egress; and 

  

	 	(g)	crane services utilised on the outer vessel shall be capable of performing in a manner commensurate with adequate crane services on the inner vessel and at all times within relevant health and safety guidelines
acceptable to Buyer and Charterer. 

  

	1.13	Governmental Approvals 

 Builder shall be responsible at its sole risk and expense for
obtaining and maintaining in force at all times a construction permit and export licence for the Vessel together with all governmental licences and approvals as may be required for the construction, Trials (other than the Ice Trials), delivery, sale
and export of the Vessel. 
  

	1.14	Ice Coating 

 Builder shall, subject to Buyer’s prior written consent, not to be
unreasonably withheld, apply the Ice Coating either at the Shipyard or at another suitable facility approved by Buyer (the “Ice Coating Facility”). The Parties agree that it shall be reasonable for Buyer to withhold its consent if the
conditions prevailing at the Shipyard or such other Ice Coating Facility at the time when Builder or Builder’s subcontractor is required to prepare the Vessel’s hull for application of the Ice Coating and/or to apply the Ice Coating are
not appropriate in accordance with the Ice Coating’s manufacturer’s guidelines and recommendations. 

  
 23 

	1.15	Design improvements 

 Without prejudice to the above, Builder shall ensure that the
design and construction of the Vessel will resolve and eliminate any defects or deficiencies identified in any LNG carrier constructed or being constructed by Builder which in the reasonable opinion of Builder are also applicable to the construction
of the Vessel, provided that Builder becomes aware of such circumstances prior to Final Delivery, in which event Builder undertakes to remedy such defects and/or deficiencies in the Vessel free of charge to Buyer. Builder shall inform Buyer of all
such defects promptly upon becoming aware of the same. 
  

	1.16	Technology Transfer Agreement 

 Builder confirms that it has entered into the Technology
Transfer Agreement and will use its best efforts to obtain from the Government of The Republic of Korea any and all necessary approvals, consents and licences to transfer technology pursuant to the Technology Transfer Agreement to the Russian
shipyard with whom the Technology Transfer Agreement has been entered into. Builder further undertakes to comply with the terms and conditions of such Technology Transfer Agreement. 

(End of Clause) 

  
 24 

 CLAUSE 2 – CONTRACT PRICE AND TERMS OF PAYMENT 

 

	2.1	Contract Price 

 The purchase price of the Vessel is three hundred and seventeen million,
six hundred and eight thousand, eight hundred and twenty-eight United States Dollars (US$317,608,828), receivable by Builder (herein called the “Contract Price”) and shall be subject to upward or downward adjustment, if any, as hereinafter
set forth in this Contract. It includes: 
  

	 	(a)	the cost of the Vessel, including without limitation the design thereof, completed in accordance with the requirements of this Contract and the Specifications; 

 

	 	(b)	the cost of all tests and trials of the Vessel to be performed by Builder, save as provided in Clauses 7.3(c) and 7.3(f); 

  

	 	(c)	the cost of all spare parts described in Clause 1.9; 

  

	 	(d)	the cost of handling, storing and installing on the Vessel any of Buyer’s Supplies after their delivery at the Shipyard; 

  

	 	(e)	the cost of all plans, drawings, operations manuals and any other documentation to be provided by Builder in performance of its obligations under this Contract; 

 

	 	(f)	the cost of procuring the classification notations for the Vessel and of obtaining all certificates and documents which are required to be delivered pursuant to this Contract and the Specifications; and

  

	 	(g)	all other costs and expenses of Builder (including without limitation any costs incurred in relation to subcontractors and suppliers) incurred by Builder unless expressly provided in this Contract as being for
Buyer’s account. 

  

	2.2	Currency 

 Any and all payments by Buyer to Builder under this Contract shall be made in
United States Dollars. 
  

	2.3	Terms of Payment 

 The Contract Price shall be paid by Buyer to Builder in instalments as
follows: 
  

	 	(a)	First Instalment 

  
 25 

 Ten per cent (10%) per cent of the Contract Price, being thirty-one million, seven hundred
and sixty thousand, eight hundred and eighty-three United States Dollars (US$ 31,760,883), shall be paid within ten (10) Banking Days of the provision by Builder to Buyer of the Refund Guarantee pursuant to the provisions of Clause 2.5 hereof.

  

	 	(b)	Second Instalment 

 Ten per cent (10%) per cent of the Contract Price, being thirty-one
million, seven hundred and sixty thousand, eight hundred and eighty-three United States Dollars (US$ 31,760,883), shall be paid within ten (10) Banking Days of receipt by Buyer of (i) a notice from Builder attaching a Stage Certificate in
the form of the draft attached as Appendix C, countersigned by an Authorised Representative and the Classification Surveyor, certifying that steel cutting for the Vessel has commenced, and (ii) an original invoice, but not earlier than on
31 December 2015 . 
  

	 	(c)	Third Instalment 

 Ten per cent (10%) of the Contract Price, being thirty-one million,
seven hundred and sixty thousand, eight hundred and eighty-three United States Dollars (US$ 31,760,883), shall be paid within ten (10) Banking Days of receipt by Buyer of (i) a notice from Builder attaching a Stage Certificate in the form
of the draft attached as Appendix C, countersigned by an Authorised Representative and the Classification Surveyor, certifying that the Vessel’s keel has been laid at the Shipyard within the meaning of this Clause 2.3, and (ii) an original
invoice, but not earlier than on 30 June 2016. 
 “Keel laying” shall for the purposes of this Clause be deemed to have taken
place when the first pre-fabricated hull block or blocks has been completed, surveyed, accepted by the Authorised Representatives and the Classification Surveyor, and allocated a Builder’s hull number. 

 

	 	(d)	Fourth Instalment 

 Ten per cent (10%) per cent of the Contract Price, being thirty-one
million, seven hundred and sixty thousand, eight hundred and eighty-three United States Dollars (US$ 31,760,883), shall be paid within ten (10) Banking Days from receipt by Buyer of (i) a notice from Builder attaching a Stage Certificate
in the form of the draft attached as Appendix C, countersigned by an Authorised Representative and the Classification Surveyor, certifying that the Vessel has been successfully launched, and (ii) an original invoice, but not earlier than on
31 October 2016. 

  
 26 

	 	(e)	Final Instalment 

 Sixty per cent (60%) per cent of the Contract Price, being one hundred
and ninety million, five hundred and sixty-five thousand, two hundred and ninety-six United States Dollars (US$ US$190,565,296), together with the aggregate of any increase or any decrease of the Contract Price arising from the provisions of this
Contract, shall be paid upon Final Delivery. 
 Builder shall notify Buyer fourteen (14) days in advance of the estimated date of
occurrence of each of the events listed in Clause 2.3(b), 2.3(c) and 2.3(d) above , and five (5) Banking days before the estimated date of Final Delivery. 

If any Instalment shall become due and payable during the periods set out in Clause 11.1, the date for payment of the same shall automatically
be extended until two (2) Banking Days following the earlier of the expiry of any such period or the remedy by Builder of the event in question. 

Without prejudice to the foregoing, Buyer shall not be entitled to delay or withhold payment of any of the first four (4) Instalments,
where such Instalment is otherwise due and payable, on account of any dispute or disagreement between the Parties and shall not exercise any right of set-off or deduction in respect of the first four (4) Instalments unless a Builder’s
default pursuant to Clause 11.1 has occurred and is ongoing. 
  

	2.4	Payment of Liquidated Damages 

  

	(a)	Any amounts for liquidated damages, under Clause 3 (excepting those for excess Boil-off rate and the Fuel Gas Power Ratio) shall be calculated and determined before Final Delivery and shall be set-off against payment of
the Final Instalment. In the event that there is a dispute at Final Delivery as to the amount of liquidated damages payable, Buyer shall be entitled to withhold the full amount of liquidated damages claimed from the amount of the Final Instalment
but shall pay any amount disputed by Builder into an interest-bearing escrow account with Builder’s Bank (without prejudice to any other rights of set-off) in the name of Buyer and Builder on terms that such disputed amount shall be released as
agreed between the Parties or determined pursuant to Clause 14. 

  
 27 

	(b)	The amount for liquidated damages in respect of Boil-off rate and the Fuel Gas Power Ratio shall be calculated, determined and settled by Builder, without set-off, withholding or deduction, within ten (10) Working
Days of submission by Buyer to Builder of actual data compiled in accordance with the procedure attached at Appendix J for Boil-off rate and Appendix K for Fuel Gas Power Ratio. 

 

	2.5	Refund Guarantees 

  

	(a)	Builder shall at its own expense supply the Refund Guarantee, in the form attached as Appendix F or otherwise in form and substance acceptable to Buyer and issued by a Refund Guarantor acceptable to Buyer, as a
condition of payment of the First Instalment. 

  

	(b)	Builder shall at its own expense supply to Buyer the Performance Guarantee, in the form attached as Appendix G and otherwise in form and substance acceptable to Buyer and issued by a Performance Guarantor acceptable to
Buyer, on Final Delivery. 

  

	(c)	In the event that: 

  

	 	(i)	the long term credit rating of the Refund Guarantor or the Performance Guarantor (as the case may be) is downgraded to a credit rating of less than “A-” by Standard & Poor’s or a credit rating of
“A3” by Moody’s; or 

  

	 	(ii)	any event equivalent to those set out in Clause 11.1(f) in relation to Builder occurs in relation to the Refund Guarantor or the Performance Guarantor, 

Builder shall promptly, but in no event later than twenty-one (21) days after the occurrence of any of the events described above, replace
the Refund Guarantor or the Performance Guarantor (as the case may be) with an alternative guarantor reasonably acceptable to Buyer, which shall issue a new Refund Guarantee or Performance Guarantee, as the case may be, in the form of Appendix F or
Appendix G, as the case may be, or otherwise in form and substance acceptable to Buyer. 
  

	2.6	Payment Procedures 

 Payment of sums due to Builder in accordance with the provisions of
this Contract shall be made, by SWIFT transfer to Builder’s Bank (as defined below), in favour of Builder free of all transfer charges, details of which shall be informed upon each payment by notice from Builder. If the date on which any
payment is due in accordance with the provisions of this Contract does not fall on a Banking Day, payment shall be made on the immediately succeeding Banking Day. 

  
 28 

 The Final Instalment shall be deposited with a first-class bank in The Republic of Korea with a
credit rating of not less than A- from Standard & Poor’s and /or the equivalent rating from Moody’s or other equivalent financial institution, and otherwise acceptable to Buyer and any financier of Buyer (the “Builder’s
Bank”), by telegraphic transfer remittance at least three (3) Banking Days prior to the anticipated date of Final Delivery. Interest, if any, accruing on such deposit shall be for the benefit of Buyer. The deposit shall however be held by
Builder’s Bank to the order of Buyer on terms that: 
  

	 	(a)	the said instalment is payable to Builder against presentation by Builder to Builder’s Bank of a copy of the Protocol of Final Delivery and Acceptance of the Vessel signed by Builder and Buyer; and

  

	 	(b)	if the duly executed Protocol of Final Delivery and Acceptance of the Vessel has not been submitted to Builder’s Bank within ten (10) Banking Days, the deposit shall be returned to Buyer together with any
interest accrued thereon. 

 Simultaneously with each of such payments, Buyer shall notify Builder of the details of the
payments and shall cause Buyer’s remitting Bank to advise the Bank nominated by Builder or other bank of the details of such payments by SWIFT transfer. 
  

	2.7	Corporate Guarantee 

 Upon execution of this Contract, Buyer shall furnish to Builder a Corporate
Guarantee, from each of TGP and CLNG on a several basis in the form attached as Appendix P or otherwise in form and substance acceptable to Builder and Builder’s Bank (as the case may be), covering and guaranteeing the due performance of
Buyer’s obligations under this Contract including, but not limited to, the payment of the Contract Price and taking delivery of the Vessel in accordance with the provisions of this Contract. Each of the Corporate Guarantors shall on demand
furnish to Builder evidence satisfactory to Builder of its power and authority to enter into its Corporate Guarantee and as to the execution thereof by its duly authorised representative. Each Corporate Guarantee shall remain in full force and
effect until Buyer has performed in full all of its obligations under this Contract. 
 (End of Clause) 

  
 29 

 CLAUSE 3 – ADJUSTMENT OF CONTRACT PRICE AND LIQUIDATED DAMAGES 

The Contract Price shall be subject to adjustment, as hereinafter set forth, in the event of the following contingencies (it being understood by both Parties
that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty): 
  

	3.1	Initial Acceptance and Final Delivery 

  

	(a)	No adjustment shall be made and the Contract Price shall remain unchanged for the first thirty (30) days of delay in the Initial Acceptance (ending as of twelve o’clock midnight Greenwich Mean Time of the
thirtieth (30th) day of delay). No adjustment shall be made and the Contract Price shall remain unchanged for such period of delay in the Final Delivery as, when aggregated with delay already accrued in respect of the Initial Acceptance, does
not exceed thirty (30) days (ending as of twelve o’clock midnight, Greenwich Mean Time of the thirtieth (30th) day of delay). 

  

	(b)	If the Initial Acceptance is delayed by more than thirty (30) days after the Initial Acceptance Date or the Final Delivery is delayed by more than thirty (30) days (when aggregated with any delay already
accrued in the Initial Acceptance) after the Final Delivery Date, as the case may be, then, in such event, Builder shall pay to Buyer as liquidated damages the amount of One Hundred and Fifty Thousand United States Dollars (US$150,000) for each day
of delay by which Initial Acceptance and/or, as the case may be, the Final Delivery is delayed beyond such thirty (30) days. 

  

	(c)	Notwithstanding the above paragraph, Builder shall not be obliged to pay liquidated damages more than once in respect of the same period of delay. Accordingly, if the Builder is liable to pay liquidated damages for
delay in the Initial Acceptance, it will only be liable to pay further liquidated damages for any additional delay occurring between Initial Acceptance and Final Delivery. 

 

	(d)	If the delay in Initial Acceptance should continue for a period of one hundred and eighty (180) days after the Initial Acceptance Date or the delay in Final Delivery, when aggregated with the delay already accrued
in respect of Initial Acceptance, should continue for a period of one hundred and eighty (180) days after the Final Delivery Date as the case may be, then in such event, and at any time after such period has expired, Buyer may at its option
rescind this Contract in accordance with the provisions of Clause 11 hereof. At any time after the expiration of the aforementioned one hundred and eighty (180) days of delay in Initial Acceptance and/or, as the case may be, the Final Delivery,
if Buyer has not served notice of rescission as provided in Clause 11 hereof, Builder may: 

  
 30 

	 	(i)	notify Buyer of the earliest date on which the Vessel will be ready for Initial Acceptance in accordance with this Contract and the Specification (the “Revised Initial Acceptance Date”) and demand in writing
that Buyer shall make an election either (A) to rescind this Contract, in which case Buyer shall, within fifteen (15) days after such demand is received by Buyer, notify Builder of its intention to rescind this Contract or (B) to
consent to the Initial Acceptance on or before the Revised Initial Acceptance Date; and/or, as the case may be, 

  

	 	(ii)	if the Initial Acceptance has already occurred, notify Buyer of the earliest date on which the Vessel will be ready for Final Delivery in accordance with this Contract and the Specification (the “Revised Final
Delivery Date”) and demand in writing that Buyer shall make an election either (x) to rescind this Contract, in which case Buyer shall, within fifteen (15) days after such demand is received by Buyer, notify Builder of its intention
to rescind this Contract or (y) to consent to the Revised Final Delivery Date. 

 If Buyer consents to a Revised Initial
Acceptance Date and/or a Revised Final Delivery Date, it shall remain entitled to all liquidated damages which would otherwise have been payable by Builder hereunder; it being further understood by the Parties hereto that (A) liquidated damages
shall continue to be payable for delay in accordance with Clause 3.1 until Initial Acceptance and/or, as the case may be, Final Delivery and (B), if the Vessel is not delivered by such future date, Buyer may at any time after such date, at its
option, rescind this Contract in accordance with the provisions of Clause 11 hereof. In the event Buyer does not respond within fifteen (15) days to any notification served by Builder pursuant to this Clause 3.1, Buyer shall deemed to have
rejected Builder’s notification and to have withheld its consent to the Revised Initial Acceptance Date and/or, as the case may be, the Revised Final Delivery Date and this Contract shall deemed to have been rescinded as of the fifteenth
(15th) day after Builder’s written notification. 
  

	(e)	For the purpose of the above provisions of this Clause, the Initial Acceptance or the Final Delivery, as the case may be, shall be deemed to be delayed when and if the Vessel, after taking into full account all
postponements by reason of Permissible Delays of the Initial Acceptance Date or the Final Delivery Date, as the case may be, is not delivered by the Initial Acceptance Date or the Final Delivery Date (as the case may be). 

 

	(f)	Buyer shall also be entitled to rescind this Contract in accordance with the provisions of Clause 11 hereof in the event that (i) delay in Initial Acceptance should continue for a period of one hundred and fifty
(150) days from the original Initial Acceptance Date as a result of Force Majeure Delay, or (ii) delay in the Final Delivery as a result of Force Majeure Delay, when aggregated with the delay already accrued in respect of Initial
Acceptance as a result of Force Majeure Delay, should continue for a period of one hundred and fifty (150) days from the original Final Delivery Date. 

  
 31 

	(g)	Buyer shall also be entitled to rescind this Contract in accordance with the provisions of Clause 11 hereof in the event that: 

  

	 	(i)	delay in Initial Acceptance should continue for a period of two hundred and forty (240) days from the original Initial Acceptance Date for any reason except only for Permissible Delay (other than Force Majeure
Delay); or 

  

	 	(ii)	delay in Final Delivery, when aggregated with the delay already accrued in respect of Initial Acceptance, for any reason except only for Permissible Delay (other than Force Majeure Delay), should continue for a period
of two hundred and forty (240) days from the original Final Delivery Date. 

  

	3.2	Speed in Open Water 

  

	(a)	The Contract Price shall not be affected or changed by reason of the actual speed of the Vessel, as determined during the sea Trial in open water in accordance with the Specifications, being less than three tenths
(3/10) of one (1) knot below the Guaranteed Speed in Open Water. 

  

	(b)	However, commencing with and including such deficiency of three tenths (3/10) of one (1) knot in actual speed in open water below the Guaranteed Speed in Open Water, the Contract Price shall be reduced by Nine
Hundred Thousand United States Dollars (US$900,000) for each onetenth (1/10) of one (1) knot deficiency (any fractions of less than one tenth (1/10) of a knot to be prorated). 

 

	(c)	If the deficiency in actual speed of the Vessel in open water during the speed Trial in open water is more than six tenths (6/10) of a knot below the Guaranteed Speed in Open Water, then Buyer may, at its option,
either (i) rescind this Contract in accordance with the provisions of Clause 11 hereof, or (ii) accept the Vessel at a reduction in the Contract Price as above provided for a deficiency of six tenths (6/10) of a knot only, that is, at
a total reduction of Three Million Six Hundred Thousand United States Dollars (US$3,600,000). 

  

	3.3	Speed in Ice Conditions 

  

	(a)	The Contract Price shall not be affected or changed by reason of the actual speed of the Vessel, as determined during the Ice Trials in accordance with the Specifications, being less than five tenths (5/10) of one
(1) knot below any of the Guaranteed Speed in Ice Conditions. 

  
 32 

	(b)	However, commencing with and including such deficiency of five tenths (5/10) of one (1) knot in actual speed in ice conditions below the Guaranteed Speed in Ice Conditions, the Contract Price shall be reduced
by Six Hundred Thousand United States Dollars (US$600,000) for each one-tenth (1/10) of one (1) knot deficiency (any fractions of less than one tenth (1/10) of a knot to be prorated) in each of the Guaranteed Speeds in Ice Conditions.

  

	(c)	If the deficiency in actual speed of the Vessel during the Ice Trials is more than one (1) knot below any of the Guaranteed Speed in Ice Conditions, then Buyer may, at its option, either (i) rescind this
Contract in accordance with the provisions of Clause 11 hereof, or (ii) accept the Vessel at a reduction in the Contract Price as above provided for a deficiency of one (1) knot only, that is, at a total reduction of Three Million Six
Hundred Thousand United States Dollars (US$3,600,000). 

  

	3.4	Fuel Consumption 

  

	(a)	The Contract Price shall not be affected or changed by reason of the actual fuel consumption of the Vessel’s main generator engine, as determined in accordance with the Specifications, being more than the
Guaranteed Fuel Consumption, if such excess is not more than five per cent (5%) over the Guaranteed Fuel Consumption. 

  

	(b)	However, commencing with, and including, an excess of five per cent (5%) in the actual fuel consumption of the Vessel’s main generator engine over the Guaranteed Fuel Consumption, the Contract Price shall be
reduced by the sum of Nine Hundred Thousand United States Dollars (US$900,000) for each full per cent (1%) by which the actual fuel consumption exceeds the Guaranteed Fuel Consumption (any fractions of less than one per cent (1%) to be
prorated). 

  

	(c)	If such actual fuel consumption exceeds nine per cent (9%) of the Guaranteed Fuel Consumption, Buyer may, at its option, either (i) rescind this Contract in accordance with the provisions of Clause 11 hereof,
or (ii) accept the Vessel at a reduction in the Contract Price as above specified for an excess of nine per cent (9%) only, that is, at a total reduction of Four Million Five Hundred Thousand United States Dollars (US$4,500,000).

  

	3.5	LNG Cargo Capacity 

  

	(a)	The Contract Price shall not be affected or changed by reason of the actual cargo capacity of the Vessel, as determined in accordance with the Specifications, being less than the Guaranteed Gross LNG Cargo Capacity, if
such shortfall is not more than three hundred (300) m3. 

  
 33 

	(b)	However, commencing with and including a shortfall three hundred (300) m3 in the actual cargo capacity from the Guaranteed Gross LNG Cargo Capacity of the Vessel, the Contract Price shall be reduced by the sum of
Six Thousand United States Dollars (US$6,000) for each one (1) m3 decrease in cargo capacity up to a maximum shortfall of seven hundred and fifty (750) m3. 

 

	(c)	If such shortfall in the actual cargo capacity of the Vessel from the Guaranteed Cargo Capacity is seven hundred and fifty (750) m3 or more, Buyer may, at its option, either (i) rescind this Contract in
accordance with the provisions of Clause 11 hereof, or (ii) accept the Vessel at a reduction in the Contract Price as above specified for a shortfall of seven hundred and fifty (750) m3 only, that is, at a reduction of Two
Million, Seven Hundred and Six Thousand United States Dollars (US$2,706,000). 

  

	3.6	Boil-off Rate 

  

	(a)	No liquidated damages shall be payable by Builder to Buyer by reason of the actual Boil-off rate of the Vessel as determined in accordance with Appendix J, being more than the Guaranteed Boil-off Rate, if such excess is
not more than zero point zero zero five per cent (0.005%) over the Guaranteed Boil-off Rate. 

  

	(b)	However, commencing with and including an excess of zero point zero zero five per cent (0.005%) in the actual Boil-off rate of the Vessel over the Guaranteed Boil-off Rate, Builder shall pay to Buyer liquidated damages
in an amount equal to One Hundred Thousand United States Dollars (US$100,000) for each full zero point zero zero one percent 0.001% by which the actual Boil-off Rate exceeds the Guaranteed Boil-off Rate. 

 

	(c)	In the event that the actual Boil-off rate exceeds zero point zero two per cent (0.02%) of the Guaranteed Boil-off Rate, Buyer may, at its option, either (i) rescind this Contract in accordance with the provisions
of Clause 11 hereof or (ii) may accept the Vessel at a reduction in the Contract Price as above specified for zero point zero two per cent (0.02%) only, that is, at a total reduction of One Million Six Hundred Thousand United States Dollars
(US$1,600,000 ). 

  

	3.7	Fuel Gas Power Ratio 

  

	(a)	No liquidated damages shall be payable by reason of the actual Fuel Gas Power Ratio of the Vessel, as determined in accordance with Appendix K, being lower than the Guaranteed Fuel Gas Power Ratio, if such deficiency is
not more than one per cent (1%) below the Guaranteed Fuel Gas Power Ratio. 

  
 34 

	(b)	However, commencing with and including a deficiency of one per cent (1%) in the actual Fuel Gas Power Ratio of the Vessel below the Guaranteed Fuel Gas Power Ratio, Builder shall pay to Buyer liquidated damages in
an amount equal to Four Hundred and Fifty Thousand United States Dollars (US$450,000) for each full one per cent (1%) by which the actual Fuel Gas Power Ratio is lower than the Guaranteed Fuel Gas Power Ratio (any fractions of less than one per
cent (1%) to be prorated). 

  

	(c)	In the event that the actual Fuel Gas Power Ratio is less than ninety-six per cent (96%) of the Guaranteed Fuel Gas Power Ratio, Buyer shall notwithstanding such deficiency accept the Vessel at Final Delivery and
shall have the right, at its option, to either: 

  

	 	(i)	without prejudice to Buyer’s rights under Clause 10, require Builder to effect any such repairs or works as may be necessary to rectify any deficiency in the Guaranteed Fuel Gas Power Ratio; or 

 

	 	(ii)	be paid with liquidated damages as above specified for four per cent (4%) of deficiency only, that is, at a total reduction of One Million Eight Hundred Thousand United States Dollars (US$1,800,000).

  

	3.8	Liquidated Damages Cumulative 

 For the avoidance of doubt it is expressly agreed and
understood that the liquidated damages set forth in this Clause are payable cumulatively in each of the circumstances set out above and that the liquidated damages are Buyer’s sole remedy for the relevant delay or performance deficiency
(subject always to Buyer’s right to rescind this Contract in accordance with its terms). 
  

	3.9	No Liquidated Damages Payable on Rescission 

 In the event that Buyer rescinds this
Contract pursuant to any of the provisions hereof, Buyer shall not be entitled to any liquidated damages otherwise payable hereunder. 
  

	3.10	Effect of Rescission 

 In the event that Buyer exercises its option to rescind this
Contract pursuant to this Clause 3, Builder shall promptly refund to Buyer the full amount of all sums paid by Buyer to Builder on account of the Vessel together with interest thereon at the Agreed Interest Rate in accordance with the provisions of
Clause 11. 
 (End of Clause) 

  
 35 

 CLAUSE 4 – APPROVAL OF PLANS AND DRAWINGS INSPECTION 

 

	4.1	Plans and Drawings 

  

	(a)	Builder shall submit three (3) hard copies and a copy in electronic format of all plans and drawings for which Buyer’s approval is required in accordance with the Specifications, and shall also submit such
other technical information as Buyer shall reasonably require, to Buyer, with three (3) copies to Charterer, each at its address as set forth in Clause 19 hereof. If requested by Buyer, electronic copies of all plans and drawings shall be
submitted to Buyer and Charterer through an online document management system. Buyer shall, within twenty-eight (28) days after receipt thereof, return to Builder one (1) copy of such plans and drawings, with Buyer’s approval or
comments (if any) written thereon. Promptly after the Effective Date, Builder and Buyer shall agree on a schedule for the submission to Buyer of the plans and drawings to be submitted by Builder. The objective of Buyer and Builder shall be the
establishment of a schedule not placing undue burden on Buyer to review and respond to Builder, while at the same time being mindful of the construction schedule of Builder. 

 

	(b)	Builder shall comply with Buyer’s remarks and amendments (if any) on plans and drawings submitted pursuant to this Clause, if such remarks or amendments are not of such a nature or extent as to constitute
modifications of the Specifications. 

  

	(c)	In the event that Buyer shall fail to return the plans and drawings to Builder within the time limit as hereinabove provided, such plans and drawings shall be deemed to have been automatically approved without any
comment unless Buyer has requested in writing an extension of the deadline to submit its comments and in such instance Buyer shall have a further three (3) days from the date of such request to submit its comments. If Buyer’s comments on
the plans and drawings that are returned to Builder by Buyer are not clearly specified or detailed, then Buyer shall, within six (6) days after receipt of Builder’s written request, clarify such comments. 

 

	(d)	Builder shall: 

  

	 	(i)	ensure that the Classification Society provides Buyer and Charterer with copies of all technical correspondence between the Classification Society and Builder; and 

 

	 	(ii)	provide Buyer and Charterer with copies of all technical correspondence between the licensor of the containment system and Builder, 

in each case related to the construction of the Vessel. 

  
 36 

	(e)	Nothing in this Clause shall affect Builder’s obligation to design, construct and deliver the Vessel in accordance with the other provisions of this Contract and the Specifications nor shall it constitute any
acceptance by Buyer of any responsibility for any defect in the Vessel. 

