Document:

EX-4.1

 Exhibit 4.1 

 
  

 
 COLFAX CORPORATION 

as Issuer 
 THE SUBSIDIARY
GUARANTORS 
 as Guarantors 

3.250% SENIOR NOTES DUE 2025 

INDENTURE 
 Dated as of
April 19, 2017 
 DEUTSCHE TRUSTEE COMPANY LIMITED 

as Trustee 
 DEUTSCHE BANK AG,
LONDON BRANCH 
 as Paying Agent 

DEUTSCHE BANK LUXEMBOURG S.A. 
 as
Transfer Agent, Registrar and Authenticating Agent 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	26	 
	 Section 1.03
	 	Rules of Construction	  	 	27	 
	 Section 1.04
	 	Acts of Holders	  	 	27	 
		
	 Article 2 THE NOTES
	  	 	28	 
			
	 Section 2.01
	 	Form and Dating	  	 	28	 
	 Section 2.02
	 	Registrar and Paying Agent	  	 	30	 
	 Section 2.03
	 	Paying Agent to Hold Money	  	 	31	 
	 Section 2.04
	 	Transfer and Exchange	  	 	32	 
	 Section 2.05
	 	Outstanding Notes	  	 	45	 
	 Section 2.06
	 	Replacement Notes	  	 	46	 
	 Section 2.07
	 	Temporary Notes	  	 	47	 
	 Section 2.08
	 	Cancellation	  	 	47	 
	 Section 2.09
	 	Defaulted Interest	  	 	47	 
	 Section 2.10
	 	Additional Amounts	  	 	48	 
	 Section 2.11
	 	Currency Indemnity	  	 	50	 
		
	 Article 3 REDEMPTION AND PREPAYMENT
	  	 	51	 
			
	 Section 3.01
	 	Notices to Trustee	  	 	51	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased	  	 	51	 
	 Section 3.03
	 	Notice of Redemption	  	 	52	 
	 Section 3.04
	 	Deposit of Redemption or Purchase Price	  	 	53	 
	 Section 3.05
	 	Notes Redeemed in Part	  	 	54	 
	 Section 3.06
	 	Optional Redemption	  	 	54	 
	 Section 3.07
	 	Redemption for Changes in Taxes	  	 	55	 
		
	 Article 4 COVENANTS
	  	 	56	 
			
	 Section 4.01
	 	Payment of Notes	  	 	56	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	56	 
	 Section 4.03
	 	SEC Reports	  	 	57	 
	 Section 4.04
	 	Limitation on Liens	  	 	58	 
	 Section 4.05
	 	Limitation on Sale and Leaseback	  	 	58	 
	 Section 4.06
	 	[Reserved]	  	 	59	 
	 Section 4.07
	 	Compliance Certificate; Statement by Officers as to Default	  	 	59	 
	 Section 4.08
	 	[Reserved]	  	 	59	 
	 Section 4.09
	 	Offer to Repurchase Upon Change of Control	  	 	59	 
	 Section 4.10
	 	Limitation of Guarantees by Subsidiaries	  	 	62	 
	 Section 4.11
	 	Limitation on Incurrence of Debt	  	 	62	 

  
 i 

							
	 Section 4.12
	 	Maintenance of Listing	  	 	66	 
	 Section 4.13
	 	[Reserved]	  	 	66	 
	 Section 4.14
	 	Covenant Suspension	  	 	67	 
	 Section 4.15
	 	Section 4.14 Designation of Unrestricted Subsidiaries	  	 	67	 
		
	 Article 5 SUCCESSORS
	  	 	68	 
			
	 Section 5.01
	 	Merger, Sale and Lease	  	 	68	 
	 Section 5.02
	 	Successor Person Substituted	  	 	69	 
		
	 Article 6 DEFAULTS AND REMEDIES
	  	 	69	 
			
	 Section 6.01
	 	Events of Default	  	 	69	 
	 Section 6.02
	 	Acceleration of Maturity	  	 	71	 
	 Section 6.03
	 	Other Remedies	  	 	72	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	72	 
	 Section 6.05
	 	Control by Majority	  	 	72	 
	 Section 6.06
	 	Limitation on Suits	  	 	72	 
	 Section 6.07
	 	Rights of Holders to Receive Payment	  	 	73	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	73	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	73	 
	 Section 6.10
	 	Priorities	  	 	74	 
	 Section 6.11
	 	Undertaking for Costs	  	 	74	 
	 Section 6.12
	 	Stay, Extension and Usury Laws	  	 	74	 
		
	 Article 7 TRUSTEE
	  	 	75	 
			
	 Section 7.01
	 	Duties of Trustee	  	 	75	 
	 Section 7.02
	 	Rights of Trustee and Agents	  	 	76	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	79	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	79	 
	 Section 7.05
	 	Notice of Defaults	  	 	79	 
	 Section 7.06
	 	[Reserved]	  	 	79	 
	 Section 7.07
	 	Compensation and Indemnity	  	 	79	 
	 Section 7.08
	 	Replacement of Trustee	  	 	81	 
	 Section 7.09
	 	Successor Trustee by Merger, Etc.	  	 	82	 
	 Section 7.10
	 	Eligibility; Disqualification	  	 	82	 
	 Section 7.11
	 	Communications	  	 	82	 
		
	 Article 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	83	 
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	83	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	83	 
	 Section 8.03
	 	Covenant Defeasance	  	 	84	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	84	 
	 Section 8.05
	 	Deposited Money and European Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	  	 	85	 
	 Section 8.06
	 	Repayment to Issuer	  	 	86	 

  
 ii 

							
	 Section 8.07
	 	Reinstatement	  	 	86	 
		
	 Article 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	87	 
			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	87	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	88	 
	 Section 9.03
	 	Notation on or Exchange of Notes	  	 	90	 
	 Section 9.04
	 	Trustee Protected	  	 	90	 
	 Section 9.05
	 	Publication	  	 	90	 
		
	 Article 10 GUARANTEE
	  	 	91	 
			
	 Section 10.01
	 	Guarantee	  	 	91	 
	 Section 10.02
	 	Limitation on Guarantor Liability	  	 	92	 
	 Section 10.03
	 	Execution and Delivery of Guarantee	  	 	92	 
	 Section 10.04
	 	Guarantor May Consolidate, Etc., on Certain Terms	  	 	92	 
	 Section 10.05
	 	Releases	  	 	93	 
		
	 Article 11 SATISFACTION AND DISCHARGE
	  	 	94	 
			
	 Section 11.01
	 	Satisfaction and Discharge	  	 	94	 
	 Section 11.02
	 	Application of Trust Money	  	 	95	 
		
	 Article 12 MISCELLANEOUS
	  	 	96	 
			
	 Section 12.01
	 	[Reserved]	  	 	96	 
	 Section 12.02
	 	Notices	  	 	96	 
	 Section 12.03
	 	[Reserved]	  	 	97	 
	 Section 12.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	97	 
	 Section 12.05
	 	Statements Required in Certificate or Opinion	  	 	98	 
	 Section 12.06
	 	Rules by Trustee and Agents	  	 	98	 
	 Section 12.07
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	98	 
	 Section 12.08
	 	Governing Law	  	 	98	 
	 Section 12.09
	 	Submission to Jurisdiction; Appointment of Agent for Service	  	 	98	 
	 Section 12.10
	 	No Adverse Interpretation of Other Agreements	  	 	99	 
	 Section 12.11
	 	Successors	  	 	99	 
	 Section 12.12
	 	Severability	  	 	100	 
	 Section 12.13
	 	Counterpart; Originals	  	 	100	 
	 Section 12.14
	 	Table of Contents, Headings, Etc	  	 	100	 
	 Section 12.15
	 	Waiver of Jury Trial	  	 	100	 
	 Section 12.16
	 	Force Majeure	  	 	100	 
	 Section 12.17
	 	[Reserved]	  	 	100	 
	 Section 12.18
	 	[Reserved]	  	 	100	 
	 Section 12.19
	 	U.S.A. Patriot Act	  	 	100	 

  
 iii 

 EXHIBITS 
  

			
	Exhibit A	 	FORM OF NOTES
	Exhibit B            	 	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	 	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	 	FORM OF NOTATION OF GUARANTEE
	Exhibit E	 	FORM OF SUPPLEMENTAL INDENTURE

  

  
 iv 

 INDENTURE dated as of April 19, 2017 among Colfax Corporation, a Delaware corporation (the
“Issuer”), the subsidiary guarantors from time to time party hereto (the “Guarantors”), Deutsche Trustee Company Limited, as trustee (the “Trustee”), Deutsche Bank AG, London Branch as paying agent
and Deutsche Bank Luxembourg S.A. as transfer agent, registrar and authenticating agent. 
 The Issuer, the Guarantors and the Trustee agree
as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of the 3.250% Senior Notes due 2025 (the “Notes”): 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the applicable Global Note Legend
and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the respective Depositary therefor or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold
in reliance on Rule 144A. 
 “Acquired Debt” means Debt (1) of a Person (including an Unrestricted Subsidiary)
existing at the time such Person becomes a Restricted Subsidiary, whether or not such Debt is Incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person
or (2) assumed in connection with the acquisition of assets from such Person. Acquired Debt shall be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted
Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of assets. 

“Additional Notes” means additional notes (other than the Initial Notes) issued from time to time under this Indenture in
accordance with Section 2.02 hereof, as part of the same series as the Initial Notes. 
 “Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the
terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 

“Agent” means any Authentication Agent, Registrar, co-registrar, Transfer Agent,
Paying Agent or additional paying agent. 

  
 1 

 “Applicable Premium” means, with respect to any Note on any applicable
Redemption Date, the greater of: 
  

	 	(1)	1.0% of the principal amount of such Note; and 

  

	 	(2)	the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price of such Note at May 15, 2020 (such redemption price being set forth in the table in Section 3.06),
plus (ii) all required interest payments due on such Note through May 15, 2020 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Bund Rate as of such Redemption Date plus 50 basis
points; over (b) the then outstanding principal amount of such Note. 

 The calculation of the Applicable Premium shall be
performed by the Issuer or on behalf of the Issuer by such person as the Issuer shall designate. For the avoidance of doubt, calculation of Applicable Premium shall not be an obligation or duty of the Trustee or any Paying Agent. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary that apply to such transfer or exchange. 
 “Attributable Debt” means, with
respect to any Sale and Leaseback Transaction at the time of determination, the present value (discounted at the interest rate implicit in the lease) of the total obligations of the lessee of the property subject to such lease for rental payments
during the remaining term of the lease included in such Sale and Leaseback Transaction, including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a
discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such Sale and Leaseback Transaction results in a Capital Lease Obligation, the amount of Debt represented
thereby will be determined in accordance with the definition of “Capital Lease Obligation.” 
 “Average Life”
means, as of any date of determination, with respect to any Debt, the quotient obtained by dividing (1) the sum of the products of (A) the number of years from the date of determination to the dates of each successive scheduled principal
payment (including any sinking fund or mandatory redemption payment requirements) of such Debt multiplied by (B) the amount of such principal payment by (2) the sum of all such principal payments. 

“Bankruptcy Law” means (i) for purposes of the Issuer and the Guarantors, any bankruptcy, insolvency or other similar
statute (including, without limitation, Title 11, U.S. Code or any similar federal or state law for the relief of debtors), regulation or provision of any jurisdiction in which the Guarantors are organized or conducting business and (ii) for
purposes of the Trustee, any bankruptcy, insolvency or similar statute, regulation or provision of any jurisdiction in which the Trustee is organized. 

  
 2 

 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the U.S. Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section
13(d)(3) of the U.S. Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is
currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have corresponding meanings. 

“Board of Directors” means: 
  

	 	(1)	with respect to a corporation, the board of directors of the corporation or any committee thereof; 

  

	 	(2)	with respect to a partnership, the board of directors of the general partner of the partnership; 

  

	 	(3)	with respect to a limited liability company, the board of managers of the limited liability company; and 

  

	 	(4)	with respect to any other Person, the board or committee of such Person serving a similar function. 

“Bund Rate” means, as of any Redemption Date, the rate per annum equal to the equivalent yield to maturity as of such
Redemption Date of the Comparable German Bund Issue, assuming a price for the Comparable German Bund Issue (expressed as a percentage of its principal amount) equal to the Comparable German Bund Price for such relevant date, where: 

 

	 	(1)	“Comparable German Bund Issue” means the German Bundesanleihe security selected by any Reference German Bund Dealer as having a fixed maturity most nearly equal to the period from such Redemption Date
to at May 15, 2020, and that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro denominated corporate debt securities in a principal amount approximately equal to the
then outstanding principal amount of the Notes and of a maturity most nearly equal to at May 15, 2020; provided, however, that, if the period from such Redemption Date to at May 15, 2020 is less than one year, a fixed maturity of
one year shall be used; 

  

	 	(2)	“Comparable German Bund Price” means, with respect to any relevant date, the average of all Reference German Bund Dealer Quotations for such date (which, in any event, must include at least two such
quotations), after excluding the highest and lowest such Reference German Bund Dealer Quotations, or if the Issuer obtains fewer than four such Reference German Bund Dealer Quotations, the average of all such quotations; 

 

	 	(3)	“Reference German Bund Dealer” means any dealer of German Bundesanleihe securities appointed by the Issuer in good faith; and 

 

	 	(4)	“Reference German Bund Dealer Quotations” means, with respect to each Reference German Bund Dealer and any relevant date, the average as determined by the Issuer of the bid and offered prices for the
Comparable German Bund Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by such Reference German Bund Dealer at 3:30 p.m. Frankfurt, Germany time on the third Business Day preceding the relevant
date. 

  
 3 

 “Business Day” means a day other than a Saturday, Sunday or other day on which
banking institutions in London, Ireland or New York or a place of payment under this Indenture are authorized or required by law to close. 

“Capital Interests” in any Person means any and all shares, interests (including Preferred Interests), participations or
other equivalents in the equity interest (however designated) in such Person and any rights (other than Debt securities convertible into an equity interest), warrants or options to acquire an equity interest in such Person. 

“Capital Lease Obligation” means, as to any Person, the obligations of such Person under a lease that are required to be
classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with
GAAP. 
 “Capital Stock” means: 
  

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

  

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

 

	 	(3)	in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

  

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding any debt securities convertible
into such equity securities. 

 “Change of Control” means the occurrence of any of the following: 

 

	 	(1)	the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets
of the Issuer and its Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the U.S. Exchange Act); 

  

	 	(2)	the adoption of a plan relating to the liquidation or dissolution of the Issuer; 

  

	 	(3)	the Issuer becomes aware that (by way of a report or any other filing pursuant to Section 13(d) of the U.S. Exchange Act, proxy, vote, written notice or otherwise) any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the U.S. Exchange Act) becomes the ultimate Beneficial Owner, directly or indirectly, of 50% or more of the voting power of the Voting Stock of the Issuer; or 

  
 4 

	 	(4)	the Issuer consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into the Issuer, in any such event pursuant to a transaction in which any of the outstanding Voting
Stock of the Issuer or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where (A) the Voting Stock of the Issuer outstanding immediately prior to such transaction is
converted into or exchanged for Voting Stock (other than Disqualified Capital Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately
after giving effect to such issuance) and (B) immediately after such transaction, no “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the U.S. Exchange Act) becomes, directly or indirectly, the
beneficial owner (as defined above) of 50% or more of the voting power of all classes of Voting Stock of the Issuer. 

“Clearstream” means Clearstream Banking S.A., a societe anonyme as currently in effect or any successor securities
clearing agency. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Interests” of any Person means Capital Interests in such Person that do not rank prior, as to the payment of
dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person. 

“Common Depositary” means a depositary common to Euroclear and Clearstream, being initially Deutsche Bank Luxembourg S.A.,
together with its successors in such capacity. 
 “Consolidated Cash Flow” means, with respect to any Person, for
any period: 
  

	 	(1)	the sum of, without duplication, the amounts for such period, taken as a single accounting period, of: 

  

	 	(a)	Consolidated Net Income; 

  

	 	(b)	Consolidated Non-Cash Charges; 

  

	 	(c)	Consolidated Interest Expense to the extent the same was deducted in computing Consolidated Net Income; 

  

	 	(d)	Consolidated Income Tax Expense; and 

  

	 	(e)	any net loss from discontinued operations and any fees and expenses Incurred in connection with the closing of any issuance of Debt or Capital Interests, acquisition or disposition permitted under this Indenture or any
amendment or other modification of any debt instrument, and any charges Incurred as a result of any such transaction; less 

  
 5 

	 	(2)	net income from discontinued operations. 

 “Consolidated Fixed Charge Coverage
Ratio” means, with respect to any Person, the ratio of the aggregate amount of Consolidated Cash Flow of such Person for the four full fiscal quarters, treated as one period, for which financial information in respect thereof is available
immediately preceding the date of the transaction (the “Transaction Date”) giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio (such four full fiscal quarter period being referred to herein as the
“Four Quarter Period”) to the aggregate amount of Consolidated Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated
Cash Flow” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation, to any asset sales or other dispositions or asset acquisitions, investments, mergers,
consolidations and discontinued operations (as determined in accordance with GAAP) occurring during the Four Quarter Period or any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such asset
sale or other disposition or asset acquisition (including the Incurrence or assumption of any such Acquired Debt), investment, merger, consolidation or disposed operation occurred at the beginning of the Four Quarter Period. For purposes of this
definition, pro forma calculations shall be made in the good faith determination of the Issuer and in accordance with the definition of Pro Forma Cost Savings set forth herein. 

Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this
“Consolidated Fixed Charge Coverage Ratio:” 
  

	 	(1)	interest on outstanding Debt determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the
rate of interest on such Debt in effect on the Transaction Date; and 

  

	 	(2)	if interest on any Debt actually Incurred on the Transaction Date may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates,
then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period. 

If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Debt of a third Person (excluding credit support for
third party customer financing in the ordinary course of business) and such Guarantee or the Debt subject thereto is not otherwise included in the calculation of Consolidated Fixed Charges, the calculation of the Consolidated Fixed Charge Coverage
Ratio shall give effect to the Incurrence of such guaranteed Debt as if such Person or such Subsidiary had directly Incurred or otherwise assumed such guaranteed Debt as if such guarantee occurred at the beginning of the Four Quarter Period. 

“Consolidated Fixed Charges” means, with respect to any Person for any period, without duplication, the sum of: 

 

	 	(1)	Consolidated Interest Expense of such Person for such period; 

  
 6 

	 	(2)	all cash dividends or other distributions (excluding items eliminated in consolidation) on any series of Preferred Interests paid during such period; and 

 

	 	(3)	all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Capital Stock during such period; 

provided, however, that such fixed charges shall not include any non-cash interest expense
attributable to the application of ASC 470-20 (formerly FSP APB 14-1) or any successor provision providing for the periodic recognition as interest expense of the excess
of the principal amount of a liability over the related carrying value. 
 “Consolidated Income Tax Expense” means, with
respect to any Person for any period, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP. 

“Consolidated Interest Expense” means, with respect to any Person for any period the interest expense of such Person and its
Restricted Subsidiaries, in each case for such period as determined on a consolidated basis in accordance with GAAP (whether paid or accrued and whether or not capitalized), including without duplication: 

 

	 	(1)	any amortization of debt discount; 

  

	 	(2)	non-cash interest expense, including any interest paid in kind by the issuance of additional Debt; 

 

	 	(3)	the net cost under interest rate Hedging Obligations (including any amortization of discounts); 

  

	 	(4)	the interest portion of any deferred payment obligations; 

  

	 	(5)	all commission, discounts and other fees and charges owed with respect to letters of credit, bankers’ acceptances, financing or similar activities (including, without limitation, agency fees, commitment fees and
similar fees); 

  

	 	(6)	the interest component of Capital Lease Obligations; and 

  

	 	(7)	the interest expense on any Debt guaranteed by such Person and its Restricted Subsidiaries or secured by a Lien on the assets of such Person and its Restricted Subsidiaries. 

“Consolidated Net Income” means, with respect to any Person, for any period, the consolidated net income (or loss) of such
Person and its Restricted Subsidiaries for such period as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income, by: 
  

	 	(1)	excluding, without duplication: 

  
 7 

	 	(a)	any net after-tax extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses or
charges (including relating to severance, relocation, and one-time compensation charges); 

  

	 	(b)	the portion of net income of such Person and its Restricted Subsidiaries allocable to minority or non-controlling interests in unconsolidated Persons or investments in
Unrestricted Subsidiaries to the extent that cash dividends or distributions have not actually been received by such Person or one of its Restricted Subsidiaries; provided that for the avoidance of doubt, Consolidated Net Income shall be increased
in amounts equal to the amounts of cash actually received; 

  

	 	(c)	gains or losses in respect of any asset sales by such Person or one of its Restricted Subsidiaries (net of fees and expenses relating to the transaction giving rise thereto), on an
after-tax basis; 

  

	 	(d)	the net income (loss) from any disposed or discontinued operations or any net gains or losses on disposed or discontinued operations, on an after-tax basis; 

 

	 	(e)	any gain or loss realized as a result of the cumulative effect of a change in accounting principles; 

  

	 	(f)	any fees and expenses paid in connection with the issuance of the Notes; 

  

	 	(g)	non-cash compensation expense Incurred with any issuance of equity interests to an employee of such Person or any Restricted Subsidiary; 

 

	 	(h)	any net after-tax gains or losses attributable to the early extinguishment or conversion of Debt; 

 

	 	(i)	any non-cash impairment charges or asset write-off or write-down resulting from the application of Financial Accounting Standards Board
Accounting Standards Codification (“ASC”) Topic 350 “Intangibles—Goodwill and Other” or ASC Topic 360 “Property, Plant and Equipment,” and the amortization of intangibles arising pursuant to ASC Topic 805
“Business Combinations” or any related subsequent Statement of Financial Accounting Standards; 

  

	 	(j)	non-cash gains, losses, income and expenses resulting from fair value accounting required by ASC Topic 815 “Derivatives and Hedging” or any related subsequent Statement
of Financial Accounting Standards; 

  

	 	(k)	any net unrealized gains and losses relating to mark-to-market of amounts denominated in foreign currencies resulting from the application
of ASC Topic 830 “Foreign Currency Matters” or any related subsequent Statement of Financial Accounting Standards; 

  

	 	(l)	accruals and reserves that are established within twelve months after the closing of any acquisition that are so required to be established as a result of such acquisition in accordance with GAAP; 

  
 8 

	 	(m)	any net unrealized gain or loss (after any offset) resulting from currency translation gains or losses related to currency remeasurements of Debt (including any net gain or loss resulting from obligations under Hedging
Obligations for currency exchange risk) and any foreign currency translation gains or losses; 

  

	 	(n)	any accruals and reserves that are established for expenses and losses, in respect of equity- based awards compensation expense (provided that if any such non-cash charges
represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall reduce Consolidated Net Income to such extent, and excluding amortization of a prepaid cash item that was
paid in a prior period); 

  

	 	(o)	any expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted under
this Indenture, to the extent actually reimbursed, or, so long as the Issuer has made a determination that a reasonable basis exists for indemnification or reimbursement and only to the extent that such amount is in fact indemnified or reimbursed
within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365 days); 

 

	 	(p)	to the extent covered by insurance and actually reimbursed, or, so long as the Issuer has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to
the extent that such amount is in fact reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), expenses,
charges or losses with respect to liability or casualty events or business interruption; 

  

	 	(q)	expenses associated with the settlement or payment of asbestos or welding fumes liabilities; 

  

	 	(r)	costs associated with the action of the Issuer and its Subsidiaries against its asbestos or welding fumes insurers for coverage in respect of asbestos or welding fumes liabilities; and 

 

	 	(2)	including, without duplication, dividends and distributions from joint ventures actually received in cash by the Issuer. 

“Consolidated Non-Cash Charges” means, with respect to any Person for any period, the
aggregate depreciation, amortization (including, without limitation, (i) amortization of goodwill, programming costs, barter expenses and other intangibles and (ii) the effect of any non-cash
impairment charges Incurred subsequent to the Issue Date resulting from the application of FASB Accounting Standards Codifications No. 350, 360 or 805, and any other non-cash items resulting from any
amortization, write-up, write-down or write-off of assets or liabilities including deferred financing costs and the effect of straight-lining of rents as a result of
purchase 

  
 9 

 
accounting adjustments) in connection with any future acquisition, disposition, merger, consolidation or similar transaction, but excluding amortization of
pre-paid cash expenses that were paid in a prior period, and other noncash charges and expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person and its Restricted
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP excluding any such charges which represent an accrual of or a reserve for cash charges for any future period. 

“Consolidated Secured Leverage” means the sum of the aggregate outstanding Secured Debt for borrowed money, obligations in
respect of Capitalized Lease Obligations, letters of credit (only to the extent of any unreimbursed drawings thereunder), debt obligations evidenced by promissory notes and similar instruments and any Guarantees in respect of any of the foregoing of
the Issuer and its Restricted Subsidiaries less unrestricted cash and cash equivalents of the Issuer and its Restricted Subsidiaries. 

“Consolidated Secured Leverage Ratio” means, as of any date of determination (the “Determination Date”), the ratio
of (x) Consolidated Secured Leverage at such date to (y) the aggregate amount of Consolidated Cash Flow for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which internal
consolidated financial statements of the Issuer are available (such four full fiscal quarter period referred to herein as “Four Quarter Period”), in each case with such pro forma adjustments as are consistent with the pro forma adjustments
set forth in the definition of “Consolidated Fixed Charge Coverage Ratio;” provided that, for the purpose of determining Consolidated Secured Leverage, the aggregate amount of cash and cash equivalents of the Issuer and its Restricted
Subsidiaries shall be determined without giving pro forma effect to the proceeds of Debt Incurred on such date. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated Secured Leverage” and
“Consolidated Cash Flow” shall be calculated after giving effect on a pro forma basis for the period of such calculation, to any asset sales or other dispositions or asset acquisitions, investments, mergers, consolidations and discontinued
operations (as determined in accordance with GAAP) occurring during the Four Quarter Period or any time subsequent to the last day of the Four Quarter Period and on or prior to the Determination Date, as if such asset sale or other disposition or
asset acquisition (including the Incurrence or assumption of any such Acquired Debt), investment, merger, consolidation or disposed operation occurred at the beginning of the Four Quarter Period. For purposes of this definition, pro forma
calculations shall be made in the good faith determination of the Issuer and in accordance with the definition of Pro Forma Cost Savings set forth herein. 

“Consolidated Total Assets” means, with respect to any Person, at any date, the aggregate amount of assets as set
forth on the most recent consolidated balance sheet of the Issuer and its Subsidiaries and computed in accordance with GAAP; provided that, “Consolidated Total Assets” of the Issuer and its Restricted Subsidiaries shall be adjusted to
reflect any acquisitions of assets that have occurred during the period from the date of the applicable balance sheet through the applicable date of determination (but without giving effect to the transaction being tested under this Indenture). 

  
 10 

 “Corporate Trust Office of the Trustee” will be at the address of the Trustee
specified in Section 12.02 hereof or such other address as to which the Trustee or successor trustee may give notice to the Issuer. 

“Credit Agreement” means the Credit Agreement, dated as of June 5, 2015, by and among the Issuer, the guarantor
subsidiaries named therein, Deutsche Bank AG New York Branch, as administrative agent, the other lenders named therein and the other arrangers or agents party thereto, including any related letters of credit, notes, guarantees, collateral documents,
instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part
from time to time, in which case, the credit agreement or other debt agreement (including any indenture in the case of debt securities) together with all other documents and instruments related shall constitute the “Credit Agreement,”
whether with the same or different agents and lenders or institutional investors. 
 “Credit Facilities” means, one or more
debt facilities (including, without limitation, any Credit Agreement), indentures or commercial paper facilities providing for revolving credit loans, term loans, term debt, debt securities, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or bank guarantees, in each case, as amended, restated, modified, renewed, extended, increased, refunded,
replaced in any manner (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 

“Custodian” means, in the case of any Global Note held through Euroclear or Clearstream, the Common Depositary. 

“Debt” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent: 

 

	 	(1)	in respect of borrowed money; 

  

	 	(2)	evidenced by or issued in exchange for bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 

 

	 	(3)	in respect of banker’s acceptances; 

  

	 	(4)	representing Capital Lease Obligations or Attributable Debt in respect of Sale and Leaseback Transactions; 

  

	 	(5)	representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or 

 

	 	(6)	representing any Hedging Obligations, 

  
 11 

 if and to the extent any of the preceding items (other than letters of credit, Attributable Debt
and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP, but excluding deemed capitalized leases; provided, that the following items shall not be considered Debt:
(x) accrued expenses and trade payables and (y) guarantees of obligations (which guaranteed obligations do not themselves constitute Debt). In addition, the term “Debt” includes all Debt of others secured by a Lien on any asset
of the specified Person (whether or not such Debt is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Debt of any other Person. Debt shall be calculated without giving effect to
the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Debt for any purpose under this Indenture as a result of accounting for
any embedded derivatives created by the terms of such Debt. For the avoidance of doubt, Debt includes any Acquired Debt. 

