Document:

EX-4.2

 EXHIBIT 4.2 

FORM OF SUBORDINATED INDENTURE 
  

 
  

CLECO CORPORATION 
 as Issuer

 and 

[                       
             ] 
 as Trustee 

 
  

Indenture 
 Dated as of
                                , 

 
  

Subordinated Debt Securities 
  

 
  

 CLECO CORPORATION 

Reconciliation and tie between Trust Indenture Act of 1939 

and Indenture, dated as of
                    , 
  

							
	 Section of
 Trust
Indenture
 Act of 1939
	  	Section(s) of
Indenture
	 	§310	  	 	 (a)(1)
	  	7.10
				 	 (a)(2)
	  	7.10
				 	 (a)(3)
	  	Not Applicable
				 	 (a)(4)
	  	Not Applicable
				 	 (a)(5)
	  	7.10
				 	 (b)
	  	7.08, 7.10
	 	§311	  	 	 (a)
	  	7.11
				 	 (b)
	  	7.11
				 	 (c)
	  	Not Applicable
	 	§312	  	 	 (a)
	  	2.07
				 	 (b)
	  	11.03
				 	 (c)
	  	11.03
	 	§313	  	 	 (a)
	  	7.06
				 	 (b)
	  	7.06
				 	 (c)
	  	7.06
				 	 (d)
	  	7.06
	 	§314	  	 	 (a)
	  	4.03, 4.04
				 	 (b)
	  	Not Applicable
				 	 (c)(1)
	  	11.04
				 	 (c)(2)
	  	11.04
				 	 (c)(3)
	  	Not Applicable
				 	 (d)
	  	Not Applicable
				 	 (e)
	  	11.05
	 	§315	  	 	 (a)
	  	7.01(b)
				 	 (b)
	  	7.05
				 	 (c)
	  	7.01(a)
				 	 (d)
	  	7.01(c)
				 	 (d)(1)
	  	7.01(c)(1)
				 	 (d)(2)
	  	7.01(c)(2)
				 	 (d)(3)
	  	7.01(c)(3)
				 	 (e)
	  	6.11
	 	§316	  	 	 (a)(1)(A)
	  	6.05
				 	 (a)(1)(B)
	  	6.04
				 	 (a)(2)
	  	Not Applicable
				 	 (a)(last sentence)
	  	2.11
				 	 (b)
	  	6.07
	 	§317	  	 	 (a)(1)
	  	6.08
				 	 (a)(2)
	  	6.09
				 	 (b)
	  	2.06
	 	§318	  	 	 (a)
	  	11.01

  
  

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

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	 ARTICLE I               DEFINITIONS AND
INCORPORATION BY REFERENCE
	  	 	1	  
			
	 SECTION 1.01
	    	Definitions	  	 	1	  
	 SECTION 1.02
	    	Other Definitions	  	 	6	  
	 SECTION 1.03
	    	Incorporation by Reference of Trust Indenture Act	  	 	6	  
	 SECTION 1.04
	    	Rules of Construction	  	 	7	  
		
	 ARTICLE II               THE SECURITIES
	  	 	7	  
			
	 SECTION 2.01
	    	Amount Unlimited; Issuable in Series	  	 	7	  
	 SECTION 2.02
	    	Denominations	  	 	10	  
	 SECTION 2.03
	    	Forms Generally	  	 	10	  
	 SECTION 2.04
	    	Execution, Authentication, Delivery and Dating	  	 	11	  
	 SECTION 2.05
	    	Registrar and Paying Agent	  	 	12	  
	 SECTION 2.06
	    	Paying Agent to Hold Money in Trust	  	 	13	  
	 SECTION 2.07
	    	Holder Lists	  	 	13	  
	 SECTION 2.08
	    	Transfer and Exchange	  	 	14	  
	 SECTION 2.09
	    	Replacement Securities	  	 	14	  
	 SECTION 2.10
	    	Outstanding Securities	  	 	14	  
	 SECTION 2.11
	    	Original Issue Discount, Foreign-Currency Denominated and Treasury Securities	  	 	15	  
	 SECTION 2.12
	    	Temporary Securities	  	 	15	  
	 SECTION 2.13
	    	Cancellation	  	 	16	  
	 SECTION 2.14
	    	Payments; Defaulted Interest	  	 	16	  
	 SECTION 2.15
	    	Persons Deemed Owners	  	 	16	  
	 SECTION 2.16
	    	Computation of Interest	  	 	16	  
	 SECTION 2.17
	    	Global Securities; Book-Entry Provisions	  	 	17	  
		
	 ARTICLE III               REDEMPTION
	  	 	19	  
			
	 SECTION 3.01
	    	Applicability of Article	  	 	19	  
	 SECTION 3.02
	    	Notice to the Trustee	  	 	19	  
	 SECTION 3.03
	    	Selection of Securities To Be Redeemed	  	 	19	  
	 SECTION 3.04
	    	Notice of Redemption	  	 	20	  
	 SECTION 3.05
	    	Effect of Notice of Redemption	  	 	20	  
	 SECTION 3.06
	    	Deposit of Redemption Price	  	 	21	  
	 SECTION 3.07
	    	Securities Redeemed or Purchased in Part	  	 	21	  
	 SECTION 3.08
	    	Purchase of Securities	  	 	21	  
	 SECTION 3.09
	    	Mandatory and Optional Sinking Funds	  	 	21	  
	 SECTION 3.10
	    	Satisfaction of Sinking Fund Payments with Securities	  	 	22	  
	 SECTION 3.11
	    	Redemption of Securities for Sinking Fund	  	 	22	  

  
 i 

							
	 ARTICLE IV               COVENANTS
	  	 	23	  
			
	 SECTION 4.01
	    	Payment of Securities	  	 	23	  
	 SECTION 4.02
	    	Maintenance of Office or Agency	  	 	23	  
	 SECTION 4.03
	    	SEC Reports; Financial Statements	  	 	24	  
	 SECTION 4.04
	    	Compliance Certificate	  	 	24	  
	 SECTION 4.05
	    	Corporate Existence	  	 	24	  
	 SECTION 4.06
	    	Waiver of Stay, Extension or Usury Laws	  	 	25	  
	 SECTION 4.07
	    	Additional Amounts	  	 	25	  
		
	 ARTICLE V               SUCCESSORS
	  	 	25	  
			
	 SECTION 5.01
	    	Limitations on Mergers and Consolidations	  	 	25	  
	 SECTION 5.02
	    	Successor Person Substituted	  	 	26	  
		
	 ARTICLE VI               DEFAULTS AND
REMEDIES
	  	 	26	  
			
	 SECTION 6.01
	    	Events of Default	  	 	26	  
	 SECTION 6.02
	    	Acceleration	  	 	28	  
	 SECTION 6.03
	    	Other Remedies	  	 	28	  
	 SECTION 6.04
	    	Waiver of Defaults	  	 	29	  
	 SECTION 6.05
	    	Control by Majority	  	 	29	  
	 SECTION 6.06
	    	Limitations on Suits.	  	 	29	  
	 SECTION 6.07
	    	Rights of Holders to Receive Payment	  	 	30	  
	 SECTION 6.08
	    	Collection Suit by Trustee	  	 	30	  
	 SECTION 6.09
	    	Trustee May File Proofs of Claim	  	 	30	  
	 SECTION 6.10
	    	Priorities	  	 	31	  
	 SECTION 6.11
	    	Undertaking for Costs	  	 	31	  
		
	 ARTICLE VII               TRUSTEE
	  	 	32	  
			
	 SECTION 7.01
	    	Duties of Trustee	  	 	32	  
	 SECTION 7.02
	    	Rights of Trustee	  	 	33	  
	 SECTION 7.03
	    	May Hold Securities	  	 	33	  
	 SECTION 7.04
	    	Trustee’s Disclaimer	  	 	33	  
	 SECTION 7.05
	    	Notice of Defaults	  	 	34	  
	 SECTION 7.06
	    	Reports by Trustee to Holders	  	 	34	  
	 SECTION 7.07
	    	Compensation and Indemnity	  	 	34	  
	 SECTION 7.08
	    	Replacement of Trustee	  	 	35	  
	 SECTION 7.09
	    	Successor Trustee by Merger, etc.	  	 	36	  
	 SECTION 7.10
	    	Eligibility; Disqualification	  	 	37	  
	 SECTION 7.11
	    	Preferential Collection of Claims Against the Company	  	 	37	  
		
	 ARTICLE VIII               DISCHARGE OF
INDENTURE
	  	 	37	  
			
	 SECTION 8.01
	    	Termination of the Company’s Obligations	  	 	37	  
	 SECTION 8.02
	    	Application of Trust Money	  	 	41	  
	 SECTION 8.03
	    	Repayment to Company	  	 	41	  
	 SECTION 8.04
	    	Reinstatement	  	 	41	  
		
	 ARTICLE IX               SUPPLEMENTAL
INDENTURES AND AMENDMENTS
	  	 	42	  
			
	 SECTION 9.01
	    	Without Consent of Holders	  	 	42	  
	 SECTION 9.02
	    	With Consent of Holders	  	 	43	  
	 SECTION 9.03
	    	Compliance with Trust Indenture Act	  	 	45	  

  
 ii 

							
	 SECTION 9.04
	    	Revocation and Effect of Consents	  	 	45	  
	 SECTION 9.05
	    	Notation on or Exchange of Securities	  	 	46	  
	 SECTION 9.06
	    	Trustee to Sign Amendments, etc.	  	 	46	  
		
	 ARTICLE X               SUBORDINATION OF
SECURITIES
	  	 	46	  
			
	 SECTION 10.01
	    	Securities Subordinated to Senior Debt	  	 	46	  
	 SECTION 10.02
	    	No Payment on Securities in Certain Circumstances	  	 	47	  
	 SECTION 10.03
	    	Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization	  	 	47	  
	 SECTION 10.04
	    	Subrogation to Rights of Holders of Senior Debt	  	 	48	  
	 SECTION 10.05
	    	Obligations of the Company Unconditional	  	 	49	  
	 SECTION 10.06
	    	Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice	  	 	49	  
	 SECTION 10.07
	    	Application by Trustee of Amounts Deposited with It	  	 	49	  
	 SECTION 10.08
	    	Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt	  	 	50	  
	 SECTION 10.09
	    	Trustee to Effectuate Subordination of Securities	  	 	50	  
	 SECTION 10.10
	    	Right of Trustee to Hold Senior Debt	  	 	51	  
	 SECTION 10.11
	    	ARTICLE X Not to Prevent Events of Default	  	 	51	  
	 SECTION 10.12
	    	No Fiduciary Duty of Trustee to Holders of Senior Debt	  	 	51	  
	 SECTION 10.13
	    	ARTICLE Applicable to Paying Agent	  	 	51	  
		
	 ARTICLE XI
              MISCELLANEOUS
	  	 	52	  
			
	 SECTION 11.01
	    	Trust Indenture Act Controls	  	 	52	  
	 SECTION 11.02
	    	Notices	  	 	52	  
	 SECTION 11.03
	    	Communication by Holders with Other Holders	  	 	53	  
	 SECTION 11.04
	    	Certificate and Opinion as to Conditions Precedent	  	 	53	  
	 SECTION 11.05
	    	Statements Required in Certificate or Opinion	  	 	53	  
	 SECTION 11.06
	    	Rules by Trustee and Agents	  	 	54	  
	 SECTION 11.07
	    	Legal Holidays	  	 	54	  
	 SECTION 11.08
	    	No Recourse Against Others	  	 	54	  
	 SECTION 11.09
	    	Governing Law	  	 	54	  
	 SECTION 11.10
	    	No Adverse Interpretation of Other Agreements	  	 	54	  
	 SECTION 11.11
	    	Successors	  	 	54	  
	 SECTION 11.12
	    	Severability	  	 	55	  
	 SECTION 11.13
	    	Counterpart Originals	  	 	55	  
	 SECTION 11.14
	    	Table of Contents, Headings, etc.	  	 	55	  

  
 iii 

 INDENTURE dated as of             ,
            between Cleco Corporation, a Louisiana corporation (the “Company”), and [            ], as trustee (the
“Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the
Holders of the Company’s unsecured subordinated debentures, notes or other evidences of indebtedness (the “Securities”) to be issued from time to time in one or more series as provided in this Indenture: 

ARTICLE I 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 SECTION 1.01 Definitions. 

“Additional Amounts” means any additional amounts required by the express terms of a Security or by or pursuant to a Board
Resolution, under circumstances specified therein or pursuant thereto, to be paid by the Company with respect to certain taxes, assessments or other governmental charges imposed on certain Holders and that are owing to such Holders. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or
indirect common control with, such specified Person. For purposes of this definition, “control” of a Person shall mean 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” shall have meanings correlative to the foregoing. 

“Agent” means any Registrar or Paying Agent. 

“Bankruptcy Law” means Title 11 of the United States Code or any similar federal, state or foreign law for the relief of debtors.

 “Board of Directors” means the Board of Directors of the Company or any committee thereof duly authorized, with respect to any
particular matter, to act by or on behalf of the Board of Directors of the Company. 
 “Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means any day that is not a Legal Holiday. 

“Capitalized Lease Obligation” of any Person means any obligation of such Person to pay rent or other amounts under a lease of
property, real or personal, that is required to be capitalized for financial reporting purposes in accordance with GAAP; and the amount of such obligation shall be the capitalized amount thereof determined in accordance with GAAP. 

  
 1 

 “Company” means the Person named as the “Company” in the first paragraph of
this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person; provided, however, that for purposes of any
provision contained herein which is required by the TIA, “Company” shall also mean each other obligor (if any) on the Securities of a series. 

“Company Order” and “Company Request” mean, respectively, a written order or request signed in the name of the Company by
two Officers of the Company, and delivered to the Trustee. 
 “Corporate Trust Office of the Trustee” means the office of the
Trustee located at [             ], Attention: [             ], and as may be located at such other address as the Trustee may
give notice to the Company. 
 “Debt” of any Person means, without duplication: (i) all indebtedness or obligations of such
Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof); (ii) all obligations of such Person evidenced by notes, bonds, debentures or other similar
instruments; (iii) all obligations of such Person in respect of letters of credit or other similar instruments (or reimbursement obligations with respect thereto), other than standby letters of credit, bid or performance bonds and other
obligations issued by or for the account of such Person in the ordinary course of business, to the extent not drawn or, to the extent drawn, if such drawing is reimbursed not later than the third Business Day following demand for reimbursement;
(iv) all obligations of such Person to pay the deferred and unpaid purchase price of property or services, except trade payables and accrued expenses incurred in the ordinary course of business; (v) all Capitalized Lease Obligations of
such Person; (vi) all Debt of others secured by a lien on any asset of such Person, whether or not such Debt is assumed by such Person (provided that if the obligations so secured have not been assumed in full by such Person or are not
otherwise such Person’s legal liability in full, then such obligations shall be deemed to be in an amount equal to the greater of (a) the lesser of (1) the full amount of such obligations and (2) the fair market value of such
assets, as determined in good faith by the Board of Directors of such Person, which determination shall be evidenced by a Board Resolution, and (b) the amount of obligations as have been assumed by such Person or which are otherwise such
Person’s legal liability); and (vii) all Debt of others (other than endorsements in the ordinary course of business) guaranteed by such Person to the extent of such guarantee. 

“Default” means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default.

 “Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in global form, the
Person specified pursuant to Section 2.01 hereof as the initial Depositary with respect to the Securities of such series, until a successor shall have been appointed and become such pursuant to the applicable provision of this Indenture, and
thereafter “Depositary” shall mean or include such successor. 
 “Dollar” or “$” means a dollar or other
equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private debt. 

  
 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor
statute. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be
approved by a significant segment of the accounting profession of the United States, as in effect from time to time. 
 “Global
Security” means a Security that is issued in global form in the name of the Depositary with respect thereto or its nominee. 

“Government Obligations” means, with respect to a series of Securities, direct obligations of the government that issues the
currency in which the Securities of the series are payable for the payment of which the full faith and credit of such government is pledged, or obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such
government, the payment of which is unconditionally guaranteed as a full faith and credit obligation by such government. 

“Holder” means a Person in whose name a Security is registered. 

“Indenture” means this Indenture as amended or supplemented from time to time pursuant to the provisions hereof, and includes the
terms of a particular series of Securities established as contemplated by Section 2.01. 
 “interest” means, with respect to
an Original Issue Discount Security that by its terms bears interest only after Maturity, interest payable after Maturity. 
 “Interest
Payment Date,” when used with respect to any Security, shall have the meaning assigned to such term in the Security as contemplated by Section 2.01. 

“Issue Date” means, with respect to Securities of a series, the date on which the Securities of such series are originally issued
under this Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in any of The City of
New York, New York; New Orleans, Louisiana or a Place of Payment are authorized or obligated by law, regulation or executive order to remain closed. 

“Maturity” means, with respect to any Security, the date on which the principal of such Security or an installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity thereof, or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means the Chairman of the Board, the President, any Vice Chairman of the Board, any Vice President, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, the Controller, any Assistant Controller, the Secretary or any Assistant Secretary of a Person. 

  
 3 

 “Officers’ Certificate” means a certificate signed by two Officers of a Person.

 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. Such counsel may be an
employee of or counsel to the Company or the Trustee. 
 “Original Issue Discount Security” means any Security that 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 6.02. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, incorporated or unincorporated
association, joint stock company, trust, unincorporated organization or government or other agency, instrumentality or political subdivision thereof or other entity of any kind. 

“Place of Payment” means, with respect to the Securities of any series, the place or places where the principal of, premium (if any)
and interest on and any Additional Amounts with respect to the Securities of that series are payable as specified in accordance with Section 2.01 subject to the provisions of Section 4.02. 

“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security. 

“Redemption Date” means, with respect to any Security to be redeemed, the date fixed for such redemption by or pursuant to this
Indenture. 
 “Redemption Price” means, with respect to any Security to be redeemed, the price at which it is to be redeemed
pursuant to this Indenture. 
 “Responsible Officer” means any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

 “Rule 144A Securities” means Securities of a series designated pursuant to Section 2.01 as entitled to the benefits of
Section 4.03(b). 
 “SEC” means the Securities and Exchange Commission. 

“Securities” has the meaning stated in the preamble of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture. 
 “Security Custodian” means, with respect to Securities of a series issued in global form, the
Trustee for Securities of such series, as custodian with respect to the Securities of such series, or any successor entity thereto. 

  
 4 

 “Senior Debt” of the Company, unless otherwise provided with respect to the Securities
of a series as contemplated by Section 2.01, means (i) all Debt of the Company, whether currently outstanding or hereafter created, incurred or assumed, unless, by the terms of the instrument creating or evidencing such Debt or pursuant to
which such Debt is outstanding, it is provided that such Debt is not superior in right of payment to the Securities or to other Debt which is pari passu with or subordinated to the Securities, and (ii) any modifications, refunding,
deferrals, renewals or extensions of any such Debt or any securities, notes or other evidences of Debt issued in exchange for such Debt; provided that, unless otherwise provided with respect to the Securities of a series as contemplated by
Section 2.01, in no event shall “Senior Debt” include (a) Debt evidenced by the Securities, (b) Debt of the Company owed or owing to any Subsidiary or any officer, director or employee of the Company or any Subsidiary,
(c) Debt to trade creditors or (d) any liability for taxes owed or owing by the Company. 
 “Stated Maturity” means,
when used with respect to any Security or any installment of principal thereof or interest thereon, the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and
payable. 
 “Subsidiary” means a Person at least a majority of the outstanding voting stock of which is owned, directly or
indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock having voting power for the election of directors,
whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 
 “TIA”
means the Trust Indenture Act of 1939, as amended, as in effect on the date hereof. 
 “Trustee” means the Person named as such
above until a successor replaces it in accordance with the applicable provisions of this Indenture, and thereafter “Trustee” means 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 means 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 territories and
possessions, which include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

“U.S. Government Obligations” means Government Obligations with respect to Securities payable in Dollars. 

  
 5 

 SECTION 1.02 Other Definitions. 
  

					
	 Term
	  	Defined
in Section	 
	 “Agent Members”
	  	 	2.17	  
	 “Bankruptcy Custodian”
	  	 	6.01	  
	 “Conversion Event”
	  	 	6.01	  
	 “covenant defeasance”
	  	 	8.01	  
	 “Event of Default”
	  	 	6.01	  
	 “Exchange Rate”
	  	 	2.11	  
	 “Judgment Currency”
	  	 	6.10	  
	 “legal defeasance”
	  	 	8.01	  
	 “mandatory sinking fund payment”
	  	 	3.09	  
	 “optional sinking fund payment”
	  	 	3.09	  
	 “Paying Agent”
	  	 	2.05	  
	 “Payment Default”
	  	 	10.02	  
	 “Registrar”
	  	 	2.05	  
	 “Required Currency”
	  	 	6.10	  
	 “Successor”
	  	 	5.01	  

 SECTION 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture (and
if the Indenture is not qualified under the TIA at that time, as if it were so qualified unless otherwise provided). The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company or any other obligor on the Securities. 

All terms used in this Indenture that are defined by the TIA, defined by a TIA reference to another statute or defined by an SEC rule under
the TIA have the meanings so assigned to them. 

  
 6 

 SECTION 1.04 Rules of Construction. 

Unless the context otherwise requires: 
  

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

  

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

  

	 	(3)	“or” is not exclusive; 

  

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

  

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

  

	 	(6)	all references in this instrument to Articles and Sections are references to the corresponding Articles and Sections in and of this instrument. 