  

	4.2	Appointment of Buyer’s Authorised Representatives 

 Buyer may send to and maintain
at the Shipyard, at Buyer’s own cost and expense, up to sixteen (16) representatives (the “Authorised Representatives”) who shall be duly authorised in writing by Buyer to act on behalf of Buyer in connection with approval of the
plans and drawings, supervision of the construction of the Vessel, attendance to the tests and inspections relating to the Vessel, its machinery, equipment and outfitting and any other matters for which they are specifically authorised by Buyer.
Buyer shall notify the names of each of the Authorised Representatives to Builder in writing. 
  

	4.3	Appointment of Charterer’s Representatives 

 Buyer shall further have the right to
send to and maintain at the Shipyard, at Buyer’s own cost and expense (as between Buyer and Builder), up to six (6) representatives of Charterer (the “Charterer’s Representatives”). Buyer shall notify Builder in writing from
time to time of the names of each of Charterer’s Representatives. However, Charterer’s Representatives shall not be entitled to make any request or recommendation directly to Builder or any of its employees, agents or subcontractors,
except through Buyer or its Authorised Representatives. 
  

	4.4	Inspection by Authorised Representatives and Charterer’s Representatives 

  

	(a)	At all times during the construction of the Vessel until final delivery thereof, the Authorised Representatives and Charterer’s Representatives shall be given free and ready access to the Vessel, and to any other
place where work is being done, or materials, machinery or equipment are being processed, stored or tested in connection with the construction of the Vessel, whether at the Shipyard or the premises of any subcontractors or suppliers of Builder. The
Authorised Representatives and Charterer’s Representatives shall have the right to photograph or film the Vessel, all work-in-progress and any place where work is being performed. 

 

	(b)	The Authorised Representatives and Charterer’s Representatives shall observe the work rules and regulations prevailing at Builder’s and its sub-contractor’s premises (including, without limitation, any
and all HSSE rules and requirements). 

  
 37 

	(c)	The Authorised Representatives and Charterer’s Representatives shall have the right to attend any tests, trials and inspections of the Vessel, its machinery and equipment. Builder shall permit Buyer and its
Authorised Representatives and Charterer’s Representatives access to the premises of any subcontractor to Builder for the purpose of attending such tests, shop trials and inspections. 

 

	(d)	Builder shall notify the Authorised Representatives and Charterer’s Representatives reasonably in advance of the date and place of all tests and inspections of the Vessel, its machinery and equipment. If the
location of such tests, trials and, inspections of the Vessel is the Shipyard, Builder shall give at least twenty-four (24) hours, and if the location is away from the Shipyard, Builder shall give at least three (3) days’ prior notice
to Buyer (unless the location is outside The Republic of Korea, in which case Builder shall give at least fourteen (14) days’ prior notice to Buyer) of the commencement of such tests, trials and inspections. If the test or trial is to take
place before the arrival of the Authorised Representatives or Charterer’s Representatives at the Shipyard, Builder shall give Buyer not less than twenty-one (21) days’ notice of such test or trial. The failure of the Authorised
Representative(s) and/or Charterer’s Representatives to be present at such tests and inspections after due notice as above provided shall be deemed to be a waiver of their right to be present. 

 

	(e)	In the event that an Authorised Representative discovers during any test, inspection or otherwise any construction or material or workmanship which he considers does not conform to the requirements of this Contract
and/or the Specifications, Buyer shall give Builder a notice in writing as to such non-conformity. Upon receipt of such notice Builder shall correct such non-conformity at its own cost. 

 

	(f)	In a case where part of the work related to the construction of the Vessel is performed outside the Shipyard, Builder shall arrange at its own cost for the transportation of the Authorised Representatives and
Charterer’s Representatives to inspect any such work performed outside the Shipyard. 

  

	(g)	Builder shall, and shall ensure that its sub-contractors shall, promptly and in any event within seven (7) days of request, provide to the Authorised Representatives and Charterer’s Representatives all such
information, documents and reports as they may reasonably request in connection with the construction of the Vessel and her engines, equipment and machinery. 

  

	4.5	Facilities 

 Builder shall provide to the Authorised Representatives and Charterer’s
Representatives, free of charge to Buyer, suitably sized and furnished, lit, heated and air-conditioned office accommodation and parking space in the immediate vicinity of the Shipyard. Such accommodation shall include tables, desks, chairs, filing
cabinets, changing rooms, lavatory facilities, hot and cold running water, cleaning, and printing and communication equipment, 

  
 38 

 
such as colour printers, scanners, telephone, fax and appropriate high speed Internet access. Buyer shall, however, be responsible for the costs of all international telephone, internet and
telefax communications incurred by Buyer, the Authorised Representatives and Charterer’s Representatives. 
 During the last
(i) six (6) months of construction of the Vessel, the facilities so made available to Buyer shall be increased to accommodate up to three (3) of the Vessel’s senior officers, (ii) up to a further three (3) senior
officers during the last three (3) months of construction, and (iii) the Vessel’s remaining officers and crew members during the last two (2) weeks of construction of the vessel. Buyer will endeavour to keep Builder informed in a
timely manner once their intention as to the number of additional personnel and timing is decided. 
 Builder shall also assist Buyer to the
maximum extent possible in obtaining (i) accommodation, which shall be of a suitable Western standard, in the vicinity of the Shipyard, for each of the Authorised Representatives and Charterer’s Representatives, and (ii) all necessary
residence and work permits and visas for each of the Authorised Representatives and Charterer’s Representatives as required throughout the construction of the Vessel. 
  

	4.6	Liability of Builder 

 The Authorised Representatives and Charterer Representatives shall
at all times be deemed to be the employees of Buyer and Charterer respectively and not of Builder. 
 Builder shall be under no liability
whatsoever to Buyer, the Authorised Representatives or Charterer’s Representatives (such persons, collectively, the “Buyer Parties”) for personal injuries, including death, suffered during the time when they are on the Vessel, or
within the premises of either Builder or its subcontractors, or are otherwise engaged in and about the construction of the Vessel, unless, however, such personal injuries, including death, were caused by the negligence or wilful misconduct of
Builder, Builder’s Affiliates, Builder’s subcontractors or of any of their employees, agents or subcontractors (such persons, collectively the “Builder Parties”). Nor shall Builder be under any liability whatsoever to any Buyer
Party for damage to, or loss or destruction of property belonging to any Buyer Party (other than in relation to loss or destruction of, or damage to, any of Buyer’s Supplies after delivery at the Shipyard), unless such damage, loss or
destruction was caused by the gross negligence or wilful misconduct of any Builder Party. 
 Buyer shall indemnify, hold harmless and defend
Builder against any Liabilities that arise out of or are related to the aforementioned personal injury, damage, loss or destruction suffered by any Buyer Party except where such personal injury, damage, loss or destruction arises in consequence of
the negligence (in the case of death or personal injury) or gross negligence (in all other cases) or wilful misconduct of any Builder Party. 

  
 39 

	4.7	Liability of Buyer 

 The Buyer Parties shall be under no liability whatsoever to Builder
Parties for any personal injuries, including death, suffered by any Builder Party unless such damage or injury was caused by the negligence or wilful misconduct of any Buyer Party, or for any damage to, or loss or destruction of property belonging
to any Builder Party caused by any Buyer Party, unless such damage or injury was caused by the gross negligence or wilful misconduct of any Buyer Party. 

Builder shall indemnify, hold harmless and defend Buyer Parties against any Liabilities that arise out of or are related to the aforementioned
personal injury, damage, loss or destruction suffered by any Builder Party except where such personal injury, damage, loss or destruction arises in consequence of the negligence (in the case of death or personal injury) or the gross negligence (in
all other cases) or wilful misconduct of any Buyer Party. 
 (End of Clause) 

  
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 CLAUSE 5 – MODIFICATIONS 
  

	5.1	Modifications of Specifications by Buyer 

  

	(a)	Buyer may at any time after the date hereof submit a request in writing to Builder for changes (each a “Buyer’s Modification”) to be made to the Specifications and shall supply with such request
sufficient particulars, documentation and details as are reasonably necessary to describe the change requested. 

 If the
change so requested can be undertaken having regard to the stage of construction of the Vessel, then Builder shall be obliged to effect such a change, subject to Builder and Buyer agreeing in accordance with Clause 5.1(c) below: 

 

	 	(i)	any variation in the Contract Price; 

  

	 	(ii)	any adjustment to the Initial Acceptance Date and/or, as the case may be, the Final Delivery Date; 

  

	 	(iii)	any changes in the guaranteed performance criteria; and 

  

	 	(iv)	any variation to any other provisions of this Contract or the Specifications which the said change reasonably necessitates, 

(collectively the “Contract Variations”). 
  

	(b)	Builder shall notify Buyer in writing, no later than ten (10) Working Days after receipt of the written request for the change, of the proposed Contract Variations and shall supply supporting documentation in
relation to each of the proposed Contract Variations. 

  

	(c)	On the basis of such notification Buyer may elect in writing to: 

  

	 	(i)	agree to the Contract Variations notified, in which case Builder shall build the Vessel in accordance with the Buyer’s Modification; or 

 

	 	(ii)	contest the reasonableness of the proposed Contract Variations, in which case Builder shall on receipt of Buyer’s irrevocable instruction to proceed with the Buyer’s Modification build the Vessel in accordance
with that Buyer’s Modification and either party shall be entitled to refer the dispute for resolution in accordance with Clause 14.2 hereof; or 

  

	 	(iii)	withdraw its request for the change, in which case the Vessel shall be built without reference to such Buyer’s Modifications. 

  
 41 

 If, within ten (10) Working Days of receipt of such notification, Buyer has made no
election, then Buyer shall be deemed to have withdrawn its request for the change. 
  

	5.2	Change in Rules, Regulations of Classification Society and Regulatory Bodies 

 If after
31 July 2013 any of the rules, regulations or requirements with which the Vessel has to comply pursuant to Clause 1.4 are altered or changed, or any new rules, regulations or requirements applicable to the Vessel are introduced for compulsory
application to the Vessel by 31 December 2025 (each such alteration or change a “Statutory Modification”), either of the Parties, upon receipt of such information, shall promptly transmit the same to the other in writing. Builder
shall notify Buyer of any adjustment to the provisions of this Contract and/or Specifications reasonably occasioned by such alteration or change within fifteen (15) Working Days of the transmission of such notice, and Buyer shall be entitled
either (i) to agree the adjustment notified or (ii) to refer the dispute for resolution in accordance with Clause 14.2 hereof. Builder shall, however proceed, (without prejudice to the provisions of Clause 14.2 hereof) to incorporate such
alterations or changes into the construction of the Vessel. 
  

	5.3	Substitution of Materials 

 In the event that any of the materials required by the
Specifications or otherwise under this Contract for the construction of the Vessel cannot be procured in time or are in short supply to maintain the Initial Acceptance Date and/or, as the case may be, the Final Delivery Date, or if alternative
materials, equipment or machinery of proven quality become available by reason of advances in technology, manufacture or production, Builder may, if Buyer agrees in writing, supply such other materials, equipment or machinery capable of meeting the
requirements of this Contract provided such materials, equipment or machinery are of equivalent or superior quality to those being replaced. 

Builder shall not be entitled to claim any extra cost or adjustment to any provisions of this Contract or the Specifications, including without
limitation by way of extension to the Initial Acceptance Date and/or, as the case may be, the Final Delivery Date if it elects to use or install substitute materials. 
  

	5.4	Unnecessary Modifications 

 Notwithstanding any other provision of this Contract to the
contrary, if any modification or alteration to the Vessel or the Specifications is required by reason of any error or omission in the Vessel’s design, construction and Specifications, such modification or alteration shall be performed at
Builder’s sole expense. 

  
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	5.5	Pricing of Modifications 

 Builder shall, if so requested, provide in relation to both
Buyer’s Modifications and Statutory Modifications (where the quotations for such Buyer’s Modifications and Statutory Modifications are equal to or in excess of One Hundred and Fifty Thousand United States Dollars (US$150,000) in value), a
breakdown of its quotation, on the basis of a lump sum amount for each of (a) labour costs, (b) engineering and (c) materials and equipment required. Buyer shall be entitled to receive, and Builder shall furnish to Buyer, such further
details of, and documentation concerning, a Buyer’s Modification or Statutory Modification as it may require, acting reasonably. Builder shall also furnish all other necessary or reasonably required documentation which Buyer may require in
relation to any Buyer’s Modification or Statutory Modification. 
 (End of Clause) 

  
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 CLAUSE 6 – PLANNED PROGRAMME 

 

	6.1	Planned Programme and Performance of Construction Milestone 

 The Vessel shall be
constructed in accordance with the Planned Programme, a copy of which is attached as Appendix E, which defines certain stages of the construction process which Builder estimates will be completed within the time periods therein specified. 

Notwithstanding the above, the following key events (each a “Construction Milestone”) shall occur on or before the date set forth
below (each a “Target Milestone Date”): 
  

	 	(a)	steel-cutting on or before 29 February 2016; 

  

	 	(b)	keel laying on or before 29 August 2016; 

  

	 	(c)	launching on or before 26 November 2016; and 

  

	 	(d)	completion of cargo containment system installation (excluding the side opening closing and liquid dome cover installation) on or before 16 August 2017. 

 

	6.2	Progress Control and Reporting 

 Builder shall submit to Buyer and Charterer on or before
the fifth (5th) day of each month, commencing on the date falling six (6) months before steel-cutting under this Contract, until Final Delivery, the following documentation the accuracy of which Builder hereby warrants: 

 

	 	(a)	a status report on the Vessel’s construction as compared with the Planned Programme and the Target Milestone Dates, including an updated detailed critical path; 

 

	 	(b)	a status report setting out the actual progress in the construction of the Vessel during the previous month: 

  

	 	(i)	itemising work performed in relation to design, hull structure, cargo containment, cargo handling, hull piping, engine room, electrical and automation, and commissioning; and 

 

	 	(ii)	indicating cumulative progress to date, including man hours consumed against target and percentages of work completed in relation to design, hull structure, cargo tanks and other major components that have been
completed each against target; 

  
 44 

	 	(c)	a list of any modifications, adjustment or variations to the Specifications and the Contract (including the Contract Price) that are agreed resolved or pending resolution (pursuant to the dispute resolution mechanism of
Clause 14 or otherwise) up to the date of the status report; 

  

	 	(d)	a status report on the procurement and delivery of sub-contracted work or materials during the previous month (the precise nature of which report shall be agreed, from time to time, between Buyer and Builder);

  

	 	(e)	a list of any factory acceptance tests and Trials conducted in the preceding month and of such test and Trials to be conducted in the next three (3) months; and 

 

	 	(f)	photographs showing progress of construction. 

 Upon Buyer’s reasonable request, Builder
shall also provide video footage of specified elements of the progress of the construction. 
 Without prejudice to Builder’s
obligations under this Contract, in the event that the construction of the Vessel should, for any reason whatsoever, be delayed by ten (10) Working Days beyond the time-frame described in the Planned Programme, Builder shall immediately notify
Buyer. If the delay which has occurred is not Permissible Delay, Builder shall within ten (10) Working Days after provision of such notification provide to Buyer a schedule indicating the steps (including any appropriate increase in manpower
and material resources) Builder intends to take to recover the time lost. Builder and Buyer shall meet at the earliest opportunity to discuss the schedule and Builder’s detailed plans for implementation of the same. 

(End of Clause) 

  
 45 

 CLAUSE 7 – TRIALS AND ACCEPTANCE 

 

	7.1	Extent of Trials 

  

	(a)	When construction and fitting out of the Vessel have been completed, Builder shall carry out all tests and trials described in the Specifications (individually a “Trial” and collectively the
“Trials”) in respect of the Vessel, its machinery and equipment. The Trials shall be carried out at the entire risk of Builder and the safe management, operation and navigation of the Vessel to, during and from the Trials shall be the sole
responsibility of Builder subject only, in the case of the Ice Trials, to the costs of the Ice Trials being dealt with in accordance with the provisions of Clauses 7.3 and 7.5(d)(i). 

 

	(b)	At least four (4) months prior to the scheduled commencement thereof Builder shall submit to Buyer for its approval a comprehensive programme for the Trials. 

 

	(c)	The Trials shall be conducted in the manner prescribed in the Specifications, and shall prove fulfilment of the performance requirements for the Vessel as set forth in this Contract and the Specifications. The Trials
shall start only after (i) completion of the Vessel’s construction and commissioning of all machinery and equipment in accordance with the Contract and Specifications and (ii) Buyer’s approval of the testing plan for each
individual Trial. If any equipment or element of the Vessel is adjusted or modified in any way after any Trial(s) whose results could have been directly or indirectly affected by such adjustment or modification, or during any Trial any repair or
replacement is carried out or the Vessel must return to the Shipyard or any other port or shipyard to enable any breakdown to be repaired or remedied, such Trial(s) shall be repeated unless Builder can demonstrate to Buyer’s reasonable
satisfaction that repeating the relevant Trials is not required. 

  

	(d)	The Vessel’s sea Trials shall be undertaken in accordance with the Specifications in the coastal waters off The Republic of Korea or any other location agreed between Builder and Buyer. Prior to commencement of the
Sea Trials, Builder shall clean the hull and the propeller as necessary. 

  

	(e)	Following completion of the sea Trials, Builder shall at its own cost, risk and expense obtain and load the Vessel with a sufficient quantity of LNG, for the purpose of carrying out the gas and cryogenic Trials in
accordance with the Specifications. All such gas and cryogenic Trials, including gas handling Trials, shall be conducted at the trials course and at an LNG berth in The Republic of Korea to be determined by mutual agreement. 

  
 46 

	(f)	Following Initial Acceptance and, where the Ice Coating is to be applied at the Ice Coating Facility, the Ice Coating Acceptance, Builder shall, subject to Clause 7.3, undertake Ice Trials at the Preferred Location
during the Ice Trials Window, or outside such Ice Trials Window at any other location approved by Buyer, in each case in accordance with this Contract and the Specifications. Builder shall after Initial Acceptance bring the Vessel at its risk from
the Shipyard to (i) the Ice Coating Facility (if applicable), and/or (ii) the location where the Ice Trials are to be performed, and (iii) from such location to the place of Final Delivery (collectively the “Ice Trials
Voyage”). Builder shall ensure that the Vessel is at all times, from Initial Acceptance until Final Delivery, properly registered, manned, stored, insured and in all respects fit to perform the Ice Trials Voyage. Buyer agrees to procure that
the Manager enters into the Ice Trials Management Agreement for the provision of certain management and operational services to Builder in relation to the performance of the Ice Trials Voyage. 

 

	(g)	On completion of each of the Trials (other than the Ice Trials), the Vessel shall be brought back to the Shipyard for inspection. Buyer shall have the right to request Builder to open up any machinery or equipment,
including any connected machinery or equipment, that is found to be defective during such Trials. All defects or omissions found in the Vessel on completion of such Trials or post-Trial inspection shall be remedied and made good by Builder to ensure
compliance of the Vessel with this Contract and the Specifications and any machinery or equipment closed up by Builder ready for sea at Builder’s cost. 

  

	(h)	Builder shall ensure that prior to Initial Acceptance each cargo tank of the Vessel shall have been calibrated for volume against level by an independent surveyor mutually acceptable to Buyer and Charterer. Builder
shall have a qualified and mutually agreed independent surveyor prepare tank gauge tables for each tank of the Vessel. Such tank gauge tables shall include sounding tables, correction tables for list and trim, volume corrections to tank service
temperature, and other corrections if necessary. The Authorised Representatives, Charterer Representatives and representatives of Charterer’s customers shall have the right to witness the tank calibrations referred to above. Builder shall give
adequate advance notice to Buyer, with a copy to Charterer. 

  

	7.2	Notice 

 Notwithstanding Clause 4.4(d), Builder shall notify Buyer, its Authorised
Representatives and Charterer’s Representatives, at least twenty-one (21) days in advance, of the time, date and place of each Trial (other than the Ice Trials). Such date shall be further confirmed by Builder seven (7) days in
advance. 

  
 47 

 The Authorised Representatives and Charterer’s Representatives shall be on board the Vessel
to witness each such Trial. In respect of the Ice Trials, the Authorised Representatives and Charterer’s Representatives shall be entitled to join the Vessel upon Initial Acceptance or at any time thereafter and shall be accommodated on the
Vessel for the duration of the Ice Trials Voyage and during the Ice Trials themselves. Failure by any of the Authorised Representatives or Charterer’s Representatives to attend any Trial for any reason whatsoever provided due notice has been
given as above shall be deemed to be a waiver by Buyer of its right to have the Authorised Representatives and Charterer’s Representatives on board the Vessel during the relevant Trial. In such circumstances Builder may conduct the Trial in the
presence of the representatives of the Classification Society only and without the Authorised Representatives or Charterer’s Representatives being present. In such case Buyer shall be obligated to accept the results of such Trial on the basis
of a certificate issued by Builder, and countersigned by the Classification Society, that the Vessel, after the Trial, is found to meet the requirements of this Contract and the Specifications. 

 

	7.3	Ice Trials 

  

	(a)	The Vessel’s Ice Trials shall be undertaken prior to Final Delivery in the coastal waters of the Kara Sea and in the Ob Bay (the “Preferred Location”) or any other location agreed between Builder and
Buyer. Ice Trials shall be undertaken in accordance with the protocol for ice performance testing contained in the Specifications. Ice performance shall be measured in ice ballast condition. During such Ice Trials, the following tests and
measurements shall be carried out: 

  

	 	(i)	speed test in level ice ahead and astern; 

  

	 	(ii)	manoeuvrability (including turning) test; 

  

	 	(iii)	icebreaking test in ice ridges ahead and astern; 

  

	 	(iv)	noise and vibration measurement; and 

  

	 	(v)	any other testing described in the Specifications. 

  

	(b)	Builder shall (subject to Clause 7.3(c) below) at its own risk load the Vessel with a sufficient quantity of LNG, for the purpose of carrying out the Ice Trials. 

 

	(c)	Buyer agrees to procure that Charterer will, at Charterer’s cost and expense: 

  

	 	(i)	arrange all permits and authorisations necessary for the Vessel and all passengers or crew on board the Vessel to enter into Russian waters; 

  
 48 

	 	(ii)	arrange any and all necessary icebreaker support during the Ice Trials; 

  

	 	(iii)	arrange the cargo of LNG referred to in Clause 7.3(b) above; and 

  

	 	(iv)	appoint an ice condition reporting service which will be instructed to identify the most appropriate areas in which to conduct the Ice Trials. 

 

	(d)	Builder will keep Buyer regularly informed as to the progress of the Vessel towards the Ice Trials location and will give Buyer not less than fifteen (15), ten (10) and five (5) days’ notice of the
Vessel’s expected arrival at each of (i) the port where LNG is to be loaded in accordance with Clause 7.3(b) above, and (ii) any other port or place where the Authorised Representatives, Charterer’s Representatives and any other
persons who will attend the Ice Trials can board the Vessel. 

  

	(e)	If suitable ice conditions as set out in the Specifications have not been located within two (2) weeks of the Vessel passing the Kara Gate to enter the Kara Sea, the Ice Trials shall be carried out in the most
appropriate conditions and location as agreed between Buyer and Builder. 

  

	(f)	Subject to Clauses 7.3(g) and 7.3(h) below, Parties agree that Buyer shall be responsible for, and will reimburse Builder at Final Delivery for, any and all costs and expenses that Builder may incur pursuant to the Ice
Trials Management Agreement (including, but not limited to, the cost of crew, insurance, bunkers, Suez Canal transit and port agency fees incurred in the performance of the Ice Trials Voyage, and including any taxes, duties and fees paid thereon
outside The Republic of Korea); always provided that Buyer has given its prior written approval to the budget and the detailed statement of actual expenses (including in each case any supporting documentation) prepared by Manager for such costs and
expenses. 

  

	(g)	Notwithstanding Clause 7.3(f) above, if it is necessary to interrupt the Ice Trials Voyage and/or the Ice Trials to effect repairs or modifications to the Vessel, Builder shall be responsible for all costs and expenses,
including out-of-pocket expenses described in Clause 7.3(f) above, incurred during such interruption. 

  

	(h)	On completion of the Ice Trials in accordance with the Specifications, the Vessel shall be brought back to Sabetta, or elsewhere as may be agreed, for inspection of the Vessel. Buyer shall have the right to request
Builder to open up any machinery or equipment, including any connected machinery or equipment, that is found to be defective during such Ice Trials. All defects or omissions found in the Vessel on completion of such Ice Trials or post Ice Trials
inspection shall be remedied and made good by Builder to ensure compliance of the Vessel with this Contract and the Specifications and any machinery or equipment closed up by Builder ready for sea at Builder’s cost. 

  
 49 

	7.4	Delays during Trials 

  

	(a)	The Trials shall be conducted in the weather conditions described in the Specifications. 

  

	(b)	Any delay in: 

  

	 	(i)	conducting the sea and gas Trials caused by unfavourable weather conditions in excess of twenty-four (24) hours; 

  

	 	(ii)	performing the Ice Trials Voyage that is beyond the reasonable control of Builder or Manager or a result of the default of Manager; and 

 

	 	(iii)	finding the appropriate ice conditions to conduct the Ice Trials after passing the Kara Gate or, if ice conditions do not allow the transit of the Kara Gate, an equivalent geographical location north of Novaya Zemlya,

 shall, in each case, be deemed to be Permissible Delay and operate to postpone the Initial Acceptance Date and/or the Final
Delivery Date by the period of such delay. In respect of the Ice Trials, the provisions of Clause 7.3 shall continue to apply during any period of delay in the Ice Trials as described in this Clause 7.4. 

 

	7.5	Expenses 

  

	(a)	Subject to Clauses 7.3(c) and 7.3(f), all expenses in connection with the Trials are to be for the account of Builder and as appropriate Builder shall provide at its own expense the necessary crew to comply with
conditions of safe navigation. 

  

	(b)	Fuel oil, water and any other consumable stores (other than any lubricating and hydraulic oils and greases) required for any Trials shall be purchased by Builder, at Builder’s cost. Upon each of Initial Acceptance
and Final Delivery the parties shall determine the quantity of fuel oil remaining on board. 

  

	(c)	Lubricating and hydraulic oils and greases necessary for the Trials shall be supplied by Buyer, after consultation with Builder on the type of lubricants, oils and greases, at Buyer’s cost, subject to Clause
7.5(d)(ii). 

  

	(d)	Upon Final Delivery: 

  
 50 

	 	(i)	Buyer shall be liable to pay Builder for any quantities of fuel oil remaining on board the Vessel at Initial Acceptance. Buyer shall, at no additional cost to Buyer, take over any fuel oil remaining on board at Final
Delivery; 

  

	 	(ii)	Builder shall be liable to pay for all lubricating and hydraulic oils and greases consumed up to Initial Acceptance (provided that in measuring such quantities, any quantities remaining in the main engines, sump tanks
and stern tube shall be excluded); and 

  

	 	(iii)	Buyer shall, at no additional cost to Buyer, take over the quantities of LNG remaining on board at Final Delivery. 

Any such settlement shall be made at Final Delivery and at the original documented purchase price. 

 

	(e)	Builder shall bear the cost of providing and loading supplies of LNG or other liquefied gases and equipment required for the testing of the cargo system and machinery plant during the gas Trials conducted pursuant to
Clause 7.1(e), and for the discharging of any LNG remaining on board after such Trials. The costs of any such LNG consumed in the course of such gas Trials and all costs associated with the use of the gas terminal including all port and other
charges shall be for account of the Builder. 

  

	7.6	Method of Acceptance or Rejection 

  

	(a)	If, during any Trial, any breakdown occurs entailing interruption or irregular performance which can be repaired on board, the Trial shall continue after completion of the relevant repairs. However, if the Vessel must
return to the Shipyard or enter any other port or shipyard to enable the breakdown to be remedied or repaired, that Trial, or part of that Trial, shall be undertaken again in accordance with Clause 7.1(c). In the event that, during or after any
Trial, it becomes apparent that the Vessel has failed or will fail to meet the requirements of this Contract and the Specifications, Builder shall promptly notify Buyer and shall advise Buyer of the estimated additional time required to enable
Builder to correct such deficiency. 

  

	(b)	Upon completion of each Trial and each post-Trial inspection, Builder shall provide to Buyer (with a copy to Charterer): 

  

	 	(i)	a written report of each Trial and post-Trial inspection containing the results of the relevant Trial and Builder’s observations during any post-Trial inspection; and 

  
 51 

	 	(ii)	a notice stating whether Builder considers that the results of the relevant Trial confirm conformity of the Vessel to this Contract and the Specifications in relation to any part of the Vessel that has been tested
during such Trial. 