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

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.04 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to any Global Note, the Person specified in Section 2.02 hereof as the Depositary with
respect to such Global Note, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Disqualified Capital Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would constitute a Change of Control), matures or is mandatorily redeemable, pursuant to
a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control) on or prior to the final maturity date of the Notes. 

“Euroclear” means Euroclear Bank SA/NV or any successor clearing agency. 

“European Government Obligations” means direct obligations of, or obligations guaranteed by, a member state of the
European Union, and the payment for which such member state of the European Union pledges its full faith and credit. 
 “Fair Market
Value” means with respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able
buyer, neither of whom is under undue pressure or compulsion to complete the transaction, as determined in good faith by the Issuer (or, in the case of a transaction involving proceeds in excess of $50.0 million, by the Board of Directors of
the Issuer) and set forth in an Officer’s Certificate delivered to the Trustee. 
 “Fitch” means Fitch Ratings Inc.

  
 12 

 “Foreign Subsidiary” means any Subsidiary of the Issuer other than a Subsidiary
organized under the laws of the United States or any state of the United States or the District of Columbia, or any direct or indirect subsidiary thereof. 

“Four Quarter Period” has the meaning given in the definition of “Consolidated Fixed Charge Coverage Ratio.” 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect on the date of this Indenture. 
 “Global Note Legend” means the legend
set forth in Section 2.04(g)(2), which is required to be placed on all Global Notes issued under this Indenture. 
 “Global
Notes” means, individually and collectively, the Global Notes issued in accordance with Section 2.01 or 2.04 hereof. 

“guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary
course of business, direct or indirect, in any manner, including through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Debt. 

“Guarantee” means each Guarantee by a Guarantor of the Issuer’s payment obligations under this Indenture and on
the Notes, executed pursuant to the provisions of this Indenture. 
 “Guarantors” means any Subsidiary that executes a
Guarantee in accordance with the provisions of this Indenture and their successors and assigns until released from their obligations under their Guarantee and the Indenture in accordance with the terms of this Indenture. 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 

 

	 	(1)	interest rate swap agreements, interest rate cap agreements, interest rate collar agreements, interest rate future or option contracts and other agreements or arrangements designed to protect such Person against
fluctuations in interest rates; 

  

	 	(2)	commodity swap agreements, commodity option agreements, forward contracts and other agreements or arrangements designed to protect such Person against fluctuations in commodity prices; and 

 

	 	(3)	foreign exchange contracts, currency swap agreements, currency future and option contracts and other agreements or arrangements designed to protect such Person against fluctuations in foreign currency exchange rates.

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

  
 13 

 “Incur” means, with respect to any Debt of any Person, to create, issue, incur
(by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or the recording, as required pursuant to GAAP or other applicable accounting standards, of any such Debt on the balance sheet of such
Person; provided, however, that a change in GAAP or an interpretation thereunder that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such Debt. Debt otherwise Incurred by a Person
before it becomes a Subsidiary of the Issuer shall be deemed to be Incurred at the time at which such Person becomes a Subsidiary of the Issuer. “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall
have meanings that correspond to the foregoing. A Guarantee by the Issuer or a Restricted Subsidiary of Debt Incurred by the Issuer or a Restricted Subsidiary, as applicable, shall not be a separate Incurrence of Debt. In addition, the following
shall not be deemed a separate Incurrence of Debt: 
  

	 	(1)	amortization of debt discount or accretion of principal with respect to a non-interest bearing or other discount security; 

 

	 	(2)	the payment of regularly scheduled interest in the form of additional Debt of the same instrument or the payment of regularly scheduled dividends on Capital Interests in the form of additional Capital Interests of the
same class and with the same terms; 

  

	 	(3)	the obligation to pay a premium in respect of Debt arising in connection with the issuance of a notice of redemption or making of a mandatory offer to purchase such Debt; and 

 

	 	(4)	unrealized losses or charges in respect of Hedging Obligations. 

 “Indenture”
means this Indenture, as amended or supplemented from time to time. 
 “Indirect Participant” means a Person who holds a
beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the €350.0 million aggregate
principal amount of Notes issued under this Indenture on the date hereof. 
 “Interest Payment Date” means May 15 and
November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day. 
 “Investment Grade
Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by
S&P, or an equivalent rating by any other Rating Agency. 
 “Investments” means, with respect to any Person, all direct
or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and
employees made in the ordinary course of business), purchases or other acquisitions for value of Debt, equity interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in
accordance with GAAP. If 

  
 14 

 
the Issuer or any Restricted Subsidiary sells or otherwise disposes of any equity interests of any direct or indirect Restricted Subsidiary such that, after giving effect to any such sale or
disposition, such Person is no longer a Restricted Subsidiary, the Issuer shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Issuer’s Investments in such Restricted
Subsidiary that were not sold or disposed of. 
 “Issue Date” means April 19, 2017. 

“Issuer” means the party named as such in the preamble to this Indenture, and any and all successors thereto. 

“Lien” means with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to constitute a Lien.

 “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Non-Recourse Debt” means Debt: 

(1) as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Debt) or (b) is directly or indirectly liable as a guarantor or otherwise; and 

(2) as to which the lenders or other holders of such Debt have been notified in writing, or the explicit terms of which provide, that they will
not have any recourse to the stock or assets of the issuer or any of its Restricted Subsidiaries (other than the equity interests of an Unrestricted Subsidiary). 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Notes” has the meaning assigned to it in the preamble to this Indenture. With respect to each class of Notes issued
hereunder, the Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture (except as specifically set forth herein), and unless the context otherwise requires, all references to the Notes shall
include the Initial Notes and any Additional Notes. 
 “Obligations” means all obligations for principal, premium,
interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Debt. 

“Offering Circular” means that offering circular, dated as of April 12, 2017, relating to the Initial Notes. 

  
 15 

 “Officer” means, with respect to any Person, the Chairman of the Board, the
Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice President of such Person or a responsible accounting or financial
officer of such Person. With respect to the Issuer, “Officer” means any of its directors. 
 “Officer’s
Certificate” means a certificate signed by an Officer; provided that each certificate with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

 

	 	(1)	a statement that the Person making such certificate 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 are based; 

 

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

  

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

“Opinion of Counsel” means a written opinion from legal counsel (which may be subject to customary assumptions,
qualifications and exclusions) acceptable to the Trustee that meets the requirements of Section 12.05 hereof. Such counsel may be an employee of or counsel to the Issuer. 

“Participant” means, with respect to any Depositary, a Person who is a participant of or has an account with such Depositary.

 “Paying Agent” means any Person authorized by the Issuer to pay the principal of (and premium, if any) or interest on
any Note on behalf of the Issuer. 
 “Permitted Liens” means: 

 

	 	(1)	Liens existing on the Issue Date; 

  

	 	(2)	Liens securing Debt permitted to be Incurred pursuant to the covenant described under Section 4.11 herein in an aggregate principal amount outstanding not to exceed, as of any date of incurrence, the greater of
$1.85 billion and an amount of Debt such that, at the time of Incurrence and after giving pro forma effect thereto, the Consolidated Secured Leverage Ratio of the Issuer would be no greater than 4.0 to 1.0; 

 

	 	(3)	any Lien for Taxes or assessments or other governmental charges or levies not yet delinquent or which are being contested in good faith and by appropriate proceedings and for which adequate reserves are being maintained
to the extent required by GAAP; 

  
 16 

	 	(4)	Liens imposed by law, such as materialmen’s, mechanics’, carriers’, warehousemen’s, landlords’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course
of business securing obligations that (i) are not overdue for a period of more than 30 days and (ii) individually or together with all other Permitted Liens outstanding on any date of determination do not materially adversely affect the
use of the property to which they relate or that are being contested in good faith by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

 

	 	(5)	easements, rights of way, restrictions, minor defects or irregularities in title and other similar encumbrances affecting real property that, in the aggregate are not substantial in amount, and that do not in any case
materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person and leases and subleases of real property granted to others and licenses of other assets
entered into in the ordinary course of business, in each case no interfering in any material respect with the business of the Issuer or any of its Restricted Subsidiaries; 

 

	 	(6)	pledges or deposits in connection with workers’ compensation laws or similar legislation or to secure public statutory obligations not Incurred or made in connection with the borrowing of money, the obtaining of
advances or credit or the payment of the deferred purchase price of property or services or imposed by ERISA or the Code in connection with a “plan” (as defined in ERISA); 

 

	 	(7)	Liens on property or assets existing at the time the Issuer or a Restricted Subsidiary acquires such property or assets, and Liens on property or assets of a Person existing at the time such Person is merged with or
into or consolidated with the Issuer or a Restricted Subsidiary or such Person becomes a Restricted Subsidiary (and not created or Incurred in anticipation of such transaction), provided that such Liens are not extended to the property and assets of
the Issuer and its Restricted Subsidiaries other than the property or assets acquired and the proceeds thereof; 

  

	 	(8)	 Liens to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals,
refinancings or refundings), in whole or in part, in accordance with the terms of this Indenture of any Debt secured by Liens referred to in clauses (1), (2), (7), (9), (12), (13) and (19) of this definition of Permitted Liens to the extent
that such Liens do not extend to any additional property or assets (other than accessions and additions to and improvements, proceeds and products of such property or assets); and the principal amount of the obligations secured by such Liens is not
increased at the time of such extension, renewal, refinancing or refunding to an amount greater than the sum of (a) the aggregate principal or accreted amount (in the case of any Debt issued with original issue

  
 17 

	 	
discount, as such) then outstanding (or the committed amount, if greater) under the Debt being refunded, refinanced, renewed, replaced or extended, (b) the amount of accrued and unpaid
interest, if any, and premiums owed, if any, not in excess of preexisting prepayment provisions on such Debt being refunded, refinanced, renewed, replaced or extended and (c) the amount of fees, expenses and costs related to the Incurrence of
such Debt; 

  

	 	(9)	Liens to secure Capital Lease Obligations, Synthetic Lease Obligations and Purchase Money Debt permitted to be Incurred pursuant to clause (9) of the definition of “Permitted Debt”; provided that such
Liens do not extend to or cover any assets other than such assets acquired, constructed or improved after the Issue Date with the proceeds of such Capital Lease Obligation, Synthetic Lease Obligation or Purchase Money Debt and any assets that, in
the ordinary course of business, are subject to Liens in favor of the same creditor for other assets subject to existing Capital Lease Obligations, Synthetic Lease Obligations and Purchase Money Debt; 

 

	 	(10)	Liens in favor of the Issuer or any Guarantor; 

  

	 	(11)	Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligation in respect of letters of credit and banker’s acceptances issued or created in the ordinary
course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

  

	 	(12)	Liens securing Debt Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to
any property owned by such Person or any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto and any proceeds thereof), and the Debt (other than any interest thereon) secured
by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien; 

 

	 	(13)	Liens on property or shares of Capital Interests of another Person at the time such other Person becomes a Subsidiary of such Person; provided, however, that (i) the Liens may not extend to any other property owned
by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto and any proceeds thereof) and (ii) such Liens are not created or Incurred in connection with, or in contemplation of, such other
Person becoming such a Restricted Subsidiary; 

  

	 	(14)	 Liens (i) that are contractual rights of set-off (A) relating
to pooled deposit or sweep accounts of the Issuer or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations and other cash management activities Incurred in the ordinary course of business of the Issuer and/or
any of its 

  
 18 

	 	
Restricted Subsidiaries or (B) relating to purchase orders and other agreements entered into with customers of the Issuer or any of its Restricted Subsidiaries in the ordinary course of
business and (ii) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, (A) encumbering reasonable customary initial deposits and
margin deposits and attaching to commodity trading accounts or other brokerage accounts Incurred in the ordinary course of business, and (B) in favor of banking institutions arising as a matter of law or pursuant to customary account agreements
encumbering deposits (including the right of set-off); 

  

	 	(15)	Liens securing judgments or judicial attachment for the payment of money with respect to which execution is stayed, in each case not constituting an Event of Default under clause (6) of Section 6.01(a) herein;

  

	 	(16)	any interest of title of (i) an owner of equipment or inventory on loan or consignment, or as part of a conditional sale, to the Issuer or any of its Restricted Subsidiaries and Liens arising from Uniform
Commercial Code financing statement filings regarding operating leases entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; and (ii) a lessor, licensor or sublicensor or secured by a lessor’s,
licensor’s or sublicensor’s interest under any lease, license or sublicense permitted under this Indenture; 

  

	 	(17)	deposits in the ordinary course of business to secure liability to insurance carriers; 

  

	 	(18)	Liens arising out of title retention provisions in any contract in the ordinary course of business; 

  

	 	(19)	Liens securing Hedging Obligations so long as any related Debt is permitted to be Incurred under this Indenture; 

  

	 	(20)	options, put and call arrangements, rights of first refusal and similar rights relating to investments in joint ventures, partnerships and the like permitted to be made under this Indenture; 

 

	 	(21)	Liens attaching to earnest money deposits (or equivalent deposits otherwise named) made in connection with proposed acquisitions; 

  

	 	(22)	(i) set-off rights not otherwise set forth in clause (14) of this definition of Permitted Liens, or (ii) Liens arising in connection with repurchase agreements that
constitute investments; 

  

	 	(23)	Liens on cash and other deposits or net worth imposed in connection with contracts entered into the ordinary course of business; 

  

	 	(24)	Liens securing Obligations for third party customer financing in the ordinary course of business; 

  
 19 

	 	(25)	Liens on cash, cash equivalents or other property arising in connection with the defeasance, discharge or redemption of Debt; 

  

	 	(26)	Liens on the identifiable proceeds of any property or asset subject to a Lien otherwise permitted under this Indenture; 

  

	 	(27)	other Liens securing Debt (and guaranties of such Debt Incurred in accordance with the “Limitation on Incurrence of Debt” covenant) outstanding in an aggregate principal amount not to exceed, as of any date of
Incurrence, the greater of (x) 8.0% of Consolidated Total Assets and (y) $500.0 million; 

  

	 	(28)	other Liens securing obligations that do not constitute Debt for borrowed money in an aggregate outstanding principal amount not to exceed $30.0 million; 

 

	 	(29)	(A) Liens on the assets of a Foreign Subsidiary securing Debt incurred by such Foreign Subsidiary in accordance with Section 4.11 herein (and guaranties of such Debt incurred in accordance with Section 4.11
herein) and (B) Liens on the assets of Subsidiaries that are not Guarantors securing Debt incurred by such Subsidiaries that are not Guarantors in accordance with Section 4.11 herein (and guaranties of such Debt incurred in accordance with
Section 4.11 herein); 

  

	 	(30)	Liens on the assets of Imo AB securing statutory pension obligations to the extent required by applicable law; 

  

	 	(31)	Liens on cash or cash equivalents on deposit to secure reimbursement obligations under letters of credit and bank guarantees incurred in the ordinary course of business; 

 

	 	(32)	Liens on and pledges of the Capital Stock of any Unrestricted Subsidiary to the extent securing (A) Non-Recourse Debt or (B) Debt of such Unrestricted Subsidiary;

  

	 	(33)	Liens securing any arrangement for treasury, depositary or cash management services provided to the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; and 

 

	 	(34)	Liens on Receivables Assets or the Capital Stock of a Receivables Subsidiary, in each case granted in connection with a Receivables Facility. 

“Permitted Refinancing Debt” means Debt that refunds, refinances, renews, replaces or extends any Debt permitted to be
Incurred by the Issuer or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors (including, with respect to any guarantee of Debt, the
refinancing of the guaranteed Debt and incurrence of a guarantee with respect to the new Debt) (any such Debt, “Refinancing Debt”), but only to the extent that: 

  
 20 

	 	(1)	the Refinancing Debt is subordinated to the Notes to at least the same extent as the Debt being refunded, refinanced or extended, if such Debt was subordinated to the Notes, 

 

	 	(2)	the Refinancing Debt is scheduled to mature either (a) no earlier than the Debt being refunded, refinanced or extended or (b) at least 91 days after the maturity date of the Notes, 

 

	 	(3)	the Refinancing Debt has an Average Life at the time such Refinancing Debt is Incurred that is equal to or greater than the Average Life of the Debt being refunded, refinanced, renewed, replaced or extended,

  

	 	(4)	such Refinancing Debt is in an aggregate principal amount that is less than or equal to the sum of (a) the aggregate principal or accreted amount (in the case of any Debt issued with original issue discount, as
such) then outstanding (or the committed amount, if greater) under the Debt being refunded, refinanced, renewed, replaced or extended, (b) the amount of accrued and unpaid interest, if any, and premiums owed, if any, not in excess of
preexisting prepayment provisions on such Debt being refunded, refinanced, renewed, replaced or extended and (c) the amount of fees, expenses and costs related to the Incurrence of such Refinancing Debt, and 

 

	 	(5)	such Refinancing Debt is Incurred by the same Person (or its successor) that initially Incurred the Debt being refunded, refinanced, renewed, replaced or extended, except that (x) the Issuer or any Guarantor may
Incur Refinancing Debt to refund, refinance, renew, replace or extend Debt of the Issuer or any Restricted Subsidiary and (y) any Subsidiary that is not a Guarantor may Incur Refinancing Debt to refund, refinance, renew, replace or extend Debt
of any other Subsidiary that is not a Guarantor. 

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

“Preferred Interests” as applied to the Capital Interests in any Person, means Capital Interests in such Person of any class
or classes (however designated) that rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to shares of Common Interests in such
Person. 
 “Private Placement Legend” means the legend set forth in Section 2.04(g)(1)(A) to be placed on all Notes issued
under this Indenture except where otherwise permitted by the provisions of this Indenture. 

  
 21 

 “Pro Forma Cost Savings” means, with respect to any four-quarter period, the
reduction in net costs and expenses that: 
  

	 	(1)	were directly attributable to an acquisition, investment, disposition, merger, consolidation or discontinued operation or other specified action that occurred during the four-quarter period or after the end of the
four-quarter period and on or prior to the Transaction Date and that would properly be reflected in a pro forma income statement prepared in accordance with Regulation S-X under the U.S. Securities Act;

  

	 	(2)	were actually implemented prior to the Transaction Date in connection with or as a result of an acquisition, investment, disposition, merger, consolidation or discontinued operation or other specified action and that
are supportable and quantifiable by the underlying accounting records; or 

  

	 	(3)	relate to an acquisition, investment, disposition, merger, consolidation or discontinued operation or other specified action and that the Issuer reasonably determines are probable based upon specifically identifiable
actions to be taken within 12 months of the date of the closing of the acquisition, investment, disposition, merger, consolidation or discontinued operation or specified action; 

provided that the aggregate amount of cost savings added pursuant to clauses (2) and (3) of this definition shall not exceed an amount
equal to 10% of Consolidated Cash Flow for the period of four consecutive fiscal quarters most recently ended prior to the determination date (without giving effect to any adjustments pursuant to clause (2) and (3) of this definition). 

“Public Equity Offering” means an offer and sale of Capital Stock (other than Disqualified Capital Stock) of the Issuer
pursuant to a registration statement that has been declared effective by the Commission pursuant to the U.S. Securities Act (other than a registration statement on Form S-8 or otherwise relating to equity
securities issuable under any employee benefit plan of the Issuer). 
 “Purchase Money Debt” means Debt: 

 

	 	(1)	Incurred to finance the purchase or construction (including additions and improvements thereto) of any assets (other than Capital Interests) of such Person or any Restricted Subsidiary; and 

 

	 	(2)	that is secured by a Lien on such assets where the lender’s sole security is to the assets so purchased or constructed or substantially similar assets leased or purchased from such lender under a master lease or
similar agreement and proceeds of the foregoing; and in either case that does not exceed 100% of the cost and to the extent the purchase or construction prices for such assets are or should be included in addition to property, plant or equipment in
accordance with GAAP. 

 “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

 “Rating Agencies” means any of Fitch, Moody’s and S&P or if two or more of Fitch, Moody’s or S&P shall
not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer which shall be substituted for Fitch, Moody’s or S&P or all three, as the case may
be. 

  
 22 

 “Receivables Assets” means any accounts receivable owed to the Issuer or any
Subsidiary of the Issuer (whether now existing or arising or acquired in the future) arising in the ordinary course of business from the sale of goods or services, all collateral securing such accounts receivable, all contracts and contract rights
and all guarantees or other obligations in respect of such accounts receivable, all proceeds of such accounts receivable and other assets (including contract rights) which are of the type customarily transferred or in respect of which security
interests are customarily granted in connection with securitizations of accounts receivable (as determined in good faith by the Issuer) and which, in each case, are sold, conveyed, assigned or otherwise transferred or in which a security interest is
granted by the Issuer or a Subsidiary of the Issuer to either (A) a Person that is not a Subsidiary of the Issuer or (B) a Receivables Subsidiary that in turn sells, conveys, assigns, grants a security interest in or otherwise transfers
such Receivables Assets to a Person that is not a Subsidiary of the Issuer. 
 “Receivables Facility” means any of one or
more receivables financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, all obligations in respect of which are non-recourse (except for Standard
Securitization Undertakings) to the Issuer or any of its Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Subsidiaries sells, conveys, assigns, grants an interest in or otherwise transfers Receivables
Assets to either (A) a Person that is not a Subsidiary of the Issuer or (B) a Receivables Subsidiary that in turn sells, conveys, assigns, grants a security interest in or otherwise transfers such Receivables Assets to a Person that is not
a Subsidiary of the Issuer. 
 “Receivables Subsidiary” means a special-purpose Wholly-Owned Subsidiary of the Issuer whose
sole purpose is to purchase Receivables Assets from the Issuer or any of its Subsidiaries (other than a Receivables Subsidiary) and to resell, convey, assign, grant a security interest in or otherwise transfer such Receivables Assets to a Person
that is not a Subsidiary of the Issuer pursuant to a Receivables Facility and which engages in no other activities other than the foregoing and other activities reasonably related thereto. 

“Record Date” means, for the purpose of any redemption payment or other event or transaction in which Holders have a right to
receive any cash, securities or other property, the date fixed for determining the Holders entitled to receive such cash, securities or other property. 

“Regulation S” means Regulation S promulgated under the U.S. Securities Act. 

“Regulation S Global Note” means a Global Note bearing the applicable Global Note Legend and the Private Placement Legend and
deposited with or on behalf of the respective Depositary (or the common depositary) therefor and registered in the name of the respective Depositary (or the common depositary) therefor or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes initially sold in reliance on Rule 903. 

  
 23 

 “Responsible Officer” means any officer within the corporate trust and agency
department of the Trustee, including any vice president, assistant vice president, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by such officers, or to whom any
corporate trust matter is referred because of such individual’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Subsidiary” means any Subsidiary that has not been designated as an Unrestricted Subsidiary in
accordance with this Indenture. 
 “Rule 144” means Rule 144 promulgated under the U.S. Securities Act. 

“Rule 144A” means Rule 144A promulgated under the U.S. Securities Act. 

“Rule 902” means Rule 902 promulgated under the U.S. Securities Act. 

“Rule 903” means Rule 903 promulgated under the U.S. Securities Act. 

“Rule 904” means Rule 904 promulgated under the U.S. Securities Act. 

“S&P” means Standard & Poor’s Ratings Service, a division of The McGraw Hill Companies, and any successor
to its rating agency business. 
 “Sale and Leaseback Transaction” means any arrangement with any person providing for the
leasing by the Issuer or any Restricted Subsidiary of any properties or assets of the Issuer and/or such Restricted Subsidiary (except for leases between the Issuer and any Restricted Subsidiary or between Restricted Subsidiaries), which properties
or assets have been or are to be sold or transferred by the Issuer or such Subsidiary to such person which lease shall occur within 180 days after such sale or transfer. 

“Secured Debt” means any Debt secured by a Lien in any property or assets of the Issuer or its Restricted Subsidiaries or in
any shares of Capital Stock owned directly or indirectly by the Issuer in any of its Restricted Subsidiaries. 
 “Significant
Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of the Issuer within the meaning of Rule 1-02 under Regulation S-X
promulgated by the Commission. 
 “Standard Securitization Undertakings” means representations, warranties, covenants,
indemnities and guarantees of performance entered into by the Issuer or any Restricted Subsidiary of the Issuer that, taken as a whole, are customary in an accounts receivable securitization transaction (as determined in good faith by the Issuer),
including, without limitation, those relating to the sale and servicing of Receivables Assets and other assets of a Receivables Subsidiary. 

  
 24 

 “Subsidiary” means any Person a majority of the outstanding Voting Stock of
which is owned or controlled by the Issuer or by one or more other Subsidiaries and which is consolidated in the Issuer’s accounts including, for the avoidance of doubt, a company, corporation or partnership that is a “dependent
enterprise” (abhängiges Unternehmen) of such Person within the meaning of Section 17 of the German Stock Corporation Act (Aktiengesetz) or that is a “subsidiary” (Tochterunternehmen) of the Issuer within the meaning of
Section 290 of the German Commercial Code (Handelsgesetzbuch), or where the Issuer has the power to direct the management and the policies of such entity (whether through the ownership of share capital, contract or otherwise). 

“Synthetic Lease Obligations” means any monetary obligation of a Person under (1) a so-called synthetic, off-balance sheet or tax retention lease, or (2) an agreement for the use or possession of property (including Sale and Leaseback Transactions), in
each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any bankruptcy or insolvency laws to such Person, would be characterized as the indebtedness of such Person (without regard to
accounting treatment). 
 “Tax” means any tax, duty, levy, impost, assessment or other governmental charge in the nature of
taxes (including penalties, interest and any other additions thereto and, for the avoidance of doubt, including any withholding or deduction for or on account of Tax). “Taxes” and “Taxation” shall be construed to
have corresponding meanings. 
 “Trustee” means the party named as such in the preamble to this Indenture until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private
Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note substantially in the form of Exhibit A
attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary,
representing a series of Notes that do not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted
Subsidiary” means any Subsidiary of the Issuer that is designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 

 

	 	(1)	has no Debt other than Non-Recourse Debt; 

  

	 	(2)	is a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional equity interests or (b) to maintain or preserve
such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

  
 25 

	 	(3)	has not guaranteed or otherwise directly or indirectly provided credit support for any Debt of the Issuer or any of its Restricted Subsidiaries. 

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

“U.S. Person” means a U.S. Person as defined in Rule 902. 

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

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person. 
 “Wholly-Owned Restricted Subsidiary” means a Restricted
Subsidiary that is a Wholly-Owned Subsidiary. 
 “Wholly-Owned Subsidiary” means a Subsidiary all of the outstanding
Capital Stock or other ownership interests of which (other than directors’ qualifying shares, foreign national qualifying or nominee or other similar shares required pursuant to applicable law) will at the time be owned by such Person and/or by
one or more Wholly-Owned Restricted Subsidiaries of such Person. Notwithstanding anything contained herein to the contrary, Soldex S.A., a company organized under the laws of the Republic of Peru, shall be deemed to be a Wholly-Owned Restricted
Subsidiary; provided that, at least 95% of the Capital Stock of Soldex S.A. is owned by the Issuer and/or one or more Subsidiaries of the Issuer. 

Section 1.02 Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Additional Amounts”
	  	2.10
	 “Authentication Order”
	  	2.01
	 “Authenticating Agent”
	  	2.01
	 “Authorized Agent”
	  	12.09
	 “Authorized Person”
	  	7.11
	 “Change of Control Offer”
	  	4.09
	 “Change of Control Payment”
	  	4.09
	 “Change of Control Payment Date”
	  	4.09
	 “Covenant Defeasance”
	  	8.03
	 “Event of Default”
	  	6.01
	 “Judgment Currency”
	  	2.11
	 “Legal Defeasance”
	  	8.02
	 “Losses”
	  	7.11
	 “Non-Guarantor Debt Basket”
	  	4.11
	 “Outstanding Notes”
	  	2.05
	 “Paying Agent”
	  	2.02
	 “Payment Default”
	  	6.10
	 “Redemption Date”
	  	3.06
	 “Register”
	  	2.02

  
 26 

			
	 Term
	  	Defined in
Section
	 “Registrar”
	  	2.02
	 “Relevant Taxing Jurisdiction”
	  	2.10
	 “Replacement Agent”
	  	12.09
	 “Successor Company”
	  	5.01
	 “Transfer Agent”
	  	2.02

 Section 1.03 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) “including” means including without limitation; 

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

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

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

(8) references to sections of or rules under the U.S. Securities Act will be deemed to include substitute, replacement
successor sections or rules adopted by the Commission from time to time. 
 Section 1.04 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “act of Holders” signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Section. 