ARTICLE II 
 THE SECURITIES 

SECTION 2.01 Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth, or
determined in the manner provided, in an Officers’ Certificate of the Company or in a Company Order, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 

(1) the title of the Securities of the series (which shall distinguish the Securities of the series from the Securities of all
other series); 
 (2) if there is to be a limit, the limit upon the aggregate principal amount of the Securities of the
series that 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 2.08,
2.09, 2.12, 2.17, 3.07 or 9.05 and except for any Securities which, pursuant to Section 2.04 or 2.17, are deemed never to have been authenticated and delivered hereunder); provided, however, that unless otherwise provided in the terms of
the series, the authorized aggregate principal amount of such series may be increased before or after the issuance of any Securities of the series by a Board Resolution (or action pursuant to a Board Resolution) to such effect; 

  
 7 

 (3) whether any Securities of the series are to be issuable initially in
temporary global form and whether any Securities of the series are to be issuable in permanent global form, as Global Securities or otherwise, and, if so, whether beneficial owners of interests in any such Global Security may exchange such interests
for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 2.17, and the initial Depositary and
Security Custodian, if any, for any Global Security or Securities of such series; 
 (4) the manner in which any interest
payable on a temporary Global Security on any Interest Payment Date will be paid if other than in the manner provided in Section 2.14; 

(5) the right, if any, to extend or defer the interest payment periods and the duration of any such extension; 

(6) the date or dates on which the principal of and premium (if any) on the Securities of the series is payable or the method
of determination thereof; 
 (7) the rate or rates, or the method of determination thereof, at which the Securities of the
series shall bear interest, if any, whether and under what circumstances Additional Amounts with respect to such Securities shall be payable, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest
shall be payable and the record date for the interest payable on any Securities on any Interest Payment Date, or if other than provided herein, the Person to whom any interest on Securities of the series shall be payable; 

(8) the place or places where, subject to the provisions of Section 4.02, the principal of, premium (if any) and interest
on and any Additional Amounts with respect to the Securities of the series shall be payable; 
 (9) the period or periods
within which, the price or prices (whether denominated in cash, securities or otherwise) 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 Company, if the Company is
to have that option, and the manner in which the Company must exercise any such option, if different from those set forth herein; 

(10) the obligation, if any, of the Company to redeem, purchase or repay 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 (whether denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the series
shall be redeemed, purchased or repaid in whole or in part pursuant to such obligation; 
 (11) if other than denominations
of $1,000 and any integral multiple thereof, the denomination in which any Securities of that series shall be issuable; 

  
 8 

 (12) if other than Dollars, the currency or currencies (including composite
currencies) or the form, including equity securities, other debt securities (including Securities), warrants or any other securities or property of the Company or any other Person, in which payment of the principal of, premium (if any) and interest
on and any Additional Amounts with respect to the Securities of the series shall be payable; 
 (13) if the principal of,
premium (if any) or interest on or any Additional Amounts with respect to the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency or currencies (including composite currencies) other than
that in which the Securities are stated to be payable, the currency or currencies (including composite currencies) in which payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to 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; 

(14) if the amount of payments of principal of, premium (if any) and interest on and any Additional Amounts with respect to the
Securities of the series may be determined with reference to any commodities, currencies or indices, values, rates or prices or any other index or formula, the manner in which such amounts shall be determined; 

(15) if other than the entire principal amount thereof, the portion of the principal amount of Securities of the series that
shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.02; 
 (16) any
additional means of satisfaction and discharge of this Indenture and any additional conditions or limitations to discharge with respect to Securities of the series pursuant to Article VIII or any modifications of or deletions from such conditions or
limitations; 
 (17) any deletions or modifications of or additions to the Events of Default set forth in Section 6.01
or covenants of the Company set forth in Article IV pertaining to the Securities of the series; 
 (18) any restrictions or
other provisions with respect to the transfer or exchange of Securities of the series, which may amend, supplement, modify or supersede those contained in this Article II; 

(19) if the Securities of the series are to be convertible into or exchangeable for capital stock, other debt securities
(including Securities), warrants, other equity securities or any other securities or property of the Company or any other Person, at the option of the Company or the Holder or upon the occurrence of any condition or event, the terms and conditions
for such conversion or exchange; 
 (20) if the Securities of the series are to be entitled to the benefit of
Section 4.03(b) (and accordingly constitute Rule 144A Securities), that fact; 

  
 9 

 (21) any modifications to the definition of “Senior Debt,” to Article X
or to the other provisions regarding subordination with respect to the Securities of the series; and 
 (22) any other terms
of the series (which terms shall not be prohibited by the provisions of this Indenture). 
 All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 2.03) set forth, or determined in the manner provided, in the
Officers’ Certificate or Company Order referred to above or in any such indenture supplemental hereto. 
 If any of the terms of the
series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action, together with such Board Resolution, shall be set forth in an Officers’ Certificate or certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or Company Order setting forth the terms of the series. 

The Securities shall be subordinated in right of payment to Senior Debt as provided in Article X and/or as specified as contemplated pursuant
to this Section 2.01. 
 SECTION 2.02 Denominations. 

The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 2.01. In the
absence of any such provisions with respect to the Securities of any series, the Securities of such series denominated in Dollars shall be issuable in denominations of $1,000 and any integral multiples thereof. 

SECTION 2.03 Forms Generally. 
 The
Securities of each series shall be in fully registered form and in substantially such form or forms (including temporary or permanent global form) established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto. The
Securities may have notations, legends or endorsements required by law, securities exchange rule, the Company’s certificate of incorporation, bylaws or other similar governing documents, agreements to which the Company is subject, if any, or
usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). A copy of the Board Resolution establishing the form or forms of Securities of any series shall be delivered to the Trustee at or prior to the
delivery of the Company Order contemplated by Section 2.04 for the authentication and delivery of such Securities. 
 The definitive
Securities of each series shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officers executing such Securities, as evidenced by their execution thereof. 

The Trustee’s certificate of authentication shall be in substantially the following form: 

  
 10 

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

			
	[                        ], as Trustee
		
	By:	 	 
		 	Authorized Signatory”.

 SECTION 2.04 Execution, Authentication, Delivery and Dating. 

Two Officers of the Company shall sign the Securities on behalf of the Company by manual or facsimile signature. If an Officer of the Company
whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall be valid nevertheless. 

A Security shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the
manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that the Security has been authenticated under this Indenture. Notwithstanding the foregoing, if any Security has been authenticated and
delivered hereunder but never issued and sold by the Company, and the Company delivers such Security to the Trustee for cancellation as provided in Section 2.13, together with a written statement (which need not comply with Section 11.05
and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, 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. 
 At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, and the Trustee shall authenticate and deliver such Securities for original issue upon a Company Order for the authentication and
delivery of such Securities or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by Company Order. Such order shall specify the amount of the Securities to be authenticated, the date on which the original
issue of Securities is to be authenticated, the name or names of the initial Holder or Holders and any other terms of the Securities of such series not otherwise determined. If provided for in such procedures, such Company Order may authorize
(1) authentication and delivery of Securities of such series for original issue from time to time, with certain terms (including, without limitation, the Maturity dates or dates, original issue date or dates and interest rate or rates) that
differ from Security to Security and (2) may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. 

If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by
Section 2.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in addition to the Company Order referred to above and
the other documents required by Section 11.04), and (subject to Section 7.01) shall be fully protected in relying upon: 

  
 11 

 (a) an Officers’ Certificate setting forth the Board Resolution and, if
applicable, an appropriate record of any action taken pursuant thereto, as contemplated by the last paragraph of Section 2.01; and 

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

(i) the form of such Securities has been established in conformity with the provisions of this Indenture; 

(ii) the terms of such Securities have been established in conformity with the provisions of this Indenture; and 

(iii) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject
to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws in effect from time to time affecting the rights of creditors generally, and the application of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 If all the Securities of any series are not to be issued at one time,
it shall not be necessary to deliver an Officers’ Certificate and Opinion of Counsel at the time of issuance of each such Security, but such Officers’ Certificate and Opinion of Counsel shall be delivered at or before the time of issuance
of the first Security of the series to be issued. 
 The Trustee shall not be required to authenticate such Securities if the issuance of
such Securities pursuant to this Indenture would affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner not reasonably acceptable to the Trustee. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
an Agent to deal with the Company or an Affiliate of the Company. 
 Each Security shall be dated the date of its authentication. 

SECTION 2.05 Registrar and Paying Agent. 

The Company shall maintain an office or agency for each series of Securities where Securities of such series may be presented for registration
of transfer or exchange (“Registrar”) and an office or agency where Securities of such series may be presented for 

  
 12 

 
payment (“Paying Agent”). The Registrar shall keep a register of the Securities of such series and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional
paying agent. 
 The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture. The Company may change any Paying Agent or
Registrar without notice to any Holder. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any Subsidiary may act as Paying Agent or Registrar. 

The Company initially appoints the Trustee as Registrar and Paying Agent. 

SECTION 2.06 Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, or interest on or any Additional Amounts with respect to Securities and will notify the Trustee of any default by the Company in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. The Company at any time may require a Paying Agent to pay all money held by
it to the Trustee and to account for any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If
the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Each Paying Agent shall otherwise comply with TIA § 317(b). 

SECTION 2.07 Holder Lists. 
 The Trustee
shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar with respect to a
series of Securities, the Company shall furnish to the Trustee at least five Business Days before each Interest Payment Date with respect to such series of Securities, and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of such series, and the Company shall otherwise comply with TIA § 312(a). 

  
 13 

 SECTION 2.08 Transfer and Exchange. 

Except as set forth in Section 2.17 or as may be provided pursuant to Section 2.01: 

When Securities of any series are presented to the Registrar with the request to register the transfer of such Securities or to exchange such
Securities for an equal principal amount of Securities of the same series of like tenor and of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements and the requirements of
this Indenture for such transactions are met; provided, however, that the Securities presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instruction of transfer in form
reasonably satisfactory to the Registrar duly executed by the Holder thereof or by his attorney, duly authorized in writing, on which instruction the Registrar can rely. 

To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Securities at the
Registrar’s written request and submission of the Securities or Global Securities. No service charge shall be made to a Holder for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.12, 3.07 or
9.05). The Trustee shall authenticate Securities in accordance with the provisions of Section 2.04. Notwithstanding any other provisions of this Indenture to the contrary, the Company shall not be required to register the transfer or exchange
of (a) any Security selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion of any Security being redeemed in part, or (b) any Security during the period beginning 15 Business Days prior to the
mailing of notice of any offer to repurchase Securities of the series required pursuant to the terms thereof or of redemption of Securities of a series to be redeemed and ending at the close of business on the day of mailing. 

SECTION 2.09 Replacement Securities. 
 If
any mutilated Security is surrendered to the Trustee, or if the Holder of a Security claims that the Security has been destroyed, lost or stolen and the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft
of such Security, the Company shall issue and the Trustee shall authenticate a replacement Security of the same series if the Trustee’s requirements are met. If any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. If required by the Trustee or the Company, such Holder must furnish an indemnity bond that is sufficient in the judgment of the Trustee
and the Company to protect the Company, the Trustee, any Agent or any authenticating agent from any loss that any of them may suffer if a Security is replaced. The Company and the Trustee may charge a Holder for their expenses in replacing a
Security. 
 Every replacement Security is an additional obligation of the Company. 

SECTION 2.10 Outstanding Securities. 
 The
Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Security effected by the Trustee hereunder
and those described in this Section 2.10 as not outstanding. 

  
 14 

 If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the principal amount of any
Security is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 
 A Security does not
cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 
 SECTION 2.11 Original Issue Discount, Foreign-Currency
Denominated and Treasury Securities. 
 In determining whether the Holders of the required principal amount of Securities have concurred
in any direction, amendment, supplement, waiver or consent, (a) the principal amount of an Original Issue Discount Security shall be the principal amount thereof that would be due and payable as of the date of such determination upon
acceleration of the Maturity thereof pursuant to Section 6.02, (b) the principal amount of a Security denominated in a foreign currency shall be the Dollar equivalent, as determined by the Company by reference to the noon buying rate in
The City of New York for cable transfers for such currency, as such rate is certified for customs purposes by the Federal Reserve Bank of New York (the “Exchange Rate”) on the date of original issuance of such Security, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent, as determined by the Company by reference to the Exchange Rate on the date of original issuance of such Security, of the amount determined as provided in
(a) above), of such Security and (c) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded, except that, for the purpose of determining
whether the Trustee shall be protected in relying upon any such direction, amendment, supplement, waiver or consent, only Securities that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 

SECTION 2.12 Temporary Securities. 
 Until
definitive Securities of any series are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities, but may have variations
that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary
Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities. 

  
 15 

 SECTION 2.13 Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange, payment or redemption or for credit against any sinking fund payment. The Trustee shall cancel all Securities surrendered for registration of transfer, exchange, payment,
redemption, replacement or cancellation or for credit against any sinking fund. Unless the Company shall direct in writing that canceled Securities be returned to it, after written notice to the Company all canceled Securities held by the Trustee
shall be disposed of in accordance with the usual disposal procedures of the Trustee, and the Trustee shall maintain a record of their disposal. The Company may not issue new Securities to replace Securities that have been paid or that have been
delivered to the Trustee for cancellation. 
 SECTION 2.14 Payments; Defaulted Interest. 

Unless otherwise provided as contemplated by Section 2.01, interest (except defaulted interest) on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Persons who are registered Holders of that Security at the close of business on the record date next preceding such Interest Payment Date, even if such
Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender a Security to a Paying Agent to collect principal payments. Unless otherwise provided with respect to the Securities of any series,
the Company will pay the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities in Dollars. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at
the option of the Company, the Company may pay such amounts (1) by wire transfer with respect to Global Securities or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Securities. 

If the Company defaults in a payment of interest on the Securities of any series, the Company shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest on the defaulted interest, in each case at the rate provided in the Securities of such series and in Section 4.01. The Company may pay the defaulted interest to the Persons who are Holders on a
subsequent special record date. At least 15 days before any special record date selected by the Company, the Company (or the Trustee, in the name of and at the expense of the Company upon 20 days’ prior written notice from the Company setting
forth such special record date and the interest amount to be paid) shall mail to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

SECTION 2.15 Persons Deemed Owners. 
 The
Company, the Trustee, any Agent and any authenticating agent may treat the Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payments of principal of, premium (if any) or interest on or any
Additional Amounts with respect to such Security and for all other purposes. None of the Company, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the contrary. 

SECTION 2.16 Computation of Interest. 

Except as otherwise specified as contemplated by Section 2.01 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year comprising twelve 30-day months. 

  
 16 

 SECTION 2.17 Global Securities; Book-Entry Provisions. 

If Securities of a series are issuable in global form as a Global Security, as contemplated by Section 2.01, then, notwithstanding clause
(10) of Section 2.01 and the provisions of Section 2.02, any such Global Security shall represent such of the outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate
amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, transfers or
redemptions. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Securities represented thereby shall be made by the Trustee (i) in such manner and upon instructions given by
such Person or Persons as shall be specified in such Security or in a Company Order to be delivered to the Trustee pursuant to Section 2.04 or (ii) otherwise in accordance with written instructions or such other written form of
instructions as is customary for the Depositary for such Security, from such Depositary or its nominee on behalf of any Person having a beneficial interest in such Global Security. Subject to the provisions of Section 2.04 and, if applicable,
Section 2.12, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified in such Security or in the applicable Company Order. With respect to the
Securities of any series that are represented by a Global Security, the Company authorizes the execution and delivery by the Trustee of a letter of representations or other similar agreement or instrument in the form customarily provided for by the
Depositary appointed with respect to such Global Security. Any Global Security may be deposited with the Depositary or its nominee, or may remain in the custody of the Trustee or the Security Custodian therefor pursuant to a FAST Balance Certificate
Agreement or similar agreement between the Trustee and the Depositary. If a Company Order has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form
shall be in writing but need not comply with Section 11.05 and need not be accompanied by an Opinion of Counsel. 
 Members of, or
participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee or the Security Custodian as its custodian, or under
such Global Security, and the Depositary may be treated by the Company, the Trustee or the Security Custodian and any agent of the Company, the Trustee or the Security Custodian as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, (i) the registered holder of a Global Security of a series may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to
take any action that a Holder of Securities of such series is entitled to take under this Indenture or the Securities of such series and (ii) nothing herein shall prevent the Company, the Trustee or the Security Custodian, or any agent of the
Company, the Trustee or the Security Custodian, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or shall impair, as between the Depositary and its Agent Members, the operation of customary
practices governing the exercise of the rights of a beneficial owner of any Security. 

  
 17 

 Notwithstanding Section 2.08, and except as otherwise provided pursuant to
Section 2.01: Transfers of a Global Security shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Security
may be transferred in accordance with the rules and procedures of the Depositary. Securities shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Security if, and only if, either (1) the
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Security and a successor Depositary is not appointed by the Company within 90 days of such notice, (2) an Event of Default has occurred with
respect to such series and is continuing and the Registrar has received a request from the Depositary to issue Securities in lieu of all or a portion of the Global Security (in which case the Company shall deliver Securities within 30 days of such
request) or (3) the Company determines not to have the Securities represented by a Global Security. 
 In connection with any transfer
of a portion of the beneficial interests in a Global Security to beneficial owners pursuant to this Section 2.17, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Security in an
amount equal to the principal amount of the beneficial interests in the Global Security to be transferred, and the Company shall execute, and the Trustee upon receipt of a Company Order for the authentication and delivery of Securities shall
authenticate and deliver, one or more Securities of the same series of like tenor and amount. 
 In connection with the transfer of all the
beneficial interests in a Global Security to beneficial owners pursuant to this Section 2.17, the Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall
authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interests in the Global Security, an equal aggregate principal amount of Securities of authorized denominations. 

Neither the Company nor the Trustee will have any responsibility or liability for any aspect of the records relating to, or payments made on
account of, Securities by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such Securities. Neither the Company nor the Trustee shall be liable for any delay by the related Global Security Holder
or the Depositary in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from such Global Security Holder or the Depositary for all purposes (including with respect to
the registration and delivery, and the respective principal amounts, of the Securities to be issued). 
 The provisions of the last sentence
of the third paragraph of Section 2.04 shall apply to any Global Security if such Global Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with written instructions (which
need not comply with Section 11.05 and need not be accompanied by an Opinion of Counsel) with regard to the cancellation or reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by
the last sentence of the third paragraph of Section 2.04. 
 Notwithstanding the provisions of Sections 2.03 and 2.14, unless otherwise
specified as contemplated by Section 2.01, payment of principal of, premium (if any) and interest on and any Additional Amounts with respect to any Global Security shall be made to the Person or Persons specified therein. 

  
 18 

 ARTICLE III 

REDEMPTION 
 SECTION 3.01 Applicability of
Article. 
 Securities of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms
and (except as otherwise specified as contemplated by Section 2.01 for Securities of any series) in accordance with this Article III. 
 SECTION 3.02
Notice to the Trustee. 
 If the Company elects to redeem Securities of any series pursuant to this Indenture, it shall notify the
Trustee of the Redemption Date and the principal amount of Securities of such series to be redeemed. The Company shall so notify the Trustee at least 45 days before the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee)
by delivering to the Trustee an Officers’ Certificate stating that such redemption will comply with the provisions of this Indenture and of the Securities of such series. Any such notice may be canceled at any time prior to the mailing of such
notice of such redemption to any Holder and shall thereupon be void and of no effect. A redemption or notice thereof may be subject to one or more conditions. 

SECTION 3.03 Selection 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 of a specified tenor are to be
redeemed), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the outstanding Securities of such series (and tenor) not previously called for redemption, either at
random, by lot or by such other method as the Trustee shall deem fair and appropriate and that may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral
multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series or of the principal amount of Global Securities of such series. 

The Trustee shall promptly notify the Company and the Registrar in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 For purposes of this Indenture, unless the
context otherwise requires, all provisions relating to redemption of Securities shall relate, in the case of any of the Securities redeemed or to be redeemed only in part, to the portion of the principal amount thereof which has been or is to be
redeemed. 

  
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 SECTION 3.04 Notice of Redemption. 

Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at the address of such Holder appearing in the register of Securities maintained by the Registrar. 

All notices of redemption shall identify the Securities to be redeemed and shall state: 

(1) the Redemption Date; 

(2) the Redemption Price; 

(3) that, unless the Company defaults in making the redemption payment, interest on Securities called for redemption ceases to
accrue on and after the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the Redemption Price upon surrender to the Paying Agent of the Securities redeemed; 

(4) if any Security is to be redeemed in part, the portion of the principal amount thereof to be redeemed and that on and after
the Redemption Date, upon surrender for cancellation of such Security to the Paying Agent, a new Security or Securities in the aggregate principal amount equal to the unredeemed portion thereof will be issued without charge to the Holder; 

(5) that Securities called for redemption must be surrendered to the Paying Agent to collect the Redemption Price and the name
and address of the Paying Agent; 
 (6) that the redemption is for a sinking or analogous fund, if such is the case; 

(7) the CUSIP number, if any, relating to such Securities; and 

(8) if the redemption or notice thereof is subject to one or more conditions, a statement to such effect and the condition or
conditions precedent. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or,
at the Company’s written request, by the Trustee in the name and at the expense of the Company. 
 SECTION 3.05 Effect of Notice of Redemption.

