Document:

Form of Indenture

  
 INTERCONTINENTAL HOTELS GROUP PLC, 
  
  
 Issuer 
  
  
 SIX CONTINENTS PLC, 
  
  
 Guarantor 
  
  
 TO 
  
  
 JPMORGAN
CHASE BANK, 
  
  
 Trustee 
  

  
 INDENTURE 
  
  
  Dated as of
             
   

  
 Debt Securities 
 Guaranteed Debt Securities 
  

 InterContinental Hotels Group PLC 
 Six Continents PLC 
 Certain Sections of this Indenture relating to 
 Sections 310 through 318, inclusive, of the 
 Trust
Indenture Act of 1939: 
  

	Trust Indenture
Act Section

	  	Indenture
Section

	 § 310(a)(1)
	  	6.09
	 (a)(2)
	  	6.09
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (b)
	  	6.08
	 	  	6.10
	 § 311(a)
	  	6.13
	 (b)
	  	6.13
	 § 312(a)
	  	7.01
	 	  	7.02
	 (b)
	  	7.02
	 (c)
	  	7.02
	 § 313(a)
	  	7.03
	 (b)
	  	7.03
	 (c)
	  	7.03
	 (d)
	  	7.03
	 § 314(a)
	  	7.04
	 (a)(4)
	  	1.01
	 	  	10.05
	 (b)
	  	Not Applicable
	 (c)(1)
	  	1.02
	 (c)(2)
	  	1.02
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	1.02
	 § 315(a)
	  	6.01
	 (b)
	  	6.02
	 (c)
	  	6.01
	 (d)
	  	6.01
	 (e)
	  	5.14
	 § 316(a)
	  	1.01
	 (a)(1)(A)
	  	5.02
	 	  	5.12
	 (a)(1)(B)
	  	5.13
	 (a)(2)
	  	Not Applicable
	 	  	5.08
	 (c)
	  	1.04
	 § 317(a)(1)
	  	5.03
	 (a)(2)
	  	5.04
	 (b)
	  	10.03
	 § 318(a)
	  	1.07

 NOTE:    This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture 
  

  (i) 

 TABLE OF CONTENTS 
  
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
  

	 	  	 	  	Page

	 Section 1.01.
	  	Definitions	  	1
	 Section 1.02.
	  	Compliance Certificates and Opinions	  	7
	 Section 1.03.
	  	Form of Documents Delivered to Trustee	  	8
	 Section 1.04.
	  	Acts of Holders; Record Dates	  	8
	 Section 1.05.
	  	Notices, Etc., to the Trustee, Issuer and Guarantor	  	10
	 Section 1.06.
	  	Notice to Holders; Waiver	  	11
	 Section 1.07.
	  	Language of Notices, Etc	  	11
	 Section 1.08.
	  	Conflict with Trust Indenture Act	  	11
	 Section 1.09.
	  	Effect of Headings and Table of Contents	  	11
	 Section 1.10.
	  	Successors and Assigns	  	12
	 Section 1.11.
	  	Separability Clause	  	12
	 Section 1.12.
	  	Benefits of Indenture	  	12
	 Section 1.13.
	  	Governing Law	  	12
	 Section 1.14.
	  	Saturdays, Sundays and Legal Holidays	  	12
	 Section 1.15.
	  	Appointment of Agent for Service of Process	  	12
	  
 ARTICLE TWO
	  	 
	 SECURITY FORMS
  
	  	 
	 Section 2.01.
	  	Forms Generally	  	13
	 Section 2.02.
	  	Form of Security	  	14
	 Section 2.03.
	  	Form of Legend for Global Securities	  	23
	 Section 2.04.
	  	Form of Trustee’s Certificate of Authentication	  	23
	 Section 2.05.
	  	Guarantee by Guarantor; Form of Guarantee	  	23
	 Section 2.06.
	  	Release of Guarantee	  	26
	  
 ARTICLE THREE
	  	 
	 THE SECURITIES AND GUARANTEES
  
	  	 
	 Section 3.01.
	  	Amount Unlimited; Issuable in Series	  	27
	 Section 3.02.
	  	Denominations	  	29
	 Section 3.03.
	  	Execution, Authentication, Delivery and Dating	  	29
	 Section 3.04.
	  	Temporary Securities	  	31
	 Section 3.05.
	  	Registration, Registration of Transfer and Exchange	  	31
	 Section 3.06.
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	33
	 Section 3.07.
	  	Payment of Interest; Interest Rights Preserved	  	34
	 Section 3.08.
	  	Persons Deemed Owners	  	35
	 Section 3.09.
	  	Cancellation	  	35
	 Section 3.10.
	  	Computation of Interest	  	35
	 Section 3.11.
	  	CUSIP Numbers	  	35

 
 NOTE:    This table of contents shall not, for any purpose, be deemed to be a part of the Indenture 
  

  (ii) 

	ARTICLE FOUR	  	 
	 SATISFACTION AND DISCHARGE
  
	  	 
	 	  	 	  	Page

	 Section 4.01.
	  	Satisfaction and Discharge of Indenture	  	36
	 Section 4.02.
	  	Application of Trust Money	  	37
	 Section 4.03.
	  	Defeasance and Discharge of Securities of any Series	  	37
	  
 ARTICLE FIVE
	  	 
	 REMEDIES
  
	  	 
	 Section 5.01.
	  	Events of Default	  	38
	 Section 5.02.
	  	Acceleration of Maturity; Rescission and Annulment	  	40
	 Section 5.03.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	41
	 Section 5.04.
	  	Trustee May File Proofs of Claim	  	41
	 Section 5.05.
	  	Trustee May Enforce Claims Without Possession of Securities	  	42
	 Section 5.06.
	  	Application of Money Collected	  	42
	 Section 5.07.
	  	Limitation on Suits	  	42
	 Section 5.08.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	43
	 Section 5.09.
	  	Restoration of Rights and Remedies	  	43
	 Section 5.10.
	  	Rights and Remedies Cumulative	  	43
	 Section 5.11.
	  	Delay or Omission Not Waiver	  	43
	 Section 5.12.
	  	Control by Holders	  	43
	 Section 5.13.
	  	Waiver of Past Defaults	  	44
	 Section 5.14.
	  	Undertaking for Costs	  	44
	 Section 5.15.
	  	Waiver of Stay or Extension Laws	  	44
	  
 ARTICLE SIX
	  	 
	 THE TRUSTEE
  
	  	 
	 Section 6.01.
	  	Certain Duties and Responsibilities	  	45
	 Section 6.02.
	  	Notice of Defaults	  	45
	 Section 6.03.
	  	Certain Rights of Trustee	  	45
	 Section 6.04.
	  	Not Responsible for Recitals or Issuance of Securities	  	46
	 Section 6.05.
	  	May Hold Securities	  	47
	 Section 6.06.
	  	Money Held in Trust	  	47
	 Section 6.07.
	  	Compensation and Reimbursement	  	47
	 Section 6.08.
	  	Conflicting Interests	  	47
	 Section 6.09.
	  	Corporate Trustee Required; Eligibility	  	48
	 Section 6.10.
	  	Resignation and Removal; Appointment of Successor	  	48
	 Section 6.11.
	  	Acceptance of Appointment by Successor	  	49
	 Section 6.12.
	  	Merger, Conversion, Consolidation or Succession to Business	  	50
	 Section 6.13.
	  	Preferential Collection of Claims Against Issuer or Guarantor	  	50
	 Section 6.14.
	  	Appointment of Authenticating Agent	  	51

 
 NOTE:    This table of contents shall not, for any purpose, be deemed to be a part of the Indenture 
  

  (iii) 

	ARTICLE SEVEN	  	 
	 HOLDERS’ LISTS AND REPORTS BY TRUSTEE, THE ISSUER AND THE GUARANTOR
  
	  	 
	 	  	 	  	Page

	 Section 7.01.
	  	Issuer and Guarantor to Furnish Trustee Names and Addresses of Holders	  	52
	 Section 7.02.
	  	Preservation of Information; Communications to Holders	  	52
	 Section 7.03.
	  	Reports by the Trustee	  	53
	 Section 7.04.
	  	Reports by Issuer and Guarantor	  	53
	 Section 7.05.
	  	Calculation of Original Issue Discount	  	53
	  
 ARTICLE EIGHT
	  	 
	 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
  
	  	 
	 Section 8.01.
	  	Issuer or Guarantor May Consolidate, Etc., Only on Certain Terms	  	53
	 Section 8.02.
	  	Successor Substituted	  	55
	  
 ARTICLE NINE
	  	 
	 SUPPLEMENTAL INDENTURES
  
	  	 
	 Section 9.01.
	  	Supplemental Indentures Without Consent of Holders	  	55
	 Section 9.02.
	  	Supplemental Indentures With Consent of Holders	  	56
	 Section 9.03.
	  	Execution of Supplemental Indentures	  	57
	 Section 9.04.
	  	Effect of Supplemental Indentures	  	57
	 Section 9.05.
	  	Conformity with Trust Indenture Act	  	58
	 Section 9.06.
	  	Reference in Securities to Supplemental Indentures	  	58
	  
 ARTICLE TEN
	  	 
	 COVENANTS
  
	  	 
	 Section 10.01.
	  	Payment of Principal, Premium and Interest	  	58
	 Section 10.02.
	  	Maintenance of Office or Agency	  	58
	 Section 10.03.
	  	Money for Securities Payments to Be Held in Trust	  	59
	 Section 10.04.
	  	Additional Amounts	  	59
	 Section 10.05.
	  	Statement by Officers as to Default	  	61
	 Section 10.06.
	  	Existence	  	62
	 Section 10.07.
	  	Maintenance of Properties	  	62
	 Section 10.08.
	  	Payment of Taxes and Other Claims	  	62
	 Section 10.09.
	  	Limitation on Liens	  	62
	 Section 10.10.
	  	Limitation on Sales and Leasebacks	  	64
	 Section 10.11.
	  	Waiver of Certain Covenants	  	65
	  
 ARTICLE ELEVEN
	  	 
	 REDEMPTION OF SECURITIES
  
	  	 
	 Section 11.01.
	  	Applicability of Article	  	65
	 Section 11.02.
	  	Election to Redeem; Notice to Trustee	  	65
	 Section 11.03.
	  	Selection by Trustee of Securities to Be Redeemed	  	66
	 Section 11.04.
	  	Notice of Redemption	  	66

 
 NOTE:    This table of contents shall not, for any purpose, be deemed to be a part of the Indenture 
  

  (iv) 

	 	  	 	  	Page

	 Section 11.05.
	  	Deposit of Redemption Price	  	67
	 Section 11.06.
	  	Securities Payable on Redemption Date	  	67
	 Section 11.07.
	  	Securities Redeemed in Part	  	67
	 Section 11.08.
	  	Optional Redemption Due to Changes in Tax Treatment	  	68
	  
 ARTICLE TWELVE
	  	 
	 SINKING FUNDS
  
	  	 
	 Section 12.01.
	  	Applicability of Article	  	69
	 Section 12.02.
	  	Satisfaction of Sinking Fund Payments with Securities	  	69
	 Section 12.03.
	  	Redemption of Securities for Sinking Fund	  	69

 
 NOTE:    This table of contents shall not, for any purpose, be deemed to be a part of the Indenture 
  

  (v) 

  INDENTURE, dated as of            , between INTERCONTINENTAL HOTELS
GROUP PLC, a public limited company incorporated under the laws of England and Wales (herein called the “Issuer”), having its registered office at 67 Alma Road, Windsor, Berkshire SL4 3HD, England, SIX CONTINENTS PLC, a public limited
company incorporated under the laws of England and Wales (herein called the “Guarantor”), having its principal office at 67 Alma Road, Windsor, Berkshire SL4 3HD, England and JPMorgan Chase Bank, a New York banking corporation duly
organized and existing under the laws of the State of New York, as Trustee hereunder (herein called the “Trustee”). 
   
 RECITALS OF THE ISSUER 
  
 The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided. 
  
 All things necessary to make this Indenture a valid and legally binding agreement of the Issuer, in accordance with its terms, have been done. 
  
 RECITALS OF THE GUARANTOR 
  
 The Guarantor desires to make the Guarantees provided for herein. 
  
 All things necessary to make this indenture a valid agreement of the Guarantor, in accordance with its
terms, have been done. 
  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
  
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it
is mutually agreed, for the equal and proportionate benefit of all Holders, as follows: 
  
 ARTICLE ONE 
  
 DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION 
  
 Section
1.01.    Definitions. 
  
 For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires: 
  

	(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, and, except as otherwise herein expressly
provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United Kingdom at the date of such
computation and as applied by the Issuer; 

  

 1 

	(4)	 	Unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; and

  

	(5)	 	the words “herein”, “hereof” 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. 

  
 “Act”, when used with respect to any Holder,
has the meaning specified in Section 1.04. 
  
 “Additional Securities” has the
meaning specified in Section 3.01. 
  
 “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 meanings
correlative to the foregoing. 
  
 “Authenticating Agent” means any Person
authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series. 
  
  “Authorized Person” means any person authorized to act on behalf of the Issuer or the Guarantor by the Board of Directors of the Issuer or the Guarantor, as the case may
be; any certificate or other document to be executed and delivered by an “officer” of the Issuer or the Guarantor may be executed and delivered by an Authorized Person on behalf of the Issuer or the Guarantor, as the case may be.

   
 “Authorized Newspaper” means a newspaper, in the English language or in
an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the
financial community of 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 Business Day. 
  
 “Board of Directors”, when used with
reference to the Issuer or the Guarantor, means the board of directors of the Issuer or the Guarantor, or any committee of such board of the Issuer or the Guarantor, as the case may be, duly authorized to act for such board hereunder. 
  
  “Board Resolution”, when used with reference to the Issuer or the Guarantor, means a copy
of a resolution certified by any member of the Board of Directors or the Secretary or an Assistant Secretary of the Issuer or the Guarantor, as the case may be, or any person duly appointed by the Board of Directors of the Issuer or the Guarantor to
have been duly adopted by the Board of Directors of the Issuer or the Guarantor and to be in full force and effect on the date of such certification, and in each case delivered to the Trustee. 
   
  “Britvic Group” means Britannia Soft Drinks Limited and its subsidiaries or those
entities principally engaged in the Issuer’s soft drinks business. 
   
 “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by
law or executive order to close. 
  
  “Clearstream” means Clearstream,
Luxembourg société anonyme or Clearstream Banking, and its successors. 
   
 “Commission” means the United States Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this 

  

 2 

 
instrument 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. 
  
  “Consolidated Net Assets” means, with respect to the Issuer and its
Subsidiaries considered as an entirety, that amount described in the Issuer’s most recent audited consolidated balance sheet prepared in accordance with UK GAAP under “Net Assets”. 
   
 “Consolidated Tangible Fixed Assets” means, with respect to the Issuer and its Subsidiaries
considered as an entirety, that amount described in the Issuer’s most recent audited consolidated balance sheet under “Fixed assets” as “Tangible assets” (or such other term as may be used by the Issuer to describe an amount
being the cost or valuation of the Issuer’s and its Subsidiaries’ property, plant and equipment determined in accordance with its accounting policies less provision, as may be required, for depreciation, amortization or diminution in
value). 
  
 “Corporate Trust Office” means the principal office of the Trustee at
which at any time its corporate trust business shall be administered, which office at the date hereof is located at 4 New York Plaza, Floor 15, New York, New York, 10004, or such other address as the Trustee may designate from time to time by
written notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders and the Issuer). 
  
 “Corporation” means a corporation, association, company, joint-stock company or business
trust. 
  
 “Debt” means any obligation (other than non-recourse obligations) for
borrowed money. 
  
 “Defaulted Interest” has the meaning specified in Section
3.07. 
  
 “Depositary” means, with respect to Securities of any series issuable or
issued in whole or in part in the form of one or more Global Registered Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.01. 
  
  “DTC” means The Depository Trust Company or its nominee, and its successors. 

  
 “Encumbrance” means any mortgage, pledge, security interest or lien. 
  
 “Euroclear Operator” means Morgan Guaranty Trust Company of New York (Brussels office), or
the successor thereto, as operator of the Euroclear system. 
  
 “Event of Default”
has the meaning specified in Section 5.01. 
  
 “Exchange Act” means the United
States Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time. 
  
 “Expiration Date” has the meaning specified in Section 1.04. 
  
 “Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend in the form set forth in Section 2.03 hereof (or such
legend as may be specified as contemplated by Section 3.01 for such Securities). 
  
  “Guarantee” means any Guarantee of the Guarantor endorsed on a Security authenticated and delivered pursuant to this Indenture and shall be substantially as in the form of the Guarantee set forth in Section 2.05. 

 
 “Guarantor” means the Person named as the “Guarantor” in the first paragraph of
this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person. 
  

 3 

 “Holder” means a Person in whose name a Security is registered in the Security Register. 
  
 “Indenture” means this instrument as originally executed and 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, including, for all purposes of this instrument, and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by
Section 3.01. 
  
 “Interest”, when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 
  
 “Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 
  
 “Investment Company Act” means the United States Investment Company Act of 1940 and any statute successor thereto, in each case as amended
from time to time. 
  
 “Issuer” means the Person named as “Issuer” in
the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. Issuer shall also mean any new issuer
of Securities under this Indenture as contemplated by Section 9.01(1). 
  
 “Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an instalment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, call for redemption or otherwise. 
  
  “Notice of
Default” means a written notice of the kind specified in Section 5.01(4). 
   
  “Officer’s Certificate” means a certificate signed by, in the case of the Issuer, any director or the Secretary, any Authorized Person or any person duly appointed in a Board Resolution of the Issuer, or, in the case of the
Guarantor, by any director or Secretary, any Authorized Person or any person duly appointed in a Board Resolution of the Guarantor, as the case may be, in each case delivered to a Responsible Officer of the Trustee. The officer or Authorized Person
signing an Officer’s Certificate given pursuant to Section 10.05 shall be the principal executive, financial or accounting officer of the Issuer and the Guarantor, as the case may be. 
   