  
 27 

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

(c) Any request, demand, authorization, direction, notice, consent, waiver or other act of the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note. 
 (d) If the Issuer shall solicit from the Holders any request,
demand, authorization, direction, notice, consent, waiver or other act of a Holder, the Issuer may, at its option, by or pursuant to a board resolution, fix in advance a Record Date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other act of a Holder, but the Issuer shall have no obligation to do so. If such a Record Date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
act of a Holder may be given before or after such Record Date, but only the Holders of record at the close of business on such Record Date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of
Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other act of a Holder, and for that purpose the Outstanding Notes shall be computed as of such Record Date;
provided that no such authorization, agreement or consent by the Holders on such Record Date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the Record
Date. 
 ARTICLE 2 
 THE NOTES

 Section 2.01 Form and Dating. 

(a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The
Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. The Initial Notes will initially be represented by the Global Notes. Each Note will be dated the date of its authentication. The Notes shall be in
denominations of €100,000 and integral multiples of €1,000 in excess thereof. 
 The Global Notes will be deposited with, or on
behalf of, the Common Depositary for the accounts of Euroclear and Clearstream and registered in the name of the nominee of the Common Depositary. 

  
 28 

 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a
part of this Indenture and the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Notes
issued in global form will be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). So long as the Notes are held
in global form, the Common Depositary for Euroclear and Clearstream, or their respective nominees, as applicable, will be considered the sole Holders of Global Notes for all purposes under this Indenture. Notes issued in definitive form will be
substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the
Outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Notes
represented thereby will, upon instruction by the Issuer, be made by the Custodian therefor. 
 (c) Euroclear and Clearstream Procedures
Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer
Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Notes that are held by Participants through Euroclear or Clearstream; provided, however, that the Trustee and the Paying Agent and the Registrar
shall not have any duty or obligation with respect to any such procedures. 
 An Officer must sign the Notes for the Issuer by manual or
facsimile signature. 
 If the Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the
Note will nevertheless be valid. 
 The Trustee hereby appoints Deutsche Bank Luxembourg S.A. as the initial authenticating agent (the
“Authenticating Agent”) to authenticate the Notes. A Note will not be valid until authenticated by the manual or facsimile signature of the Authenticating Agent. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture. 
 On the Issue Date, the Authenticating Agent shall, upon receipt of a written order of the Issuer
signed by an Officer (an “Authentication Order”), authenticate and deliver the Initial Notes for original issue up to €350,000,000 in aggregate principal amount of Notes and, upon delivery of any Authentication Order at any
time and from time to time thereafter, the Authenticating Agent shall authenticate Additional Notes for original issue, or Definitive Notes issued pursuant to Section 2.04 hereof, in an aggregate principal amount specified in such
Authentication Order. Such Authentication Order shall specify the aggregate principal amount of Notes to be authenticated, the series and type of Notes, the date on which the Notes are to be authenticated, and the date from which interest on such
Notes shall accrue, whether the Notes are 

  
 29 

 
to be issued as definitive Notes or Global Notes and whether or not the Notes shall bear any legend, or such other information as the Trustee may reasonably request. In addition, such
Authentication Order shall include a statement that the Person signing the Authentication Order has (i) read and understood the provisions of this Indenture relevant to the statements in the Authentication Order and (ii) made such
examination or investigation as is necessary to enable him to make such statements. 
 The Authenticating Agent may appoint additional or
replacement authenticating agents reasonably acceptable to the Issuer to authenticate Notes. Any such appointment shall be evidenced by an instrument signed by the Issuer, a copy of which shall be furnished to the Trustee. Unless limited by the
terms of such appointment, an authenticating agent may authenticate Notes whenever the Authenticating Agent may do so. Each reference in this Indenture to authentication by the Authenticating Agent includes authentication by such agent. The
Authenticating Agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 
 Section 2.02 Registrar and Paying
Agent. 
 The Issuer will maintain offices or agencies where Notes may be presented for registration of transfer or for exchange (each, a
“Registrar”) and offices or agencies where Notes may be presented for payment (each, a “Paying Agent”). The Registrar, acting as agent of the Issuer solely for this purpose, will keep a register reflecting ownership
of definitive registered notes (the “Definitive Registered Notes”) outstanding from time to time and of their transfer and exchange. The Issuer 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 Issuer may change any Paying Agent or
Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Paying Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent,
the Trustee, acting as agent of the Issuer solely for this purpose, shall act as such. The Issuer or any of its Subsidiaries, acting as agent of the Issuer solely for this purpose, may act as Paying Agent or Registrar. 

The Issuer initially appoints Euroclear and Clearstream to act as a Depositary with respect to the Global Notes. The Issuer initially appoints
Deutsche Bank AG, London Branch to act as Paying Agent and initially appoints Deutsche Bank Luxembourg S.A. to act as the Registrar, the transfer agent (in such capacity, together with its successors in such capacity, the “Transfer
Agent”) and the Common Depositary with respect to the Global Notes. 
 Subject to any applicable laws and regulations, the Issuer
shall cause the Registrar to keep a register (the “Register”) at its corporate trust office in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of ownership, exchange
and transfer of the Notes. Such registration in the Register shall be conclusive evidence of the ownership of Notes. Included in the books and records for the Notes shall be notations as to whether such Notes have been paid, exchanged or
transferred, cancelled, lost, stolen, mutilated or destroyed and whether such Notes have been replaced. In the case of the replacement of any of the Notes, the Registrar shall keep a record of the Note so replaced and the Note issued in replacement
thereof. In the case of the cancellation of any of the Notes, the Registrar shall keep a 

  
 30 

 
record of the Note so cancelled and the date on which such Note was cancelled. Upon demand by the Issuer and for the purpose of any corporate action to be taken in respect of the Notes, the
Registrar shall (at the expense of the Issuer) send a copy of the Register reflecting ownership of Definitive Registered Notes outstanding from time to time maintained by it to the Issuer and the Issuer shall keep such copy of the Register at its
registered office. 
 The Issuer shall enter into an appropriate agency agreement with any Paying Agent or
co-Registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of any such
agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee may appoint a suitably qualified and reputable party to act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. 

Upon notice to the Trustee, the Issuer may change any Paying Agent, Registrar or Transfer Agent; provided, however, that in no event
may the Issuer appoint a Paying Agent in any member state of the European Union where the Paying Agent would be obliged to withhold or deduct tax in connection with any payment made by it in relation to the Notes unless the Paying Agent would be so
obliged if it were located in all other member states. For so long as the Notes are listed on the Irish Stock Exchange and admitted for trading on its Global Exchange Market and the rules of the Irish Stock Exchange so require, the Issuer will
publish a notice of any change of Paying Agent, Registrar or Transfer Agent in a daily newspaper having a general circulation in Ireland (which is expected to be The Irish Times) or, to the extent and in the manner permitted by such rules,
post such notice on the official website of the Irish Stock Exchange (www.ise.ie) and, in the case of Definitive Notes, in addition to such publication and posting, mail such notice by first-class mail to each Holder’s registered
address, as it appears on the Register, with a copy to the Trustee. 
 Payment of principal will be made upon the surrender of Definitive
Notes at the office of any Paying Agent. In the case of a transfer of a Definitive Note in part, upon surrender of the Definitive Note to be transferred, a Definitive Note shall be issued to the transferee in respect of the principal amount
transferred and a Definitive Note shall be issued to the transferor in respect of the balance of the principal amount of the transferred Definitive Note at the office of any Transfer Agent. 

The obligations of the Agents are several and not joint. 

Section 2.03 Paying Agent to Hold Money. 

The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold all money held by the
Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to
pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary) will have no further
liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any

  
 31 

 
bankruptcy or reorganization proceedings relating to the Issuer, the Trustee and Deutsche Bank AG, London Branch will serve as Paying Agents for the Notes. Money held by a Paying Agent need not
be segregated, except as required by law, and in no event shall any Paying Agent be liable for interest on any money received by it hereunder. The Agents will hold all funds as banker subject to the terms of this Indenture and as a result, such
money will not be held in accordance with the rules established by the Financial Conduct Authority in the Financial Conduct Authority’s Handbook of rules and guidance from time to time in relation to client money. For the avoidance of doubt, a
Paying Agent and the Trustee shall be held harmless and have no liability with respect to payments or disbursements (including to the Holders) (i) for which payment instructions are not made or that are not otherwise deposited by the respective
times set forth in this Indenture and (ii) until they have confirmed receipt of funds sufficient to make the relevant payment. 
 The
Registrar will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. The Issuer will furnish to the Trustee at least seven Business Days before each interest
payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

Neither the Trustee nor any of its Agents will have any responsibility or be liable for any aspect of the records in relation to, or payments
made on account of, beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Section 2.04 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the applicable Depositary to a
nominee of the applicable Depositary, by a nominee of the applicable Depositary to the applicable Depositary or to another nominee of the applicable Depositary, or by the applicable Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary. All Global Notes will be exchanged by the Issuer for Definitive Notes if: 
 (1) the
Issuer delivers to the Trustee, the Authenticating Agent and the Registrar notice (i) from Euroclear or Clearstream that they are unwilling or unable to continue to act as depositaries and clearing agencies for the Global Notes, and the Issuer
fails to appoint a successor or (ii) from the Common Depositary that it is unwilling or unable to continue to act as Common Depositary and a successor Common Depositary is not appointed by the Issuer within 120 days after the date of such
notice from the Common Depositary; 
 (2) Euroclear or Clearstream so requests following an Event of Default with respect to
such Global Notes; or 
 (3) the owner of a Global Note requests such exchange in writing delivered through either Euroclear
or Clearstream, as applicable, following an Event of Default with respect to such Global Note. 

  
 32 

 Upon the occurrence of any of the events listed in the preceding clause (1) of this Section
2.04(a), or if the Issuer, in its sole discretion, notifies the Trustee, Authenticating Agent and the Registrar in writing that it elects to cause the issuance of Definitive Notes under this Indenture, the Issuer shall execute, and the
Authenticating Agent shall, upon receipt of an Authentication Order, authenticate and deliver Definitive Notes in an aggregate principal amount equal to the principal amount of the applicable Global Notes tendered in exchange therefor. The Issuer
will, at the cost of the Issuer (but against such indemnity as the Registrar or any relevant Agent may require in respect of any tax or other duty of whatever nature which may be levied or imposed in connection with such exchange), cause sufficient
Definitive Notes to be executed and delivered to the Authenticating Agent for authentication and the Registrar for registration of the exchange and dispatch to the relevant Holders within 30 days of the relevant event. The Registrar shall, at the
cost of the Issuer, deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Definitive Notes issued in exchange for beneficial interests in Global Notes pursuant to this Section 2.04(a) shall be registered in such
names and in such authorized denominations as the Depositary, pursuant to instructions from its Participants or Indirect Participants or otherwise, shall instruct the Registrar. A Global Note may not be exchanged for another Note other than as
provided in this Section 2.04(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.04(b), (c), (d) or (e) hereof. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes will be effected through the applicable Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable
to those set forth herein to the extent required by the U.S. Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of
the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note.
Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private
Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person.
Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to
the Registrar to effect the transfers described in this Section 2.04(b)(1). 
 (2) All Other Transfers and Exchanges of
Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.04(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

  
 33 

 (i) a written order from a Participant or an Indirect Participant given to the
applicable Depositary in accordance with the Applicable Procedures directing the applicable Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or
exchanged; and 
 (ii) instructions given in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the applicable Depositary in accordance with the
Applicable Procedures directing the applicable Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Global
Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the U.S. Securities Act. 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and
the Notes or otherwise applicable under the U.S. Securities Act, the Paying Agent shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.04(h) hereof. 

(3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global
Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.04(b)(2) above and the Registrar receives the
following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (3) thereof. 

  
 34 

 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note
for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.04(b)(2) above and the Registrar receives the following: 

(A) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (a)(i) thereof; or 

(B) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (3) thereof; 

and, in each such case, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the U.S. Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the U.S. Securities Act. 
 If any such transfer is effected at a time when an Unrestricted Global Note has not yet been issued, the
Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Authenticating Agent shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate
principal amount of beneficial interests transferred. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. If any of the events in clause (1) or (2) of Section
2.04(a) has occurred or the Issuer has elected pursuant to Section 2.04(a) to cause the issuance of Definitive Notes, transfers or exchanges of beneficial interests in a Global Note for a Definitive Note shall be effected, subject to the
satisfaction of the conditions set forth in the applicable subclauses of this Section 2.04(c). 
 (1) Beneficial Interests
in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

  
 35 

 (B) if such beneficial interest is being transferred to a QIB in accordance with
Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the U.S.
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3) (a) thereof; 

(E) if such beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (4) thereof; or 
 (F) if such beneficial interest is
being transferred pursuant to an effective registration statement under the U.S. Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, the Paying Agent shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.04(h) hereof, and the Issuer shall execute and, upon receipt of an Authentication Order, the Authenticating Agent shall authenticate and deliver
to the Person designated in the instructions a Restricted Definitive Note in the appropriate principal amount. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.04(c)
shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect
Participant. The Authenticating Agent shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.04(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(2) [Reserved]. 

(3) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A Holder of a beneficial interest
in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon receipt by
the Registrar of the following documentation: 

  
 36 

 (A) if such beneficial interest is being transferred pursuant to an effective
registration statement under the U.S. Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof; 

(B) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the U.S.
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3) (a) thereof; 

(C) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (b)(i) thereof; or 

(D) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (3) thereof; 

and, in the case of clause (1) or (2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the U.S. Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to
maintain compliance with the U.S. Securities Act. 
 (4) Beneficial Interests in Unrestricted Global Notes to Unrestricted
Definitive Notes. If any Holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.04(b)(2) hereof, the Paying Agent will cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.04(h) hereof, and the Issuer will execute and, upon receipt of an Authentication Order, the Authenticating Agent will authenticate and deliver to the Person designated in the instructions an Unrestricted Definitive
Note in the appropriate principal amount. Any Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.04(c)(4) will be registered in such name or names and in such authorized denomination or denominations
as the Holder of such beneficial interest requests through instructions to the Registrar from or through the applicable Depositary and the Participant or Indirect Participant. The Authenticating Agent will deliver such Unrestricted Definitive Notes
to the Persons in whose names such Notes are so registered. Any Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.04(c)(4) will not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

  
 37 

 (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Restricted Definitive Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery
thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive
Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (2) thereof; or 
 (D) if such Restricted Definitive Note is being transferred to the Issuer or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (4) thereof, 
 the Registrar will cancel
the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the
case of clause (C) or (D) above, the Regulation S Global Note. 
 (2) Restricted Definitive Notes to Beneficial
Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 
 (A) such Restricted
Definitive Note is being transferred pursuant to an effective registration statement under the U.S. Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3) thereof; 

(B) such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
U.S. Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including certifications in item 3(a) thereof; or 

(C) the Registrar receives the following: 

  
 38 

 (i) if the Holder of such Restricted Definitive Note proposes to exchange such
Restricted Definitive Note for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item(c)(i) thereof; or 

(ii) if the Holder of such Restricted Definitive Note proposes to transfer such Restricted Definitive Note to a Person who
shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (3) thereof; 

and, in each such case set forth in clauses (i) and (ii) of subparagraph (C), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the U.S. Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the U.S. Securities Act. Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.04(d)(2), the Trustee will cancel the Definitive Note and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note. 
 (3) Unrestricted Definitive Notes to
Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note
to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Registrar will cancel the applicable Unrestricted Definitive Note
and increase or cause to be increased the aggregate principal amount of the relevant Unrestricted Global Note. 
 If any such exchange or
transfer from an Unrestricted Definitive Note to a beneficial interest is effected pursuant to subparagraph (2) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer will issue and, upon receipt of an
Authentication Order, the Authenticating Agent will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.04(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar and duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must
provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.04(e). 

  
 39 

 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the U.S. Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer
will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the U.S. Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the Holder of such Restricted Definitive Note proposes to exchange such Restricted Definitive Note for an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (d)(i) thereof; or 

(B) if the Holder of such Restricted Definitive Note proposes to transfer such Restricted Definitive Note to a Person who shall
take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (3) thereof; 

and, in each such case set forth in clauses (A) and (B) above, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the U.S. Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the U.S. Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) [Reserved]. 

  
 40 

 (g) Legends. The following legends will appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT. 

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT) OR (B) IT IS A NON-U.S. PERSON ACQUIRING THIS NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES
ACT, (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR FOR WHICH IT HAS PURCHASED SECURITIES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS [IN THE
CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY)] [IN THE CASE OF REGULATION
S NOTES: 40 DAYS AFTER THE LATER OF THE DATE WHEN THE SECURITIES WERE FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S AND THE DATE OF THE COMPLETION OF THE DISTRIBUTION] ONLY (A) TO THE ISSUER, (B) PURSUANT TO
A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE U.S. SECURITIES ACT (“RULE 144A”), TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL 

  
 41 

 
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S
UNDER THE U.S. SECURITIES ACT OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF ITS PROPERTY
OR THE PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND ANY APPLICABLE LOCAL LAWS AND REGULATIONS AND FURTHER SUBJECT TO THE ISSUER’S AND
THE TRUSTEE’S RIGHTS PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (II) IN EACH OF
THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS
SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
 (B) Notwithstanding the foregoing, any Global
Note or Definitive Note issued pursuant to subparagraph (b)(4), (c)(3), (d)(2), (d) (3), (e)(2) or (e)(3) of this Section 2.04 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

THIS GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.04 OF THE INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.04(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION PURSUANT TO SECTION 2.08 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR COMMON DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 

  
 42 

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON DEPOSITARY TO A NOMINEE OF THE COMMON DEPOSITARY OR BY A NOMINEE OF THE COMMON DEPOSITARY TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON DEPOSITARY OR BY THE COMMON DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR COMMON DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR COMMON DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (WHICH SHALL INITIALLY BE DEUTSCHE BANK LUXEMBOURG S.A.) TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND
ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN INTEREST HEREIN. 
 (3) Original Issue Discount Legend.
Any Note issued with more than de minimus original issue discount for U.S. Federal Income Tax purposes authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE
ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: COLFAX CORPORATION, 420 NATIONAL BUSINESS PARKWAY, 5TH FLOOR,
ANNAPOLIS JUNCTION, MD 20701, ATTENTION: GENERAL COUNSEL. 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and
canceled by the Registrar in accordance with Section 2.08 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Registrar or by the Depositary
at the direction of the Registrar to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a 

  
 43 

 
Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such
Global Note by the Registrar or by the Depositary at the direction of the Registrar to reflect such increase. 
 (i) General Provisions
Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Issuer will execute and
the Authenticating Agent will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of
transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon
exchange or transfer pursuant to Sections 2.10, 3.06 and 4.09 hereof). 
 (3) The Registrar will not be required to register
the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(5) None of the Trustee or the Registrar or the Issuer will be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a Record Date
and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

  
 44 

 (7) The Authenticating Agent will authenticate Global Notes and Definitive Notes
in accordance with the provisions of Section 2.02 hereof. 
 (8) All certifications, certificates and Opinions of
Counsel required to be submitted to the Registrar pursuant to this Section 2.04 to effect a registration of transfer or exchange may be submitted by facsimile. 

(9) Each Holder agrees to indemnify the Issuer, the Trustee, the Registrar and each Agent against any liability that may result
from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States Federal or state securities law. Neither the Registrar nor the Trustee shall have any obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 (10) The Trustee or any Agent may request from the Issuer an Officer’s Certificate and/or
Opinion of Counsel before taking any action or refraining from acting pursuant to this Section 2.04. 
 Section 2.05 Outstanding Notes.

 The Notes outstanding at any time are all the Notes authenticated by the Authenticating Agent except for those canceled by it, those
delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Paying Agent or Registrar in accordance with the provisions hereof, and those described in this Section 2.05 as not outstanding (the
“Outstanding Notes”). Except as set forth in Section 2.06 hereof, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

If a Note is replaced pursuant to Section 2.06 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced Note is held by a bona fide purchaser in whose hands such Note is a legal, valid and binding obligation of the Issuer. 

If the principal amount and premium, if any, of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and
interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a
redemption date or maturity date, money sufficient to pay all principal, premium, if any, and interest on the Notes payable on that date and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms
of this Indenture, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

  
 45 

 Section 2.06 Replacement Notes. 

If any mutilated Note is surrendered to the Registrar, the Authenticating Agent or the Issuer or the Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Note, the Issuer will issue and the Authenticating Agent, upon receipt of an Authentication Order, will authenticate a replacement Note if the Registrar’s and Authenticating Agent’s
requirements are met. If required by the Trustee, the Registrar, the Authenticating Agent or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of each such party to protect the Issuer, the Trustee, the
Registrar, the Authenticating Agent and any Agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses in replacing a Note. 

If, after the delivery of such replacement Note, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued
presents for payment or registration such original Note, the Trustee shall be entitled to recover such replacement Note from the Person to whom it was delivered or any Person taking therefrom, except a bona fide purchaser, and shall be entitled to
recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Trustee, any Agent and any authenticating agent in connection therewith. 

Subject to the provisions of the final sentence of the preceding paragraph of this Section 2.06, every replacement Note is an additional
obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

For purposes of determining whether the Holders of the requisite principal amount of Notes have taken any action as herein described, the
principal amount of Notes shall be deemed to be principal amount of the Notes as of (i) if a Record Date has been set with respect to the taking of such action, such date or (ii) if no such Record Date has been set, the date the taking of
such action by the Holders of such requisite principal amount is certified to the Paying Agent and Trustee by the Issuer. 
 Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an Agent duly appointed in writing or may be embodied in or evidenced by an electronic transmission which identifies the documents containing the proposal on which such consent is requested and certifies such Holders’ consent
thereto and agreement to be bound thereby; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and where it is hereby expressly required, to the
Issuer. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Issuer, or by any Affiliate of the Issuer, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only
Notes shown on the register maintained by the Registrar as being owned by the Issuer, or by an Affiliate of the Issuer shall be so disregarded. 

  
 46 

 Section 2.07 Temporary Notes. 

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

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

Section 2.08 Cancellation. 
 The
Issuer at any time may deliver Notes to the Registrar for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Registrar and no one else will
cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of such canceled Notes (subject to the record retention requirement of the U.S. Exchange Act) in its customary manner unless
the Issuer directs the Trustee to deliver cancelled Notes to the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Registrar for cancellation. 

Section 2.09 Defaulted Interest. 
 If
the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special Record
Date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer will notify the Trustee and Paying Agent in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed
payment and at the same time the Issuer may deposit with the Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest; or shall make arrangements satisfactory to the Paying Agent for
such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as in this clause provided. The Issuer will fix or cause to be fixed each such
special Record Date and payment date, provided that no such special Record Date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special Record Date, the Issuer (or, upon the
written request of the Issuer, the Common Depositary in the name and at the expense of the Issuer) will deliver or cause to be delivered to Holders and the Trustee a notice that states the special Record Date, the related payment date and the amount
of such interest to be paid. 
 Subject to the foregoing provisions of this Section 2.09 and for greater certainty, each Note delivered
under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

  
 47 

 Section 2.10 Additional Amounts. 

(a) All payments of principal and interest on the Notes by the Issuer or any of the Guarantors with respect to any Guarantee of the Notes will
be made free and clear of and without withholding (including, without limitation, because the Notes are not listed on the Irish Stock Exchange) or deduction for, or on account of, any present or future Taxes unless such withholding or deduction is
required by applicable law. If any such withholding or deduction is required to be made and is imposed by the United States (or any political subdivision or taxing authority thereof or therein having power to tax) (a “Relevant Taxing
Jurisdiction”), we will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts (the “Additional Amounts”)as are necessary in order that the net payment by
Issuer or any Guarantors of the principal of and interest on the Notes to a holder who is not a U.S. Person, after such withholding or deduction (including any withholding or deduction imposed on such Additional Amounts (to the extent such amounts
would otherwise be required to be paid pursuant to this section by the Issuer or any Guarantors)) imposed by any Relevant Taxing Jurisdiction, will not be less than the amount provided in such Notes then due and payable; provided, however, that the
foregoing obligation to pay Additional Amounts (including any amounts as a result of any withholding or deduction imposed on such Additional Amounts) shall not apply: 

(1) to the extent any Tax is imposed by reason of the holder (or the Beneficial Owner for whose benefit such holder holds such
Note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered
as: 
  

	 	(A)	being or having been present or engaged in a trade or business in the Relevant Taxing Jurisdiction or having or having had a permanent establishment in the United States; 

 

	 	(B)	having a current or former connection with the Relevant Taxing Jurisdiction (other than a connection arising solely as a result of the ownership of the Notes or the receipt of any payment or the enforcement of any
rights under the Notes or any guarantee of the Notes), including being or having been a citizen or resident thereof or being treated as or having been a resident thereof; 

 

	 	(C)	being or having been a “10-percent shareholder” of the Issuer as defined in section 871(h)(3) of the Code or any successor provision; 

 

	 	(D)	being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, as described in section 881(c)(3)(A) of the Code or any successor
provision; or 

  

	 	(E)	being or having been a foreign or domestic personal holding company, a passive foreign investment company, a controlled foreign corporation for United States income tax purposes or a corporation that has accumulated
earnings to avoid United States federal income tax; 

  
 48 

 (2) to any holder that is not the sole Beneficial Owner of the Notes, or a
portion of such Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a Beneficial Owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a Beneficial Owner or
member of the partnership or limited liability company would not have been entitled to the payment of an Additional Amount had the beneficiary, settlor, Beneficial Owner or member received directly its beneficial or distributive share of the
payment; 
 (3) to the extent any Tax would not have been imposed but for the failure of the holder or any other person to
comply with any applicable certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with a Relevant Taxing Jurisdiction of the holder or Beneficial Owner of such Notes, if
compliance is required by statute, by regulation of the Relevant Taxing Jurisdiction or by an applicable income tax treaty to which the Relevant Taxing Jurisdiction is a party as a precondition to exemption from or reduction of such Tax (including,
but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E,
W-8ECI, or any subsequent versions thereof or successor thereto); 
 (4) to any Tax
that is imposed otherwise than by withholding by the Issuer or any Guarantor or a Paying Agent from the payment; 
 (5) to
any estate, inheritance, gift, sales, transfer, wealth, capital gains or personal property Tax or similar Tax; 
 (6) to any
Tax required to be withheld by any Paying Agent from any payment of principal of or interest on any Note as a result of the presentation of any Note for payment (where presentation is required) by or on behalf of a holder of Notes, if such payment
could have been made without such withholding by presenting the relevant Note to at least one other reasonably available Paying Agent; 

(7) to the extent any Tax would not have been imposed but for the presentation by the holder of any Note, where presentation is
required, for payment on a date more than 15 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later (except to the extent that the holder would have been entitled
to Additional Amounts had the Note been presented on the last day of such 15-day period); 

(8) to any Tax imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or
future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into
in connection with the implementation of such sections of the Code; or 

  
 49 

 (9) in the case of any combination of items (1) through (9) above. 

(b) If the Issuer or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect to any
payment under or with respect to the Notes or any Guarantee of the Notes, each of the Issuer or the relevant Guarantor, as the case may be, will deliver to the Paying Agent and the Trustee on a date that is at least 30 days prior to the date of that
payment (unless the obligation to pay Additional Amounts arises less than 45 days prior to that payment date, in which case the Issuer or the relevant Guarantor shall deliver to the Trustee promptly after the obligation to pay so arises) an
Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The Officer’s Certificate must also set forth any other information reasonably necessary to enable the Paying Agents
to pay Additional Amounts to holders on the relevant payment date. The Trustee shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. 

(c) Notwithstanding anything contrary herein, references in this Indenture to the payment of amounts based upon the principal amount of the
Notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Guarantee of the Notes, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in
such context, Additional Amounts are, were or would be payable in respect thereof. 
 (d) The Notes are subject in all cases to any tax,
fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as specifically provided under this Section 2.10, the Issuer will not be required to make any payment for any Tax imposed by any
government or any political subdivision or taxing authority thereof or therein having power to tax. 
 As used under this Section 2.10
and under Section 3.07 herein, the term “United States” means the United States of America, the states of the United States of America, and the District of Columbia, and the term “U.S. Person” means any individual who is a
citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or
any estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. 
 Section 2.11 Currency Indemnity

 Any payment on account of an amount that is payable in euros which is made to or for the account of any Holder, the Trustee or the Paying
Agent in lawful currency of any other jurisdiction (the “Judgment Currency”), whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer or any Guarantor, if any, shall constitute a
discharge of the Issuer’s or such Guarantor’s obligation under this Indenture and the Notes, the Guarantee, as the case may be, only to the extent of the amount of euros which such Holder or the Trustee, as the case may be, could purchase
in the London foreign exchange markets with the amount of the Judgment Currency in accordance with normal banking procedures at the rate of exchange prevailing on the first Business Day following receipt of the payment in the Judgment

  
 50 

 
Currency. If the amount of euros that could be so purchased is less than the amount of euros originally due to such Holder or the Trustee, as the case may be, the Issuer and the Guarantors, if
any, shall indemnify and hold harmless the Holder or the Trustee, as the case may be, from and against all loss or damage arising out of, or as a result of, such deficiency. This indemnity shall constitute an obligation separate and independent from
the other obligations contained in this Indenture or the Notes, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by any Holder or the Trustee from time to time and shall continue in
full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under any judgment or order. 

ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Notices to Trustee. 