 Once notice of redemption is mailed, unless the redemption or notice thereof is subject to one or more conditions as specified in the
notice, Securities called for redemption become due and payable on the Redemption Date and at the Redemption Price. Upon surrender to the Paying Agent, such Securities called for redemption shall be paid at the Redemption Price, but interest
installments whose maturity is on or prior to such Redemption Date will be payable on the relevant Interest Payment Dates to the Holders of record at the close of business on the relevant record dates specified pursuant to Section 2.01. 

  
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 SECTION 3.06 Deposit of Redemption Price. 

On or prior to 11:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee or the Paying Agent (or, if
the Company is acting as the Paying Agent, segregate and hold in trust as provided in Section 2.06) an amount of money in same day funds sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment
Date) accrued interest on and any Additional Amounts with respect to, the Securities or portions thereof which are to be redeemed on that date, other than Securities or portions thereof called for redemption on that date which have been delivered by
the Company to the Trustee for cancellation. 
 If the Company complies with the preceding paragraph, then, unless the Company defaults in
the payment of such Redemption Price, interest on the Securities to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Securities are presented for payment, and the Holders of such Securities shall have
no further rights with respect to such Securities except for the right to receive the Redemption Price upon surrender of such Securities. If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal, premium, if any, any Additional Amounts, and, to the extent lawful, accrued interest thereon shall, until paid, bear interest from the Redemption Date at the rate specified pursuant to Section 2.01 or provided in the Securities or,
in the case of Original Issue Discount Securities, such Securities’ yield to maturity. 
 SECTION 3.07 Securities Redeemed or Purchased in Part.

 Upon surrender to the Paying Agent of a Security to be redeemed in part, the Company 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 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 that is not redeemed. 
 SECTION 3.08 Purchase of Securities. 

Unless otherwise specified as contemplated by Section 2.01, the Company and any Affiliate of the Company may, subject to applicable law,
at any time purchase or otherwise acquire Securities in the open market or by private agreement. Any such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness represented by such Securities. Any
Securities purchased or acquired by the Company may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied. Section 2.13 shall apply to all Securities so delivered. 

SECTION 3.09 Mandatory and Optional Sinking Funds. 

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.” Unless otherwise provided by the terms of
Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.10. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms
of Securities of such series and by this Article III. 

  
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 SECTION 3.10 Satisfaction of Sinking Fund Payments with Securities. 

The Company may deliver outstanding Securities of a series (other than any previously called for redemption) and may apply as a credit
Securities of a series that have been redeemed either at the election of the Company 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 series of Securities; provided that such Securities have not been previously
so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly. 
 SECTION 3.11 Redemption of Securities for Sinking Fund. 

Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers’ Certificate of the Company specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which
is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivery of or by crediting Securities of that series pursuant to Section 3.10 and will also deliver or cause to be delivered to the Trustee any
Securities to be so delivered. Failure of the Company to timely deliver or cause to be delivered such Officers’ Certificate and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute the election of
the Company (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and
(ii) that the Company will make no optional sinking fund payment with respect to such series as provided in this Section. 
 If the
sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $100,000 (or the Dollar
equivalent thereof based on the applicable Exchange Rate on the date of original issue of the applicable Securities) or a lesser sum if the Company shall so request with respect to the Securities of any particular series, such cash shall be applied
on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $100,000 (or the Dollar
equivalent thereof as aforesaid) or less and the Company makes no such request then it shall be carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof as aforesaid) is available. Not less than 30 days before each such
sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.03 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 3.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.05, 3.06 and 3.07. 

  
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 ARTICLE IV 

COVENANTS 
 SECTION 4.01 Payment of
Securities. 
 The Company shall pay the principal of, premium (if any) and interest on and any Additional Amounts with respect to the
Securities of each series on the dates and in the manner provided in the Securities of such series and in this Indenture. Principal, premium, interest and any Additional Amounts shall be considered paid on the date due if the Paying Agent (other
than the Company or a Subsidiary) holds on that date money deposited by the Company designated for and sufficient to pay all principal, premium, interest and any Additional Amounts then due. 

The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium
(if any), at a rate equal to the then applicable interest rate on the Securities to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and
any Additional Amount (without regard to any applicable grace period) at the same rate to the extent lawful. 
 SECTION 4.02 Maintenance of Office or
Agency. 
 The Company will maintain in each Place of Payment for any series of Securities an office or agency (which may be an office of
the Trustee, the Registrar or the Paying Agent) where Securities of that series may be presented for registration of transfer or exchange, where Securities of that series may be presented for payment and where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be served. Unless otherwise designated by the Company by written notice to the Trustee, such office or agency shall be the office of the Trustee at
[            ]. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Company 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 Company of its obligation to maintain an
office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or
agency. 

  
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 SECTION 4.03 SEC Reports; Financial Statements. 

(a) If the Company is subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file with the Trustee,
within 15 days after it files the same with the SEC, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the
Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. If this Indenture is qualified under the TIA, but not otherwise, the Company shall also comply with the provisions of TIA § 314(a). Delivery of
such reports, information and documents to the Trustee shall be for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates or certificates delivered pursuant to Section 4.04). 

(b) If the Company is not subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Company shall furnish to all
Holders of Rule 144A Securities and prospective purchasers of Rule 144A Securities designated by the Holders of Rule 144A Securities, promptly upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) promulgated under
the Securities Act of 1933, as amended. 
 SECTION 4.04 Compliance Certificate. 

(a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, a statement signed by an
Officer of the Company, which need not constitute an Officers’ Certificate, complying with TIA § 314(a)(4) and stating that in the course of performance by the signing Officer of his duties as such Officer of the Company he would normally
obtain knowledge of the keeping, observing, performing and fulfilling by the Company of its obligations under this Indenture, and further stating that to the best of his knowledge the Company has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events
of Default of which such Officer may have knowledge and what action the Company is taking or proposes to take with respect thereto). 
 (b)
The Company shall, so long as Securities of any series are outstanding, deliver to the Trustee, forthwith upon any Officer of the Company becoming aware of any Default or Event of Default under this Indenture, an Officers’ Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 SECTION 4.05 Corporate
Existence. 
 Subject to Article V, the Company shall do or cause to be done all things necessary to preserve and keep in full force and
effect its existence. 

  
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 SECTION 4.06 Waiver of Stay, Extension or Usury Laws. 

The Company 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 or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive it from paying all or any portion of the principal of or premium (if any) or interest on the Securities as
contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company 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. 

SECTION 4.07 Additional Amounts. 
 If the
Securities of a series expressly provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series Additional Amounts as expressly provided therein. Whenever in this Indenture there is mentioned, in any
context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received from 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 4.07 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 4.07 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. 

ARTICLE V 
 SUCCESSORS 

SECTION 5.01 Limitations on Mergers and Consolidations. 

The Company shall not, in any transaction or series of transactions, consolidate with or merge into any Person, or sell, lease, convey,
transfer or otherwise dispose of all or substantially all of its assets to any Person, unless: 
 (1) either (a) the
Company shall be the continuing Person or (b) the Person (if other than the Company) formed by such consolidation or into which the Company is merged, or to which such sale, lease, conveyance, transfer or other disposition shall be made
(collectively, the “Successor”), shall be a corporation, limited liability company, partnership, trust or other entity organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and
expressly assumes by supplemental indenture the due and punctual payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to all the Securities and the performance of the Company’s covenants and
obligations under this Indenture and the Securities; 
 (2) immediately after giving effect to such transaction or series of
transactions, no Default or Event of Default shall have occurred and be continuing or would result therefrom; and 

  
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 (3) the Company delivers to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that the transaction and such supplemental indenture comply with this Indenture. 
 SECTION 5.02 Successor Person
Substituted. 
 Upon any consolidation or merger of the Company or any sale, lease, conveyance, transfer or other disposition of all or
substantially all of the assets of the Company in accordance with Section 5.01, the Successor formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance, transfer or other disposition is
made shall succeed to, and be substituted for, and may exercise every right and power of the Company under this Indenture and the Securities with the same effect as if such Successor had been named as the Company herein and the predecessor Company,
in the case of a sale, conveyance, transfer or other disposition, shall be released from all obligations under this Indenture and the Securities. 

ARTICLE VI 
 DEFAULTS AND REMEDIES

 SECTION 6.01 Events of Default. 

Unless either inapplicable to a particular series or specifically deleted or modified in or pursuant to the supplemental indenture or Board
Resolution establishing such series of Securities or in the form of Security for such series, an “Event of Default,” wherever used herein with respect to Securities of any series, occurs if: 

(1) the Company defaults in the payment of interest on or any Additional Amounts with respect to any Security of that series
when the same becomes due and payable and such default continues for a period of 30 days; 
 (2) the Company defaults in the
payment of (A) the principal of any Security of that series at its Maturity or (B) premium (if any) on any Security of that series when the same becomes due and payable and such default continues for a period of three Business Days; 

(3) the Company defaults in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series,
and such default continues for a period of 30 days; 
 (4) the Company, fails to comply with any of its other covenants or
agreements in, or provisions of, the Securities of such series or this Indenture (other than an agreement, covenant or provision that has expressly been included in this Indenture solely for the benefit of one or more series of Securities other than
that series) which shall not have been remedied within the specified period after written notice, as specified in the last paragraph of this Section 6.01; 

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

  
 26 

 (A) commences a voluntary case, 

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

(C) consents to the commencement of any bankruptcy or insolvency case or proceeding against it; 

(D) files or consents to the filing of a petition or answer or consent seeking reorganization or relief; 

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

(F) makes or takes a corporate action in furtherance of making a general assignment for the benefit of its creditors; 

(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that remains unstayed and in effect
for 90 days and that: 
 (A) is for relief against the Company as debtor in an involuntary case, 

(B) adjudges the Company bankrupt or insolvent; 

(C) approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of
the Company; 
 (D) appoints a Bankruptcy Custodian of the Company or a Bankruptcy Custodian for all or substantially all of
the property of the Company, or 
 (E) orders the liquidation of the Company; or 

(7) any other Event of Default provided with respect to Securities of that series occurs. 

The term “Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

The Trustee shall not be deemed to know or 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 or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.

 When a Default is cured, it ceases. 

Notwithstanding the foregoing provisions of this Section 6.01, if the principal of, premium (if any) or interest on or Additional Amounts
with respect to any Security is payable in a currency or currencies (including a composite currency) other than Dollars and such currency or currencies are not available to the Company for making payment thereof due to the imposition of exchange
controls or other circumstances beyond the control of the Company (a “Conversion Event”), the Company will be entitled to satisfy its obligations to Holders of the Securities by making such payment in Dollars in an amount equal to the
Dollar equivalent of the amount payable in such other currency, as determined by the Company by reference to the Exchange Rate on the date of such payment, or, if such rate is not then available, on the basis of the most recently available Exchange
Rate. Notwithstanding the foregoing provisions of this Section 6.01, any payment made under such circumstances in Dollars where the required payment is in a currency other than Dollars will not constitute an Event of Default under this
Indenture. 

  
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 Promptly after the occurrence of a Conversion Event, the Company shall give written notice
thereof to the Trustee; and the Trustee, promptly after receipt of such notice, shall give notice thereof in the manner provided in Section 11.02 to the Holders. Promptly after the making of any payment in Dollars as a result of a Conversion
Event, the Company shall give notice in the manner provided in Section 11.02 to the Holders, setting forth the applicable Exchange Rate and describing the calculation of such payments. 

A Default under clause (4) or (7) of this Section 6.01 is not an Event of Default until the Trustee notifies the Company, or
the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Default notify the Company and the Trustee, of the Default, and the Company fails to cure the Default within 90 days after receipt of
the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 
 SECTION 6.02
Acceleration. 
 If an Event of Default with respect to any Securities of any series at the time outstanding (other than an Event of
Default specified in clause (5) or (6) of Section 6.01) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by
such Event of Default by notice to the Company and the Trustee, may declare the principal of (or, if any such Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series)
and all accrued and unpaid interest on all then outstanding Securities of such series to be due and payable. Upon any such declaration, the amounts due and payable on the Securities shall be due and payable immediately. If an Event of Default
specified in clause (5) or (6) of Section 6.01 hereof occurs, such amounts shall ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee or any Holder. The
Holders of a majority in principal amount of the then outstanding Securities of the series affected by such Event of Default by written notice to the Trustee may rescind an acceleration and its consequences (other than nonpayment of principal of or
premium or interest on or any Additional Amounts with respect to the Securities) if the rescission would not conflict with any judgment or decree and if all existing Events of Default with respect to Securities of that series have been cured or
waived, except nonpayment of principal, premium, interest or any Additional Amounts that has become due solely because of the acceleration. No such rescission shall affect any subsequent default or impair any right consequent thereon. 

SECTION 6.03 Other Remedies. 
 If an Event
of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, or premium, if any, or interest on the Securities or to enforce the performance of any provision of the Securities or this
Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 

  
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 SECTION 6.04 Waiver of Defaults. 

Subject to Sections 6.07 and 9.02, the Holders of a majority in principal amount of the then outstanding Securities of any series by notice to
the Trustee may waive an existing or past Default or Event of Default with respect to such series and its consequences (including waivers obtained in connection with a tender offer or exchange offer for Securities of such series or a solicitation of
consents in respect of Securities of such series, provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities of such series), except (1) a continuing Default or Event of Default in the
payment of the principal of, or premium, if any, or interest on or any Additional Amounts with respect to any Security or (2) a continued Default in respect of a provision that under Section 9.02 cannot be amended or supplemented without
the consent of each Holder 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 6.05 Control by Majority. 

With respect to Securities of any series, the Holders of a majority in principal amount of the then outstanding Securities of such series (as
to such series) may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with applicable law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability; provided, however, that the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion from Holders directing the
Trustee against all losses and expenses caused by taking or not taking such action. 
 SECTION 6.06 Limitations on Suits. 

Subject to Section 6.07 hereof, a Holder of a Security of any series may pursue a remedy with respect to this Indenture or the Securities
of such series only if: 
 (1) the Holder gives to the Trustee written notice of a continuing Event of Default with respect
to such series; 
 (2) the Holders of at least 25% in principal amount of the then outstanding Securities of such series make
a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee indemnity
satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request; 
 (4) the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 

  
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 (5) during such 60-day period the Holders
of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 
 A
Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 
 SECTION
6.07 Rights of Holders to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a
Security to receive payment of principal of and premium, if any, and interest on and any Additional Amounts with respect to the Security, on or after the respective due dates expressed in the Security, or to bring suit for the enforcement of any
such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 

SECTION 6.08 Collection Suit by Trustee. 

If an Event of Default specified in clause (1), (2) or (3) of Section 6.01 hereof occurs and is continuing, the Trustee is
authorized to recover judgment in its own name and as trustee of an express trust against the Company for the amount of principal, premium (if any), interest and any Additional Amounts remaining unpaid on the Securities of the series affected by the
Event of Default, and interest on overdue principal and premium, if any, and, to the extent lawful, interest on overdue interest, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.09 Trustee May File Proofs of Claim.

 The Trustee is authorized to file such proofs of claim and other papers or documents and to take such actions, including participating
as a member, voting or otherwise, of any committee of creditors, as may be necessary or advisable to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceedings relative to the Company or its creditors or properties and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any
such claims and any Bankruptcy Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties which the Holders of the Securities may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise. Nothing 

  
 30 

 
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10 Priorities. 
 If the Trustee
collects any money pursuant to this Article VI, it shall, subject to Article X, pay out the money in the following order: 
 First: to the
Trustee for amounts due under Section 7.07; 
 Second: to Holders for amounts due and unpaid on the Securities in
respect of which or for the benefit of which such money has been collected, for principal, premium (if any), interest and any Additional Amounts ratably, without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal, premium (if any), interest and any Additional Amounts, respectively; and 
 Third: to the Company. 

The Trustee, upon prior written notice to the Company, may fix record dates and payment dates for any payment to Holders pursuant to this
Article VI. 
 To the fullest extent allowed under applicable law, if for the purpose of obtaining a judgment against the Company in any
court it is necessary to convert the sum due in respect of the principal of, premium (if any) or interest on or Additional Amounts with respect to the Securities of any series (the “Required Currency”) into a currency in which a judgment
will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment
Currency on the Business Day in The City of New York next preceding that on which final judgment is given. Neither the Company nor the Trustee shall be liable for any shortfall nor shall it benefit from any windfall in payments to Holders of
Securities under this Section 6.10 caused by a change in exchange rates between the time the amount of a judgment against it is calculated as above and the time the Trustee converts the Judgment Currency into the Required Currency to make
payments under this Section 6.10 to Holders of Securities, but payment of such judgment shall discharge all amounts owed by the Company on the claim or claims underlying such judgment. 

SECTION 6.11 Undertaking for Costs. 
 In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the then outstanding
Securities of any series. 

  
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 ARTICLE VII 

TRUSTEE 
 SECTION 7.01 Duties of Trustee.

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

(b) Except during the continuance of an Event of Default with respect to the Securities of any series: 

(1) the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on
its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, the Trustee shall examine such certificates and opinions to determine whether, on their face, they appear to conform to the requirements of this Indenture. 

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

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d)
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to the provisions of this Section 7.01. 

(e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. All money received by the Trustee shall, until applied as herein provided, be held in trust for the payment of the principal of, premium
(if any) and interest on and Additional Amounts with respect to the Securities. 

  
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 SECTION 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may
require instruction, an Officers’ Certificate or an Opinion of Counsel or both to be provided. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such instruction, Officers’ Certificate or
Opinion of Counsel. The Trustee may consult at the Company’s expense with counsel of its 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. 
 (c) The Trustee may act through agents and shall not be
responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it
takes or omits to take in good faith which it believes to be authorized or within its rights or powers conferred upon it by this Indenture. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if
signed by an Officer of the Company. 
 SECTION 7.03 May Hold Securities. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or
any of its Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. However, the Trustee is subject to Sections 7.10 and 7.11. 

SECTION 7.04 Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision hereof, it shall not be responsible for the use or application of any money received by any Paying Agent
other than the Trustee and it shall not be responsible for any statement or recital herein or any statement in the Securities other than its certificate of authentication. 

  
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 SECTION 7.05 Notice of Defaults. 

If a Default or Event of Default with respect to the Securities of any series occurs and is continuing and it is known to the Trustee, the
Trustee shall mail to Holders of Securities of such series a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium (if any) and interest on
and Additional Amounts or any sinking fund installment with respect to the Securities of such series, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice
is in the interests of Holders of Securities of such series. 
 SECTION 7.06 Reports by Trustee to Holders. 

Within 60 days after each
                     of each year after the execution of this Indenture, the Trustee shall mail to Holders of a series and the Company a brief report
dated as of such reporting date that complies with TIA § 313(a); provided, however, that if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date with respect to a series, no report
need be transmitted to Holders of such series. The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all reports if and as required by TIA §§ 313 (c) and 313(d). 

A copy of each report at the time of its mailing to Holders of a series of Securities shall be filed by the Company with the SEC and each
securities exchange, if any, on which the Securities of such series are listed. The Company shall notify the Trustee if and when any series of Securities is listed on any securities exchange. 

SECTION 7.07 Compensation and Indemnity. 

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

The Company hereby indemnifies the Trustee and any predecessor Trustee against any and all loss, liability, damage, claim or expense,
including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, except as set forth in
the next following paragraph. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and
the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent. 

The Company shall not be obligated to reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the
Trustee’s negligence or bad faith. 

  
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 To secure the payment obligations of the Company in this Section 7.07, the Trustee shall
have a lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium (if any) and interest on and any Additional Amounts with respect to Securities of any series. Such
lien and the Company’s obligations under this Section 7.07 shall survive the satisfaction and discharge of this Indenture. 
 When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(5) or (6) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any
Bankruptcy Law. 
 SECTION 7.08 Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 The Trustee may resign and be discharged at any time with respect to the
Securities of one or more series by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Securities of any series may remove the Trustee with respect to the Securities of such series by so notifying the
Trustee and the Company. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10;

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

(4) the Trustee otherwise becomes incapable of acting. 

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

If a successor Trustee with respect to the Securities of any series does not take office within 30 days after the retiring or removed Trustee
resigns or is removed, the retiring or removed Trustee, the Company or the Holders of at least 10% in principal amount of the then outstanding Securities of such series may petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series. 

  
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 If the Trustee with respect to the Securities of a series fails to comply with Section 7.10,
any Holder of Securities of such series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Securities of such series. 

In case of the appointment of a successor Trustee with respect to all Securities, each such successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in
Section 7.07. 
 In case of the appointment of a successor Trustee with respect to the Securities of one or more (but not all) series,
the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more (but not all) series shall execute and deliver an indenture supplemental hereto in which each successor Trustee shall accept such appointment
and that (1) shall confer to each successor Trustee all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the
retiring Trustee is not retiring with respect to all Securities, shall confirm that all the rights, powers 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.
Nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, and 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. 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 shall have all the rights, powers 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. On request of the Company or any successor
Trustee, such retiring Trustee shall transfer to such successor Trustee all property held by such retiring Trustee as Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

Notwithstanding replacement of the Trustee or Trustees pursuant to this Section 7.08, the obligations of the Company under
Section 7.07 shall continue for the benefit of the retiring Trustee or Trustees. 
 SECTION 7.09 Successor Trustee by Merger, etc. 