  

	(c)	Upon: 

  

	 	(i)	completion of all Trials and any post-Trial inspections; and 

  

	 	(ii)	Completion of the Ice Coating where such Ice Coating is not applied at the Shipyard, 

 Builder
shall notify Buyer (with a copy to Charterer) that the relevant Trials have been completed, or that the Ice Coating has been applied, and that the results of such Trials and post-Trial inspections or, as the case may be, Ice Coating inspection
confirm conformity of the Vessel (or part thereof) to this Contract and the Specifications. Builder shall serve a notice on Buyer stating when the Vessel will be ready for Initial Acceptance or Ice Coating Acceptance, giving not less than ten
(10) Working Days’ notice thereof, or for Final Delivery, as the case may be, giving not less than five (5) Working Days’ notice thereof. 
  

	(d)	Buyer shall, within five (5) Working Days after receipt of such notice (or within three (3) Working Days in the case of the notice of readiness for Final Delivery), notify Builder in writing of either
(i) its Initial Acceptance, Ice Coating Acceptance, or Final Acceptance, as the case may be, or (ii) rejection of the Vessel. 

  

	(e)	In the event that Buyer rejects the Vessel, Buyer shall indicate in its notice of rejection in what respects the Vessel, or any part of equipment thereof, does not conform to this Contract and/or the Specifications.
Builder shall take all necessary steps to correct such non conformity and shall perform such Trials as required to prove the Vessel’s compliance with this Contract and the Specifications. Upon correction of such non conformity, Builder shall
notify Buyer thereof. Buyer shall, within five (5) Working Days after receipt of such notice from Builder (or three (3) Working Days in respect of a notice of readiness for Final Delivery), notify Builder of either: (i) its Initial
Acceptance, Ice Coating Acceptance, or Final Acceptance, as the case may be, or (ii) rejection of the Vessel. This process shall be continued until the earlier of the occurrence of (A) Initial Acceptance, Ice Coating Acceptance, or Final
Acceptance, as the case may be, or (B) the rescission of this Contract by either Party in accordance with its terms. 

  

	(f)	In event that Buyer fails to notify Builder of either (i) its Initial Acceptance, Ice Coating Acceptance, or Final Acceptance, as the case may be or (ii) its rejection of the Vessel together with the reason
therefor, within the period provided above, Buyer shall be deemed to have agreed to the Initial Acceptance, Ice Coating Acceptance or Final Acceptance, as the case may be. 

  
 52 

	(g)	Notwithstanding any other provision of this Contract, Buyer shall not be entitled to refuse Initial Acceptance and rescind this Contract as a result of any Minor Non-Conformities which exist as at the time of Initial
Acceptance, provided always that (i) a list of such Minor Non-Conformities is drawn up, agreed between Builder and Buyer and attached to the Protocol of Initial Acceptance at Appendix D Part 1, and (ii) Builder undertakes to rectify each
of those Minor Non-Conformities prior to the Final Delivery so that, by Final Delivery, the Vessel conforms in all respects to this Contract and the Specifications. 

 

	7.7	Missing the Ice Trials Window 

 If the Vessel misses an Ice Trials Window, the Ice Trials
may, at the Buyer’s option, be conducted elsewhere than at the Preferred Location. Buyer and Builder shall mutually agree on an appropriate location where suitable conditions can be found. 

 

	7.8	Buyer’s right to waive 

 The Parties agree that Buyer always has the option to waive
its right to require Builder to perform full Ice Trials of the Vessel. 
 (End of Clause) 

  
 53 

 CLAUSE 8 – ACCEPTANCE AND FINAL DELIVERY 

 

	8.1	Time and Place 

 Subject to the provisions of Clause 8.2, the Vessel shall be: 

 

	 	(a)	presented for Initial Acceptance to Buyer safely afloat at the Shipyard ready in all respects for Initial Acceptance on but not before 31 October 2017. The aforementioned date, or such later date to which Initial
Acceptance is postponed pursuant to such terms, is herein called the “Initial Acceptance Date”; and 

  

	 	(b)	delivered by Builder to Buyer safely afloat at Sabetta (or such other location as may be agreed), free from all encumbrances, mortgages, charges, claims, liens and debts and ready in all respects to commence operations
as an icebreaking LNG carrier, on but not before 29 January 2018. The aforementioned date, or such later date to which the requirement of delivery is postponed pursuant to such terms, is herein called the “Final Delivery Date”.

  

	8.2	Early Initial Acceptance or Final Delivery 

 In the event that Builder believes that the
Vessel will be completed and ready for Initial Acceptance or, as the case may be, Final Delivery on a date earlier than the Initial Acceptance Date or the Final Delivery Date (as the case may be), then Builder may give written notice to Buyer of the
revised date on which the Vessel will be ready for Initial Acceptance or the Final Delivery (as the case may be). Buyer shall have the option but not the obligation to accept Initial Acceptance or, as the case may be, Final Delivery on this earlier
date. 
  

	8.3	When and How Effected 

  

	(a)	Initial Acceptance shall take place at the Shipyard: (i) when all tests and Trials (other than the Ice Trials) have been completed in accordance with this Contract and the Specifications, (ii) notwithstanding
the fact that the Ice Coating has not yet been applied to the Vessel if, in accordance with the terms of this Contract, the Ice Coating is to be applied outside the Shipyard, (iii) when Buyer has accepted the Vessel in accordance with
Clause 7.6, and (iv) when all the documents referred to in Clause 8.3(a) are tendered to Buyer, and shall be evidenced forthwith by the concurrent delivery by each Party hereto to the other Party of a Protocol of Initial Acceptance in the
form set out in Appendix D, Part 1 hereto acknowledging Initial Acceptance. 

  
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	(b)	Where the Ice Coating is to be applied outside the Shipyard, Ice Coating Acceptance shall take place when (i) Initial Acceptance has occurred, and (ii) the Ice Coating has been accepted by Buyer in accordance
with Clause 7.6(d). 

  

	(c)	Final Delivery shall take place (i) when all tests and Trials have been completed in accordance with this Contract and the Specifications, (ii) Initial Acceptance and Ice Coating Acceptance have occurred,
(iii) when Final Acceptance has occurred in accordance with Clause 7.6, (iv) if the Vessel is in all respects in the same condition (fair wear and tear excepted) as it was when Initial Acceptance occurred, and (v) when all the
documents referred to in Clause 8.4(b) are tendered to Buyer, and shall be evidenced forthwith by the concurrent delivery by each Party hereto to the other Party of a Protocol of Final Delivery and Acceptance in the form set out in Appendix D, Part
2 hereto acknowledging Final Delivery. 

  

	(d)	Prior to Final Delivery, but after completion of the Ice Trials, Buyer shall be entitled to carry out, at its own cost, an inspection of the underwater parts of the Vessel in order to verify the condition of the hull
and propellers. Such inspection shall be carried out with the Vessel afloat in a suitable location in ice free water to be agreed between Buyer and Builder. 

  

	8.4	Documents to be Delivered to Buyer on Initial Acceptance 

  

	(a)	Upon Initial Acceptance, Builder shall deliver to Buyer the following documents, which shall accompany the PROTOCOL OF INITIAL ACCEPTANCE: 

 

	 	(i)	PROTOCOL OF SEA AND GAS TRIALS of the Vessel made pursuant to the Specifications; 

  

	 	(ii)	PROTOCOL OF INVENTORY of the equipment of the Vessel, including spare parts and the like, all as specified in this Contract and the Specifications; 

 

	 	(iii)	ALL CLASS CERTIFICATES clean and free of conditions and/or recommendations of Class; 

  

	 	(iv)	ALL OTHER CERTIFICATES AND LETTERS OF COMPLIANCE required to be furnished upon Initial Acceptance pursuant to this Contract and the Specifications; and 

 

	 	(v)	DRAWINGS, PLANS and MANUALS (including, but not limited to, final and as-built drawings and plans) pertaining to the Vessel as stipulated in the Specifications. 

  
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 It is agreed that if, through no fault on the part of Builder, the classification certificate
required pursuant to Clause 8.4(a)(iii) above and/or any other certificate required pursuant to Clause 8.4(a)(iv) above are not available at the time of Initial Acceptance, provisional certificates shall be accepted by Buyer, provided that
(i) the safe and efficient trading or operation of the Vessel shall not be impeded by such provisional certificates, and (ii) Builder shall furnish Buyer with the formal certificates as promptly as possible after such formal certificates
have been issued. 
  

	(b)	Upon Final Delivery, Builder shall deliver to Buyer the following documents, which shall accompany the PROTOCOL OF FINAL DELIVERY AND ACCEPTANCE: 

 

	 	(i)	PROTOCOL OF ICE TRIALS of the Vessel made pursuant to the Specifications; 

  

	 	(ii)	PROTOCOL OF INVENTORY of the equipment of the Vessel, including spare parts and the like, all as specified in this Contract and the Specifications (to the extent the same have not already been provided);

  

	 	(iii)	ALL CLASS CERTIFICATES clean and free of conditions and/or recommendations of Class (to the extent the same have not already been provided); 

 

	 	(iv)	ALL OTHER CERTIFICATES AND LETTERS OF COMPLIANCE including the BUILDERS CERTIFICATE required to be furnished upon Final Delivery pursuant to this Contract and the Specifications; 

 

	 	(v)	DECLARATION OF WARRANTY of Builder (to be issued by both DSME and DY Tankers) that the Vessel is delivered to Buyer free and clear of any liens, charges, claims, mortgages, or other encumbrances upon Buyer’s title
thereto, and in particular, that the Vessel is absolutely free of all burdens in the nature of imposts, taxes or charges, as well as of all liabilities of Builder to its subcontractors, suppliers, employees and crew, and of all liabilities arising
from the operation of the Vessel during Trials, or otherwise, prior to Final Delivery; 

  

	 	(vi)	DRAWINGS, PLANS and MANUALS (including, but not limited to, final and as-built drawings and plans) pertaining to the Vessel as stipulated in the Specifications (to the extent the same have not already been provided);

  

	 	(vii)	COMMERCIAL INVOICE in duplicate; 

  

	 	(viii)	three (3) original BILLS OF SALE issued by the legal owner of the Vessel to be notarised and apostilled if the same is required for registration of the Vessel; 

 

	 	(ix)	An executed assignment from DSME and/or DY Tankers, as the case may be, of any guarantees provided by any subcontractors, maker or suppliers of equipment or materials for the Vessel, assigning to Buyer the benefit of
such guarantees to the extent that the period of the guarantee exceeds the Guarantee Period; 

  
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	 	(x)	CERTIFICATE dated not more than three (3) Working Days prior to the date of Final Delivery from the Bahamian registry showing ownership of the Vessel and that the Vessel is free from any mortgages, maritime liens,
claims or encumbrances; 

  

	 	(xi)	ALL DOCUMENTS reasonably required by the Bahamian Registry to effect the transfer of the Vessel; 

  

	 	(xii)	if required by Buyer as a result of a proposed change in the registry of the Vessel upon Final Delivery, Builder’s undertaking that it will deliver to Buyer as soon as possible, but in no event later than
(10) Working Days from the Final Delivery Date, a certificate of deletion from the Bahamian registry; 

  

	 	(xiii)	the Performance Guarantee; and 

  

	 	(xiv)	such other documents as Buyer may reasonably require, and which Builder can reasonably provide and for which Buyer gives reasonable notice to Builder, to obtain financing and/or for registration of the Vessel, if any.

 It is agreed that if, through no fault on the part of Builder, the classification certificate required pursuant to Clause
8.4(b)(iii) above and/or any other certificate required pursuant to Clause 8.4(b)(iv) above are not available at the time of Final Delivery, provisional certificates shall be accepted by Buyer, provided that (i) the safe and efficient trading
or operation of the Vessel shall not be impeded by such provisional certificates, and (ii) Builder shall furnish Buyer with the formal certificates as promptly as possible after such formal certificates have been issued. 

 

	8.5	Tender of Vessel 

 If Buyer fails to take Initial Acceptance, Final Delivery or Ice
Coating Acceptance where the Vessel meets the conditions for such acceptance or final delivery according to this Contract and the Specifications, and Builder is in compliance with all other obligations regarding such acceptance or final delivery
under this Contract, Builder shall have the right to tender the Vessel for such acceptance or final delivery after compliance with all procedural requirements as above provided. 

  
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	8.6	Title and Risk 

 Title to and risk of loss of the Vessel shall pass to Buyer only upon
release of the Final Instalment to Builder; being expressly understood that, until such Final Delivery is effected, title to and risk of loss of the Vessel and her equipment shall lie with Builder. 

The title to Buyer’s supplies as provided in Clause 18 shall remain with Buyer and Builder’s responsibility for such Buyer’s
supplies shall be as described in Clause 18.2. 
  

	8.7	Removal of Vessel 

 Buyer shall take possession of the Vessel immediately upon Final
Delivery. 
 (End of Clause) 

  
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 CLAUSE 9 – DELAYS AND EXTENSION OF TIME FOR TECHNICAL ACCEPTANCE AND FINAL DELIVERY (FORCE MAJEURE)

  

	9.1	Force Majeure 

  

	(a)	If, at any time before the Final Delivery Date, either the construction of the Vessel or any performance required as a prerequisite of Final Delivery is delayed due to Acts of God; acts of princes or rulers; national
strikes or lockouts, war or other hostilities or preparations therefor; blockade; revolution, insurrections, military mobilisation, civil war, civil commotion or riots; vandalism, sabotages; plague or other epidemics; quarantines; flood, tsunami,
typhoons, hurricanes, earthquakes; lightning, tidal waves; landslides; fires, explosions, collisions or strandings; embargoes; destruction of or damage to the Shipyard or works of Builder, its subcontractors or suppliers, or of or to the Vessel or
any part thereof, by any causes herein described (each a “Force Majeure Event”); then and in any such case, the Initial Acceptance Date, (if not already having occurred) and the Final Delivery Date shall be postponed by the number of days
of delay in completing or delivering the Vessel caused by any of the Force Majeure Events listed above. 

  

	(b)	Builder shall not be entitled to rely on any Force Majeure Event unless: 

  

	 	(i)	the delay in respect of which Builder is claiming relief was not caused or contributed to by its error, neglect, act or omission or that of its employees or subcontractors; 

 

	 	(ii)	the delay shall impact upon the updated critical path of the Vessel’s construction; 

  

	 	(iii)	Builder has taken all reasonable steps to mitigate its effect upon the construction of the Vessel; and 

  

	 	(iv)	Builder has followed the notification procedure set out in Clause 9.2. 

 For the avoidance of
doubt, delays attributable to two (2) or more concurrent events shall not be aggregated or counted more than once. 
  

	9.2	Notice of Delay 

  

	(a)	 Within five (5) Working Days after the date of occurrence of any cause of delay on account of which Builder claims that it is entitled under this
Contract to a postponement of the Initial Acceptance Date and/or the Final Delivery Date, Builder shall notify Buyer in writing of the date such cause of delay occurred, provided always that if it is impossible for Builder to give notice within such
five (5) Working Days period, such notice shall be provided by Builder as soon as practicably possible but in any event within ten (10) Working Days. As soon as 

  
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possible thereafter and in any event not more than ten (10) Working Days after the giving of such notice, Builder shall provide a statement in writing to Buyer specifying as far as possible
the nature and cause of the contingency, the effect on the item involved, the likely effect on the schedule of construction of the Vessel and the steps being taken to mitigate any delay. 

 

	(b)	Within five (5) Working Days after the date of ending of such cause of delay, Builder shall notify Buyer of the date such cause of delay ended. Builder shall further notify Buyer of the period by which Builder
contends the Initial Acceptance Date and/or the Final Delivery Date is postponed by reason of such cause of delay within all reasonable despatch after it has been determined. 

 

	9.3	Definition of Permissible Delay 

  

	(a)	Force Majeure Delays together with any delays arising on account of the matters specified in Clauses 5.1, 5.2, 7.4, 12.3(a), 14.3, 18.1(c) and 18.1(d) and clause 6.1 of Appendix I (Form of Step In Agreement) shall
be understood to be Permissible Delays and the Initial Acceptance Date and/or the Final Delivery Date, as the case may be, shall be automatically postponed by one (1) day for each day of delay so caused (pro rata for any part of a day) provided
that the foregoing delays (other than those set out in Clauses 6.1, 6.2 and 12.3(a)) shall however only constitute Permissible Delays to the extent that the relevant cause(s) impact(s) on the updated critical path of the Vessel’s construction
and/or delivery and thereby delay(s) such construction and/or delivery. 

  

	(b)	In addition, in relation to the Final Delivery Date, any delay caused by Manager not performing its obligations under the Ice Trials Management Agreement or Charterer not performing any of the obligations referred to in
Clause 7.3(c) shall be Permissible Delays and the Final Delivery Date shall be automatically postponed by one (1) day for each day of delay so caused (prorata for part of a day). 

(End of Clause) 

  
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 CLAUSE 10 – WARRANTY OF QUALITY 

 

	10.1	Guarantee 

  

	(a)	Subject to the provisions hereinafter set forth, Builder guarantees that the Vessel shall be free from all defective materials, equipment, workmanship, design and construction, including without limitation, defects
arising from: 

  

	 	(i)	any failure to ensure that the accuracy, suitability and sufficiency of the Vessel’s design are such as to permit the Vessel to meet the requirements, performance and quality standards of the Contract and the
Specifications; and 

  

	 	(ii)	any failure to construct in accordance with the Contract and the Specifications or to comply with manufacturer’s recommendations whether on the part of Builder and/or its subcontractors, 

for a period of twenty four (24) months (or for such longer period, and subject to any extension thereof as herein provided) from Final
Delivery (the “Guarantee Period”) and undertakes to remedy, free of charge to Buyer, any such defects in the Vessel (and physical damage to other parts of the Vessel resulting therefrom). 

 

	(b)	Notwithstanding the other provisions of this Clause, Builder further guarantees that: 

  

	 	(i)	the cargo containment system shall be free of defects for a period of sixty (60) months from Final Delivery; 

  

	 	(ii)	subject to the provisions of Appendix N, the external hull coating (except anti-fouling coating) and ballast tank coating shall be free of defects for a period of sixty (60) months from Final Delivery; and

  

	 	(iii)	subject to the provisions of Appendix N, the void space coatings, the pipe passage coatings and the under-deck passage coatings shall be free of defects for a period of forty eight (48) months from Final Delivery.

  

	(c)	Builder further guarantees any repairs or replacements to the Vessel made by it pursuant to this Clause 10 for a further period of twenty four (24) months from the date of completion of such repair or replacement,
provided always that the maximum aggregate guarantee period in respect of items covered by the guarantee in (i) Clause 10.1(a) shall be forty-eight (48) months, (ii) Clauses 10.1(b)(i) and (ii) shall be eighty-four
(84) months and (iii) Clause 10.1(b)(iii) shall be seventy-two (72) months in each case from Final Delivery. 

  
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 For the purpose of this Clause, the Vessel shall include her hull, machinery, equipment, gear,
spares and Depot Spares but excludes any Buyer Supplies. It shall, however, include any defect in the Vessel arising in connection with the installation of Buyer’s Supplies by Builder. 

 

	10.2	Certificates of Fitness and Compliance and Ice Certificate 

  

	(a)	If any IMO Certificate of Fitness for the transportation of liquefied gas in bulk applicable to the Vessel is withdrawn within a period of forty eight (48) months from Final Delivery on account of any defect to the
Vessel or for any reason attributable to Builder then Builder shall be liable for any direct costs and expenses necessary to obtain the re-issue of the Certificate of Fitness. 

 

	(b)	If the U.S. Coast Guard Certificate of Compliance for foreign flagged vessels (the “Certificate of Compliance) is withheld on account of any defect to the Vessel or for any reason attributable to Builder, following
the first presentation of the Vessel to the U.S. Coast Guard (the “USCG”) for such certification or the Vessel is refused permission to enter any port in the United States due to failure to comply with the requirements of the USCG for any
reason attributable to Builder (provided this is not due to any change in the requirements of the USCG for the issue of such Certificate of Compliance beyond those requirements with which Builder is obliged to comply in accordance with Clause 1.4),
then if such presentation takes place within the period of thirty six (36) months after the Final Delivery, Builder shall be liable for any direct costs and expenses necessary to enable the Vessel to obtain the Certificate of Compliance.

  

	(c)	If permission for the Vessel to enter into any port in the United States is refused due to any failure to comply with the requirements of the USCG attributable to Builder, then if such refusal takes place within the
period of thirty six (36) months after the Final Delivery, Builder shall be liable for any direct costs and expenses necessary to enable the Vessel to obtain permission to enter into the relevant United States port. 

 

	(d)	If permission for the Vessel to navigate the Northern Sea Route is withdrawn due to any failure to comply fully with the Northern Sea Route Administration regulations and/or the Ice Certificate is withdrawn, in either
case on account of any defect to the Vessel or for any reason attributable to Builder, and in either case such withdrawal takes place within a period of thirty-six (36) months after the Final Delivery, Builder shall be liable for any direct
costs and expenses necessary for the Vessel to obtain permission to navigate the Northern Sea Route and to comply fully with the Northern Sea Route Regulations, or as the case may be, to obtain the re-issue of the Ice Certificate. 

  
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	10.3	Latent Defects 

  

	(a)	Builder further guarantees the Vessel against any defects of elements or parts of the Vessel that become apparent during the normal operation of the Vessel and which are due to any defect described in Clause 10.1(a) and
which Buyer establishes, on the balance of probabilities, was in fact in existence at the date of Final Delivery. 

  

	(b)	In the event of such latent defects being discovered by Buyer after the expiry of the Guarantee Period but before the expiry of five (5) years from the date of the Final Delivery, the said guarantee period shall be
deemed to be extended in respect of such latent defects subject to the obligation of Buyer to notify Builder promptly in writing and in any event within thirty (30) days of the latent defects being discovered. 

 

	10.4	Notice of Defects 

 Buyer shall notify Builder of any defects for which claim is made
under this guarantee as promptly as possible after discovery thereof. Buyer’s written notice shall describe in reasonable detail at least the nature and extent of the defects, the date of discovery and the place at which the Vessel can be made
available for earliest inspection for and on behalf of Builder. Subject to any provisions to the contrary contained within this Clause 10, Builder shall have no obligation for any defects discovered prior to the expiry date of the Guarantee Period,
unless notice of such defects is received by Builder no later than thirty (30) days after such expiry date. 
  

	10.5	Remedy of Defects 

  

	(a)	Builder shall remedy, at its expense, any defects against which the Vessel is guaranteed under this Clause (and any damage to other parts of the Vessel resulting therefrom) by making all necessary repairs or
replacements at the Shipyard. 

  

	(b)	 However, if Buyer deems it impractical to bring the Vessel to the Shipyard, Buyer may cause the necessary repairs or replacements to be made
elsewhere, provided that, in such event, Builder shall, unless otherwise instructed by Buyer, forward or supply replacement parts or materials to Buyer under the term of CIF to the port where repairs are to be carried out, unless forwarding or
supplying thereof to the Vessel would impair or delay the operation or working schedule of the Vessel. In the event that Buyer proposes to cause the necessary repairs or replacements to be made to the Vessel at any other shipyard or facility than
the Shipyard, Buyer shall first, but in all events as soon as possible, notify Builder of the time and place such repairs will be made, and if the Vessel is not thereby delayed, or her operation or working schedule is not thereby impaired, Builder
shall have the right to verify by its own 

  
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representative(s) the nature and extent of the defects complained of. Builder shall, in such case, promptly advise Buyer, after such examination has been completed, of its acceptance or rejection
of the defects as ones that are covered by the guarantee herein provided. 

 Upon Builder’s acceptance of the defects as
justifying remedy under this Clause, or upon determination under Clause 14 hereof, Builder shall immediately pay to Buyer for such repairs or replacements a sum equal to the aggregate of: (i) the actual documented cost of making the said
repairs or replacements, (ii) all import duties, agency fees, transportation and forwarding charges for the necessary parts, (iii) all costs of the maker’s or supplier’s personnel; and (iv) any reasonable additional crew
charges incurred in making the necessary repairs or replacement, provided always that Builder shall not be responsible for the cost of the loss of time to the Vessel resulting from such repair or replacement. 

 

	(c)	In any case, the Vessel shall be taken by Buyer to the place elected (whether the Shipyard or otherwise), ready in all respects for such repairs or replacements. In the event however, that the Vessel is dry-docked or
otherwise taken out of service for the sole purpose of rectifying a defect under the terms of this Clause, Builder shall bear the costs of (i) making the Vessel available for repair, including fuel costs of the voyage to and waiting to enter
the dry-dock yard or other repair facility, the costs of gas freeing, warming up and inerting, and LNG cool down costs, (ii) towage, dockage, wharfage, port charges, inspection and underwater survey costs and (iii) dry-docking the Vessel,
provided always that Builder shall not be responsible for the cost of the loss of time to the Vessel resulting from such repair or replacement. Where a scheduled dry-docking is extended to enable a defect to be rectified under this Clause 10,
Builder shall bear the additional cost of such extension. 

  

	10.6	Extent of Builder’s Responsibility 

  

	(a)	Notwithstanding any other provisions of this Clause 10, the Parties agree that any defects (other than those affecting the Ice Coating or the performance of the Vessel during the Ice Trials which are to be rectified
prior to commencement of the Ice Trials) in the Vessel discovered by Buyer between Initial Acceptance and Final Delivery shall be covered by the provisions of this Clause 10. 

 

	(b)	Builder shall have no responsibility for any defects whatsoever in the Vessel other than the defects specified in this Clause. Nor shall Builder in any circumstances be responsible or liable for any
(i) consequential or special losses, damages or expenses and, (ii) loss of time, loss of profit or earning or demurrage, directly or indirectly occasioned to Buyer by reason of the defects specified in this Clause. 

  
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	(c)	Builder shall not be responsible for any defects in any part of the Vessel which may subsequent to Final Delivery have been replaced or in any way repaired by any other contractor (other than repairs or replacements
made pursuant to Clause 10.5(b)), or for any defects which have been caused or aggravated by omission or improper use and maintenance of the Vessel on the part of Buyer, its servants or agents or by ordinary wear and tear. 

 

	(d)	The guarantee contained as hereinabove in this Clause replaces and excludes any other liability, guarantee, warranty and/or condition imposed or implied by the law, customary, statutory or otherwise, by reason of the
construction and sale of the Vessel by Builder for and to Buyer. 

  

	10.7	Guarantee Engineer 

 Builder shall, at the request of (and after consultation with)
Buyer, appoint an English speaking guarantee engineer to serve on the Vessel as its representative at all times for a period of up to twelve (12) months from the date of the Final Delivery. The guarantee engineer need not be the same individual
for the entire duration, but may be changed on a rolling basis. However, if Buyer and Builder shall deem it necessary to keep the guarantee engineer on the Vessel for a longer period, then he shall remain on board the Vessel after the said twelve
(12) months, but not longer than twenty-four (24), months from the Final Delivery. 
 Buyer and its employees shall give such guarantee
engineer full co-operation in carrying out his duties as the representative of Builder on board the Vessel. Buyer shall accord the guarantee engineer treatment comparable to the Vessel’s chief engineer, and shall provide board and lodging at no
cost to Builder or the guarantee engineer. 
 While the guarantee engineer is on board the Vessel, Buyer shall pay to the guarantee engineer
the sum of Ten Thousand United States Dollars (US$10,000) per month, and the expenses of his repatriation to The Republic of Korea by air upon termination of his service. 

Buyer has the right to require Builder promptly to replace a guarantee engineer who is deemed unsuitable and unsatisfactory for the proper
exercise of his task. The guarantee engineer will sign the standard indemnity letter for all people coming on board. The guarantee engineer shall at all times be deemed to be the employee of Builder and not of Buyer. 

  
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	10.8	Assignment of Guarantees and Warranties 

 Builder agrees upon the expiry of the Guarantee
Period to assign (to the extent which it may validly do so) to Buyer, or as Buyer may direct, all the rights, titles and interests of Builder in and to all guarantees or warranties given by the supplier of any of the materials or equipment used in
the construction of the Vessel, and Builder shall take all steps reasonably required by Buyer to cause such suppliers to give effect to such assignment. 