If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.06 hereof, it shall furnish to the
Trustee and the Common Depositary, at least 30 days but not more than 60 days before the redemption date (and at least five Business Days before the publication of the Notice of Redemption pursuant to Section 3.03), an Officer’s
Certificate setting forth the clause of this Indenture pursuant to which the redemption shall occur, the redemption date, the principal amount of Notes to be redeemed and the redemption price; provided that redemption notices may be mailed
more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 or 11 of this Indenture. 

Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee (or the Registrar, as
appropriate) will select Notes for redemption or purchase as follows: 
 (1) if the Notes are listed on any national
securities exchange, on a pro rata basis (in compliance with the requirements of the principal national securities exchange on which the Notes are listed) or otherwise in compliance with the requirements of the principal national securities
exchange on which they are listed; or 
 (2) if the Notes are not listed on any national securities exchange, on a by lot or
pro rata basis, or by such method as the Trustee (or the Registrar, as appropriate) shall deem fair and appropriate, subject to the Applicable Procedures. 

Neither the Trustee nor the Registrar shall be liable for any selections made by it in accordance with this Indenture. 

In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the Outstanding Notes not previously called for redemption or purchase. 

  
 51 

 The Trustee (or the Registrar, as appropriate) will promptly notify the Issuer in writing of the
Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of €100,000 or
whole multiples of €1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not €100,000 or an integral multiple of
€1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or
purchase. 
 Section 3.03 Notice of Redemption. 

At least 30 days but not more than 60 days before a redemption date, the Issuer will send or cause to be sent, by first-class mail (or
electronic transmission), a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 or 11 of this Indenture. 
 The
notice will identify the Notes to be redeemed and will state (including ISIN and Common Code numbers, to the extent applicable): 

(1) the redemption date and Record Date; 

(2) the redemption price; 

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

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

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

(6) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; 
 (8) that no representation is made as to the correctness or accuracy
of the ISIN or Common Code numbers, if any, listed in such notice or printed on the Notes; and 
 (9) state if the redemption
is a conditional redemption and the timeframe of such condition should be satisfied prior to the redemption date. 

  
 52 

 At the Issuer’s request, the Trustee (or the Registrar, as appropriate) will give the notice
of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer makes such request no later than 1:00 p.m., New York City time, on the date that is at least five Business Days (or such shorter period as may be
permitted by the Trustee) prior to the date by which such notice must be given to Holders in accordance with this Section 3.03. 
 For
Notes that are in the form of Global Notes held on behalf of Euroclear or Clearstream, notices may be given by delivery of the relevant notices to Euroclear or Clearstream for communication to entitled account holders in substitution for the
aforesaid mailing or sending in this Section 3.03. So long as any Notes are listed on the Irish Stock Exchange and the rules of the Irish Stock Exchange so require, any such notice to the Holders of the relevant Notes shall also be published
(by, or at the direction of, the Issuer) in a newspaper having a general circulation in Ireland (which is expected to be The Irish Times) or, to the extent and in the manner permitted by such rules, posted on the official website of the Irish
Stock Exchange (www.ise.ie) and, in connection with any redemption, the Issuer will notify the Irish Stock Exchange of the principal amount of the Notes that have not been redeemed in connection with any redemption of the Notes pursuant to
Section 3.06. 
 Once notice of redemption is sent in accordance with Section 3.03, Notes called for redemption become due and
payable on the redemption date at the redemption price. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price, plus accrued interest to, but not including, the redemption date. 

Section 3.04 Deposit of Redemption or Purchase Price. 

On or prior to 10:00 a.m., London time, one Business Day prior to each redemption or purchase date, the Issuer will deposit with the Paying
Agent money in same day funds sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date other than Notes or portions of Notes called for redemption that have been delivered by
the Issuer to the Trustee for cancellation. The Paying Agent will promptly return to the Issuer any money deposited with the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued
interest on all Notes to be redeemed or purchased. Neither the Trustee nor any Agent shall be required to pay out any money without first having been placed in funds. If the Issuer complies with the provisions of the preceding paragraph, on and
after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase unless the relevant Paying Agent is prohibited from making such redemption payment pursuant to the terms of
this Indenture. The Issuer shall procure that, before 10:00 a.m. London time on the third Business Day before each redemption or purchase date, as the case may be, the bank effecting payment to the Paying Agent confirms by authenticated SWIFT
message to the Paying Agent the irrevocable payment instructions relating to such payment. If a Note is redeemed or purchased on or after an interest Record Date but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. 
 If any Note
called for redemption shall not be so paid upon redemption because of the failure of the Issuer to comply with the preceding paragraph, interest will continue to be payable on the unpaid principal and premium, if any, including from the redemption
date until such principal and premium, if any, is paid, and, to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

  
 53 

 Section 3.05 Notes Redeemed in Part. 

Upon surrender of a Note that is to be redeemed in part, the Issuer shall issue and the Authenticating Agent shall authenticate for the Holder,
at the expense of the Issuer, a new Note equal in aggregate amount to the unredeemed portion of the Note surrendered. 
 Section 3.06 Optional
Redemption. 
 (a) At any time prior to May 15, 2020, the Issuer may redeem all or a part of the Notes, upon not less than 30 nor
more than 60 days’ prior notice (provided that the Issuer may give more than 60 days’ prior notice if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture) mailed by
first-class mail to the registered address of each Holder of Notes or otherwise delivered in accordance with the procedures of Euroclear and/or Clearstream, at a redemption price equal to 100% of the principal amount of the Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the date of redemption (the “Redemption Date”), subject to the rights of the holders of record on the relevant record date to
receive interest due on the relevant interest payment date. 
 (b) On or after May 15, 2020, the Issuer may redeem all or a part of the
Notes, upon not less than 30 nor more than 60 days’ prior notice (provided that the Issuer may give more than 60 days’ prior notice if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of
this Indenture), at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, thereon, to, but not including, the applicable Redemption Date, if redeemed during the
twelve-month period beginning on May 15 of the years indicated below: 
  

					
	 Year
	  	Redemption
Price	 
	 2020
	  	 	101.625	% 
	 2021
	  	 	100.813	% 
	 2022 and thereafter
	  	 	100.000	% 

 (c) Notwithstanding the foregoing, at any time prior to May 15, 2020, the Issuer may redeem up to 35% of
the aggregate principal amount of Notes issued under this Indenture, at a redemption price of 103.250% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date, with the net cash
proceeds of one or more Public Equity Offerings; provided that: 
 (1) at least 65% of the aggregate principal amount
of Notes under this Indenture remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuer and of its Subsidiaries); and 

  
 54 

 (2) the redemption must occur within 180 days of the date of the closing of such
Public Equity Offering. 
 If any note is to be redeemed in part only, the notice of redemption that relates to that note shall state the
portion of the principal amount thereof to be redeemed. A new note in principal amount equal to the unredeemed portion of the original note will be issued in the name of the Holder thereof upon cancellation of the original note. Notes called for
redemption become due on the date fixed for redemption (subject to the satisfaction of any applicable conditions precedent). On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption. Calculation
of the Applicable Premium will be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee. 

In connection with any redemption of the Notes (including with the net cash proceeds of a Public Equity Offering), any such redemption may, at
the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a sale of common stock or other corporate transaction (including any related Public Equity Offering). In addition, if such
redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied,
or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date so delayed. 

In addition, the Issuer may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated
transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of this Indenture. 

Section 3.07 Redemption for Changes in Taxes. 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of a Relevant Taxing
Jurisdiction, or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings (including, without limitation, by virtue of a holding, judgment or order by a court of competent
jurisdiction or a change in published administrative practice), which change or amendment becomes effective after the date of this Indenture, the Issuer becomes or, based upon a written opinion of independent counsel selected by the Issuer, will
likely become obligated to pay Additional Amounts as described in Section 2.10 with respect to the Notes, then the Issuer may at any time at its option redeem, in whole, but not in part, the Notes on not less than 30 nor more than 60 days prior
notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption. 

  
 55 

 ARTICLE 4 

COVENANTS 
 Section 4.01 Payment of
Notes. 
 The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest and Additional Amounts, if any, on the
Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Additional Amounts, if any, will be considered paid on the date due if the Paying Agent (if other than the Issuer or a Subsidiary thereof)
holds, as of 10:00 a.m. London time on such due date (or such other time as the Issuer and the Paying Agent may mutually agree from time to time, but always subject to actual receipt), money deposited by the Issuer in immediately available funds and
designated for and sufficient to pay all principal, premium, if any, and interest and Additional Amounts, if any, then due and is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. The Issuer
will promptly notify the Trustee and the applicable Paying Agent of its failure to so deposit. Subject to actual receipt of such funds as provided by this Section 4.01 by the designated Paying Agent, such Paying Agent shall make payments on the
Notes in accordance with this Indenture. In any event, the Issuer shall, prior to 10:00 a.m. London time on the second Business Day prior to the date on which the Paying Agent receives payment, procure that the bank effecting payment for it confirms
by SWIFT message to the Paying Agent that an irrevocable payment instruction has been given. A Paying Agent shall (or the Trustee, if applicable) only be obliged to make a payment under this Indenture if it has actually received cleared, immediately
available funds from the Issuer as required under this Section 4.01. 
 The Issuer shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
 If a Paying Agent pays
out funds on or after the due date therefor, or pays out funds (although it is not obligated) on the assumption that the corresponding payment by the Issuer has been or will be made and such payment has in fact not been so made by the Issuer, then
the Issuer shall on demand reimburse the Paying Agent for the relevant amount, and pay interest to the Paying Agent on such amount from the date on which it is paid out to the date of reimbursement at a rate per annum equal to the cost to the Paying
Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a rate per annum. 
 Section 4.02 Maintenance of Office or
Agency. 
 The Issuer shall maintain an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee, Registrar
or co-registrar) for the Notes in London, England, and for so long as the Notes are listed on the Irish Stock Exchange, in Ireland, where (1) Notes may be surrendered for registration of transfer or for
exchange and (2) notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. 

  
 56 

 The Issuer may also from time to time designate one or more other offices or agencies where the
Notes 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 will in any manner relieve the Issuer of its obligation to
maintain an office or agency in London, England, and for so long as any Notes are listed on the Irish Stock Exchange, in Ireland, for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency. 
 The Issuer hereby designates the Office of the Paying Agent as one such
office or agency of the Issuer in accordance with Section 2.02 hereof. 
 Section 4.03 SEC Reports. 

(1) Whether or not required by the Commission, so long as any Notes are outstanding, the Issuer shall furnish to the Trustee
for forwarding to the Holders of Notes, or file electronically with the Commission through the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or any successor system) (“EDGAR”), within the time periods
specified in the Commission’s rules and regulations: 
 (A) all quarterly and annual financial information that would be
required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Issuer were required to file such Forms, including a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Issuer’s certified independent accountants; and 

(B) all current reports that would be required to be filed with the Commission on Form
8-K if the Issuer were required to file such reports. 
 In addition, whether or not required by the
Commission, the Issuer shall file a copy of all of the information and reports referred to in clauses (A) and (B) above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations
(unless the Commission will not accept such a filing) and make such information available to Holders, securities analysts and prospective investors upon request. In addition, the Issuer and the Guarantors have agreed that, for so long as any Notes
remain outstanding, they shall furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the U.S. Securities Act. 

The Issuer will also make available copies of all reports required by the second preceding paragraph if and so long as the Notes are listed on
the Irish Stock Exchange and the rules of the Irish Stock Exchange so require, at the specified office of the Paying Agent in London. 

  
 57 

 (2) The financial information and reports required by this covenant need not
include any separate financial statements of a Guarantor or information required by Rule 3-10 or 3-16 of Regulation S-X (or any
successor regulation) so long as such financial information and reports are accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Issuer and the Guarantors, on one hand,
and the information relating to non-Guarantors on the other hand. The requirements set forth in this Section 4.03 may be satisfied by posting copies of such information on a website (which may be
nonpublic and may be maintained by the Issuer or a third party) to which access is given to the Holders, prospective purchasers of the Notes and securities analysts. 

(3) Delivery of such reports, information, and documents to the Trustee pursuant to the provisions of this Section 4.03 is
for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any
of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the
covenants hereunder or with respect to any reports or other documents filed with the Commission or EDGAR or any website under this Indenture, or participate in any conference calls. 

Section 4.04 Limitation on Liens. 

The Issuer will not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to, enter into, create, incur, assume or
suffer to exist any Liens of any kind (other than Permitted Liens) on or with respect to any of its property or assets now owned or hereafter acquired or any of its interest therein or any income or profits therefrom, which Liens secure Debt,
without securing the Notes and all other amounts due under this Indenture equally and ratably with (or prior to) the Debt secured by such Lien until such time as such Debt is no longer secured by such Lien; provided that if the Debt so secured is
subordinated by its terms to the Notes or a guarantee of the Notes, the Lien securing such Debt will also be so subordinated by its terms to the Notes and the guarantees at least to the same extent. 

Section 4.05 Limitation on Sale and Leaseback. 

The Issuer will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale and Leaseback Transaction; provided that
the Issuer or any Restricted Subsidiary may enter into a Sale and Leaseback Transaction if: 
 (1) the Issuer or that
Restricted Subsidiary, as applicable, could have (a) Incurred Debt in an amount equal to the Attributable Debt relating to such Sale and Leaseback Transaction under the Consolidated Fixed Charge Coverage Ratio test in the first paragraph of
Section 4.11 herein and (b) Incurred a Lien to secure such Debt pursuant to Section 4.04; and 
 (2) the gross
cash proceeds of that Sale and Leaseback Transaction are at least equal to the Fair Market Value of the property that is the subject of that Sale and Leaseback Transaction. 

  
 58 

 Section 4.06 [Reserved]. 

Section 4.07 Compliance Certificate; Statement by Officers as to Default. 

(a) The Issuer will deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer ending after the date hereof (and
within 14 days upon a request at any time after such 120 days), an Officer’s Certificate, stating that a review of the activities of the Issuer and its Subsidiaries during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether the Issuer and each Guarantor has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to his or
her knowledge the Issuer and each Guarantor has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this
Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge). 

(b) Upon becoming aware of any Default or Event of Default, the Issuer shall promptly (and in no event later than 30 days after becoming aware
of such Default or Event of Default) deliver to the Trustee an Officer’s Certificate specifying such Default or Event of Default and the action the Issuer proposes to take with respect to such Default or Event of Default. 

Section 4.08 [Reserved]. 
 Section 4.09
Offer to Repurchase Upon Change of Control. 
 (a) Upon the occurrence of a Change of Control, unless the Issuer has exercised its
right to redeem the Notes as described in Section 3.06 hereof, the Issuer will make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to €100,000 or an integral multiple of
€1,000 in excess thereof) of each Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, on the Notes repurchased, to, but not including, the date of
repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control, the Issuer will (i) mail or send a notice to each Holder, with a copy to the Trustee and the Paying Agent and (ii) if and
so long as the Notes are listed on the Irish Stock Exchange and the rules of such exchange so require, publish a notice of such Change of Control in a newspaper having a general circulation in Ireland (which is expected to be The Irish Times)
or, to the extent and in the manner permitted by such rules, posted on the official website of the Irish Stock Exchange (www.ise.ie), in each case, describing the transaction or transactions that constitute the Change of Control and stating:

 (A) that the Change of Control Offer is being made pursuant to this Section 4.09 and that all Notes tendered will be
accepted for payment; 
 (B) the purchase price and the purchase date, which shall be no earlier than 30 days and no later
than 90 days from the date such notice is mailed or sent (the “Change of Control Payment Date”); 

(C) that any Note not tendered will continue to accrue interest; 

  
 59 

 (D) that, unless the Issuer defaults in the payment of the Change of Control
Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

(E) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the
Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of
Control Payment Date; 
 (F) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later
than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a
statement that such Holder is withdrawing his election to have the Notes purchased; and 
 (G) that Holders whose Notes are
being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to €100,000 in principal amount or an integral multiple of €1,000
in excess thereof. 
 The Issuer will comply with the requirements of Rule 14e-1 under the U.S.
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Section 4.09, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.09 by
virtue of such compliance. 
 (b) On the Change of Control Payment Date, the Issuer will, to the extent lawful: 

(A) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

(B) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; 
 (C) deliver or cause to be delivered to the Paying Agent the Notes properly accepted together with an
Officer’s Certificate delivered to the Trustee stating the aggregate principal amount of Notes being purchased by the Issuer; 

(D) in the case of Global Notes, deliver, or cause to be delivered, to the Paying Agent the Global Notes in order to reflect
thereon the portion of such Notes or portion thereof that have been tendered to and purchased by the Issuer; and 

  
 60 

 (E) in the case of Definitive Registered Notes, deliver, or cause to be
delivered, to the relevant Registrar for cancellation all Definitive Registered Notes accepted for purchase by the Issuer. 
 If any
Definitive Registered Notes have been issued, the Paying Agent, if so directed in writing by the Issuer, will, at the expense of the Issuer, promptly mail to each Holder of Definitive Registered Notes properly tendered the Change of Control Payment
for such Notes, and the Trustee, if so directed in writing by the Issuer, will, at the expense of the Issuer, promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Definitive Registered Note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any, provided that each new Note will be in a principal amount of €100,000 or an integral multiple of €1,000 in excess thereof. 

The Issuer will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment
Date. 
 Notwithstanding anything to the contrary in this Section 4.09, the Issuer will not be required to make a Change of Control
Offer upon a Change of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.09 and purchases all Notes validly tendered and
not withdrawn under such Change of Control Offer, (ii) notice of redemption has been given or will be given pursuant to Section 3.06 prior to the date the Issuer is required to send notice of the Change of Control Offer to the Holders of
the Notes, unless and until there is a default in payment of the applicable redemption price or (iii) the Issuer effects Legal Defeasance or Covenant Defeasance of the Notes under Article 8 of this Indenture prior to the occurrence of such
Change of Control. 
 A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control,
if a definitive agreement has been executed for a transaction that would constitute a Change of Control at the time of the making of the Change of Control Offer. 

In the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept a Change of Control Offer and
the Issuer purchases all of the Notes held by such Holders, the Issuer will have the right, upon not less than 30 nor more than 60 days’ notice, given not more than 30 days following the purchase pursuant to the Change of Control Offer
described above, to redeem all of the Notes that remain outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest
on the Notes that remain outstanding, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Redemption
Date). 
 If and for so long as the Notes are listed on the Irish Stock Exchange and the rules of the Irish Stock Exchange so require, the
Issuer will publish a public announcement with respect to the results of any Change of Control Offer in a leading newspaper of general circulation in Ireland (which is expected to be The Irish Times) or to the extent and in the manner permitted by
such rules, post such notice on the official website of the Irish Stock Exchange (www.ise.ie). 

  
 61 

 Section 4.10 Limitation of Guarantees by Subsidiaries. 

The Issuer shall not permit any Subsidiary that is not a Guarantor (other than a Receivables Subsidiary), directly or indirectly, to guarantee
(x) Debt of the Issuer under the Credit Agreement and/or (y) other Debt (including commitments in respect thereof) of the Issuer in excess of $100.0 million, in each case, of the Issuer, unless in any such case, such Subsidiary
executes and delivers a supplemental indenture substantially in the form of Exhibit E hereto, providing a guarantee of payment of the Notes by such Subsidiary (and if such Debt is by its terms subordinated in right of payment to the Notes, any such
guarantee of such Subsidiary with respect to such Debt shall be subordinated in right of payment to such Subsidiary’s Guarantee of the Notes to the same extent as such Debt is subordinated to the Notes). 

Section 4.11 Limitation on Incurrence of Debt. 

The Issuer will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt, and the Issuer will not permit any of its
Restricted Subsidiaries to issue any Preferred Interests; provided, that the Issuer and any of its Restricted Subsidiaries may Incur any Debt and any Restricted Subsidiary may issue Preferred Interests, in each case, if, immediately after giving
effect to the Incurrence of such Debt or issuance of such Preferred Interests and the receipt and application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio of the Issuer and its Restricted Subsidiaries (determined on a pro
forma basis as if any such Debt or any Preferred Interests (including any other Debt or Preferred Interests being Incurred or issued contemporaneously), and any other Debt or Preferred Interests Incurred or issued since the beginning of the Four
Quarter Period, had been Incurred or issued, as the case may be and the proceeds thereof had been applied at the beginning of the Four Quarter Period, and any other Debt repaid since the beginning of the Four Quarter Period had been repaid at the
beginning of the Four Quarter Period) would be at least 2.00 to 1.00 and no Default or Event of Default shall have occurred and be continuing at the time or as a consequence of the Incurrence of such Debt. 

Notwithstanding the previous paragraph, the Issuer and its Restricted Subsidiaries may Incur the following items of Debt (“Permitted
Debt”): 
 (1) Debt Incurred pursuant to any Credit Facilities in an aggregate principal amount outstanding not to
exceed, as of any date of incurrence, the greater of $2.5 billion and an amount of Debt such that at the time of Incurrence and after giving pro forma effect thereto, the Consolidated Secured Leverage Ratio of the Issuer would be no greater
than 3.0:1.0; 
 (2) Debt under the Notes issued on the Issue Date; 

(3) Guarantees of the Notes issued on the Issue Date; 

(4) Debt of the Issuer or any Restricted Subsidiary outstanding on the Issue Date (other than pursuant to clause (1), (2) or
(3) above); 

  
 62 

 (5) the incurrence by the Issuer or any of its Restricted Subsidiaries of
intercompany Debt between or among the Issuer and any of its Restricted Subsidiaries; provided, however, that: (i) any subsequent issuance or transfer of equity interests that results in any such Debt being held by a Person other than the
Issuer or a Restricted Subsidiary of the Issuer and (ii) any sale or other transfer of any such Debt to a Person that is neither the Issuer nor a Restricted Subsidiary, will be deemed, in each case, to constitute an incurrence of such Debt by
the Issuer or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (5); provided that if the Issuer or any Guarantor is the obligor on such Debt and the payee is not the Issuer or a Guarantor, such Debt must be
unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of the Issuer, or the guarantee of the Notes, in the case of a Guarantor, except that such subordination
requirement shall not be applicable to any such Debt of the Issuer or a Guarantor that is Incurred in the ordinary course of business; 

(6) Guarantees by the Issuer or any Restricted Subsidiary of Debt of the Issuer or any Restricted Subsidiary; provided that
(a) such Debt is Permitted Debt or is otherwise Incurred in accordance with this Section 4.11, (b) if the Debt being guaranteed is subordinated to the Notes, such Guarantees are subordinated to the Notes to the same extent as the Debt
being guaranteed and (c) in the case of any such Guarantee by a Restricted Subsidiary that is not a Guarantor, such guarantee is incurred in accordance with Section 4.10 herein; 

(7) Debt Incurred in respect of workers’ compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance and self-insurance obligations, and, for the avoidance of doubt, indemnity, bid, performance, warranty, release, appeal, surety and similar bonds, letters of credit for operating purposes and completion guarantees
provided or Incurred (including Guarantees thereof) by the Issuer or a Restricted Subsidiary in the ordinary course of business; 

(8) Debt under Hedging Obligations; 

(9) Debt of the Issuer or any Restricted Subsidiary pursuant to Capital Lease Obligations, Synthetic Lease Obligations or
Purchase Money Debt; provided that in each case (i) such Debt is incurred by such Person at the time of, or not later than 120 days after, the acquisition, construction, development or improvement by such Person of the property so financed and
(ii) such Debt does not exceed the purchase price of the property (or the cost of constructing, developing or improving the same) so financed; 

(10) Debt arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, contribution,
earnout, adjustment of purchase price or similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Interests of a Restricted Subsidiary otherwise permitted under this
Indenture; 

  
 63 

 (11) the issuance by any of the Issuer’s Restricted Subsidiaries to the
Issuer or to any of its Restricted Subsidiaries of shares of Preferred Interests; provided, however, that: (a) any subsequent issuance or transfer of Capital Interests that results in any such Preferred Interests being held by a Person other
than the Issuer or a Restricted Subsidiary; and (b) any sale or other transfer of any such Preferred Interests to a Person that is not either the Issuer or a Restricted Subsidiary; shall be deemed, in each case, to constitute an issuance of
such Preferred Interests by such Restricted Subsidiary that was not permitted by this clause (11); 
 (12) Debt arising from
the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Debt is extinguished within five business days of
Incurrence and Debt arising from negative account balances in cash pooling arrangements arising in the ordinary course of business; 

(13) obligations of the Issuer or its Restricted Subsidiaries in respect of customer advances received and held in the ordinary
course of business; 
 (14) Debt constituting credit support for third party customer financing in the ordinary course of
business; 
 (15) obligations in respect of performance, bid, appeal and surety bonds, and performance and completion
guaranties (or bank guaranties or letters of credit in lieu thereof) entered into in the ordinary course of business, including those Incurred to secure health, safety and environmental obligations in the ordinary course of business; 

(16) Debt of the Issuer or any Restricted Subsidiary in an aggregate principal amount, including all Permitted Refinancing Debt
Incurred to renew, refund, refinance, replace, defease or discharge any Debt Incurred pursuant to this clause (16), not to exceed at the time of incurrence the greater of $500.0 million and 8.0% of the Consolidated Total Assets of the Issuer
and its Restricted Subsidiaries; 
 (17) the Incurrence by the Issuer or any of its Restricted Subsidiaries of Permitted
Refinancing Debt in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Debt (other than intercompany Debt) that was permitted by this Indenture to be Incurred under the first paragraph
of this Section 4.11 or clauses (2), (3), (4), (9), (16), and (18) and this clause (17) of this paragraph; 

(18) the Incurrence of Acquired Debt; provided that after giving effect to such acquisition or merger, either (x)(i) the Issuer
would be permitted to Incur at least $1.00 of additional Debt under the first paragraph of this covenant or (ii) the Consolidated Fixed Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries is equal to or greater than immediately
prior to such acquisition or merger or (y) such Debt or Preferred Interests (a) is not Secured Debt and, if constituting Debt, is subordinated in right of payment to the Notes and the guarantees of the Notes, (b) is not incurred while
a Default exists and no Default shall result therefrom, (c) does not mature and does not require any payment of principal prior to the final maturity of the Notes, and (d) is not incurred in contemplation of such acquisition or merger;

  
 64 

 (19) Debt of the Issuer or any Restricted Subsidiary of the Issuer supported by a
letter of credit or bank guarantee issued pursuant to Credit Facilities in a principal amount not in excess of the stated amount of such letter of credit; 

(20) Debt consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; and 

(21) Debt incurred by a Receivables Subsidiary in a Receivables Facility that is not recourse to the Issuer or any Restricted
Subsidiary of the Issuer other than a Receivables Subsidiary (except for Standard Securitization Undertakings). 
 Notwithstanding the
above, Restricted Subsidiaries that are not Guarantors may not incur Debt or issue Preferred Interests pursuant to the first paragraph of this Section 4.11 or clause (1), (16) or (18) (but only with respect to Debt incurred in contemplation of
an acquisition) of the definition of “Permitted Debt”, including in each case Permitted Refinancing Debt thereof, if such incurrence would result in the aggregate outstanding amount of Debt or Preferred Interests of Restricted Subsidiaries
that are not Guarantors Incurred pursuant to such specified provisions of this Section 4.11 or the definition of “Permitted Debt”, at any time of incurrence thereunder, exceeding the greater of $500.0 million and 8.0% of
Consolidated Total Assets (the “Non-Guarantor Debt Basket”), provided that, notwithstanding the foregoing, Restricted Subsidiaries that are not Guarantors may incur Debt or issue Preferred
Interests pursuant to such specified provisions of this covenant and the definition of “Permitted Debt” in amounts that result in exceeding the available amount of the Non-Guarantor Debt Basket, but
such excess amounts shall be deemed to constitute Secured Debt secured by Liens incurred pursuant to clause (2) or (27) (at the Issuer’s election) of the definition of “Permitted Liens” and shall not be permitted to be incurred
to the extent such incurrence would result in the limitations in those clauses of “Permitted Liens” being exceeded. 
 If the Debt
which is the subject of a determination under this provision is Acquired Debt, or Debt Incurred in connection with the substantially contemporaneous acquisition of any Person, business, property or assets, or Debt of an Unrestricted Subsidiary being
designated as a Restricted Subsidiary, then such ratio shall be determined by giving effect (on a pro forma basis consistent with the definition of Pro Forma Cost Savings set forth herein, as if the transaction had occurred at the beginning of the
Four Quarter Period) to (x) the Incurrence of such Acquired Debt or such other Debt by the Issuer or any of its Restricted Subsidiaries and (y) the inclusion, in Consolidated Cash Flow, of the Consolidated Cash Flow of the acquired Person,
business, property or assets or redesignated Subsidiary. 
 For purposes of determining any particular amount of Debt under this
Section 4.11, guarantees or obligations with respect to letters of credit supporting Debt otherwise included in the determination of such particular amount shall not be included. For purposes of determining compliance with Section 4.11, in
the event that an item of Debt meets the criteria of more than one of the types of Debt described above, including categories of Permitted Debt and under the first paragraph of this Section 4.11, the Issuer, in its sole discretion, shall
classify, and from time to time may reclassify, all or any portion of such item of Debt. 