Subject to Section 7.10, if the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate
trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee; provided, however, that in the case of a transfer of all or substantially all of its corporate trust business to another
corporation, the transferee corporation expressly assumes all of the Trustee’s liabilities hereunder. 

  
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 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; and in case at that time any of the Securities shall not have been authenticated,
any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in
the Securities or in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 7.10 Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder which shall be a corporation or banking or trust company or association organized and doing
business under the laws of the United States, any State thereof or the District of Columbia and authorized under such laws to exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District of
Columbia) authority and shall have, or be a subsidiary of a bank or bank holding company having, a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 

The Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee
is subject to and shall comply with the provisions of TIA § 310(b) during the period of time required by this Indenture. Nothing in this Indenture shall prevent the Trustee from filing with the SEC the application referred to in the penultimate
paragraph of TIA § 310(b). 
 SECTION 7.11 Preferential Collection of Claims Against the Company. 

The Trustee is subject to and shall comply with the provisions of TIA § 311(a), excluding any creditor relationship listed in TIA §
311 (b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE VIII

 DISCHARGE OF INDENTURE 
 SECTION 8.01
Termination of the Company’s Obligations. 
 (a) This Indenture shall cease to be of further effect with respect to the
Securities of a series (except that the Company’s obligations under Section 7.07, the Trustee’s and Paying Agent’s obligations under Section 8.03 and the rights, powers, protections and privileges accorded the Trustee under
Article VII shall survive), and the Trustee, on demand of the Company, shall execute proper instruments acknowledging the satisfaction and discharge of this Indenture with respect to the Securities of such series, when: 

(1) either: 

  
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 (A) all outstanding Securities of such series theretofore authenticated and
issued (other than destroyed, lost or stolen Securities that have been replaced or paid) have been delivered to the Trustee for cancellation; or 

(B) all outstanding Securities of such series 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 Company, 

and, in the case of clause (i), (ii) or (iii) above, the Company has irrevocably deposited or caused to be deposited with the Trustee
as funds (immediately available to the Holders in the case of clause (i)) in trust for such purpose (x) cash in an amount, or (y) Government Obligations, maturing as to principal and interest at such times and in such amounts as will
ensure the availability of cash in an amount or (z) a combination thereof, which will be sufficient, in the opinion (in the case of clauses (y) and (z)) of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on the Securities of such series for principal and interest to the date of such deposit (in the case of Securities which have become due and
payable) or for principal, premium, if any, and interest to the Stated Maturity or Redemption Date, as the case may be; or 

(C) the Company has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by
Section 2.01, to be applicable to the Securities of such series; 
 (2) the Company has paid or caused to be paid all
other sums payable by it hereunder with respect to the Securities of such series; and 
 (3) the Company has delivered to the
Trustee an Officers’ Certificate stating that all conditions precedent to satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with, together with an Opinion of Counsel to the same
effect. 
 (b) Unless this Section 8.01(b) is specified as not being applicable to Securities of a series as contemplated by
Section 2.01, the Company may, at its option, terminate certain of its obligations under this Indenture (“covenant defeasance”) with respect to the Securities of a series if: 

  
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 (1) the Company has irrevocably deposited or caused to be irrevocably deposited
with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of Securities of such series, (i) money in the currency in which
payment of the Securities of such series is to be made in an amount, or (ii) Government Obligations with respect to such series, maturing as to principal and interest at such times and in such amounts as will ensure the availability of money in
the currency in which payment of the Securities of such series is to be made in an amount or (iii) a combination thereof, that is sufficient, in the opinion (in the case of clauses (ii) and (iii)) of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay the principal of and premium (if any) and interest on all Securities of such series on each date that such principal, premium (if any) or
interest is due and payable and (at the Stated Maturity thereof or upon redemption as provided in Section 8.01(e)) to pay all other sums payable by it hereunder; provided that the Trustee shall have been irrevocably instructed to apply
such money and/or the proceeds of such Government Obligations to the payment of said principal, premium (if any) and interest with respect to the Securities of such series as the same shall become due; 

(2) the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to
satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with, and an Opinion of Counsel to the same effect; 

(3) no Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the
date of such deposit; 
 (4) the Company shall have delivered to the Trustee an Opinion of Counsel from a nationally
recognized counsel acceptable to the Trustee or a tax ruling to the effect that the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of the Company’s exercise of its option under this
Section 8.01(b) and will be subject to U.S. 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 option had not been exercised; 

(5) the Company has complied with any additional conditions specified pursuant to Section 2.01 to be applicable to the
discharge of Securities of such series pursuant to this Section 8.01; and 
 (6) such deposit and discharge shall not
cause the Trustee to have a conflicting interest as defined in TIA § 310(b). 
 In such event, this Indenture shall cease to be of
further effect (except as set forth in this paragraph), and the Trustee, on demand of the Company, shall execute proper instruments acknowledging satisfaction and discharge under this Indenture. However, the Company’s obligations in Sections
2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 4.02, 7.07, 7.08 and 8.04, the Trustee’s and Paying Agent’s obligations in Section 8.03 and the rights, powers, protections and privileges accorded the Trustee under Article VII shall survive until
all Securities of such series are no longer outstanding. Thereafter, only the Company’s obligations in Section 7.07 and the Trustee’s and Paying Agent’s obligations in Section 8.03 shall survive with respect to Securities of
such series. 

  
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 After such irrevocable deposit made pursuant to this Section 8.01(b) and satisfaction of the
other conditions set forth herein, the Trustee upon request shall acknowledge in writing the discharge of the Company’s obligations under this Indenture with respect to the Securities of such series except for those surviving obligations
specified above. 
 In order to have money available on a payment date to pay principal of or premium (if any) or interest on the
Securities, the Government Obligations shall be payable as to principal or interest on or before such payment date in such amounts as will provide the necessary money. Government Obligations shall not be callable at the issuer’s option. 

(c) If the Company has previously complied or is concurrently complying with Section 8.01(b) (other than any additional conditions
specified pursuant to Section 2.01 that are expressly applicable only to covenant defeasance) with respect to Securities of a series, then, unless this Section 8.01(c) is specified as not being applicable to Securities of such series as
contemplated by Section 2.01, the Company may elect that its obligations to make payments with respect to Securities of such series be discharged (“legal defeasance”), if: 

(1) no Default or Event of Default under clauses (5) and (6) of Section 6.01 hereof shall have occurred at any
time during the period ending on the 91st day after the date of deposit contemplated by Section 8.01(b) (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 

(2) unless otherwise specified with respect to Securities of such series as contemplated by Section 2.01, the Company has
delivered to the Trustee an Opinion of Counsel from a nationally recognized counsel acceptable to the Trustee to the effect referred to in Section 8.01(b) (4) with respect to such legal defeasance, which opinion is based on (i) a
private ruling of the Internal Revenue Service addressed to the Company, (ii) a published ruling of the Internal Revenue Service pertaining to a comparable form of transaction or (iii) a change in the applicable federal income tax law
(including regulations) after the date of this Indenture; 
 (3) the Company has complied with any other conditions specified
pursuant to Section 2.01 to be applicable to the legal defeasance of Securities of such series pursuant to this Section 8.01(c); and 

(4) the Company has delivered to the Trustee a Company Request requesting such legal defeasance of the Securities of such
series and an Officers’ Certificate stating that all conditions precedent with respect to such legal defeasance of the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 

In such event, the Company will be discharged from its obligations under this Indenture and the Securities of such series to pay principal of,
premium (if any) and interest on and any Additional Amounts with respect to Securities of such series, the Company’s obligations under Sections 4.01 and 4.02 shall terminate with respect to such Securities, and the entire indebtedness of the
Company evidenced by such Securities shall be deemed paid and discharged. 

  
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 (d) If and to the extent additional or alternative means of satisfaction, discharge or defeasance
of Securities of a series are specified to be applicable to such series as contemplated by Section 2.01, the Company may terminate any or all of its obligations under this Indenture with respect to Securities of a series and any or all of its
obligations under the Securities of such series if it fulfills such other means of satisfaction and discharge as may be so specified, as contemplated by Section 2.01, to be applicable to the Securities of such series. 

(e) If Securities of any series subject to subsections (a), (b), (c) or (d) of this Section 8.01 are to be redeemed prior to
their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory or optional sinking fund provisions, the terms of the applicable trust arrangement shall provide for such redemption, and the Company
shall make such arrangements as are reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 

SECTION 8.02 Application of Trust Money. 

The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money or Government Obligations deposited with it
pursuant to Section 8.01 hereof. It shall apply the deposited money and the money from Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of, premium (if any) and interest on and
any Additional Amounts with respect to the Securities of the series with respect to which the deposit was made. Money and securities held in trust are not subject to Article X. 

SECTION 8.03 Repayment to Company. 
 The
Trustee and the Paying Agent shall promptly pay to the Company any excess money or Government Obligations (or proceeds therefrom) held by them at any time upon the written request of the Company. 

Subject to the requirements of any applicable abandoned property laws, the Trustee and the Paying Agent shall pay to the Company upon written
request any money held by them for the payment of principal, premium (if any), interest or any Additional Amounts that remain unclaimed for two years after the date upon which such payment shall have become due. After payment to the Company, Holders
entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and the Paying Agent with respect to such money shall cease. 

SECTION 8.04 Reinstatement. 
 If the
Trustee or the Paying Agent is unable to apply any money or Government Obligations deposited with respect to Securities of any series in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, the 

  
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 obligations of the Company under this Indenture with respect to the Securities of such series and under the
Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money or Government Obligations in accordance
with Section 8.01; provided, however, that if the Company has made any payment of principal of, premium (if any) or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Obligations held by the Trustee or the Paying Agent. 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES AND AMENDMENTS 
 SECTION 9.01 Without Consent of Holders. 

The Company and the Trustee may amend or supplement this Indenture or the Securities or waive any provision hereof or thereof without the
consent of any Holder: 
 (1) to cure any ambiguity, omission, defect or inconsistency; 

(2) to comply with Section 5.01; 

(3) to provide for uncertificated Securities in addition to or in place of certificated Securities, or to provide for the
issuance of bearer Securities (with or without coupons); 
 (4) to provide any security for, or to add any guarantees of or
additional obligors on, any series of Securities; 
 (5) to comply with any requirement in order to effect or maintain the
qualification of this Indenture under the TIA; 
 (6) to add to the covenants of the Company 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 Company; 
 (7) to add any additional Events of Default with respect to all or any series of
the Securities (and, if any Event of Default is applicable to less than all series of Securities, specifying the series to which such Event of Default is applicable); 

(8) to change or eliminate any of the provisions of this Indenture or any supplemental indenture or in any Securities;
provided that any such change or elimination shall become effective only when there is no outstanding Security of any series created prior to the execution of such amendment or supplemental indenture that is adversely affected in any material
respect by such change in or elimination of such provision; provided, further, that any change made solely to conform the provisions of this Indenture to the description of any Security in a prospectus supplement pursuant to which such
Securities were offered and sold will not be deemed to adversely affect any Security of that series in any material respect; 

  
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 (9) to establish the form or terms of Securities of any series as permitted by
Section 2.01; 
 (10) to supplement any of the provisions of this Indenture to such extent as shall be necessary to
permit or facilitate the defeasance and discharge of any series of Securities pursuant to Section 8.01; provided, however, that any such action shall not adversely affect the interest of the Holders of Securities of such series or any
other series of Securities in any material respect; or 
 (11) 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 7.08. 
 Upon the request of the Company, accompanied by a Board
Resolution, and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company in the execution of any supplemental indenture authorized or permitted by the terms
of this Indenture and make any further appropriate agreements and stipulations that may be therein contained. 
 SECTION 9.02 With Consent of
Holders. 
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture with
the written consent (including consents obtained in connection with a tender offer or exchange offer for Securities of any one or more series or all series or a solicitation of consents in respect of Securities of any one or more series or all
series, provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities of each such series (but the terms of such offer or solicitation may vary from series to series)) of the Holders of at least a
majority in principal amount of the then outstanding Securities of each series affected by such amendment or supplement (voting as separate classes). 

Upon the request of the Company, accompanied by a Board Resolution, and upon the filing with the Trustee of evidence of the consent of the
Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company in the execution of such amendment or supplemental indenture. 

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 

  
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 The Holders of a majority in principal amount of the then outstanding Securities of one or more
series may waive compliance in a particular instance by the Company with any provision of this Indenture with respect to Securities of such series (including waivers obtained in connection with a tender offer or exchange offer for Securities of such
series or a solicitation of consents in respect of Securities of such series, provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities of such series (but the terms of such offer or
solicitation may vary from series to series)). 
 However, without the consent of each Holder affected, an amendment, supplement or waiver
under this Section 9.02 may not: 
 (1) reduce the amount of Securities whose Holders must consent to an amendment,
supplement or waiver; 
 (2) reduce the rate of or change the time for payment of interest, including default interest, on
any Security; 
 (3) reduce the principal of, any premium on or any mandatory sinking fund payment with respect to, or change
the Stated Maturity of, any Security 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 6.02; 

(4) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or
shall be redeemed; 
 (5) change any obligation of the Company to pay Additional Amounts with respect to any Security; 

(6) change the coin or currency or currencies (including composite currencies) in which any Security or any premium, interest
or Additional Amounts with respect thereto are payable; 
 (7) impair the right to institute suit for the enforcement of any
payment of principal of, premium (if any) or interest on or any Additional Amounts with respect to any Security pursuant to Sections 6.07 and 6.08, except as limited by Section 6.06; 

(8) make any change in the percentage of principal amount of Securities necessary to waive compliance with certain provisions
of this Indenture pursuant to Section 6.04 or 6.07 or make any change in this sentence of Section 9.02; 
 (9)
modify the provisions of this Indenture with respect to the subordination of any Security in a manner adverse to the Holder thereof; or 

(10) waive a continuing Default or Event of Default in the payment of principal of, premium (if any) or interest on or
Additional Amounts with respect to the Securities. 
 An amendment under this Section 9.02 may not make any change that adversely
affects the rights under Article X of any holder of an issue of Senior Debt unless the holders of the issue pursuant to its terms consent to the change. 

  
 44 

 A supplemental indenture that 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. 
 The right of any Holder to
participate in any consent required or sought pursuant to any provision of this Indenture (and the obligation of the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall
have been the Holder of record of any Securities with respect to which such consent is required or sought as of a date identified by the Company in a notice furnished to Holders in accordance with the terms of this Indenture. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of each
Security affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver. 
 SECTION 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Securities shall comply in form and substance with the TIA as then in effect. 

SECTION 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the
consent as to his or her Security or portion of a Security if the Trustee receives written notice of revocation before a date and time therefor identified by the Company in a notice furnished to such Holder in accordance with the terms of this
Indenture or, if no such date and time shall be identified, the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

The Company may, but shall not be obligated to, fix a record date (which need not comply with TIA § 316(c)) for the purpose of
determining the Holders entitled to consent to any amendment, supplement or waiver or to take any other action under this Indenture. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons
who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such Persons continue to
be Holders after such record date. No consent shall be valid or effective for more than 90 days after such record date unless consents from Holders of the principal amount of Securities required hereunder for such amendment or waiver to be effective
shall have also been given and not revoked within such 90-day period. 

  
 45 

 After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it
is of the type described in any of clauses (1) through (9) of Section 9.02 hereof. In such case, the amendment, supplement or waiver shall bind each Holder who has consented to it and every subsequent Holder that evidences the same
debt as the consenting Holder’s Security. 
 SECTION 9.05 Notation on or Exchange of Securities. 

If an amendment or supplement changes the terms of an outstanding Security, the Company may require the Holder of the Security to deliver it to
the Trustee. The Trustee may place an appropriate notation on the Security at the request of the Company regarding the changed terms and return it to the Holder. Alternatively, if the Company so determines, the Company in exchange for the Security
shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment or supplement. 

Securities of any series authenticated and delivered after the execution of any amendment or supplement may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such amendment or supplement. 
 SECTION 9.06 Trustee to
Sign Amendments, etc. 
 The Trustee shall sign any amendment or supplement authorized pursuant to this Article if the amendment or
supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment or supplement, the Trustee shall be entitled to
receive, and, shall be fully protected in relying upon in good faith, an Officers’ Certificate and an Opinion of Counsel provided at the expense of the Company as conclusive evidence that such amendment or supplement is authorized or permitted
by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Company in accordance with its terms. 

ARTICLE X 
 SUBORDINATION OF
SECURITIES 
 SECTION 10.01 Securities Subordinated to Senior Debt. 

The Company and each Holder of a Security of a series, by his acceptance thereof, agree that (a) the payment of the principal of, premium
(if any) and interest on and any Additional Amounts with respect to each and all the Securities of such series and (b) any other payment in respect of the Securities of such series, including on account of the acquisition or redemption of
Securities of such series by the Company, is subordinated, to the extent and in the manner provided in this Article X, to the prior payment in full of all Senior Debt of the Company, whether outstanding at the date of this Indenture or thereafter
created, incurred, assumed or guaranteed, and that these subordination provisions are for the benefit of the holders of Senior Debt. 

  
 46 

 This Article X shall constitute a continuing offer to all Persons who, in reliance upon such
provisions, become holders of, or continue to hold, Senior Debt, and such provisions are made for the benefit of the holders of Senior Debt, and such holders are made obligees hereunder and any one or more of them may enforce such provisions. 

SECTION 10.02 No Payment on Securities in Certain Circumstances. 

(a) Unless otherwise provided with respect to the Securities of a series as contemplated by Section 2.01, no payment shall be made by or
on behalf of the Company on account of the principal of, premium (if any) or interest on or any Additional Amounts with respect to the Securities of any series or to acquire any Securities of such series (including any repurchases of Securities of
such series pursuant to the provisions thereof at the option of the Holder thereof) for cash or property, or on account of any redemption provisions of Securities of such series, in the event of default in payment of any principal of, premium (if
any) or interest on any Senior Debt of the Company when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by acceleration of maturity or otherwise (a “Payment Default”), unless and until such
Payment Default has been cured or waived or otherwise has ceased to exist or such Senior Debt shall have been discharged or paid in full. 

(b) In furtherance of the provisions of Section 10.01, in the event that, notwithstanding the foregoing provisions of this
Section 10.02, any payment or distribution of assets of the Company shall be received by the Trustee, the Paying Agent or the Holders of Securities of any series and at a time when such payment or distribution was prohibited by the provisions
of this Section 10.02, then, unless such payment or distribution is no longer prohibited by this Section 10.02, such payment or distribution (subject to the provisions of Section 10.07) shall be received and held in trust by the
Trustee, the Paying Agent or such Holder for the benefit of the holders of Senior Debt of the Company, and shall be paid or delivered by the Trustee, the Paying Agent or such Holders, as the case may be, to the holders of Senior Debt of the Company
remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Debt of the Company may have been issued, ratably, according to
the aggregate amounts remaining unpaid on account of such Senior Debt of the Company held or represented by each, for application to the payment of all Senior Debt in full after giving effect to all concurrent payments and distributions to or for
the holders of such Senior Debt. 
 SECTION 10.03 Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or
Reorganization. 
 Upon any distribution of assets of the Company or upon any dissolution, winding up, total or partial liquidation or
reorganization of the Company, whether voluntary or involuntary, in bankruptcy, insolvency, receivership or similar proceeding or upon assignment for the benefit of creditors: 

(1) the holders of all Senior Debt of the Company shall first be entitled to receive payments in full before the Holders of
Securities of any series are entitled to receive any payment on account of the principal of, premium (if any) or interest on or any Additional Amounts with respect to Securities of such series; 

  
 47 

 (2) any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the Holders of Securities of any series or the Trustee on behalf of such Holders would be entitled, except for the provisions of this Article X, shall be paid by the liquidating trustee or
agent or other Person making such a payment or distribution directly to the holders of such Senior Debt or their representative, ratably according to the respective amounts of Senior Debt held or represented by each, to the extent necessary to make
payment in full of all such Senior Debt remaining unpaid after giving effect to all concurrent payments and distributions to the holders of such Senior Debt; and 

(3) in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, shall be received by the Trustee or the Holders of Securities of any series or any Paying Agent (or, if the Company or any Subsidiary is acting as the Paying Agent, money for any such payment or
distribution shall be segregated or held in trust) on account of the principal of, premium (if any) or interest on or any Additional Amounts with respect to the Securities of such series before all Senior Debt of the Company is paid in full, such
payment or distribution (subject to the provisions of Section 10.07) shall be received and held in trust by the Trustee or such Holder or Paying Agent for the benefit of the holders of such Senior Debt, or their respective representatives,
ratably according to the respective amounts of such Senior Debt held or represented by each, to the extent necessary to make payment as provided herein of all such Senior Debt remaining unpaid after giving effect to all concurrent payments and
distributions and all provisions therefor to or for the holders of such Senior Debt, but only to the extent that as to any holder of such Senior Debt, as promptly as practical following notice from the Trustee to the holders of such Senior Debt that
such prohibited payment has been received by the Trustee, Holder(s) or Paying Agent (or has been segregated as provided above), such holder (or a representative therefor) notifies the Trustee of the amounts then due and owing on such Senior Debt, if
any, held by such holder and only the amounts specified in such notices to the Trustee shall be paid to the holders of such Senior Debt. 
 SECTION
10.04 Subrogation to Rights of Holders of Senior Debt. 
 Subject to the payment in full of all Senior Debt of the Company as provided
herein, the Holders of the Securities of any series shall be subrogated (to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article X) to the rights of the holders of such Senior
Debt to receive payments or distributions of assets of the Company applicable to the Senior Debt until all amounts owing on the Securities of such series shall be paid in full. For the purpose of such subrogation, no such payments or distributions
to the holders of such Senior Debt by the Company, or by or on behalf of the Holders of the Securities of such series by virtue of this Article X, which otherwise would have been made to such Holders shall, as between the Company and such Holders,
be deemed to be payment by the Company or on account of such Senior Debt, it being understood that the provisions of this Article X are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities of a
series, on the one hand, and the holders of such Senior Debt, on the other hand. 