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Issuer or
the Guarantor. 
  
  “Order” means a written request or order signed in the name
of the Issuer or the Guarantor by any director or the Secretary, any Authorized Person or any person duly appointed by the Board of Directors of the Issuer or the Guarantor, in each case delivered to a Responsible Officer of the Trustee. 

  
 “Original Issue Discount Security” means any Security which provides for an amount
less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. 
  
 “Original Securities” shall have the meaning specified in Section 3.01. 
  

 4 

 “Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
  

	(i)	 	Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

  

	(ii)	 	Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer) in trust or set aside and
segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Securities; 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; 

  

	(iii)	 	 Securities as to which defeasance has been effected pursuant to Section 4.03; and 

  

	(iv)	 	Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than
any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser (as defined in Article 8 of the Uniform Commercial Code) in whose hands such
Securities are valid obligations of the Issuer; provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the
date of such determination upon acceleration of the Maturity thereof pursuant to Section 5.02, (ii) the principal amount of a Security denominated in one or more foreign currencies or currency units that shall be deemed to be Outstanding shall be
the U.S. dollar equivalent, determined in the manner provided as contemplated by Section 3.01 on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar
equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, (iii) if the principal amount payable at Stated Maturity of any Security is not determinable upon original issuance,
the principal amount of such Security that shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.01, and (iv) Securities owned by the Issuer, the Guarantor or any other obligor upon the
Securities or any Affiliate of the Issuer, the Guarantor or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer, the Guarantor or any other obligor upon the Securities or any Affiliate of the
Issuer, the Guarantor or of such other obligor. 

  
  “Paying
Agent” means any Person authorized by the Issuer to pay the interest or principal (and premium, if any) on any Securities on its behalf. 
   
 “Person” means any individual, corporation, partnership, joint venture, limited liability company, association, joint stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof. 
  

 5 

 “Place of Payment”, when used with respect to the Securities of any series, means the place or places where the principal
of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 3.01. 
  
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security. 
  
 “Principal Property” means any building,
structure or other facility, together with the land upon which it is erected and fixtures comprising a part thereof, located in the United States or the United Kingdom, owned or leased by the Issuer or any Subsidiary, the gross book value (without
deduction of any depreciation reserves) of which on the date as of which the determination is being made exceeds the greater of U.S.$100 million or 1% of Consolidated Tangible Fixed Assets. 
  
 “Redemption Date”, when used with respect to any Security to be redeemed, means the date
fixed for such redemption by or pursuant to this Indenture. 
  
 “Redemption
Price”, when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
  
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by
Section 3.01. 
  
  “Responsible Officer” shall mean, when used with respect to
the Trustee, any officer within the corporate trust department of the Trustee with direct responsibility for the administration of this Indenture, or to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
   
  “Restricted Subsidiary” means any Subsidiary whose proportionate share of the Total Assets exceeds 10% of the Total Assets, provided that none of the following
shall be a Restricted Subsidiary: (i) any Subsidiary which does not directly or indirectly own or lease a Principal Property; (ii) any Subsidiary that is part of the Britvic Group and principally engaged in the Issuer’s soft drinks business; or
(iii) any Subsidiary which is principally engaged in leasing or in financing installment receivables or which is principally engaged in financing the operations of the Issuer and its consolidated Subsidiaries. 
   
 “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture. 
  
 “Securities Act” means the United States Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time. 
  

“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.05. 
  
 “Special Record Date” for the payment of any Defaulted Interest on the Securities of any
series means a date fixed by the Trustee pursuant to Section 3.07. 
  
 “Stated
Maturity”, when used with respect to any Security or any instalment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such instalment of principal or
interest is due and payable. 
  

 6 

 “Subsidiary” means a corporation in respect of which more than 50% of the outstanding voting stock or equity interest
having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time stock of any other class or classes of such corporation shall have or might have voting power by
reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the Issuer or by one or more of its Subsidiaries. 
  

“Total Assets” shall mean the aggregate of the fixed assets and current assets of the Issuer and its Subsidiaries considered as an entirety, as set forth in the
Issuer’s most recent published audited consolidated balance sheet prepared in accordance with U.K. GAAP. 
   
 “Trust Indenture Act” means the United States Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed (except as provided in Section
9.05); provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is
more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
  
 “United States” means the United States of America (including the States and the District of Columbia) and its possessions (including Puerto
Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 
  
 “U.S. Government Obligations” means securities which are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case, are not callable or redeemable at the
option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S.
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 U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 
  
 Section 1.02.    Compliance Certificates and Opinions. 
  
 Upon any application or request by the Issuer or the Guarantor to the Trustee to take any action under
any provision of this Indenture, the Issuer or the Guarantor shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an
Officer’s Certificate, if to be given by an officer or Authorized Person of the Issuer or the Guarantor, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other
requirements set forth in this Indenture. 
  

 7 

 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except
certificates provided for in Section 10.05), shall include: 
  

	(1)	 	a statement that each individual signing such certificate or opinion has read such covenant or condition 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 each 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
covenant or condition has been complied with; and 

  

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

  
 Section 1.03.    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 or Authorized Person of the Issuer or the Guarantor, as applicable, may be based, insofar as it relates
to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer or Authorized Person knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to
the matters upon which his certificate or opinion is based are erroneous. Any such certificate or 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 or Authorized Person or Authorized Persons of the Issuer or the Guarantor, as applicable, stating that the information with respect to such factual matters is in the possession of the Issuer or the Guarantor, as applicable, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
   
  Any certificate or other document to be executed and delivered by an “officer” of the Issuer or the Guarantor, as applicable, may be
executed and delivered by an Authorized Person on behalf of the Issuer or the Guarantor, as applicable. 
   
 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, they may, but need not, be consolidated and form
one instrument. 
  
 Section 1.04.    Acts of Holders; Record
Dates. 
  

	(a)	 	 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made 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, and, except as herein 

   

 8 

	 	 
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Issuer and the Guarantor. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Issuer and the Guarantor if made in the manner
provided in this Section. 

   

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

  

	(c)	 	The Issuer and the Guarantor may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Issuer and the Guarantor may not set a
record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the
Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action
shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to
prevent the Issuer or the Guarantor from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any
Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is
taken. Promptly after any record date is set pursuant to this paragraph, the Issuer and the Guarantor, at their own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the
Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06. 

   
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any
Notice of Default, (ii) any declaration of acceleration referred to in Section 5.02, (iii) any request to institute proceedings referred to in Section 5.07(2) or (iv) any direction referred to in Section 5.12, in each case with respect to Securities
of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other 

  

 9 

 
Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no
action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any Act taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the expense of the Issuer and the Guarantor, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date
to be given to the Issuer and the Guarantor in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06. 
  
 With respect to any record date set pursuant to this Section, the party hereto which sets such record date may designate any day as the “Expiration Date” and from time to
time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party or parties hereto in writing, and to each Holder of
Securities of the relevant series in the manner set forth in Section 1.06, on or prior to the existing Expiration Date. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date and, if an
Expiration Date is not designated with respect to any record date set pursuant to this Section, the party or parties hereto which set such record date shall be deemed to have designated the 180th day after such record date as the Expiration Date
with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. 
  
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more
duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
  

	(d)	 	The ownership of Securities shall be proved by the Security Register. The principal amount and serial numbers of Securities held by any Person, and the date of holding the same, shall be
proved by the Security Register. 

  

	(e)	 	Any request, demand, authorization, direction, notice, consent, waiver or other Act of 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, omitted or suffered to be done by the Trustee, the Issuer or the Guarantor in reliance thereon, whether or not notation
of such action is made upon such Security. 

  
 Section
1.05.    Notices, Etc., to the Trustee, Issuer and Guarantor 
  
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided for or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
  

	(1)	 	 the Trustee by any Holder or by the Issuer or the Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (or sent by
facsimile and 

  

 10 

	 	 
confirmed in writing) to or with a Responsible Officer of the Trustee at its Corporate Trust Office, Attention: Institutional Trust Services, or

  

	(2)	 	the Issuer or the Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed (or sent by
facsimile and confirmed in writing) in the case of the Issuer and the Guarantor, international air mail postage prepaid and addressed to the principal office specified in the first paragraph of this instrument to the attention of the Secretary, or
at any other address previously furnished in writing to the Trustee by the Issuer or the Guarantor. 

  
 Section 1.06.    Notice to Holders; Waiver. 
  
 Unless otherwise herein expressly provided, where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date
(if any), prescribed for the giving of such notice. 
  
 In any case where notice to Holders
is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 
  
 In 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 given with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
  
 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 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
1.07.    Language of Notices, Etc. 
  
 Any request, demand,
authorization, direction, notice, consent, waiver or other action required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 

 
 Section 1.08.    Conflict with Trust Indenture Act. 
  
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that
is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
  
 Section 1.09.    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. 

 
  

 11 

 Section 1.10.    Successors and Assigns. 
  
 All covenants and agreements in this Indenture by the Issuer or the Guarantor shall bind its successors
and assigns, whether so expressed or not. 
  
 Section
1.11.    Separability Clause. 
  
 In case any provision in
this Indenture or in the Securities or the Guarantees 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 or in the Securities or the Guarantees, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 1.13.    Governing Law. 
  
 This Indenture, the Securities and the Guarantees shall be governed by and construed in accordance with the laws of the State of New York. 

 
  Section 1.14.    Saturdays, Sundays and Legal Holidays.

   
  In any case where any Interest Payment Date, Redemption Date or Stated Maturity
of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply
in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as
if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity. 
   
 Section 1.15.    Appointment of Agent for Service of Process. 
  
  By the execution and delivery of this Indenture, each of the Issuer and the Guarantor hereby appoint Six Continents Hotels, Inc. as their respective agent upon which process may be served in any legal action or proceeding which
may be instituted in any Federal or State court in the Borough of Manhattan, the City of New York, arising out of or relating to the Securities, or this Indenture, but for that purpose only. Service of process upon such agent at the office of Six
Continents Hotels, Inc. at Three Ravinia Drive, Suite 100, Atlanta, Georgia, 30346-2149, and written notice of said service to the Issuer or the Guarantor, as the case may be, by the Person servicing the same addressed as provided by Section 1.05,
shall be deemed in every respect effective service of process upon the Issuer or the Guarantor in any such legal action or proceeding, and each of the Issuer and the Guarantor hereby submit to the nonexclusive jurisdiction of any such court in which
any such legal action or proceeding is so instituted and waives objection in any such legal action or proceeding based on inconvenient forum or improper venue. Such appointment shall be irrevocable so long as the Holders shall have any rights
pursuant to the terms thereof or of this Indenture until the appointment of a successor by the Issuer and the Guarantor, as the case may be, with the consent of the Trustee and such successor’s acceptance of such appointment. Each of the Issuer
and the Guarantor further agree to take any and all action, including the execution and filing of any and all such documents and 

   

 12 

 
instruments, as may be necessary to continue such designation and appointment of such agent or successor until this Indenture has been satisfied or discharged in
accordance with Article Four hereof. 
  
 ARTICLE TWO 
  
 SECURITY FORMS 
  
 Section 2.01.    Forms Generally. 
  
  The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or
pursuant to a Board Resolution of the Issuer or in one or more indentures supplemental hereto, pursuant to Section 3.01 in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently
herewith, be determined by the officers or Authorized Persons executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by any member of the Board of Directors or the Secretary or an Assistant Secretary or any Authorized Person of the Issuer delivered to a Responsible Officer of the Trustee at or prior to the
delivery of the Order contemplated by Section 3.03 for the authentication and delivery of such Securities. 
   
 The Guarantees by the Guarantor to be endorsed on the Securities of each series subject to such Guarantees shall be in substantially the form set forth in Section 2.05, or in such
other form as shall be established by or pursuant to a Board Resolution of the Guarantor, or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary 
 therefor or as may, consistently herewith, be determined by the directors or officers delivering such Guarantees, all as evidenced by such delivery. 
  
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may
be produced in any other manner, all as determined by the officers or any Authorized Person executing such Securities, as evidenced by their execution of such Securities. 
  

 13 

 Section 2.02.    Form of Security. 
  
 [Form of Face of Security] 
  
 [Insert any legend required by the United States Internal Revenue Code and the 
 regulations thereunder.] 
  
 INTERCONTINENTAL HOTELS
GROUP PLC 
  
 [Title of Security] 
  
 Payment of Principal[, Premium, if any,] and Interest 
 Fully and Unconditionally Guaranteed by SIX CONTINENTS PLC 
  

	 No.                    
	 	CUSIP NO.                     

  
 INTERCONTINENTAL HOTELS GROUP PLC, a public
limited company incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                , or to registered assigns, the principal sum
of                     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,
semi-annually in arrears on                  and                  in each year] [annually
in arrears on              in each year], commencing                 , at the rate of
            % per annum, until the principal hereof is paid or made available for payment [if applicable, insert provided that any principal and premium, and any such
installment of interest, which is overdue shall bear interest at the rate of             % per annum (to the extent that the payment of such interest shall be legally enforceable), from the
dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand]. 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 the
                 [or             ] (whether or not a Business Day)[, as the case may be,] next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either 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 Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said 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, upon redemption or at Stated Maturity, and in such case the
overdue principal and any overdue premium shall bear interest at the rate of             % per annum (to the extent that the payment of such interest shall be legally enforceable), from the
date such amounts are due until they are paid or made available for payment. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal or premium which is not so paid on demand 

  

 14 

 
shall bear interest at the rate of             % per annum (to the extent that the payment of such interest
on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest on overdue interest shall be payable on demand.] [The Trustee shall act as Paying Agent with respect
to the Securities of this series.]] 
  
  Payment of the principal of [(and premium, if
any)] and [if applicable, insert — any such] interest on this Security will be made at the             , designated as the Place of Payment 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 Security is not denominated and payable in United Stated dollars insert currency and method of payment]. 
   
 [if applicable, insert —, provided, however, that at the option of the Issuer
payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.] 
  
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place. 
  
 All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 
  
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Issuer has
caused this instrument to be duly executed manually or in facsimile. 
  
 Dated: 

 

	INTERCONTINENTAL HOTELS GROUP PLC
		
	 By:
	 	

	 	 	 Name:
 Title:

  

 15 

 [Form of Reverse of Security] 
  
 This Security is one of a duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of                 , 2003 (herein called the “Indenture” which term shall have the meaning assigned to it in such
instrument), among the Issuer, Six Continents PLC, a public limited company incorporated under the laws of England and Wales (herein called the “Guarantor”, which term includes any other successor Person under the Indenture referred to
herein), and JPMorgan Chase Bank, as Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer, the Guarantor, 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 [if applicable, insert —, limited in aggregate principal amount to U.S.$            ]. 
  
 [If applicable, insert — The Securities of this series are subject to redemption upon not
less than 30 days’ notice by mail, [if applicable, insert — (1) 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 [insert formula for determining amount] (with the amount in excess of 100% of the principal amount being additional interest), and (2)] at any time [if applicable, insert — on or after
            , 20_], as a whole or in part, at the election of the Issuer, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if
applicable, insert — on or before             ,             %, and if redeemed] during the 12-month period beginning
             of the years indicated, 
  

	Year

	 	 Redemption
 Price

	 	 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, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, 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 of this series are subject to redemption upon not less than 30 days’ notice by mail, (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 [if applicable, insert — on or after
            ,             ], as a whole or in part, at the election of the Issuer, at the Redemption Prices for redemption
otherwise than through operation of the sinking fund (expressed as percentages of the principal amount, with the amount in excess of 100% of the principal amount being additional interest) set forth in the table below: If 

  

 16 

 
redeemed during the 12-month period beginning             of the years indicated, 
  

	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,
but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities 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 Issuer may not, prior to             , redeem any Securities of this series as contemplated by [If applicable, insert — 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 Issuer (calculated in accordance with generally accepted financial
practice) of less than             % per annum.] 
  
 [If applicable, insert — The sinking fund for this series provides for the redemption on              in each year beginning with the year
             and ending with the year              of [if applicable, insert — not less than
U.S.$             (“mandatory sinking fund”) and not more than] U.S.$             aggregate principal amount of
Securities of this series. Securities of this series acquired or redeemed by the Issuer otherwise than through [if applicable, insert — mandatory] sinking fund payments may be credited against subsequent [if applicable, insert
— mandatory] sinking fund payments otherwise required to be made [if applicable, insert — in the inverse order in which they become due].] 
  

[If applicable insert — The Securities may be redeemed at the option of the Issuer in whole but not in part, upon not less than 30 nor more than 60 days’ notice
given as provided in the Indenture, at any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if as a result of any change in or amendment to the laws or any regulations or rulings
promulgated thereunder of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Issuer is incorporated (or, in the case of a successor Person to the Issuer of the jurisdiction in which such successor
Person is organized or any political subdivision or taxing authority thereof or therein) or any change in the official application or interpretation of such laws, regulations or rulings, which change, execution or amendment becomes effective on or
after              (or, in the case of a successor Person to the Issuer, the date on which successor Person became such pursuant to the applicable provision of the Indenture), the Issuer
(or such successor Person) is or would be required to pay additional amounts with respect to the Securities on the next succeeding Interest Payment Date as set forth below or in the Guarantee endorsed hereon.] 
   

 17 

 [If applicable, insert — The Securities may also be redeemed in whole but not in part upon not less than 30 nor more
than 60 days’ notice given as provided in the Indenture at any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if the Person formed by a consolidation of the Issuer or the
Guarantor or into which the Issuer or Guarantor is merged or to which the Issuer or the Guarantor conveys, transfers or leases its properties and assets substantially as an entirety is required to pay a Holder additional amounts in respect of any
tax, assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from any payment to such Holder as a consequence of such consolidation, merger, conveyance, transfer or lease.] 
  