  
 65 

 For purposes of determining compliance of any non-U.S.
dollar-denominated Debt with any U.S. dollar-denominated restriction on the Incurrence of Debt in this Section 4.11, the U.S. dollar-equivalent principal amount of Debt denominated in a foreign currency shall at all times be calculated based on
the relevant currency exchange rate in effect on the date such Debt was Incurred (or the date such Debt was first committed, in the case of revolving credit Debt for which the relevant commitment is denominated in a foreign currency); provided,
however, that if any such Debt that is denominated in a foreign currency is subject at the time of such Incurrence to a currency hedging agreement with respect to U.S. dollars covering principal payable on such Debt, the principal amount of such
Debt expressed in U.S. dollars will be adjusted to take into account the effect of such agreement; provided, further, that if such Debt is Incurred to refinance other Debt denominated in the same or different currency, and such refinancing would
cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been
exceeded so long as the principal amount of such refinancing Debt does not exceed the principal amount of such indebtedness being refinanced. 

The accrual of interest, the accretion or amortization of original issue discount and the payment of interest on Debt in the form of
additional Debt or payment of dividends on Capital Interests in the forms of additional shares of Capital Interests with the same terms will not be deemed to be an Incurrence of Debt for purposes of this covenant. 

The Issuer and any Guarantor will not Incur any Debt that pursuant to its terms is subordinate or junior in right of payment to any Debt
unless such Debt is subordinated in right of payment to the Notes and the guarantees of the Notes at least to the same extent; provided that Debt will not be considered subordinate or junior in right of payment to any other Debt solely by virtue of
being unsecured or secured to a greater or lesser extent or with greater or lower priority or by virtue of structural subordination. 
 Debt
under Credit Facilities outstanding on the date on which the Notes are first issued and authenticated under this Indenture will initially be deemed to have been Incurred on such date in reliance on the exception provided by clause (1) of the
definition of Permitted Debt. 
 Section 4.12 Maintenance of Listing. 

The Issuer will obtain and maintain the listing of the Notes on the Official List of the Irish Stock Exchange and the admission of the Notes
for trading on its Global Exchange Market for so long as the Notes are outstanding; provided that if the Issuer is unable to obtain listing of the Notes on the Official List of the Irish Stock Exchange or if at any time the Issuer determines
that it will not maintain such listing, it will obtain a listing of the Notes on another recognized stock exchange in western Europe prior to the delisting of the Notes from the Global Exchange Market and thereafter the Issuer will maintain such
listing. 
 Section 4.13 [Reserved]. 

  
 66 

 Section 4.14 Covenant Suspension. 

Notwithstanding the foregoing, if on any date following the Issue Date (i) the Notes have Investment Grade Ratings from at least two of
the Rating Agencies, and (ii) no Default or Event of Default has occurred and is continuing under this Indenture then, beginning on that day (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively
referred to as a “Covenant Suspension Event”) and continuing until the occurrence of the Reversion Date, if any, the covenants set forth in Sections 4.05, 4.10 and 4.11 herein will not be applicable to the Notes (collectively, the
“Suspended Covenants”). 
 In the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended
Covenants under this Indenture for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) two or more of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating
assigned to the Notes below an Investment Grade Rating, then the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. The period of time between the
Covenant Suspension Event and the Reversion Date is referred to in this description as the “Suspension Period.” 
 During
the Suspension Period, the Issuer and its Restricted Subsidiaries will be entitled to incur Liens (including, without limitation, Permitted Liens) to the extent provided for in Section 4.04 herein and any Permitted Liens which may refer to one
or more Suspended Covenants shall be interpreted as though such applicable Suspended Covenant(s) continued to be applicable during the Suspension Period (but solely for purposes of Section 4.04 and for no other covenant). 

Notwithstanding the foregoing, in the event of any such reinstatement, no action taken or omitted to be taken by the Issuer or any of its
Restricted Subsidiaries during the Suspension Period will give rise to a Default or Event of Default under this Indenture with respect to the Notes. 

The Issuer shall notify the Trustee of the occurrence of any Covenant Suspension Event; provided that no such notification shall be a
condition for the suspension of the Suspended Covenants to be effective; provided further that the Trustee shall be under no obligation to inform Holders of the occurrence of any Covenant Suspension Event. 

Section 4.15 Section 4.14 Designation of Unrestricted Subsidiaries. 

The Board of Directors of the Issuer may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not
cause a Default so long as the aggregate equity value (measured at the time of each designation) of all Unrestricted Subsidiaries does not at any one time exceed the greater of $400.0 million and 6.25% of Consolidated Total Assets. 

Any designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a
certified copy of a resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the preceding conditions. If, at any time, any Unrestricted Subsidiary would
fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Debt of such Subsidiary will be deemed to be Incurred by a Restricted Subsidiary
of the Issuer as of such date and, if such Debt is not permitted to be Incurred as of such date under Section 4.11 herein, the Issuer will be in default of such covenant. The Board of Directors of the Issuer may at any time

  
 67 

 
designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Issuer; provided that such designation will be deemed to be an incurrence of Debt by a Restricted Subsidiary of the
Issuer of any outstanding Debt of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Debt is permitted under Section 4.11 herein, calculated on a pro forma basis as if such designation had occurred at the
beginning of the applicable reference period; and (2) no Default or Event of Default would be in existence following such designation. 

ARTICLE 5 
 SUCCESSORS 

Section 5.01 Merger, Sale and Lease. 

(a) Under this Indenture, the Issuer may not consolidate with or merge, combine or amalgamate with any other Person, or sell, convey, lease or
otherwise dispose of all or substantially all of the Issuer’s properties and assets to any Person, unless: 
 (1) the
resulting, surviving or transferee Person (the “Successor Company”) will be a Person organized and existing under the laws of the United States of America, any State of the United States or the District of Columbia, and the
Successor Company (if not the Issuer) will expressly assume the due and punctual payment of the principal of and interest on all the Notes and the due and punctual performance and observance of all of the covenants and conditions of this Indenture
to be performed by the Issuer under a supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee; 

(2) immediately after giving effect to the transaction, no Default or Event of Default shall have occurred and be continuing;
and 
 (3) the Issuer (or the Successor Company) shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each to the effect that such consolidation, merger or transfer and such supplemental indenture comply with this Indenture, and that all conditions precedent therein provided for relating to such transaction have been complied
with and an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized, executed and delivered and is a legal, valid and binding agreement enforceable against the Successor Company, and the Notes constitute legal,
valid and binding obligations of the Successor Company, enforceable in accordance with their terms (in each case, in form and substance satisfactory to the Trustee), provided that in giving an Opinion of Counsel, counsel may rely on an
Officer’s Certificate as to any matters of fact, including as to satisfaction of clause (2) above. 
 (b) This Section 5.01
will not apply to (i) a merger of the Issuer with an Affiliate solely for the purpose of reincorporating the Issuer in another jurisdiction within the United States or (ii) any consolidation or merger, or any sale, assignment, transfer,
conveyance, lease or other disposition of assets between or among the Issuer and any one or more of its Restricted Subsidiaries. 

  
 68 

 (c) The Issuer will publish a notice of any merger, combination or amalgamation described above,
or any sale, conveyance, lease or other disposal of all or substantially all of its properties and assets described above, in a newspaper having general circulation in Ireland (which is expected to be The Irish Times) or, to the extent and in
the manner permitted by such rules, posted on the official website of the Irish Stock Exchange (www.ise.ie) if and so long as the Notes are listed on the Irish Stock Exchange and the rules of such exchange so require and, so long as
the rules of the Irish Stock Exchange so require, notify such exchange of any such transaction. 
 Section 5.02 Successor Person Substituted.

 Upon any consolidation or merger or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of
the properties or assets of the Issuer in a transaction that is subject to, and that complies with the provisions of, Section 5.01, the successor person formed by such consolidation or into which the Issuer is merged or to which such sale,
assignment, transfer, lease, conveyance or other disposition is made, shall succeed to, and be substituted for, the Issuer or the Guarantor, as applicable, under this Indenture, with the same effect as if such successor Person had been named as the
Issuer under this Indenture and the predecessor Issuer, as applicable, shall be discharged from all obligations under the Notes, the Guarantees, this Indenture and any supplemental indenture, as applicable. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. 

(a) Each of the following is an “Event of Default”: 

(1) the Issuer defaults for 30 days in the payment when due of interest on the Notes; 

(2) the Issuer defaults in the payment when due (at maturity, or upon acceleration or otherwise) of the principal of, or
premium, if any, on the Notes; 
 (3) the Issuer or any of its Restricted Subsidiaries fails to comply with the provisions of
Section 4.09 hereof; 
 (4) failure by the Issuer or any of its Restricted Subsidiaries for 60 days after receipt of
written notice from the Trustee or Holders representing 25% or more of the aggregate principal amount of Notes outstanding (with a copy to the Trustee) to comply with any of the other covenants or agreements in this Indenture; 

(5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Debt for money borrowed by the Issuer or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Restricted Subsidiaries) whether such Debt or Guarantee now exists, or is created after the date of this
Indenture, if that default: 

  
 69 

 (A) is caused by a failure to pay principal of, premium, if any, or interest on
such Debt at final maturity thereof (after giving effect to any applicable grace periods) (a “Payment Default”); or 

(B) results in the acceleration of such Debt prior to its final maturity, and in each case, the principal amount of any such
Debt, together with the principal amount of any other such Debt under which there has been a Payment Default or the maturity of which has been so accelerated aggregates $150.0 million or more; provided that in the event of any Event of
Default specified in this clause 6.01(a)(5)(B), such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically
and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose, (i) the Debt or Guarantee that is the basis for such Event of Default has been discharged, (ii) the requisite Holders thereof have
rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default, or (iii) the default that is the basis for such Event of Default has been cured; 

(6) failure by the Issuer or any of its Restricted Subsidiaries to pay final and
non-appealable judgments (net of any insurance and as to which such insurer has not denied responsibility or coverage in writing) entered by a court or courts of competent jurisdiction aggregating in excess of
$150.0 million (to the extent not covered by insurance), which judgments are not paid, discharged or stayed, for a period of 60 days after such judgments become final, and, in the event any such judgment is covered in full by insurance, an
enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; 
 (7)
except as permitted by this Indenture, any guarantee of the Notes is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of such guarantee
and this Indenture), or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its guarantee of the Notes and such default continues for 10 days (other than by reasons of release of a Guarantor
from its guarantee in accordance with the terms of the guarantee and this Indenture) 
 (8) the Issuer or any of its
Subsidiaries that is a Significant Subsidiary or a group of Subsidiaries that in the aggregate would constitute a Significant Subsidiary pursuant to or under Bankruptcy Law: 

(A) commences a voluntary case, 

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

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

  
 70 

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

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

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

(A) is for relief against the Issuer or any of its Subsidiaries that is a Significant Subsidiary, 

(B) appoints a custodian of the Issuer or any of its Subsidiaries that is a Significant Subsidiary for all or substantially all
of the property of the Issuer or any of its Subsidiaries that is a Significant Subsidiary, or 
 (C) orders the liquidation
of the Issuer or any of its Subsidiaries that is a Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 60
consecutive days. 
 Section 6.02 Acceleration of Maturity 

If an Event of Default (other than an Event of Default specified in Section 6.01(a)(8) and (9)) under Section 6.01 occurs and is
continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the unpaid principal of, premium, if any, and accrued and unpaid interest on, all the Notes
then outstanding to be due and payable, by a notice in writing to the Issuer (and to the Trustee, if given by Holders) specifying the respective Event of Default and upon any such declaration such principal, premium, if any, and accrued and unpaid
interest shall become immediately due and payable. If an Event of Default specified in Section 6.01(a)(8) or (9) occurs, all unpaid principal of, and accrued interest on, the Notes then outstanding will become due and payable immediately,
without any declaration or other act on the part of the Trustee or any Holder. 
 If any Event of Default occurs by reason of any willful
action or inaction taken or not taken by or on behalf of the Issuer with the intention of avoiding payment of the premium that the Issuer would have had to pay if the Issuer then had elected to redeem the Notes pursuant to the optional redemption
provisions of Section 3.06 hereof, then, upon acceleration of the Notes, an equivalent premium shall also become and be immediately due and payable, to the extent permitted by law, anything in this Indenture or in the Notes to the contrary
notwithstanding. If an Event of Default occurs during any time that the Notes are outstanding, by reason of any willful action or inaction taken or not taken by or on behalf of the Issuer with the intention of avoiding the prohibition on redemption
of the Notes, then, the premium specified in this Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 

The Holders of a majority in aggregate principal amount of then outstanding Notes, by written notice to the Trustee may, on behalf of Holders
of all Notes, rescind and annul a declaration of acceleration and its consequences or waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of interest
or premium, if any on, or the principal of the Notes. 

  
 71 

 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue, in its own name and as trustee of an express trust, any available
remedy by proceeding at law or in equity to collect the payment of principal or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder 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. No remedy is exclusive of any other
remedy. All available remedies are cumulative. 
 Section 6.04 Waiver of Past Defaults. 

The Holders of at least a majority in aggregate principal amount of Notes then outstanding by written notice to the Trustee may on behalf of
Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in payment of principal, premium, if any, or interest on the Notes, including any optional
redemption payments or Change of Control payments. 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. 

The Holders of a majority in aggregate principal amount of the Notes then outstanding will have the right, by an instrument or concurrent
instruments in writing executed and delivered to the Trustee, to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee under this Indenture or exercising any trust or power conferred on
such Trustee; provided that the Trustee (i) may refuse to follow any direction that is in conflict with any rule of law or with this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good
faith may be prejudicial to the rights of Holders of Notes not joining in the giving of such direction and (ii) may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 

Section 6.06 Limitation on Suits. 

No Holder of any of the Notes will have any right to institute any proceeding, judicial or otherwise, or for the appointment of a receiver or
trustee or pursue any remedy under this Indenture, unless: 
 (1) such Holder has previously given written notice to the
Trustee of a continuing Event of Default; 

  
 72 

 (2) the Holders of not less than 25% in aggregate principal amount of the
outstanding Notes have made written request to such Trustee to pursue such remedy, including, if applicable, to institute proceedings in respect of such Event of Default in its own name as Trustee under this Indenture; 

(3) such Holder or Holders have offered to such Trustee reasonable indemnity and/or security and/or prefunding satisfactory to
the Trustee against the costs, loss, expenses and liabilities to be incurred in compliance with such request; 
 (4) such
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such requested proceeding; and 

(5) no direction inconsistent with such written request has been given to such Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. 
 A
Holder may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over other Holders. 

Section 6.07 Rights of Holders to Receive Payment. 

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

If an Event of Default in payment of principal, premium, if any, or interest specified in Section 6.01(a)(l), (a)(2) or (a)(3) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any Guarantor for the whole amount of principal, premium, if any, and interest remaining unpaid with respect to the Notes, and
interest on overdue principal and premium, if any, and, to the extent lawful, interest on overdue interest, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation and
expenses of the Trustee, its agents and counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 

(a) The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer, the Guarantors, their creditors or their property and may collect and receive any money or other property payable or deliverable
on any such claims and to distribute the same. 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 this Indenture out of
the estate in any such proceedings, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be
entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. 

  
 73 

 (b) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder 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 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof; 

Second: to the Agents, their agents and attorneys for amounts due for payment of all compensation, expenses and liabilities incurred and
all advances made by the Agents and the costs and expenses of collection; 
 Third: to Holders for amounts due and unpaid on the Notes
for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

Fourth: to the Issuer. 

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

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. The foregoing shall not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then Outstanding Notes. 
 Section 6.12 Stay,
Extension and Usury Laws. 
 The Issuer and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, 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 has been enacted. 

  
 74 

 ARTICLE 7 

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

(b) Except during the continuance of an Event of Default of which a Responsible Officer of the Trustee has received written notice: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) 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, with respect to certificates or opinions specifically required to be furnished to it hereunder, the Trustee will examine the
certificates and opinions to determine whether or not they substantially conform to the requirements of this Indenture. 
 (c) The Trustee
may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was grossly negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be liable with
respect to any action it takes or omits to take in accordance with a direction received by it pursuant to Sections 6.02, 6.04 and/or 6.05 hereof. 

(4) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability, and the
Trustee will have no obligation to take any action under this Indenture if it believes it will incur costs for which it will not be reimbursed. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at
the request of any Holders, unless such Holder has offered to the Trustee security and/or indemnity and/or prefunding satisfactory to it against any loss, liability, claim, damage or expense. 

  
 75 

 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any
way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) The Trustee will not be liable
for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee and Agents. 

(a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any document (whether in original or
facsimile form including any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper even if it has a monetary limit) 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 (including any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness), but the Trustee, in its sole and absolute discretion, may make such further inquiry or investigation into such facts or matters as it may see fit at the sole
cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation except for liability resulting from the Trustee’s willful misconduct, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may retain professional advisors at the expense of the Issuer to assist them in performing
their duties. The Trustee may consult with counsel or professional advisors and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and
will not be responsible for the supervision thereof or for the misconduct or negligence of any agent, attorney, delegate or depositary appointed with due care. 

(d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Issuer will be sufficient if signed by an Officer of the Issuer. 

  
 76 

 (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it
by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee security or indemnity or prefunding satisfactory to it against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
 (g) The Trustee shall not be deemed to have notice of any matter (including a Default or Event
of Default) unless a Responsible Officer of the Trustee assigned to and working in the Trustee’s Corporate Trust Office has actual knowledge thereof or unless written notice of such matter is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice clearly references the Notes, the Issuer and this Indenture. 
 (h) The rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified/secured, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent,
custodian or other Person employed to act hereunder. Absent willful misconduct or gross negligence, each Trustee, Paying Agent, Registrar and Transfer Agent shall not be liable for acting in good faith on instructions believed by it to be genuine
and from the proper party. 
 (i) The Trustee will not be liable if prevented or delayed in performing any of its obligations or
discretionary functions under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances beyond its control. 

(j) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person as so authorized in any such
certificate previously delivered and not superseded. 
 (k) The Trustee shall have no duty to inquire as to the performance of the covenants
of the Issuer in Article 4 hereof. In addition, the Trustee will not be deemed to have knowledge of any Default or Event of Default except any Default or Event of Default of which a Responsible Officer of the Trustee has received written
notification identifying the Notes or this Indenture. The Trustee will be under no obligation to monitor the financial performance of the Issuer. 

(l) The Trustee shall be entitled to assume without enquiry, that the Issuer has performed in accordance with all of the provisions in this
Indenture, unless notified to the contrary. 
 (m) The permissive rights of the Trustee to take the actions enumerated in this Indenture
shall not be construed as an obligation or duty to do so and the Trustee will not be answerable other than for its own gross negligence or willful default. 

(n) Notwithstanding any provision of this Indenture to the contrary, the Trustee shall not in any event be liable for special indirect,
punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not foreseeable, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of whether the
claim for loss or damage is made in negligence, for breach of contract or otherwise. 

  
 77 

 (o) Delivery of reports, information and documents to the Trustee under Section 4.03 is for
informational purposes only and the Trustee’s receipt of the foregoing will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with
any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates or Opinions of Counsel, as applicable). 

(p) Neither the Trustee the Registrar or the Transfer Agent nor any clearing system through which the Notes are traded shall have any
obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or liable for compliance, with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed
under this Indenture or under applicable law or regulation with respect of any transfer, exchange, redemption, purchase or repurchase, as applicable, of interest in any Note. 

(q) The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under
this Indenture. 
 (r) In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of
Holders, each representing less than a majority in aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, will be taken. 

(s) The Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion
based upon legal advice in the relevant jurisdiction, be contrary to any law or regulation of that jurisdiction or, to the extent applicable, of New York. Furthermore, the Trustee may also refrain from taking such action if it would otherwise render
it liable to any person in that jurisdiction or New York or if, in its opinion based upon such legal advice, it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law or regulation in that jurisdiction
or in New York or if it is determined by any court or other competent authority in that jurisdiction or in New York that it does not have such power. 

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

(u) The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may, by notice in writing
to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from, the Trustee. Prior to receiving such written notice from the Trustee, the Agents shall be the agents of the Issuer and need have no
concern for the interests of the Holders. 

  
 78 

 (v) No provision of this Indenture shall require the Trustee or any Agent to be responsible for
the payment of any Taxes in relation to its rights and obligations hereunder or in connection with any provision of the Notes or this Indenture. 

Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, a
Guarantor or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days. Any Agent may do the same
with like rights and duties. 
 Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or any
Guarantee, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes, any statement or recital in any Officer’s Certificate delivered to
the Trustee or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

Section 7.05 Notice of Defaults. 
 If
a Default or Event of Default occurs and is continuing and if it is known to the Trustee (through the Issuer having so notified the Trustee), the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 120 days after
it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of the Holders of the Notes. The Trustee shall not be deemed to have notice of a Default or Event of Default unless a Responsible Officer has received written notice of such Default or Event of Default.

 Section 7.06 [Reserved]. 
 Section 7.07
Compensation and Indemnity. 
 (a) The Issuer and each Guarantor, jointly and severally, will pay to the Trustee and each Agent from
time to time compensation for its acceptance of this Indenture and services hereunder in accordance with the fee schedule previously agreed to by the Issuer, Trustee and each Agent, respectively. If the Issuer and the Guarantors default in the
payment of compensation to the Trustee or any Agent, then interest at the default rate set forth in this Indenture shall be paid on the defaulted compensation. The Trustee’s and Agents’ compensation will not be limited by any law on
compensation of a trustee of an express trust. The Issuer and each Guarantor, jointly and severally, will reimburse the Trustee and each Agent promptly upon request for all disbursements, advances and expenses properly incurred or made by it
including costs of collection, any additional fees the Trustee may incur acting after a Default or an Event of 

  
 79 

 
Default and any fees the Trustee or any Agent may incur in connection with exceptional duties in relation thereto, in addition to the compensation for its services. Such expenses will include the
properly incurred compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b) The Issuer and the Guarantors,
jointly and severally, will indemnify each of the Trustee and its officers, directors, employees, agents and any predecessor Trustee and the Agents, and hold it harmless, against any and all Losses incurred by it arising out of or in connection with
the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer and the Guarantors (including this Section 7.07) and defending itself against any claim
(whether asserted by the Issuer, a Guarantor or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee and each Agent will notify the Issuer promptly of any
claim for which it may seek indemnity. Failure by the Trustee and each Agent to so notify the Issuer will not relieve the Issuer or the Guarantors of their obligations hereunder. At the Trustee’s sole discretion, the Issuer will defend the
claim and the Trustee will provide reasonable cooperation and may participate at the Issuer’s expense in the defense. Alternatively, the Trustee may at its option have separate counsel of its own choosing and the Issuer will pay the properly
incurred fees and expenses of such counsel; provided that the Issuer will not be required to pay such fees and expenses if it assumes the Trustee’s defense and there is, in the opinion of the Trustee, no conflict of interest between the
Issuer and the Trustee in connection with such defense and no Default or Event of Default has occurred and is continuing. The Issuer need not pay for any settlement made without its written consent, which consent shall not be unreasonably withheld.
The Issuer need not reimburse any expense or indemnify against any loss or liability to the extent incurred by the Trustee through its gross negligence or willful misconduct. 

(c) The obligations of the Issuer and the Guarantors under this Section 7.07 and any lien arising hereunder will survive the resignation
or removal of the Trustee, the discharge of the Issuer’s obligations pursuant to Article 11 or the termination of this Indenture. 
 (d)
To secure the Issuer’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal
and interest on particular Notes. Such lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.01(a)(8) or (9) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law. 
 (f) The parties to this Indenture agree that, at the request of the
Trustee, the fees and expenses payable under this Section 7.07 may be reviewed and increased from time to time in accordance with such Trustee’s then current fee levels. In addition, the Trustee reserves the right at any time and from time
to time to charge the Issuer properly incurred additional fees and expenses in respect of the performance by the Trustee of services hereunder in respect of any exercise by the Issuer or the Holders of any call or put option, exchanges, conversions,
solicitations, offers, tenders or any other process that requires communication with the Holders or in respect of additional fees incurred after a Default, an Event of Default or for exceptional duties. 

  
 80 

 Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08; provided that the resigning Trustee may appoint a successor Trustee that is reasonably satisfactory to the Issuer. 

(b) The Trustee may resign in writing without giving any reason at any time and be discharged from the trust hereby created by so notifying the
Issuer. The Holders of a majority in aggregate principal amount of the then Outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

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

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

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then Outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuer. 
 (d) If a successor Trustee does not take office within 60 days after the resigning Trustee resigns or is removed, (i) the
resigning Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then Outstanding Notes may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee, or
(ii) the retiring Trustee may appoint a successor Trustee at any time prior to the date on which a successor Trustee takes office; provided that such appointment shall be reasonably satisfactory to the Issuer. 

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

(f) A successor Trustee will deliver a written acceptance of its appointment to the resigning Trustee and to the Issuer. Thereupon, the
resignation or removal of the resigning Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The resigning Trustee will promptly transfer all property held by it as 

  
 81 

 
Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the lien provided for in Section 7.07 hereof. Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof will continue for the benefit of the resigning Trustee. 

(g) The Issuer covenants that, in the event of the Trustee or any Agent giving reasonable notice pursuant to this Section 7.08, it shall
use its best endeavors to procure a successor Trustee or Agent to be appointed. If a successor Trustee or Agent is not appointed and does not take office within 30 days after the resigning Trustee or Agent resigns or is removed, the resigning
Trustee or Agent may appoint a successor Trustee or Agent at any time prior to the date on which a successor Trustee or Agent takes office. If a successor Trustee or Agent does not take office within 60 days after the retiring Trustee or Agent
resigns or is removed, the retiring Trustee or Agent, the Issuer or the Holders of at least 25% in outstanding principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense
of the Issuer. 
 Section 7.09 Successor Trustee by Merger, Etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.10 Eligibility; Disqualification.

 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof or a European Union Member State or a political subdivision thereof that is authorized under such laws to exercise corporate trustee power. 

Section 7.11 Communications. 
 In no
event shall the Trustee or any of its Affiliates be liable for any Losses arising to the Trustee or any of its Affiliates receiving or transmitting any data from the Issuer, any Guarantor, any Authorized Person or any party to the transaction via
any non-secure method of transmission or communication, such as, but without limitation, by facsimile or email. The parties hereto accept that some methods of communication are not secure and the Trustee or
any of its Affiliates shall incur no liability for receiving Instructions via any such non-secure method. The Trustee or any of its Affiliates is authorized to comply with and rely upon any such notice,
Instructions or other communications believed by it to have been sent or given by an Authorized Person or an appropriate party to the transaction (or authorized representative thereof). The Issuer or any authorized officer of the Issuer shall use
all reasonable endeavors to ensure that Instructions transmitted to the Trustee or any of its Affiliates pursuant to this Indenture are complete and correct. Any Instructions shall be conclusively deemed to be valid Instructions from the Issuer or
any authorized officers of the Issuer to the Trustee or any of its Affiliates for the purposes of this Indenture. 

  
 82 

 For purposes of this Article 7: 

“Authorized Person” means any person who is designated in writing by the Issuer from time to time to give Instructions to the
Trustee under the terms of this Indenture. 
 “Instructions” means any written notices, written directions or written
instructions received by the Trustee in accordance with the provisions of this Indenture from an Authorized Person or from a person reasonably believed by the Trustee to be an Authorized Person. 

“Losses” means any and all claims, losses, liabilities, damages, costs, expenses and judgments (including legal fees and
expenses) sustained by either party. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

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

Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all Outstanding Notes and all obligations of the Issuer and the
Guarantors shall be deemed to have been discharged with respect to their obligations under the Guarantees, as applicable, on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Issuer and the Guarantors will be deemed to have paid and discharged the entire Debt represented by the Outstanding Notes (including the Guarantees) which shall thereafter be deemed to be “outstanding” only
for the purposes of Section 8.05 hereof and the other Sections of this Indenture, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged: 

(1) the rights of Holders of Outstanding Notes to receive payments in respect of the principal of, premium, if any, and
interest, if any, on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (2) the
Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantor’s
obligations in connection therewith; and 
 (4) this Section 8.02. 