  
 48 

 If any payment or distribution to which the Holders of the Securities would otherwise have been
entitled but for the provisions of this Article X shall have been applied, pursuant to the provisions of this Article X, to the payment of amounts payable under Senior Debt, then such Holders shall be entitled to receive from the holders of such
Senior Debt any payments or distributions received by such holders of Senior Debt in excess of the amount sufficient to pay all amounts payable under or in respect of such Senior Debt in full. 

SECTION 10.05 Obligations of the Company Unconditional. 

Nothing contained in this Article X or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company
and the Holders of the Securities of any series, the obligation of the Company, which is absolute and unconditional, to pay to such Holders the principal of such series, premium (if any) and interest on and any Additional Amounts with respect to the
Securities of such series as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of such Holders and creditors of the Company other than the holders of the Senior Debt,
nor shall anything herein or therein prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article X, of the holders of
Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Notwithstanding anything to the contrary in this Article X or elsewhere in this Indenture or in the Securities, upon any
distribution of assets of the Company referred to in this Article X, the Trustee, subject to the provisions of Sections 7.01 and 7.02, and the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or other Person making any distribution to the Trustee or to such Holders for
the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Debt and other Debt of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all
other facts pertinent thereto or to this Article X so long as such court has been apprised of the provisions of, or the order, decree or certificate makes reference to, the provisions of this Article X. 

SECTION 10.06 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice. 

The Trustee shall not at any time be charged with knowledge of the existence of any facts that would prohibit the making of any payment to or
by the Trustee unless and until a Responsible Officer of the Trustee or any Paying Agent shall have received, no later than two Business Days prior to such payment, written notice thereof from the Company or from one or more holders of Senior Debt
or from any representative thereof and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Sections 7.01 and 7.02, shall be entitled in all respects conclusively to assume that no such fact exists. 

SECTION 10.07 Application by Trustee of Amounts Deposited with It. 

Amounts deposited in trust with the Trustee pursuant to and in accordance with Article VIII shall be for the sole benefit of Holders of
Securities of the series for the benefit of which such amounts were deposited, and, to the extent allocated for the payment of Securities of 

  
 49 

 
such series, shall not be subject to the subordination provisions of this Article X. Otherwise, any deposit of assets with the Trustee or the Paying Agent (whether or not in trust) for the
payment of principal of, premium (if any) or interest on or any Additional Amounts with respect to any Securities of such series shall be subject to the provisions of Sections 10.01, 10.02, 10.03 and 10.04; provided that if prior to two
Business Days preceding the date on which by the terms of this Indenture any such assets may become distributable for any purpose (including, without limitation, the payment of either principal of, premium (if any) or interest on or any Additional
Amounts with respect to any Security), a Responsible Officer of the Trustee or such Paying Agent shall not have received with respect to such assets the written notice provided for in Section 10.06, then the Trustee or such Paying Agent shall
have full power and authority to receive such assets and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary that may be received by it on or after such date; and provided
further that nothing contained in this Article X shall prevent the Company from making, or the Trustee from receiving or applying, any payment in connection with the redemption of Securities of a series if the first publication of notice of such
redemption (whether by mail or otherwise in accordance with this Indenture) has been made, and the Trustee has received such payment from the Company, prior to the occurrence of any of the contingencies specified in Section 10.02 or 10.03. 

SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt. 

No right of any present or future holders of any Senior Debt to enforce subordination provisions contained in this Article X shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms of this Indenture, regardless of
any knowledge thereof that any such holder may have or be otherwise charged with. The holders of Senior Debt may extend, renew, modify or amend the terms of the Senior Debt or any security therefor and release, sell or exchange such security and
otherwise deal freely with the Company, all without affecting the liabilities and obligations of the parties to this Indenture or the Holders of the Securities of any series. 

SECTION 10.09 Trustee to Effectuate Subordination of Securities. 

Each Holder of a Security of any series by his acceptance thereof authorizes and expressly directs the Trustee on his behalf to take such
action as may be necessary or appropriate to effectuate the subordination provisions contained in this Article X and to protect the rights of the Holders of the Securities of such series pursuant to this Indenture, and appoints the Trustee his attorney-in-fact for such purpose, including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency or
receivership proceedings or upon an assignment for the benefit of creditors of the Company), the filing of a claim for the unpaid balance of his Securities in the form required in said proceedings and cause said claim to be approved. If the Trustee
does not file a proper claim or proof of debt in the form required in such proceeding prior to 30 days before the expiration of the time to file such claim or claims, then the holders of the Senior Debt or their representative is hereby authorized
to have the right to file and is hereby authorized to file an appropriate claim for and on behalf of the Holders of Securities of such series. Nothing contained herein shall be deemed to authorize the

  
 50 

 
Trustee or the holders of Senior Debt or their representative to authorize or consent to or accept or adopt on behalf of any Holder of Securities of any series any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of such series or the rights of any Holder thereof, or to authorize the Trustee or the holders of Senior Debt or their representative to vote in respect of the claim of any Holder of
the Securities of such series and in any such proceeding. 
 SECTION 10.10 Right of Trustee to Hold Senior Debt. 

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

SECTION 10.11 Article X Not to Prevent Events of Default. 

The failure to make a payment on account of principal of or premium (if any) or interest on the Securities of any series by reason of any
provision of this Article X shall not be construed as preventing the occurrence of a Default or an Event of Default under Section 6.01 with respect to Securities of such series or in any way prevent the Holders of the Securities of such series
from exercising any right hereunder other than the right to receive payment on the Securities of such series. 
 SECTION 10.12 No Fiduciary Duty
of Trustee to Holders of Senior Debt. 
 The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt, and
shall not be liable to any such holders (other than for its willful misconduct or negligence) if it shall in good faith mistakenly pay over or distribute to the Holders of the Securities of any series or the Company or any other Person, cash,
property or securities to which any holders of Senior Debt shall be entitled by virtue of this Article X or otherwise. Nothing in this Section 10.12 shall affect the obligation of any other such Person to hold such payment for the benefit of,
and to pay such payment over to, the holders of Senior Debt or their representative. 
 SECTION 10.13 Article Applicable to Paying Agent. 

In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term
“Trustee” as used in this Article X shall in such case (unless the context shall otherwise require) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying
Agent were named in this Article X in addition to or in place of the Trustee; provided, however, that this Section 10.13 shall not apply to the Company or any Subsidiary if the Company or such Subsidiary acts as Paying Agent. 

  
 51 

 ARTICLE XI 

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

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

If to the Company: 

Cleco Corporation 

2030 Donahue Ferry Road 

Pineville, Louisiana 71360-5226 

Attn:
[                                        ] 

Telephone: (318) 484-7400 

Facsimile:
(318) 484-[                ] 

If to the Trustee: 

[                     
                             ] 

[                     
                             ] 

[                     
                             ] 

[                     
                             ] 

Attn:
[                                         
 ] 
 Telephone: (            ) 

Facsimile: (            ) 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery. 
 Any notice or communication to a Holder shall be mailed by first-class mail, postage prepaid, to the
Holder’s address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

  
 52 

 If a notice or communication is mailed in the manner provided above within the time prescribed,
it is duly given, whether or not the addressee receives it, except in the case of notice to the Trustee, it is duly given only when received. 

If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

All notices or communications, including without limitation notices to the Trustee or the Company by Holders, shall be in writing, except as
otherwise set forth herein. 
 In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be
impossible to mail any notice required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 

SECTION 11.03 Communication by Holders with Other Holders. 

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Securities.
The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 SECTION 11.04 Certificate and Opinion as to
Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the
Company shall, if requested by the Trustee, furnish to the Trustee at the expense of the Company: 
 (1) an Officers’ Certificate
(which shall include the statements set forth in Section 11.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with;
and 
 (2) an Opinion of Counsel (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of
such counsel, all such conditions precedent and covenants have been complied with. 
 SECTION 11.05 Statements Required in Certificate or Opinion.

 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

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

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

  
 53 

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

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

SECTION 11.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or the Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 SECTION 11.07 Legal Holidays. 

If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period. 
 SECTION 11.08 No Recourse Against Others. 

A director, officer, employee, stockholder, partner or other owner of the Company or the Trustee, as such, shall not have any liability for any
obligations of the Company under the Securities or for any obligations of the Company or the Trustee under this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a
Security waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of Securities. 
 SECTION
11.09 Governing Law. 
 THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. 
 SECTION 11.10 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any Subsidiary. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 11.11 Successors. 

All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture
shall bind its successors. 

  
 54 

 SECTION 11.12 Severability. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall, to the fullest extent permitted by applicable law, not in any way be affected or impaired thereby. 

SECTION 11.13 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. 
 SECTION 11.14 Table of Contents, Headings, etc. 

The table of contents, cross-reference table and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

  
 55 

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

			
	CLECO CORPORATION
		
	By:	 	 
		 	 Name:
 Title:

 
			
	
	[                                    
            ],
		 	as Trustee

 
			
		
	By:	 	 
		 	 Name:
 Title:

  
 56Exhibit

Exhibit 10.8

AGREEMENT FOR THE PURCHASE AND SALE 
OF PARTNERSHIP INTERESTS
by and among
ETRE HOLDINGS A-2, LLC
1 Brown Street ASSOCIATES, L.P.,
800 Delaware Ave Associates L.P.,
WATERVIEW GRANDE, L.P.
1-33 BROWN STREET, LLC
and
800 NORTH DELAWARE AVENUE, LLC

Dated as of April 16, 2015

	
				
	Table of Contents
	Page

	Article 1
	 
	 
	 

	 
	PURCHASE AND SALE
	2

	Section 1.1
	 
	Sale of the Interests
	2

	Section 1.2
	 
	Existing Loan and the New Loan
	2

	Section 1.3
	 
	Consideration
	2

	Section 1.4
	 
	Adjusted Consideration
	3

	Section 1.5
	 
	Designated Representative
	4

	Section 1.6
	 
	Term of Agreement
	4

	Section 1.7
	 
	Effect of Termination
	5

	Section 1.8
	 
	Default Remedies
	5

	Article 2
	 
	 
	 

	 
	CLOSING
	5

	Section 2.1
	 
	Conditions Precedent
	5

	Section 2.2
	 
	Time and Place; Closing and IPO Closing
	7

	Section 2.3
	 
	Closing Deliveries
	8

	Section 2.4
	 
	Intentionally Omitted
	8

	Section 2.5
	 
	Closing Costs
	9

	Article 3
	 
	 
	 

	 
	REPRESENTATIONS AND WARRANTIES
	9

	Section 3.1
	 
	Representations and Warranties of the Purchaser
	9

	Section 3.2
	 
	Representations and Warranties of the Sellers
	10

	Section 3.3
	 
	“Sellers’ Knowledge” or “Knowledge of the Sellers”
	20

	Article 4
	 
	 
	 

	 
	COVENANTS
	20

	Section 4.1
	 
	Covenants of the Sellers
	20

	Section 4.2
	 
	Indemnification
	22

	Section 4.3
	 
	Commercially Reasonable Efforts
	23

	Article 5
	 
	 
	 

	 
	CONFIDENTIALITY
	23

	Section 5.1
	 
	Confidentiality
	23

	Article 6
	 
	 
	 

	 
	MISCELLANEOUS
	23

	Section 6.1
	 
	Defined Terms
	23

	Section 6.2
	 
	Notices
	27

	Section 6.3
	 
	Counterparts
	28

	Section 6.4
	 
	Entire Agreement; Third-Party Beneficiaries
	28

	Section 6.5
	 
	Governing Law
	29

	Section 6.6
	 
	Amendment; Waiver
	29

	Section 6.7
	 
	Assignment
	29

	Section 6.8
	 
	Jurisdiction
	29

	Section 6.9
	 
	Severability
	29

	Section 6.10
	 
	Rules of Construction
	29

	Section 6.11
	 
	Time of the Essence
	30

	Section 6.12
	 
	Descriptive Headings
	30

	Section 6.13
	 
	No Personal Liability Conferred
	30

	Section 6.14.
	 
	Further Assurances
	30

	Section 6.15.
	 
	Reliance
	30

	Section 6.16.
	 
	Survival
	30

	Section 6.17
	 
	Equitable Remedies; Limitation on Damages
	30

EXHIBITS
A    Sellers’ Interests 
B    Form of Restated Partnership Agreement
C    Form of Retail Master Lease
D    Form of Property Management Agreement
E    Form of Administrative Agreement
F    Assumed Capitalization of the Property and Use of Funds

SCHEDULES

3.2(d)        Capitalization of Owners
3.2(f)        Litigation
3.2(h)(i)    Liens
3.2(h)(ii)    Leases
3.2(j)        Environmental
3.2(o)        Material Contracts 
3.2(z)         Broker Agreements

AGREEMENT FOR THE PURCHASE AND SALE 
OF 
PARTNERSHIP INTERESTS 
THIS AGREEMENT FOR THE PURCHASE AND SALE OF PARTNERSHIP INTERESTS (including all exhibits and schedules, hereinafter referred to as this “Agreement”) is made and entered into as of April 16, 2015 (the “Effective Date”) by and among ETRE HOLDINGS A-2, LLC, a Delaware limited partnership (the “Purchaser”), 1 Brown Street Associates, L.P., a Pennsylvania limited partnership (“Brown”), 800 Delaware Ave Associates, L.P., a Pennsylvania limited partnership (“800 Delaware” and together with Brown, the “Owners”, and each individually, an “Owner”), Waterview Grande L.P., a Pennsylvania limited partnership (“Waterview LP”), 1-33 Brown Street, LLC (the “Brown GP”) and 800 North Delaware Avenue, LLC (the “800 Delaware GP”, and together with Brown GP, the “General Partners”, and together with Waterview LP, collectively, the “Sellers” and individually, a “Seller”). Terms used but not defined shall have the meanings ascribed to them in Section 6.1.  
RECITALS
A.    WHEREAS, in conjunction with the initial public offering (the “IPO”) of ETRE REIT LLC, Series A-2, a Delaware series LLC (the “Series A-2 REIT”), the Purchaser desires to acquire (i) eighty-eight and ninety-nine hundredths percent (88.99%) of the limited partnership interests in each of Brown and 800 Delaware (the “Limited Partnership Interests”), and (ii) the entire one hundredths percent (0.01%) of the general partnership interests owned by each of the Brown GP and the 800 Delaware GP in each of Brown and 800 Delaware (collectively, the “General Partnership Interests”, and together with the Limited Partnership Interests and the Retained Interests (as defined below), as applicable, the “Interests”).  Brown owns One Brown Street, Philadelphia, Pennsylvania (the “Brown Property”) and 800 Delaware owns 800 Delaware Avenue, Philadelphia, Pennsylvania (the “800 Delaware Property”), collectively known as Penn Treaty Village Pennthouses (collectively, the “Property”).
B.    WHEREAS, (i) Waterview LP owns one hundred percent (100%) of the Limited Partnership Interests in each of 800 Delaware and Brown, (ii) the 800 Delaware GP owns 100% of the General Partnership Interests in 800 Delaware, and (iii) the Brown GP owns 100% of the General Partnership Interests in Brown.
C.    WHEREAS, at the Closing, subject to the terms and conditions of this Agreement, (i) Waterview LP shall assign, convey, sell and transfer eighty-eight and ninety-nine hundredths percent (88.99%) of the Limited Partnership Interests in each of the Owners, and (ii) each General Partner shall assign, convey, sell and transfer all of their General Partnership Interests in each of the Owners as set forth on Exhibit A, directly to the Purchaser, subject to Purchaser’s rights contained in Section 1.3(b).  Waterview LP will retain in the aggregate eleven percent (11%) of the Limited Partnership Interests in each of the Owners, subject to increase, but not decrease, as set forth in this Agreement (the “Retained Interests”).
NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual undertakings set forth below, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
TERMS OF AGREEMENT
ARTICLE 1
PURCHASE AND SALE

Section 1.1    Sale of the Interests. At the Closing and subject to the terms and conditions contained in this Agreement, the Sellers shall sell, transfer, assign, convey and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept, all right, title and interest held by the applicable Seller in the Interests directly, free and clear of all Liens.

Section 1.2    Existing Loan and the New Loan.

(a)Each of the Brown Property and the 800 Property are encumbered with mortgage financing (collectively, the “Existing Loan).  
  
(b)It shall be a condition precedent to the Purchaser’s and Sellers’ obligations to consummate the transactions contemplated by this Agreement that on or prior to the Closing Date, the Sellers shall (i) pay off the Existing Loan on or before the Closing and (ii) obtain a new loan prior to Closing (such loan being referred to herein as the “New Loan”) meeting the requirements of Section 1.2(c) below.

(c)In order for the New Loan to be valid and acceptable to the Purchaser it shall meet each of the following requirements, as applicable: 

(i)The principal amount of the New Loan shall be not less than $50,000,000 (the “New Loan Amount”) and will bear an annual interest rate of approximately 4.0% and will mature no earlier than five (5) years from the date of the Closing; and
 
(ii)The New Loan shall not materially increase the obligations, or materially decrease the rights, of Brown (as borrower) or of the Purchaser, including without limitation the imposition of any increased or additional reserve requirements. 

(d)The provisions of this Section shall survive the Closing or earlier termination of this Agreement.  

Section 1.3    Consideration.

(a)At the Closing, subject to the terms and conditions in this Agreement, the Purchaser shall, in exchange for the transfer to it of the Interests, pay to the Sellers total consideration equal to $77,000,000 (the “Total Consideration”), which is based on a Property value of $81,000,000 as described on Exhibit F attached hereto.  If net proceeds, after payment of all Transaction Expenses, of (i) the IPO (the “IPO Proceeds”), and (ii) the New Loan result in an amount that is less than $77,000,000, then the Sellers shall have the option to either (1) retain additional Limited Partnership Interests as Retained Interests in each of the Owners in exchange for proportionately less cash, or (2) terminate this Agreement
.  
(b)The parties acknowledge that the partnership agreements of the Owners (the “Partnership Agreements”) will each be amended and restated as of the Closing Date in substantially the form attached as Exhibit B admitting the Purchaser as limited partner, and admitting an Affiliate of Purchaser as the general partner; provided, however that notwithstanding anything contained herein, Purchaser shall have the right to direct the Sellers to sell and/or assign all or some of the Interests to any Affiliate of Purchaser.  Each Seller that will retain the Retained Interests shall be obligated to execute the Restated Partnership Agreements as a condition to Purchaser’s obligation to close, failing which this Agreement shall terminate.

Section 1.4    Adjusted Consideration.  At the Closing, (i) real estate Taxes and assessments (including personal property Taxes, if any) applicable to the Property for the year in which the Closing occurs, (ii) rental income that has been collected (including base rents, additional rents, escalation charges, common area maintenance charges, imposition charges, heating and cooling charges, insurance charges, charges for utilities, percentage rent, and all other rents, charges and commissions paid by tenants to Owners or any of their Subsidiaries), (iii) omitted, (iv) insurance premiums, (v) utilities serving the Property, (vi) property management fees, (vii) prepaid charges, payment and accrued charges under any contracts entered into by Owners or any of their Subsidiaries with respect to the Property and (viii) all other items of income and expense with respect to the Property shall be prorated between the Owners, as constituted immediately prior to the Closing Date (the “Pre-Closing Owner”), on the one hand, and the “owners”, as constituted immediately subsequent to the Closing Date (the “Post-Closing Owner”), on the other hand, as if the transaction under this Agreement were a sale of real estate assets from Pre-Closing Owner, as seller, to Post-Closing Owner, as buyer; with all such items attributable to the period prior to the Closing Date to be credited or charged to the Pre-Closing Owner, and all such items attributable to the period commencing on the Closing Date to be credited or charged to the Post-Closing Owner. Except as otherwise provided in this Section 1.4, income and expenses shall be prorated on the basis of a 30-day month and, with respect to expenses only, on the basis of the accrual method of accounting. The prorations to be performed hereunder shall be completed by the parties based on the parties’ estimates as of the Closing, shall be evidenced by a closing statement prepared by the parties, shall be reconciled to the extent all necessary information is available within ninety (90) days of Closing and otherwise on or before March 31, 2016 (the “Reconciliation Period”), and shall be implemented through a cash payment from the Post-Closing Owner to the Sellers to the extent the prorations result in a net credit to the Pre-Closing Owner and a cash payment from the Sellers to the Post-Closing Owner to the extent the prorations result in a net charge to the Pre-Closing Owner.  In addition, immediately prior to Closing, the Owners shall distribute to the Sellers any cash (other than any security deposits then held by the Owners or any of their Subsidiaries under leases for the Property) then held by the Owners or any of their Subsidiaries (to the extent not being transferred with the Interests as a proration in accordance with this Section 1.4) and such cash shall not remain in the Owners after Closing.  The parties acknowledge that preparation of the closing statement will involve substantial time and effort and hereby agree that the closing statement shall be prepared by the parties three (3) days prior to the Closing Date as determined pursuant to Section 2.2. If the Closing actually takes place on a day other than the Closing Date, then, during the Reconciliation Period, the prorations shall be recalculated as of the actual Closing Date based on actual amounts and the parties shall prepare a revised closing statement, and to the extent such revised closing statement reveals that the Sellers received more or less cash than they should have received had the prorations included in the original closing statement not been based on estimated amounts and the Closing occurring on the Closing Date, then the Post-Closing Owner (if the Sellers received less cash than they should have received) or the Sellers (if the Sellers received more cash than they should have received), as applicable, shall make a cash payment to the other as necessary to make the cash received by the Sellers correct based on the revised closing statement.  The terms of this Section 1.4 shall survive the Closing and not be merged therein.