 [If applicable, insert — The Redemption Price of the Securities shall be equal to the
applicable percentage of the principal amount at Stated Maturity set forth below: 
  

	If Redemption During the 12-Month Period Commencing	 	Redemption Price
	

  
 together with, in each case (except if the
Redemption Date shall be a             ), an amount equal to the applicable Redemption Price multiplied by a fraction the numerator of which is the number of days from but not including the
preceding              to and including the Redemption Date multiplied by the difference between the Redemption Price applicable during the 12 months beginning on the
             following the Redemption Date (or, in the case of a Redemption Date after             , 100%) and the Redemption
Price applicable on the Redemption Date and the denominator of which is the total number of days from but not including the preceding the Redemption Date to and including the next succeeding
            . The Issuer will also pay to each eligible Holder, or make available for payment to each such Holder, on the Redemption Date any additional interest (as set forth [on the face
hereof or] in the Guarantee endorsed hereon) resulting from the payment of such Redemption Price.] 
  
 [If applicable, insert — The Redemption Price of the Securities either in the event of certain changes in the tax treatment or in an event of default would include, in addition to the face amount of the Security, an
amount equal to the Original Issue Discount accrued since the issue date. Original Issue Discount (the difference between the Issue Price and the Principal Amount at Maturity of the Security), in the period during which a Security remains
outstanding, shall accrue at             % per annum, on a semi-annual bond equivalent basis using a 360-day year composed of twelve 30-day months, commencing on the issue date of this
Security.] 
  
 [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 date fixed for redemption, all as provided in the Indenture.] 
  
 [If the Security is subject to redemption of any kind, insert — In the event of redemption of this Security in part only, a new Security of this series and of like
tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 
  
 [If applicable, insert — The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive covenants
and Events of Default with respect to this Security] [in each case] upon compliance by the Issuer and the Guarantor with certain conditions set forth in the Indenture.] 
  

 18 

 [If the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series 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 Issuer’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.] 
  
 [If not applicable, delete — If any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any
political subdivision or taxing authority thereof or therein) in which the Issuer is incorporated, or resident for tax purposes, shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority) in respect of
any amounts to be paid by the Issuer under the Securities, the Issuer will pay to the Holder of this Security such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to any
such tax, assessment or other governmental charge, is not resident in such jurisdiction, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled; provided,
however, that the Issuer shall not be required to make any payment of additional amounts for or on account of: 
  

	(1)	 	any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or former connection between such Holder (or between a fiduciary,
settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction or any political subdivision or territory or possession thereof or
area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in
trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and
payable or the date on which payment thereof is duly provided for, whichever occurs later; 

  

	(2)	 	any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 

  

	(3)	 	any tax, assessment or other governmental charge which is payable otherwise than by withholding from payments of (or in respect of) principal of, or any interest on, the Securities;

  

	(4)	 	 any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of this Security with a
request of the Issuer addressed to the Holder (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or 

  

 19 

	 	 
other similar claim or satisfy any information or reporting requirement, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or
administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 

  

	(5)	 	any withholding or deduction imposed on a payment to an individual which is required to be made pursuant to any European Union Directive on the taxation of savings implementing the
conclusions of ECOFIN Council meeting of June 3, 2003 or any law implementing or complying with, or introduced in order to conform to, such Directive; 

  

	(6)	 	any withholding or deduction required to be made with respect to a Security presented for payment by or on behalf of a Holder of such Security who would have been able to avoid such
withholding or deduction by presenting the relevant Security to another Paying Agent; or 

  

	(7)	 	any combination of items (1), (2), (3), (4), (5) or (6) above; 

  
 nor shall additional amounts be paid (i) with respect to any payment in respect of any Security to any Holder who is a fiduciary or partnership or other than the sole beneficial
owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of such Security or (ii) in the event that the obligation to pay additional amounts is
the result of the issuance of definitive Securities to a Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is made definitive Securities have not been issued in exchange
for the entire principal amount of the Predecessor Securities. The foregoing provisions shall apply mutatis mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges of whatever
nature of any jurisdiction is which any successor Person to the Issuer is organized, or any political subdivision or taxing authority thereof or therein; provided, however, that such payment of additional amounts may be subject to such
further exceptions as may be established in the terms of such Securities established as contemplated by Section 3.01.] 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantor and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series to waive compliance by the Issuer with certain provisions of the 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 Security and of any Security 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. 
  
 As set forth in, and subject to, the provisions of the Indenture, no
Holder of any Security of this series shall have any right to institute any proceeding with respect to the Indenture, the 

  

 20 

  
Guarantee endorsed hereon, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing
Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee to
institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to
institute any such proceeding for 60 days after receipt of such notice, request and offer of such indemnity; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment
of the principal [(and premium, if any)] or [any] interest on this Security on or after the respective due dates expressed herein. 
   
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 The Securities of this series are issuable only in registered form without coupons in denominations of              and
any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency of the Issuer in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof or 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. 
  
  [No service charge shall be made for any registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.] 
   
 Prior to due presentment of
this Security for registration of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor 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 none of the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York. 
  
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 
  

 21 

 SCHEDULE A 
  
 SCHEDULE OF PRINCIPAL AMOUNT 
  
 The initial principal amount of this Security shall be $            . 
  
 The following decreases/increases in the principal amount of this Security have been made: 

 

	Date of
Decrease/
Increase

	 	Decrease in
Principal
Amount

	 	Increase in
Principal
Amount

	 	Total Principal
Amount
Following such
Decrease/Increase

	 	Notation Made
by or on
Behalf of
Trustee

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	
	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

	 	 	 	 	 	 	 	 	 
	 	 	
	 	
	 	
	 	

  

 22 

 Section 2.03.    Form of Legend for Global Securities 
  
 Unless otherwise specified as contemplated by Section 3.01 for the Securities evidenced thereby, every
Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 
  
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 Section 2.04.    Form of Trustee’s Certificate of
Authentication. 
  
 The Trustee’s certificates of authentication shall be in
substantially the following form: 
  
 CERTIFICATE OF AUTHENTICATION

  
 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  
 Dated: 
  
 
	 JPMORGAN CHASE BANK 
 As Trustee

		
	 By:
	 	

	 	 	Authorized Officer

   
 Section
2.05.    Guarantee by Guarantor; Form of Guarantee. 
  
  Subject to Section 2.06 herein, the Guarantor by its execution of this Indenture hereby agrees with each Holder of a Security (other than any direct or indirect Subsidiary of the Guarantor) of each series authenticated and delivered by the
Trustee and with the Trustee on behalf of such Holder (other than any direct or indirect Subsidiary of the Guarantor) and except as otherwise provided by or pursuant to a Board Resolution of the Issuer, or in one or more supplemental indentures
hereto, to be unconditionally bound by the terms and provisions of the Guarantee set forth below or established pursuant to Section 2.01 and authorizes the Issuer, in the name and on behalf of the Guarantor, to confirm such Guarantee to the Holder
(other than any direct or indirect Subsidiary of the Guarantor) of each such Security by its execution and delivery of each such Security, with such Guarantee endorsed thereon, authenticated and delivered by the Trustee; provided,
however, that if a series of Securities is to be initially offered and sold to a direct or indirect Subsidiary of the Guarantor, the Officer’s Certificate delivered in respect of such series pursuant to Section 3.01 may state that the
Securities of such series are not entitled to the benefit of such Guarantee and such Guarantee shall not be endorsed thereon; provided, further, if such a Subsidiary (or another direct or indirect Subsidiary of the Guarantor) offers
for resale (other than to another direct or indirect Subsidiary of the Guarantor) any such Security acquired directly or indirectly from the Issuer under this Indenture, the Guarantor, acknowledging good and valuable consideration in connection with
such a resale, by its execution of this Indenture, further agrees with each Holder of any such Security of each series authenticated and delivered by the Trustee and with the Trustee on behalf of each such Holder to be unconditionally bound by the
terms and provisions of the Guarantee set forth below or established pursuant to 

   

 23 

 
Section 2.01 and will authorize the Issuer, pursuant to an additional Officer’s Certificate in the name and on behalf of the Guarantor, to confirm such Guarantee
to the Holder of each such Security at any time after its initial execution and delivery to a direct or indirect Subsidiary of the Guarantor. When delivered pursuant to the provisions of Section 3.03 hereof, Guarantees so set forth on the Securities
(either at the time of original issuance or at the time of resale by a direct or indirect Subsidiary of the Guarantor) shall bind the Guarantor notwithstanding the fact that the Guarantee does not bear the signature of the Guarantor. 
  
 Guarantees to be endorsed on the Securities shall, subject to Section 2.01, be in substantially the
form set forth below: 
  
 GUARANTEE 
  
  For value received, Six Continents PLC, a public limited company incorporated under the laws of
England and Wales, having its principal office at 67 Alma Road, Windsor, Berkshire SL4 3HD, England (herein called the “Guarantor”, which term includes any successor Person under the Indenture referred to in the Security upon which this
Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed and to the Trustee, in its individual and trust capacities, and on behalf of each such Holder the due and
punctual payment of the principal of, premium, if any, and interest on such Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become due and payable, whether
at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of InterContinental Hotels Group PLC, a public limited company
incorporated under the laws of England and Wales (the “Issuer”, which term includes any successor Person under such Indenture), punctually to make any such payment of principal, premium, if any, or interest or any sinking fund or analogous
payment, the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if
such payment were made by the Issuer. 
   
 [If not applicable, delete — The
Guarantor hereby further agrees, subject to the limitations and exceptions set forth below, that if any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any political
subdivision or taxing authority thereof or therein) in which the Guarantor is incorporated, or resident for tax purposes, shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority) in respect of any
amounts to be paid by the Guarantor under this Guarantee, then the Guarantor will pay to the Holder of a Security such additional amounts as may be necessary in order that the net amounts paid to the Holder of such Security who, with respect to any
such tax, assessment, or other governmental charge, is not resident in such jurisdiction, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled; provided,
however, that the Guarantor shall not be required to make any payment of additional amounts for or on account of: 
  

	(1)	 	 any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or former connection between such Holder (or
between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing 

  

 24 

	 	 
jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such
fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein
or (ii) the presentation of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs
later; 

  

	(2)	 	any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 

  

	(3)	 	any tax, assessment, or other governmental charge which is payable otherwise than by withholding from payments of (or in respect of) principal of, premium, if any, or interest on, the
Securities; 

  

	(4)	 	any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of a Security with a request of the
Issuer or the Guarantor addressed to the Holder (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or satisfy any information or
reporting requirement, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or other
governmental charge; 

  

	(5)	 	any withholding or deduction imposed on a payment to an individual which is required to be made pursuant to any European Union Directive on the taxation of savings implementing the
conclusions of ECOFIN Council meeting of June 3, 2003 or any law implementing or complying with, or introduced in order to conform to, such Directive. 

  

	(6)	 	any withholding or deduction required to be made with respect to a Security presented for payment by or on behalf of a Holder of such Security who would have been able to avoid such
withholding or deduction by presenting the relevant Security to another Paying Agent; or 

  

	(7)	 	any combination of items (1), (2), (3), (4), (5) or (6) above; nor shall additional interest be paid with respect to any payment of the principal of, premium, if any, or interest on any
Security to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof
or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional interest had it been the
Holder of the Security. The foregoing provision shall apply mutatis mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges or whatever nature of any jurisdiction in which any
successor Person to the Guarantor is organized, or any political subdivision or taxing authority thereof or therein.] 

  
 The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be absolute, full and unconditional,
irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such Indenture, 

  

 25 

 
any failure to enforce the provisions of such Security or such Indenture, or any waiver, modification or indulgence granted to the Issuer with respect thereto, by the
Holder of such Security or the Trustee or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such waiver,
modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security, or increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity
thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 5.02 of such Indenture. The Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to such Security or the
indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of,
premium, if any, and interest on such Security. 
  
 The Guarantor shall be subrogated to all
rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be
entitled to enforce, or to receive any payments arising out of or based upon such right of subrogation until the principal of, premium, if any, and interest on all Securities of the same series issued under such Indenture shall have been paid in
full. 
  
 No reference herein to such Indenture and no provision of this Guarantee or of
such Indenture shall alter or impair the guarantee of the Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of, premium, if any, and interest on, and any sinking fund or analogous payments with respect
to, the Security upon which this Guarantee is endorsed. 
  
 This Guarantee shall not be
valid or obligatory for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture. 
  
 All terms used in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture. 
  
 The Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

  
 Executed and dated the date on the face hereof. 
  

	SIX CONTINENTS PLC
		
	 By:
	 	

	 	 	 Name:
 Title:

  
 Section
2.06.    Release of Guarantee. 
  
 In the event of a sale or
other disposition of all of the assets of the Guarantor to the Issuer, by way of merger, consolidation or otherwise (to include, for the avoidance of doubt, a scheme of 

  

 26 

 
arrangement under the laws of England and Wales), or a sale or other disposition of all of the capital stock of the Guarantor to the Issuer, then the Guarantor will be
released and relieved of any obligations under the Guarantee. Upon delivery by the Issuer to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made in accordance with the
provisions of this Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guarantor from its obligations under the Guarantee. 
  
 ARTICLE THREE 
  
 THE SECURITIES AND GUARANTEES 
  
 Section 3.01.    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. There shall be established in or pursuant to a
Board Resolution of the Issuer and the Guarantor, as appropriate, and, subject to Section 3.03, set forth, or determined in the manner provided, described in an Officer’s Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, as appropriate: 
  

	(1)	 	the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series); 

  

	(2)	 	any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities which, pursuant to Section 3.03, are deemed never to have been
authenticated and delivered hereunder); 

  

	(3)	 	the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest; 

  

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

  

	(5)	 	the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such
interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date; 

  

	(6)	 	the place or places where, subject to the provisions of Section 10.02, the principal of and any premium and interest on Securities of the series shall be payable and notices and demands to or
upon the Issuer or the Guarantor in respect of the Securities of the series and this Indenture may be served; 

  

	(7)	 	 other than with respect to any redemption of Securities pursuant to Section 11.08, the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Issuer or the Guarantor (including the period following the date referred to in Section 11.08) 

  

 27 

	 	 
and, if other than by a Board Resolution, the manner in which any election by the Issuer to redeem the Securities shall be evidenced or any addition to or change in
the provisions set out in Section 11.08; 

  

	(8)	 	other than with respect to any redemption of Securities pursuant to Section 11.08, the obligation, if any, of the Issuer to redeem or purchase any Securities of the series pursuant to any
sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole
or in part, pursuant to such obligation; 

  

	(9)	 	if the series shall be issuable in other than denominations of $1,000, and any integral multiple thereof; 

  

	(10)	 	if the Securities of the series shall not be entitled to the benefits of the Guarantees by the Guarantor, in which case the references to the Guarantor and the Guarantees in this Indenture
shall not apply to the Securities of such series; 

   

	(11)	 	the currency, currencies or currency units in which payment of the principal of and any premium and interest on any Securities of the series shall be payable if other than the currency of the
United States of America and the manner of determining the equivalent thereof in the currency of the United States of America for purposes of the definition of “Outstanding” in Section 1.01; 

  

	(12)	 	if the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index or pursuant to a formula, the manner in which such
amounts shall be determined; 

  

	(13)	 	if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Issuer, the Guarantor or a Holder thereof, in one or more currencies or
currency units other than that or those in which the Securities are stated to be payable, the currency, currencies or currency units in which the principal of and any premium and interest on Securities of such series as to which such election is
made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined); 

  

	(14)	 	if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof
pursuant to Section 5.02; 

  

	(15)	 	the application, if any, of Section 4.03 to the Securities of the series; 

  

	(16)	 	if additional amounts pursuant to Section 10.04 will not be payable by the Issuer or the Guarantor; 

  

	(17)	 	if the principal amount payable at the Stated Maturity of any Securities of the series is not determinable upon original issuance thereof, the amount which shall be deemed to be the principal
amount of such Securities for any other purpose hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date (or, in any
such case, the manner in which such principal amount shall be determined); 

  

 28 

	(18)	 	if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective Depositaries for such
Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 2.03 and, if different from those set forth in Clause (2) of the last paragraph of Section
3.05, any circumstances in which the Security may be registered in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 

   

	(19)	 	any addition to or change, as otherwise permitted under this Indenture, in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or
the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.02; 

  

	(20)	 	any addition to or change, as otherwise permitted under this Indenture, in the covenants set forth in Article Ten which applies to Securities of the series; and 

  

	(21)	 	any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.01(5)). 

  
 All Securities of any one series shall be substantially identical, as to denomination, and except as
may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 3.03) set forth, or determined in the manner provided, in the Officer’s Certificate referred to above or in any such indenture
supplemental hereto. 
  
 If any of the terms of a series of Securities or guarantees thereof
are established by action taken pursuant to a Board Resolution of the Issuer or the Guarantor, a copy of an appropriate record of such action shall be certified by any director, the Secretary or any Authorized Person of the Issuer or the Guarantor,
as the case may be, each delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series or the guarantees thereof. 
  
 Any issue of additional Securities (herein called “Additional Securities”) that (i) constitutes a single issue of Securities, (ii) is not
part of the same issue of Securities (as determined for U.S. federal income tax purposes) as a prior issue of Securities (herein called “Original Securities”) and (iii) has terms that are in all respects identical to the terms of the
Original Securities shall be effected in a manner and under circumstances whereby the issue of such Additional Securities is treated as a “qualified reopening” within the meaning of Treasury Regulation Section 1.1275-2(k)(3), or any
successor provision, all as in effect at the time of the issue of Additional Securities, unless neither the Original Securities nor the Additional Securities are treated as having been or being issued with more than de minimis original issue
discount for U.S. federal income tax purposes. 
  