  
 83 

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

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and each
Guarantor shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.09, 4.10, 4.11 and Article 5 hereof
with respect to the Outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the Outstanding Notes, the Guarantees, the Issuer and the
Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes and Guarantees will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, Section 6.01(a)(3) through (6) hereof will not constitute an Event of Default. 
 Section 8.04
Conditions to Legal or Covenant Defeasance. 
 The following shall be the conditions to the application of either Section 8.02 or
8.03 hereof to the Outstanding Notes: 
 (1) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit
of the Holders, cash in euros, non-callable European Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent
public accountants, to pay the principal of, premium, if any, and interest, if any, on the Outstanding Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Issuer must specify whether the
Notes are being defeased to maturity or to a particular Redemption Date; 
 (2) in the case of an election under
Section 8.02 hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that (i) the Issuer has received from, or there has been published by, the Internal Revenue Service a
ruling or (ii) since the date hereof, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon, such Opinion of Counsel shall confirm that, the Holders of the Outstanding

  
 84 

 
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case
of an election under Section 8.03 hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the Outstanding Notes will not recognize income, gain or loss for
U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not
occurred; 
 (4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than
a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 
 (5) under either
Section 8.02 or Section 8.03 hereof shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument to which the Issuer or any of its Restricted Subsidiaries are a party or by which the
Issuer or any of its Restricted Subsidiaries is bound; 
 (6) the Issuer must deliver to the Trustee an Officer’s
Certificate stating that the deposit was not made by the Issuer with the intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding creditors of the Issuer or
others; 
 (7) if the Notes are to be redeemed prior to their stated maturity, the Issuer must deliver to the Trustee
irrevocable written instructions to redeem all of the Notes on the specified Redemption Date; and 
 (8) the Issuer must
deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and European Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and non-callable European Government Obligations
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the Outstanding Notes
will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or a Subsidiary acting as Paying Agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

  
 85 

 The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or non-callable European Government Obligations deposited pursuant to this Indenture or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the Outstanding Notes. 
 The obligations of the Issuer under this
Section 8.05 shall survive the resignation or renewal of the Trustee and/or satisfaction and discharge of this Indenture. 

Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request
of the Issuer any money or non-callable European Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium and
Additional Amounts, if any, or interest on any Note pursuant to Section 8.04 and remaining unclaimed for two years after such principal, premium and Additional Amounts, if any, or interest has become due and payable shall be paid to the Issuer
on its request; and the Holder of such Note shall thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as
trustee thereof, will thereupon cease. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any euros or non-callable European Government
Obligations in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s
and each Guarantor’s obligations under this Indenture, the Notes and the Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium and Additional Amounts, if any, or interest on any
Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

  
 86 

 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the
Guarantee or the Notes without the consent of any Holder of a Note: 
 (1) to cure any ambiguity, defect or inconsistency;

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

(3) to provide for the assumption of the Issuer’s or a Guarantor’s obligations to the Holders of the Notes or the
Guarantees by a successor to the Issuer or such Guarantor pursuant to Article 5 or Article 10 hereof; 
 (4) to make any
change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights hereunder of any such Holder; 

(5) to (a) comply with Section 4.10 hereof or (b) otherwise add any Guarantor; 

(6) to provide for the issuance of Additional Notes in accordance with this Indenture; 

(7) to evidence and provide for the acceptance and appointment by a successor Trustee; 

(8) to conform the text of this Indenture, the Notes and the Guarantees of the Notes to any provision of the “Description
of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the Notes” section of the Offering Circular was intended to be a verbatim recitation of a provision of this Indenture, the Notes
and the Guarantees of the Notes, in each case as conclusively evidenced by an Officer’s Certificate; or 
 (9) to secure
the Notes or any Note Guarantee. 
 For the avoidance of doubt, no amendment to, or deletion of any of the covenants described in Article 4
herein (other than pertaining to the payment of the Notes) or any release of the guarantee of the Notes by a Guarantor made in accordance with the terms of this Indenture, shall be deemed to impair or affect any legal rights of Holders of the Notes
to receive payment of principal of, or premium, if any, or interest on, the Notes on or after the due dates therefor. 

  
 87 

 Upon the request of the Issuer accompanied by a resolution of its Board of Directors authorizing
the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.02(b) and 12.04 hereof, the Trustee will join with the Issuer and the Guarantors in the execution of any amended or
supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. After an amendment or waiver under this Section becomes effective, the Issuer shall mail to the Holders of each Note affected thereby a
notice briefly describing the amendment or waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. The Trustee shall receive an
Officer’s Certificate and Opinion of Counsel confirming that all conditions precedent are satisfied with respect to any supplemental indenture and that such supplemental indenture is authorized or permitted by this Indenture. 

Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture or the
Notes with the written consent (including consents obtained in connection with a tender offer or exchange offer for Notes or a solicitation of consents in respect of Notes, provided that in each case such offer or solicitation is made to all
Holders of then outstanding Notes on equal terms) of the Holders of at least a majority in aggregate principal amount of the then Outstanding Notes. 

Upon the request of the Issuer and the Guarantors, accompanied by a resolution of the Board of Directors of the Issuer authorizing the
execution of any such supplemental indenture by the Issuer, 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 Opinion of Counsel documents described in
Section 9.04, the Trustee shall join with the Issuer and the Guarantors in the execution of such supplemental indenture unless such supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may, but will not be obligated to, enter into such 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 or waiver, but it shall be sufficient if such consent approves the substance thereof. 

The Holders of a majority in aggregate principal amount of the then Outstanding Notes may waive compliance in a particular instance by the
Issuer or the Guarantors with any provision of this Indenture or the Notes (including waivers obtained in connection with a tender offer or exchange offer for Notes or a solicitation of consents in respect of Notes). However, without the consent of
each Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

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

  
 88 

 (2) reduce the principal of or change the fixed maturity of any Note or alter the
provisions, or waive any payment, with respect to the redemption of the Notes; 
 (3) reduce the rate of or change the time
for payment of interest on any Note; 
 (4) reduce the premium payable upon the redemption of any such Note or change the
time at which any such Note may be redeemed, in each case as described, in Section 3.06 or waive any such redemption payment with respect to the Notes; 

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

(6) make any Note payable in money other than that stated in the Notes; 

(7) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of principal of, premium, if any, or interest on the Notes; 
 (8) release any Guarantor that is a
Significant Subsidiary from any of its obligations under its Guarantee or this Indenture, except in accordance with the terms of this Indenture; 

(9) amend the contractual right expressly set forth in this Indenture of any Holder of any Note to institute suit for the
enforcement of any payment of principal of, or interest on, such Notes or the guarantees on or after the respective stated maturity for such principal or interest payment date for such interest expressed in such Note; 

(10) waive a redemption payment with respect to any Note (other than a payment required by one of the covenants described in
Section 4.09 herein); 
 (11) amend or modify any of the provisions of this Indenture or the related definitions
affecting the ranking of the Notes or any Guarantee in any manner adverse to the Holders of the Notes or any Guarantee; or 

(12) make any change in the preceding amendment and waiver provisions. 

A consent to an amendment, supplement or waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of a Note or portion
of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, until an amendment, supplement or waiver becomes effective, any such Holder or subsequent Holder may
revoke the consent as to his Note or portion of a Note. For such revocation to be effective, the Trustee must receive the notice of revocation before the date the amendment, supplement or waiver becomes effective. 

  
 89 

 The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining
the Holders entitled to consent to any amendment or waiver. If the Issuer elects to fix a record date for such purpose, the record date shall be fixed at such date as the Issuer may designate. 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 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 consent from the Holders of the principal amount of Notes
required hereunder for such amendment or waiver to be effective also shall have been given and not revoked within such 90-day period. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder unless it makes a change described in any of clauses
(1) through (8) of Section 9.02. In that case the amendment, supplement or waiver shall bind each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the
consenting Holder’s Note. 
 Section 9.03 Notation on or Exchange of Notes. 

If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee.
The Trustee may place an appropriate notation on the Note about the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall issue and the Trustee shall
authenticate a new Note that reflects the changed terms. 
 Section 9.04 Trustee Protected. 

Upon written request of the Issuer, accompanied by a resolution of the Board of Directors or other governing body of the Issuer authorizing the
execution and delivery by the Issuer of such amendment, supplement or waiver, the Trustee shall join the Issuer in signing any such amendment or supplement or waiver authorized pursuant to this Article 9 if the amendment or supplement or waiver does
not adversely affect the rights, duties, liabilities or immunities of the Trustee. In signing such amendment or supplement or waiver, the Trustee shall be provided with, and (subject to Article 7) shall be fully protected in relying upon, an
Officer’s Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture. 

Section 9.05 Publication. 
 The
Issuer will inform the Irish Stock Exchange of any material amendment to this Indenture or any supplement thereto. So long as any Notes are listed on the Irish Stock Exchange and the rules of the Irish Stock Exchange so require, the Issuer will also
publish a notice of any such material amendment in a newspaper having a general circulation in Ireland (which is expected to be The Irish Times) or, to the extent and in the manner permitted by such rules, posted on the official website of
the Irish Stock Exchange (www.ise.ie). 

  
 90 

 ARTICLE 10 

GUARANTEE 
 Section 10.01 Guarantee.

 (a) Subject to this Article 10, each Guarantor hereby, jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: 

(1) the principal of, premium, if any, and interest, on the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in
full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) Each Guarantor hereby agrees that its obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that this Guarantee will not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer,
a Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or such Guarantor, any amount paid by either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged,
will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that its right of subrogation in relation to the Holders in respect
of any obligations guaranteed hereby is hereby subordinated until payment in full of all obligations guaranteed hereby and each Guarantor shall take no action with respect to its right of subrogation until such payment in full of all such guaranteed
obligations. Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided

  
 91 

 
in Article 6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and
(2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable by such Guarantor for the purpose of this
Guarantee. 
 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of
the Guarantors not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the U.S. Uniform Fraudulent Conveyance Act, the U.S. Uniform Fraudulent Transfer Act or any similar U.S. federal or state law or other applicable law
to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and each Guarantor hereby irrevocably agree that the obligations of each Guarantor will be limited to the maximum amount that will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of each Guarantor that are relevant under such laws, result in the obligations of each Guarantor under its Guarantee not constituting a fraudulent transfer or
conveyance. 
 Section 10.03 Execution and Delivery of Guarantee. 

To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that a notation of Guarantee substantially in
the form attached as Exhibit D hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers. 

Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof will remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of such Guarantee. 
 If an Officer whose signature is on this Indenture or on the Guarantee
no longer holds that office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee will be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guarantee, if any,
set forth in this Indenture on behalf of each Guarantor. 
 Section 10.04 Guarantor May Consolidate, Etc., on Certain Terms. 

(a) Except as otherwise provided in Section 10.05 hereof, no Guarantor shall sell or otherwise dispose of all or substantially all of its
assets to, or consolidate with or merge with or into, any Person that is (either before or after giving effect to such transaction) an Affiliate of the Issuer, unless that Affiliate unconditionally assumes all of the obligations of such Guarantor
under this Indenture and its Guarantee pursuant to a supplemental indenture reasonably satisfactory to the Trustee, provided, however, such assumption shall not be required if: 

  
 92 

 (1) such Person is a Guarantor at the time of the transaction; or 

(2) such sale or other disposition is an arms’-length transaction between such Guarantor, the Issuer or an Affiliate of
the Issuer and such Guarantor receives consideration equal to the fair market value of the assets transferred. 
 (b) Except as otherwise
provided in Section 10.05 hereof, no Guarantor shall sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into, any Person that is not an Affiliate of the Issuer (whether or not such
Guarantor is the surviving Person) other than the Issuer unless immediately after giving effect to such transaction, no Default or Event of Default exists. 

(c) In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Affiliate, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by each
Guarantor, such successor Affiliate will succeed to and be substituted for such Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Affiliate thereupon may cause to be signed any or all of the Guarantees to
be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture
as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Guarantees had been issued at the date of the execution hereof. 

(d) Except as set forth in Articles 4 and 5 hereof, nothing contained in this Indenture or in any of the Notes will prevent any consolidation
or merger of a Guarantor with or into the Issuer or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuer or another Guarantor. 

Section 10.05 Releases. 

Notwithstanding the foregoing, any Guarantee of the Notes by the Issuer or by a Subsidiary of the Issuer executed and delivered on the Issue
Date, or thereafter as provided in Section 4.10 shall be automatically and unconditionally released and discharged, without any further action required on the part of the Trustee or any Holder, upon: 

(1) the unconditional release of such Subsidiary from its liability in respect of the Debt in connection with which such
Guarantee was executed and delivered pursuant to Section 4.10 hereof; 
 (2) any sale or other disposition (by merger or
otherwise) of (i) the Capital Stock of such Subsidiary if such Subsidiary ceases to be a Subsidiary of the Issuer as a result of such sale or other disposition, or (ii) all or substantially all of the assets of such Subsidiary to any
Person which is not a Subsidiary; provided that (a) such sale or disposition of such Capital Stock or assets is otherwise in compliance with the terms of this Indenture and (b) such assumption, guarantee or other liability of such
Subsidiary has been or is being released by the holders of the other Debt so guaranteed; 

  
 93 

 (3) the Issuer exercises its rights described under Article 8 or all the
obligations under this Indenture are discharged in accordance with Article 11; 
 (4) the Issuer designates such Subsidiary
to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; or 
 (5) the liquidation or
dissolution of such Subsidiary provided that, immediately after giving effect thereto, no Default or Event of Default is continuing. 
 The
Issuer shall notify the Trustee in writing of the release, discharge or termination of a Guarantee in accordance with this Section 10.05; provided that no such notification shall be a condition for the release, discharge or termination of a
Guarantee to be effective; provided further that the Trustee shall be under no obligation to inform Holders of the occurrence of the release, discharge or termination of a Guarantee. 

ARTICLE 11 
 SATISFACTION AND
DISCHARGE 
 Section 11.01 Satisfaction and Discharge. 

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

(1) either: 

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

(b) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the making
of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Issuer, and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in euros,
non-callable European Government Obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire Debt on the
Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

  
 94 

 (2) no Default or Event of Default has occurred and is continuing on the date of
such deposit or will occur as a result of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a Default under, any other instrument to which the Issuer or any Guarantor
is a party or by which the Issuer or any Guarantor is bound; 
 (3) the Issuer or any Guarantor has paid or caused to be paid
all sums payable by it under this Indenture; and 
 (4) the Issuer has delivered irrevocable instructions to the Trustee (or
the Paying Agent, as appropriate) under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the Redemption Date, as the case may be. 

In addition, the Issuer must deliver (a) an Officer’s Certificate to the Trustee stating that all conditions precedent to
satisfaction and discharge have been satisfied and (b) an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge set forth in clauses (2) and (4) of this Section 11.01 have been
satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to
subclause (b) of clause (1) of this Section 11.01, the provisions of Sections 8.06 and 11.02 will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.07 hereof, that,
by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or one of its Subsidiaries acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent
required by law. 
 If the Trustee or Paying Agent is unable to apply any money or European Government Obligations in accordance with
Section 11.01 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 Issuer’s and any Guarantor’s
obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Issuer has made any payment of principal of, premium or interest on any
Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or European Government Obligations held by the Trustee or Paying Agent. 

  
 95 

 ARTICLE 12 

MISCELLANEOUS 
 Section 12.01
[Reserved]. 
 Section 12.02 Notices. 

Any notice or communication by the Issuer, the Guarantors, the Trustee, the Registrar, Paying Agent or Authentication Agent to the others is
duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), facsimile transmission or any other electronic transmission such party agrees to accept, or overnight air courier
guaranteeing next day delivery, to the others’ address: 
 If to the Issuer or the Guarantors: 

Colfax Corporation 
 420 National
Business Parkway, 5th Floor 
 Annapolis Junction, MD 20701 

Facsimile: (301) 323-9001 

Attention: General Counsel 
 If
to the Trustee: 
 Deutsche Trustee Company Limited 

Winchester House 
 1 Great
Winchester Street 
 London, EC2N 2DB, United Kingdom 

If to the Paying Agent: 

Deutsche Bank AG, London Branch 

Winchester House 
 1 Great
Winchester Street 
 London, EC2N 2DB, United Kingdom 

If to the Transfer Agent, Registrar or Authentication Agent: 

Deutsche Bank Luxembourg S.A. 
 2,
Boulevard Konrad Adenauer 
 L-1115 Luxembourg, Luxembourg 

Each of the Issuer and the Guarantors, or the Trustee, Registrar, Paying Agent or Authentication Agent by notice to the others may designate
additional or different addresses for subsequent notices or communications. 

  
 96 

 All notices and communications (other than those sent to Holders) will be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if transmitted by facsimile or other
electronic means; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. Notices delivered to Euroclear and Clearstream will be deemed given on the date when delivered. 

Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Issuer mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same
time. 
 In addition, so long as any of the Notes are listed on the Official List of the Irish Stock Exchange and the rules of such stock
exchange so require, notices will be published in a leading newspaper having a general circulation in Ireland (which is expected to be The Irish Times) or, to the extent and in the manner permitted by such rules, posted on the official
website of the Irish Stock Exchange (www.ise.ie). In the case of Definitive Notes, all notices to Holders will be validly given if mailed to them at their respective addresses in the Register of such Notes, if any, maintained by the
Registrar. Each such notice shall be deemed to have been given on the date of such publication or, if published more than once on different dates, on the first date on which publication is made. For so long as any Notes are represented by Global
Notes, all notices to Holders will be delivered to Euroclear and Clearstream. 
 Section 12.03 [Reserved]. 

Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee:

 (1) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied; provided that in giving an Opinion of Counsel, counsel may rely on an Officer’s
Certificate as to any matters of fact. 

  
 97 

 Section 12.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

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

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

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

Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No past, present or future director, officer, employee, incorporator or stockholder of the Issuer or any of the Guarantors, as such, will have
any liability for any obligations of the Issuer or the Guarantors, under the Notes, the Guarantees, 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 Note waives
and releases all such liability. 
 Section 12.08 Governing Law. 

THIS INDENTURE, THE NOTES AND THE GUARANTEES WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAW OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 12.09 Submission to Jurisdiction; Appointment of Agent for Service. 

To the fullest extent permitted by applicable law, each party hereto not organized under the laws of the United States of America, if any,
irrevocably submits to the non-exclusive jurisdiction of and venue in any federal or state court in the Borough of Manhattan in the City of New York, County and State of New York, United States of America, in
any suit or proceeding based on or arising out of or under or in connection with this Indenture, the Notes and the 

  
 98 

 
Guarantees, if applicable, and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any such court. Each party hereto, to the fullest extent permitted by
applicable law, irrevocably and fully waives the defense of an inconvenient forum to the maintenance of such suit or proceeding and each of the Issuer and each such Guarantor acknowledges that it has, by separate written instrument,
(i) irrevocably designated the Issuer (the “Authorized Agent”) (and any successor entity) as its authorized agent upon whom process may be served in any such suit or proceeding, (ii) irrevocably authorized and directed the
Authorized Agent to accept such service and (iii) agreed that service of process upon the Authorized Agent and written notice of said service to it mailed by first class mail or delivered to the Authorized Agent shall be deemed in every respect
effective service of process upon them in any such suit or proceeding. If the Authorized Agent ceases to exist, the Issuer and each such Guarantor agree (i) to irrevocably designate and appoint such other U.S. process agent (the
“Replacement Agent”) as its authorized agent upon whom process may be served in any such suit or proceeding, (ii) to irrevocably authorized and direct the Replacement Agent to accept such service and (iii) that service of
process upon the Replacement Agent and written notice of said service to it mailed by first class mail or delivered to the Replacement Agent shall be deemed in every respect effective service of process upon them in any such suit or proceeding.
Nothing herein shall affect the right of any person to serve process in any other manner permitted by law. 
 Each of the Issuer and each
such Guarantor agrees that a final action in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other lawful manner. 

Each party hereto hereby irrevocably waives, to the extent permitted by law, any immunity to jurisdiction to which it may otherwise be
entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this
Indenture, the Notes or the transactions contemplated hereby. 
 The provisions of this Section 12.09 are intended to be effective upon
the execution of this Indenture and the Notes without any further action by the Issuer or any Guarantor or the Trustee or any other party and the introduction of a true copy of this Indenture into evidence shall be conclusive and final evidence as
to such matters. 
 Section 12.10 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.11 Successors. 

All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. All agreements of a Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05. 

  
 99 

 Section 12.12 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 Section 12.13 Counterpart; Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. 
 Section 12.14 Table of Contents, Headings, Etc. 

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

Section 12.15 Waiver of Jury Trial. 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 12.16 Force
Majeure. 
 In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services resulting from such forces; it being understood that the Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 12.17 [Reserved].

 Section 12.18 [Reserved]. 
 Section 12.19
U.S.A. Patriot Act. 
 The Issuer and the Guarantors acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act of
the United States, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A.
PATRIOT Act. 
 [Signatures on following page] 

  
 100 

 SIGNATURES 

Dated as of April 19, 2017 
  

					
		 	COLFAX CORPORATION
			
		 	By:	  	 /s/ Christopher M. Hix

		 		  	 Name:  Christopher M. Hix

		 		  	 Title:    Senior Vice President, Chief Financial Officer and
Treasurer

		
		 	GUARANTORS
		
		 	ALCOTEC WIRE CORPORATION
		 	ALLOY RODS GLOBAL INC.
		 	ANDERSON GROUP INC.
		 	CLARUS FLUID INTELLIGENCE, LLC
		 	CLFX SUB HOLDING LLC
		 	COLFAX FLUID HANDLING LLC
		 	 COLFAX FLUID HANDLING RELIABILITY SERVICES COMPANY

		 	CONSTELLATION PUMPS CORPORATION
		 	 DISTRIBUTION MINING & EQUIPMENT COMPANY, LLC

		 	EMSA HOLDINGS INC.
		 	FAN GROUP INC.
		 	HOWDEN AMERICAN FAN COMPANY
		 	HOWDEN ROOTS LLC
		 	IMO HOLDINGS, INC.
		 	PORTLAND VALVE LLC
		 	SHAWEBONE HOLDINGS INC.
		 	STOODY COMPANY
		 	THE ESAB GROUP INC.
		 	VICTOR EQUIPMENT COMPANY
		 	VICTOR TECHNOLOGIES GROUP, INC.
		 	VICTOR TECHNOLOGIES HOLDINGS, INC.
		 	VICTOR TECHNOLOGIES INTERNATIONAL, INC.
		 	WARREN PUMPS LLC
			
		 	By:	  	 /s/ Christopher M. Hix

		 	Name: Christopher M. Hix
		 	Title: President

  
 101 

 
			
	 HOWDEN CONSTRUCTION SERVICES INC.
  

	By:	 	 /s/ Christopher M. Hix

		 	Name: Christopher M. Hix
		 	Title:   Authorized Person
	  
 HOWDEN NORTH AMERICA, INC.

 

	By:	 	 /s/ Christopher M. Hix

		 	Name: Christopher M. Hix
		 	Title:   Vice President
	  
 IMO INDUSTRIES INC.

 

	By:	 	 /s/ Christopher M. Hix

		 	Name: Christopher M. Hix
		 	Title:   Vice President

  
 102 

 
			
	DEUTSCHE TRUSTEE COMPANY LIMITED as Trustee
		
	By:	 	 /s/ Kieran Odedra

		 	Name: Kieran Odedra
		 	Title: Associate Director
		
	By:	 	 /s/ S. Ferguson

		 	Name: S. Ferguson
		 	Title: Associate Director
	
	DEUTSCHE BANK AG, LONDON BRANCH as Paying Agent
		
	By:	 	 /s/ Kieran Odedra

		 	Name: Kieran Odedra
		 	Title: Associate Director
		
	By:	 	 /s/ S. Ferguson

		 	Name: S. Ferguson
		 	Title: Associate Director
	
	 DEUTSCHE BANK LUXEMBOURG S.A. as

Transfer Agent, Registrar and Authenticating Agent

		
	By:	 	 /s/ Kieran Odedra

		 	Name: Kieran Odedra
		 	Title: Attorney
		
	By:	 	 /s/ S. Ferguson

		 	Name: S. Ferguson
		 	Title: Attorney

  
 103 

 EXHIBIT A 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture] 
 [Insert the Original Issue Discount Legend, if applicable pursuant to the provisions
of the Indenture] 
 ISIN: [—]1 

Common Code: [—]2 

3.250% Senior Notes due 2025 
 No. 

€[ 🌑 ] 

Colfax Corporation, a Delaware corporation, promises to pay to [ 🌑 ] or its registered
assigns, the principal sum of €[ 🌑 ] on May 15, 2025 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: May 15 and November 15 

Record Dates: May 1 and November 1 

Additional provisions of this Note are set forth on the other side of this Note. 

 
  

	1 	144A ISIN: XS1599407217 Regulation S ISIN: XS1599406839 

	2 	144A Common Code: 159940721 Regulation S Common Code: 159940683 

  
 A-1 

 Dated: [—] 
  

			
	 COLFAX CORPORATION
  

	For and on behalf of
	 Colfax Corporation
  

	By:	 	Christopher M. Hix
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  
 A-2 

			
	 This is one of the Notes referred to in the within-mentioned Indenture:

 

	 Dated: [—]
  

	 DEUTSCHE BANK LUXEMBOURG S.A. as Authenticating Agent

 

	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 [Reverse of Note] 

3.250% Senior Notes due 2025 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) INTEREST. Colfax Corporation, a Delaware corporation (the “Issuer”), promises to pay interest on the principal
amount of this Note at 3.250% per annum from April 19, 2017 until maturity. The Issuer will pay interest semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there
is no existing Default in the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be November 15, 2017. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then
applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the
same rate to the extent lawful. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

(2) METHOD OF PAYMENT. The Issuer will pay interest on the Notes to the Persons who are registered Holders at the close of business on
the May 1 or November 1 immediately preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.09 of the Indenture with
respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuer maintained for such purpose as provided in the Indenture or, at the option of the Issuer, payment of
interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and
premium, if any, on all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or the Paying Agent. Such payment will be in such coin or currency of the European Union as at the time of
payment is legal tender for payment of public and private debts. 
 (3) PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank AG,
London Branch will act as Paying Agent and Deutsche Bank Luxembourg S.A. will act as Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer or any of its Subsidiaries may act in any such capacity.

 (4) INDENTURE. The Issuer issued the Notes under an Indenture dated as of April 19, 2017 (the “Indenture”)
among the Issuer, the other guarantors party thereto, the Trustee, Deutsche Bank AG, London Branch and Deutsche Bank Luxembourg S.A. The terms of the Notes include those stated in the Indenture, and Holders are referred to the Indenture for a
statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 A-4 

 (5) OPTIONAL REDEMPTION. At any time prior to May 15, 2020, the Issuer may redeem all
or a part of the Notes, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to the registered address of each Holder of Notes or otherwise delivered in accordance with the procedures of Euroclear and/or
Clearstream, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, to, but not including, the date of redemption (the “Redemption
Date”), subject to the rights of the holders of record on the relevant record date to receive interest due on the relevant interest payment date; provided that redemption notices may be mailed more than 60 days prior to a
Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Article 8 or 11 of the Indenture. On or after May 15, 2020, the Issuer may redeem all or a part of
the Notes, upon not less than 30 nor more than 60 days’ notice (provided that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of this Indenture pursuant to Article 8 or 11 of this Indenture), at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest thereon, to, but not
including, the applicable redemption date, if redeemed during the twelve-month period beginning on May 15 of the years indicated below: 
  

					
	 Year
	  	Redemption
Price	 
	 2020
	  	 	101.625	% 
	 2021
	  	 	100.813	% 
	 2022 and thereafter
	  	 	100.000	% 

 Notwithstanding the foregoing, at any time prior to May 15, 2020, the Issuer may redeem up to 35% of the
aggregate principal amount of Notes issued under the Indenture, at a redemption price of 103.250% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date, with the net cash proceeds of one
or more Public Equity Offerings; provided that: 
 (1) at least 65% of the aggregate principal amount of Notes
originally issued under the Indenture remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuer and of its Subsidiaries); and 

(2) the redemption must occur within 60 days of the date of the closing of such Public Equity Offering. 

If any note is to be redeemed in part only, the notice of redemption that relates to that note shall state the portion of the principal amount
thereof to be redeemed. A new note in principal amount equal to the unredeemed portion of the original note will be issued in the name of the Holder thereof upon cancellation of the original note. Notes called for redemption become due on the date
fixed for redemption (subject to the satisfaction of any applicable conditions 

  
 A-5 

 
precedent). On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption. Calculation of the Applicable Premium will be made by the Issuer or on
behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee. 

In connection with any redemption of the Notes (including with the net cash proceeds of a Public Equity Offering), any such redemption may, at
the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a sale of common stock or other corporate transaction (including any related Public Equity Offering). In addition, if such
redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied,
or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date so delayed. 

In addition, the Issuer may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated
transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of the Indenture. 

(6) REDEMPTION FOR CHANGES IN TAXES. If, as a result of any change in, or amendment to, the laws (or any regulations or rulings
promulgated under the laws) of a Relevant Taxing Jurisdiction, or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings (including, without limitation, by virtue of a
holding, judgment or order by a court of competent jurisdiction or a change in published administrative practice), which change or amendment becomes effective after the date of the Indenture, the Issuer becomes or, based upon a written opinion of
independent counsel selected by the Issuer, will likely become obligated to pay Additional Amounts as described in Section 2.10 of the Indenture with respect to the Notes, then the Issuer may at any time at its option redeem, in whole, but not
in part, the Notes on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption.