Section 1.5    Designated Representative.  The Sellers shall act only through Michael Samschick (the “Designated Representative”) and the Purchaser may rely on any action taken by the Designated Representative on behalf of the Sellers.  The Sellers must take all the same actions and may not remove Michael Samschick as its representative or designate a replacement representative without the consent of the Purchaser.

Section 1.6    Term of Agreement. This Agreement may be terminated and the transactions contemplated hereby may be abandoned:

(a)at any time, by mutual written agreement of Purchaser and Sellers; 

(b)by the Purchaser, at any time prior to the Closing, if (i) any Seller is in breach, in any material respect, of the representations, warranties or covenants made by it in this Agreement, (ii) such breach is not cured within ten (10) days of written notice of such breach from the Purchaser (to the extent such breach is curable) and (iii) such breach, if not cured, would render the conditions set forth in Sections 2.1(a) and 2.1(b) incapable of being satisfied; provided that the Purchaser’s right to terminate this Agreement under this Section 1.6(b) shall not be available if the action or inaction of the Purchaser has been a principal cause of or resulted in the failure of the Closing to occur on or before such date and such action or failure to act constitutes a breach of this Agreement;

(c)by the Sellers, at any time prior to the Closing, if (i) the Purchaser is in breach, in any material respect, of the representations, warranties or covenants made by the Purchaser in this Agreement, (ii) such breach is not cured within ten (10) days of written notice of such breach from the Sellers (to the extent such breach is curable) and (iii) such breach, if not cured, would render the conditions set forth in Sections 2.1(a) and 2.1(c) incapable of being satisfied; provided that Sellers’ right to terminate this Agreement under this Section 1.6(c) shall not be available if the action or inaction of Sellers has been a principal cause of or resulted in the failure of the Closing to occur on or before such date and such action or failure to act constitutes a breach of this Agreement; 

(d)by written notice by either the Sellers or the Purchaser to the other party, at any time after the date that is 60 days after the date the Series A-2 REIT publicly files the Registration Statement with the SEC (it being understood that the Series A-2 REIT shall submit or file the Registration Statement within 30 days after the Effective Date) (such date is hereinafter referred to as the “Termination Date”) if the Closing shall not have occurred on or prior to such date; provided that if the Series A-2 REIT has launched the IPO “roadshow” (“IPO Launch”) prior to the Termination Date, then the Termination Date shall be extended until the 30th day after the later of (x) the Termination Date or (y) the date of the IPO Launch.  The right to terminate this Agreement under this Section 1.6(d) shall not be available to a party if the action or inaction of that party has been a principal cause of or resulted in the failure of the Closing to occur on or before such date and such action or failure to act constitutes a breach of this Agreement (provided that Sellers shall have no financial or other obligations relating to the IPO Launch);

(e)by either the Sellers or the Purchaser, if any of the conditions in Section 2.1(a)(i), (ii), (v) are not satisfied as described therein;

(f)by either the Sellers or the Purchaser, if any of the conditions in Section 2.1(a)(iii), (iv), (vi), (vii) are not satisfied as described therein, provided that the party for whose benefit the condition exists may elect to waive the condition and proceed to Closing; 

(g)by the Purchaser, if any of the conditions in Section 2.1(b) or Section 1.2(c)(i)are not satisfied as described therein, unless waived by Purchaser; or

(h)by the Sellers, if any of the conditions in Section 2.1(c) are not satisfied as described therein, unless waived by Sellers.

Section 1.7     Effect of Termination.  In the event of termination of this Agreement for any reason, all obligations on the part of the parties under this Agreement shall terminate, except that the obligations set forth in Article 5 shall survive, it being understood and agreed, however, for the avoidance of doubt, that if this Agreement is terminated because one or more of the conditions to the non-breaching party’s obligations under this Agreement are not satisfied by the Termination Date as a result of the other party’s intentional breach of a covenant, representation, warranty or other obligation under this Agreement, the non-breaching party’s right to pursue all legal remedies with respect to such breach will survive such termination unimpaired.

Section 1.8    Default Remedies.  If any Seller defaults in performing any of its obligations under this Agreement, the Purchaser shall have all rights and remedies available to it at law or in equity resulting from such Sellers’ default, including without limitation, the right to seek specific performance of this Agreement and such Sellers’ obligation to convey the Interests to the Purchaser hereunder and amend and restate the Partnership Agreements.  The parties acknowledge and agree that the failure of a condition precedent to occur, notwithstanding the good faith and commercially reasonable efforts of the applicable party, shall not be a default hereunder.

ARTICLE 2
CLOSING

Section 2.1    Conditions Precedent. 

(a)Condition to Each Party’s Obligations. The obligations of each party to effect the transactions contemplated hereby shall be subject to the satisfaction (or waiver, if applicable, by the Sellers and the Purchaser) of the following conditions:

i.The Series A-2 REIT’s registration statement on Form S-11 (the “Registration Statement”) to be filed after the date hereof with the Securities and Exchange Commission (the “SEC”) shall have become effective under the Act (and Purchaser will promptly file and diligently pursue the same). This condition may not be waived by any party;

ii.The Registration Statement shall not be the subject of any stop order or proceeding by the SEC seeking a stop order. This condition may not be waived by any party;

iii.Unless the Sellers elect under Section 1.3(a)(1) in their sole and absolute discretion to retain additional Retained Interests, the Purchaser shall have received, concurrently with Closing hereunder (after payment of all Transaction Expenses), IPO Proceeds and a New Loan in an amount equal to $77,000,000 (it being acknowledged, for the avoidance of doubt, that if the Sellers so elect to retain additional Retained Interests pursuant to Section 1.3(a)(1), then this condition shall be deemed satisfied); 

iv.No order, statute, rule, regulation, executive order, injunction, stay, decree, judgment or restraining order shall have been enacted, issued, entered, promulgated or enforced by any court of competent jurisdiction or Governmental Authority that prohibits the consummation of the transactions contemplated hereby, nor shall any proceeding brought by a Governmental Authority of competent jurisdiction be pending that seeks the foregoing; 

v.The IPO Closing shall have occurred simultaneously with the Closing and the Series A-2 Common Shares shall have been approved for listing on the Nasdaq Capital Market or another national securities exchange, subject only to official notice of issuance. This condition may not be waived by any party;

vi.The Existing Loan will be paid off at the Closing by the Sellers and replaced by the Sellers at Closing with the New Loan; and 

vii.The execution and delivery at the Closing of (1) the executed Restated Partnership Agreement of each Owner, the form of which is attached hereto as Exhibit B, (2) the Master Lease, the form of which is attached hereto as Exhibit C, (3) the Property Management Agreement, the form of which is attached hereto as Exhibit D, and (4) the Administrative Agreement, the form of which is attached hereto as Exhibit E. 

(b)Conditions to Obligations of the Purchaser. The obligations of the Purchaser to effect the transactions contemplated hereby shall be subject to the satisfaction (or waiver by the Purchaser) of the following conditions:

i.(A) The representations and warranties contained in Section 3.2(a), (b), (c), (d), (n), and (z) of this Agreement shall be true, correct and complete in all respects at the Closing Date as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true, correct and complete only as of that earlier date) and (B) each of the other representations and warranties of the Sellers contained in this Agreement shall be true, correct and complete (without regard to any qualifications as to materiality or material adverse effect (or any correlative term) contained in such representations or warranties) in all material respects at the Closing Date as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true, correct and complete only as of that earlier date);

ii.Each Seller shall have performed in all material respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date;

iii.All necessary consents and approvals of Governmental Authorities or third parties for the Sellers to consummate the transactions contemplated hereby shall have been obtained, including obtaining the New Loan;

iv.There shall not have been a bankruptcy or similar insolvency proceeding with respect to the Owners or any Seller; 

v.Each Owner and each Seller, as applicable, shall have executed and delivered to the Purchaser the documents required to be delivered by it pursuant to Section 2.3 hereof; and

vi.Each Seller retaining a Retained Interest shall have delivered to the Purchaser an accredited investor questionnaire duly executed by such Seller.

Any or all of the conditions set forth in this Section 2.1(b) may be waived by the Purchaser in its sole and absolute discretion. 
(c)Conditions to Obligations of the Sellers. The obligations of each Seller to effect the transactions contemplated hereby shall be subject to the satisfaction or waiver of the following conditions:

i.The representations and warranties of the Purchaser contained in this Agreement shall be true, correct and complete (without regard to any qualifications as to materiality or material adverse effect (or any correlative term) contained in such representations or warranties) in all material respects at the Closing Date as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true, correct and complete only as of that earlier date);

ii.The Purchaser shall have performed in all material respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date; and

iii.The Purchaser shall have executed and delivered to the Sellers the documents required to be delivered pursuant to Section 2.3 hereof.

Any or all of the conditions set forth in this Section 2.1(c) may be waived by the Sellers in their sole and absolute discretion.
Section 2.2    Time and Place; Closing and IPO Closing. Unless this Agreement shall have been terminated pursuant to Section 1.6, and subject to the satisfaction or waiver of the conditions in Section 2.1, the closing of the transactions contemplated hereunder (the “Closing” or “Closing Date”) shall occur concurrently with (or prior to, but conditioned upon the immediate subsequent occurrence of) the IPO Closing. The Closing shall take place at the New York offices of Goodwin Procter LLP or such other place as determined by the Purchaser in its sole discretion. The date, time and place of the consummation of the IPO, which shall occur concurrently with or immediately following the Closing, shall be referred to in this Agreement as the “IPO Closing.” 

Section 2.3    Closing Deliveries. On the Closing Date, the parties shall make, execute, acknowledge and deliver the legal documents and items required to be executed or delivered in connection with the Closing (collectively the “Closing Documents”) to which it is a party or for which it is otherwise responsible that are necessary to carry out the intention of this Agreement and the other transactions contemplated to take place in connection therewith. The Closing Documents and other items to be delivered at the Closing are the following:

(a)The Restated Partnership Agreements (i.e., executed signature pages from all partners thereto);

(b)An Assignment and Assumption of the Interests in a form reasonably acceptable to Purchaser;

(c)Any other documents that are in the possession of a Seller or which can be obtained through such Seller’s or such Owner’s reasonable efforts which are reasonably requested by the Purchaser and are reasonably necessary or desirable to assign, transfer, convey, contribute and deliver the Interests directly, free and clear of all Liens and effectuate the transactions contemplated hereby;

(d)The Purchaser on the one hand and the Owners and the Sellers on the other hand shall provide to the other a certified copy of all appropriate corporate resolutions or partnership, limited liability company or other actions, as applicable, authorizing the execution, delivery and performance by the Purchaser (if so requested by a Seller) and the Owners and any Seller (if so requested by the Purchaser) of this Agreement, any related documents and the documents listed in this Section 2.3;

(e)The Purchaser on the one hand and the Sellers on the other hand shall provide to the other a certification to the effect set forth in (i) Section 2.1(c)(i) and 2.1(c)(ii) in the case of the Purchaser and (ii) Section 2.1(b)(i) and 2.1(b)(ii) in the case of the Sellers; 

(f)The Sellers shall each provide the Purchaser with executed certificates of non-foreign status that comply in form and in substance with Treasury Regulation Section 1.1445-2(b); 

(g)The Property Management Agreement, the Master Lease, and the Administrative Agreement; and

(h)An executed tenant estoppel certificate from New River Health & Wellness, LLC (the “Estoppel”) on such form provided by Purchaser’s mortgage lender, which shall be dated no earlier than thirty (30) days prior to the Closing Date. 

Section 2.4    Intentionally Omitted
. 
Section 2.5    Closing Costs
.  
(a)Subject to Section 2.5(b) below, if the IPO Closing does not occur, in addition to their respective attorneys’ fees, costs and expenses, each of the Purchaser and the Sellers shall be responsible for all of their respective Transaction Expenses.  If the IPO Closing occurs, it is intended that the reasonable Transaction Expenses of the Purchaser and the reasonable Transaction Expenses of the Sellers be paid out of the IPO Proceeds; provided, however, that each of the Purchaser and the Sellers shall be responsible for all of their respective Transaction Expenses in excess of the IPO Proceeds.  For the avoidance of doubt, (i) the Sellers shall be responsible for the costs and expenses of the Pre-Closing Owner and (ii) the Sellers and Owners (and not the Purchaser) shall be responsible for their own Owner/Seller Transaction Expenses whether or not the IPO Closing occurs.  

(b)If the IPO Closing does not occur due to the Sellers’ or Owners’ failure, refusal or inability to deliver the Interests, the Sellers shall reimburse the Purchaser for all reasonable Transaction Expenses (together with reasonable attorneys’ fees, costs and expenses) incurred by the Purchaser in connection with the transactions contemplated herein.  If the IPO Closing does not occur for any reason other than the failure, refusal or inability of the Owners or the Sellers to deliver the Interests, then the Purchaser shall be responsible for all reasonable Transaction Expenses incurred by the Owners in connection with the transactions contemplated herein.
  
(c)The parties do not anticipate any material transfer taxes or any transfer tax return filing requirements to result from the proposed transaction.  However, if any are imposed, all transfer, documentary, sales, use, stamp, registration and other such Taxes and fees (including penalties and interest) incurred in connection with the transactions contemplated by this Agreement shall be shared equally by the Sellers and the Purchaser. 

ARTICLE 3
REPRESENTATIONS AND WARRANTIES

Section 3.1    Representations and Warranties of the Purchaser.  The Purchaser hereby represents and warrants to the Sellers as set forth below in this Section 3.1, which representations and warranties are true and correct as of the Effective Date (or such other date specifically set forth below):

(a)Organization; Authority.  The Purchaser is a limited partnership duly formed, validly existing and in good standing under the Laws of its jurisdiction of formation and has all requisite power and authority to enter into this Agreement and each agreement or other document contemplated by this Agreement, and to carry out the transactions contemplated hereby and thereby, and to own, lease and/or operate its property, as applicable, and its other assets, and to carry on its business as presently conducted. The Purchaser, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, other than such failures to be so qualified as would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect.

(b)Due Authorization. The execution, delivery and performance by the Purchaser of this Agreement and each other agreement or document contemplated by this Agreement to which it is a party has been duly and validly authorized by all necessary actions required of the Purchaser. This Agreement and each other agreement or document contemplated by this Agreement executed and delivered by or on behalf of the Purchaser constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

(c)Consents and Approvals. Except for (i) the New Loan, (ii) the SEC declaring the Series A-2 REIT’s Registration Statement effective and (iii) any necessary regulatory filings and other filings under state laws in connection with the IPO, no consent, order, waiver, approval or authorization of, or registration, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any applicable Laws (each, a “Consent”) is required to be obtained by the Purchaser or any of its Subsidiaries in connection with the execution, delivery and performance of this Agreement or any other agreement or document contemplated by this Agreement to which the Purchaser is a party, or the consummation of the transactions contemplated hereby or thereby, except for those consents, orders, waivers, approvals, authorizations, registrations, qualifications, designations, declarations or filings, the failure of which to obtain or to make, would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect.

(d)No Violation. None of the execution, delivery or performance by the Purchaser of this Agreement or any other agreement or document contemplated by this Agreement to which the Purchaser is a party, or any agreement or transaction contemplated hereby or thereby or the consummation of the transactions contemplated hereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or other right under, (i) the Organizational Documents of the Purchaser, (ii) any agreement, document or instrument to which the Purchaser is a party thereto or (iii) any term or provision of any judgment, order, writ, injunction, or decree binding on the Purchaser, except for, in the case of clause (ii) or (iii), any such breaches or defaults that would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect.

(e)No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this Section 3.1, Purchaser shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. All representations and warranties of Purchaser contained in this Agreement shall expire at the Closing.

Section 3.2    Representations and Warranties of the Sellers. Each Seller jointly and severally hereby represents and warrants to the Purchaser as set forth below in this Section 3.2, which representations and warranties are true and correct as of the Effective Date (or such other date specifically set forth below):

(a)Organization; Authority. 

i.Each Seller is duly organized and validly existing and in good standing under the Laws of its jurisdiction of organization and, in each case, has all requisite power and authority to enter into this Agreement and each agreement or other document contemplated by this Agreement and to carry out the transactions contemplated hereby and thereby, and to own, lease and/or operate its property, as applicable, and its other assets, and to carry on its business as presently conducted. Each Seller, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, other than such failures to be so qualified as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect or Owner Material Adverse Effect. 

ii.Each Owner is a limited partnership duly formed, validly existing and in good standing under the Laws of its jurisdiction of formation and has all requisite power and authority to enter into this Agreement and each agreement or other document contemplated by this Agreement, and to carry out the transactions contemplated hereby and thereby, and to own, lease and/or operate its property, as applicable, and its other assets, and to carry on its business as presently conducted. Each Owner, to the extent required under applicable Laws, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary, other than such failures to be so qualified as would not, individually or in the aggregate, reasonably be expected to have an Owner Material Adverse Effect.

iii.The Purchaser has been provided complete and accurate copies of the Organizational Documents of each Owner and each General Partner, as amended through the date hereof, and such Organizational Documents are in full force and effect as of the date hereof and have not been further modified or amended.

(b)Due Authorization. The execution, delivery and performance by each Owner and each Seller of this Agreement and each other agreement or document contemplated by this Agreement to which it is a party has been duly and validly authorized by all necessary actions required of such entity. This Agreement and each other agreement or document contemplated by this Agreement executed and delivered by or on behalf of each Owner and each Seller constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of such Owner and such Seller, each enforceable against such entity in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

(c)Ownership of Interests. Each Seller is the record and beneficial owner of the Interests in the Owners as set forth on Exhibit A as of the Effective Date and as of the Closing Date, and the applicable Seller will have the power and authority on the Closing Date to transfer, sell, assign and convey to the Purchaser or any of its Subsidiaries, as applicable, its respective Interests free and clear of any Liens and, upon delivery of the Total Consideration for such Interests as provided herein, the Purchaser or such Subsidiary, as applicable, will acquire good and valid title thereto, free and clear of any Liens. The Interests set forth on Exhibit A constitute all of the Interests owned directly or indirectly by any Seller or their controlled Affiliates that the Sellers are transferring as of the Closing. Except as provided for or contemplated by this Agreement, as of the Closing, there will not be any rights, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings of any kind outstanding (A) relating to the Interests or (B) to purchase, transfer or to otherwise acquire, or to in any way encumber, any of the interests which comprise such Interests or any securities or obligations of any kind convertible into any of the interests which comprise such Interests.  The Sellers collectively own one hundred percent (100%) of the Interests in the Owners.

(d)Capitalization. Schedule 3.2(d) sets forth as of the date hereof a true, correct and complete description of the capitalization of the Owners. All of the issued and outstanding Interests of the Owners are validly issued and are not subject to preemptive rights or appraisal, dissenters or similar rights. There are no outstanding rights to purchase, subscriptions, warrants, options or any other security convertible into or exchangeable for Interests in the Owners. 

(e)Licenses and Permits. All notices, licenses, permits, certificates and authorizations required for the continued use, occupancy, management, leasing and operation of the Property has been obtained or can be obtained without material cost, are in full force and effect, are in good standing, except in each case for items that, if not so obtained, obtainable and/or transferred, would not, individually or in the aggregate, reasonably be expected to have an Owner Material Adverse Effect.  None of the Sellers, nor any Owner, nor, to the Knowledge of the Sellers, any third party, has taken any action that (or failed to take any action the omission of which) would result in the revocation of any such notice, license, permit, certificate or authorization where such revocation or revocations would, individually or in the aggregate, reasonably be expected to have an Owner Material Adverse Effect, nor has any one of them received any written notice of violation from any Governmental Authority or written notice of the intention of any entity to revoke any such notice, license, permit, certificate or authorization, that in each case has not been cured or otherwise resolved to the satisfaction of such Governmental Authority or other entity and except as would not, individually or in the aggregate, reasonably be expected to have an Owner Material Adverse Effect. 

(f)Litigation. Except as set forth on Schedule 3.2(f), there is no action, suit or proceeding pending or, to the Sellers’ Knowledge, threatened against the Sellers or the Owners. As of the date hereof, there is no action, suit or proceeding pending or, to Sellers’ Knowledge, threatened against the Sellers or the Owners which challenges or impairs the ability of the Sellers or the Owners to execute, deliver or perform their obligations under this Agreement or any of the Closing Documents or to consummate the transactions contemplated hereby and thereby. Except as set forth on Schedule 3.2(f), there is no outstanding order, writ, injunction or decree of any Governmental Authority against the Sellers or the Owners or affecting all or any portion of their respective properties or assets. No Owner or Seller has received any written notice of any pending or threatened proceedings for the rezoning (i.e., as opposed to the current zoning) of the Property or any portion thereof.