(End of Clause) 

  
 66 

 CLAUSE 11 – BUILDER’S DEFAULT 

 

	11.1	Definition of Default 

 Builder shall be deemed to be in default of performance of its
obligations under this Contract should any of the following events occur: 
  

	 	(a)	Builder fails to provide the Refund Guarantee within fourteen (14) days of the Effective Date; or 

  

	 	(b)	Builder fails to pay any amounts due to Buyer as such amounts are due and payable under this Contract and such failure continues for a period of twenty (20) days; or 

 

	 	(c)	Initial Acceptance or Final Delivery is delayed beyond the dates set out in either Clause 3.1(d), Clause 3.1(f). or Clause 3.1(g); or 

 

	 	(d)	Builder shall commit any material breach of this Contract (other than as set out in Clause 11.1(c) or Clause 11.1(e)) and shall have failed: 

 

	 	(i)	to remedy the same within seven (7) Working Days where the breach is reasonably capable of remedy within such timescale; or 

  

	 	(ii)	to commence to remedy the same within seven (7) Working Days where the breach is not capable of remedy within such timescale; provided that such material breach shall in any event be cured within a reasonable time
period having regard to all the circumstances, which in any event shall not be longer than thirty (30) Working Days, in either case time to count from receipt by Builder of written notice from Buyer specifying such breach; or 

 

	 	(e)	Builder shall fail to achieve any of the Construction Milestones set out in Clause 6 within one hundred and fifty (150) days of the Target Milestone Date applicable to such Construction Milestone, as such dates may
be postponed by Permissible Delay or within one hundred and eighty (180) days in aggregate from the Target Milestone Date applicable to such Construction Milestone irrespective of all Force Majeure Events, but not counting all periods of time
for which the Target Milestone Date may be postponed for reasons of other Permissible Delay; or 

  

	 	(f)	 the filing of a petition or the making of an order or the passing of an effective resolution for the winding up of Builder (other than for the purpose
of reconstruction or amalgamation which has been previously approved by Buyer), the assumption of the custody, control, or administration of the whole or any substantial assets of 

  
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Builder or the appointment of a receiver over the undertaking or property of Builder, or the insolvency of or a suspension of payment by Builder, or the cessation of the carrying on of business
by Builder, or the making by Builder of any special arrangement or composition with the creditors of Builder, or any like or similar circumstance occurring under the laws of incorporation of Builder; or 

 

	 	(g)	Builder fails to replace the Refund Guarantor and/or the Performance Guarantor (as the case may be) in accordance with Clause 2.5 with an alternative guarantor reasonably acceptable to Buyer; or 

 

	 	(h)	Builder fails to use its best endeavours to obtain any necessary consent (given by the government of The Republic of Korea or any other relevant authority) in relation to the Technology Transfer Agreement, with the
result that Builder is unable to perform its obligations under Clause 1.16. 

 Upon the occurrence of any of the events set out
in this Clause 11.1, Buyer may, at its option rescind this Contract by notice to Builder. 
  

	11.2	Notice 

 In the event that Buyer shall exercise its right of rescission of this Contract
under and pursuant to any of the provisions of this Contract specifically permitting Buyer to do so, then Buyer shall notify Builder, and such rescission shall be effective as of the date notice thereof is received by Builder. 

 

	11.3	Refund by Builder 

 The payments made by Buyer prior to the Final Delivery shall be in
the nature of advances to Builder. In the event that Buyer exercises its option to rescind this Contract, Builder shall, from the date of the exercise of such option to rescind, hold all of the Instalments received from Buyer in trust both for
itself and Buyer and shall within seven (7) days (i) refund to Buyer the full amount of all sums paid by Buyer to Builder on account of the Vessel, together with interest thereon at the Agreed Interest Rate computed from the respective
dates on which such sums were paid by Buyer to Builder to the date of remittance, and (ii) return to Buyer Buyer’s Supplies or pay to Buyer the documented cost of purchasing the same (including, for the avoidance of doubt, all lubricating
and hydraulic oils and greases remaining on board). Buyer shall pay to Builder any amounts due and unpaid to Builder under the Ice Trials Management Agreement pursuant to Clause 7.3(f). 

  
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	11.4	Discharge of Obligations 

 Upon such refundment, together with interest thereon as
provided in Clause 11.3, by Builder to Buyer, all obligations, duties and liabilities of each of the Parties to the other under this Contract or at law shall be forthwith completely discharged. 

(End of Clause) 

  
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 CLAUSE 12 – BUYER’S DEFAULT 

 

	12.1	Definition of Default 

 Buyer shall be deemed to be in default of performance of its
obligations under this Contract in the following cases: 
  

	 	(a)	if Buyer fails to pay any of the First, Second, Third or Fourth Instalments to Builder within the date of such Instalment becoming due and payable under the provisions of Clause 2; or 

 

	 	(b)	if Buyer fails to pay the Final Instalment to Builder concurrently with the Delivery as provided in Clause 2; or 

  

	 	(c)	if Buyer fails to take Initial Acceptance, Ice Coating Acceptance or, as the case may be, Final Delivery when the Vessel has been duly and properly tendered for Initial Acceptance, Ice Coating Acceptance or, as the case
may be, Final Delivery by Builder under the provisions of Clause 8; or 

  

	 	(d)	the filing of a petition or the making of an order or the passing of an effective resolution for the winding up of Buyer (other than for the purpose of reconstruction or amalgamation which has been previously approved
by Builder), the assumption of the custody, control, or administration of the whole or any substantial assets of Buyer or the appointment of a receiver over the undertaking or property of Buyer, or the insolvency of or a suspension of payment by
Buyer, or the cessation of the carrying on of business by Buyer, or the making by Buyer of any special arrangement or composition with the creditors of Buyer, or any like or similar circumstance occurring under the laws of the country of
incorporation of Buyer; or 

  

	 	(e)	Buyer fails to provide the Corporate Guarantees in accordance with the provisions of Clause 2.7 hereof within fourteen (14) days of the Effective Date. 

 

	12.2	Interest and Change 

 If Buyer is in default of payment of any Instalment as provided in
Clauses 12.1(a) and (b) of this Contract, Buyer shall pay interest on such Instalment at the Agreed Interest Rate from the due date thereof to the date of payment to Builder of the full amount including interest. 

  
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	12.3	Effect of Default 

  

	(a)	If any default by Buyer occurs as provided herein before, the Initial Acceptance Date and the Final Delivery Date shall be postponed by one (1) day for each day during which the default by Buyer continues.

  

	(b)	If any default by Buyer continues for a period of twenty (20) days, Builder may, subject to the terms of the Step In Agreement, rescind this Contract by giving notice to Buyer. Upon receipt by Buyer of such notice
of rescission, this Contract shall forthwith be rescinded and: 

  

	 	(i)	Builder shall, from the receipt of such notice, hold all of the Instalments received from Buyer in trust both for itself and Buyer until disposal of the Vessel and allocation of the sale proceeds in accordance with
Clause 12.4; and 

  

	 	(ii)	any lien, interest or property right in any kind that Buyer might have in or to the Vessel and Buyer’s Supplies shall, from the receipt of the notice of rescission, be held in trust by Builder for itself and Buyer
pending final disposal of the Vessel. 

  

	(c)	If Buyer fails to take Initial Acceptance of the Vessel or to pay the Final Instalment or to take Final Delivery by reason of a dispute and if this matter is referred for determination in accordance with Clause 14 of
this Contract, then Builder shall not be entitled to rescind this Contract. 

  

	12.4	Sale of Vessel 

  

	(a)	In the event of rescission of this Contract as above provided, Builder shall have full right and power either to complete or not to complete the Vessel as it deems fit, and to sell the Vessel at a public or private sale
on such reasonable terms and conditions as Builder can achieve. 

  

	(b)	In the event of the sale of the Vessel in its completed state, the proceeds of the sale received by Builder shall be applied first to payment of all costs and expenses attending such sale reasonably incurred by Builder
as a result of Buyer’s default, and secondly to payment of all unpaid Instalments and interest on such Instalments at the Agreed Interest Rate from the respective due dates to the dates of such application. 

 

	(c)	In the event of sale of the Vessel in its incomplete state, the proceeds of sale received by Builder shall be applied first to all costs and expenses attending such sale reasonably incurred by Builder as a result of
Buyer’s default, and secondly to payment of all costs of part-construction of the Vessel (including any charges which Builder is obliged to pay to its suppliers or subcontractors, provided that Builder uses its reasonable endeavours to mitigate
such cancellation charges), less the Instalments so retained by Builder and compensation for reasonable loss of profit (not exceeding five per cent (5%) of the cost of partial construction). 

  
 71 

	(d)	In either of the above events of sale, if the proceeds of sale exceed the total of amounts to which such proceeds are to be applied as aforesaid, Builder shall within fourteen (14) days pay the excess to Buyer
without interest, provided however, that the amount of such payment to Buyer shall in no event exceed the total amount of Instalment(s) already paid by Buyer and the interest thereon, and the costs of Buyer’s Supplies, if any.

  

	(e)	If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, Buyer shall promptly pay the deficiency to Builder upon request. 

 

	12.5	Liability 

 Buyer shall have no liability for losses or damages suffered by Builder
caused by termination pursuant to this Clause other than those expressly set out in this Clause. 
 (End of Clause) 

  
 72 

 CLAUSE 13 – INSURANCE 
  

	13.1	Extent of Insurance Coverage 

  

	(a)	From the time of keel laying of the Vessel until Final Delivery, Builder shall, at its own cost and expense, keep the Vessel and all machinery, materials, equipment, appurtenances and outfit, delivered to the Shipyard
for the Vessel or built into, or installed in or upon the Vessel, including Buyer’s Supplies, fully insured. 

  

	(b)	Prior to Initial Acceptance, the Vessel insurances shall be maintained under (i) terms consistent with those contained in the “Builder’s Risk Clauses” of the Institute of London Underwriters (or,
following the Initial Acceptance until Final Delivery, “all risk” Hull and Machinery Insurance under terms not inferior to the Norwegian Insurance Plan of 1996 (or latest version) or its United Kingdom, American or Japanese equivalent
together with P&I Insurance up to the maximum limit available), and (ii) with a first class insurance company (or, in the case of P&I Insurance, a P&I club which is a member of the International Group of P&I Clubs), in each case
reasonably acceptable to Buyer. 

 The amount of such insurance coverage shall, up to the date of Final Delivery, be in an
amount at least equal to, but not limited to, the aggregate of (i) the payments made by Buyer to Builder, (ii) interest thereon at the Agreed Rate of Interest, and (iii) the value of Buyer’s Supplies. 

 

	(c)	After Initial Acceptance and up to Final Delivery, Builder shall procure that the Manager takes out and maintains: 

  

	 	(i)	“all risk” Hull and Machinery Insurance placed on terms not inferior to the Norwegian Marine Insurance Plan of 1996 (and later versions) or its United Kingdom, French, American or Japanese equivalents for a
value of at least the higher of (A) one hundred and ten percent (110%) of the market value of the Vessel, or (B) the aggregate of the payments made by Buyer to Builder, together with interest thereon at the Agreed Rate of Interest and
the value of Buyer’s Supplies; 

  

	 	(ii)	Hull and Machinery War Risks Insurance covering no less than is covered pursuant to Clause 13.1(c)(i) above; 

  

	 	(iii)	P&I Insurance up to the maximum limit available; and 

  

	 	(iv)	 a Certificate of Financial Responsibility if required for any ports which the Vessel is expected to enter,

  
 73 

	 	
in each case placed with first-class marine underwriters in the London, European, Japanese, Asian or American markets (or, in the case of P&I Insurance, a P&I club which is a member of
the International Group of P&I Clubs) and on terms reasonably acceptable to Buyer. 

  

	(d)	A copy of Builder’s policies of insurance, with accompanying translation into English where necessary, shall be provided by Builder to Buyer within thirty (30) days after keel laying of the Vessel.

  

	(e)	The policies referred to hereinabove shall be taken out in the name of Builder and all losses under such policy shall be payable to Builder; provided that the policies taken out under Clause 13.1(c) above shall name
Buyer and Manager as co-assured. 

  

	13.2	Application of Recovered Amount 

  

	(a)	Partial Loss 

 In the event of the Vessel being damaged by any insured risk whatsoever prior to
Final Delivery and in the further event that such damage shall not constitute an actual or a constructive total loss of the Vessel, Builder shall apply the amount recovered under the insurance policies referred to in Clause 13.1 to the repair of
such damage satisfactory to the Classification Society, and Buyer shall accept the Vessel under this Contract if completed in accordance with this Contract and the Specifications. 

 

	(b)	Total Loss 

 However, in the event that the Vessel is determined to be an actual or constructive
total loss, Builder shall by the mutual agreement between the Parties hereto, either: 
  

	 	(i)	proceed in accordance with the terms of this Contract, in which case the amount recovered under said insurance policies shall be applied to the reconstruction of the Vessel, provided the Parties hereto shall have first
agreed in writing as to such reasonable postponement of the Initial Acceptance Date and the Final Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be reasonably necessary for the completion of such
reconstruction; or 

  

	 	(ii)	refund within fourteen (14) days to Buyer the amount of all Instalments paid to Builder together with interest thereon at the Agreed Interest Rate and the value of all Buyer’s Supplies delivered to Builder (to
the extent that Builder fails to return the same) under this Contract, whereupon this Contract shall be deemed to be rescinded and all rights, duties, liabilities and obligations of each of the Parties to the other shall terminate forthwith.

  
 74 

 If the Parties hereto fail to reach such agreement within one (1) month after the Vessel is
determined to be an actual or constructive total loss, the provisions of Clause 13.2(b)(ii) as above shall apply. 
  

	13.3	Termination of Builder’s Obligation to Insure 

 Builder’s obligation to insure
the Vessel hereunder shall cease and terminate forthwith upon Final Delivery. 
 (End of Clause) 

  
 75 

 CLAUSE 14 – DISPUTES 
  

	14.1	General Provisions 

  

	(a)	Except where otherwise expressly provided herein, all claims by either Party against the other and all differences and disputes arising out of or in connection with this Contract shall be referred to arbitration (an
“Arbitration”) in London before three (3) arbitrators in accordance with the rules of the London Maritime Arbitrators Association (“LMAA”) to whose exclusive jurisdiction the Parties hereby submit. 

 

	(b)	Either Party to an Arbitration may apply to the tribunal for an order joining Charterer as a party to the Arbitration (a “Joinder Order”). The Party seeking a Joinder Order must promptly notify Charterer and
the other Party of the same. Each Party hereby consents to the joinder of Charterer to the Arbitration and agrees to be bound by any Joinder Order, and any award made by the tribunal in a dispute to which Charterer is joined. 

 

	14.2	Technical Disputes and Disputes regarding Modifications 

  

	(a)	Notwithstanding Clause 14.1 above: 

  

	 	(i)	any dispute between the Parties which relates solely to technical matters concerning the construction of the Vessel, materials, defective design, workmanship or performance of the Vessel and/or its conformity with this
Contract and the Specifications, whether arising before or following Final Delivery, but save for any dispute as to whether the Vessel is deliverable or, as the case may be, in the correct condition for Initial Acceptance or Ice Coating Acceptance
(which shall be determined pursuant to Clause 14.1) shall in the first instance be referred to the Classification Society for its views, which shall not, however, be legally binding upon the Parties. If the Parties cannot resolve such dispute in
light of the views expressed by the Classification Society, the dispute or difference of opinion between them may, by agreement between the Parties, be referred to an expert, acting as an expert and not as an arbitrator; and 

 

	 	(ii)	if the Parties are unable to agree the extent of any adjustment to the provisions of this Contract and/or Specifications reasonably occasioned by any change pursuant to Clause 5, either Party shall be entitled by notice
in writing to the other Party to refer such matter to an expert, acting as such and not as an arbitrator, to be appointed by agreement between the Parties. 

  
 76 

	(b)	If the Parties shall fail within fourteen (14) days to agree upon the identity of a mutually acceptable technical expert as aforesaid, the appointment shall be made by the President for the time being of the Royal
Institute of Naval Architects, London. The expert so appointed shall be neither a national of the Republic of Korea nor a national of the country of incorporation of Buyer and shall be independent of both Parties. His decision shall be final and
binding upon the Parties hereto. 

  

	(c)	The costs of any expert appointed pursuant to this Contract together with the costs of such proceedings shall be paid by the losing Party or as the expert shall decide. In the case of a reference pursuant to Clause
14.2(a)(ii) the agreed extra cost of the modification or that decided by the expert shall be paid by Buyer and any cost savings by Builder due to such modification shall be credited to Buyer. 

 

	(d)	Either Party may request that Charterer may join in any representations made to, or discussions, conversations, hearings or similar held with, any expert appointed pursuant to this Clause. Each Party hereby agrees to
Charterer’s participation in the process, and notwithstanding any participation of Charterer, both Parties agree to be bound by the decision of the technical expert. 

 

	14.3	Alteration of Initial Acceptance Date and/or Final Delivery Date 

 In the event that any
dispute or difference is referred to any of the dispute resolution procedures under this Clause, the court or expert, as the case may be, shall, where the dispute so requires, include a finding as to whether or not the Initial Acceptance Date and/or
Final Delivery Date of the Vessel should, as a result of such dispute, be in any way altered thereby. 
  

	14.4	Construction of the Vessel 

 Builder shall be obliged to continue with the construction
of the Vessel notwithstanding the commencement of any proceedings or expert reference pursuant to this Clause 14 to the extent that such continuation shall not prejudice Builder’s legal position in such proceedings or expert reference. 

(End of Clause)     

  
 77 

 CLAUSE 15 – RIGHT OF ASSIGNMENT 

 

	15.1	Assignment by Buyer 

 Buyer shall be entitled by notice to Builder to assign (a) any
and all of its rights under this Contract for the purposes of obtaining finance for the construction of the Vessel, and (b) its rights under Clause 10 to any purchaser or bareboat charterer of the Vessel, to which assignments Builder hereby
consents. 
  

	15.2	Assignment to Charterer 

 In addition, upon execution of this Contract, Builder and Buyer shall enter
into the Step-In Agreement, pursuant to which Builder agrees that, in accordance with terms set out therein, Buyer may transfer by novation all of its rights and obligations under this Contract to Charterer or its nominee. 

 

	15.3	Assignment by Builder 

 Builder shall have the right to assign this Contract at any time
after the Effective Date hereof, provided that prior written agreement is obtained from Buyer. 
 (End of Clause) 

  
 78 

 CLAUSE 16 – TAXES AND DUTIES 

 

	16.1	Taxes and Duties in The Republic of Korea 

 Builder shall bear and pay all taxes, duties,
stamps and fees imposed in The Republic of Korea in connection with execution and/or performance of this Contract and the export of the Vessel, excluding any taxes, duties, fees and stamps imposed in The Republic of Korea upon Buyer’s Supplies.

  

	16.2	Taxes and Duties outside The Republic of Korea 

 Buyer shall bear and pay all taxes,
duties, stamps and fees imposed outside The Republic of Korea in connection with execution and/or performance of this Contract, except for taxes, duties, fees and stamp imposed upon those items and services to be procured by Builder for the
construction of the Vessel (such items and services include the provision and application of Ice Coating and performance of Ice Trials, but does not include any taxes, duties, stamps or fees on items or services for which Buyer is responsible under
Clause 7.3(f)). 
 (End of Clause) 

  
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 CLAUSE 17 – PATENTS, TRADEMARKS, COPYRIGHTS, ETC. 

 

	17.1	Patent, Trademarks and Copyrights 

  

	(a)	Should any patented or patentable inventions or items, any trade name, trademark and/or copyrighted items (other than any Buyer’s Supplies) (the “Proprietary Items”) be incorporated on or in the Vessel,
Builder shall, at its sole expense, promptly obtain the appropriate rights, licences or approvals for the Vessel and Buyer to use or continue the use of the said inventions and/or items without payment of any royalty and/or other consideration by
Buyer. The machinery and equipment of the Vessel may bear the patent number, trademarks or trade names of the manufacturers of any Proprietary Items. 

  

	(b)	Builder shall ensure that all licence fees, royalties or any other compensation relating to any patented or patentable equipment or proprietary features incorporated in the Vessel are promptly paid or discharged.

  

	(c)	Builder shall defend, indemnify and save harmless Buyer and Buyer Parties from any Liabilities arising out of claims for infringement of patent rights, utility model rights, trade mark rights or copyrights of any nature
or kind whatsoever, on account of any Proprietary Items made or used in the performance of this Contract and also including the costs and expenses of litigation, if any. 

 

	(d)	Nothing contained herein shall be construed as transferring any patent or trademark rights or copyright in equipment covered by this Contract, and all such rights are hereby expressly reserved to the true and lawful
owners thereof. 

  

	17.2	Retention of Patent, Trademarks and Copyrights 

  

	(a)	Builder retains any patent, trademark rights, copyright, or any other intellectual property rights with respect to the Specifications, plans, working drawings, technical descriptions, information and documents
concerning the design and construction of the Vessel and Buyer shall keep the same confidential in accordance with the terms of Clause 21.1. 

  

	(b)	Buyer shall defend, indemnify and save harmless Builder and Builder Parties from any Liabilities arising out of claims for infringement of any such patent, trademark rights, copyright or any other intellectual property
rights described in Clause 17.2(a) above on account of any Proprietary items made or used in the performance by Builder of its obligations to take delivery, store and install Buyer’s Supplies under this Contract and also including the costs and
expenses of litigation, if any. 

 (End of Clause) 

  
 80 

 CLAUSE 18 – BUYER’S SUPPLIES 

 

	18.1	Responsibility of Buyer 

  

	(a)	Buyer shall, at its own risk, cost and expense, supply and deliver to Builder all of the items to be furnished by Buyer as specified in the Specifications (herein called the “Buyer’s Supplies”) at the
Shipyard, ready for installation in or on the Vessel, in accordance with the time schedule designated by Builder. Builder shall assist Buyer in obtaining export licenses, customs’ clearance, the payment of import duties and obtaining
transportation from the port of import of Buyer’s Supplies to the Shipyard. 

  

	(b)	In order to facilitate installation by Builder of Buyer’s Supplies in or on the Vessel, Buyer shall furnish Builder with necessary specifications, plans, drawings, instruction books, manuals, test reports and
certificates required by the applicable rules and regulations. Buyer, if so requested by Builder, shall, without any charge to Builder, use all reasonable endeavours to cause the representatives of the manufacturers of Buyer’s Supplies to
assist Builder in installation thereof in or on the Vessel and/or to carry out installation thereof by themselves or to make necessary adjustment thereof at the Shipyard. 

 

	(c)	Any and all of Buyer’s Supplies shall be subject to Builder’s reasonable right of rejection, as and if they are found to be unsuitable or in improper condition for installation. However, if so requested by
Buyer, Builder may repair or adjust Buyer’s Supplies without prejudice to Builder’s other rights hereunder. In such case, Buyer shall reimburse Builder for all documented costs and expenses reasonably incurred by Builder in such repair or
adjustment and the Initial Acceptance Date and/or the Final Delivery Date shall be postponed for such period of time by which construction of the Vessel is unavoidably delayed in consequence thereof. 

 

	(d)	Should Buyer fail to deliver any of Buyer’s Supplies within fourteen (14) days of the time designated, the Initial Acceptance Date and/or the Final Delivery Date shall be automatically extended for such period
of time by which the construction of the Vessel is unavoidably delayed in consequence thereof. 

  

	18.2	Responsibility of Builder 

  

	(a)	Builder shall be responsible for storing, insuring and handling with reasonable care Buyer’s Supplies after delivery thereof at the Shipyard, and shall, at its own cost and expense, install them in or on the
Vessel, unless otherwise provided herein or agreed by the Parties hereto. 

  
 81 

 However, Builder shall not be responsible for the quality, performance or efficiency of any
equipment included in Buyer’s supplies and is under no obligation with respect to the guarantee of such equipment against any defects caused by poor quality, performance or efficiency of Buyer’s supplies provided that Builder or its
subcontractor install the equipment properly. 
  

	(b)	Buyer’s Supplies shall be at Builder’s risk from the time of their delivery to the Shipyard until the time of their redelivery to Buyer either as part of the Vessel or otherwise. 

 

	(c)	Buyer shall notify Builder in writing from time to time of the value of Buyer’s Supplies for insurance purposes. Upon receipt of such notice Builder shall amend the insured value for Buyer’s Supplies
accordingly. 

  

	(d)	In the event of rescission of this Contract by Buyer for any reason whatsoever, Builder shall at its own expense either (i) make available to Buyer for collection at the Shipyard all Buyer’s Supplies not
incorporated into the Vessel as at the date of such rescission or, (ii) if incorporated into the Vessel or Buyer considers (in its discretion) that it is otherwise impractical for the Buyer to collect them, pay to Buyer the documented cost of
such Buyer’s Supplies (including, for the avoidance of doubt, all lubricating and hydraulic oils and greases remaining on board). 

  

	(e)	In the event of rescission of this Contract by Buyer for any reason whatsoever, Buyer shall procure that Charterer discharges any cargo remaining on board the Vessel, save for unpumpable remaining elements, as soon as
practicable and the rescission of this Contract shall take effect upon completion of such discharge. 

 (End of Clause) 

  
 82 

 CLAUSE 19 – NOTICE 
  

	19.1	Address 

 Any and all notices and communications in connection with this Contract shall
be addressed as follows: 
 To Buyer 
  

			
	Attention:	  	General Counsel
	Address:	  	Suite No. 1778, 48 Par-la-Ville Road
		  	Hamilton, Bermuda, HM 11
	Telephone:	  	+1 441 298 2530
	Telefax:	  	+1 441 292 3931
	E-mail :	  	mark.cave@teekay.com
		
	With copy to:	  	Teekay Shipping (Canada) Ltd
	Attention :	  	VP Newbuild and Projects
	Address :	  	Suite 2000 Bentall 5, 550 Burrard Street
		  	Vancouver BC V6C 2K2, Canada
	Telephone :	  	+1 604 683 3529
	Telefax :	  	+1 604 844 6660
	E-mail :	  	derek.walford@teekay.com

 To Builder: 

Daewoo Shipbuilding & Marine Engineering Co., Ltd. 

Address: 125, Namdaemun-ro, Jung-gu, Seoul, Republic of Korea, 

Attention: Mr. Y.C. Ko / Director 

Telephone: +82 2 2129 0930 
 Fax:
+82 2 2129 0077/78 
 Email: ycko@dsme.co.kr Where this Contract provides that a notice or communication shall be addressed to
Charterer: 
 To Charterer: 

Yamal Trade Pte. Ltd. 
 Marina Bay
Financial Centre, 
 12 Marina Boulevard, 

#35-05 Tower 3, 
 Singapore,
018982 
 Telefax: +65 67228476 

Email: Generalmanager@yamaltrade.sg 

Attention: General Manager 

  
 83 

	19.2	Language 

 Any and all notices and communications in connection with this Contract shall
be written in the English language. 
  

	19.3	Timing of Notices 

 Any notice given pursuant to this Contract shall be deemed to be duly
received only when: 
  

	 	(a)	in the case of a letter, whether delivered by post or by hand or by courier, at the date and time of its actual delivery if within normal business hours between 09:00am and 05:00pm on a working day at the place of
receipt, otherwise at the commencement of normal business on the next working day; 

  

	 	(b)	in the case of a telefax, at the time of transmission recorded on the message, if such time is within normal business hours between 09:00am and 05:00pm on a working day at the place of receipt, otherwise at the
commencement of normal business hours on the next working day at the place of receipt; or 

  

	 	(c)	in the case of an email, at the time of transmission recorded on the message, if such time is within normal business hours between 09:00am and 05:00pm on a working day at the place of receipt, otherwise at the
commencement of normal business hours on the next working day at the place of receipt. 

 (End of Clause) 

  
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 CLAUSE 20 – EFFECTIVE DATE OF CONTRACT 

This Contract shall become effective on signature, such date being known in this Contract as the “Effective Date”. 

(End of Clause) 

  
 85 

 CLAUSE 21 – CONFIDENTIAL INFORMATION 

 

	21.1	Confidentiality 

 Builder and Buyer shall each hold in confidence any information, data,
specifications, drawings, reports, accounts or any other documents received or made available by the other Party in connection with this Contract (hereafter “Confidential Information”). Neither Party shall disclose any Confidential
Information received by it to any third party or use the same for any purpose other than as provided herein without the prior written consent of the other Party, except where such disclosure is: 

 

	 	(a)	to directors, officers, employees, advisers and financiers of the Parties and their respective Affiliates to the extent required for the proper performance of their work in connection with the performance of this
Contract; 

  

	 	(b)	to persons engaged by or on behalf of the Parties to the extent required for the proper performance of their work for the purpose or purposes incidental to and arising out of this Contract; 

 

	 	(c)	in the case of Buyer, to Charterer or Charterer’s Affiliates, to any financiers of Buyer, Charterer or Charterer’s Affiliates (in each case, including any officers, employees, advisers and financiers of those
persons); 

  

	 	(d)	to persons engaged by Buyer or its Affiliates to operate, maintain and repair the Vessel; 

  

	 	(e)	in order to comply with any stock exchange or other regulatory requirements or as required by any competent court of law or other authority; or 

 

	 	(f)	in connection with the operation, maintenance, on-sale or repair of the Vessel or with the sale of LNG to be carried by the Vessel, 

provided that Builder and Buyer, when making such disclosure, shall (save in the case of Clause 21.1(d) above) require the third party
receiving such Confidential Information to keep such information confidential on the same terms as provided in this Clause. 