 Section
3.02.    Denominations. 
  
 Unless otherwise provided as
contemplated by Section 3.01 with respect to any series of Securities, any Securities of a series shall be issuable in denominations of $1,000 and any integral multiple thereof. 
  
 Section 3.03.    Execution, Authentication, Delivery and Dating. 
  
 The Securities shall be executed on behalf of the Issuer by any director or Authorized Person. The
signature of any such director or Authorized Person may be manual or facsimile. 
  

 29 

  Securities or Guarantees bearing the manual or facsimile signatures of individuals who were at any time the proper officers or
Authorized Persons of the Issuer or the Guarantor, as the case may be, shall bind the Issuer or the Guarantor, as the case may be, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or Guarantees or did not hold such offices at the date of such Securities or Guarantees. 
   
 At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Securities of any series executed by the Issuer and, if applicable,
having endorsed thereon Guarantees of the Guarantor to the Trustee for authentication, together with an Order for the authentication and delivery of such Securities and, if applicable, an order from the Guarantor approving the delivery of the
Guarantees endorsed thereon, and the Trustee in accordance with the Order shall authenticate and deliver such Securities having such Guarantees endorsed thereon. If pursuant to Section 3.01, the Security is to be issued initially without a Guarantee
but such a Guarantee is to be endorsed at a later date, the Guarantor shall deliver an Order from the Guarantor approving the delivery of the Guarantees endorsed thereon, and the Trustee in accordance with the Order shall endorse or shall cause to
be endorsed on such Securities the Guarantees and shall deliver such Securities having such Guarantees endorsed thereon. 
  
 If the forms or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Sections 2.01 and 3.01, in
authenticating such Securities and Guarantees, and accepting the additional responsibilities under this Indenture in relation to such Securities and Guarantees the Trustee shall be provided with, and (subject to Section 6.01) shall be fully
protected in conclusively relying upon, an Opinion of Counsel and Officers’ Certificate stating, 
  

	(a)	 	that such forms or terms have been established in conformity with the provisions of this Indenture; and 

  

	(b)	 	that such Securities and if applicable, Guarantees, when authenticated and delivered by the Trustee and issued by the Issuer and the Guarantor in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuer and the Guarantor enforceable in accordance with their terms, subject to such exceptions as such counsel shall specify.

  
 The Trustee shall have the right to decline to authenticate and deliver
any Securities under this Section if the Trustee, being advised in writing by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal
liability based upon the written advice of counsel. 
  
 The Trustee shall not be required to
authenticate such 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. 
  
 Notwithstanding the provisions of Section 3.01 and of the
preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.01 or the Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the time of authentication of each Security of such series if such documents (with appropriate modifications) are delivered at or prior to the authentication upon original
issuance of the first Security of such 

  

 30 

 
series to be issued and reasonably contemplate the subsequent issuance of such Securities of such series. 
  
 Each Security shall be dated the date of its authentication. 
  

No Security or Guarantee shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security (or if applicable,
the Guarantee) a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security
or Guarantee has been duly authenticated and delivered hereunder. 
  
 Notwithstanding the
foregoing, if any Security (or if applicable the Guarantee) shall have been authenticated and delivered hereunder but never issued and sold by the Issuer, and the Issuer shall deliver such Security to the Trustee for cancellation as provided in
Section 3.09, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  
  The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee endorsed thereon on behalf of the Guarantor provided, however, that a Guarantee shall not be deemed delivered if, pursuant to Section 3.01, the Security is originally issued without a Guarantee; if the
Guarantee is thereafter attached pursuant to an Order of the Guarantor, then the Guarantee shall be deemed delivered. The Trustee in accordance with the Orders shall promptly deliver such Securities and Guarantee. 
   
 Section 3.04.    Temporary Securities. 
  
 Pending the preparation of definitive Securities of any series, the Issuer may execute, and upon Order
the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities and, if
applicable, having endorsed thereon. Guarantees of the Guarantor substantially of the form of the definitive Guarantees in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such Securities. 
  
 If temporary Securities of any series are issued, the Issuer will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Issuer in a Place of Payment for that series, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefore one or more definitive Securities of the same series,
of any authorized denominations and of a like aggregate principal amount and tenor. 
  
 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 the same series and tenor. 
  
 Section 3.05.    Registration, Registration of Transfer and Exchange.

  
  The Issuer shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office and in any other office or agency of such Issuer in a Place of Payment being herein collectively referred to as the “Security Register”) in which, subject to such 

   

 31 

 
reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed
“Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 
  
  Upon surrender for registration of transfer of any Security of any series at the Place of Payment for that series, the Issuer shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, and, if applicable, each such Security having endorsed
thereon a Guarantee of the Guarantor. 
   
 At the option of the Holder, Securities of
any series may be exchanged for other Securities of the same series, of any authorized denominations and of a like tenor and aggregate principal amount upon surrender of the Securities to be exchanged at such office or agency. Whenever any
Securities are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
  
  All Securities issued upon any registration of transfer or exchange of Securities and the
Guarantees endorsed thereon shall be the legal, valid and binding obligations of the Issuer and the Guarantor evidencing the same debt and Guarantees and entitled to the same benefits under this Indenture, as the Securities and Guarantees endorsed
thereon surrendered upon such registration of transfer or exchange. 
   
 Every Security
presented or surrendered for registration of transfer or for exchange shall (if so required by the Issuer or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security
Registrar 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 of Securities, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer. 
   
 The Issuer shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 11.03 and ending at the close of business on the day of such mailing or (ii) to register the transfer of
or exchange any Securities so selected for redemption, in whole or in part, except the unredeemed portion of any Securities being redeemed in part. 
  
 The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities: 
  

	(1)	 	Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such
Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 

  

	(2)	 	 Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security
in whole or in part may be registered, in the name of any Person other than the Depositary for such 

  

 32 

	 	 
Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Issuer and the Guarantor that it is unwilling or unable to continue as Depositary
for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) there shall exist such other
circumstances, if any, as have been specified for this purpose as contemplated by Section 3.01. 

  

	(3)	 	Subject to Clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion
thereof shall be registered in such names as the Depositary for such Global Security shall direct. 

  

	(4)	 	Every Security authenticated and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section,
Section 3.04, 3.06, 9.06 or 11.07 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a
nominee thereof. 

  
 Section 3.06.    Mutilated,
Destroyed, Lost and Stolen Securities. 
  
  If any mutilated Security is surrendered
to the Trustee, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and, if applicable, having endorsed thereon a Guarantee and bearing
a number not contemporaneously outstanding. 
   
 If there shall be delivered to the
Issuer, the Guarantor and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Issuer, the Guarantor or the Trustee that such Security has been acquired by a protected purchaser (as defined in Article 8 of the Uniform Commercial Code), the Issuer shall execute and the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security a new Security of the same series and of like tenor and principal amount and, if applicable, having endorsed thereon a Guarantee and bearing a number not
contemporaneously outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen
Security has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Security, pay such Security. 
  
 Upon the issuance of any new Security under this Section, the Issuer 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 and its agents and counsel) connected therewith. 
  
 Every new Security of any series, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Issuer and, if applicable, the Guarantor, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
  

 33 

 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  
 Section 3.07.    Payment of Interest; Interest Rights Preserved. 
  
  Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest and, at the option of the
Issuer, may be paid by check mailed to the address of the Person as it appears in the Security Register. Interest on a Global Security will be paid to the holder thereof by wire transfer of same-day funds to the Holder. 
   
 Any interest on any Security of any series which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest shall
be paid by the Issuer, at its election in each case, as provided in Clause (1) or (2) below: 
  

	(1)	 	The Issuer or the Guarantor, as the case may be, may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer or the Guarantor, as the case may be, shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Issuer 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 prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which 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 the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Issuer and the Guarantor, as applicable, of such Special Record Date and, in the name and
at the expense of the Issuer or the Guarantor, as the case may be, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series the Issuer or the
Guarantor, as the case may be, in the manner set forth in Section 1.06, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed,
such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are 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 Issuer or the Guarantor, as the case may be, may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such Securities may be listed, and upon 

   

 34 

	 	 
such notice as may be required by such exchange, if, after notice given by the Issuer or the Guarantor, as the case may be, to the Trustee of the proposed payment
pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 

   
 Subject to the foregoing provisions of this Section and Section 3.05, 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. 
  
 Section 3.08.    Persons Deemed Owners. 
  
  Prior to due presentment of a Security for registration of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee, as
applicable, may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Sections 3.04, 3.05 and 3.07) any interest on such Security
and for all other purposes whatsoever, whether or not such Security shall be overdue, and neither the Issuer, the Guarantor, the Trustee nor any agent of the Issuer, the Guarantor or the Trustee, as applicable, shall be affected by notice to the
contrary. 
   
 Section 3.09.    Cancellation.

  
 All Securities surrendered for payment, redemption, registration of transfer or for
credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Issuer or the Guarantor may at any time deliver to the Trustee for cancellation
any Securities previously authenticated and delivered hereunder which the Issuer or the Guarantor may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Issuer has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of by the Trustee in its customary manner. 
  
 Section 3.10.    Computation of Interest. 
  
 Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on
the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 Section 3.11.    CUSIP Numbers. 
  
  The Issuer in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any
such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee, in writing, of any change in the CUSIP Numbers. 
   

 35 

 ARTICLE FOUR 
  
 SATISFACTION AND DISCHARGE 
  
 Section 4.01.    Satisfaction and Discharge of Indenture. 
  

This Indenture shall upon Order of the Issuer cease to be of further effect (except as to any surviving rights of registration of transfer or exchange herein expressly provided
for, and any right to receive additional amounts as provided in Section 10.04) with respect to the Issuer and the Guarantor, and the Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture, when 
  

	(1)	 	either 

  

	 	(A)	 	all Securities of the Issuer theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 3.06 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer or the Guarantor and thereafter repaid to the Issuer or discharged from such trust, as provided in Section
10.03) have been delivered to the Trustee for cancellation; or 

	 	(B)	 	all such Securities 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)	 	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
Issuer, 

  
 and the Issuer or the Guarantor, 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 the purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for the principal amount of and any premium and interest payable on such Securities to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as
the case may be; 
  

	(2)	 	the Issuer or the Guarantor has paid or caused to be paid all other sums payable hereunder by the Issuer; and 

  

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

  
  Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer and the Guarantor to the Trustee under Section 6.07, the obligations of the Issuer to any Authenticating Agent under Section 6.14 and, if money
shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall survive such satisfaction and discharge. 

  

 36 

 Section 4.02.    Application of Trust Money. 
  
 Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the Trustee
pursuant to Section 4.01 shall be held in trust (without liability for interest or investment) and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer or the Guarantor acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with or received by
the Trustee or to make mandatory sinking fund payments. 
  
 Section
4.03.     Defeasance and Discharge of Securities of any Series. 
  
 If this Section 4.03 is specified, as contemplated by Section 3.01, to be applicable to Securities of any series then notwithstanding Section 4.01, the Issuer and the Guarantor shall be deemed to have paid and discharged the entire
indebtedness on all the Outstanding Securities of that series the provisions of this Indenture as it relates to such Outstanding Securities (except as to the rights of Holders to receive, from the trust funds described in subparagraph (1) below,
payment of the principal of (and premium, if any) and any installment of principal of (and premium, if any) or interest on such Securities on the Stated Maturity of such principal or installment of principal of (and premium, if any) or interest on
or any mandatory sinking fund payments or analogous payments applicable to the Securities of that series on the day on which such payments are due and payable in accordance with the terms of this Indenture, the Issuer’s and the Guarantor’s
obligations with respect to such Securities and Guarantees under Sections 3.04, 3.05, 3.06, 10.02 and 10.03, the rights, powers, trusts, duties and immunities of the Trustee hereunder and the provisions of Section 4.02 and this Section 4.03) shall
no longer be in effect, and the Trustee, at the expense of the Issuer, shall, upon the Order of the Issuer or the Guarantor execute proper instruments acknowledging the same, provided that the following conditions have been satisfied:

  

	(1)	 	the Issuer or the Guarantor has deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.09), irrevocably (irrespective of whether the
conditions in subparagraphs (2), (3), (4), (5) and (6) below have been satisfied, but subject to the provisions of Section 4.02 and the last paragraph of Section 10.03), as trust funds in trust, specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of that series with reference to this Section 4.03, in the case of a series of Securities denominated in United States dollars, United States money or U.S. Government Obligations, in an amount which, through the
payment of interest and principal in respect thereof in accordance with their terms, will provide not later than the opening of business on the due date of any payment referred to in clause (A) or (B) of this subparagraph (1) money in an amount, or
a combination thereof, sufficient, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge (A) the principal of (and premium,
if any) and interest on such Outstanding Securities on the Stated Maturity of such principal or instalment of principal or interest and (B) any mandatory sinking fund payments or analogous payments applicable to Securities of such series on the day
on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities; 

  

	(2)	 	such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Issuer or the Guarantor is a party or
by which either is bound; 

  

 37 

	(3)	 	no Event of Default or event which, with the giving of notice or lapse of time, or both, would become an Event of Default with respect to the Securities of that series shall have occurred and
be continuing on the date of such deposit and no Event of Default under Section 5.01(5) or Section 5.01(6) or event which, with the giving of notice or lapse of time, or both, would become an Event of Default under Section 5.01(5) or Section 5.01(6)
shall have occurred and be continuing on the 91st day after such date; 

  

	(4)	 	the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel of recognized standing to the effect that, or the Issuer or Guarantor has received a private letter ruling from
the United States Internal Revenue Service, or there has been published by the United States Internal Revenue Service a revenue ruling to the effect that as a result of a change in law arising after the date of this Indenture, Holders of the
Securities of that series will not recognize income, gain or loss for United States Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to United States Federal income tax on the same amount and in
the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; 

  

	(5)	 	if the Securities of that series are then listed on the New York Stock Exchange, Inc., the Issuer or the Guarantor shall have delivered to the Trustee an Opinion of Counsel to the effect that
such deposit, defeasance and discharge will not cause such Securities to be delisted; and 

  

	(6)	 	the Issuer or the Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the
defeasance and discharge of the entire indebtedness on all Outstanding Securities of any such series as contemplated by this Section have been complied with. 

  
 ARTICLE FIVE 
  
 REMEDIES 
  
 Section 5.01.    Events of Default. 
  
 “Event of Default”, wherever used herein with respect to Securities of any series of the Issuer, means any one of the following events with respect to the Issuer (whatever the reason for such Event of Default and whether it shall
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): 
  

	(1)	 	default in the payment of any interest or payment of any additional amounts upon any Security of that series when it becomes 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 premium, if any, on) any Security of that series at its Maturity; or 

  

	(3)	 	default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series or beyond any period of grace provided with respect thereto; or

  

	(4)	 	 default in the performance, or breach, of any covenant or warranty of the Issuer or the Guarantor, as the case may be, in this Indenture (other than a covenant or warranty a
default in whose performance or whose breach is elsewhere in this Section specifically dealt 

   

 38 

	 	 
with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or
breach for a period of 90 days after there has been given, by registered or certified international air mail to the Issuer and the Guarantor by the Trustee or to the Issuer, the Guarantor and the Trustee by the Holders of at least 25% in principal
amount of the Securities of that series at that time Outstanding 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

  

	(5)	 	(a) any other present or future Debt of the Issuer or the Guarantor shall have been accelerated so that it becomes due and payable prior to its stated maturity by reason of a default with
respect to such Debt, and such acceleration shall not be rescinded or annulled (by reasons of a remedy, cure or waiver thereof with respect to the default upon which such acceleration is based) within 21 days after such acceleration, or (b) the
Issuer or the Guarantor defaults in the payment of any principal on any Debt, when due at its final maturity, after giving effect to any applicable grace period, or (c) the Issuer or the Guarantor fails to pay when due any amount payable by the
Issuer or the Guarantor, as the case may be, under any present or future guarantee by the Issuer or the Guarantor for, or indemnity provided by the Issuer or the Guarantor in respect of, any Debt, within any applicable grace period provided for,
and, if the principal amount of such indebtedness is not yet due at its final maturity, the holder of such guarantee shall have accelerated the payment thereon and such acceleration shall not be rescinded or annulled (by reasons of a remedy, cure or
waiver thereof with respect to the default upon which such acceleration is based) within 21 days after such acceleration; provided, however, that the aggregate amount of the relevant Debt, guarantees and indemnities in respect of which
one or more of the events mentioned in this paragraph have occurred (without duplication) equals or exceeds (i) U.S.$75,000,000 or (ii) 1% of Consolidated Net Assets, whichever amount is greater. 

   

	(6)	 	the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Issuer or the Guarantor in an involuntary case or proceeding under any
applicable United Kingdom bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Issuer or the Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Issuer or the Guarantor under any applicable United Kingdom law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer
or the Guarantor or of any substantial part of the property of the Issuer or the Guarantor, as the case may be, or ordering the winding up or liquidation of the affairs of the Issuer or the Guarantor, as the case may be, and the continuance of any
such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 

   

	(7)	 	 the commencement by the Issuer or the Guarantor of a voluntary case or proceeding under any applicable United Kingdom bankruptcy, insolvency, reorganization or other similar
law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Issuer or the Guarantor to the entry of a decree or order for relief in respect of the Issuer or the Guarantor, as the case may be, in an
involuntary case or proceeding under any applicable United Kingdom bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by the Issuer or the
Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable United Kingdom law, or the consent by the Issuer or the Guarantor to the filing of such petition or to the appointment of or taking 

  

 39 

	 	 
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or the Guarantor or of any substantial part of
the property of the Issuer or the Guarantor, as the case may be, or the making by the Issuer or the Guarantor of an assignment for the benefit of creditors, or the admission by the Issuer or the Guarantor in writing of its inability to pay its debts
generally as they become due, or the taking of corporate action by the Issuer or the Guarantor in furtherance of any such action; or 

  

	(8)	 	the Guarantee is not, or is claimed by the Issuer or the Guarantor not to be, in full force and effect. 