(g)Compliance with Laws. The Sellers and the Owners have conducted their respective businesses and maintained the Property in compliance with all applicable Laws, in each case, in all material respects. None of the Sellers or the Owners has Knowledge of, or has been informed in writing of, any continuing violation of any Laws relating to the conduct of its respective business or the commencement of any investigation respecting any such possible violation. To Sellers’ Knowledge, as presently conducted, none of the operation of the buildings, fixtures and other improvements comprising a part of the Property is in violation of any applicable building code, zoning ordinance or other “land use” Law in any material respect.

(h)Property Interest.

i.The Owners collectively hold the Property as set forth on Schedule 3.2(h)(i) free and clear of all Liens except for Permitted Encumbrances.

ii.With respect to each ground lease and operating lease identified in Schedule 3.2(h)(ii), and each lease under which an Owner is a landlord or sublandlord at the date hereof, (A) such lease is valid, binding against such Owner, and to Sellers’ Knowledge, the other parties thereto, and in full force and effect, (B) none of the Owners, and to Sellers’ Knowledge, any other party thereto, is (x) in material violation of, or material default under, such lease, or (y) received any written notice alleging an event of default under such lease which has not been cured, (C) the Owners have not granted an option or a right of first refusal or offer, (D) to Sellers’ Knowledge, no event has occurred and is pending, which, after the giving of notice, with lapse of time, or otherwise, would constitute a material breach or material default by the Owners or the applicable lessor under the relevant lease and (E) the leases listed on Schedule 3.2(h)(ii) constitute all leases to which the Owners are a party or by which the Owners are bound and true, correct and complete copies of all such leases and any amendments have been made available to the Purchaser.  All of the renewal, extension and expansion options and rights of first offer or first refusal to lease additional space, and any tenant improvement work required to be performed or tenant improvement allowances required to be paid by the landlord with respect to any of such options are as set forth in the relevant leases and no commissions or tenant improvement allowances remain to be paid.  All tenants are in occupancy and are current in their payments of rent. 

(i)Insurance. The Owners have in place the public liability, casualty and other insurance coverage with respect to the Property as is customary for properties of the size and type of the Property, including in all cases, such coverage as is required under the terms of the New Loan and/or any ground or operating lease in place. Each such insurance policy is in full force and effect and all premiums currently due and payable thereunder have been fully paid. The Owners have not received from any insurance company any written notices of cancellation or intent to cancel any insurance which remain outstanding.

(j)Environmental Matters. Except as set forth on Schedule 3.2(j): (i) no Owner is in violation of, and has not failed to comply with, any Environmental Laws, (ii) no Owner has received any written notice from any Governmental Authority or any other written notice or written claim from any other party alleging that such Owner is not in compliance with applicable Environmental Laws with respect to the Property (which non-compliance, if any, has not been remedied or resolved or is not being remedied or resolved), (iii) the Owners have all permits, authorizations and approvals required under any applicable Environmental Laws and are in compliance with their principal terms and conditions and (iv) to the Sellers’ Knowledge, there has not been a release of a hazardous substance on the Property that would require investigation or remediation under applicable Environmental Laws.

(k)Eminent Domain. There is no existing, pending, or to the Sellers’ Knowledge, threatened in writing, condemnation, eminent domain or similar proceeding which would affect the Property. 

(l)Consents and Approvals.  No Consent, other than those consents explicitly described in Section 3.1(c)(i), (ii), and (iii), is required to be obtained by any Seller or the Owner in connection with the execution, delivery and performance of this Agreement or any other agreement or document contemplated by this Agreement to which such Seller or the Owner is a party, or the consummation of the transactions contemplated hereby or thereby, except for those consents, orders, waivers, approvals, authorizations, registrations, qualifications, designations, declarations or filings, the failure of which to obtain or to make, would not, individually or in the aggregate, reasonably be expected to have an Owner Material Adverse Effect.

(m)No Violation. None of the execution, delivery or performance by the Owners or any Seller of this Agreement or any other agreement or document contemplated by this Agreement to which such entity or individual is a party, or any agreement or transaction contemplated hereby or thereby or the consummation of the transactions contemplated hereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or other right under, (i) the Organizational Documents of any such entity, if applicable, (ii) any agreement, document or instrument to which such Seller or such Owner is a party thereto or (iii) any term or provision of any judgment, order, writ, injunction, or decree binding on such entity, except for, in the case of clause (ii) or (iii), any such breaches or defaults that would not, individually or in the aggregate, reasonably be expected to have an Owner Material Adverse Effect.

(n)Taxes.

i.There are no Liens for Taxes (other than statutory Liens for Taxes not yet due and payable and for Taxes being contested in good faith and by appropriate proceedings) upon any Interests of the Sellers or any property owned by the Owners.

ii.None of the Sellers (or if any of the Sellers is a disregarded entity within the meaning of Treasury Regulations Section 1.1445-2(d)(iii), then its sole owner for such purposes) is a foreign person within the meaning of Section 1445 of the Code.

iii.Prior to the Closing, each Owner has at all times been treated as a “partnership” for U.S. federal income tax purposes and any applicable provision of state or local Tax Law.  The Sellers have made available to the Purchaser copies of all U.S. federal, state and local Tax Returns and elections filed by or with respect to each Owner.

iv.Each Owner has timely filed all U.S. federal, state and local Tax Returns and reports required to be filed by such Owner, and all such Tax Returns are true, correct and complete in all material respects.  Each Owner has timely paid all U.S. federal, state and local Taxes required to be paid by such Owner, including all withholding Taxes.  To the best of Seller’s Knowledge, each Owner has complied with all applicable laws with respect to withholdings of Taxes.  No deficiency for any Tax has been asserted or assessed by any Governmental Authority in writing against any Owner (or, to the Knowledge of the Sellers, has been threatened or proposed), and no audit, examination or other proceeding with respect to the Owners by any Governmental Authority is pending or has been threatened or announced in writing.  No written claim has been made by any Governmental Authority in a jurisdiction where any Owner does not file Tax Returns that such Owner is or may be subject to taxation by such jurisdiction.  Neither Owner has granted any waiver of any statute of limitations with respect to, or any extension for the period of assessment of, any Tax.

v.Other than as may be provided in this Agreement, neither Owner has entered into any Tax indemnification, allocation or sharing agreements (or similar agreements) under which such Owner could be liable for any Tax liability of any other Person.  Neither Owner is a party to any joint venture, partnership or other agreement or arrangement treated as a partnership under the Code.  Neither the Owners nor the Sellers has made an election under Section 108(i) of the Code with respect to the Owners.  Neither Owner has entered into any “listed transaction” that has given rise to a disclosure obligation under Section 6011 of the Code and the Treasury Regulations promulgated thereunder.

vi.Neither Owner will be required to include amounts in income, or exclude items of deduction, in a taxable period (or portion thereof) beginning after the Closing as a result of (i) a “closing agreement” described in Section 7121 of the Code (or any corresponding provision of state or local Law), (ii) a change in method of accounting for a taxable period occurring on or prior to the Closing, (iii) the use of an improper method of accounting for a taxable period occurring on or prior to the Closing, (iv) an installment sale or open transaction arising in a taxable period (or portion thereof) ending on or before the Closing (including as a result of any failure to acquire “replacement property” to complete a transaction intended to qualify under Section 1031 or 1033 of the Code), or (v) a prepaid amount received or paid prior to the Closing. 

(o)Contracts and Commitments. Except as set forth in Schedule 3.2(o), no Owner is a party to:

i.contracts evidencing or relating to indebtedness (other than the Existing Loan, which will be replaced by the Sellers at the Closing with the New Loan);

ii.contracts evidencing or relating to any obligations of the Owners with respect to the issuance, sale, repurchase or redemption of any equity securities of the Owners;

iii.any real property leases;

iv.leases of personal property under which an Owner is the lessee and is obligated to make payments more than $20,000 per annum;

v.contracts relating to any litigation involving the Owners at any time during the last five (5) years;

vi.contracts relating to the acquisition or disposition of any capital stock, business or product line of any other Person entered into at any time during the last five (5) years;

vii.contracts limiting the freedom of the Owners or any Affiliate to engage in any line of business, acquire any entity or compete with any Person or in any market or geographical area, or to solicit any individual or class of individuals for employment; and

viii.any contract not otherwise listed above involving payments to or from the Owners or any of their Subsidiaries in excess of $20,000 per annum or that (regardless of amount) otherwise are, individually or in the aggregate, material to the Owners.

With respect to each of the contracts to which the Owners are parties and which is required to be set forth on Schedule 3.2(o) (the “Material Contracts”), which Schedule constitutes a complete list of all Material Contracts, such Material Contract is in full force and effect and is the legal, valid and binding obligation of the Owners, and, to Sellers’ Knowledge, the other parties thereto, as applicable, enforceable against them in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). Complete copies of the Material Contracts have been made available to Purchaser. With respect to each Material Contract, neither the Owners nor, to Sellers’ Knowledge, any other party, is in material breach or material violation of, or material default under, any such Material Contract, and to Sellers’ Knowledge, no event has occurred and is pending which after the giving of notice, with lapse of time or otherwise would constitute a material breach or material default by the Owners or any other party to such Material Contract.
(p)Intentionally Omitted.

(q)Bankruptcy. No Bankruptcy or similar insolvency proceeding has occurred or been filed with respect to any Seller or any Owner.  As used herein, “Bankruptcy” means a Seller or an Owner has (A) admitted in writing its inability to pay its debts as they become due, (B) made a general assignment for the benefit of its creditors, (C) filed a voluntary petition or commenced a voluntary case or proceeding under the Federal Bankruptcy Code, (D) been adjudicated bankrupt or insolvent, (E) filed a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution, winding-up or composition or adjustment of debts, or (F) failed to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case or proceeding under the Federal Bankruptcy Code.  No attachments, execution proceedings, assignments for the benefit of creditors, insolvency, Bankruptcy, reorganization or other proceedings are pending or, to Sellers’ Knowledge, threatened against any Seller or any Owner or the Property, nor are any such proceedings contemplated by any Seller or any Owner.  The Sellers and the Owners are solvent now and will be solvent immediately following the transfer of the Property and the Interests (if applicable) to the Purchaser.  No Owner or Seller has entered into the transaction contemplated by this Agreement with the intent to hinder, delay, or defraud any creditor.

(r)Investment.

i.Each applicable Seller is retaining the Retained Interests solely for its own account for the purpose of investment and not as a nominee or agent for any other Person and with a view to, or for offer or sale in connection with, any distribution thereof in violation of U.S. federal securities laws. Each applicable Seller agrees and acknowledges that, except as set forth in the preceding sentence, it may not, directly or indirectly, offer, transfer, sell, assign, pledge, hypothecate or otherwise dispose of (hereinafter, “Transfer”) any of the Retained Interests, unless (i) the Transfer is pursuant to an effective registration statement under the Act (or an exemption from such registration in accordance with clause (ii) below) and qualification or other compliance under applicable blue sky or state securities laws, (ii) if requested by the Purchaser, counsel for the transferor (which counsel shall be reasonably acceptable to the Purchaser) shall have furnished the Purchaser with an opinion, reasonably satisfactory in form and substance to the Purchaser, to the effect that no such registration is required because of the availability of an exemption from registration under the Act and (iii) the Transfer otherwise is permitted by the Restated Partnership Agreement.  Notwithstanding the foregoing, no Transfer shall be made unless it is permitted under the Restated Partnership Agreement.

ii. Each Seller is knowledgeable, sophisticated and experienced in business and financial matters and fully understands the limitations on transfer imposed by U.S. federal securities laws. Each applicable Seller is able to bear the economic risk of holding the Retained Interests for an indefinite period and is able to afford the complete loss of its investment in the Retained Interests. Each such Seller is familiar with the Owners and has received and reviewed all information and documents about or pertaining to Owners and the business and prospects of the Owners and the retention of the Retained Interests as such Seller deems necessary or desirable, and has been given the opportunity to obtain any additional information or documents and to ask questions and receive answers about such information and documents, the Purchaser and the business and prospects of the Owners which such Seller deems necessary or desirable to evaluate the merits and risks related to the retention of the Retained Interests; and each such Seller understands and has taken cognizance of all risk factors related to the receipt and ownership of the Retained Interests. Each Seller is relying upon its own independent analysis and assessment (including with respect to taxes), and the advice of such Seller’s advisors (including tax advisors), and not upon that of the Purchaser or any of the Purchaser’s Affiliates, for purposes of evaluating, entering into, and consummating the transactions contemplated hereby.

(s)Holding Period. Each applicable Seller acknowledges that it has been advised that (i) the Retained Interests are “restricted securities” (unless registered in accordance with applicable U.S. securities laws) under applicable U.S. federal securities laws and may be Transferred only in accordance with Section 3.2(r)(i) and (ii) each such Seller understands that the Owners have no obligation or intention to register any Retained Interests.  Accordingly, each such Seller may have to bear indefinitely, the economic risks of an investment in such Retained Interests and a notation shall be made in the appropriate records of the Owners indicating that the Retained Interests and are subject to restrictions on transfer.

(t)Accredited Investor. Each applicable Seller is an “accredited investor” under the Act. Each such Seller previously has provided the Owners with an accredited investor questionnaire duly executed by such Seller and such questionnaires remain unchanged and in full force and effect. No event or circumstance has occurred since delivery of such questionnaire to make the statements contained therein false or misleading. 

(u)OFAC.  None of the Sellers or the Owners, and to the Knowledge of the Sellers, none of their partners, members, shareholders or other equity holders:  (i) is currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, (ii) is a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (iii) is an Embargoed Person (as defined below) or (iv) is intentionally engaging or will intentionally engage in any dealings or transactions or be otherwise associated with any persons or entities described in clauses (i)-(iii) of this Section 3.2(u). The term “Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder.

(v)Anti-Money Laundering.  None of the Sellers or Owners: (i) has received written notice that it is under investigation by any Governmental Authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist related activities, any crimes which in the United States would be predicate crimes to money laundering, or any violation of any Anti-Money Laundering Laws (as hereinafter defined); (ii) has been assessed civil or criminal penalties under any Anti-Money Laundering Laws; or (iii) has had any of its funds seized or forfeited in any action under any Anti-Money Laundering Laws.  For purposes of this Agreement, the term “Anti-Money Laundering Laws” shall mean laws, regulations and sanctions, state and federal, criminal and civil, that: (w) limit the use of and/or seek the forfeiture of proceeds from illegal transactions; (x) limit commercial transactions with designated countries or individuals believed to be terrorists, narcotics dealers or otherwise engaged in activities contrary to the interests of the United States; (y) require identification and documentation of the parties with whom a financial institution conducts business; or (z) are designed to disrupt the flow of funds to terrorist organizations.  For purposes of this Agreement, such laws, regulations and sanctions shall be deemed to include the USA PATRIOT Act of 2001, Pub. L. No. 107-56 (the “Patriot Act”), the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq., the Trading with the Enemy Act, 50 U.S.C. App. Section 1 et. seq., the International Emergency Economic Powers Act, 50 U.S.C. Section 1701 et. seq., and the sanction regulations promulgated pursuant thereto by the OFAC, as well as laws relating to prevention and detection of money laundering in 18 U.S.C. Sections 1956 and 1957.

(w)Patriot Act.  Each of the Sellers and the Owners is in compliance with any and all applicable provisions of the Patriot Act.

(x)No Claims.  Each Seller represents and warrants that it does not have any claims against any Owner or, if applicable, any of its respective members, managers, managing members, officers, directors or agents.

(y)Financial Statements.

i.The Sellers have furnished to the Purchaser true, accurate and complete copies of (i) financial statements consisting of the consolidated balance sheets of each Owner for the fiscal years ended December 31, 2013 and December 31, 2014 and the related consolidated statements of comprehensive loss, changes in equity and cash flows for the years then ended, together with all related notes and schedules thereto, and (ii) the unaudited consolidated balance sheet of each Owner for March 31, 2015 and the related unaudited consolidated statements of comprehensive income, changes in equity and cash flow for the three-month period then ended (together the “Financial Statements”).

ii.The Financial Statements (i) have been prepared in accordance with U.S. generally accepted accounting principles consistently applied (subject, in the case of unaudited statements, to normal year-end adjustments which will not be material in nature or amount to the Owners), and (ii) fairly present, in all material respects, the financial condition of the Owners as of the respective dates they were prepared and the results of the operations of the Owners for the periods indicated.

iii.Except as reflected in the Financial Statements and other than the Existing Loan which will be paid off and replaced with the New Loan at Closing, the Owners have no liabilities (whether or not the subject of any other representation or warranty hereunder) except for liabilities that may have arisen in the ordinary course of business since March 31, 2015 and which are not, and would not reasonably be expected to be, individually or in the aggregate, result in an Owner Material Adverse Effect.  

(z)Broker. Except as set forth on Schedule 3.2(z), none of the Owners or the Sellers or any of their members, managing members, partners, general partners, directors, officers or employees, to the extent applicable, has entered into any agreement with any broker, finder or similar agent or any Person or firm (each, a “Broker Agreement”) that will result in the obligation of the Owners, Sellers  or Purchaser or any of their Affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in connection with the transactions or any leases contemplated by this Agreement; provided that the Owners shall be responsible for paying that certain brokerage fee to Kobella Investment, LLC, up to $324,000 and the brokerage fee due to CB Richard Ellis Inc. pursuant to a separate agreement among Owners and CB Richard Ellis.  

(aa)No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this Section 3.2, none of the Sellers shall be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby.

(ab)Survival of Representations and Warranties. Except as otherwise provided, all representations and warranties contained in this Section 3.2 or in any certificate or affidavit delivered by a Seller or an Owner pursuant to this Agreement shall survive the Closing for a period of 180 days (the “Survival Period”). 

Section 3.3     “Sellers’ Knowledge” or “Knowledge of the Sellers”.  “Sellers’ Knowledge”, “Knowledge of the Sellers” or words of similar import shall refer only to the actual knowledge of Michael Samschick and shall not be construed to impose upon Michael Samschick any duty to investigate the matters to which such knowledge, or the absence thereof, pertains. There shall be no personal liability on the part of Michael Samschick arising out of any of the Sellers’ representations and warranties.  

ARTICLE 4
COVENANTS

Section 4.1    Covenants of the Sellers.

(a)During the period from the Effective Date to the Closing Date (except as otherwise provided for or contemplated by this Agreement), the applicable Sellers shall use commercially reasonable efforts to (and shall cause the Owners to) conduct the businesses of the Owners and operate and maintain the Property in the ordinary course of business consistent with past practice, pay its debt obligations as they become due and payable, and use commercially reasonable efforts to preserve intact its current business organizations and preserve its relationships with tenants and others having business dealings with it, in each case, consistent with past practice. In addition, and without limiting the generality of the foregoing, during the period from the Effective Date to the Closing Date, the applicable Sellers shall not (and shall not permit the Owners to) without the prior written consent of the Purchaser, which consent may be withheld by the Purchaser in its sole discretion:

i.(A) issue or authorize the issuance of any other Interest in respect of, in lieu of or in substitution for any Interests or make any other changes to the equity capital structure of the Owners, or (B) purchase, redeem or otherwise acquire any Interests of the Owners or any other securities thereof;

ii.obtain any financing, issue, deliver, sell, transfer, dispose, mortgage, pledge, assign or otherwise encumber, or cause the issuance, delivery, sale, transfer, disposition, mortgage, pledge, assignment or otherwise encumbrance of, the Property, any Interests or any other assets of the Owners;

iii.amend, modify or terminate any lease, contract or other instruments relating to the Property, including, without limitation, insurance policies, or enter into any lease, service or management contracts affecting the property or any new lease;

iv.undertake any capital project at the Property;

v.initiate, and shall discontinue any ongoing negotiations and shall not distribute any marketing materials, retail a sales broker, solicit any offers, enter into any negotiations, or sell or enter into a joint venture with any party other than the Purchaser with regards to the Property prior to Closing;

vi.create or incur any mortgage, deed, trust, lien, pledge or other encumbrance in any way affecting any portion of the Property other than a Permitted Encumbrance;

vii.omitted;

viii.amend the Organizational Documents of any Owner;

ix.adopt a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or reorganization with respect to any Owner;

x.materially alter the manner of keeping the Owners’ books, accounts or records or the accounting practices therein reflected;

xi.terminate or amend any existing insurance policies affecting the Property that results in a material reduction in insurance coverage for the Property; 

xii.take any action or fail to take any action the result of which would have an Owner Material Adverse Effect; 

xiii.make, change or revoke any material income tax election, adopt or change any accounting method with respect to Taxes, file any amended Tax Return, file any refund for any Tax, settle or compromise any Tax liability, enter into any closing agreement with respect to any Tax, surrender any right to claim a refund of any Tax or consent to any extension or waiver of the limitations period applicable to any Tax claim or assessment; 

xiv.omitted; 

xv.commence or settle any litigation other than so called “slip and fall” suits adequately covered by insurance;

xvi.take any action that would frustrate the Sellers’ or Owner’s ability to consummate the transactions contemplated by this Agreement; or

xvii.authorize, commit or agree to take any of the foregoing actions. 