“Confidential Information” means information relating to this Contract, the Specifications or the Vessel, except information
(i) which was developed by and in possession of either Party prior to first receipt from the other Party, and/or (ii) which at the date hereof or hereafter becomes, through no wrongful act or failure to act on the part of either Party,
published information generally known on a non-confidential basis and/or (c) which is already in the 

  
 86 

 
possession of either Party or hereafter furnished to the other Party by a third party as a matter of right without restrictions on disclosure and/or (d) which is already a public knowledge
in the market. 
 (End of Clause) 

  
 87 

 CLAUSE 22 – HEALTH, SAFETY, SECURITY AND ENVIRONMENTAL ISSUES 

 

	22.1	Builder’s HSSE Policy and HSSE Management Systems 

  

	(a)	Buyer places the utmost importance on Health, Safety, Security and Environmental (“HSSE”) issues and requires Builder to subscribe to and actively pursue, and to procure that all subcontractors subscribe to
and actively pursue, HSSE standards that are internationally accepted in the LNG shipbuilding industry. Builder confirms that it is also committed to HSSE and agrees that it shall, and shall procure that all subcontractors shall, perform all work
contemplated to be performed pursuant to this Contract in accordance with the HSSE Policy. 

  

	(b)	Builder further warrants and represents that it has implemented HSSE management systems and procedures (collectively, the “HSSE Management Systems”) necessary to achieve the aims and objectives described in
Builder’s HSSE Policy. The HSSE Management Systems shall be adequately documented and shall, unless otherwise agreed by Buyer: 

  

	 	(i)	include measures demonstrating that all employees of Builder and its subcontractors are competent to perform their assigned tasks safely; 

 

	 	(ii)	ensure that in performance of this Contract, all hazards to the environment and to the health, safety and security of all employees of Builder and its subcontractors and to the Authorised Representatives and
Charterer’s Representatives have, wherever possible, been identified, assessed and eliminated or are being controlled using formal planning methods and procedures; and 

 

	 	(iii)	include measurable and realistic targets for measuring the performance of all HSSE obligations. 

  

	(c)	Builder shall procure that all of its subcontractors and their respective employees, in each case (i) understand the principles and requirements of the HSSE provisions in this Contract and (ii) unless
otherwise agreed by Buyer, apply equally effective standards and methods to those contained in Builder’s HSSE Management Systems in performing all work in relation to this Contract. 

 

	22.2	HSSE Plan 

  

	(a)	 Builder shall prepare and deliver to Buyer for Buyer’s approval an HSSE plan for the management of all HSSE relating to the performance by
Builder and its subcontractors of all work contemplated by this Contract (the “HSSE Plan”), such approval not to be unreasonably withheld or delayed. Builder’s HSSE Plan shall be based on the requirements of Builder’s

  
 88 

	 	
HSSE Management Systems and shall incorporate a “bridging document” that identifies all critical interfaces between Builder and Buyer. Such bridging document shall be developed by each
Party’s respective safety teams and shall include high-level HSSE procedures in relation to all work contemplated to be performed pursuant to this Contract, including Appendix H. Notwithstanding any other provision in this Contract, no work on
the construction of the Vessel or fabrication of any blocks or sub assemblies shall be commenced by Builder or any subcontractor until Builder’s HSSE Plan has been approved by Buyer. 

 

	(b)	Builder undertakes to submit its proposed HSSE Plan to Buyer not more than ninety (90) days after the Effective Date. Buyer shall provide any amendments to such proposed HSSE Plan to Builder no later than ninety
(90) days after Buyer’s receipt thereof. If Buyer does not provide amendments within such ninety (90) day period, the proposed HSSE Plan shall be deemed to have been approved by Buyer. Where such deemed approval does not apply,
Builder shall submit the final version of the HSSE Plan to Buyer for final approval no later than sixty (60) days after receipt of Buyer’s amendments thereto. Where such deemed approval does apply, Builder shall promptly confirm to Buyer
that such previously issued HSSE Plan is final and approved. Where, in relation to the draft HSSE Plan, Builder has (i) not accepted Buyer’s timely comments or changes thereto or (ii) has introduced new provisions therein, Buyer shall
have fifteen (15) Working Days from receipt of such revised draft HSSE Plan to provide comments thereon to Builder, failing which such HSSE Plan shall be deemed to have been approved by Buyer, and Builder shall promptly confirm to Buyer that
the previously issued HSSE Plan is final and approved. Builder and Buyer shall thereafter use all reasonable efforts to finalise and approve the draft HSSE Plan as soon as possible and, when agreed, Builder shall promptly confirm to Buyer that the
HSSE Plan is final and approved (the deemed or actual date of approval of such HSSE Plan, the “HSSE Plan Approval Date”). Where pursuant to this Clause 22.2(b) Builder is required to confirm to Buyer that the HSSE Plan is “final and
approved”, Builder shall at the same time provide a copy of such HSSE Plan to Buyer. 

  

	(c)	Builder shall review and update the HSSE Plan promptly as necessary to (i) incorporate any changes to the HSSE Policy and HSSE Management Systems and (ii) to reflect all lessons learned during the performance
by Builder and its subcontractors of the work contemplated to be performed pursuant to this Contract or other contracts. Builder shall review and update the HSSE Plan as required pursuant to this Clause 22.2 at least annually from the HSSE Plan
Approval Date, with the first revision and update to be completed no later than the first anniversary of the HSSE Plan Approval Date, and with each subsequent review and update to the HSSE Plan to be completed no later than each anniversary of such
date thereafter. All changes to the HSSE Plan required by Buyer and agreed by Builder shall be promptly made by Builder. The HSSE Plan, as reviewed and updated from time to time, shall be deemed to form part of this Contract. 

  
 89 

	22.3	Reporting 

  

	(a)	Commencing no later than the date being one (1) month after the HSSE Plan Approval Date, and no later than each month thereafter, Builder shall issue a written HSSE report to Buyer (with a copy to Charterer)
covering, in relation to the performance of this Contract: 

  

	 	(i)	the effectiveness of the HSSE Management Systems and HSSE Plan; 

  

	 	(ii)	safety and environmental statistics, giving an overview of all accidents, lost time incidents, near-miss events and pollution incidents, including a description of any corrective actions taken, or to be taken, in order
to prevent a re-occurrence of any such accident, incident or event and clearly identifying whether such accident, incident or event was caused by any employee of Builder or its subcontractor; 

 

	 	(iii)	where requested by Buyer, an English translation of the “root-cause” analysis of all accidents and lost time incidents; 

  

	 	(iv)	actual performance measured against HSSE targets; 

  

	 	(v)	total working hours for all personnel, including personnel of all Subcontractors; 

  

	 	(vi)	the quantity and nature of any emissions and waste generated; and 

  

	 	(vii)	a summary of the status of any remedial actions taken in relation to any such HSSE matters. 

  

	(b)	Commencing no later than the date being three (3) months after the HSSE Plan Approval Date, and no later than each third (3rd) month thereafter, Builder shall issue a written HSSE report to Buyer (with a copy
to Charterer) covering the following matters in relation to the performance of all work performed at the Shipyard other than under this Contract: 

  

	 	(i)	safety and environmental statistics, giving an overview of all accidents, lost time incidents, near-miss events and pollution incidents, including a description of any corrective actions taken, or to be taken, in order
to prevent a re-occurrence of any such accident, incident or event; 

  

	 	(ii)	where requested by Buyer, an English translation of the “root-cause” analysis of all accidents and lost time incidents; 

  
 90 

	 	(iii)	actual performance measured against HSSE targets; 

  

	 	(iv)	total working hours for all personnel, including personnel of all Subcontractors; 

  

	 	(v)	the quantity and nature of any emissions and waste generated; and 

  

	 	(vi)	a summary of the status of any remedial actions taken in relation to any such HSSE matters, 

provided that, if the relevant data in relation to emissions and wastes generated are available only in relation to the Shipyard as a whole, or
only on a yearly basis, Builder shall refer to the global statement or the yearly statement, as applicable, in each such report. 
  

	(c)	Commencing no later than the first anniversary of the HSSE Plan Approval Date, and no later than each anniversary of such date thereafter, Builder shall issue a written HSSE report, with safety statistics and graphs, to
Buyer (with a copy to Charterer) which summarises the HSSE performance of Builder and its subcontractors under this Contract in the preceding year. This report shall include the cumulative total number of accidents, lost time incidents, near-misses
and hours worked in relation to the performance by Builder of its obligations under this Contract. 

  

	22.4	Statutory and Other Requirements 

  

	(a)	Builder shall observe and comply with, and shall procure that all of its representatives and employees, and its subcontractors and their respective representatives and employees, shall at all times comply with all laws,
rules and regulations applicable in The Republic of Korea, to the construction of the Vessel, the rules of the Classification Society, all rules, regulations, codes of practice and all official guidelines and recommendations on all matters relevant
to the performance by Builder of its obligations under this Contract (including, without limitation, those relating to wages, hours and working conditions and insurance), in each case, as current from time to time during the term of this Contract.
Builder shall promptly notify Buyer (with a copy to Charterer) of any known violation of this Clause 22.4(a) and, upon receipt, submit to Buyer a copy of each notice or statement received by Builder which threatens or might subject Buyer to
liability. 

  

	(b)	Builder warrants that it is familiar with all of the requirements in Clause 22.4(a) and the implications thereof for the performance of its obligations under this Contract. 

  
 91 

	22.5	Working Conditions 

 Builder shall procure that all representatives and employees of
Builder and its subcontractors are: 
  

	 	(a)	fully conversant with the working conditions at the Shipyard, Builder’s rules and standards relating to the environment and the hazards and risks associated with the construction of the Vessel and take all
necessary precautions to free the workplace from recognised hazards which are likely to cause death, illness or injury to persons or property; and 

  

	 	(b)	fully aware that they are under an obligation to bring to the immediate notice of their supervisor any HSSE risk which they believe has not been adequately assessed and is not under adequate control, so that Builder can
take immediate and appropriate action to prevent potential death, injuries, or other losses and to provide a safe, secure and healthy workplace. 

  

	22.6	Operational Health and Medical Fitness 

 Builder shall procure that all representatives
and employees of Builder and its subcontractors are medically fit for the work they are required to do in the performance of this Contract. 
  

	22.7	Waste Disposal and Environmental Safeguards 

  

	(a)	Builder shall submit an environmental management plan (“EMP”) to Buyer no later than ninety (90) days after the Effective Date, to cover all identifiable waste and emissions generated during the
performance of this Contract. Builder shall procure that all of its subcontractors shall at all times be familiar with the EMP and shall minimise the total quantity of waste arising from the performance of its obligations under this Contract.

  

	(b)	In the performance of its obligations under this Contract, Builder shall observe and comply with all applicable laws, rules and regulations with respect to the production, carrying, keeping, treating and disposal of
waste or emissions. 

  

	22.8	Right of Audit 

 Buyer reserves the right to audit Builder and all of its subcontractors
in connection with the performance of this Contract to assure itself that HSSE matters are being managed and controlled in accordance with the declared requirements of Builder’s HSSE Management Systems and the HSSE Plan; provided that any such
audit shall be at Buyer’s cost and shall not unreasonably interfere with any of Builder’s activities or those of any of its subcontractors. 

  
 92 

	22.9	Remedies for HSSE Defaults 

  

	(a)	If, in the reasonable opinion of Buyer or its Authorised Representatives (i) Builder or any of its subcontractors fail at any time to comply with Builder’s HSSE Management Systems or the HSSE Plan or, in the
case of any subcontractor, a similar provision in relation to such subcontractor’s yard, workshop or other premises, or (ii) Builder’s HSSE Management Systems or the HSSE Plan prove to be inadequate, in each case, the Authorised
Representatives shall promptly notify Builder in writing of such failure or inadequacy (with a copy to Charterer), and, where appropriate, shall recommend the steps to be taken by Builder or the relevant subcontractor to remedy the same.

  

	(b)	Builder shall promptly remedy, or shall procure that each of its subcontractors promptly remedies, (to Buyer’s reasonable satisfaction) any failure or inadequacy referred to in Clause 22.9(a); provided that
(i) if Builder or any of its subcontractors fails to take immediate remedial action to cure such failure or inadequacy and to continue such action until such failure or inadequacy is remedied, or (ii) where any such failure or inadequacy
is not remedied within a reasonable period of time (but in any event no later than fourteen (14) days) from receipt of notice thereof from Buyer, then, in each case, Builder shall, or shall procure that such subcontractor shall, if so requested
by Buyer, immediately suspend all construction, testing and trials of the Vessel which is affected by such failure or inadequacy until such failure or inadequacy has been so remedied. 

 

	(c)	Notwithstanding the provisions of Clause 22.9(b), if (i) death has occurred or, in the reasonable opinion of Buyer or the Authorised Representatives, serious injury of any person has occurred or is likely to occur
at the Shipyard or the premises of any subcontractor by reason of the existence and continuance of any unsafe condition, or (ii) the failure or inadequacy of Builder or its subcontractors referred to in Clause 22.9(a) presents an immediate risk
of danger to the health or safety of any worker, subcontractor, Authorised Representatives or Charterer’s Representatives or presents an immediate risk of damage to the environment, then, in each case, the Authorised Representatives shall
promptly notify Builder thereof. Where such unsafe condition, failure or inadequacy is continuing or has not been remedied at the time Builder receives any such notice by Buyer, Builder shall, or shall procure that such subcontractor shall, if so
requested by Buyer, immediately suspend all construction, testing and trials of the Vessel which is affected by such unsafe condition, failure or inadequacy until such unsafe condition, failure or inadequacy has been remedied. 

  
 93 

	(d)	If (i) a suspension pursuant to Clauses 22.9(b) and 22.9(c) continues for a period of thirty (30) days or more, or (ii) Builder’s or its subcontractor’s failure to comply with the applicable
HSSE Management Systems and/or HSSE Plan is not capable of being remedied, then, in each case, such event shall be deemed to constitute a material breach of this Contract, permitting Buyer to rescind this Contract in accordance with Clause 11.1.

 (End of Clause) 

  
 94 

 CLAUSE 23 – ETHICS 

Each of the parties hereto represent, warrant and covenant that neither it, its Affiliates nor any of their respective directors, employees or agents has or
will engage in any activity, practice or conduct which would constitute an offence under the U.S. Foreign Corrupt Practices Act of 1977 as amended or the United Kingdom Bribery Act 2010 (or which could constitute such an offence if the same had
occurred in the United States of America or the United Kingdom, respectively) in relation to the activities contemplated by this Contract. Furthermore each of the parties hereto represent, warrant and covenant that, in relation to the activities
contemplated by this Contract, no director, employee or agent of it or its affiliates has made any payment or given anything of value to any official of any government or public international organization (including any director, officer or employee
of any government department, agency or instrumentality) to influence the official’s or organization’s decision, or to gain any other advantage for such party or its Affiliates, or has made any facilitation payment to any person with a
view to gaining the same advantage in the private sector. 
 (End of Clause) 

  
 95 

 CLAUSE 24 – INTERPRETATION 
  

	24.1	Laws Applicable 

 The construction, validity and performance of this Contract shall be
governed by and construed in accordance with English law. 
  

	24.2	Order of Precedence 

  

	(a)	In the event of a conflict between any of the following incorporated documents, they shall take precedence in the order listed below: 

 

	 	(i)	this Contract; 

  

	 	(ii)	Appendices A – P; and 

  

	 	(iii)	the Specifications. 

  

	(b)	In the event of any conflict or inconsistency between any of the following, they shall take precedence in the order listed below: 

  

	 	(i)	the requirements of the Classification Society and any regulatory bodies listed at Section 122 of the Specifications; 

  

	 	(ii)	the general part of the Specifications shall prevail over all other parts of the Specifications; 

  

	 	(iii)	contract plans included in the Specifications; and 

  

	 	(iv)	drawings. 

  

	(c)	Should any Party become aware of any inconsistencies or conflicts in this Contract, such Party shall promptly (but in any event no later than seven (7) days after such Party has become aware of such inconsistency)
notify the other Party of such inconsistency. 

  

	24.3	Interpretation 

  

	(a)	Unless the context otherwise requires, a reference to the singular shall include a reference to the plural and vice-versa, and a reference to any gender shall include a reference to the other gender. 

  
 96 

	(b)	The Appendices attached hereto shall form part of this Contract. Unless the context otherwise requires, a reference to the preamble, any Clause or Appendix shall be to the preamble, Clause or Appendix of this Contract.

  

	(c)	The headings of the Clauses and Appendices in this Contract are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Contract. 

 

	(d)	The words “include” or “including” shall be deemed to be followed by “without limitation” or “but not limited to” whether or not they are followed by such phrases.

  

	(e)	Any reference to a “day” shall be construed as a reference to a calendar day and any reference to the calendar shall be construed as reference to the Gregorian calendar. 

 

	(f)	This Contract is made and executed in the English language which shall be the governing text for all purposes. 

  

	24.4	Entire Agreement 

 This Contract contains the entire agreement and understanding between
the Parties hereto and supersedes all prior negotiations, representations, undertakings and agreements on any subject matter of this Contract. Neither Party shall be entitled to rely on any representations or statements made during negotiations
other than to the extent that the same are expressly included in this Contract. 
  

	24.5	Consequential Loss 

 No Party shall be liable to any other Party under this Contract as a
result of any act or omission in the course of or in connection with the performance of this Contract for or in respect of: 
  

	 	(a)	any indirect, incidental, consequential, exemplary or punitive loss or damages; or 

  

	 	(b)	any loss of income or profits. 

  

	24.6	Third party rights 

 Unless expressly identified in this Contract and subject to Clauses
4.6 and 4.7, no third parties shall have the right to enforce any term of this Contract under the Contracts (Rights of Third Parties) Act 1999. If and to the extent that any third party is expressly identified in this Contract, this Contract may
nevertheless be amended without requiring any consent from any such party, even if in so doing it alters or removes any rights they may otherwise have had under this Contract. 

  
 97 

	24.7	Amendment 

 Unless otherwise stated herein no provision of this Contract may be amended,
modified, waived or rescinded except by an instrument in writing executed by each of the Parties hereto. 
  

	24.8	Survival 

 Notwithstanding Final Delivery and the passing of title to the Vessel to
Buyer, or the termination of this Contract, the following provisions shall remain in full force and effect between the Parties: Definitions, Clauses 2.4(b) (Payment of Liquidated Damages), 2.5 (Refund Guarantees), 3 (Adjustment of Contract Price)
(to the extent that these liquidated damages or termination rights arising after Final Delivery), 4.6 (Liability of Builder), 4.7 (Liability of Buyer), 10 (Warranty of Quality), 11 (Builder’s Default), 14 (Disputes), 15 (Right of Assignment),
17 (Patents, Trademarks, Copyrights, Etc.), 19 (Notice), 21 (Confidential Information) (to the extent provided therein), 23 (Ethics), 24 (Interpretation) and 25 (Joint and Several Liability). 

  
 98 

 CLAUSE 25 – JOINT AND SEVERAL LIABILITY 

DSME and DY Tankers are jointly and severally liable for all obligations of Builder under this Contract and the Declaration of Warranty to be provided to Buyer
at Final Delivery pursuant to Clause 8.4(b)(v), and each of DSME and DY Tankers undertakes to perform, or to procure that the other performs, all such obligations. 

  
 99 

 CLAUSE 26 – SANCTIONS 
  

	26.1	In the event that any of the Republic of Korea, the United States of America (including, without limitation, the U.S. Department of Treasury’s Office of Foreign Assets Control) or the European Union imposes
sanctions, boycotts or restrictions, whether applicable to certain persons, to the Russian Federation, or to certain activities involving the Russian Federation (“Sanctions”), which make it unlawful for Builder to perform its obligations
under this Contract (a “Sanctions Event”) Buyer agrees that it will consult with Builder and Charterer and take all reasonable steps to find a solution which would enable the continued lawful performance of this Contract despite the
Sanctions Event, including the restructuring of the chartering arrangements and/or the obtaining of any applicable licences or permits and/or the restructuring of the shareholding arrangements of Buyer and/or agreeing a location for the Ice Trials
other than in waters of the Russian Federation. 

  

	26.2	If the arrangements contemplated by Clause 26.1 above are not implemented within sixty (60) days of the Sanctions Event, Builder agrees that Charterer, through a nominee with which the Builder may contract without
creating a Sanctions Event (so that the performance of this Contract by Builder is rendered lawful in respect of compliance with Sanctions), may exercise its option or the beneficiaries of the Novation Side Letter may exercise their right (through a
nominee with which the Builder may contract without creating a Sanctions Event (so that the performance of this Contract by Builder is rendered lawful in respect of compliance with Sanctions)) to novate or have transferred the Shipbuilding Contract
pursuant to the Step In Agreement or the Novation Side Letter within a further period of 14 days. If (i) Charterer does not exercise such right to novate the Shipbuilding Contract (or the beneficiaries of the Novation Side Letter do not
exercise their right to novate or have transferred the Shipbuilding Contract) or (ii) such right having been exercised, the applicable novation or transfer does not take place within the time required by the Step In Agreement or the Novation
Side Letter or in any event prior to Delivery, Buyer agrees that it will exercise its right to terminate the Charter. 

  

	26.3	Buyer agrees that the whole of the period from the date of the occurrence of the Sanctions Event until any arrangements contemplated by Clause 26.1 or 26.2 are implemented shall be Permissible Delay as if it were listed
in Clause 9.3 and all of the obligations of Builder and Buyer under this Contract shall be suspended for such period. 

  

	26.4	The occurrence of the Sanctions Event and any suspension of the Parties’ obligations under this Contract shall not constitute a Builder’s Default under this Contract for the purposes of Clause 11, nor a
default by Buyer for the purposes of Clause 12. 

  
 100 

	26.5	Nothing in this Clause 26 shall, or shall be construed to, require Builder, Buyer, or any direct or indirect shareholder of either of them to act in breach of Sanctions, including any ‘anti-circumvention’
provisions contained in any applicable Sanctions. 

  

	26.6	To the extent that implementations of any provisions of this Clause 26 would be contrary to Sanctions the remaining provisions shall be given effect to and implemented to the fullest extent possible. 

 

	26.7	To the extent that this provision is not in breach of the applicable Sanctions Event, the following clauses remain in full force and effect during the suspension of the obligations of the Parties under this Contract
pursuant to this Clause 26: 

  

	 	(i)	this Clause 26, and the provisions referred to in Clause 26 to the extent necessary to give effect to Clause 26; 

  

	 	(ii)	Clause 21 (Confidential Information); and 

  

	 	(iii)	Clause 24.1 (Laws Applicable) and 14.1 (Disputes) 

 For the purposes of this Clause 26: 

Novation Side Letter means the agreement between Total E&P Holdings, JSC Novatek and CNPC International Ltd, Buyer and Builder. 

(End of Clause) 

  
 101 

 IN WITNESS WHEREOF the Parties hereto have caused this Contract to be duly executed in two copies the day
and year first above written. 
  

									
	DSME HULL NO. 2423 L.L.C.	 		 	 DAEWOO SHIPBUILDING & MARINE

ENGINEERING CO., LTD.

					
	By:	 	  
	 		 	By:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

				
		 		 		 	DY TANKERS LIMITED
					
		 		 		 	By:	 	  

					
		 		 		 	Title:	 	  

  
 102 

 APPENDIX A – PRINCIPAL PLANS 

BUILDER’S HULL NO. 2423 - General Arrangement 

  
 103 

 APPENDIX B – SUPPLIERS’ LIST 

  
 104 

 APPENDIX C – FORM OF STAGE CERTIFICATE 

[                    ] 

Fax no: [                    ] 

Gentlemen: 
 Hull No
[        ] under a Contract dated [            ], made between [        ] (the “Buyer”) and
[        ] (the “Builder”) 
 We hereby certify in connection with the building of the above Vessel:- 

[that steel for the Vessel have been cut] 
 [that the
Vessel’s keel has been laid in accordance with the meaning of Clause 2.3 of the Contract] 
 [the Vessel has been successfully launched]. 

For and on behalf of 
 Builder 

 

	
	 
	Dated [            ]
	
	For and on behalf of
	Classification Society
	 
	
	Dated [            ]

  
 105 

 APPENDIX D – PART 1 – PROTOCOL OF INITIAL ACCEPTANCE. 

It is this day agreed that the LNGC [            ], built by Builder as Hull No.
[            ] at Builder’s yard in [            ] under a shipbuilding contract dated
[            ] and made between [            ] (the “Builder”) and
[            ] (the “Buyer”) has today been technically accepted by Buyer subject only to (i) application of Ice Coating, (ii) Ice Trials performance, and (iii) the
Minor Non-Conformities listed in the appendix to this Protocol which Builder undertakes to rectify prior to Final Delivery so that, by Final Delivery, the Vessel conforms in all respects to this Contract and the Specifications. 

Dated: [            ] 
  

			
	Signed 	 	 
	for Builder
		
	Signed 	 	 
	for Buyer

  
 106 

 APPENDIX – LIST OF MINOR NON-CONFORMITIES 

  
 107 

 APPENDIX D – PART 2 – PROTOCOL OF FINAL DELIVERY 

It is this day agreed that the LNGC [            ], built by Builder as Hull No.
[            ] at Builder’s yard in [            ] under a shipbuilding contract dated
[            ] and made between [            ] (the “Builder”) and
[            ] (the “Buyer”) has today been delivered by Builder and accepted by Buyer. 

Dated: [            ] 
  

			
	Signed 	 	 
	for Builder
		
	Signed 	 	 
	for Buyer

 Inventory of bunkers, consumables and spares to be attached. 

  
 108 

 APPENDIX E – PLANNED PROGRAMME 

 
 

 

  
 109 

 APPENDIX F – REFUND GUARANTEE 

[                    ] 

[            ] 

Gentlemen: 
 Hull Number
[            ] (the “VESSEL”) 
 We refer to the shipbuilding contract dated
[                    ] (the “Contract”) between [        ] (the “Buyer”),
[        ] (“DSME”) and [    ] (“DY Tankers” and together with DSME, the “Builder”), relating to the Vessel. Terms used herein shall bear the same meaning as
in the Contract. 
 In consideration of your entering into the Contract and the payment to ourselves of US$1 (receipt and sufficiency of which is hereby
acknowledged), we, [                    ], hereby irrevocably and unconditionally guarantee to you, your successors and assignees, as primary obligor
and not as surety only, to pay to you in accordance with the terms hereof all monies and liabilities which may become due, owing or incurred by Builder to or in favour of you under or in respect of the Contract and any supplement, amendment, change
or modification hereafter made thereto. This Guarantee shall be effective and enforceable from the date of payment of the First Instalment. 
 Without
prejudice to the foregoing, if in connection with the terms and conditions of the Contract, Buyer shall become entitled to a refund of the Instalments made to Builder prior to Delivery, we hereby irrevocably and unconditionally guarantee the
repayment of the same to Buyer within fourteen (14) days after written demand by Buyer together with interest thereon at the Agreed Interest Rate from the date following the date of receipt of such Instalments by Builder up to and including the
date of remittance of such refund. 
 It is a condition for any claim and payment to be made under this Letter of Guarantee that any instalments due prior
to any demand being made hereunder shall have been paid to Builder in accordance with the Contract. 
 The amount of this Guarantee will be automatically
increased upon Builder’s receipt of the respective Instalments, not more than (        ) times, each time by the amount of the relevant Instalment plus interest thereon as provided in the Contract, but in
any eventuality the amount of this guarantee shall not exceed the total sum of US$ [                    ] (Say U.S. Dollars
[                            ] only) plus interest thereon at the Agreed Interest Rate from the date
following the date of Builder’s receipt of each Instalment to the date of remittance of the refund. 

  
 110 

 Our liabilities under this Guarantee shall in no respect be impaired by the giving of any time or indulgence
whatsoever in respect of, nor by any variation whatsoever in, the terms of the Contract, nor by any other matter or circumstance, including the insolvency of Builder. 