 (7) MANDATORY REDEMPTION. The Issuer will not be required to make mandatory redemption or sinking fund payments with respect to the
Notes. 
 (8) OFFER TO REPURCHASE UPON CHANGE OF CONTROL. Upon the occurrence of a Change of Control, unless the Issuer has exercised
its right to redeem the Notes as described in Section 3.06 of the Indenture, the Issuer will make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to €100,000 or an integral
multiple of €1,000 in excess thereof) of each Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, on the Notes repurchased, to, but not
including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control, the Issuer will (i) mail or send a notice to each Holder, with a copy to the Trustee and Paying Agent
and (ii) if and so long as the Notes are listed on the Irish Stock Exchange and the rules of such exchange so require, publish a notice of such Change of Control in a newspaper having general circulation in Ireland

  
 A-6 

 
(which is expected to be The Irish Times) or, to the extent and in the manner permitted by such rules, posted on the official website of the Irish Stock Exchange
(www.ise.ie), in each case, describing the transaction or transactions that constitute the Change of Control and setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(9) NOTICE OF REDEMPTION. Notices of redemption shall be given in accordance with Section 3.03 of the Indenture and with the effect
of notice of redemption as set forth in Section 3.04 of the Indenture. 
 (10) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are
in registered form without coupons in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents. The Registrar may not require a Holder to pay any taxes and fees, except as otherwise set forth in the Indenture. The Registrar need
not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Registrar need not exchange or register the transfer of any Notes for a
period of 15 days before a selection of Notes to be redeemed or during the period between a Record Date and the corresponding Interest Payment Date. 

(11) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

(12) AMENDMENT, SUPPLEMENT AND WAIVER. The provisions of the Indenture governing amendment, supplement and waiver are set forth in
Article 9 of the Indenture. 
 (13) DEFAULTS AND REMEDIES. Events of Default and Remedies are set forth in Article 6 of the Indenture.

 (14) TRUSTEE DEALINGS WITH ISSUER. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from
and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee. 

(15) NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator or shareholder of the Issuer or
any Guarantor, as such, will have any liability for any obligations of the Issuer or any Guarantor under the Notes, the Guarantees or the Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Note waives and releases such liability. The waiver and release are part of the consideration for issuance of the Notes. 

(16) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Authenticating Agent. 

(17) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 A-7 

 (18) ISIN NUMBERS AND COMMON CODES. The Issuer has caused ISIN numbers and Common Codes to
be printed on the Notes and the Trustee (or the Registrar, as appropriate) may use ISIN numbers and Common Codes in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

(19) GOVERNING LAW. THE INDENTURE, THE NOTES AND THE GUARANTEES WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAW OF
THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-8 

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Colfax Corporation 
 420
National Business Parkway, 5th Floor 
 Annapolis Junction, MD 20701 

Facsimile: (301) 323-9001 

Attention: General Counsel 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 (I) or (we)
assign and transfer this Note to: 
  
  

(Insert assignee’s legal name) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. no.) 
  
  

 
  
  

 
 (Print or type assignee’s name,
address and Zip Code) 
 and irrevocably appoint 
  

 
 to transfer this Note on the books of the Issuer. The
Agent may substitute another to act for him. 
 Date: 
  

			
	 Your Signature: 
	 	  

		 	Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                             

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.09 of the Indenture, check the box: ☐ 

If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.09 of the Indenture, state the amount
you elect to have purchased: 
  
 € 

Date:
                         

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                         
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

Date: 

  
 A-11 

 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of

Exchange
	  	 Amount of

decrease in
 Principal

Amount of this
 Global Note
	  	 Amount of

increase in
 Principal

Amount of this
 Global Note
	  	 Principal

Amount of this
 Global Note

following such
 decrease or

increase
	  	 Signature of

authorized
 officer of Trustee

or Custodian

  

	*	This Schedule should be included only if the Note is issued in global form. 

  
 A-12 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Colfax
Corporation 
 420 National Business Parkway, 5th Floor 

Annapolis Junction, MD 20701 
 Facsimile: (301) 323-9001 
 Attention: General Counsel 

Deutsche Trustee Company Limited 
 Winchester House 

1 Great Winchester Street 
 London, EC2N 2DB, United Kingdom 

Deutsche Bank AG, London Branch 
 Winchester House 

1 Great Winchester Street 
 London, EC2N 2DB, United Kingdom 

Deutsche Bank Luxembourg S.A. 
 2, Boulevard Konrad Adenauer 

L-1115 Luxembourg, Luxembourg 

Re: Colfax Corporation Senior Notes  

☐ 3.250% Senior Notes due 2025 

Reference is hereby made to the Indenture, dated as of April 19, 2017 (the “Indenture”), among Colfax Corporation, as
Issuer, the Guarantors, Deutsche Trustee Company Limited, as Trustee, and Deutsche Bank AG, London Branch, as Paying Agent and Deutsche Bank Luxembourg S.A. as Transfer Agent, Registrar and Authenticating Agent. Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture. 
 ________________________, (the “Transferor”) owns
and proposes to transfer the Note[s] or beneficial interest in such Note[s] specified in Annex A hereto, in the principal amount of € (the “Transfer”), to (the “Transferee”), as further specified in Annex A hereto. In
connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1. ☐ Check if Transferee will take delivery of a beneficial interest in the 144A. Global Note or a Definitive Note
Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the 

  
 B-1 

 
meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
144A Global Note and/or the Definitive Note and in the Indenture and under the U.S. Securities Act. 
 2. ☐ Check if Transferee
will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the U.S. Securities Act
and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market
and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S under the U.S. Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the 40-day “Distribution Compliance Period” under Regulation S, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than a
“Distributor” as defined in Rule 902 of Regulation S) and the transferred beneficial interest will be held immediately after such Transfer through Euroclear or Clearstream, Ireland. Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and
in the Indenture and under the U.S. Securities Act. 
 3. ☐ Check if Transferee will take delivery of a beneficial interest in an
Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a) ☐ Check if Transfer is pursuant to Rule 144. (i)
The Transfer is being effected pursuant to and in accordance with Rule 144 under the U.S. Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the U.S. Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture. 
 (b) ☐ Check if Transfer is Pursuant to Regulation S. (i) The Transfer
is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the U.S. Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer 

  
 B-2 

 
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the U.S. Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture. 
 (c) ☐ Check if Transfer is Pursuant to an Effective Registration Statement. The
Transfer is being effected in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States pursuant to an effective registration statement under the U.S.
Securities Act and in compliance with the prospectus delivery requirements of the U.S. Securities Act. 
 (d) ☐ Check if Transfer is
Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the U.S. Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with
the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the U.S. Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

4. ☐ Check if Transfer is to the Issuer or any of its Subsidiaries. The transfer is being effected in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States. 
 This
certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 
  

			
	  
 [Insert
Name of Transferor]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Dated:
                                 

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)]

  

	(a)	☐ a beneficial interest in the: 

  

	(i)	☐ 144A Global Note (144A ISIN: XS1599407217, 144A Common Code: 159940721), or 

  

	(ii)	☐ Regulation S Global Note (Regulation S ISIN: XS1599406839, Regulation S Common Code: 159940683) 

  

	(a)	☐ a Restricted Definitive Note. 

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

 

	(a)	☐ a beneficial interest in the: 

  

	(i)	☐ 144A Global Note (144A ISIN: XS1599407217, 144A Common Code: 159940721), or 

  

	(ii)	☐ Regulation S Global Note (Regulation S ISIN: XS1599406839, Regulation S Common Code: 159940683), or 

  

	(iii)	☐ Unrestricted Global Note (144A ISIN: [—], 144A Common Code: [—]); or 

  

	(b)	☐ a Restricted Definitive Note; or 

  

	(c)	☐ an Unrestricted Definitive Note, 

 in accordance with the terms of the Indenture 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Colfax
Corporation 
 420 National Business Parkway, 5th Floor 

Annapolis Junction, MD 20701 
 Facsimile: (301) 323-9001 
 Attention: General Counsel 

Deutsche Trustee Company Limited 
 Winchester House 

1 Great Winchester Street 
 London, EC2N 2DB, United Kingdom 

Deutsche Bank AG, London Branch 
 Winchester House 

1 Great Winchester Street 
 London, EC2N 2DB, United Kingdom 

Deutsche Bank Luxembourg S.A. 
 2, Boulevard Konrad Adenauer 

L-1115 Luxembourg, Luxembourg 

Re: Colfax Corporation Senior Notes 

☐ 3.250% Senior Notes due 2025 

(144A Common Code: [     ]; Regulation S Common Code: [     ]; 

144A ISIN: [     ]; Regulation S ISIN: [     ]) 

Reference is hereby made to the Indenture, dated as of April 19, 2017 (the “Indenture”), among Colfax Corporation, as
Issuer, the Guarantors, Deutsche Trustee Company Limited, as Trustee, and Deutsche Bank AG, London Branch, as Paying Agent and Deutsche Bank Luxembourg S.A. as Transfer Agent, Registrar and Authenticating Agent. Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture. 
 ________________________, (the “Owner”) owns and
proposes to exchange the Note[s] or beneficial interest in such Note[s] specified herein, in the principal amount of € ________________________ (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 [CHECK ALL THAT APPLY] 
 (a)
☐ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global
Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has
been 

  
 C-1 

 
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the U.S. Securities Act and (iv) the beneficial
interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note in an equal principal amount, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the U.S. Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the U.S. Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States. 
 (c) ☐ Check if Exchange is from Restricted Definitive
Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the U.S. Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the U.S. Securities Act and
(iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(d) ☐ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note in an equal principal amount, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the U.S. Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the U.S. Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of
any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for
Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes. 
 (a) ☐ Check if Exchange is from
beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note in an equal principal amount, the

  
 C-2 

 
Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the
terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and under the U.S.
Securities Act. 
 (b) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note.
In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐ 144A Global Note, ☐ Regulation S Global Note, in an equal principal amount, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to
and in accordance with the U.S. Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and under the U.S. Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

 

			
	  
 [Insert Name of
Transferor]

		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 

  
 C-3 

 EXHIBIT D 

FORM OF NOTATION OF GUARANTEE 

For value received, the Guarantors (which term includes any successor Person under the Indenture) have unconditionally guaranteed, to the
extent set forth in the Indenture and subject to the provisions in the Indenture, dated as of April 19, 2017 (the “Indenture”), among Colfax Corporation, a Delaware corporation (the “Issuer”), each subsidiary
guarantor from time to time party thereto (the “Guarantors”), Deutsche Trustee Company Limited, as trustee (the “Trustee”), Deutsche Bank AG, London Branch, as paying agent, and Deutsche Bank Luxembourg S.A. as
transfer agent, registrar and authenticating agent, (a) the due and punctual payment of the principal of, premium, if any, Additional Amounts, if any, and interest on the Notes (as defined in the Indenture), whether at maturity, by
acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the
Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of each Guarantor to the Holders of Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly
set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. This Guarantee shall be automatically and unconditionally released and discharged, without any further action required on
the part of the Trustee or any Holder, as provided by Section 10.05 of the Indenture. 
  

			
	 [GUARANTOR]

 

	 By:
	 	  

		 	 Name:

		 	 Title:

  
 D-1 

 EXHIBIT E 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT SUBSIDIARY GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of    
,                20     , among (the “Guaranteeing Subsidiary”), a subsidiary of Colfax Corporation, a Delaware corporation (the
“Issuer”), the Issuer, the Guarantors party hereto, Deutsche Trustee Company Limited, as trustee under the Indenture referred to below (the “Trustee”), Deutsche Bank AG, London Branch, as Paying Agent and Deutsche
Bank Luxembourg S.A. Transfer Agent, Registrar and Authenticating Agent. 
 WHEREAS, the Issuer has heretofore executed and delivered to the
Trustee an indenture (the “Indenture”), dated as of April 19, 2017 providing for the issuance of 3.250% Senior Notes due 2025 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the
“Guarantee”); and WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Guarantee and in the Indenture including but not limited to Article 10 thereof. 
 3. No Recourse Against
Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Issuer or any Guaranteeing Subsidiary under the
Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy.

 4. New York Law to Govern. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 E-1 

 5. Counterparts. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
 6. Effect of Headings. The Section
headings herein are for convenience only and shall not affect the construction hereof. 
 7. The Trustee. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the
Issuer. 
 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the
date first above written. 
  

			
	[GUARANTEEING SUBSIDIARY]

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	COLFAX CORPORATION

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[EXISTING SUBSIDIARY GUARANTORS]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	DEUTSCHE TRUSTEE COMPANY LIMITED as Trustee

 
			
		
	By: 	 	  

		 	Name:
		 	Title:

  
 E-2 

 
			
	 DEUTSCHE BANK AG, LONDON BRANCH as Paying Agent

 

	By: 	 	  

		 	Name:
		 	Title:
	  
 DEUTSCHE BANK LUXEMBOURG S.A. as Transfer Agent, Registrar
and Authenticating Agent
  

	By:	 	  

		 	Name:    
		 	Title:

  
 E-3Exhibit

EXECUTION VERSION
EXHIBIT 10.1

TELEDYNE NETHERLANDS B.V.

TELEDYNE TECHNOLOGIES INCORPORATED

€50,000,000 0.70% Senior Notes, Series A, 
due April 18, 2022
€50,000,000 0.92% Senior Notes, Series B, 
due April 18, 2023
€50,000,000 0.92% Senior Notes, Series C, 
due April 18, 2023
€100,000,000 1.09% Senior Notes, Series D,
due April 18, 2024
________________
NOTE PURCHASE AND GUARANTY AGREEMENT
________________
DATED AS OF APRIL 18, 2017

TABLE OF CONTENTS
SECTION    HEADING    PAGE

		
	SECTION 1.
	AUTHORIZATION OF NOTES         2

		
	Section 1.1.
	Description of Notes                                                                   2

		
	Section 1.2.
	Interest Rate                                                                                2

		
	SECTION 2.
	SALE AND PURCHASE OF NOTES                                                 3

		
	Section 2.1.
	Notes                                                                                           3

		
	Section 2.2.
	Parent Guaranty                                                                          3

		
	Section 2.3.
	Subsidiary Guaranty                                                                   3

		
	SECTION 3.
	CLOSING                                                                                             3

		
	SECTION 4.
	CONDITIONS TO CLOSING                                                              4

		
	Section 4.1.
	Representations and Warranties                                                  4

		
	Section 4.2.
	Performance; No Default                                                            4

		
	Section 4.3.
	Compliance Certificates                                                              5

		
	Section 4.4.
	Opinions of Counsel                                                                   5

		
	Section 4.5.
	Purchase Permitted By Applicable Law, Etc                              6

		
	Section 4.6.
	Execution of Agreement; Sale of Other Notes                           6

		
	Section 4.7.
	Payment of Special Counsel Fees                                              6

		
	Section 4.8.
	Private Placement Number                                                        6

		
	Section 4.9.
	Changes in Corporate Structure                                                 6

		
	Section 4.10.
	Subsidiary Guaranty                                                                   6

		
	Section 4.11.
	Funding Instructions                                                                  7

		
	Section 4.12.
	January 1, 2017 Financials                                                        7

		
	Section 4.13.
	Proceedings and Documents                                                     7

		
	SECTION 5.
	REPRESENTATIONS AND WARRANTIES OF THE PARENT ISSUER AND THE COMPANY                                            7

		
	Section 5.1.
	Organization; Power and Authority                                            7

		
	Section 5.2.
	Authorization, Etc                                                                       8

		
	Section 5.3.
	Disclosure                                                                                   8

		
	Section 5.4.
	Organization and Ownership of Shares of Subsidiaries             8

		
	Section 5.5.
	Financial Statements; Material Liabilities                                  9

		
	Section 5.6.
	Compliance with Laws, Other Instruments, Etc                         9

		
	Section 5.7.
	Governmental Authorizations, Etc                                            10

		
	Section 5.8.
	Litigation; Observance of Agreements, Statutes and Orders    10

		
	Section 5.9.
	Taxes                                                                                         10

-i-

		
	Section 5.10.
	Title to Property; Leases                                                           11

		
	Section 5.11.
	Licenses, Permits, Etc                                                               11

		
	Section 5.12.
	Compliance with ERISA                                                           12

		
	Section 5.13.
	Private Offering by the Company                                             13

		
	Section 5.14.
	Margin Regulations                                                                   13

		
	Section 5.15.
	Existing Indebtedness; Future Liens                                         13

		
	Section 5.16.
	Foreign Assets Control Regulations, Etc                                  14

		
	Section 5.17.
	Status under Certain Statutes                                                    16

		
	Section 5.18.
	Environmental Matters                                                              16

		
	Section 5.19.
	Obligations Rank Pari Passu                                                     16

		
	SECTION 6.
	REPRESENTATIONS OF THE PURCHASERS                               16

		
	Section 6.1.
	Purchase for Investment                                                            16

		
	Section 6.2.
	Accredited Investor                                                                   17

		
	Section 6.3.
	Source of Funds                                                                        17

		
	SECTION 7.
	INFORMATION AS TO PARENT ISSUER                                      19

		
	Section 7.1.
	Financial and Business Information                                          19

		
	Section 7.2.
	Officer’s Certificate and Director’s Certificate                         21

		
	Section 7.3.
	Visitation                                                                                   22

		
	SECTION 8.
	PAYMENT OF THE NOTES                                                              23

		
	Section 8.1.
	Maturity                                                                                     23

		
	Section 8.2.
	Optional Prepayments with Make-Whole Amount                   23

		
	Section 8.3.
	Allocation of Partial Prepayments                                            24

		
	Section 8.4.
	Maturity; Surrender, Etc.                                                          24

		
	Section 8.5.
	Purchase of Notes                                                                     24

		
	Section 8.6.
	Make‐Whole Amount for the Notes                                         25

		
	Section 8.7.
	Prepayment in Connection with a Change in Control              30

		
	Section 8.8.
	Prepayment in Connection with Asset Sales                             31

		
	Section 8.9.
	Swap Breakage                                                                          31

		
	Section 8.10.
	Prepayment for Tax Reasons                                                     33

		
	SECTION 9.
	AFFIRMATIVE COVENANTS                                                         35

		
	Section 9.1.
	Compliance with Law                                                               35

		
	Section 9.1.2.
	Insurance                                                                                   35

		
	Section 9.1.3.
	Maintenance of Properties                                                        35

		
	Section 9.4.
	Payment of Taxes and Claims                                                   35

		
	Section 9.5.
	Corporate Existence, Etc                                                           36

		
	Section 9.6.
	Notes to Rank Pari Passu                                                          36

		
	Section 9.7.
	Additional Subsidiary Guarantors                                             36

		
	Section 9.8.
	Books and Records                                                                   37

		
	Section 9.9.
	Company to remain a Subsidiary                                              37

-ii-

		
	SECTION 10.
	NEGATIVE COVENANTS                                                              37

		
	Section 10.1.
	Consolidated Leverage Ratio                                                    37

		
	Section 10.2.
	Interest Coverage Ratio                                                             38

		
	Section 10.3.
	Priority Debt                                                                              38

		
	Section 10.4.
	Limitation on Liens                                                                   38

		
	Section 10.5.
	Sales of Assets                                                                           41

		
	Section 10.6.
	Merger and Consolidation                                                         42

		
	Section 10.7.
	Transactions with Affiliates                                                      44

		
	Section 10.8.
	Terrorism Sanctions Regulations                                              44

		
	SECTION 11.
	EVENTS OF DEFAULT                                                                   45

		
	SECTION 12.
	REMEDIES ON DEFAULT, ETC                                                    47

		
	Section 12.1.
	Acceleration                                                                              47

		
	Section 12.2.
	Other Remedies                                                                         48

		
	Section 12.3.
	Rescission                                                                                 48

		
	Section 12.4.
	No Waivers or Election of Remedies, Expenses, Etc               48

		
	SECTION 13.
	TAX INDEMNIFICATION; FATCA INFORMATION                   49

		
	SECTION 14.
	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES   52

		
	Section 14.1.
	Registration of Notes                                                                52

		
	Section 14.2.
	Transfer and Exchange of Notes                                               53

		
	Section 14.3.
	Replacement of Notes                                                               53

		
	SECTION 15.
	PAYMENTS ON NOTES                                                                 54

		
	Section 15.1.
	Place of Payment                                                                      54

		
	Section 15.2.
	Home Office Payment                                                              54

		
	SECTION 16.
	EXPENSES, ETC                                                                             55

		
	Section 16.1.
	Transaction Expenses                                                               55

		
	Section 16.2.
	Certain Taxes                                                                            55

		
	Section 16.3.
	Survival                                                                                    55

		
	SECTION 17.
	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT                                                       55

		
	SECTION 18.
	AMENDMENT AND WAIVER                                                       56

		
	Section 17.1.
	Requirements                                                                            56

		
	Section 18.2.
	Solicitation of Holders of Notes                                               56

		
	Section 18.3.
	Binding Effect, Etc                                                                   57

		
	Section 18.4.
	Notes Held by Parent Issuer, Etc                                              57

-iii-

		
	SECTION 19.
	NOTICES                                                                                          57

		
	SECTION 20.
	REPRODUCTION OF DOCUMENTS                                            58

		
	SECTION 21.
	CONFIDENTIAL INFORMATION                                                 58

		
	SECTION 22.
	SUBSTITUTION OF PURCHASER                                               60

		
	SECTION 23.
	NOTE AGREEMENT GUARANTY                                               60

		
	Section 23.1.
	Note Purchase Agreement Guaranty                                        60

		
	Section 23.2.
	Obligations Absolute and Unconditional                                  61

		
	Section 23.3.
	Subrogation                                                                               64

		
	Section 23.4.
	Preference                                                                                 65

		
	Section 23.5.
	Marshalling                                                                               65

		
	SECTION 24.
	MISCELLANEOUS                                                                         65

		
	Section 24.1.
	Successors and Assigns                                                            65

		
	Section 24.2.
	Payments Due on Non-Business Days                                     65

		
	Section 24.3.
	Accounting Terms                                                                    65

		
	Section 24.4.
	Severability                                                                              66

		
	Section 24.5.
	Construction                                                                             66

		
	Section 24.6.
	Counterparts                                                                            66

		
	Section 24.7.
	Governing Law                                                                        66

		
	Section 24.8.
	Jurisdiction and Process; Waiver of Jury Trial                         66

		
	Section 24.9.
	Obligation to Make Payment in Euros                                     67

-iv-

SCHEDULE A    —    INFORMATION RELATING TO PURCHASERS

SCHEDULE B    —    DEFINED TERMS

SCHEDULE 4.9    —    Changes in Corporate Structure

SCHEDULE 5.3    —    Disclosure Materials

		
	SCHEDULE 5.4
	—    Subsidiaries of the Parent Issuer, Ownership of Subsidiary Stock

SCHEDULE 5.15    —    Existing Indebtedness

SCHEDULE 8.6    —    Original Swap Agreements

SCHEDULE 10.4    —    Existing Liens

		
	EXHIBIT 1(a)
	—    Form of 0.70% Senior Notes, Series A, due April 18, 2022

		
	EXHIBIT 1(b)
	—    Form of 0.92% Senior Notes, Series B, due April 18, 2023

		
	EXHIBIT 1(c)
	—    Form of 0.92% Senior Notes, Series C, due April 18, 2023

		
	EXHIBIT 1(d)
	—    Form of 1.09% Senior Notes, Series D, due April 18, 2024

EXHIBIT 2.3    —    Form of Subsidiary Guaranty

EXHIBIT 4.4(a)(i)    —    Form of Opinion of General Counsel to the Parent Issuer

EXHIBIT 4.4(a)(ii)    —    Form of Opinion of Netherlands Special Counsel to the Company

EXHIBIT 4.4(b)    —    Form of Opinion of Special Counsel to the Purchasers

-v-

TELEDYNE NETHERLANDS B.V.
PRINS BERNHARDPLEIN 200
1097JB AMSTERDAM, THE NERTHERLANDS

TELEDYNE TECHNOLOGIES INCORPORATED
1049 CAMINO DOS RIOS 
THOUSAND OAKS, CA 91360

€50,000,000 0.70% Senior Notes, Series A, 
due April 18, 2022
€50,000,000 0.92% Senior Notes, Series B, 
due April 18, 2023
€50,000,000 0.92% Senior Notes, Series C, 
due April 18, 2023
€100,000,000 1.09% Senior Notes, Series D,
due April 18, 2024
Dated as of 
April 18, 2017
TO THE PURCHASERS LISTED IN
THE ATTACHED SCHEDULE A:
Ladies and Gentlemen:
TELEDYNE NETHERLANDS B.V., a private limited liability company (besloten vennootschap) incorporated under the laws of The Netherlands having its registered office (statutaire zetel) in Amsterdam, The Netherlands and its address at Prins Bernhardplein 200, (1097JB) Amsterdam, The Netherlands and registered with the Trade Register in the Netherlands under number 52020444 (the “Company”), and TELEDYNE TECHNOLOGIES INCORPORATED, a Delaware corporation (the “Parent Issuer”), each agrees with the Purchasers listed in the attached Schedule A (the “Purchasers”) to this Note Purchase and Guaranty Agreement (this “Agreement”) as follows:
		
	SECTION 1.
	AUTHORIZATION OF NOTES    .

Section 1.1.    Description of Notes.  The Parent Issuer and the Company, as applicable, will authorize the issue and sale of the following Senior Notes: 

	
					
	Issue
	Series
	Aggregate Principal Amount
	Interest Rate
	Maturity Date

	Senior Notes
(Parent Issuer)
	Series A (the “Series A Notes”)
	€50,000,000
	0.70%
	April 18, 2022

	Senior Notes
(Parent Issuer)
	Series B (the “Series B Notes”)
	€50,000,000
	0.92%
	April 18, 2023

	Senior Notes
(Company)
	Series C (the “Series C Notes”)
	€50,000,000
	0.92%
	April 18, 2023

	Senior Notes
(Company)
	Series D (the “Series D Notes”)
	€100,000,000
	1.09%
	April 18, 2024

The Senior Notes described above are collectively referred to as the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement).  The Series A Notes, Series B Notes, the Series C Notes and the Series D Notes shall be substantially in the form set out in Exhibit 1(a), Exhibit 1(b), Exhibit 1(c) and Exhibit 1(d), respectively, with such changes therefrom, if any, as may be approved by the Purchasers, Parent Issuer and the Company.  Certain capitalized terms used in this Agreement are defined in Schedule B; references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement.
Section 1.2.    Interest Rate.  The Notes shall bear interest (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid principal thereof from the date of issuance at their respective stated rates of interest as may be adjusted pursuant to the terms of this Agreement, payable semi‐annually in arrears (a) with respect to the respective stated rates of interest, payable on the 18th day of April and October in each year and at maturity and (b) with respect to the Interest Rate Adjustment (if any), on the 18th day of April or October next succeeding the Parent Issuer’s election to apply the Elevated Ratio and at maturity, in each case, commencing on the 18th day of April or October next succeeding the date thereof, until such principal sum shall have become due and payable (whether at maturity, upon notice of prepayment or otherwise) and interest (so computed) on any overdue principal, interest, Make-Whole Amount and Net Loss, if any, from the due date thereof (whether by acceleration or otherwise) and, during the continuance of an Event of Default, on the unpaid balance thereof, at the applicable Default Rate until paid.
		
	SECTION 2.
	SALE AND PURCHASE OF NOTES; SUBSIDIARY GUARANTY    .

Section 2.1.     Notes.  Subject to the terms and conditions of this Agreement, the Parent Issuer and the Company, as applicable, will issue and sell to each Purchaser and each Purchaser will purchase from the Parent Issuer or the Company, as applicable, at the Closing provided for in Section 3, the Notes in the principal amount of the Series specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof.  The obligations of each Purchaser hereunder are several and not joint obligations and each Purchaser shall have no obligation and no liability to any Person for the performance or nonperformance by any other Purchaser hereunder.

-2-

Section 2.2.    Parent Guaranty.      The payment of the Series C Notes and the Series D Notes and the performance by the Company of its obligations under this Agreement are unconditionally guaranteed by the Parent Issuer pursuant to the terms of Section 23.
Section 2.3.    Subsidiary Guaranty.  (a) The payment by the Company and the Parent Issuer of all amounts due with respect to the Notes and the performance by the Parent Issuer or the Company, as applicable, of its obligations under this Agreement will be absolutely and unconditionally guaranteed by the Subsidiary Guarantors pursuant to the Guaranty Agreement dated as of the Closing Date, which shall be substantially in the form of Exhibit 2.3 attached hereto, and otherwise in accordance with the provisions of Section 9.7 hereof (the “Subsidiary Guaranty”).
(b)    Subject to Section 9.7, at the election of the Parent Issuer and by written notice by the Parent Issuer to each holder of Notes, any Subsidiary Guarantor may be discharged from all of its obligations and liabilities under the Subsidiary Guaranty and shall be automatically released from its obligations thereunder without the need for the execution or delivery of any other document by the holders or any other Person, provided that (i) such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under the Subsidiary Guaranty) as an obligor and guarantor under and in respect of the Bank Credit Agreement (including if such Subsidiary Guarantor is a Foreign Subsidiary that no longer is deemed to be liable in respect of the Bank Credit Agreement pursuant to the last paragraph of Section 9.7) and the Parent Issuer so certifies to the holders of the Notes in a certificate of a Responsible Officer, (ii) upon giving effect to such release and discharge, no Default or Event of Default exists and the Parent Issuer has delivered a certificate of a Responsible Officer to the holders of the Notes to that effect and (iii) if any fee or other form of consideration is given to any holder of Indebtedness of the Parent Issuer or the Company for the purpose of such release, holders of the Notes shall receive equivalent consideration.
		