(b)From the Effective Date through the Closing, the applicable Sellers will, and will cause the Owners to inform the Purchaser promptly in writing of any event materially and adversely affecting the ownership, use, occupancy, operation or maintenance of the Property, whether or not insured against including, without limitation, any default or default notice relating to the lease, and promptly deliver to the Purchaser copies of written default notices and notices of violations affecting the Property received by any such Sellers or the Owners between the Effective Date and Closing.

(c)The applicable Sellers will cause the Owners to (i) pay all Taxes required to be paid by or with respect to the Owners prior to the Closing, and (ii) file all Tax Returns required to be filed by or with respect to the Owners for all taxable periods ending on or prior to the Closing Date; provided, that (x) such Tax Returns shall be prepared in accordance with existing procedures, practices and accounting methods of the Owners and (y) such Sellers will cause the Owners to provide the Purchaser with draft Tax Returns proposed to be filed by or with respect to the Owners not later than fifteen (15) Business Days prior to the due date thereof (including valid extensions) for the Purchaser’s review and consent (not to be unreasonably withheld, delayed or conditioned).  Following the Closing, the new general partner of the Owners shall file all Tax Returns required to be filed by or with respect to the Owners for all taxable periods ending after the Closing Date.  

(d)The parties agree that the Sellers shall cause each Owner to make an election under Section 754 of the Code with respect to such Owner effective for the sale and purchase of the Interests.

(e)Following the Effective Date, the Sellers shall prepare and distribute to New River Health & Wellness, LLC the Estoppel.  It shall be a condition to Closing that the Sellers deliver to Purchaser the executed Estoppel meeting the applicable requirements of Section 2.3(h).

Section 4.2     Indemnification.

(a)From and after the Closing and expiring upon the expiration of the Survival Period, the Sellers, jointly and severally, shall indemnify, defend and hold harmless, without duplication, the Purchaser and its Affiliates and their respective officers, partners, members, directors, employees, shareholders, attorneys, agents, representatives, successors and assigns (collectively, “Purchaser Indemnitees”) from and against any Losses arising out of, relating to or in connection with (i) any breach by a Seller of any representation or warranty contained in Section 3.2; (ii) any breach by a Seller or Owner of any covenant made by a Seller or Owner contained in this Agreement, (iii) any Owner/Seller Transaction Expenses not repaid at or prior to the Closing, and (iv) any Indemnified Taxes.

(b)The Sellers or Owners shall not be required to indemnify Purchaser Indemnitees with respect to any claim for indemnification arising out of or relating to matters described in Section 4.2(a)(i) unless and until the aggregate amount of all such claims for such matters exceeds $500,000, in which event Purchaser Indemnitees will be entitled to recover all Losses arising out of or relating to such matters in excess of such amount.  The maximum aggregate liability of the Sellers under this Agreement shall not exceed Eight Million Dollars ($8,000,000.00) in the aggregate.

(c)The Purchaser and Sellers represent to each other that no party has dealt with any broker or real estate consultant in connection with the transaction contemplated by this Agreement other than the Broker Agreements listed on Schedule 3.2(z).  The Purchaser and Sellers shall indemnify, defend and hold the other free and harmless from and against any liabilities, damages, costs or expenses (including, but not limited to, reasonable attorneys’ fees and disbursements) suffered by the other indemnified party arising from a misrepresentation or a breach of any covenant made by the indemnifying party pursuant to this Section 4.2(c). The provisions of this Section 4.2(c) shall survive the Closing or earlier termination of this Agreement.

Section 4.3    Commercially Reasonable Efforts. Subject to the terms and conditions provided in this Agreement, the Purchaser and each Seller covenants and agrees to use commercially reasonable efforts and cooperate with each other in (a) promptly determining whether any filings are required to be made or consents, approvals, waivers, permits or authorizations are required to be obtained (under any applicable Laws or from any Governmental Authority or third party) in connection with the transactions contemplated by this Agreement, (b) promptly making any such filings, furnishing information required in connection therewith and timely seeking to obtain any such consents, approvals, waivers, permits or authorizations and (c) taking all actions and doing, or causing to be done, all things necessary, proper and/or appropriate (including executing and delivering additional documents) to consummate and make effective the transactions contemplated by this Agreement.

ARTICLE 5
CONFIDENTIALITY

Section 5.1    Confidentiality.

(a)Except as may be required by law or in connection with the IPO or any court or administrative proceeding, no Owner or Seller nor any of their respective agents or designees, on the one hand, and Purchaser or any of its respective agents or designees on the other hand, shall issue or cause the publication of any press release or other public announcement, or cause, permit or suffer any other disclosure which sets forth the terms of the transactions contemplated hereby (other than to such party’s, as applicable, consultants, advisors, attorneys, accountants, lenders and investors or potential lenders or investors, who, in turn, shall be informed of this Section 5.1), without first obtaining the written consent of the other party, provided that with prior notice to the Sellers, following Closing, the Purchaser may issue a press release or publish a so-called “tombstone advertisement” with respect to its investment in the Property.  For the avoidance of doubt, any public announcement by the Sellers indicating the Purchaser’s affiliation with the Sellers in connection with the transactions contemplated hereby and the timing of such announcement (which shall include electronic communications) must be agreed to in writing by the Purchaser in advance.

ARTICLE 6
MISCELLANEOUS

Section 6.1    Defined Terms
.
(a)Each of the following terms is defined in the Section set forth opposite such term:
	
		
	TERM
	SECTION

	800 Delaware
	Preamble

	Agreement
	Preamble

	Amendment
	Section 1.3(b)

	Anti-Money Laundering Laws
	Section 3.2(v)

	Bankruptcy
	Section 3.2(q)

	Broker Agreement
	Section 3.2(z)

	Brown
	Preamble

	Closing
	Section 2.2

	Closing Date
	Section 2.2

	Closing Documents
	Section 2.3

	Consent
	Section 3.1(c)

	Consent and Amendment
	Section 1.2(b)

	Designated Representative
	Section 1.5

	Effective Date
	Preamble

	Embargoed Person
	Section 3.2(r)

	Estoppel
	Section 2.3(h)

	Existing Loan
	Section 1.2(a)

	Financial Statements
	Section 3.2(y)(i)

	General Partnership Interests
	Recital A

	Interests
	Recital C

	IPO
	Recital A

	IPO Closing
	Section 2.2

	IPO Launch
	Section 1.6(d)

	IPO Proceeds
	Section 1.3(a)

	Knowledge of the Sellers
	Section 3.3

	Lender Reserves
	Section 1.4

	Limited Partnership Interests
	Recital A

	Material Contract
	Section 3.2(o)

	New Loan
	Section 1.2(b)

	New Loan Amount
	Section 1.2(c)(i)

	OFAC
	Section 3.2(r)

	Partnership Agreements
	Section 1.3(b)

	Patriot Act
	Section 3.2(v)

	Property
	Recital A

	Purchaser
	Preamble

	Purchaser Indemnitees
	Section 4.2(a)

	Reconciliation Period
	Section 1.4

	Registration Statement
	Section 2.1(a)(i)

	Reserves
	Section 1.4

	Restated Partnership Agreements
	Section 1.3(b)

	Retained Interests
	Recital B

	SEC
	Section 2.1(a)(i)

	Sellers’ Knowledge
	Section 3.3

	Series A-2 REIT
	Recital A

	Survival Period
	Section 3.2(bb)

	Termination Date
	Section 1.6(d)

	Total Consideration
	Section 1.3(a)

	Transfer
	Section 3.2(r)(i)

(b)For the purposes of this Agreement, the following terms have the meanings set forth below.

“Act” means Securities Act of 1933, as amended.
“Administrative Agreement” means the administrative services agreements among Series A-2 REIT and ETRE Asset Management, LLC, on the one hand, and Brown and 800 Delaware, on the other hand, in the form of Exhibit E attached hereto
“Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.
“Business Day” means any day that is not a Saturday, Sunday or legal holiday in the State of New York.
“Code” means the Internal Revenue Code of 1986, as amended.
“Environmental Laws” means all applicable federal, state and local Laws governing pollution or the protection of human health or the environment.
“Governmental Authority” means any government or agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign.
“Indemnified Taxes” means any and all Taxes (i) imposed on the Owners for a taxable period (or portion thereof) ending prior to the Closing Date, (ii) incurred as a result of a breach of a representation or warranty contained in Section 3.2(n), (iii) of any member of an affiliated, consolidated, combined or unitary group of which any Owner (or any predecessor) is or was a member prior to the Closing Date, including pursuant to Treasury Regulations Section 1.1502-6 or any analogous or similar state, local or non-U.S. Law, or  (iv) of any Person imposed on any Owner as a transferee or successor, by contract, indemnification agreement or otherwise, or pursuant to any Law, which Taxes relate to an event, agreement or transaction occurring prior to the Closing Date.  In the case of any taxable period that includes, but does not end on, the day immediately prior to the Closing Date (a “Straddle Period”), the amount of any Taxes of the Owners (a) based on or measured by income or receipts, sales or use, employment, or withholding for the taxable period (or portion thereof) ending on or before the day immediately prior to the Closing Date shall be determined based on an interim closing of the books as of the close of business on the day immediately prior to the Closing Date (and for such purpose, the taxable period of any partnership or other pass-through entity in which the Owners hold a beneficial interest shall be deemed to terminate at such time) and (b) the amount of other Taxes of the Owners for a Straddle Period for the taxable period ending on or prior to the day immediately prior to the Closing Date shall be deemed to be the amount of such Tax for the entire taxable period multiplied by a fraction, the numerator of which is the number of days in the Straddle Period prior to and including the day immediately prior to the Closing Date and the denominator of which is the number of days in such Straddle Period.  
 “Laws” means applicable laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions and decrees of any Governmental Authority.
“Lien” means all pledges, claims, judgments, liens, charges, restrictions, controls, easements, rights of way, exceptions, reservations, leases, licenses, grants, covenants and conditions, encumbrances and security interests of any kind or nature whatsoever.
“Losses” means all claims, losses, Taxes, damages (including diminution of value), deficiencies, liabilities, interest, penalties, fees, charges, judgments, claims, damages, costs and expenses of any nature whatsoever, including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds.
“Master Lease” means that master lease between the Sellers and the Post-Closing Owner, in the form of Exhibit C attached hereto. 
“Restated Partnership Agreement” means the amended and restated agreement of limited partnership of each Owner in effect immediately upon the Closing.
“Organizational Documents” means with respect to any entity, the certificate of formation, limited liability company agreement or operating agreement, participating agreements, certificate of incorporation, bylaws, certificate of limited partnership, limited partnership agreement and any other governing instrument, as applicable.
“Owner Material Adverse Effect” means a material adverse effect on the assets, business, condition (financial or otherwise), results of operations or prospects of either Owner, taken as a whole.
“Owner/Seller Transaction Expenses” means all fees, costs and expenses incurred, accrued or to be paid by the Owners or Sellers in connection with the transactions contemplated by this Agreement or any transaction or series of transactions, similar to the such transactions, including fees and disbursements of counsel, financial advisors, consultants and accountants and any brokerage commissions.
“Permitted Encumbrances” means (i) Liens, or deposits made to secure the release of such Liens, securing Taxes, the payment of which is not delinquent or the payment of which is actively being contested in good faith by appropriate proceedings diligently pursued; (ii) all present and future zoning, building, environmental and other Laws generally applicable to the districts in which the Property is located, which are not violated; (iii) easements for public utilities, encroachments, rights of access and/or other non-monetary matters that do not materially interfere with the use of the Property; (iv) Liens securing financing or credit arrangements existing as of the Closing Date approved by the Purchaser in accordance with Section 4.1; (v) Liens arising under leases entered into in the ordinary course of business approved by the Purchaser in accordance with Section 4.1; and (vi) any exceptions contained in the title policies relating to the Property made available to the Purchaser at or prior to the date hereof that do not materially detract from the value or the marketability of the Property or the ability of the Property to be financed.
“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity.
“Property Management Agreement” means an asset and property management agreement between CORE Realty Inc. and Brown, in the form of Exhibit D attached hereto.
“Purchaser Material Adverse Effect” means a material adverse effect on the assets, business, condition (financial or otherwise), results of operations or prospects of the Purchaser and its Subsidiaries taken as a whole.
“Series A-2 Common Shares” means Series A-2 Common Shares of the Series A-2 REIT representing Series A-2 Limited Liability Company Interests.  
“Subsidiary” means any corporation, partnership, limited liability company, joint venture, trust or other legal entity which the applicable Person owns (either directly or through or together with another Subsidiary) either (i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital stock or other equity interests or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited liability company, joint venture or other legal entity.
“Taxes” means all applicable U.S. federal, state, local and foreign income, withholding, service, premium, property (real, personal and intangible), sales, use, abandoned property, escheat, franchise, employment, unemployment, transfer, real estate transfer, mortgage recording, excise and other taxes, tariffs, fees, assessments or governmental charges of any nature whatsoever, including estimated taxes, together with penalties, interest or additions to taxes with respect thereto (including interest on penalties and additions to taxes).
“Tax Returns” means any and all returns, claims for refund, reports, information statements and forms filed or required to be filed with a Governmental Authority with respect to Taxes, including any schedule or attachment thereto or amendment thereof.
“Transaction Expenses” means costs and expenses incurred in connection with (i) the negotiations, due diligence investigation, preparation of final agreements and documents related to the transactions contemplated by this Agreement, (ii) offering expenses in connection with the IPO and (iii) other costs and expenses in connection with the transactions contemplated by this Agreement, but shall not include (x) any attorneys’ fees or (y) brokerage fees or commissions.  
Section 6.2    Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given when (a) delivered personally, (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, (c) one (1) Business Day after being sent by a nationally recognized overnight courier or (d) transmitted by facsimile if confirmed within twenty-four (24) hours thereafter by a signed original sent in the manner provided in clause (a), (b) or (c) to the parties at the following addresses (or at such other address for a party as shall be specified by notice from such party).

To the Purchaser:
44 Wall Street
New York, New York 10005
Phone: (212) 596-7225
Attn: General Counsel

with a copy to:

Goodwin Procter LLP
The New York Times Building
620 Eighth Avenue
New York, NY 10018-1405
Phone: (212) 813-8842
Facsimile: (212) 355-3333
Attn: Mark Schonberger, Esq.

and

To a Seller:

c/o Core Realty, Inc.
114 Chestnut Street, 5th Floor 
Philadelphia, PA 19106
Phone:  (215) 829-4465
Facsimile:  (215) 829-4577
Email:  corerealty1@aol.com 

with a copy to:

Matthew A. Cosenza, Esquire
Kaplin  |  Stewart
910 Harvest Drive
Blue Bell, PA  19422
Phone: (610) 941-2545
Facsimile:  (610) 684-2008

Section 6.3    Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party.

Section 6.4    Entire Agreement; Third-Party Beneficiaries. This Agreement and the Closing Documents, including, without limitation, the exhibits hereto and thereto, constitute the entire agreement and supersede each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter of this Agreement and the Closing Documents. This Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto and the Purchaser Indemnitees in respect of Section 4.2 hereof.

Section 6.5    Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the Commonwealth of Pennsylvania, regardless of any Laws that might otherwise govern under applicable principles of conflict of laws thereof.

Section 6.6    Amendment; Waiver. Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought.

Section 6.7    Assignment. This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their permitted respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent shall be null and void and of no force and effect, except that the Purchaser may designate assignees and otherwise may assign its rights and obligations hereunder to any Affiliate of the Purchaser.  For the avoidance of doubt, any reference to an acquisition by the Purchaser shall also be deemed to refer to an acquisition by any of its Affiliates or Subsidiaries.
Section 6.8    Jurisdiction. The parties hereby (a) submit to the exclusive jurisdiction of any state or federal court sitting in Philadelphia County, Pennsylvania with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum or that the venue of the action is improper.

Section 6.9    Severability. Each provision of this Agreement will be interpreted so as to be effective and valid under applicable Law, but if any provision is held invalid, illegal or unenforceable under applicable Law in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision never had been included in this Agreement.

Section 6.10    Rules of Construction.

(a)The parties agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement and, therefore, waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document.

The words “hereto,” “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” All terms defined in this Agreement shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including (in the case of agreements and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns.
Section 6.11    Time of the Essence. Time is of the essence with respect to all obligations under this Agreement.

Section 6.12    Descriptive Headings. The descriptive headings in this Agreement are inserted for convenience only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

Section 6.13    No Personal Liability Conferred. This Agreement shall not create or permit any personal liability or obligation on the part of any shareholder, managing member, general partner, trustee, executor, director, officer or employee of any Seller or Purchaser, to the extent applicable, in their capacities as such.

Section 6.14    Further Assurances. The Sellers (including by causing the Owners to take such actions), on the one hand, and the Purchaser, on the other hand, shall promptly take any and all such other actions and execute such additional documents prior to and following the Closing as the other may reasonably request in order to effect the transactions contemplated hereby, including the transfer of the Interests to the Purchaser or a Subsidiary, as the case may be, as contemplated hereby.

Section 6.15    Reliance. Each party to this Agreement acknowledges and agrees that it is not relying on tax advice or other advice from the other party to this Agreement, and that it has consulted with or will consult with its own advisors.

Section 6.16    Survival. The covenants and agreements in this Agreement or in any instrument delivered pursuant to this Agreement shall not survive the Closing, except for those covenants and agreements contained herein and therein which by their terms apply in whole or in part after the Closing and then only to such extent.

Section 6.17    Equitable Remedies; Limitation on Damages. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with the specific terms hereof or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any federal or state court located in Pennsylvania (as to which the parties agree to submit to jurisdiction for the purpose of such action), this being in addition to any other remedy to which the parties are entitled under this Agreement; provided, however, that nothing in this Agreement shall be construed to permit any Seller to enforce consummation of the IPO.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement for the Purchase and Sale of Partnership Interests as of the date first written above.

“PURCHASER”
ETRE HOLDINGS A-2, LLC
By: Series A-2 of ETRE REIT, LLC, its sole member

By:    /s/ Paul Frischer    
Name: Paul Frischer
Title:   Authorized Signatory
“OWNER”
1 Brown Street ASSOCIATES, L.P.,
By:  1-33 Brown Street, LLC, its general partner
By:    /s/ Michael Samschick    
Name:   Michael Samschick
Title:     President
“OWNER” 
800 Delaware Ave Associates L.P., 
By: 800 North Delaware Avenue, LLC, its general partner 

By:    /s/ Michael Samschick    
Name:  Michael Samschick
Title:    President
“SELLER”

WATERVIEW GRANDE, L.P.

By:  Waterview Grande General, LLC, its general partner

By:    /s/ Michael Samschick    
Name:  Michael Samschick
Title:    President
“SELLER”
1-33 BROWN STREET, LLC
By:    /s/ Michael Samschick    
Name:  Michael Samschick
Title:    President
“SELLER”
800 NORTH DELAWARE AVENUE, LLC
By:    /s/ Michael Samschick    
Name:   Michael Samschick
Title:     President

EXHIBIT A

SELLERS’ INTERESTS

	
		
	Sellers
	Interests

	Waterview Grande L.P.
	99.99%

	1-33 Brown Street, LLC 
	0.01%

	800 North Delaware Avenue, LLC
	0.01%

EXHIBIT B

FORM OF RESTATED PARTNERSHIP AGREEMENT

EXHIBIT C

FORM OF RETAIL MASTER LEASE

EXHIBIT D

FORM OF PROPERTY MANAGEMENT AGREEMENT

EXHIBIT E

FORM OF ADMINISTRATIVE AGREEMENT 

Exhibit F
Assumed CAPITALIZATION OF THE PROPERTY AND USE OF FUNDS
The following represents the expected capitalization of the Owners as of the Closing and the use of funds from the IPO Proceeds and New Loan, but may change based on the actual IPO Proceeds, the principal amount of the New Loan, or changes to other line items. 
	
		
	Capitalization
	 

	Property Value
	$81,000,000

	Reserves Capex
	$500,000

	Other Reserves
	$0

	Transaction Costs
	$5,867,776

	Total Capitalization
	$87,367,776

	 
	 

	Debt
	$52,000,000

	Equity
	$35,367,776

	REIT Equity
	$31,477,321

	Core Equity
	$3,890,455

	 
	 

	Use of Funds
	 

	Proceeds to Core
	$77,109,545

	Core Retained Interest
	$3,890,455

	Transaction Costs
	$5,867,776

	Reserves
	$500,000

	Total Uses
	$87,367,776

SCHEDULE 3.2(d)

CAPITALIZATION OF OWNERS

SCHEDULE 3.2(f)

LITIGATION
None.

CHEDULE 3.2(h)(i)

LIENS

Any current mortgages on the Property, which will be paid at Closing.

SCHEDULE 3.2(h)(ii)

LEASES

Lease among 1 Brown Street Associates, L.P. (“Landlord”), New River Health & Wellness, LLC (“Tenant”) and Transplex, LLC (“Guarantor”) dated as of October 3, 2014.

SCHEDULE 3.2(j)

ENVIRONMENTAL

Any environmental reports delivered by Sellers to Purchaser.

SCHEDULE 3.2(o)

MATERIAL CONTRACTS

Lease among 1 Brown Street Associates, L.P. (“Landlord”), New River Health & Wellness, LLC (“Tenant”) and Transplex, LLC (“Guarantor”) dated as of October 3, 2014.

SCHEDULE 3.2(z)

BROKER AGREEMENTS

None.

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