Our liability to make payment hereunder shall be conditional upon receipt of a written demand signed by an authorised signatory stating that demand has been
made upon Builder for amounts due under the Contract and that Builder has within fourteen (14) days thereof failed to comply with the same. 
 This
Guarantee shall, save in respect of any demands made hereunder prior to termination or expiry of this Guarantee, terminate upon the earliest of (a) receipt by Buyer of the full amount guaranteed hereunder, (b) Final Delivery of the Vessel
in accordance with the Contract, or (c) the valid and lawful termination of the Contract by Builder pursuant to the terms thereof. 
 If any deduction
or withholding from any payment made or to be made by us is imposed by law, we shall pay such additional amount as may be necessary in order that the actual amount received shall equal that which would have been received had such deduction or
withholding not been made. 
 Notwithstanding any other provisions in this Guarantee, in the event that within fourteen (14) days from the date of your
demand to us referred to above, we receive notification from you or Builder accompanied by written confirmation by an arbitrator to the effect that you have claimed to cancel the Contract and your claim for refund thereunder has been disputed and
referred to arbitration in accordance with the Contract, we shall refund to you the sum (not exceeding US$[            ] (Say US Dollars
[            ] only) plus interest by the same manner hereinabove) due to you from Builder pursuant to the award made under such arbitration within fourteen (14) days from the receipt
from you of the demand for payment of the sum and a copy of the award or, as the case may be, the settlement agreement in respect of such dispute entered into between Builder and Buyer. 

This Guarantee may be assigned to Buyer’s financiers, whether a bank or a commercial corporation, without our prior consent upon giving written notice of
such assignment to us at the above address. 
 This Guarantee shall be governed by, and construed in accordance with the laws of England, and we, the
undersigned, hereby submit to the exclusive jurisdiction of the Courts of England and irrevocably appoint (insert name and address) to act as our agent to accept on our behalf any process or other document relating to any proceedings in the
English Courts which are connected with this Letter of Guarantee. 
  

	
	Yours faithfully
	
	  

	
	Duly Authorised Signatory
	
	For and on behalf of [            ]

  
 111 

 APPENDIX G – FORM OF PERFORMANCE GUARANTEE 

[                    ] 

[                    ] 

Gentlemen: 
 Hull Number
[            ] (the “VESSEL”) 
 We refer to the shipbuilding contract dated
[            ] (the “Contract”) between 

[        ] (the “Buyer”) 

[        ] (“DSME”) 

[            ] (“DY Tankers” and together with DSME, the “Builder”), relating
to the Vessel. 
 Terms used herein shall bear the same meaning as in the Contract. 

In consideration of your entering into the Contract and the payment to ourselves of US$1 (receipt and sufficiency of which is hereby acknowledged), we,
[            ], hereby guarantee to you, your successors and assignees the due and punctual performance by Builder of all of its obligations under Clauses
[            ], [            ] and [            ] of the Contract. We
further guarantee to pay to you in accordance with the terms hereof all monies and liabilities which may become due, owing or incurred by Builder to or in favour of you under or in respect of the provisions of the Contract and any supplement,
amendment, change or modification hereafter made thereto. PROVIDED THAT the total amount recoverable by you under this Guarantee including all costs, expenses and interest shall not exceed: 

 

	(i)	US$[ ] being five per cent (5%) of the Contract Price during the two (2) years following Final Delivery; and 

  

	(ii)	US$[ ] being three per cent (3%) of the Contract Price during three (3) further years after expiry of the period described in paragraph (i) above 

in each case provided that a claim under this Guarantee may be submitted within a thirty (30) day period following the end of the respective period. This
Guarantee shall become valid from the Final Delivery Date. 

  
 112 

 Our liabilities under this Guarantee shall in no respect be impaired by the giving of any time or indulgence
whatsoever in respect of, nor by any variation whatsoever in, the terms of the Contract, nor by any other matter or circumstance, including the insolvency of Builder. 

Our liability to make payment hereunder shall be conditional upon receipt of a written demand signed by an authorised signatory stating that demand has been
made upon Builder for amounts due under the Contract and that Builder has within fourteen (14) days thereof failed to comply with the same. 
 This
Guarantee shall, save in respect of any demands made hereunder prior to termination or expiry of this Guarantee, terminate upon the earliest of (a) receipt by Buyer of the full amount guaranteed hereunder, (b) the date falling sixty-one
(61) months after the date of Final Delivery of the Vessel, or (c) the valid and lawful termination of the Contract by Builder pursuant to the terms thereof. 

Notwithstanding any other provisions in this Guarantee, in the event that within fourteen (14) days from the date of your demand to us referred to above,
we receive notification from you or Builder accompanied by written confirmation by an arbitrator to the effect that you and Builder are in dispute about Builder’s performance under the Contract and your claim for refund thereunder has been
referred to arbitration in accordance with the Contract, we shall pay to you the sum (not exceeding US$[            ] (Say US Dollars
[            ] only) plus interest by the same manner hereinabove) due to you from Builder pursuant to the award made under such arbitration within fourteen (14) days from the receipt
from you of the demand for payment of the sum and a copy of the award or, as the case may be, the settlement agreement in respect of such dispute entered into between Builder and Buyer. 

This Guarantee may be assigned to any lawful assignee without our prior consent upon giving written notice of such assignment to us at the above address. 

If any deduction or withholding from any payment made or to be made by us is imposed by law, we shall pay such additional amount as may be necessary in order
that the actual amount received shall equal that which would have been received had such deduction or withholding not been made. 
 This Guarantee shall be
governed by, and construed in accordance with the laws of England, and we, the undersigned, hereby submit to the exclusive jurisdiction of the Courts of England and irrevocably appoint 

[                          
               ] 
 to act as our agent to accept on our behalf any process or other
document relating to any proceedings in the English Courts which are connected with this Letter of Guarantee. 
  

	
	Yours faithfully
	
	  

	 Duly Authorised Signatory
 For and on behalf
of
 [            ]

  
 113 

 APPENDIX H – HSSE PLAN 

The HSSE Plan to be prepared in accordance with Clause 22.2 shall address and describe the following items: 

 

			
	HSSE organisation & personnel	  	 HSSE management & resources throughout all the phases of the construction of the Vessel, with a description of the HSSE organisation
chart and roles and responsibilities for each position (including subcontractors) and job description.
  

HSSE key personnel exclusively dedicated to this Contract.

		
	HSSE Key Performance Indicators (“KPIs”)	  	Planned HSSE key performance indicators (KPIs), KPI’s expectations, targets, frequency and weighting.
		
	Safety procedures	  	Safety procedures necessary for the safe performance of the work during the fabrication/construction, testing and trials of the vessel, including in relation to working aloft and in enclosed spaces.
		
	Emergency response plan	  	 Emergency response plan (including planned drills) applicable to the shipyard. This plan must take into account at a minimum:

 

-        accident, incident, disease, Medivac, fire and explosion;

 

-        rescue in a confined space;

 

-        loss of radioactive material or of explosive material;

 

-        missing person, man overboard;

 

-        security breaches and sabotage, civil disorder, war; and

 

-        earthquakes, hurricanes, typhoons and other natural
events.

		
	Driving & transportation policy	  	Driving, transportation and traffic management policy and means of ensuring that Builder’s personnel and subcontractors’ personnel adhere to it.
		
	Security procedures	  	Procedure to manage security issues at the Shipyard applicable for Builder’s or subcontractors’ personnel, and any Authorised Representatives or Charterer’s
Representatives.

  
 114 

			
		
	Personal Protective Equipment procedure (“PPE”)	  	PPE procedure: type, standard, quality and purpose in accordance with the type of work carried out and in compliance with recognised international standards.
		
	Risk evaluation and management procedure	  	Risk for critical operations and for routine activities: Hazard Identification Risk Assessment (“HIRA”) to identify systematically the hazards and effects which may affect or arise from the activities relating to the
construction of the Vessel. Builder and Buyer shall develop a risk assessment matrix the contents of which will be mutually agreed. The HSSE Plan shall specify the proposed method of controlling those identifiable HSSE risks associated with the
performance by Builder and its subcontractors of all work contemplated to be performed pursuant to this Contract, in each case, to a level and in a manner reasonable and appropriate, including measurable and realistic targets for monitoring HSSE
performance.
		
	Preparation of critical (high risk activities) tasks	  	List of critical work activities identified for each of the different phases of the construction of the Vessel.
		
	Incident and anomaly reporting & investigation procedure	  	Procedure to report incidents and anomalies as per Buyer’s minimum requirements which shall include accident investigation and corrective action follow-up system. This procedure shall take into account the obligation to Builder
to investigate and analyse also any High Potential incident occurrence (“HIPO Near Miss”) in addition to lost work days (“LTI”).
		
	Audit protocol and audit program (including Subcontractors HSE control procedure)	  	 Audit protocol in line with Buyer’s HSSE minimum requirement and Builder’s audit programme which shall also include
subcontractors.
 Builder shall prepare for Buyer’s approval details of the methods of auditing the effectiveness of the HSSE Management systems as
applied to the performance by Builder and its subcontractors of all work contemplated by the Contract.

		
	Health management and medical check-up control procedure	  	Periodic medical check up of Builder’s personnel (including that of subcontractors) according to their job occupation and certified by authorised doctor.

  
 115 

			
		
	Permit to Work system (“PTW”) for construction activities	  	PTW system, which shall address critical operations at the shipyard: heavy lifting, confined space entry, working at height, working with Argon and CO2 gases, etc).
		
	Training plan & training matrix	  	 Procedures to ensure and increase competence through appropriate training for its mobilised personnel including subcontractors’
personnel.
 Procedures shall include an HSE training matrix covering the level of participants, the course levels, the refresher courses, the specific
training, and periods of training sessions.

		
	Management of HSE inspection at worksites	  	Procedure and planning for the management of safety tour performance (tour programme with typical report and documented system of actions follow-up to be attached).
		
	Develop and implement a scaffold compliance plan (in line with buyer’s requirements)	  	Scaffold compliance plan that shall include, but not limited to: scaffold design & standard, safe work procedure for installation/dismantling, responsibility & authority in charge, management of maintenance/modification
inspections by authorised and qualified personnel, Safe Work Load (“SWL”), tagging system, specific training for scaffolder’s, work at height training. This scaffolding compliance plan shall include subcontractors.
		
	HSSE behaviour improvement programme	  	Programme to improve HSSE behaviour of the personnel including in-house subcontractors then in accordance with its own initiatives like personnel award, HSE communication campaign, etc.

  
 116 

 APPENDIX I – FORM OF STEP IN AGREEMENT 

THIS STEP IN AGREEMENT is made the day of [            ] 2014 

BETWEEN:- 
  

	(1)	DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD, a company organised and existing under the laws of The Republic of Korea having its principal office at 125, Namdaemun-ro, Jung-gu, Seoul, 100-180,
Republic of Korea, (hereinafter called “DSME”); 

  

	(2)	DY TANKERS LIMITED, a company organised and existing under the laws of the Bahamas having its registered office at Bayside Executive Park, Building No. 3, West Bay Street & Blake Road, P.O. Box
N-4875, Nassau, the Bahamas (hereinafter called “DY Tankers” and together with DSME, “Builder”); and 

  

	(3)	DSME HULL NO. 2423 L.L.C., a company organised and existing under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands MH96960 (hereinafter called “Buyer”), and 

  

	(4)	YAMAL TRADE PTE. LTD., a company organised and existing under the laws of Singapore, having its registered office at Marina Bay Financial Centre, 12 Marina Boulevard, #35-05 Tower 3, Singapore, 018982
(hereinafter called “Charterer”). 

 WHEREAS 
  

	(A)	By a Shipbuilding Contract dated [            ] 2014 made between Builder and Buyer, (the “Shipbuilding Contract”), Builder agreed to design, build
and deliver to Buyer an icebreaking LNG carrier of [            ] m3 to be known during construction as Hull No.
[            ] (the “Vessel”). 

  

	(B)	By a time charter dated [            ] 2014, Charterer has agreed to charter the Vessel on long term charter (the “Charter”) for the purpose of
transporting LNG from the Yamal LNG project to various destinations worldwide. 

  

	(C)	Buyer, Builder and Charterer have agreed that in certain circumstances Charterer should be entitled to assume the obligations of Buyer under the Shipbuilding Contract. 

  
 117 

	(D)	Builder and Buyer have entered into the Novation Side Letter with certain Affiliates of Charterer, pursuant to which Builder and Buyer have agreed that in certain circumstances such Affiliates may require the
Shipbuilding Contract to be novated to them or their nominee. 

 NOW IT IS HEREBY AGREED as follows: 

 

	1.	Definitions 

 All expressions defined in the Shipbuilding Contract shall bear the same
meaning when used in this Agreement. In addition in this Agreement unless the context otherwise requires, the following terms and expressions shall have the meanings set out below: 

“Novation Notice” shall have the meaning set out in Clause 5.1 below; 

“Novation Side Letter” means the agreement of that name dated
[             ] 2014 between Buyer, Charterer, Charterer’s Guarantors (as defined in the Novation Side Letter) and Builder; 

“Standstill Period” shall have the meaning set out in Clause 2.1 below; 

“Supplemental Construction Agreement” shall mean the agreement of that name dated
[            ] 2014 between Buyer and Charterer regulating the construction of the Vessel; and 

“Transfer Date” shall have the meaning set out in Clause 5.3 below. 

“Undertaking” means the Deed of Undertaking dated [            ] between
Buyer and Charterer in respect of certain additional termination rights under the Charter. 
  

	2.	Default by Buyer 

  

	2.1	In the event that: 

  

	 	(a)	Buyer commits a default as set out in clause 12 of the Shipbuilding Contract, Builder shall give notice to Charterer specifying the default and the action that must be taken in order to remedy it; or 

 

	 	(b)	Buyer commits a default as set out in clause 9.2 (Default and Termination) of the Supplemental Construction Agreement, Charterer shall give notice to Builder specifying the default and the action that must be taken in
order to remedy it, 

  
 118 

 Builder shall continue to perform its obligations under the Shipbuilding Contract for a period of
thirty (30) days (the “Standstill Period”) and agrees not to terminate the Shipbuilding Contract during such period of thirty (30) days. During this Standstill Period, Charterer shall be entitled either (a) to remedy
Buyer’s default or (b) to assume by way of novation the rights and obligations of Buyer pursuant to Clause 6 below. 
  

	2.2	If Charterer becomes entitled to take a novation of the rights and obligations of Buyer as set out in clause 9.2 (Default and Termination) of the Supplemental Construction Agreement, other than by reason of a
Buyer’s Default mentioned in Clause 2.1(b), Charterer shall be entitled to take a novation of the rights and obligations of Buyer pursuant to Clause 6 below. 

 

	2.3	In the event that Buyer is in default as set out in clause 12 of the Shipbuilding Contract and if so requested by Charterer, Builder shall provide to Charterer (to the extent that it has not already provided such
information to the Charterer) an updated statement setting out: 

  

	 	(a)	any proceedings, claims or disputes outstanding under the Shipbuilding Contract and of any defaults by Buyer or Builder under the Shipbuilding Contract that remain unremedied; 

 

	 	(b)	any amendments or modifications (whether Builder’s Modifications or Statutory Modifications) to the Specifications; and 

  

	 	(c)	any agreed extensions to the Initial Acceptance Date and/or, as the case may be the Final Delivery Date, any adjustments to the Contract Price together with any outstanding and unresolved claims from Builder
(irrespective of whether such claims have been submitted to Buyer) for such extensions or adjustments. 

  

	3.	Charterer’s Right to Remedy 

  

	3.1	Charterer may exercise its right to remedy or cure any Buyer defaults as set out at Clause 2.1 by notice to Builder and Buyer within the Standstill Period (the “Cure Notice”). If Charterer cures a
default of Buyer under the Shipbuilding Contract within the Standstill Period, Builder’s rights in relation to such default (including the right to terminate the Shipbuilding Contract and to conduct a sale of the Vessel) shall automatically
lapse and such cured default shall for all purposes be deemed waived. 

  

	3.2	If Charterer pays any amounts to Builder or incurs any expenditure, cost or expenses, charges or fees in the exercise of its rights to cure a default of Buyer as set out in Clause 3.1 above, which are not promptly
reimbursed to Charterer by Buyer, Charterer shall have the right to set-off such monies from any sums payable by Charterer to Buyer under this agreement, the Charter, or any agreement for the sale of Buyer’s Supplies, in each case in such
manner as Charterer deems fit. 

  
 119 

	4.	Termination pursuant to the Undertaking or as a result of Sanctions 

 If Buyer exercises
any of its rights under the Undertaking or pursuant to Clause 70 (Sanctions) of the Charter to terminate the Charter, or Charterer exercises any of its rights to novate the Shipbuilding Contract pursuant to Clause 26 (Sanctions) of the Shipbuilding
Contract, Charterer shall be entitled to take a novation of the rights and obligations of Buyer under the Shipbuilding Contract in accordance with Clause 6 below. If so requested by Charterer following service by Charterer on Builder of a Novation
Notice, Builder shall provide a statement setting out the information described in Clause 2.3(a) to 2.3(c) above. 
  

	5.	Exercise of the Novation Side Letter 

 If any of Charterer’s Guarantors (as defined
in the Novation Side Letter) gives written notice to Builder and Buyer that it is exercising its rights under the Novation Side Letter to have novated to it the Shipbuilding Contract, such Charterer’s Guarantor shall be entitled to exercise all
the rights, and assume all of the obligations, expressed to be of the Charterer under this Step In Agreement including the right to enter into, or procure the entry of its nominee into, a novation of the rights and obligations of Buyer under the
Shipbuilding Contract in accordance with the procedure set out in Clause 6, mutatis mutandis, as if each reference to Charterer was instead a reference to such Charterer’s Guarantor. 

 

	6.	Novation of the Shipbuilding Contract 

  

	6.1	Charterer shall be entitled on the occurrence of any of the events set out at Clauses 2.1 and 2.2, 4 or 5 above by notice in writing to Builder and Buyer (the “Novation Notice”) in the form set out at Appendix
A hereto, to step into the position of Buyer under the Shipbuilding Contract on the terms set out in Clauses 6.2 and 6.3 below. In the case of a Buyer’s default as contemplated in Clauses 2.1, such Novation Notice must be given within the
Standstill Period and the service of a Novation Notice by Charterer shall extend the Standstill Period by a further forty-five (45) days. If the Novation Notice is served pursuant to Clause 2.2, 4 or 5 above, Builder shall continue to perform
its obligations under the Shipbuilding Contract (unless prohibited from doing so by a Sanctions Event) always without prejudice to Builder’s right under clause 26.3 of the Shipbuilding Contract notwithstanding any Buyer’s default until the
novation of the Shipbuilding Contract to Charterer or its nominee is completed and Builder agrees not to terminate the Shipbuilding Contract for any reason of Buyer’s default during such period which shall not exceed forty five (45) days
from the date of the Novation Notice. To the extent that the construction schedule of the Vessel is actually affected by the exercise by Charterer of the rights given to it in this Agreement, such extension shall constitute Permissible Delay.

  
 120 

	6.2	On receipt of the Novation Notice and fulfilment of the conditions set out in Clause 6.3 below, the rights and obligations of Buyer under the Shipbuilding Contract shall be transferred to Charterer or its nominee with
effect from the Transfer Date on the following terms: 

  

	 	(a)	Buyer shall be released and discharged from all rights, liabilities, obligations and interest arising under the Shipbuilding Contract and in connection with the Vessel and all such rights, liabilities, obligation and
interest shall be transferred to Charterer or its nominee so that, with effect from the Transfer Date, Charterer or its nominee is substituted for Buyer in all respects as a party to the Shipbuilding Contract and the Shipbuilding Contract shall with
effect from the Transfer Date be construed and treated in all respects as if Charterer or its nominee was named in the Shipbuilding Contract as Buyer (as such term is defined in the Shipbuilding Contract); 

 

	 	(b)	Charterer (or its nominee) agrees to perform and discharge all rights, liabilities, and obligations of Buyer arising under the Shipbuilding Contract, and shall take delivery of and pay the Contract Price for the Vessel
when properly tendered in accordance with the Shipbuilding Contract. Builder undertakes to Charterer (or its nominee) to perform and discharge all rights and obligations of Builder arising under the Shipbuilding Contract notwithstanding the
novation; and 

  

	 	(c)	Builder and Buyer release and discharge each other from all liabilities, and obligations arising out of or in connection with the Shipbuilding Contract. 

 

	6.3	As conditions to the effectiveness of the novation set out in Clause 6.2 above: 

  

	 	(a)	Builder shall provide to Charterer (or its nominee) a Refund Guarantee in the form set out at Appendix F to the Shipbuilding Contract (with such consequential amendments as may be required) in favour of Charterer (or
its nominee) restated and confirmed by the Refund Guarantor; 

  

	 	(b)	provided it has received the restated Refund Guarantee referred to in Clause 6.3(a) above, Charterer shall pay, or procure that its nominee pays, to Buyer an amount equal to all instalments of the Contract Price paid by
Buyer as at the date of the effectiveness of the novation or, in the event that the relevant Novation Notice was served pursuant to Clause 4 above, the amount stated in the Undertaking or in Clause 70 of the Charter, as the case may be;

  
 121 

	 	(c)	Charterer shall provide to Builder a corporate guarantee in the same form, mutatis mutandis, as the Corporate Guarantee, to be issued by Yamal LNG JSC or by any other guarantor reasonably acceptable to Builder; and

  

	 	(d)	If Charterer nominates a nominee to exercise its step in rights pursuant to Clause 6.1 above, Charterer shall provide to Builder a corporate guarantee in the same form, mutatis mutandis, as the Corporate Guarantee to be
issued by Yamal LNG JSC or by any other guarantor reasonably acceptable to Builder; 

 The date on which these conditions are
satisfied shall be the “Transfer Date” and Builder and Charterer (or its nominee) agree to complete their undertaking under Clause 6.3 within forty-five (45) days from the date of the Novation Notice. 

 

	6.4	Where Charterer exercises its right to step into the position of Buyer, Builder shall provide to Charterer any documentation reasonably requested in relation to the construction of the Vessel including without
limitation in relation to such matters as plan approval, status reports on the Vessel’s construction and an updated detailed critical path, the progress achieved by Builder in relation to the construction of the Vessel, the Modifications agreed
and those in respect of which Builder has submitted claims, any force majeure claims made by Builder and an updated assessment of the position in relation to the delivery of sub-contracted materials and parts. 

 

	6.5	Together with receipt of the payment referred to in Clause 6.3 above, Buyer shall: 

  

	 	(a)	procure the release of any assignment or other security interest over the Vessel and/or the Shipbuilding Contract granted by Buyer or any of its Affiliates in connection with the financing of the acquisition of the
Vessel; 

  

	 	(b)	deliver to Charterer or its nominee all documents in relation to the Shipbuilding Contract and the construction of the Vessel, including but not limited to, all correspondence, minutes of meetings, plans, drawings,
diagrams, certificates, progress reports, compatibility studies, documentation and other information exchanged with Builder, the Classification Society, the regulatory authorities and the licensor of the cargo containment system; 

 

	 	(c)	inform Charterer or its nominee of all third party agreements entered into by Buyer for the supply of goods and/or services in relation to the Vessel and, if so requested by Charterer or its nominee, use all reasonable
efforts to procure that any such third party agrees to supply the goods and/or services to Charterer or its nominee on the same terms and conditions and, if necessary, to novate the contract(s) between Buyer and such third party to Charterer or its
nominee, if so required by Charterer or its nominee; 

  
 122 

	 	(d)	co-operate with Charterer or its nominee in the handover of supervision activity under the Shipbuilding Contract and if Charterer or its nominee so requires, continue to perform the supervision activities until
Charterer or its nominee is able to take on the same, provided that any reasonable and documented costs and expenses incurred by Buyer in conducting such supervision activity from the Transfer Date shall be for the account of Charterer or its
nominee; and 

  

	 	(e)	sell, if requested by Charterer or its nominee, Buyer’s Supplies to Charterer or its nominee for the documented cost thereof (including applicable and reasonable export and import duties, transportation costs and
insurance and storage costs up to and including delivery thereof at the Shipyard), in which case (i) Buyer shall promptly sell Buyer’s Supplies to Charterer or its nominee free of all claims, liabilities, security interests and liens
(whatsoever), and (ii) if applicable, Builder shall permit Charterer or its nominee to enter the Shipyard (during normal business hours, with reasonable advance notice) and take possession of Buyer’s Supplies, free of any claims or liens
arising by or through Builder or its Affiliates (and their respective sub-contractors). 

  

	7.	Notices 

  

	7.1	Every notice, request, demand or other communication under this Agreement shall be: 

  

	 	(a)	written in the English language; 

  

	 	(b)	delivered personally or by facsimile transmission, by courier or post, or email; 

  

	 	(c)	deemed to have been received, subject as otherwise provided in this Agreement: 

  

	 	(i)	in the case of a letter, whether delivered personally, by post, by hand or courier at the time of its actual delivery if within normal business hours between 09:00am and 05:00pm on a working day at the place of receipt,
otherwise at the commencement of normal business on the next working day; 

  

	 	(ii)	in the case of facsimile or email transmission, at the time of transmission recorded on the message if such time is within normal business hours between 09:00am and 05:00pm on a working day at the place of receipt,
otherwise at the commencement of normal business on the next working day; 

  

	 	(d)	sent: 

  
 123 

	 	(i)	To Builder: 

 Daewoo Shipbuilding & Marine Engineering Co., Ltd. 

Address: 125, Namdaemun-ro, Jung-gu, Seoul, Republic of Korea, 

Attention: Mr. Y.C. Ko / Director 

Telephone: +82 2 2129 0930 

Fax: +82 2 2129 0077/78 
 Email:
ycko@dsme.co.kr 
  

	 	(ii)	to Buyer to: 

			
	Attention:	  	General Counsel
	Address:	  	Suite No. 1778, 48 Par-la-Ville Road
		  	Hamilton, Bermuda, HM 11
	Telephone:	  	+1 441 298 2530
	Telefax:	  	+1 441 292 3931
	E-mail :	  	mark.cave@teekay.com
		
	With copy to:	  	Teekay Shipping (Canada) Ltd
	Attention :	  	VP Newbuild and Projects
	Address :	  	Suite 2000 Bentall 5, 550 Burrard Street
		  	Vancouver BC V6C 2K2, Canada
	Telephone :	  	+1 604 683 3529
	Telefax :	  	+1 604 844 6660
	E-mail :	  	derek.walford@teekay.com

  

	 	(iii)	to Charterer to: 

 Yamal Trade Pte. Ltd. 

Marina Bay Financial Centre, 

12 Marina Boulevard, 
 #35-05
Tower 3, 
 Singapore, 018982 

Telefax: +65 67228476 
 Email:
Generalmanager@yamaltrade.sg 
 Attention: General Manager 

  
 124 

	8.	Assignment 

 Save as is expressly set out in Clause 6 above and subject to
Charterer’s rights to assign or transfer its rights under this Agreement to any of its financiers, no Party shall be entitled to assign or transfer its rights under this Agreement without the consent of the other Parties. 

 

	9.	Miscellaneous 

 This Agreement shall expire on Final Delivery. 

 

	10.	Governing Law and Jurisdiction 

  

	10.1	This Agreement shall be construed and interpreted and be enforceable according to English law. 

  

	10.2	In the event of any dispute, difference or claim arising out of, or relating to or in connection with this Agreement the same shall be subject to arbitration in London before three (3) arbitrators in accordance
with the rules of the London Maritime Arbitrators Association (“LMAA”). 

  
 125 

 IN WITNESS whereof the Parties hereto have caused this Agreement to be duly executed the day and year first above
written. 
  