  

	(9)	 	any other Event of Default established as contemplated by Section 3.01 with respect to Securities of that series. 

  
 Section 5.02.    Acceleration of Maturity; Rescission and Annulment. 
  
 If an Event of Default with respect to Securities of any series of the Issuer at the time Outstanding
occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series of the Issuer may declare the principal amount (or, if any of the Securities of that
series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) plus accrued but unpaid interest of all of the Securities of such series of the Issuer to be due and
payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) plus accrued but unpaid interest shall become immediately due and payable.

  
 At any time after such a declaration of acceleration with respect to 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 a majority in principal amount of the Outstanding Securities of that series,
by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if: 
  

	(1)	 	the Issuer or the Guarantor has paid or deposited with the Trustee a sum sufficient to pay: 

  

	 	(A)	 	all overdue interest on all Securities of that series, 

  

	 	(B)	 	the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest accrued thereon at the rate
or rates prescribed therefor in such Securities, 

  

	 	(C)	 	to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 

  

	 	(D)	 	all sums paid by or owed to the Trustee hereunder and the reasonable compensation, expenses and disbursements of the Trustee, its agents and counsel; 

  
 and 
  

	(2)	 	all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which has become due solely by such declaration of
acceleration, 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. 
  

 40 

 Section 5.03.    Collection of Indebtedness and Suits for Enforcement by Trustee. 
  
 The Issuer covenants that if 
  

	(1)	 	default is made by it in the payment of any interest or payment of any additional interest, on any Security when such interest becomes due and payable and such default continues for a period
of 30 days, or 

  

	(2)	 	default is made by it in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, 

  
 the Issuer will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any
overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses and
disbursements of the Trustee, its agents and counsel, and all amounts due the Trustee under Section 6.07. 
  
 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 by
such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy. 
  
 Section
5.04.    Trustee May File Proofs of Claim. 
  
  In case of
any judicial proceeding relative to the Issuer, the Guarantor or any other obligor upon the Securities of a series or the property of the Issuer, the Guarantor or of such other obligor or their creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be
authorized to collect and receive any moneys 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 to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses and disbursements of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. 
   
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee
may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
  

 41 

 Section 5.05.    Trustee May Enforce Claims Without Possession of Securities. 
  
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced
by the Trustee without the possession of any of the Securities 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 of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has
been recovered. 
  
 Section 5.06.    Application of Money
Collected. 
  
 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 or interest, upon presentation of the Securities 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 to the Trustee under Section 6.07; 
  
 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities 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 amounts due and payable on such Securities for principal and any premium and interest, respectively; and 
  
 THIRD: To the payment of the balance, if any, to the Issuer or any
other Person or Persons legally entitled thereto as directed in writing by a court of competent jurisdiction. 
  
 Section 5.07.    Limitation on Suits. 
  
 No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, the Guarantees, the Securities 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 specifying such Event of Default and stating that
such notice is a “Notice of Default” hereunder; 

  

	(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; 

  

	(3)	 	such Holder or Holders have offered to the Trustee reasonable indemnity 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
that series; 

  

 42 

 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 to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
  
 Section 5.08.    Unconditional Right of Holders to Receive Principal, Premium and Interest. 
  
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 3.07) interest on such Security on the respective Stated Maturity or Maturities expressed in such Security (or, in the case of
redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  
 Section 5.09.    Restoration of Rights and Remedies. 
  
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders 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 in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, 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 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 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 the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  
 Section 5.12.    Control by Holders. 
  
 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 

  

 43 

 
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that

  

	(1)	 	such direction shall not be in conflict with any rule of law or with this Indenture, 

  

	(2)	 	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

  

	(3)	 	the Trustee need not follow any such direction if doing so would in its reasonable discretion either involve it in personal liability or be unduly prejudicial to Holders not joining in such
direction; 

  
 provided, further, that the Trustee shall have no
obligation to make any determination with respect to any such conflict, personal liability or undue prejudice. 
  
 Section 5.13.    Waiver of Past Defaults. 
  
  Subject to Section 5.02, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder
with respect to such series of the Issuer and its consequences, except a default 
   

	(1)	 	in the payment of the principal of or any premium or interest on any Security of such series of the Issuer, or 

  

	(2)	 	in respect of a covenant or provision hereof which under Article Nine 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.    Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs (including reasonable legal fees and
expenses) against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Issuer or the Guarantor 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 the Outstanding Securities of any series of the Issuer, or to any suit instituted by any Holder of any Security for the enforcement of the payment of the principal of or any premium or interest on any Security on or after the Stated
Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 
  
 Section 5.15.    Waiver of Stay or Extension Laws. 
  
 Each of the Issuer and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit 

  

 44 

 
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 each of the Issuer and the Guarantor (to the extent that it may lawfully do so) hereby expressly waives 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. 
  
 ARTICLE SIX 
  
 THE TRUSTEE 
  
 Section
6.01.    Certain Duties and Responsibilities. 
  
 The duties
and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, 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. 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 Section. 
  
 Section
6.02.    Notice of Defaults. 
  
 If a default occurs
hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of
any default of the character specified in Section 5.01(4) with respect to such Securities, no such notice to such Holders shall be given until at least 30 days after the occurrence thereof. 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 6.03.    Certain Rights of Trustee. 
  
 Subject to the provisions of Section 6.01: 
  

	(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, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper party
or parties, whether such paper or document be delivered in original or by facsimile; 

  

	(2)	 	any request or direction of the Issuer or the Guarantor mentioned herein shall be sufficiently evidenced by an Order and any resolution of the Board of Directors of the Issuer or the
Guarantor 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 be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate; 

  

 45 

	(4)	 	the Trustee may consult with counsel of its own selection 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 this Indenture at the request or direction of any of the Holders pursuant to this Indenture,
unless such Holders shall have offered to the Trustee reasonable security or indemnity 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, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer or the Guarantor personally or by agent or attorney, provided that the Trustee shall not be entitled
to such information which the Issuer or the Guarantor is prevented from disclosing as a matter of law or contract; 

  

	(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 Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be within the discretion, rights or powers conferred upon it by this Indenture;

  

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

  

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

   

	(11)	 	the permissive rights of the Trustee enumerated herein shall not be construed as duties. 

   
 Section 6.04.    Not Responsible for Recitals or Issuance of Securities. 
  
  The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Issuer or the Guarantor 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 of the Guarantees. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Issuer of Securities or the proceeds thereof. 
   

 46 

 Section 6.05.    May Hold Securities. 
  
  The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent
of the Issuer or the Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Issuer and the Guarantor with the same rights it would have if
it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
   
 Section 6.06.    Money Held in Trust. 
  
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on or investment of any money received by it hereunder except as
otherwise agreed with and for the exclusive benefit of the Issuer or the Guarantor, as the case may be. 
  
 Section 6.07.    Compensation and Reimbursement. 
  
 Each of the Issuer and the Guarantor jointly and severally agrees: 
  

	(1)	 	to pay to the Trustee from time to time such compensation as shall be agreed from time to time in writing for all services rendered by it 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 or disbursements incurred or made by the Trustee in accordance with any
provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except to the extent that any such expense, disbursement or advance may be attributable to its negligence or bad faith;
and 

  

	(3)	 	to indemnify fully the Trustee and any predecessor Trustee and their agents for, and to hold it harmless against, any and all loss, liability damages, claims or expense arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent that any such loss, liability or expense may be attributable to its negligence or bad faith. 

  
  The Trustee shall have a lien prior to the Holders to payment of amounts due it under this Section 6.07 from funds held by the Trustee hereunder.
“Trustee” for purposes hereof includes any predecessor trustee, but the negligence or bad faith of any trustee shall not affect the rights of any other trustee hereunder. This Section 6.07 shall survive the termination of this Indenture
and the resignation or removal of the Trustee. 
   
  When the Trustee incurs any
expenses or renders any services after the occurrence of an Event of Default specified in Section 5.01(6) and 5.01(7), such expenses and the compensation for such services are intended to constitute expenses of administration under any bankruptcy
law for the relief of debtors. 
   
 Section
6.08.    Conflicting Interests. 
  
 If the Trustee has or
shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act
and this Indenture. For this purpose the Trustee shall not be deemed to have a conflicting interest by reason of being Trustee for the Securities of any series and Trustee for the Securities of any other series. 
  

 47 

 Section 6.09.    Corporate Trustee Required; Eligibility. 
  
 There shall at all times be a Trustee hereunder with respect to the Securities of each series of the
Issuer which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least U.S.$50,000,000 and its Corporate Trust Office in the Borough of Manhattan, The City of New York,
New York. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture
Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series
shall cease to be eligible in accordance with the provisions of this Section, it shall resign promptly in the manner and with the effect hereinafter specified in this Article. 
  
 Section 6.10.    Resignation and Removal; Appointment of Successor. 
  

	(a)	 	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
in accordance with the applicable requirements of Section 6.11. 

  

	(b)	 	The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Issuer and the Guarantor. If the instrument of acceptance by a
successor Trustee required by Section 6.11 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 the Securities of such series. 

  

	(c)	 	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 to the Issuer and the Guarantor. 

  

	(d)	 	If at any time: 

  

	 	(1)	 	the Trustee shall fail to comply with Section 6.08 after written request therefor by the Issuer or the Guarantor or by any Holder who has been a bona fide Holder of a Security for at least
six months, or 

  

	 	(2)	 	the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefore by the Issuer or the Guarantor or by any such Holder, or

  

	 	(3)	 	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 Issuer by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder of a Security who
has been a bona fide Holder of a Security 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 and the
appointment of a successor Trustee or Trustees. 
  

 48 

	(e)	 	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 Issuer, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those 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 6.11. If, within one year
after such resignation, removal or incapability, 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 Issuer and the Guarantor 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 6.11,
become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Issuer. If no successor Trustee with respect to the Securities of any series shall have been so appointed
by the Issuer or the Holders of Securities of such series and accepted appointment in the manner required by Section 6.11, the retiring Trustee or 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 at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

  

	(f)	 	The Issuer 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 to all Holders of Securities of such series in the manner provided in Section 1.06. 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. 

  
 Section 6.11.    Acceptance of
Appointment by Successor. 
  

	(a)	 	In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to each of the
Issuer, the Guarantor 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 of the retiring Trustee; but, on the request of the Issuer, the Guarantor or the successor Trustee, such retiring Trustee shall, upon payment of all amounts owed to it under Section
6.07, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such
retiring Trustee hereunder. 

  

	(b)	 	 In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series of the Issuer, the Guarantor, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more series of the Issuer 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, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or 

  

 49 

	 	 
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 and 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 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 and each 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 Issuer and the Guarantor or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all 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. 

  

	(c)	 	Upon request of any such successor Trustee, the Issuer and the Guarantor 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 (a) and (b) of this Section, as the case may be. 

  

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

  
 Section 6.12.    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 to all or substantially all the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, 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. 
  
 Section 6.13.    Preferential Collection of Claims Against Issuer or Guarantor. 
  
  If and when the Trustee shall be or become a creditor of the Issuer or the Guarantor (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of
Section 311 of the Trust Indenture Act, but only to the extent therein specified, regarding the collection of claims against the Issuer or the Guarantor (or any such other obligor). 
   

 50 

 Section 6.14.    Appointment of Authenticating Agent. 
  
  The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of
Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon registration of transfer or partial redemption thereof or pursuant to Section 3.06, 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 shall be acceptable to the Issuer and the Guarantor and shall at all times be a corporation organized and doing business under the laws of the United States of America, any
State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than U.S.$50,000,000 and subject to supervision or examination by Federal or State authority. If
such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, such Authenticating Agent 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 to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, 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, the Issuer and the Guarantor. The Trustee may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent, the Issuer and the Guarantor. 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 Issuer and the Guarantor and shall give notice of such
appointment in the manner provided in Section 1.06 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. 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 Issuer agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section. 
   

 51 

 If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have
endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

	Dated:	 	  

	 	 	 	 JPMorgan Chase Bank
 As
Trustee

					
	 	 	 	 	 	 	By	 	  

	 	 	 	 	 	 	 	 	As Authenticating Agent
					
	 	 	 	 	 	 	By	 	  

	 	 	 	 	 	 	 	 	Authorized Officer

   
 If all of the Securities of a 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 Issuer wishes to have Securities of such series authenticated upon
original issuance, the Trustee, if so requested by the Issuer in writing (which writing need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent
having an office in a Place of Payment designated by such Issuer with respect of such series of Securities. 
  
 ARTICLE SEVEN 
  
  HOLDERS’ LISTS AND REPORTS BY TRUSTEE, THE ISSUER AND THE GUARANTOR 
   
 Section 7.01.    Issuer and Guarantor to Furnish Trustee Names and Addresses of Holders. 
  
 Each of the Issuer and the Guarantor will furnish or cause to be furnished to the Trustee: 
  

	(a)	 	semi-annually, not later than 15 days after each Regular Record Date in each year, a list, in such form as the Trustee may reasonably require, containing all the information in the possession
or control of the Issuer or the Guarantor, or any of the Issuer’s Paying Agents other than the Trustee, as to the names and addresses of the Holders as of such Regular Record Date, and 

   

	(b)	 	at such other times as the Trustee may request in writing, within 30 days after the receipt by the Issuer or the Guarantor 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; 

  
 excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar. 
  
 Section 7.02.    Preservation of Information; Communications to Holders. 
  

	(a)	 	The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section 7.01 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.

  

	(b)	 	The rights of the Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the
Trustee, shall be as provided by the Trust Indenture Act. 

  
  

 52 

	(c)	 	Every Holder, by receiving and holding the same, agrees with the Issuer, the Guarantor and the Trustee that neither the Issuer, the Guarantor nor the Trustee nor any agent of either of them
shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

  
 Section 7.03.    Reports by the Trustee. 
  

	(a)	 	The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto. To the extent that any such report is required by the Trust Indenture Act with respect to any 12-month period, such report shall cover the 12-month period ending May 15 and shall be transmitted by the next May 15.

   

	(b)	 	A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and
with the Issuer. The Issuer will notify the Trustee reasonably promptly and in writing when any Securities are listed on any stock exchange or delisted therefrom. 

   
 Section 7.04.    Reports by Issuer and Guarantor. 
  
 Each of the Issuer and the Guarantor shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other
reports, including financial information and statements and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information,
documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. 
  
  Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s and Guarantor’s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
   
 Section 7.05.    Calculation of Original Issue Discount. 
  

If applicable, the Issuer shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount, if any, of original issue discount
(including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information, if any, relating to such original issue discount as may then be relevant under the Internal Revenue
Code of 1986, as amended from time to time. 
  
 ARTICLE EIGHT

  
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

  
 Section 8.01.    Issuer or Guarantor May Consolidate,
Etc., Only on Certain Terms. 
  
 Neither the Issuer nor the Guarantor shall consolidate
with or merge (which term shall include, for the avoidance of doubt, a scheme of arrangement under the laws of England and Wales) into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any
Person, and neither the Issuer nor the Guarantor shall permit any Person to consolidate with or merge into the Issuer or the Guarantor or convey, transfer or lease its properties and assets substantially as an entirety to the Issuer or the
Guarantor, unless: 
  

 53 

	(1)	 	in case the Issuer or the Guarantor shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the
Person formed by such consolidation or into which the Issuer or the Guarantor is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Issuer or the Guarantor substantially as an entirety
shall be a corporation, partnership or trust, shall be organized and validly existing, under the laws of any applicable jurisdiction that is a member of the Organization for Economic Cooperation and Development and shall expressly assume, by an
indenture supplemental hereto executed and delivered to the Trustee in form reasonably satisfactory to the Trustee, in the case of the Issuer, the due and punctual payment of the principal of and any premium and interest (including all additional
amounts, if any, payable pursuant to Section 10.04 and subsection (3) below) on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Issuer to be performed or observed, and, in the case of the
Guarantor, the due and punctual performance of the Guarantees (including all amounts payable pursuant to Section 10.04 and subsection (3) below) and the performance of every covenant of this Indenture on the part of the Guarantor to be performed;

   

	(2)	 	immediately after giving effect to such transaction and treating any Debt which becomes an obligation of the Issuer, the Guarantor or a Subsidiary as a result of such transaction as having
been incurred by the Issuer, the Guarantor or the Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing;

   

	(3)	 	the Person formed by such consolidation or into which the Issuer or the Guarantor is merged or to whom the Issuer or the Guarantor has conveyed, transferred or leased its properties or assets
(if such Person is organized and validly existing under the laws of a jurisdiction other than the United States, any State thereof, or the District of Columbia or the United Kingdom) agrees to indemnify the Holder of each Security against (a) any
tax, assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from any payment to such Holder as a consequence of, or following, such consolidation, merger, conveyance, transfer or lease; and (b) any costs
or expenses of the act of such consolidation, merger, conveyance, transfer or lease; provided, however, that such Person will not be required to indemnify the Holder of each Security against any costs associated with the treatment by
the U.S. Internal Revenue Service of the transaction as an exchange for U.S. Federal income tax purposes of the Securities for new securities; 

   

	(4)	 	if, as a result of any such consolidation or merger or such conveyance, transfer or lease, properties or assets of the Issuer or the Guarantor would become subject to a mortgage, pledge,
lien, security interest or other encumbrance which would not be permitted by this Indenture, the Issuer, the Guarantor or such successor Person, as the case may be, shall take such steps as shall be necessary effectively to secure the Securities
equally and ratably with (or prior to) all Debt secured thereby; and 

   

	(5)	 	the Issuer or the Guarantor, as the case may be, has 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. 