			
	SIGNED by	  	)
		  	)
	for and on behalf of	  	)
	DAEWOO SHIPBUILDING &	  	)
	 MARINE ENGINEERING CO., LTD)
  

in the presence of:
	  	)
		
	SIGNED by	  	)
		  	)
	for and on behalf of	  	)
	DY TANKERS LIMITED	  	)
	in the presence of:	  	)
		
	SIGNED by	  	)
		  	)
	for and on behalf of	  	)
	DSME HULL NO. 2423 L.L.C.	  	)
	in the presence of:-	  	)
		
	SIGNED by	  	)
		  	)
	for and on behalf of	  	)
	YAMAL TRADE PTE. LTD.	  	)
	in the presence of:-	  	)

  
 126 

 SCHEDULE A – FORM OF NOVATION NOTICE 

DATE 
  

	To:	[Builder] 

	    	[Buyer] 

 Dear Sirs 

Step In Agreement dated                    2014 (the
“Agreement”) in relation to Hull No. [            ] 
 In accordance with Clause
[2.1, 2.2 or 43] of the Agreement we hereby notify you that that we have elected to and we nominate [            ], a company organised and existing under the laws of
[            ], having its registered office at [            ] (hereinafter called the “Nominee”) to step into the
position of Buyer under the Shipbuilding Contract on the terms set out in the Agreement. 
 The provisions of Clause 4 of the Agreement shall have immediate
effect. 
 Pursuant to Clause 6.3 of the Agreement, please provide us with: 

duly executed, valid, legally binding and enforceable Refund Guarantee in the form set out in Appendix F to the Shipbuilding Contract (with such consequential
amendments as may be required) in favour of [us] / [the Nominee], restated and confirmed by the Refund Guarantor. 
 We hereby confirm that [we] / [the
Nominee] will pay to Buyer the amounts as referred to in Clause 6.3(b) of the Agreement immediately upon our receipt of the documents listed above and that we will be Buyer under the Shipbuilding Contract with effect from the Transfer Date.

	
	
	 
	For and on behalf of
	[Charterer]

  
 127 

 APPENDIX J – METHOD OF MEASURING LOADED BOIL OFF RATE 

  
 128 

 APPENDIX K – METHOD OF MEASURING FUEL GAS POWER RATIO 

 

	1.	The purpose of Appendix K is to define the method for measurement of the Fuel Gas Power Ratio and to determine whether the actual Fuel Gas Power Ratio is in excess of or below the Guaranteed Fuel Gas Power Ratio.

  

	2.	The actual Fuel Gas Power Ratio shall be measured and averaged over all laden and ballast voyages (each, a “Relevant Voyage”) performed by the Vessel during a period of six (6) months following Final
Delivery (the “Assessment Period”), but excluding: 

  

	 	(a)	the first round voyage after entering service; 

  

	 	(b)	any voyages where the Vessel is instructed to burn liquid fuels (other than pilot fuel) as a complement to natural boil off; and 

  

	 	(c)	any voyages where the Vessel’s main generators automatically switch from a gas operating mode to a liquid fuel operating mode as a result of human error. 

 

	3.	For the purpose of this Appendix K, a Relevant Voyage shall not include those portions of the voyage which are conducted in ice conditions and shall be deemed to start when the Vessel’s integrated automation system
(the “IAS”) records a change in the Vessel’s condition from “Manoeuvring” to “Open Sea” and shall deem to end when the IAS records a change in the Vessel’s condition from “Open Sea” to
“Manoeuvring” on the understanding that: 

  

	 	(a)	the change in condition from “Manoeuvring” to “Open Sea” takes place when the telegraph handle position is changed from “FULL AHEAD (manoeuvring)” to “NAV-FULL”;

  

	 	(b)	the change in condition from “Open Sea” to “Manoeuvring” takes place when the telegraph handle position is changed from “NAV-FULL” to “FULL AHEAD (manoeuvring)”,

 where: 
  

	 	(a)	“FULL AHEAD (Manoeuvring)” means the maximum propulsion power used in “Manoeuvring” condition, i.e. when the electric propulsion is still under RPM control mode; and 

 

	 	(b)	“NAV-FULL” means the propulsion power range used in “Open Sea” condition, i.e. when the electric propulsion is under Power Control mode. 

  
 129 

	4.	Sufficient heel LNG shall be provided during any Relevant Voyage in ballast condition for pre-cooling of the LD compressors inlet and tank cool-down. 

 

	5.	The Fuel Gas Power Ratio shall be determined by comparing: 

  

	 	(a)	the total energy generated by each of the Vessel’s main generators (measured in MWh) on any Relevant Voyage; and 

  

	 	(b)	the total energy generated by each of the Vessel’s main generators (measured in MWh) on any Relevant Voyage when burning liquid fuels (as defined in ISO 8217 as Marine Distillate Fuels or Marine Residual Fuels).

  

	6.	Separate calculations shall be made for each relevant Voyage and, at the end of the Assessment Period, all results shall be averaged to determine whether the average Fuel Gas Power Ratio is below or in excess of the
Guaranteed Fuel Gas Power Ratio. 

  

	7.	All measurements shall be taken from the IAS. Builder shall ensure IAS automatically records (a) the start and end of each Relevant Voyage in accordance with paragraph 3 above, (b) the respective fuel
consumption, and (c) the energy produced by burning each of the fuels. 

  
 130 

 APPENDIX L – LIST OF APPROVED SUBCONTRACTORS 

 

					
	 Work

Description
	  	 Name and Address
	  	 Work Scope

	 Deck

House
	  	 Shinhan Machinery Co., Ltd. (Subsidiary of DSME)

 
 Address: 117, Woobong-Ri, Onsan-Eup, Ulju-gun, Ulsan
	  	 Block Fabrication
  

Outfitting
  

Painting
  

Pre-Erection

	  	  
 Daehan Shipbuilding Co., Ltd.

 
 (Under consignment management of DSME)
887 Gurimri
Hwawon-myun Haenam-gun, Jeollanam-do
	  
	  	  
 Geochung Shipbuilding Co., Ltd.

 
 1-35 Chunghak-2dong, Yongdo-gu Busan, Korea
	  
			
	 Cargo

Hold
	  	  
 Samwoo Heavy Industries Co., Ltd. (Subsidiary of
DSME)
Address: 1st block yulchon #1 Local Industry Complex, Sepung-ri,
 Gwangyang-eup, Gwangyang-city, Jeollanam-do
	  	 Block Fabrication
  

Outfitting
  

Pre-Erection
  

Coupler Base
  

Painting

	  	  
 Daehan Shipbuilding Co., Ltd.

 
 (Under consignment management of DSME)
887 Gurimri
Hwawon-myun Haenam-gun, Jeollanam-do
	  
	  	  
 Kunhwa Co., Ltd.
777, Hannae-ri, Yeoncho-myeon,
Geoje-si, Gyeongnam
	  
	  	  
 Changhan Co., Ltd.
1211, Obi-ri & 120-10,
Hannae-ri,
  
 Yeoncho-myeon, Geoje-si, Gyeongnam
	  

  
 131 

					
			
	 Bow &

Stern
	  	 Daehan Shipbuilding Co., Ltd.
  

(Under consignment management of DSME)

887 Gurimri Hwawon-myun Haenam-gun, Jeollanam-do
	  	 Block Fabrication
  

 
 Outfitting

 
 Painting

Pre-Erection

	  	  
 Kunhwa Co., Ltd.

777, Hannae-ri, Yeoncho-myeon, Geoje-si, Gyeongnam
  
	  
	  	  
 Changhan Co., Ltd.

 
 1211, Obi-ri & 120-10, Hannae-ri,

 
 Yeoncho-myeon, Geoje-si, Gyeongnam
	  
			
		  	  
 Kwangshin Machinery Industry Co., Ltd.

 
 180-12, Ogok-ri, Chilwon-myeon, Haman, Gyeongnam
	  	
			
		  	  
 EN TECH Co., Ltd.

 
 26, Pyeongsan-ro, 70beon gil, Uichang-gu, Changwon-si,
Gyeongnam
	  	

  
 132 

 APPENDIX M – LIST OF PRIMARY TERMINALS 

Part I 
  

			
	 Country
	  	 Terminal

	UK	  	Isle of Grain, Dragon, South Hook
	Spain	  	Bilbao, Sagunto
	France	  	FOS, Montoir (downstream and upstream)
	Belgium	  	Zeebrugge
	Korea	  	Incheon (berths 1 and 2), Pyeongtaek, Tongyoung
	Italy	  	Adriatic
	Portugal	  	Sines
	China	  	Fujian Putian, Shanghai, Jiangsu Rudong, Tianjin, Liaoning Dalian, Tangshan Caofeidan
	Thailand	  	Map Ta Put
	Egypt	  	Idku
	USA	  	Sabine Pass
	Mexico	  	Altamira
	India	  	Dabhol, Dahej, Hazira
	Netherlands	  	Gate
	Canada	  	Canaport
	Turkey	  	Aliaga
	UAE	  	Jebel Ali

  
 133 

 Part II 
  

															
	 Country
	  	Terminal	  	Loa	  	Draft	  	Breadth	  	Displace-
ment	  	Gang-
way	  	Loading
arm
	Angola	  	Soyo	  		  		  		  		  	-0.5 m	  	
	Egypt	  	Damietta	  		  		  	48.1 m	  	115000	  		  	
	Japan	  	Chita 1	  	297.5 m	  	11.25 m	  	45.75 m	  	101740	  	-0.39 m	  	
	Japan	  	Chita 2	  	298 m	  		  		  	105000	  		  	
	Japan	  	Futtsu
(berth1)	  	293.75 m	  		  	44.5 m	  	102000	  		  	
	Japan	  	Higashi-
Ohgishima	  	293.75 m	  		  	47.2 m	  	102000	  		  	
	Japan	  	Himeji	  	287 m	  		  	48 m	  	108000	  		  	
	Japan	  	Kagoshima	  	No
 information
	  	No
 information
	  	No
 information
	  	No
 information
	  	No
 information
	  	No
 information

	Japan	  	Kawagoe	  	297.5 m	  	11.25 m	  	45.75 m	  	105000	  		  	-1.05 m
	Japan	  	Negishi	  	287 m	  		  	47.2 m	  	107146	  		  	
	Japan	  	Niigata	  		  	11.55 m	  	45 m	  	100000	  		  	
	Japan	  	Ohgishima	  	297.5 m	  		  	49 m	  	105000	  	-6.7 m	  	
	Japan	  	Oita	  	285.3 m	  		  	47.2 m	  	100000	  	-1.57 m	  	
	Japan	  	Sakai	  	No
 information
	  	No
 information
	  	No
 information
	  	No
 information
	  		  	
	Japan	  	Senboku	  	298 m	  		  	48 m	  	105000	  		  	
	Japan	  	Sodegaura	  	297.5 m	  		  	49 m	  	110000	  		  	
	Japan	  	Tobata	  	287.5 m	  	11.52 m	  	43.74 m	  	103500	  		  	
	Japan	  	Yanai	  	285 m	  		  	47.2 m	  	118608	  	-0.34 m	  	-0.55 m
	Japan	  	Yokkaichi	  	283 m	  	11 m	  	47.2 m	  	101740	  		  	
	Korea	  	Gwangyang	  		  	11.5 m	  		  	113900	  		  	
	Nigeria	  	Bonny	  		  	11.5 m	  	48 m	  	104800	  		  	
	Norway	  	Snohvit
 (Melkoya)
	  		  		  	48 m	  		  		  	
	Russia	  	Sakhalin	  	289.5 m	  	11.5 m	  	49 m	  	105000	  		  	

  
 134 

															
	Spain	  	Barcelona	  		  		  	49 m	  	108000	  		  	No
information
	Spain	  	Cartagena	  		  		  		  		  	No
information	  	No
information
	Spain	  	Huelva	  	290 m	  		  	45.8 m	  	115500	  	No
information	  	No
information
	Spain	  	Mugardos	  	290 m	  	11.25 m	  		  		  		  	
	Taiwan	  	Yungan	  		  	11 m	  		  		  		  	
	 Trinidad
 &

Tobago
	  	Point Fortin	  	294 m	  	11.5 m	  	No
 information
	  	90000	  		  	
	Yemen	  	Balhaf	  		  		  		  		  	-0.2 m	  	
	China	  	Zhejiang
 Ningbo
	  		  		  		  		  		  	-0.53 m
	China	  	Guangdong
 Dapeng
	  		  	11.5 m	  	45 m	  		  		  	-0.32 m
	China	  	Guangzhou
 Zhuhai
	  		  		  		  		  		  	-0.01 m
	Japan	  	Naoetsu	  		  		  		  	No
 information
	  		  	
	Japan	  	Okinawa	  	289.5 m	  	11.4 m	  	49 m	  	104998	  		  	
	Japan	  	Mizushima	  	297.5 m	  		  	49 m	  	112841	  	-6.7 m	  	-0.13 m
	Japan	  	Sodeshi	  	289.53 m	  		  	49 m	  	119381	  		  	-1 m
	Spain	  	El Musel	  		  		  		  		  		  	No
 information

	Spain	  	Reganosa	  	290 m	  		  		  		  		  	
	Taiwan	  	Taichung	  		  		  		  	105000	  	-1.71 m	  	No
 information

  
 135 

 Part III 
  

			
	 Country
	  	 Terminal

	Russia	  	Sabetta
	Poland	  	Swinoujscie
	Korea	  	Samcheok, Boryeong
	China	  	Hainan Yangpu, Guangdong Jieyang, Zhejiang Wenzhou, Shandong Qingdao
	Japan	  	Hachinohe, Sakaide, Chita Midorihama Works, Nagasaki
	France	  	Dunkirk
	Ireland	  	Shannon
	Algeria	  	Arzew

  
 136 

 APPENDIX N – GUARANTEE FOR EXTERNAL HULL AND BALLAST TANKS COATINGS 

 

	1.	Anti-Corrosive External Hull Paint 

  

	1.1	If an area of the abrasion resistant low friction icebreaker coating is defective under the terms of this guarantee then that area will be surface treated and re-coated in full accordance with the coating
manufacturer’s standards and product data sheets. For extensive areas the surface treatment will be blasting to SA 2 1⁄2. 

 

	1.2	If any area (as defined in paragraph 1.3 below) in any sub area of the external hull or any substantial part in way of an erection joint area is found to be defective then that sub area will be repaired in accordance
with paragraph 1.1 above. 

  

	1.3	A sub area in this paragraph 1.3 shall be defined as: 

  

	 	(a)	Flat bottom; 

  

	 	(b)	Vertical bottom fore (port); 

  

	 	(c)	Vertical bottom fore (stbd); 

  

	 	(d)	Vertical bottom parallel (port); 

  

	 	(e)	Vertical bottom parallel (stbd); 

  

	 	(f)	Vertical bottom aft (port); 

  

	 	(g)	Vertical bottom aft (stbd), 

 The erection joint area shall be defined as an area no greater
than 200mm wide either side of any welded joint that has been welded after application of the full coating system at the block stage. 
  

	1.4	For the purpose of this Appendix, failure of the coating is defined as any of the following: 

  

	 	(a)	blisters, peeling and cracking; 

  

	 	(b)	corrosion of the steel substrate to a severity greater than 8 Re 2 (as defined in the “European Scale of Degree of Rusting for Anti-Corrosive Paints”), 

  
 137 

 where, at any time during the relevant guarantee period, the surface of any sub area affected by
the defects listed in paragraphs 1.4(a) and 1.4(b) above exceeds three per cent (3%) of the total surface of the relevant sub-areas. 
  

	1.5	Builder shall not be liable for the deterioration of any part of the coating caused by pollution, mechanical damage or work carried out on the Vessel after Final Delivery, unless such work is carried out by Builder or
under Builder’s supervision or instruction after Final Delivery. 

  

	2.	Coatings of Ballast Tank, Pipe Passage, Underdeck Passage and Void Spaces 

  

	2.1	If an area is defective under the terms of this guarantee then the area will be fully surface treated and re-coated in full accordance with the coating manufacturer’s standards and product data sheets. For
extensive areas the surface treatment will be blasting to SA 2 1⁄2. For smaller areas, power tooling may be used. Without prejudice to the provisions of Clause
10, Builder is responsible for all costs of rectifying any failure or defect, including the cost of cleaning, preparation, air-conditioning, application and material cost. 

 

	2.2	If any sub-area or erection joint area is found to be defective then that area will be repaired in accordance with paragraph 2.1 above. 

 

	2.3	For the purpose of this Appendix, a sub area is defined as the smallest area in a tank bounded by two adjacent transverse members and two adjacent longitudinal members including the transverse and longitudinal member
area, or the area bounded by horizontal members such as stringers and vertical stiffening including the area of horizontal members and vertical stiffeners, or an area of 3m2 or less for plane plating such as bulkheads. The erection joint area is
defined as an area of 200mm wide either side of any welded joint that has been welded following application of the full coating system at the block stage and prior to block jointing. The general coated area per tank shall be defined as the area
divided vertically by each frame and divided horizontally into three (3) sections namely the bottom part, the hopper part and the upper part. 

  

	2.4	For the purpose of this Appendix, failure of the coating is defined as being any blistering, corrosion, flaking, chalking, cracking, pitting, detachment or other defects of the coating system or between the system
coats. The extent defined in the following paragraphs 2.4(a) and (b) shall also be accepted as a coating failure: 

  

	 	(a)	corrosion of the steel substrate in the form of spots through the coating to a severity greater than that shown in the “European Scale of Degree of Rusting for Anti-Corrosive Paints” as condition 8 Re-2
(uniformly corroded as more than 8 Re-2) in any sub area, or zero point two per cent (0.2%) of the area per tank of the total cumulative area of the erection joint area, or one per cent (1.0%) of the area per tank of the general coated area;

  
 138 

	 	(b)	any other defects (as defined above) shall be counted for evaluation of the surface of the coating failure, 

where, at any time during the relevant guarantee period, the surface of any sub-area affected by the defects listed in paragraphs 2.4(a) and
2.4(b) above exceeds five per cent (5%) of the total surface of the relevant sub-areas. 
  

	2.5	Builder shall not be liable for the deterioration of any part of the coating caused by pollution, mechanical damage or work carried out on the Vessel after Final Delivery, unless such work is carried out by Builder or
under Builder’s supervision or instruction after Final Delivery. 

  
 139 

 APPENDIX O – ICE TRIALS MANAGEMENT AGREEMENT 

DATED
                                         
                               201[•] 

Daewoo Shipbuilding & Marine Engineering Co., Ltd 

DY Tankers Limited 
 and 

TEEKAY SHIPPING LIMITED 
  

 
 ICE TRIALS
MANAGEMENT AGREEMENT 
  
  

  
 140 

							
	 NO
	 	 DESCRIPTION
	  	PAGE NO.	 
	 1.
	 	 DEFINITIONS AND INTEPRETATION
	  	 	142	  
	 2.
	 	 APPOINTMENT
	  	 	143	  
	 3.
	 	 DURATION OF APPOINTMENT
	  	 	143	  
	 4.
	 	 MANAGER’S BASIC OBLIGATIONS
	  	 	144	  
	 5.
	 	 MANAGEMENT SERVICES
	  	 	145	  
	 6.
	 	 REMUNERATION
	  	 	147	  
	 7.
	 	 REIMBURSEMENT
	  	 	147	  
	 8.
	 	 BUDGETS, ACCOUNTS, STATEMENTS AND REPORTS
	  	 	148	  
	 9.
	 	 MANAGER’S LIABILITY FOR CREW
	  	 	148	  
	 10.
	 	 RESPONSIBILITIES, RATIFICATION AND INDEMNITY
	  	 	149	  
	 10
	 	 FORCE MAJEURE
	  	 	149	  
	 11.
	 	 LAW, JURISDICTION AND ARBITRATION
	  	 	150	  
	 12.
	 	 INTERPRETATION
	  	 	150	  
	 13
	 	 NOTICES AND MISCELLANEOUS
	  	 	150	  
	 14.
	 	 CONFIDENTIALITY
	  	 	151	  

  
 141 

 THIS ICE TRIALS MANAGEMENT AGREEMENT is dated this [•] day of [•] 201[•] and is made
BETWEEN: 
  

	(1)	DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD, a corporation organised and existing under the laws of The Republic of Korea, having its registered office at [•] (“DSME”); and

  

	(2)	TEEKAY SHIPPING LIMITED, a company organised and existing under the laws of Bermuda, having its registered office at [•] (the “Manager”); and 

 

	(3)	DY TANKERS LIMITED, a corporation organised and existing under the laws of the Bahamas having its registered office at Bayside Executive Park, Building No. 3, West Bay Street & Blake Road, P.O. Box
N-4875, Nassau, the Bahamas (“DY Tankers” and together with DSME, the “Builder”) 

 WHEREAS: 

 

	(A)	[•], an affiliate of Manager (the “Buyer”), has entered into a Shipbuilding Contract dated [•] (the “Shipbuilding Contract”) made between Builder and Buyer for the
construction of 172,410m3 ARC 7 Ice Class LNG carrier with Builder’s Hull No.2423 (the “Vessel”). 

 

	(B)	Pursuant to the Shipbuilding Contract, Builder is required to carry out Ice Trials of the Vessel in Arctic conditions. 

  

	(C)	Conducting such Ice Trials will require Builder to mobilise the Vessel from Builder’s shipyard in the Republic of Korea to the area where Ice Trials are to be performed and Builder requires the services of Manager
to assist Builder to mobilise the Vessel to the Ice Trials area. 

 NOW THEREFORE it is hereby agreed as follows: 

 

	1.	DEFINITIONS AND INTEPRETATION 

  

	1.1	In this Agreement the following expressions have the following meanings: 

  

	 	(a)	“Affiliate” means a corporation, partnership or other legal entity which controls, is controlled by, or is under common control with a party; 

 

	 	(b)	“Budget” has the meaning given to it in Clause 8.1; 

  

	 	(c)	“Buyer Supplies” has the meaning given to it in the Shipbuilding Contract; 

  

	 	(d)	“Charter” means the long term charter party concluded in respect of the Vessel; 

  

	 	(e)	“Commencement Date” means the date falling one hundred and eighty (180) days prior to the then scheduled Initial Acceptance Date; 

 

	 	(f)	“Crew” means the master, officers and ratings of the numbers, rank and nationality listed, and having the experience levels and qualifications described, in Exhibit 1; 

 

	 	(g)	“Final Delivery” has the meaning given to it in the Shipbuilding Contract; 

  
 142 

	 	(h)	“Ice Trials” means those trials of the Vessel necessary to demonstrate the ice capabilities of the Vessel as described in the Specifications; 

 

	 	(i)	“Initial Acceptance Date” means the date on which the Vessel is technically accepted at the Shipyard by Buyer at the Shipyard under the Shipbuilding Contract, currently scheduled to be [•];

  

	 	(j)	“Management Fee” has the meaning given to it in Clause 6.1; 

  

	 	(k)	“Specifications” means the specifications for the Vessel as appended to the Shipbuilding Contract; and 

  

	 	(l)	“Shipyard” means Builder’s shipyard at Okpo. 

  

	2.	APPOINTMENT 

  

	2.1	Builder hereby appoints Manager with effect on and from the Commencement Date to be Manager of the Vessel and Manager hereby accepts such appointment by Builder and agrees to provide the services described in this
Agreement upon and subject to the terms and conditions of this Agreement. 

  

	2.2	Manager confirms that it has received from Builder a copy of the Shipbuilding Contract and the Specifications and is fully aware of Builder’s obligations under the Shipbuilding Contract in connection with the
performance of the Ice Trials, the mobilisation of the Vessel from the Shipyard to the location where such Ice Trials are be performed, or that are otherwise related to the services to be provided by Manager under this Agreement. 

 

	3.	DURATION OF APPOINTMENT 

  

	3.1	The appointment of Manager under this Agreement shall commence on the Commencement Date and continue from that date until: 

  

	 	(a)	final delivery of the Vessel under the Shipbuilding Contract; 

  

	 	(b)	termination or recission of the Shipbuilding Contract; 

  

	3.2	Notwithstanding Clause 3.1, Builder or Manager shall be entitled to terminate this Agreement by notice in writing to, as the case may be, Manager or Builder if any of the following events occurs: 

 

	 	(a)	the other party defaults in any material respect under any term or provision of this Agreement (other than in respect of the payment or accounting for any moneys) which is not remedied within thirty (30) days from
the date of notice by such party requesting action to remedy the same; 

  

	 	(b)	an order is made by any competent court or other appropriate authority or resolution passed by the other party for bankruptcy, dissolution or winding-up or for the appointment of a liquidator, manager, receiver or
trustee of the other party or of all or a substantial part of its assets, save for the purposes of amalgamation or re-organisation (not involving or arising out of insolvency) the terms of which have received the prior written approval of the other
party; 

  

	 	(c)	the other party stops payment to creditors generally, or is unable or admits inability to pay its debts as they fall due, or enters into any composition or other arrangement with its creditors generally or is
adjudicated or found bankrupt or insolvent; or 

  
 143 

	 	(d)	the other party ceases to carry on business, or a substantial part of the business, properties or assets of either such party is seized or appropriated. 

 

	3.3	Termination of this Agreement shall: 

  

	 	(a)	not affect the rights of either party hereunder to recover from the other party any amount due and then unpaid, which liability shall remain in full force and effect; 

 

	 	(b)	not operate to discharge the respective obligations of the parties hereto under Clause 7.1 or 15, which shall continue in full force and effect notwithstanding the termination of this Agreement, provided however that
the operation of Clause 7.1 shall be restricted to the purposes of accounting and reimbursement to the other party, if required; and 

  

	 	(c)	not affect any rights or obligations which may have accrued prior to termination, including any in respect of antecedent breaches, and the obligations of each party which are expressed to survive termination or to take
effect on termination shall continue in full force and effect notwithstanding termination of this Agreement. 

  

	3.4	In the event of a termination of the Shipbuilding Contract following a failure of the Vessel to meet the requirements and standards to be tested during the Ice Trials, such termination shall take effect immediately upon
arrival of the Vessel at the next ice free port. 

  

	3.5	Manager shall notwithstanding the termination of this Agreement perform such tasks as may be required to settle all outstanding accounts between Manager and Builder and to complete such accounts as are required pursuant
to this Agreement. 

  

	4.	MANAGER’S BASIC OBLIGATIONS 

  

	4.1	Manager hereby undertakes at all times during its appointment as agent for Builder to provide the services required under this Agreement efficiently and with due diligence in accordance with: 

 

	 	(a)	first class international LNG ship management and operating practice; 

  

	 	(b)	any applicable law; 

  

	 	(c)	the policies and lawful instructions from time to time made or given by Builder; and 

  

	 	(d)	the practices of Manager as communicated to Builder in writing (always provided that such practices are in accordance with first class international LNG shipping practice). 

 

	4.2	Without limiting Manager’s obligations under Clause 4.1, it is hereby agreed and declared that Manager shall not be: 

  

	 	(a)	required to perform or exercise any of its obligations, duties, powers or discretions under or pursuant to this Agreement so as to give any special preference in any respect to Builder, it being understood and agreed
that Manager shall, so far as practicable, ensure a fair distribution of available manpower, supplies and services to all other vessels, if any, for the time being owned, operated, chartered or managed by Manager, or for which Manager is the agent;
or 

  

	 	(b)	restricted (whether as manager, agent, owner, operator, charterer or otherwise) from providing services similar to those provided by Manager to Builder under this Agreement to any third party. 

  
 144 

	4.3	Unless otherwise directed by Builder, Manager shall be deemed to be the “Company” as defined in the ISM Code, assuming the responsibility for the operation of the Vessel and taking over the duties and
responsibilities imposed by the ISM Code when applicable. In this respect, Manager shall be responsible for the development, implementation and maintenance of a safety management system in accordance with the ISM Code. Manager shall make available
upon the Builder’s request all documentation and records related to the Safety Management System and/or the Crew which Buyer needs to demonstrate compliance with the ISM Code, the ISPS Code and STCW 95 or to make or defend a claim against or by
a third party. 

  

	4.4	In performing the services to be performed by it under this Agreement, Manager shall maintain close contact and communication with Builder to avoid any duplication of functions. 