  
  

 54 

 Section 8.02.    Successor Substituted. 
  
 Upon any consolidation of the Issuer or the Guarantor with, or merger (which term shall include, for
the avoidance of doubt, a scheme of arrangement under the laws of England and Wales) of the Issuer or the Guarantor into, any other Person or any conveyance, transfer or lease of the properties and assets of the Issuer or the Guarantor substantially
as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which the Issuer or the Guarantor 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, the Issuer or the Guarantor, as the case may be, under this Indenture with the same effect as if such successor Person had been named as the Issuer or the Guarantor herein, as the case may be, and
thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities and the Guarantees, as the case may be. 
  
 ARTICLE NINE 
  
 SUPPLEMENTAL INDENTURES 
  
 Section 9.01.    Supplemental Indentures Without Consent of Holders. 
  
  Without the consent of any Holders, the Issuer, when authorized by a Board Resolution, the Guarantor, when authorized by 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 Issuer or the Guarantor and the assumption by any such successor of the covenants of the Issuer or the Guarantor herein and in the
Securities or Guarantees or to add another Issuer to this Indenture for future issuances; or 

  

	(2)	 	to add to the covenants of the Issuer or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Issuer or the Guarantor; or 

  

	(3)	 	to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all
series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 

  

	(4)	 	to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not,
registrable as to principal and with or without interest coupons or to permit or facilitate the issuance of Securities in uncertificated form; or 

   

	(5)	 	to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination (i) shall
neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such provision
or (ii) shall become effective only when there is no such Security Outstanding; or 

  

 55 

	(6)	 	to add Guarantees to the Securities of any series to which the Guarantees shall not have already been attached; or 

  

	(7)	 	to secure the Securities pursuant to Section 10.09; or 

  

	(8)	 	to establish the form or terms of Securities of any series and the Guarantees thereof, each as permitted by Sections 2.01 and 3.01; or 

  

	(9)	 	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 6.11(b); or 

  

	(10)	 	to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or
questions arising under this Indenture, provided that such action pursuant to this Clause (10) shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or 

  

	(11)	 	to make any other change that does not adversely affect the interests of the Holders of the Securities in any material respect; or 

  

	(12)	 	to amend this Indenture to conform to the provisions of the Trust Indenture Act as in effect at the time of the execution of such supplemental indenture, or to permit the Trustee to comply
with any duties imposed upon it by law. 

  
 Section
9.02.     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 Issuer, the Guarantor and the
Trustee, the Issuer, when authorized by a Board Resolution, and the Guarantor, when authorized by a Board Resolution, 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; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security affected thereby, 
  

	(1)	 	change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security or reduce the principal amount thereof or the rate of interest thereon or any
premium payable upon the redemption thereof, or change any obligation of the Issuer or the Guarantor to pay additional amounts pursuant to Section 10.04 (except as contemplated by Section 8.01(1) and permitted by Section 9.01(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 5.02, or the coin or currency in which, any Security or any premium or
interest thereon 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 

  

 56 

	(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 

  

	(3)	 	change any obligation of the Issuer or the Guarantor to maintain an office or agency in the places and for the purposes specified in Section 10.02, or 

  

	(4)	 	modify any of the provisions of this Section, Section 5.13 or Section 10.11, 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; provided, however, that this clause shall not be deemed to require the consent of any Holder of a Security with respect to changes in
the references to “the Trustee” and concomitant changes in this Section and Section 10.11, or the deletion of this proviso, in accordance with the requirements of Sections 6.11(b) and 9.01(9), or 

   

	(5)	 	modify or affect in any manner adverse to the interests of the Holders of any Securities the terms and conditions of the obligations of the Issuer in respect of the due and punctual payment
of the principal thereof (and premium, if any) and interest, if any, thereon or any sinking fund payments provided in respect thereof. 

   
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included 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 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. 
  
 Section 9.03.    Execution of Supplemental Indentures. 
  

 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, in addition to the documents required by Section 1.02, and (subject to Section 6.01) 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. 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 9.04.    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 Securities theretofore or thereafter authenticated and delivered hereunder shall be
bound thereby, except as otherwise expressed therein. 
  

 57 

 Section 9.05.    Conformity with Trust Indenture Act. 
  
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the
Trust Indenture Act as in effect at the time of the execution thereof. 
  
 Section
9.06.    Reference in Securities to Supplemental Indentures. 
  
  Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article shall bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Issuer and the Guarantor shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee, the Issuer and the Guarantor, to any such supplemental indenture may be prepared and executed by
the Issuer, the Guarantees of the Guarantor, if any, may be endorsed thereon and such securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
   
 ARTICLE TEN 
  
 COVENANTS 
  
 Section 10.01.    Payment of Principal, Premium and Interest. 
  
 The Issuer covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and
interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 
  
 Section 10.02.    Maintenance of Office or Agency. 
  
 The Issuer will maintain in each Place of Payment for such series an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for
registration of transfer and where notices and demands to or upon the Issuer in respect of the Securities of that series and this Indenture may be served. 
  
 The Guarantor will maintain an office or agency where notice and demands to or upon the Guarantor in respect of Securities of any series and this Indenture may be served.

  
  Each of the Issuer and the Guarantor will give prompt written notice to the Trustee
of the location, and any change in the location, of any such office or agency. If at any time the Issuer or the Guarantor 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 and the Issuer and the Guarantor, as the case may be, hereby appoint the same as its agent to receive all respective presentations,
surrenders, notices and demands. 
   
 The Issuer 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 Issuer of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such purposes. The Issuer will give prompt
written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  

 58 

 Section 10.03.    Money for Securities Payments to Be Held in Trust. 
  
 If the Issuer or the Guarantor shall at any time act as its own Paying Agent with respect to any series
of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the
principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Issuer shall have one or more Paying Agents for any series of Securities, it will, prior
to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying
Agent is the Trustee) the Issuer will promptly notify the Trustee of its action or failure so to act. 
  
 The Issuer will 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 will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during the continuance of any default by the Issuer (or any other obligor upon the Securities of that
series) in the making of any payment in respect of the Securities of that series, and upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that
series. 
  
 The Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon
which such sums were held by the Issuer 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 money. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer or the Guarantor
in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on its
Order, or (if then held by the Issuer or the Guarantor) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Issuer or the Guarantor for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer or the Guarantor 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 Issuer cause to be published once, in an Authorized Newspaper in each Place of Payment, 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, any unclaimed balance of such money then remaining will be repaid to the Issuer. 
  
 Section 10.04.    Additional Amounts. 
  
  Unless otherwise specified in any Board Resolution of the Issuer or the Board Resolutions establishing the terms of Securities of a series or any Guarantees relating thereto, in
accordance with Section 3.01, if any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or 

   

 59 

 
any political subdivision or taxing authority thereof or therein) in which the Issuer or the Guarantor is incorporated, or resident for tax purposes) shall at any time
be required by such jurisdiction (or any such political subdivision or taxing authority) in respect of any amounts to be paid by the Issuer or the Guarantor of principal of or interest on a Security of any series, the Issuer or the Guarantor will
pay to the Holder of a Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to any such tax, assessment or other governmental charge, is not resident
in such jurisdiction, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled; provided, however, that neither the Issuer nor the Guarantor shall be required
to make any payment of additional amounts for or on account of: 
  

	(1)	 	any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or former connection between such Holder (or between a fiduciary,
settler, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction or any political subdivision or territory or possession thereof or
area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settler, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in
trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of such series (where presentation is required) for payment on a date more than 30 days after the date on which such payment
became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; or 

  

	(2)	 	any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 

  

	(3)	 	any tax, assessment or other governmental charge which is payable otherwise than by withholding from payments of (or in respect of) principal of, or any interest on, the Securities of such
series; 

  

	(4)	 	any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of the Security of such series with a
request of the Issuer or the Guarantor addressed to the Holder (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or satisfy any
information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax,
assessment or other governmental charge; 

  

	(5)	 	any withholding or deduction imposed on a payment to an individual which is required to be made pursuant to any European Union Directive on the taxation of savings implementing the
conclusions of ECOFIN Council meeting of June 3, 2003 or any law implementing or complying with, or introduced in order to conform to, such Directive; 

  

	(6)	 	any withholding or deduction required to be made with respect to a Security presented for payment by or on behalf of a Holder of such Security who would have been able to avoid such
withholding or deduction by presenting the relevant Security to another Paying Agent; or 

  

	(7)	 	any combination of items (1), (2), (3), (4), (5) and (6) above; 

  

 60 

 nor shall additional amounts be paid with respect to any payment of the principal of, or any interest on, any Security of such
series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or
therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the
Holder of such Security. The foregoing provisions shall apply mutatis mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any
successor Person to the Issuer or the Guarantor is organized, or any political subdivision or taxing authority thereof or therein; provided, however, that such payment of additional amounts may be subject to such further exceptions as
may be established in the terms of such Securities established as contemplated by Section 3.01. Subject to the foregoing provisions, whenever in this Indenture or in any Security 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 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 for in this Section to the extent that, in such context, additional amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of additional amounts (if applicable)
in any provisions hereof shall not be construed as excluding additional amounts in those provisions hereof where such express mention is not made. 
  
  If the terms of the Securities of a series established as contemplated by Section 3.01 do not specify that additional amounts pursuant to the Section will not be payable by the
Issuer or the Guarantor, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal
and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Issuer
will furnish the Trustee and the Issuer’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of
and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that 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 and the Issuer or the Guarantor as the case may be, will pay to the
Trustee or such Paying Agent or Paying Agents the additional amounts required by this Section. Each of the Issuer and the Guarantor covenant to indemnify each of the Trustee and any Paying Agent for, and to hold each of them harmless against, any
loss, liability or expense 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, except to the extent that any such loss, liability or expense
is due to its own negligence or bad faith. 
   
 Section
10.05.    Statement by Officers as to Default. 
  
 Each of
the Issuer and the Guarantor of Outstanding Securities will deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer ending after the date hereof, an Officer’s 

  

 61 

 
Certificate, stating whether or not to the best knowledge of the signers thereof the Issuer or the Guarantor, as the case may be, is in default in the performance and
observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Issuer or the Guarantor shall be in default, specifying all such defaults and
the nature and status thereof of which they may have knowledge. 
  
 Section
10.06.    Existence. 
  
  Subject to Article Eight, each
of the Issuer and the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Issuer and the
Guarantor shall not be required to preserve any such right or franchise if its respective Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or the Guarantor, as the
case may be, and that the loss thereof is not disadvantageous in any material respect to the Holders. 
   
 Section 10.07.    Maintenance of Properties. 
  
 Each of the Issuer and the Guarantor will cause all its properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order and
supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Issuer or the Guarantor may be necessary so that the business carried
on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Issuer or the Guarantor from discontinuing the operation or maintenance of any of
such properties if such discontinuance is, in the judgment of the Issuer or the Guarantor, as the case may be, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders.

  
 Section 10.08.    Payment of Taxes and Other Claims.

  
 The Issuer and the Guarantor each will pay or discharge or cause to be paid or
discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Issuer, the Guarantor or any Subsidiary or upon the income, profits or property of the Issuer, the Guarantor or any
Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Issuer or any Subsidiary; provided, however, that the Issuer and the Guarantor shall not be
required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith. 
  
 Section 10.09.    Limitation on Liens. 
  
  So long as any of the Securities are Outstanding, the Issuer shall not, and the Issuer shall procure that no Restricted Subsidiary will, create or
permit to subsist any Encumbrance on the whole or any part of any Principal Property or upon any shares or stock of any Restricted Subsidiary to secure any Debt without making, or causing such Restricted Subsidiary to make, effective provision
whereby the Securities (together with, if the 

   

 62 

  
Issuer shall so determine, any other Debt of the Issuer or such Restricted Subsidiary then existing or thereafter created which is not subordinate to the Securities)
shall be secured equally and ratably with (or, at the option of the Issuer or such Restricted Subsidiary, prior to) such indebtedness for borrowed money, so long as such Debt shall be so secured; provided, however, that the above shall
not apply to: 
   

	(1)	 	any Encumbrance existing on or prior to the date hereof; 

   

	(2)	 	any Encumbrance arising by operation of law and not securing amounts more than ninety (90) days overdue or otherwise being contested in good faith; 

  

	(3)	 	judgment Encumbrances not giving rise to an Event of Default; 

  

	(4)	 	any Encumbrance existing over a Principal Property of, or shares of stock of any Restricted Subsidiary (which becomes a Restricted Subsidiary after the date hereof) prior to the date of such
Restricted Subsidiary becoming a Restricted Subsidiary, provided that such Encumbrance was not created in contemplation of such Restricted Subsidiary becoming a Restricted Subsidiary; 

   

	(5)	 	any Encumbrance over any Principal Property (or documents of title thereto), or shares of stock of any Restricted Subsidiary granted by the Issuer or any Restricted Subsidiary as security
for, or to secure Debt incurred to finance, all or part of the price of its acquisition of such Principal Property or shares of stock of such Restricted Subsidiary, or the development, redevelopment, modification or improvement of such Principal
Property, provided such indebtedness and related Encumbrance are not created later than 24 months after acquisition or completion of development, redevelopment, modification or improvement, including any improvements on an existing property;

   

	(6)	 	any Encumbrance over any Principal Property (or documents of title thereto) or shares of stock of any Restricted Subsidiary which is acquired by the Issuer or any Restricted Subsidiary
subject to such Encumbrance; 

   

	(7)	 	any Encumbrance to secure indebtedness for borrowed money incurred in connection with a specifically identifiable project where the Encumbrance relates to a Principal Property involved in
such project and acquired by the Issuer or any Restricted Subsidiary after the date hereof and the recourse of the creditors in respect of such indebtedness is limited to such project and Principal Property; 

  

	(8)	 	any Encumbrance incurred or deposits made in the ordinary course of business, including, but not limited to, (a) any mechanics’, materialmen’s, carriers’, workmen’s,
vendors’ or other like Encumbrances, (b) any Encumbrances securing amounts in connection with workers’ compensation, unemployment insurance and other types of social security, and (c) any easements, rights-of-way, restrictions and other
similar encumbrances; 

   

	(9)	 	any Encumbrance incurred or deposits made securing the performance of tenders, bids, leases, statutory obligations, surety and appeal bonds, government contracts, performance and
return-of-money bonds and other obligations of like nature incurred in the ordinary course of business; 

  

	(10)	 	 any Encumbrance on any Principal Property of the Issuer or any Restricted Subsidiary in favor of the Federal Government of the United States or the government of any State
thereof, or the government of the United Kingdom, or the government of the European Union or any 

  

 63 

	 	 
member State thereof, or any instrumentality of any of them, securing the obligations of the Issuer or any Restricted Subsidiary pursuant to any contract or payments
owed to such entity pursuant to applicable laws, rules, regulations or statutes; 

  

	(11)	 	any Encumbrance securing taxes or assessments or other applicable governmental charges or levies not overdue; 

  

	(12)	 	any Encumbrance securing industrial revenue, development or similar bonds issued by or for the benefit of the Issuer or any of its Restricted Subsidiaries, provided that such
industrial revenue, development or similar bonds are non-recourse to the Issuer or such Restricted Subsidiary; 

  

	(13)	 	any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any Encumbrance referred to in clauses (1) to (13), inclusive, for
amounts not exceeding the principal amount of the borrowed money secured by the Encumbrance so extended, renewed or replaced, provided that such extension, renewal or replacement Encumbrance is limited to all or a part of the same Principal
Property or shares of stock of the Restricted Subsidiary that secured the Encumbrance extended, renewed or replaced (plus improvements on such Principal Property); and 

   

	(14)	 	Encumbrances in favor of the Issuer or any Subsidiary of the Issuer. 

  
  Notwithstanding the foregoing, the Issuer or any Restricted Subsidiary may create or permit to subsist Encumbrances over any Principal Property or shares of stock of any of the
Restricted Subsidiaries so long as the aggregate amount of Debt secured by all such Encumbrances (excluding therefrom the amount of the Debt secured by Encumbrances set forth in clauses (1) through (15), inclusive, above) does not exceed 15% of
Consolidated Tangible Fixed Assets of the Issuer. 
   
 Section
10.10.    Limitation on Sales and Leasebacks. 
  
 So long as
any of the Securities are Outstanding, the Issuer shall not, and the Issuer shall procure that no Restricted Subsidiary will, enter into any arrangement with any bank, insurance company or other lender or investor (not including the Issuer or any
Subsidiary), or to which any such lender or investor is a party, providing for the leasing by the Issuer or a Restricted Subsidiary for a period, including renewals, in excess of three years of any Principal Property which has been owned by the
Issuer or a Restricted Subsidiary for more than six months and which has been or is to be sold or transferred by the Issuer or any Restricted Subsidiary to such lender or investor or to any person to whom funds have been or are to be advanced by
such lender or investor on the security of such Principal Property (herein referred to as a “sale and leaseback transaction”) unless either: 
  

	(1)	 	the Issuer or such Restricted Subsidiary could create Debt secured by an Encumbrance pursuant to Section 10.09 on the Principal Property to be leased back in an amount equal to the Debt
attributable to such sale and leaseback transaction without equally and ratably securing the Securities; or 

   

	(2)	 	 the Issuer, within one year after the sale or transfer shall have been made by the Issuer or a Restricted Subsidiary, applies an amount equal to the greater of (i) the net
proceeds of the sale of the Principal Property sold and leased back pursuant to such arrangement or (ii) the fair market value of the Principal Property so sold and leased back at the time of entering 

  

 64 

	 	 
into such arrangement (as determined in good faith by any two Directors of the Issuer) to (A) the retirement of indebtedness for money borrowed, incurred or assumed by
the Issuer or any Restricted Subsidiary which by its terms matures at, or is extendible or renewable at the option of the obligor to, a date more than twelve months after the date of incurring, assuming or guaranteeing such indebtedness or (B)
investment in any Principal Property. 