 

	5.	MANAGEMENT SERVICES 

  

	5.1	Manager shall perform and/or provide, or cause to be performed and/or provided, the management services set out in this Clause 5.1 and shall have the power, in the name of Builder or otherwise on the behalf of Builder,
to do and perform all acts, deeds, matters and things which may be necessary or expedient for the performance or provision of all or any of such management services or ancillary thereto: 

Services prior to Initial Acceptance 
  

	 	(a)	prior to the Initial Acceptance of the Vessel under the Shipbuilding Contract to arrange for: 

  

	 	(i)	the supply of any provisions and stores (other than the Buyer’s Supplies) to be obtained for and stored on the Vessel that are required to make the Vessel ready for sea to perform the Ice Trials and sail to the
location of Final Delivery under the Shipbuilding Contract, 

 provided that Manager shall, in each case, have obtained the
consent of Buyer in relation to the nature and the quantity of the items to be so supplied; and 
  

	 	(ii)	registration of the Vessel under a flag selected by Builder and approved by Buyer and procuring the provision of all relevant legal services in this regard; 

Crew Management 
  

	 	(b)	provision of the Crew, which shall include but not be limited to the following functions: 

  

	 	(i)	selection and engagement of Crew, including attendance to all matters pertaining to payroll arrangements, pension administration and insurances for the Crew (other than those mentioned in Clause 5.1(c) and 5.1(e));

  

	 	(ii)	ensuring that the applicable requirements of the law of the flag state of the Vessel are satisfied in respect of manning levels, rank, qualification and certification of the Crew and employment regulations, including
Crew’s tax, social insurance, discipline, labour relations, welfare and amenities of Crew; 

  

	 	(iii)	ensuring that the Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they are engaged and are in possession of valid medical certificates issued in
accordance with appropriate flag state requirements; 

  

	 	(iv)	ensuring that the Crew shall have an adequate command of the English language of a sufficient standard to enable them to perform their duties safely and efficiently; 

  
 145 

	 	(v)	arranging transportation of the Crew, including repatriation; and 

  

	 	(vi)	providing Builder, prior to appointment of any member of the Crew, with the professional histories and qualifications of any such Crew member; 

Insurance 
  

	 	(c)	the arrangement, in accordance with Builder’s instructions, of all insurances of or in connection with the Vessel (including, without limitation, hull and machinery, P&I, war, piracy) through first class,
internationally recognised marine insurance brokers and with first class, internationally recognised insurance companies or associations of sufficient size and creditworthiness, against all usual marine and war risks and for such values as Builder
may require having regard to the requirements of the Shipbuilding Contract; 

  

	 	(d)	Manager shall, when effecting on behalf of Builder any insurances for the Vessel or when entering the Vessel on behalf of Builder with any protection and indemnity association or club, name itself and Buyer as a
co-assured together with Builder. If, notwithstanding the foregoing, Builder effects the insurances for the Vessel, then Builder will procure that Manager and Buyer are named as co-assured under any policy or cover note or entry as aforesaid;

  

	 	(e)	in accordance with requirements of the Shipbuilding Contract, the entry of the Vessel in protection and indemnity, defence and other such clubs or associations; 

 

	 	Voyage	management and general 

  

	 	(f)	to the extent not covered under Clause 5.1(a), the supply of the arrangement of the victualling and provisioning of the Vessel and the arrangement of bunkering and lubricating oil contracts for the Vessel; provided, in
each case, that Manager shall have obtained Buyer’s approval of the nature and the quantity of such supplies; 

  

	 	(g)	the control and management of inventories of spare parts, lubricating oils and provisions of the Vessel; 

  

	 	(h)	the control and management of bunkers, other fuel supplies, liquid nitrogen, LNG, boil off gas; 

  

	 	(i)	when requested to do so by Builder, the appointment of any port agents for the Vessel, pilots (including any ice pilots) for the Vessel, the arrangement of any canal transits for the Vessel, or the giving of voyage
instructions to the master and officers of the Vessel; 

  

	 	(j)	the appointment for the duration of the Ice Trials of an independent information service, providing information with respect to the ice conditions in the area where Ice Trials are to be carried out; provided that
Manager shall have obtained Builder’s and Buyer’s prior written approval in relation to any such appointment; 

  

	 	(k)	the preparation of all arrangements (including but not limited to the performance of any ship shore compatibility studies, but excluding the procurement of LNG) in connection with the loading of LNG required for the
performance of the Ice Trials; and 

  

	 	(l)	subject as provided hereinafter, the payment on behalf of Builder of all costs and expenses incurred in and about the provision of any of the foregoing services; provided that Builder’s written consent shall be
required for any item of expenditure that exceeds the sum indicated in the Ice Trials Budget for the relevant item by more than ten per cent (10%). 

  
 146 

	5.2	Builder shall have the right to direct Manager to use specified suppliers for victuals, stores, fuel, liquid nitrogen, lubricant oils or other services required for the Vessel. 

 

	5.3	Unless otherwise agreed in writing, all discounts and commissions obtained by Manager in the course of the performance of its obligations hereunder shall be credited to Builder. Manager shall use its best endeavours to
obtain any such discounts and commissions as may be available. 

  

	5.4	Manager shall at all times be permitted to do all things which, in Manager’s reasonable judgment, are expedient or necessary and lawful to deal with emergency conditions threatening life and/or environment and/or
property where it is not practicable to consult with Builder, provided that it will make a full written report to Builder of any action taken under this Clause 5.4 at the earliest opportunity. 

 

	6.	REMUNERATION 

  

	6.1	Builder shall, on the Commencement Date and thereafter on a quarterly basis, pay to Manager as remuneration for the services rendered by Manager under this Agreement a lump sum management fee of US$500,000 per annum
(escalated by 3% each year commencing January 1st 2015) payable monthly, prorated for any part of a month (the “Management Fee” ). 

 

	6.2	All payments by Builder to Manager under or pursuant to Clause 6.1 shall be made without unlawful set-off or counterclaim in United States Dollars by payment to the credit of such bank account as Manager shall specify.

  

	7.	REIMBURSEMENT 

  

	7.1	Builder shall (in addition to the payment to Manager of the Management Fee) reimburse and indemnify Manager for and in respect of all disbursements, costs and expenses properly and necessarily or reasonably paid,
sustained or incurred by Manager directly relating to the services performed by Manager under this Agreement (but excluding overheads, fixed costs such as salaries of Manager’s staff, rental, rates, heating, lighting, etc., which Manager shall
bear at no cost to Builder and which shall be deemed to be covered by the Management Fee provided in Clause 6) and Builder shall so reimburse and indemnify Manager for and in respect of the following: 

 

	 	(a)	all reasonable disbursements, costs and expenses, properly paid or incurred in respect of or in connection with the provision of the pre-delivery services referred to in Clause 5.1(a); 

 

	 	(b)	all wages, bonuses and all other payments made to or in respect of the Crew of the Vessel (including pension and insurance contributions, redundancy payments, travelling and accommodation expenses or allowances);

  

	 	(c)	all disbursements, costs and expenses paid or incurred to obtain consumables and stores and insurance of the Vessel; 

  

	 	(d)	all disbursements, costs and expenses paid or incurred to arrange port calls or canal transits for the Vessel; and 

  

	 	(e)	all other reasonable disbursements, costs and expenses, properly paid or incurred in respect of with the performance or provision of services under this Agreement. 

 

	7.2	Notwithstanding the foregoing, Manager (and any agent or sub-agent appointed by Manager) shall be entitled when contracting with any third party in the provision of the services of Manager hereunder to specify that in
so doing it contracts as agent only for Builder and without incurring any personal liability to such third party. 

  
 147 

	7.3	Manager shall not be under any obligation to advance moneys for the benefit or on behalf of Builder, but in the event that Manager does, at request of Builder, make advances on behalf of Builder, such advances will be
repayable by Builder to Manager on first demand by Manager to Builder and will bear interest at such rate as the parties hereto may agree and shall be paid monthly in arrears (and so that any interest not paid shall itself bear interest at the said
rate) and upon repayment of the amount so advanced. 

  

	8.	BUDGETS, ACCOUNTS, STATEMENTS AND REPORTS 

  

	8.1	Manager shall prepare and present to Builder, for Builder’s review and approval, a budget in respect of all anticipated expenses in relation to the services contemplated by this Agreement (the
“Budget”) by no later than three (3) months prior to the Commencement Date. The draft Budget will be prepared by Manager on the basis of Builder’s instructions in relation to the type of services Manager will be required
to provide; always provided such services fall within the description of Clause 5. 

  

	8.2	Builder shall review the draft Budget and indicate its acceptance and approval (with any corrections it considers necessary) or not of the draft budget within one (1) month of the presentation. 

 

	8.3	Manager shall keep proper books, records, accounts and vouchers relating to the services performed under this Agreement in such form and in accordance with first class international ship management practice.

  

	8.4	Upon completion of Manager’s services hereunder or termination of this Agreement, Manager shall prepare and furnish to Builder, within such time limits as shall be agreed, a detailed statement of accounts including
copies of vouchers, invoices and other documents in respect of all costs and expenses incurred by Manager (and to be reimbursed by Builder) in connection with the services rendered under this Agreement. 

 

	9.	MANAGER’S LIABILITY FOR CREW 

  

	9.1	As between the parties hereto, any member of the Crew employed on the Vessel shall be, and be deemed to be for all purposes, the servant and agent of Builder. 

 

	9.2	Manager shall be under no liability or responsibility to Builder or any other person for or in respect of any act, neglect or default of any such master, officer or Crew member, as the case may be, even if the same is
negligent, grossly negligent or wilful, unless there was a failure by Manager or the agent or sub-agent to exercise due diligence in relation to the engagement of such person under clause 5.1 (b). 

 

	9.3	If Builder is dissatisfied with the conduct of any member of the Crew or any member of the Crew fails to meet the experience level and qualifications required under this Agreement, Builder shall notify Manager of such
dissatisfaction or failure which notice shall include particulars of the cause of complaint. Manager shall promptly investigate all such complaints and shall, unless in Manager’s reasonable opinion (the grounds of which Manager shall notify to
Builder in writing) the complaint is not justified, procure that such member of the Crew is, as soon as reasonably practicable, replaced with a person with the necessary qualifications and experience. 

 

	9.4	It is hereby expressly agreed that no employee or agent of Manager (including sub-contractors employed in compliance with the terms hereof) shall be liable to Builder for any loss, damage or delay arising from any act,
neglect or default on such employee’s or agent’s part while acting in the course such employee’s or agent’s employment and, without prejudice to the generality of the foregoing provisions of this sentence, every exemption,
limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity to which Manager is entitled hereunder shall also be available to each such employee or agent acting as aforesaid. 

  
 148 

	10.	RESPONSIBILITIES, RATIFICATION AND INDEMNITY 

  

	10.1	Builder hereby ratifies and confirms and agrees to ratify and confirm whatsoever Manager shall properly do in accordance with the provisions of this Agreement. 

 

	10.2		(a)	 Manager shall be under no liability whatsoever to Builder for any loss, damage, delay or expense of whatsoever nature, whether direct or
indirect (including, but not limited to, loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of the performance of the services to be performed by it under this Agreement,
UNLESS the same is proved to have resulted from a breach of this Agreement by Manager or from the negligence, gross negligence or wilful default of Manager or its employees or agents or sub-contractors employed by Manager in connection with the
Vessel, in which case (save where loss, damage, delay or expense has resulted from Manager’s personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would
probably result) Manager’s liability for each incident or series of incidents giving rise to a claim or claims shall never exceed five million United States Dollars (USD 5,000,000). 

 

	 	(b)	Notwithstanding anything that may appear to the contrary in this Agreement, Manager shall not be liable for any act, neglect or default of any such master, officer or Crew member as is referred to in Clause 9.2, even if
such actions are negligent, grossly negligent or wilful except as provided in Clause 9.2, in which case Manager’s liability shall be limited in accordance with the terms of this Clause 10.2. 

 

	10.3	Except to the extent and solely for the amount therein set out for which Manager would be liable under Clause 10.2, Builder hereby undertakes and agrees that it will indemnify and hold harmless Manager and its agents,
employees and sub-contractors from and against all actions, claims, demands, suits, proceedings, liabilities, damages, costs, charges and expenses whatsoever, legal or otherwise, taken, made or threatened by or against them or sustained, suffered or
incurred by them directly or indirectly arising out of, or caused or occasioned howsoever by this Agreement or by the performance or provision of any of the services referred to in this Agreement. 

 

	10.4	For the avoidance of doubt, Clauses 10.2 and 10.3 do not in any way limit the liability of Manager to account for (a) funds advanced by Builder or received by Manager on behalf of Builder, or (b) any item of
expenditure claimed for reimbursement by Manager under this Agreement. 

  

	11.	FORCE MAJEURE 

  

	11.1	Notwithstanding anything to the contrary contained in this Agreement, if either party shall be rendered unable to carry out the whole or any part of its obligations under this Agreement (other than the payment of money)
for any reason beyond the control of such party (which could not have been avoided by the exercise of due diligence by such party or by that party’s sub-contractors or agents), including, but not limited to, acts of God, acts of governmental
authorities, strikes (excluding strikes or other industrial action limited to the personnel of Manager or its sub-contractors or agents), war, riot and any other causes of such nature, then the performance of the obligations under this Agreement of
such party as they are affected by such cause shall be excused during the continuance of any inability so caused, but such inability shall so far as possible be remedied with all reasonable despatch. 

  
 149 

	11.2	Any party suffering any such inability shall promptly notify the other party of the nature of such inability, the action (if any) being taken by such party to remedy such inability and the date (if any) when such party
ceases to be under such inability. 

  

	12.	LAW, JURISDICTION AND ARBITRATION 

  

	12.1	This Agreement shall be governed by and construed in all respects in accordance with the laws of England. 

  

	12.2	In the event the parties’ respective senior management are unable to resolve amicably such dispute within a reasonable time not to exceed thirty (30) calendar days, such dispute shall be finally determined by
arbitration in London, England, in accordance with the London Maritime Arbitration Association rules and procedures, as amended from time to time, by a panel of three (3) arbitrators. Each party shall appoint one (1) arbitrator, and the
two (2) so appointed shall thereafter appoint the third (3rd) arbitrator. The language of the arbitration shall be English. The arbitration panel shall make a written record of the basis of its award, and is authorised to award costs and
attorneys’ fees to the prevailing party as part of its award. Any award of the arbitrators shall be final and binding and the parties expressly exclude any right of appeal of either party to any court either for determination of questions of
law in the course of the arbitration or in relation to the award except as necessary to obtain provisional relief in aid of arbitration or as necessary to enforce either the agreement or an arbitral award pursuant to the United Nations Convention on
the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention). 

  

	13.	INTERPRETATION 

  

	13.1	The expression “this Agreement” means this Agreement as originally executed or as it may from time to time be amended. 

 

	13.2	Unless the context otherwise requires, words importing the singular number only shall include the plural and vice versa and words importing persons shall include firms and corporations. 

 

	13.3	References to Clauses are to the clauses of this Agreement. 

  

	13.4	References to any document include the same as varied, supplemented or replaced from time to time. 

  

	13.5	Clause headings are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. 

  

	14.	NOTICES AND MISCELLANEOUS 

  

	14.1	All notices, requests, demands and other communications under this Agreement or in connection herewith shall be given or made to or upon the parties in writing by fax, express delivery, delivery in person or mail and
shall be addressed to the appropriate party at the address set forth below or at such other address or place as such party may designate in writing: 

To Builder:                     [•]

 With a copy to:              [•] 

To Manager:                  [•] 

Any notice, request, demand or other communication so given or made shall be deemed (unless the contrary is proved) to have been received on
the date one (1) day after the transmission of a fax or, in the case of notice by express delivery, delivery in person or mail, upon receipt. 

  
 150 

	14.2	Each document, instrument, certificate, statement, notice, request, demand, consent or other communication to be delivered by any party to the other parties under or pursuant to this Agreement shall be in English.

  

	14.3	Neither of the parties to this Agreement may assign or transfer this Agreement or any rights or obligations hereunder, or subcontract any of its obligations hereunder, without the consent of the other party; provided
that either party may assign its rights under this Agreement to any Affiliate or for security to financial institutions and either party may sub-contract all or part of its obligations to any Affiliate, subject to remaining responsible for the
performance of that Affiliate. Any purported assignment of this Agreement or subcontracting of obligations inconsistent with the foregoing shall be void ab initio. This Agreement shall be binding on and inure to the benefit of the parties and
their respective successors and permitted assigns. 

  

	14.4	None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the parties for any purpose. 

 

	14.5	This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of all the parties. 

 

	14.6	Any provision of this Agreement prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this
Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties to the full extent
permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms. 

  

	14.7	This Agreement embodies the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or
undertakings other than those expressly set forth or referred to herein. This Agreement supersedes any and all prior agreements and understandings between the parties with respect to such subject matter, including, without limitation, anything
contained in any preliminary proposals or letters of intent. 

  

	14.8	This Agreement may be executed in any number of counterparts, and by the parties on separate counterparts, each of which when so executed and delivered shall be an original but all the counterparts shall together
constitute one and the same agreement. 

  

	14.9	A person who is not a party to this Agreement shall not have any right pursuant to the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms and no consent of any person who is not a party to this
Agreement shall be required to terminate, rescind, or vary in any way this Agreement or any right under it, save that Buyer shall have the right to enforce any provision of this Agreement where its consent or approval is required. 

 

	15.	CONFIDENTIALITY 

  

	15.1	Manager shall not at any time disclose or make available to any person any information which relates in any way to any business or affairs of Builder or any such information which it has acquired as a result of the
performance of the services contemplated under this Agreement. Manager shall further use all reasonable endeavours to ensure that its Affiliates, and the officers, employees and agents of each of them, shall observe a similar duty of confidence in
favour of Builder, its shareholders and any Affiliates. 

  

	15.2	Clause 15.1 does not apply to: 

  
 151 

	 	(a)	any information already in the public domain other than by virtue of a breach by the disclosing party of Clause 15.1; 

  

	 	(b)	a bona fide disclosure on a confidential basis to any Affiliate; 

  

	 	(c)	a bona fide disclosure of information in connection with the performance of Manager’s obligations under this Agreement; 

  

	 	(d)	a bona fide disclosure of information in connection with any actual or prospective proceedings arising out of or in connection with this Agreement; 

 

	 	(e)	a bona fide disclosure of information to a competent judicial, governmental, supervisory or regulatory authority or to inspectors or others authorised by such an authority or by or under any legislation to carry out any
enquiries or investigation; 

  

	 	(f)	the bona fide disclosure of information required under the rules of any stock exchange on which the shares or securities of Manager (or any of its shareholders for the time being) are listed; and 

 

	 	(g)	a bona fide disclosure on a confidential basis to the professional advisers, auditors or financiers of Manager or of information which it appears necessary or reasonable for such professional advisers, auditors or
financiers to obtain for the purpose of discharging their responsibilities. 

 IN WITNESS WHEREOF, the parties have duly executed this
Agreement on the date first above written. 

	
	
	   

 SIGNED by 
 for and on behalf of

 [•] 

	
	
	   

 SIGNED by 
 for and on behalf of

 [•] 

	
	
	   

 SIGNED by 
 for and on behalf of

 [•] 

  
 152 

 EXHIBIT 1 

DETAILS OF CREW 
 Date of Agreement

 Details of Crew 
  

							
	 Nr
	  	 Rank
	  	 Nationality
	  	 Experience

  
 153 

 APPENDIX P – CORPORATE GUARANTEE 

Part 1 (CORPORATE GUARANTEE to be issued by TGP) 

(CORPORATE GUARANTEE) 
 Daewoo
Shipbuilding & Marine Engineering Co., Ltd. 
 125, Namdaemun-ro, Jung gu, Seoul, Republic of Korea 

Date: [                    ] 

Dear Sirs, 
 Hull No.
[            ] 
  

	1.	We refer to the shipbuilding contract dated [•] 2014 (as may be and may have been from time to time amended, varied and/or supplemented the “Contract”) made between (1) [    ]
(the “Buyer”) and (2) yourselves (the “Builder”) for the construction and sale of a [    ] having your hull number [•] (the “Vessel”). 

 

	2.	In consideration of your entering into the Contract with Buyer and the payment to us of five United States Dollars (US$5) and other good and valuable consideration (the receipt and sufficiency of which we hereby
acknowledge), we, the undersigned, as a primary obligor and not merely as a surety, hereby irrevocably and unconditionally: 

  

	 	(A)	guarantee to you the due and full performance by Buyer of all of its obligations under the Contract including, without limitation, the taking of delivery of the Vessel and the due and punctual payment by Buyer of all
amounts of whatever nature payable by it under the Contract; and 

  

	 	(B)	undertake, if Buyer shall fail to perform its obligations under the Contract, immediately upon your first written demand to pay and/or perform our obligations under paragraph (A) above and to indemnify you against
and hold you harmless from all losses or damage of any kind arising directly or indirectly from any failure on the part of Buyer to perform any of its obligations under the Contract, 

PROVIDED ALWAYS THAT our total liability under this Corporate Guarantee shall not exceed fifty percent (50%) of all obligations and
liabilities under the Contract (“Maximum Liability”) and that in respect of any claim or series of claims made by Builder against Buyer for which we are liable under this Corporate Guarantee, and subject always to the Maximum Liability,
our liability 

  
 154 

 
shall be absolutely limited to fifty percent (50%) of such claim or claims and in no circumstances shall we be liable to pay a higher proportion of such claim or series of claims. Further,
we are not responsible for the obligations of any other guarantor providing a Corporate Guarantee from time to time, and failure by any other guarantor to perform its obligations to Builder under a Corporate Guarantee will not increase our liability
under this Corporate Guarantee in any respect. 
  

	3.	We hereby expressly waive notice of any supplement, amendment, change or modification to or of the Contract that may be agreed between you and Buyer. 

 

	4.	This Corporate Guarantee shall remain in full force and effect from the date hereof until Buyer has performed in full all of its obligations under the Contract. 

 

	5.	This Corporate Guarantee shall be a continuing guarantee. Our liability under this guarantee shall not be discharged or affected by any intermediate performance of obligation or payment or settlement of account by
Buyer, any security or other indemnity now or hereafter held by you in respect thereof or of Buyer’s obligations under the Contract, any invalidity, illegality or unenforceability of the Contract, any alteration, amendment or variation of the
terms of the Contract, any allowance of time, forbearance, forgiveness or indulgence in respect of any matter concerning the Contract or this guarantee on your part, or the insolvency, bankruptcy, winding-up or analogous proceedings or
re-organisation of Buyer, or any act, omission, fact or circumstances whatsoever which might otherwise diminish or nullify in any way our obligations under this Corporate Guarantee. 

 

	6.	You shall not be required to exhaust your recourse against Buyer or any other security which you may hold in respect of its obligations under the Contract before being entitled to performance by us of our obligations
hereunder or payment by us of any amount hereby guaranteed. 

  

	7.	All payments by us under this Corporate Guarantee shall be made immediately upon your first written demand in United States Dollars to such account as you may designate without any deduction of any present or future
taxes, restrictions or conditions of any nature, or any set-off or counter-claim for any reason whatsoever. If we are required to make any deduction or withholding in respect of taxes from any payment due hereunder, the sum due from us in respect of
such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, you receive on the due date for such payment (and retain, free from any liability in respect of such deduction or withholding)
a net sum equal to the sum which you would have received had no such deduction or withholding been required to be made. 

  

	8.	Subject to any confidentiality obligation, we shall supply to you such information regarding the financial condition, business and operations of us as you may reasonably request. 

  
 155 

	9.	Any demand or notice to be made by you hereunder shall be made in writing in the English language and shall be delivered to us in person or sent by registered airmail or by fax addressed to us at the following address:

 [                    ]

  

	10.	The benefit of this Corporate Guarantee may be assigned by you without our consent to any lawful assignee of the Contract and shall inure for the benefit of yourselves, your successors and assigns. 

 

	11.	This Corporate Guarantee shall be governed by and construed in accordance with the laws of England. 

  

	12.	We hereby agree that any dispute, controversy or difference arising out of or in relation to this Corporate Guarantee shall be finally settled either (a) by proceedings in the English courts or (b) if you
shall so elect, by arbitration in London, England before a tribunal of three (3) arbitrators in accordance with the United Kingdom Arbitration Act 1996 or any re-enactment or statutory modification thereof for the time being in force and with
the rules of The London Maritime Arbitrators’ Association (“LMAA”) for the time being in force. 

 Yours faithfully, 

TEEKAY LNG PARTNERS LP 
 By: 

Title: 

  
 156 

 Part 2 (CORPORATE GUARANTEE to be issued by CLNG) 

(CORPORATE GUARANTEE) 
 Daewoo
Shipbuilding & Marine Engineering Co., Ltd. 
 125, Namdaemun-ro, Jung gu, Seoul, Republic of Korea 

Date: [                    ] 

Dear Sirs, 
 Hull No.
[            ] 
  

	1.	We refer to the shipbuilding contract dated [•] 2014 (as may be and may have been from time to time amended, varied and/or supplemented the “Contract”) made between (1) [    ]
(the “Buyer”) and (2) yourselves (the “Builder”) for the construction and sale of a [    ] having your hull number [•] (the “Vessel”). 

 

	2.	In consideration of your entering into the Contract with the Buyer and the payment to us of five United States Dollars (US$5) and other good and valuable consideration (the receipt and sufficiency of which we hereby
acknowledge), we, the undersigned, as a primary obligors and not merely as a surety, hereby irrevocably and unconditionally: 

  

	 	(A)	guarantee to you the due and full performance by Buyer of all of its obligations under the Contract including, without limitation, the taking of delivery of the Vessel and the due and punctual payment by Buyer of all
amounts of whatever nature payable by it under the Contract; and 

  

	 	(B)	undertake, if Buyer shall fail to perform its obligations under the Contract, immediately upon your first written demand to pay and/or perform our obligations under paragraph (A) above and to indemnify you against
and hold you harmless from all losses or damage of any kind arising directly or indirectly from any failure on the part of Buyer to perform any of its obligations under the Contract, 

PROVIDED ALWAYS THAT our total liability under this Corporate Guarantee shall not exceed fifty percent (50%) of all obligations and
liabilities under the Contract (“Maximum Liability”) and that in respect of any claim or series of claims made by Builder against Buyer for which we are liable under this Corporate Guarantee, and subject always to the Maximum Liability,
our liability shall be absolutely limited to fifty percent (50%) of such claim or claims and in no circumstances shall we be liable to pay a higher proportion of such claim or series of claims. Further, we are not

  
 157 

 
responsible for the obligations of any other guarantor providing a Corporate Guarantee from time to time, and failure by any other guarantor to perform its obligations to Builder under a
Corporate Guarantee will not increase our liability under this Corporate Guarantee in any respect. 
  

	3.	We hereby expressly waive notice of any supplement, amendment, change or modification to or of the Contract that may be agreed between you and Buyer. 

 

	4.	This Corporate Guarantee shall remain in full force and effect from the date hereof until Buyer has performed in full all of its obligations under the Contract. 

 

	5.	This Corporate Guarantee shall be a continuing guarantee. Our liability under this guarantee shall not be discharged or affected by any intermediate performance of obligation or payment or settlement of account by
Buyer, any security or other indemnity now or hereafter held by you in respect thereof or of Buyer’s obligations under the Contract, any invalidity, illegality or unenforceability of the Contract, any alteration, amendment or variation of the
terms of the Contract, any allowance of time, forbearance, forgiveness or indulgence in respect of any matter concerning the Contract or this guarantee on your part, or the insolvency, bankruptcy, winding-up or analogous proceedings or
re-organisation of Buyer, or any act, omission, fact or circumstances whatsoever which might otherwise diminish or nullify in any way our obligations under this Corporate Guarantee. 

 

	6.	You shall not be required to exhaust your recourse against Buyer or any other security which you may hold in respect of its obligations under the Contract before being entitled to performance by us of our obligations
hereunder or payment by us of any amount hereby guaranteed. 

  

	7.	All payments by us under this Corporate Guarantee shall be made immediately upon your first written demand in United States Dollars to such account as you may designate without any deduction of any present or future
taxes, restrictions or conditions of any nature, or any set-off or counter-claim for any reason whatsoever. If we are required to make any deduction or withholding in respect of taxes from any payment due hereunder, the sum due from us in respect of
such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, you receive on the due date for such payment (and retain, free from any liability in respect of such deduction or withholding)
a net sum equal to the sum which you would have received had no such deduction or withholding been required to be made. 

  

	8.	Subject to any confidentiality obligation, we shall supply to you such information regarding the financial condition, business and operations of us as you may reasonably request. 

  
 158 

	9.	Any demand or notice to be made by you hereunder shall be made in writing in the English language and shall be delivered to us in person or sent by registered airmail or by fax addressed to us at the following address:

 [                    ]

  

	10.	The benefit of this Corporate Guarantee may be assigned by you without our consent to any lawful assignee of the Contract and shall enure for the benefit of yourselves, your successors and assigns. 

 

	11.	This Corporate Guarantee shall be governed by and construed in accordance with the laws of England. 

  

	12.	We hereby agree that any dispute, controversy or difference arising out of or in relation to this Corporate Guarantee shall be finally settled either (a) by proceedings in the English courts or (b) if you
shall so elect, by arbitration in London, England before a tribunal of three (3) arbitrators in accordance with the United Kingdom Arbitration Act 1996 or any re-enactment or statutory modification thereof for the time being in force and with
the rules of The London Maritime Arbitrators’ Association (“LMAA”) for the time being in force. 

 Yours faithfully, 

China LNG Shipping (Holdings) Ltd 
 By: 

Title: 

  
 159

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