  
 Notwithstanding the foregoing,
the Issuer or any Restricted Subsidiary may enter into sale and leaseback transactions provided that the total amount of Debt attributable to such sale and leaseback transactions plus other Debt of the Issuer and any Restricted Subsidiaries
(excluding therefrom the amount of the Debt secured by Encumbrances that the Issuer or any Restricted Subsidiary would be entitled to incur, assume or guarantee set forth in Section 10.09) does not exceed 15% of Consolidated Tangible Fixed Assets of
the Issuer. 
  
 Section 10.11.    Waiver of Certain
Covenants. 
  
  Except as otherwise specified as contemplated by Section 3.01 for
Securities of such series, the Issuer may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.01(20), 9.01(2) or
9.01(8) for the benefit of the Holders of Securities of such series or in either of Sections 10.09 and 10.10 or any term, provision or condition set forth in an indenture supplemental hereto, if before the time for such compliance the Holders of at
least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive 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 Issuer and the duties of the Trustee in respect of any such term, provision
or condition shall remain in full force and effect. 
   
 ARTICLE
ELEVEN 
  
 REDEMPTION OF SECURITIES 
  
 Section 11.01.    Applicability of Article. 
  
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in
accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 
  
 Section 11.02.    Election to Redeem; Notice to Trustee. 
  

The election of the Issuer to redeem any Securities of any series or issuance shall be evidenced by a Board Resolution. In case of any redemption at the election of the Issuer
of all or less than all the Securities of any series (including any such redemption affecting only a single Security), the Issuer shall, at least 60 days prior to the Redemption Date fixed by the Issuer (unless a shorter notice shall be reasonably
satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture the Issuer shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such
restriction. 
  

 65 

 Section 11.03.    Selection by Trustee of Securities to Be Redeemed. 
  
 If less than all the Securities of any series are to be redeemed (unless all of the Securities of such
series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), 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 a portion of the principal amount of Securities of
such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination which shall not be less than the minimum authorized denomination for such Security. If less than all of the
Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), 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 and specified tenor not previously called for redemption in accordance with the preceding sentence, and the Trustee shall promptly notify the Issuer in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amounts thereof to be redeemed. 
  
 The provisions of the preceding paragraph shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in
part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. 

 
 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 amount of such Securities which has been or is to be redeemed. 
  
 Section 11.04.    Notice of Redemption. 
  
 Notice of redemption shall be given in the manner provided in Section 1.06 to each Holder of Securities
to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date. 
  
 All
notices of redemption shall state: 
  

	(1)	 	the Redemption Date, 

  

	(2)	 	the Redemption Price, plus accrued interest, if any, 

  

	(3)	 	if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any
Securities, the principal amounts) of the particular Securities to be redeemed and if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular Security to be
redeemed, 

  

	(4)	 	that on the Redemption Date the Redemption Price, plus accrued interest, if any, will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon
will cease to accrue on and after said date, 

  

 66 

	(5)	 	the place or places where each such Security is to be surrendered for payment of the Redemption Price, plus accrued interest, if any, 

  

	(6)	 	that the redemption is for a sinking fund, if such is the case; and 

  

	(7)	 	the CUSIP number or numbers, if any, with respect to such Securities. 

  
 A notice of redemption published as contemplated by Section 1.06 need not identify particular Securities to be redeemed. 
  
 Notice of redemption of Securities to be redeemed at the election of the Issuer shall be given by the
Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer and shall be irrevocable. 
  
 Section 11.05.    Deposit of Redemption Price. 
  
  On the Business Day prior to any Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the Issuer or the Guarantor is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to
be redeemed on that date. 
   
 Section
11.06.    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 Issuer shall default in the
payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Issuer at the Redemption Price,
together with accrued interest to the Redemption Date; provided, however, that unless otherwise specified as contemplated by Section 3.01, instalments of interest on 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 relevant Record Dates according to their terms and the provisions of Section 3.07. 
  
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
  
 Section 11.07.    Securities Redeemed in Part. 
  
 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Issuer or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Issuer shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, 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. 
  

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 Section 11.08.    Optional Redemption Due to Changes in Tax Treatment. 
  
  Each series of Securities contained in one or more particular issues may be redeemed at the option
of the Issuer or the Guarantor in whole but not in part, at any time (except in the case of Securities that have a variable rate of interest, which may be redeemed on any Interest Payment Date) at a Redemption Price equal to the principal amount
thereof plus accrued interest to the date fixed for redemption (except in the case of Outstanding Original Issue Discount Securities which may be redeemed at the Redemption Price specified by the terms of such series of Securities) if, as a result
of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Issuer or the Guarantor is incorporated (or, in
the case of a successor Person to the Issuer or the Guarantor, of the jurisdiction in which such successor Person is organized or any political subdivision or taxing authority thereof or therein) or any change in the official application or
interpretation of such laws, regulations or rulings, which change, execution or amendment becomes effective on or after the date specified for such series pursuant to the terms of the Security or Section 3.01(8) (or in the case of a successor Person
to the Issuer or the Guarantor at any time before or after the date on which such successor Person became such pursuant to Sections 8.01 and 8.02, (i) the Issuer or the Guarantor (or such successor Person) is or would be required to pay additional
amounts with respect to the Securities or the Guarantees, as the case may be, as described in Section 2.05 or Section 10.04 and the payment of such additional amounts cannot be avoided by the use of any reasonable measures available to the Issuer or
the Guarantor. Prior to the giving of notice of redemption of such Securities pursuant to this Indenture, the Issuer or the Guarantor will deliver to the Trustee an Officer’s Certificate, stating that the Issuer or the Guarantor is entitled to
effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Issuer or the Guarantor to redeem such Securities pursuant to this Section have been satisfied.

   
 Further, if, pursuant to Section 8.01(3)(a) of this Indenture, a Person into which
the Issuer or Guarantor is merged or to whom the Issuer or Guarantor has conveyed, transferred or leased its properties or assets (i) has been or would be required to pay any additional amounts as therein provided, and (ii) that this cannot be
avoided by the use of any reasonable measures available to the Issuer or the Guarantor, as the case may be, then each series of Securities may be redeemed at the option of such Person in whole, but not in part, at any time (except in the case of
Securities that have a variable rate of interest, which may be redeemed on any Interest Payment Date), at a redemption price equal to the principal amount thereof plus accrued interest to the date fixed for redemption (except in the case of
Outstanding Original Issue Discount Securities which may be redeemed at the Redemption Price specified by the terms of such series of Securities). Prior to the giving of notice of redemption of such Securities pursuant to this Indenture, such Person
shall deliver to the Trustee an Officer’s Certificate, stating that such Person is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of such
Person to redeem such Securities pursuant to this Section have been satisfied. 
  

 68 

 ARTICLE TWELVE 
  
 SINKING FUNDS 
  
 Section 12.01.    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 specified as contemplated by Section 3.01 for Securities of such series. 
  
 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 any series is herein referred to as an “optional sinking fund payment”. If
provided for by the terms of Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for
by the terms of such Securities. 
  
 Section
12.02.    Satisfaction of Sinking Fund Payments with Securities. 
  
  The Issuer (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Issuer
pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the
Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such Securities; provided that the Securities to be credited have not been previously so credited. The Securities to be so
credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly. 
   
 Section 12.03.    Redemption
of Securities for Sinking Fund. 
  
 Not less than 60 days prior to each sinking fund
payment date for any Securities, the Issuer will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, 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 Securities of that series pursuant to Section 12.02 and will also deliver to the Trustee any Securities to be
so delivered. Not less than 50 days prior to 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 11.03 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Issuer in the manner provided in Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
11.06 and 11.07. 
  
 *   *  *  *  *

  
 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

  

 69 

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

	INTERCONTINENTAL HOTELS GROUP PLC
		
	 By:
	 	

	 	 	 Name:
 Title:

  

	SIX CONTINENTS PLC
		
	 By:
	 	

	 	 	 Name:
 Title:

  
 
	JPMORGAN CHASE BANK, as Trustee
		
	 By:
	 	

	 	 	 Name:
 Title:

   

 70Purchase Money Financing Line of Credit Promissory Note

 EXHIBIT 10.1 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS. IT HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY, WITHOUT A VIEW TO RESALE OR DISTRIBUTION AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND REGULATIONS PROMULGATED THEREUNDER AND APPLICABLE STATE SECURITIES LAWS. 
  
 PURCHASE MONEY FINANCING LINE OF CREDIT 
 PROMISSORY NOTE 
  

	 $5,000,000.00
	  	 
	 	  	September 15, 2003

  
 FOR VALUE
RECEIVED, KNOLOGY NEW MEDIA, INC., a Delaware corporation (the “Debtor”), hereby unconditionally promises to pay to the order of SCANA COMMUNICATIONS HOLDINGS, INC. (“SCHI”) and CAMPBELL B.
LANIER, III (each a “Holder” and collectively the “Holders”), at the offices of the Holders set forth on the signature pages hereof, or at such other place for a Holder as such Holder may designate in writing to
the Debtor, in lawful money of the United States of America, and in immediately available funds, the principal sum of FIVE MILLION DOLLARS ($5,000,000.00) or such lesser amount as may be the aggregate principal amount of loans outstanding
hereunder, together with interest on the aggregate principal balance from time to time outstanding hereunder (computed on the basis of a 365-day year and the actual number of days elapsed) from the date each such loan is outstanding until paid in
full at a per annum rate equal to 12.00% (subject to increase as provided hereinafter in the event of an Event of Default). 
  
 During the period from the date hereof through but excluding the Maturity Date (as defined below), the Debtor may request, and the Holders may, in their
sole and absolute discretion, make loans to the Debtor, which loans shall be evidenced by this Note. The Debtor shall use the proceeds of loans hereunder solely to finance the cost (including the cost of design, development, acquisition,
construction, installation, improvement, transportation or integration) to acquire equipment, inventory or network assets (such equipment, inventory, and other network assets collectively referred to herein as “Network Assets”)
relating to the System (as defined in that certain Asset Purchase Agreement dated as of July 15, 2003, by and between Verizon Media Ventures Inc. and the Debtor). 
  
 To obtain a loan hereunder, the Debtor shall provide a written loan request (or a telephonic request subsequently confirmed
in writing) to each Holder at the address for each such Holder on the signature pages hereof not later than three business days prior to the date of the 

 
requested loan. Such request shall specify: (i) the amount of the requested loan, (ii) the deposit account and wiring instructions into which such requested
loan shall be deposited and (iii) a detailed list or description of the Network Assets to be purchased using the proceeds of the requested loan. In the event the Holders agree to make the loan, in their sole discretion, the Holders will, on the date
requested in the loan request, deliver such requested loan via wire transfer to the deposit account specified by the Debtor in such loan request. If either Holder elects not to make the requested loan hereunder, neither Holder shall make the
requested loan. 
  
 If each Holder elects to make a requested loan
hereunder, each Holder shall make available to the Debtor one-half of the requested loan in accordance with the loan request delivered with respect to such requested loan. Each payment by the Debtor (or any other person or entity) on account of the
loans made hereunder (whether or not such payment is sufficient to satisfy the payment in full of all amounts outstanding hereunder), shall be shared by the Holders in accordance with the Pro Rata Share of each such Holder, and the Debtor shall make
each such payment by paying each Holder its Pro Rata Share of such payment rather than by making the entire payment to the Holders jointly. For purposes of this Note, a Holder’s “Pro Rata Share” shall mean the fraction that
results from dividing the amount of principal and accrued interest due to such Holder by the total principal and accrued interest due to both Holders. 
  
 The entire principal amount of all loans made hereunder, and all accrued and unpaid interest thereon, shall be repaid by the Debtor in a single
installment on the Maturity Date. For purposes of this Note: “Maturity Date” shall mean the earlier to occur of (i) March 31, 2004 or (ii) the date ten days following the consummation of a Qualified Equity Offering;
“Qualified Equity Offering” shall mean the issuance and sale of Common Stock pursuant to an initial public offering or the issuance and sale of Private Placement Preferred Stock pursuant to a private placement which, in either case,
generates aggregate gross proceeds in an amount equal to or in excess of $50,000,000.00; “Common Stock” shall mean the common stock of Knology, Inc., a Delaware corporation (the “Parent”); “Non-Voting Common
Stock” shall mean the non-voting common stock of the Parent; “Private Placement Preferred Stock” shall mean any series of preferred stock of the Parent issued in a Qualified Equity Offering (as defined below). 

 
 Each Holder is hereby given the right, upon the consummation of a
Qualified Equity Offering and for a period of ten (10) days thereafter, to convert all or a portion of its respective interest in loans made to the Debtor hereunder, together with all interest accrued thereon, into (a), in the case of a Qualified
Equity Offering in which only Common Stock is issued, shares of Common Stock or Non-Voting Common Stock, as elected by such Holder, or (b), in the case of a Qualified Equity Offering in which any Private Placement Preferred Stock is issued, Private
Placement Preferred Stock or, if elected by such Holder in the event that such Private Placement Preferred Stock has voting rights, a new series of preferred stock of the Parent (“Non-Voting Private Placement Preferred Stock”)
having preferences and relative, participating, optional and other special rights, and qualifications, limitations and restrictions thereof, identical to those of, and otherwise being issued on a pari passu basis with, the Private Placement
Preferred Stock, except that such series shall be non-voting except to the extent required by law (and, if the Private Placement Preferred Stock is convertible into voting shares of any class or series, the Non-Voting Private Placement Preferred
Stock shall be convertible at the same rate into shares of 

  

 -2- 

 
a separate class or series with preferences and relative, participating, optional and other special rights, and qualifications, limitations and restrictions
thereof identical to those of the class or series into which the Private Placement Preferred Stock is convertible, except that the shares of the class or series into which the Non-Voting Private Placement Preferred Stock are convertible shall be
non-voting and shall automatically convert to an equal number of shares of the class or series into which the Private Placement Preferred Stock is convertible upon any transfer to a nonaffiliate of SCHI) and shall automatically convert into an equal
number of shares of Private Placement Preferred Stock upon any transfer to a nonaffiliate of SCHI. The number of shares of Common Stock, Non-Voting Common Stock, Private Placement Preferred Stock or Non-Voting Private Placement Preferred Stock into
which a Holder’s interest in loans made hereunder and the accrued interest thereon are converted shall be equal to the quotient obtained by dividing (x) the aggregate principal amount, and accrued interest thereon, of the loans owing to such
Holder to be so converted by (y) the price per share at which the Common Stock or Private Placement Preferred Stock, as applicable, was offered pursuant to the Qualified Equity Offering. The Debtor shall give each Holder at least ten (10) days’
notice prior to the consummation of a Qualified Equity Offering. To convert its respective Pro Rata Share of this Note and the loans evidenced hereby into Common Stock, Non-Voting Common Stock, Private Placement Preferred Stock or Non-Voting Private
Placement Preferred Stock, as applicable, a Holder must give the Debtor notice of the election to convert all or a portion of its Pro Rata Share of this Note and the loans evidenced hereby into Common Stock, Non-Voting Common Stock, Private
Placement Preferred Stock or Non-Voting Private Placement Preferred Stock, as applicable, pursuant to the terms hereof, which notice shall state therein the amount so being converted and the name or names in which the certificate or certificates for
the number of shares of Common Stock, Non-Voting Common Stock, Private Placement Preferred Stock or Non-Voting Private Placement Preferred Stock, as applicable, are to be issued. The Debtor shall, as promptly as practicable after such notice is
given, but in no event later than five (5) days after such notice is given, and at its expense, issue and deliver to or upon the written order of such Holder a certificate or certificates for the full number of shares of Common Stock, Non-Voting
Common Stock, Private Placement Preferred Stock or Non-Voting Private Placement Preferred Stock, as applicable, to which such Holder is entitled and a check or cash with respect to any fractional interest in shares as provided herein. Such
conversion shall be deemed to have been made on the date of the consummation of the Qualified Equity Offering, and the person or persons entitled to receive shares issuable upon such conversion shall be treated for all purposes as the record holder
or holders of such shares as of such date. No fractional shares shall be issued upon any conversion of this Note. In lieu of any fractional shares to which a Holder would otherwise be entitled, the Debtor shall pay cash equal to the product of such
fraction multiplied by the price used to determine the number of shares into which this Note is converted. 
  
 If a Holder does not elect to convert all of its Pro Rata Share of the loans and accrued interest evidenced hereby upon the occurrence of a Qualified
Equity Offering, then the entire outstanding principal amount of this Note owing to such Holder not so converted, together with all interest accrued thereon and not so converted, shall be due and payable in full in cash on the Maturity Date. One
Holder may elect to convert its Pro Rata Share of this Note even if the other Holder elects not to convert its Pro Rata Share. Notwithstanding the foregoing, if an Event of Default occurs and is continuing, the Parent shall, at the request of a
Holder, authorize and create 

  

 -3- 

 
a new Series F (or similar designation) voting preferred stock (“New Series F Preferred Stock”) and/or a new Series G (or similar
designation) non-voting preferred stock (“New Series G Preferred Stock”; the New Series F Preferred Stock and the New Series G Preferred Stock collectively referred to as the “New Preferred Stock”) and such Holder
may, but shall not be obligated to, elect to convert all or a portion of such amounts into shares of New Series F Preferred Stock and/or New Series G Preferred Stock, as elected by such Holder, using a conversion price per share agreed upon by such
Holder and the Debtor or determined by a nationally recognized investment banking firm, as provided below. The New Series F Preferred Stock and the New Series G Preferred Stock shall contain the same preferences and relative, participating, optional
and other special rights, and qualifications, limitations and restrictions thereof, including voting rights (in the case of the New Series F Preferred Stock) or the lack thereof (in the case of the New Series G Preferred Stock) and liquidation
preference, and shall otherwise be issued on a pari passu basis with, the Series D Preferred Stock and Series E Preferred Stock, respectively, of the Parent, that is issued and outstanding on the date hereof. To convert its respective Pro
Rata Share of this Note and the loans evidenced hereby into New Preferred Stock, a Holder must give the Debtor notice of such election, which notice shall state therein the amount so being converted and the name or names in which the certificate or
certificates for the shares of New Preferred Stock are to be issued. Upon receipt of such notice, the Debtor and such Holder shall enter into good faith negotiations as to the applicable conversion price. If the Debtor and such Holder are unable to
agree upon such conversion price within 45 days after the delivery by such Holder of the notice requesting such conversion, the Debtor shall, at its expense, engage a nationally recognized investment banking firm selected by the Holder to determine
the conversion price based upon what is fair to the Parent and the Holder from a financial point of view and such firm’s valuation of the Parent at the time of such conversion. The Debtor shall, as promptly as practicable, but in no event later
than five (5) days after an agreement has been reached as to the conversion price (or the date the investment banking firm determines the conversion price, as applicable), and at its expense, issue and deliver to or upon the written order of such
Holder a certificate or certificates for the full number of shares of New Preferred Stock to which such Holder is entitled and a check or cash with respect to any fractional interest in shares as provided herein. No fractional shares shall be issued
upon any conversion of this Note. In lieu of any fractional shares to which a Holder would otherwise be entitled, the Debtor shall pay cash equal to the product of such fraction multiplied by the price used to determine the number of shares into
which this Note is converted. 
  
 This Note may be prepaid only
with the prior written consent of all Holders. 
  
 All payments of
cash hereunder shall be made in lawful money of the United States of America, without offset. 
  
 Each of the following events shall constitute an “Event of Default” under this Note: (i) the Debtor shall fail to pay any principal, interest or other amount due hereunder when due, or the Debtor shall in
any way fail to comply with the other terms, covenants or conditions contained in this Note and such failure continues for a period of five (5) days; (ii) any written representation or warranty made at any time by the Debtor to the Holders in this
Note or in any other document delivered in connection therewith shall prove to have been incorrect or misleading in any 

  

 -4- 

 
material respect when made; (iii) a default, event of default, or event which with the giving of notice or the passage of time or both would constitute a
default or event of default, shall occur under any other material document, instrument, contract or agreement now or hereafter entered into by the Debtor and the Holders or executed by the Debtor in favor of the Holders, or the Debtor shall in any
way fail to comply with the terms, covenants or conditions contained in any such material document, instrument, contract or agreement; (iv) a default, event of default, or event which with the giving of notice or the passage of time or both would
constitute a default or event of default, shall occur under any document, instrument, contract or agreement (a) evidencing or securing indebtedness of the Debtor for borrowed money in a principal amount in excess of $2,000,000 or (b) the loss,
breach of termination of which would reasonably be expected to have a material adverse effect on the financial condition of the Debtor; (v) a final judgment or order for the payment of money, or any final order granting equitable relief, shall be
entered against the Debtor and such judgment or order has or is reasonably likely to have a material adverse effect on the financial condition of the Debtor; (vi) a warrant, writ of attachment, levy or other similar process shall be issued against
property of the Debtor having an aggregate value in excess of $2,000,000; (vii) the Debtor shall (a) commence a voluntary case under the Bankruptcy Code of 1978, as amended, or other federal bankruptcy law (as now or hereafter in effect), (b) file a
petition seeking to take advantage of any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or composition for adjustment of debts, (c) consent to or fail to contest in a timely and appropriate manner
any petition filed against it in an involuntary case under such bankruptcy laws or other laws, (d) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver,
custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign, (e) admit in writing its inability to pay its debts as they become due or (f) make a general assignment for the benefit of creditors; or
(viii) a case or other proceeding shall be commenced against the Debtor in any court of competent jurisdiction seeking (a) relief under the Bankruptcy Code of 1978, as amended or other federal bankruptcy law (as now or hereafter in effect) or under
any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts and such case or other proceeding is not dismissed within ninety (90) days or (b) the appointment of a trustee, receiver,
custodian, liquidator or the like for the Debtor or all or any substantial part of the assets, domestic or foreign, of the Debtor. 
  
 Upon the occurrence of an Event of Default (other than an Event of Default described in clause (vii) or (viii) of the definition thereof), any and all of
the loans and the Debtor’s other obligations hereunder, at the option of either Holder, and without demand or notice of any kind, may be immediately declared, and thereupon shall immediately become in default and due and payable and the Holders
may exercise any and all rights and remedies available to it at law, in equity or otherwise. Upon the occurrence of an Event of Default described in clause (vii) or (viii) of the definition thereof, any and all of the loans and the Debtor’s
other obligations hereunder, without demand or notice of any kind, shall immediately become in default and due and payable and the Holders may exercise any and all rights and remedies available to it at law, in equity or otherwise. Further, upon the
occurrence of an Event of Default, the interest rate applicable to the loans evidenced hereby shall be increased by 2% from the rate then in effect. 
  

 -5- 

 The Debtor shall pay all expenses incurred by the Holders in connection with the negotiation,
preparation, execution, delivery, performance and collection of this Note and all loans made hereunder and all documents, instruments, contract or agreement now or hereafter entered into in connection herewith and therewith, including, without
limitation, the reasonable fees and disbursements of counsel to the Holders actually incurred. 
  
 The costs and expenses incurred by the Holders in connection with the collection and enforcement of this Note including, but not limited to, the seizure, foreclosure, disposition or other realization of any of the
collateral security securing this Note, and all payments and recoveries with respect to such collection and enforcement actions, shall be shared pro rata by the Holders in accordance with their respective Pro Rata Shares. Upon the occurrence of an
Event of Default, each Holder shall be entitled to act independent of the other with respect to the taking of any collection or enforcement remedies hereunder. 
  

Time is of the essence of this Note. 
  
 This Note is secured solely by the Network Assets purchased with the proceeds of the loans hereunder pursuant to that certain Purchase Money Security
Agreement dated as of even date herewith by and between the Debtor and the Holders, as the same may be amended from time to time (the “Security Agreement”). Each Holder shall have an interest in the collateral covered by the
Security Agreement equal to the respective Pro Rata Share of such Holder. 
  
 THE DEBTOR, AND EACH HOLDER BY ACCEPTING THIS NOTE, ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN THE DEBTOR AND THE HOLDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT. ACCORDINGLY, THE
HOLDERS AND THE DEBTOR HEREBY WAIVE (TO THE EXTENT PERMITTED BY APPLICABLE LAW) TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST THE DEBTOR ARISING OUT OF THIS
NOTE OR BY REASON OF ANY OTHER CAUSE OR DISPUTE WHATSOEVER BETWEEN THE DEBTOR AND THE HOLDERS OF ANY KIND OR NATURE. 
  
 THE DEBTOR, AND THE HOLDERS BY ACCEPTING THIS NOTE, HEREBY AGREE THAT THE FEDERAL COURTS AND STATE COURTS LOCATED IN SOUTH CAROLINA SHALL HAVE
NONEXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE DEBTOR AND THE HOLDERS PERTAINING DIRECTLY OR INDIRECTLY TO THIS NOTE OR ANY OTHER CAUSE OR DISPUTE WHATSOEVER BETWEEN THE DEBTOR AND THE HOLDERS OF ANY KIND OR
NATURE. THE DEBTOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS, HEREBY WAIVING PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND
AGREEING THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT 

  

 -6- 

 
REQUESTED ADDRESSED TO THE DEBTOR AT THE ADDRESS OF THE DEBTOR SET FORTH BELOW ITS SIGNATURE HERETO. SHOULD THE DEBTOR FAIL TO APPEAR OR ANSWER ANY SUMMONS,
COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THIRTY (30) DAYS AFTER THE MAILING THEREOF, IT SHALL BE DEEMED IN DEFAULT AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. THE CHOICE OF
FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE HOLDERS OR THE ENFORCEMENT BY THE HOLDERS OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. FURTHER, THE DEBTOR HEREBY
WAIVES THE RIGHT TO ASSERT THE DEFENSE OF FORUM NON CONVENIENS AND THE RIGHT TO CHALLENGE THE VENUE OF ANY COURT PROCEEDING. 
  
 THE DEBTOR AGREES THAT ALL OF ITS PAYMENT OBLIGATIONS HEREUNDER SHALL BE ABSOLUTE AND UNCONDITIONAL, AND, FOR THE PURPOSES OF MAKING PAYMENTS HEREUNDER,
THE DEBTOR HEREBY WAIVES ANY RIGHT TO ASSERT ANY SETOFF, COUNTERCLAIM OR CROSS-CLAIM. 
  
 FURTHER, THE DEBTOR WAIVES (I) ANY NOTICE OR HEARING PRIOR TO THE TAKING POSSESSION OR CONTROL BY THE HOLDERS OF ANY COLLATERAL GIVEN BY THE DEBTOR, (II) THE POSTING OF ANY BOND OR SECURITY WHICH MIGHT BE REQUIRED BY
ANY COURT PRIOR TO ALLOWING THE HOLDERS TO EXERCISE ANY OF ITS RIGHTS OR REMEDIES, INCLUDING THE ISSUANCE OF AN IMMEDIATE WRIT OF POSSESSION AND (III) THE BENEFIT OF ALL VALUATION, APPRAISEMENT AND EXEMPTION OF LAWS. 
  
 THE FOREGOING WAIVERS HAVE BEEN MADE WITH THE ADVICE OF COUNSEL AND WITH A
FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF. 
  
 No delay
or failure on the part of either Holder in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by the Holders of any right or remedy shall preclude other or further exercise thereof or the
exercise of any other right or remedy. 
  
 Any amendment to this
Note must be in writing and signed by all Holders and the Debtor. Any waiver or consent of a Holder must be in a writing signed by such Holder. 
  
 The Debtor hereby waives presentment, demand, notice of dishonor, protest and all other notices whatever. 
  
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF SOUTH CAROLINA, WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES. 
  

 -7- 

 Notwithstanding any terms or provisions contained herein or elsewhere, in no event shall the aggregate
amount of Interest (as defined below) contracted for, reserved, charged, collected, taken or received by the Holders pursuant to this Note exceed the maximum amount permissible (the “Maximum Rate”) under the Usury Laws (as defined
below). Neither the exercise by the Holders of its rights to accelerate the payment or the maturity of any indebtedness evidenced by this Note, nor the prepayment by the Debtor of any of the indebtedness evidenced by this Note, nor the occurrence of
any other event or contingency whatsoever, shall entitle the Holders to charge, collect or receive Interest in excess of the Maximum Rate and in no event shall the Debtor be obligated to pay Interest exceeding the Maximum Rate. All agreements,
conditions or stipulations, if any, which may in any event or contingency operate to bind, obligate or compel the Debtor to pay Interest exceeding the Maximum Rate shall be without binding force or effect, at law or in equity, but only to the extent
of the excess of Interest over such Maximum Rate. If any Interest is contracted for, charged, collected, taken or received in excess of the Maximum Rate (“Excess”), the Debtor acknowledges and agrees that any such obligation,
charge, collection or receipt shall be the result of a bona fide error, and such Excess, to the extent received, shall be applied first to reduce the principal hereof and the balance of such Excess, if any, shall be returned to the Debtor; it being
the express intent of the Debtor and the Holders that the Debtor not pay and the Holders not receive, charge or collect, directly or indirectly, interest in excess of the Maximum Rate. For the purpose of determining whether or not any Excess has
been contracted for, charged, collected or received by the Holders, all Interest at any time contracted for, charged, collected or received from the Debtor in connection with the indebtedness evidenced by this Note shall, to the extent permitted by
the Usury Laws, be amortized, prorated, allocated and spread in equal parts throughout the full term of this Note. The Debtor and the Holders agree, to the maximum extent permitted under the Usury Laws, to (i) characterize any non-principal payment
as an expense rather than as Interest and (ii) exclude voluntary prepayments and the effects thereof. For purposes hereof, the term “Interest” shall mean any and all interest, fees, premiums and other charges for the use of money or
the extension of credit and shall include any “interest” (or any amount or sum deemed to be “interest”) under and as defined in the Usury Laws; and the term “Usury Laws” shall mean any applicable laws, statutes,
rules, regulations or ordinances limiting, governing or otherwise regulating the rate or amount of Interest or the manner which Interest may be calculated, charged, collected, paid, contracted for or disclosed. 
  
 This Note shall be binding upon the successors of the Debtor, and the Debtor
shall not assign any of its obligations hereunder to any person or entity. 
  
 Each Holder shall maintain a set of accounts regarding the amount of loans made hereunder, the amount of accrued interest thereon, and the amount of each payment made by the debtor with respect thereto; provided,
however, that the failure to maintain such accounts shall not relieve or discharge the Debtor from its obligations hereunder. Such accounts shall be binding upon the Debtor absent manifest error. 
  
 Any notice to be given hereunder shall be in writing, shall be sent to the
party to which such notice is given at the address of such party set forth below its signature hereto or to such other address for such party as it may designate by notice to the other parties hereto, and shall be 

  

 -8- 

 
deemed effectively given: (i) on the earlier of the date of receipt or the date three (3) business days after deposit of such notice in the United States
mail, if sent postage prepaid, certified mail, return receipt requested; (ii) upon personal delivery to the party to be notified; (iii) when sent by confirmed fax or telex if sent during normal business hours of the recipient, if not, then on the
next business day; or (iv) one day after deposit with a nationally recognized overnight courier, specifying next-day delivery, with written verification of receipt. 
  
 [Signatures on Next Page] 
  

 -9- 

 [Signature Page to Purchase Money Financing Line of Credit Note] 
  
 IN WITNESS WHEREOF, the Debtor has duly executed and delivered this
Purchase Money Financing Line of Credit Promissory Note as of the date and year first written above. 
  

	KNOLOGY NEW MEDIA, INC.
		
	 By:
	 	 /s/ Chad Wachter

	 	 	 Name: Chad Wachter

	 	 	 Title: Vice President, General Counsel

	
	 Address for Notices

	 1241 O.G. Skinner Drive

	 P.O. Box 510 (31833)

	 West Point, Georgia 31833-1789

	 Attn: Chad S. Wachter, General Counsel

  
 [Signatures
Continued on Next Page] 
  

 -10- 

 [Signature Page to Purchase Money Financing Line of Credit Note, continued] 
  
 Accepted: 
  
 SCANA COMMUNICATIONS HOLDINGS, INC. 
  

	 By:
	 	 /s/ Peter J. Winnington

	 	 	 Name: Peter J. Winnington

	 	 	 Title: Assistant Treasurer/Assistant Secretary

  
 Address for Notices 
  
 SCANA
Communications Holdings, Inc. 
 c/o Belfint Lyons & Shuman 
 (mail address) 
 P.O. Box 2105 
 Wilmington, Delaware 19899-2105 
 (delivery address) 
 200 West Ninth Street Plaza, Suite 600 
 Wilmington, Delaware 19801 
 Attn: Mr. Peter Winnington 
 Phone: (302) 573-3907 
 Fax: (302) 658-0468 
 Email: pwinnington@belfint.com 
  
 with a copy to: 
  
 SCANA Communications Holdings, Inc. 
 1426 Main Street 
 Columbia, SC 29201 
 Attn: James E. Swan IV 
 Phone: (803) 217-6017 
 Fax: (803) 933-7686 
 Email: jswan@scana.com 
  
 and to: 
  
 McNair Law Firm, P.A. 
 (mail address) 
 P.O. Box 11390 
 Columbia, SC 29211 
 (delivery address) 
  

 -11- 

 [Signature Page to Purchase Money Financing Line of Credit Note, continued] 
  
 1301 Gervais Street 
 17th
Floor 
 Columbia, SC 29201 
 Attn: John W. Currie, Esq. 
 Phone: (803) 376-2272 
 Fax: (803) 376-2277 
 Email: jcurrie@mcnair.net 
  
 [Signatures
Continued on Next Page] 
  

 -12- 

 [Signature Page to Purchase Money Financing Line of Credit Note, continued] 
  

	       /s/ Cambell B. Lanier

	Campbell B. Lanier, III

  
 Address for Notices 
 c/o Knology, Inc. 
 1241 O.G. Skinner Drive 
 P.O. Box 510 (31833) 
 West Point, Georgia 31833-1789 
 Attn: Chad S. Wachter, General Counsel 
  

 -13- 

 [Signature Page to Purchase Money Financing Line of Credit Note, continued] 
  
 Knology, Inc., solely for purposes of the provisions contained in this Note relating to the
conversion of any amounts owing by the Debtor hereunder into shares of Common Stock, Non-Voting Common Stock, Private Placement Preferred Stock, Non-Voting Private Placement Preferred Stock and New Preferred Stock of Knology, Inc., as applicable,
and not in any way as a guarantor or surety, hereby agrees and consents to such conversion provisions and hereby agrees (a) to take all actions as may be reasonably necessary or desirable to effect any requested conversion permitted hereunder and
(b), in the case of any conversion into Common Stock, Non-Voting Common Stock or Private Placement Preferred Stock, to authorize and reserve a sufficient number of shares therefrom for conversion as contemplated herein, or, in the case of any
conversion into Non-Voting Private Placement Preferred Stock or New Preferred Stock, to take all actions as may be reasonably necessary or desirable to create, authorize and reserve for conversion as contemplated herein a sufficient number of shares
of (x) such Non-Voting Private Placement Preferred Stock or New Preferred Stock, as applicable, and (y) any class or series of stock into which such Non-Voting Private Placement Preferred Stock or New Preferred Stock, as applicable, may be
converted. 
  

	KNOLOGY, INC.
		
	 By:
	 	 /s/ Chad Wachter

	 	 	 Title: Vice President, General Counsel

  

 -14-

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