	SECTION 3.
	CLOSING.

The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 595 Market Street, San Francisco, California 94105 at 10:00 a.m. Central time, at a closing (the “Closing”) on April 18, 2017 (the “Closing Date”).  On the Closing Date, the Company or the Parent Issuer, as applicable, will deliver to each Purchaser the Notes of the Series to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least €250,000 as such Purchaser may request) dated the Closing Date and registered in such Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by such Purchaser to the Company or its order or to the Parent Issuer or its order, as applicable, of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the (a) Company to Bank Name: JPMorgan Chase Bank, NA Amsterdam, Bank Address: Atrium, Strawinskylaan 3035, Amsterdam, NL 1077 ZX, SWIFT: CHASNL2X, IBAN: NL27CHAS 0209974524, in the Account Name of “Teledyne Netherlands BV”, Reference: Teledyne Netherlands B.V. euro private placement and (b) Parent Issuer to Bank Name: Bank of America N.A. London, Bank Address: 5 Canada Square, London, UK E14 5AQ, Favour of: Bank of America San Francisco, 50 California St, San Francisco, CA 94111-1502, IBAN:          GB61BOFA16505096283016, SWIFT: BOFAGB22, Reference: Teledyne 

-3-

Technologies Incorporated euro private placement.  If, on the Closing Date, the Company or the Parent Issuer shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any Purchaser’s satisfaction, such Purchaser shall, at such Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.
		
	SECTION 4.
	CONDITIONS TO CLOSING.

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions:
Section 4.1.    Representations and Warranties.
(a)    Representations and Warranties of the Parent Issuer and the Company.  The representations and warranties of each of the Parent Issuer and the Company in this Agreement shall be correct when made and at the time of the Closing (except in each case for representations and warranties, if any, made as of a specific date, which representations and warranties will be true and correct as of the specific date).
(b)    Representations and Warranties of the Subsidiary Guarantors. The representations and warranties of the Subsidiary Guarantors in the Subsidiary Guaranty shall be correct when made and at the time of the Closing.
Section 4.2.    Performance; No Default.  The Parent Issuer, the Company and each Subsidiary Guarantor shall have performed and complied with all agreements and conditions contained in this Agreement and the Subsidiary Guaranty required to be performed or complied with by the Parent Issuer, the Company and each such Subsidiary Guaranty prior to or at the time of the Closing, and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14) (i) no Default or Event of Default shall have occurred and be continuing, (ii) no Default under Sections 10.1 or 10.2 shall have occurred had such covenants been effective as of January 1, 2017 and the Notes had been issued and the proceeds of the Notes applied as of such date as contemplated by Section 5.14 and (iii) Priority Indebtedness outstanding as of the time of Closing is less than 20% of Consolidated Net Worth as of January 1, 2017.  Neither the Parent Issuer nor any Subsidiary shall have entered into any transaction since the date of the Memorandum that would have been prohibited by Sections 10.5 and 10.6 hereof had such Sections applied since such date.
Section 4.3.    Compliance Certificates.
(a)    Officer’s Certificate of the Parent Issuer.  The Parent Issuer shall have delivered to such Purchaser an Officer’s Certificate, dated the Closing Date, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

-4-

(b)    Secretary’s Certificate of the Parent Issuer.  The Parent Issuer shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the Closing Date, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and the Agreement.
(c)    Director’s Certificate of the Company.  The Company shall have delivered to such Purchaser a Director’s Certificate, dated the Closing Date, certifying (i) that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled and (ii) certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and the Agreement.
(d)    Officer’s Certificate of the Subsidiary Guarantors.  Each Subsidiary Guarantor shall have delivered to such Purchaser a certificate of an authorized officer, dated the date of the Closing, certifying that the conditions set forth in Section 4.1(b), 4.2 and 4.9 have been fulfilled.
(e)    Secretary’s Certificate of the Subsidiary Guarantors.  Each Subsidiary Guarantor shall have delivered to such Purchaser a certificate, dated the date of the Closing, certifying as to the resolutions attached thereto and other partnership or corporate proceedings relating to the authorization, execution and delivery of the Subsidiary Guaranty.
Section 4.4.    Opinions of Counsel.  Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the Closing Date (a) from (i) Melanie S. Cibik, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary of the Parent Issuer, covering the matters set forth in Exhibit 4.4(a)(i) and (ii) Eversheds Sutherland B.V., special Netherlands counsel to the Company, covering the matters set forth in Exhibit 4(a)(ii) and, in each case, covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Parent Issuer and the Company hereby instructs such counsel to deliver such opinion to the Purchasers) and (b) from Chapman and Cutler LLP, the Purchasers’ special United States counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request.
Section 4.5.    Purchase Permitted By Applicable Law, Etc.  On the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof.  If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.

-5-

Section 4.6.    Sale of Other Notes.  Contemporaneously with the Closing the Company or the Parent Issuer, as applicable, shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A.
Section 4.7.    Payment of Special Counsel Fees.  Without limiting the provisions of Section 15.1, the Company shall have paid on or before the Closing Date the reasonable fees, reasonable charges and reasonable disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing Date.
Section 4.8.    Private Placement Number.  On or before the date of the Closing, a Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the Securities Valuation Office of the National Association of Insurance Commissioners) shall have been obtained for each Series of the Notes.
Section 4.9.    Changes in Corporate Structure.  Neither the Parent Issuer, the Company nor any Subsidiary Guarantor shall have changed its jurisdiction of organization or, except as reflected in Schedule 4.9, been a party to any merger or consolidation, or shall have succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Section 5.5.  No Change in Control has occurred since January 1, 2017.
Section 4.10.    Subsidiary Guaranty.  On or before the date of Closing, the Subsidiary Guaranty shall have been duly authorized, executed and delivered by each Subsidiary Guarantor, shall constitute the legal, valid and binding contract and agreement of each Subsidiary Guarantor and such Purchaser shall have received a true, correct and complete copy thereof.
Section 4.11.    Funding Instructions.  At least three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Parent Issuer confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited.
Section 4.12.    January 1, 2017 Financials.  Not later than five Business Days prior to the Closing Date, the Parent Issuer shall have delivered to the Purchasers copies of the audited consolidated balance sheet of the Parent Issuer and its Subsidiaries for the fiscal year ended January 1, 2017 and the related statements of income and cash flows of the Parent Issuer and its Subsidiaries.
Section 4.13.    Proceedings and Documents.  All corporate and other similar proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request.

-6-

SECTION 5.    REPRESENTATIONS AND WARRANTIES OF THE PARENT ISSUER AND THE COMPANY
The Parent Issuer and the Company each represents and warrants to each Purchaser on the Closing Date (except in each case for representations and warranties, if any, made as of a specific date, which representations and warranties will be true and correct as of the specific date) that:
Section 5.1.    Organization; Power and Authority.   The Parent Issuer is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  The Company is a private limited liability company duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  The Parent Issuer and the Company have the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and to perform the provisions hereof.
Section 5.2.    Authorization, Etc.  This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company and the Parent Issuer, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company and/or the Parent Issuer, as applicable, enforceable against the Company and/or the Parent Issuer, as applicable, in accordance with their terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
Section 5.3.    Disclosure.  The Company and the Parent Issuer, through its agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, have delivered to each Purchaser a copy of a Private Placement Memorandum, posted to IntraLinks on February 6, 2017 and as supplemented on March 24, 2017 (collectively, the “Memorandum”), relating to the transactions contemplated hereby.  The Memorandum fairly describes as of its date, in all material respects, the general nature of the business and principal properties of the Parent Issuer and its Subsidiaries.  This Agreement, the Memorandum and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company and the Parent Issuer in connection with the transactions contemplated hereby and identified in Schedule 5.3 and the financial statements listed in Section 5.5 (this Agreement, the Memorandum and such documents, certificates or other writings and such financial statements in each case, delivered to the Purchasers prior to March 29, 2017 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not, as of their respective dates, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements 

-7-

therein not misleading in light of the circumstances under which they were made.  Except as disclosed in the Disclosure Documents, since January 1, 2017, there has been no change in the financial condition, operations, business or properties of the Parent Issuer or any Subsidiary, except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect.  There is no fact known to the Parent Issuer or the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.
Section 5.4.    Organization and Ownership of Shares of Subsidiaries.  (a) Schedule 5.4 contains (except as noted therein) complete and correct lists (i) of the Parent Issuer’s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its Capital Stock or similar equity interests outstanding owned by the Parent Issuer and each other Subsidiary and (ii) of the Parent Issuer’s directors and senior officers.
(b)    All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Parent Issuer, its Material Subsidiaries and the Subsidiary Guarantors have been validly issued, are fully paid and nonassessable and are owned by the Parent Issuer, a Material Subsidiary or a Subsidiary Guarantor free and clear of any Lien (except as otherwise disclosed in Schedule 5.4).
(c)    Each Material Subsidiary and Subsidiary Guarantor identified in Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each such Material Subsidiary and Subsidiary Guarantor has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except for such power or authority as to which the failure to have would not have a Material Adverse Effect.
(d)    Neither any Material Subsidiary nor any Subsidiary Guarantor is a party to, or otherwise subject to any legal, regulatory, contractual or other restriction (other than this Agreement, the agreements listed on Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Material Subsidiary or such Subsidiary Guarantor to pay dividends out of profits or make any other similar distributions of profits to the Parent Issuer or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Material Subsidiary or such Subsidiary Guarantor.  
Section 5.5.    Financial Statements; Material Liabilities.  Prior to the Closing Date, the Parent Issuer has delivered to each Purchaser copies of the audited consolidated balance sheets of the Parent Issuer as of January 1, 2017,  January 3, 2016 and December 28, 2014, and the related consolidated statements of income, stockholders’ equity and cash flows for the fiscal years ended as of January 1, 2017,  January 3, 2016 and December 28, 2014.  All of said financial statements 

-8-

and the financial statements delivered pursuant to Section 4.12 hereof (including in each case the related schedules and notes) fairly present, and with respect to the financial statements delivered pursuant to Section 4.12, will fairly present, in all material respects the consolidated financial position of the Parent Issuer and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto.  Except for liabilities incurred in the ordinary course of business since January 1, 2017, the Parent Issuer, its Material Subsidiaries and the Subsidiary Guarantors do not have any Material liabilities that, as of the Closing Date, are not disclosed on the January 1, 2017 financial statements and required to be so disclosed, or otherwise disclosed in the Disclosure Documents.
Section 5.6.    Compliance with Laws, Other Instruments, Etc.  The execution, delivery and performance by the Company and the Parent Issuer of this Agreement and the Notes will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company, the Parent Issuer or any Material Subsidiary under, (i) any indenture, mortgage, deed of trust, loan or credit agreement with a financial institution, (ii) corporate charter, articles of association or by-laws (or similar organizational documents), or (iii) any other agreement or instrument to which the Company, the Parent Issuer or any Material Subsidiary is bound or by which the Company, the Parent Issuer or any Material Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company, the Parent Issuer or any Material Subsidiary, or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company, the Parent Issuer or any Subsidiary, except in the case of clause (a)(iii), (b) or (c) above, such instances that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
Section 5.7.    Governmental Authorizations, Etc.  (a) No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Parent Issuer or the Company of this Agreement or the Notes, including any thereof required in connection with the obtaining of Euros to make payments under this Agreement or the Notes and the payment of such Euros to Persons resident in the United States of America, other than the filing of Form 8-K with the SEC.  It is not necessary to ensure the legality, validity, enforceability or admissibility into evidence in The Netherlands of this Agreement or the Notes that any thereof or any other document be filed, recorded or enrolled with any Governmental Authority, or that any such agreement or document be stamped with any stamp, registration or similar transaction tax.
Section 5.8.    Litigation; Observance of Agreements, Statutes and Orders.  (a) There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company or the Parent Issuer, threatened against or affecting the Company, the Parent Issuer or any Subsidiary or any property of the Company, the Parent Issuer or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

-9-

(b)    None of the Company, the Parent Issuer or any Subsidiary is in default under any term of any agreement or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including without limitation Environmental Laws or the USA Patriot Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
Section 5.9.    Taxes.  (a) The Parent Issuer and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not individually or in the aggregate Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Parent Issuer or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.  The Parent Issuer knows of no basis for any other tax or assessment that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Parent Issuer and its Subsidiaries in respect of Material Federal, state or other taxes for all fiscal periods are adequate.  The Federal income tax liabilities of the Parent Issuer and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 30, 2012.
(b)    No liability for any Tax, directly or indirectly, imposed, assessed, levied or collected by or for the account of any Governmental Authority of The Netherlands or any political subdivision thereof will be incurred by the Company, the Parent Issuer or any holder of a Note as a result of the execution or delivery of this Agreement or the Notes and no deduction or withholding in respect of Taxes imposed by or for the account of The Netherlands or, to the knowledge of the the Company or the Parent Issuer, any other Taxing Jurisdiction, is required to be made from any payment by the Company or the Parent Issuer under this Agreement or the Notes except for any such liability, withholding or deduction imposed, assessed, levied or collected by or for the account of any such Governmental Authority of The Netherlands arising out of circumstances described in clause (i), (ii) or (iii) of Section 13(b).
Section 5.10.    Title to Property; Leases.  The Parent Issuer and its Subsidiaries have good and sufficient title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Parent Issuer or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement.  All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects.

-10-

Section 5.11.    Licenses, Permits, Etc.  
(a)    The Parent Issuer and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for such conflicts that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
(b)    To the best knowledge of the Parent Issuer, no product of the Parent Issuer or any of its Subsidiaries infringes in any respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person except for such infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
(c)    To the best knowledge of the Parent Issuer, there is no violation by any Person of any right of the Parent Issuer or any of its Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Parent Issuer or any of its Subsidiaries except for such violations that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
Section 5.12.    Compliance with ERISA.  (a) The Parent Issuer and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  Neither the Parent Issuer nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could reasonably be expected to result in the incurrence of any such liability by the Parent Issuer or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Parent Issuer or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or to section 436 or 430 of the Code or section 4068 of ERISA, other than such liabilities or Liens as would not be individually or in the aggregate Material.
(b)    The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan’s plan year ended December 31, 2016, on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recently delivered actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities by more than $20,000,000 in the aggregate for all Plans.  The present value of the accrued benefit liabilities (whether or not vested) under each Non-U.S. Plan that is funded, determined as of the end of such Plan’s plan year ended December 31, 2016, on the basis of the actuarial assumptions specified for funding purposes in such Non-U.S. Plan’s most recently delivered actuarial valuation report, did not exceed the aggregate current value of the assets of such Non-U.S. Plan allocable to such benefit liabilities by more than $20,000,000 in the aggregate for all Non-U.S. Plans.  The term “benefit liabilities” has the meaning specified 

-11-

in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.
(c)    The Parent Issuer and its ERISA Affiliates have not incurred (i) withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material or (ii) or (ii) any obligation in connection with the termination of or withdrawal from any Non-U.S. Plan that individually or in the aggregate are Material.
(d)    The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of Section 406 of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)‐(D) of the Code.  The representation by the Parent Issuer in the first sentence of this Section 5.12(d) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.3 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser.
(e)    All Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations and orders applicable thereto, except where failure so to comply would not be reasonably expected to have a Material Adverse Effect.  All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by the Parent Issuer and its Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue would not be reasonably expected to have a Material Adverse Effect.
Section 5.13.    Private Offering by the Company.  None of the Company, the Parent Issuer or Merrill Lynch, Pierce, Fenner & Smith Incorporated, the only entity authorized to act on the Company’s or Parent Issuer’s behalf, has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than fourteen other Institutional Investors, each of which has been offered the Notes in connection with a private sale for investment.  None of the Company, the Parent Issuer or Merrill Lynch, Pierce, Fenner & Smith Incorporated, the only entity authorized to act on the Company’s or Parent Issuer’s behalf, has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction.
Section 5.14.    Use of Proceeds; Margin Regulations.  The proceeds of the sale of the Notes will be used to refinance existing Indebtedness and for general corporate purposes, including acquistions.  No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock in violation of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company or the Parent Issuer in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220).  Margin stock does not constitute 

-12-

more than 25% of the value of the consolidated assets of the Parent Issuer and its Subsidiaries and the Parent Issuer does not have any present intention that margin stock will constitute more than 25% of the value of such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.
Section 5.15.    Existing Indebtedness; Future Liens.  (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Parent Issuer and its Subsidiaries as of January 1, 2017 in an aggregate outstanding amount of at least $10,000,000 (including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of such Indebtedness of the Parent Issuer or its Subsidiaries.  Neither the Parent Issuer nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Parent Issuer or such Subsidiary in an aggregate outstanding amount of at least $5,000,000 and no event or condition exists with respect to such Indebtedness of the Parent Issuer or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment
(b)    Except as disclosed in Schedule 5.15, neither the Parent Issuer nor any Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.4.
(c)    Neither the Parent Issuer nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Parent Issuer or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Parent Issuer, except as specifically indicated in Schedule 5.15.
Section 5.16.    Foreign Assets Control Regulations, Etc.  (a) Neither the Parent Issuer nor any Controlled Entity is (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, United States Department of the Treasury (“OFAC”) (an “OFAC Listed Person”), (ii) an agent, department, or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program, or (iii) otherwise blocked, subject to material sanctions under or engaged in any activity that constitutes a violation of other United States economic sanctions that has resulted in or is reasonably likely to result in material penalties, including but not limited to, the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act (“CISADA”) or any similar law or regulation with respect to Iran or any other country, the Sudan Accountability and Divestment Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the United States or any enabling legislation or executive order relating to any of the 

-13-

foregoing (collectively, “U.S. Economic Sanctions”) (each OFAC Listed Person and each other Person, entity, organization and government of a country described in clause (i), clause (ii) or clause (iii), a “Blocked Person”).  Neither the Parent Issuer nor any Controlled Entity has been notified in writing that its name appears or may in the future appear on a list complied by any state of the United States of America of Persons that engage in investment or other commercial activities in Iran or any other country that is subject to U.S. Economic Sanctions.
(b)    No part of the proceeds from the sale of the Notes hereunder constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Parent Issuer or any Controlled Entity, directly or indirectly, (i) in connection with any investment in, or any transactions or dealings with, any Blocked Person, or (ii) otherwise in violation of U.S. Economic Sanctions.
(c)    Neither the Parent Issuer nor any Controlled Entity (i) has been found in violation of, charged with, or convicted of, money laundering, drug trafficking, terrorist‐related activities or other money laundering predicate crimes under the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act), the USA PATRIOT Act or any other United States law or regulation governing such activities (collectively, “Anti‐Money Laundering Laws”) or any material U.S. Economic Sanctions violations, (ii) to the Parent Issuer’s actual knowledge after making due inquiry, is under investigation by any Governmental Authority for possible material violation of Anti‐Money Laundering Laws or any U.S. Economic Sanctions violations that have resulted in or are reasonably likely to result in material penalties, (iii) has been assessed material civil penalties under any Anti‐Money Laundering Laws or any U.S. Economic Sanctions, or (iv) has had any of its funds seized or forfeited in an action under any Anti‐Money Laundering Laws.  The Parent Issuer has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Parent Issuer and each Controlled Entity is and will continue to be in compliance in all material respects with all applicable current and, to the best of its knowledge, future Anti‐Money Laundering Laws and U.S. Economic Sanctions.
(d)    (1) Neither the Parent Issuer nor any Controlled Entity (i) has been charged with, or convicted of bribery or any other anti‐corruption related activity under any applicable law or regulation in a U.S. or any non‐U.S. country or jurisdiction, including but not limited to, the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010 (collectively, “Anti‐Corruption Laws”), (ii) to the Parent Issuer’s actual knowledge, is under investigation by any U.S. or non‐U.S. Governmental Authority for possible violation of Anti‐Corruption Laws that has resulted in or is reasonably likely to result in material penalties, (iii) has been assessed material civil or criminal penalties under any Anti‐Corruption Laws or (iv) has been or, to the Parent Issuer’s actual knowledge, is the target of sanctions imposed by the United Nations or the European Union that have resulted in or are reasonably likely to result in material penalties;
(2)    To the Parent Issuer’s actual knowledge after making due inquiry, neither the Parent Issuer nor any Controlled Entity has, within the last five years, directly or indirectly offered, promised, given, paid or authorized the offer, promise, giving or payment of anything of value to a Governmental Official or a commercial counterparty for the purposes of: (i) influencing any act, 

-14-

decision or failure to act by such Governmental Official in his or her official capacity or such commercial counterparty, (ii) inducing a Governmental Official to do or omit to do any act in violation of the Governmental Official’s lawful duty, or (iii) inducing a Governmental Official or a commercial counterparty to use his or her influence with a government or instrumentality to affect any act or decision of such government or entity; in each case in order to obtain, retain or direct business or to otherwise secure an improper advantage in violation of any applicable law or regulation; and
(3)    No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage.  The Parent Issuer has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Parent Issuer and each Controlled Entity is and will continue to be in compliance with all applicable Anti‐Corruption Laws.
Section 5.17.    Status under Certain Statutes.  Neither the Parent Issuer nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended or the Public Utility Holding Company Act of 2005, as amended.
Section 5.18.    Environmental Matters.  (a) Neither the Parent Issuer nor any Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Parent Issuer or any of its Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them, or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as is adequately reserved for in the Parent Issuer’s January 1, 2017 financial statements or that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
(b)    Neither the Parent Issuer nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as is adequately reserved for in the Parent Issuer’s January 1, 2017 financial statements or that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
(c)    Neither the Parent Issuer nor any Subsidiary has (i) stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them in a manner contrary to any Environmental Laws and (ii) has disposed of any Hazardous Materials in a manner contrary to any Environmental Laws, except in each such case for such storage and disposal that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
Section 5.19.    Obligations Rank Pari Passu.  Except as otherwise required by law, the obligations of the Parent Issuer under this Agreement rank pari passu in right of payment with all other senior unsecured Indebtedness (actual or contingent) of the Parent Issuer, including, without 

-15-

limitation, all senior unsecured Indebtedness of the Parent Issuer described in Schedule 5.15 hereto.  Except as otherwise required by law, the obligations of the Company under this Agreement and the Notes rank pari passu in right of payment with all other senior unsecured Indebtedness (actual or contingent) of the Company, including, without limitation, all senior unsecured Indebtedness of the Company described in Schedule 5.15 hereto.
		
	SECTION 6.
	REPRESENTATIONS OF THE PURCHASERS.

Section 6.1.    Purchase for Investment.  Each Purchaser severally represents, as of the Closing Date, that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or such pension or trust funds’ property shall at all times be within such Purchaser’s or such pension or trust funds’ control.  Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the Notes, and that the Company has no obligation to so register the Notes.
Section 6.2.    Accredited Investor.  Each Purchaser represents, as of the Closing Date, that it is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others are also “accredited investors”).  Each Purchaser further represents that such Purchaser has had the opportunity to ask questions of the Company and the Parent Issuer and received answers concerning the terms and conditions of the sale of the Notes. 
Section 6.3.    Source of Funds    .  Each Purchaser severally represents, as of the Closing Date, that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:
(a)    the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the National Association of Insurance Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or

-16-

(b)    the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or
(c)    the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or
(d)    the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or
(e)    the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or
(f)    the Source is a governmental plan; or

-17-

(g)    the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or
(h)    the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.
As used in this Section 6.3, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA.
		
	SECTION 7.
	INFORMATION AS TO PARENT ISSUER.

Section 7.1.    Financial and Business Information.  The Parent Issuer shall deliver to each holder of Notes that is an Institutional Investor:
(a)    Quarterly Statements — within 60 days after the end of each quarterly fiscal period in each fiscal year of the Parent Issuer (other than the last quarterly fiscal period of each such fiscal year), 
(i)    a consolidated balance sheet of the Parent Issuer and its Subsidiaries as at the end of such quarter, and
(ii)    consolidated statements of income and cash flows of the Parent Issuer and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 
setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that filing with the SEC within the time period specified above the Parent Issuer’s Quarterly Report on Form 10‐Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a); provided, further, that the Parent Issuer shall be deemed to have made such delivery of such Form 10 Q if it shall (1) have timely made such Form 10 Q available on “EDGAR” and under the investor relations tab on its home page on the worldwide web (at the date of this Agreement located at:  http//www.teledyne.com) and (2) the Parent Issuer shall have notified each holder (by telecopier or electronic mail) of the posting of such Form 10 Q (such availability and notice thereof being referred to as “Electronic Delivery”);
(b)    Annual Statements — within 105 days after the end of each fiscal year of the Parent Issuer, 

-18-

(i)    a consolidated balance sheet of the Parent Issuer and its Subsidiaries, as at the end of such year, and
(ii)    consolidated statements of income, changes in shareholders’ equity and cash flows of the Parent Issuer and its Subsidiaries, for such year,
setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that filing with the SEC within the time period specified above of the Parent Issuer’s Annual Report on Form 10‐K for such fiscal year (together with the Parent Issuer’s annual report to shareholders, if any, prepared pursuant to Rule 14a‐3 under the Exchange Act) prepared in accordance with the requirements therefor shall be deemed to satisfy the requirements of this Section 7.1(b); provided, further, that the Parent Issuer shall be deemed to have made such delivery of such Form 10 K if it shall have timely made Electronic Delivery thereof;
(c)    SEC and Other Reports — except for filings referred to in Section 7.1(a) and (b) above, promptly upon their becoming available and, to the extent applicable, one copy of (i) each financial statement, report, notice or proxy statement sent by the Parent Issuer or any Subsidiary to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or, to the extent such information is Material, to public securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto filed by the Parent Issuer or any Subsidiary with the SEC and of all press releases and other statements made available generally by the Parent Issuer or any Subsidiary to the public concerning developments that are Material, provided that the Parent Issuer shall be deemed to have satisfied its delivery obligation under clause (ii) hereof of such regular and periodic reports, registration statements, prospectuses and any amendments if the Parent Issuer shall have timely made Electronic Delivery thereof; provided further, that in the event such information is not Material, the Parent Issuer need not comply with clause (2) of the definition of Electronic Delivery;
(d)    Notice of Default or Event of Default — promptly, and in any event within ten days after a Responsible Officer becomes aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(g), a written notice specifying 

-19-

the nature and period of existence thereof and what action the Parent Issuer is taking or proposes to take with respect thereto;
(e)    ERISA Matters — promptly, and in any event within five days after a Responsible Officer becomes aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Parent Issuer or an ERISA Affiliate proposes to take with respect thereto:
(i)    with respect to any Plan, any reportable event, as defined in  
Section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or
(ii)    the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Parent Issuer or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or
(iii)    any event, transaction or condition that could result in the incurrence of any liability by the Parent Issuer or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or the imposition of any Lien on any of the rights, properties or assets of the Parent Issuer or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect;
(f)    Notices from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice to the Parent Issuer or any Subsidiary from any Federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect; and
(g)    Requested Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company, the Parent Issuer or any of its Subsidiaries or relating to the ability of the Company or the Parent Issuer to perform their obligations hereunder and under the Notes as from time to time may be reasonably requested by any such holder of Notes or such information regarding the Parent Issuer or the Parent Issuer required to satisfy the requirements of 17 C.F.R. §230.144A, as amended from time to time, in connection with any contemplated transfer of the Notes.
Section 7.2.    Officer’s Certificate and Director’s Certificate    .  Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be 

-20-

accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of any such financial statements, shall be by separate concurrent delivery of such certificate to each holder of Notes):
(a)    Covenant Compliance — the information (including detailed calculations and reconciliations to GAAP if Agreement Accounting Principles differ from GAAP at the time such compliance certificate is delivered) required in order to establish whether the Parent Issuer was in compliance with the requirements of Section 10.1 through Section 10.5 hereof, inclusive, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence) and, in the case of Section 10.1, whether and to what extent and degree the Consolidated Leverage Ratio exceeded 3.25 to 1.00 at the end of the applicable fiscal quarter to which such compliance certificate relates and, as applicable, when the related Interest Rate Adjustment Period begins, the amount of interest payable on the Notes constituting the Interest Rate Adjustment and the date on which such amount of interest is payable or was paid; and
(b)    Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Parent Issuer and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Parent Issuer or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Parent Issuer shall have taken or proposes to take with respect thereto.
Section 7.3.    Visitation.  The Company and the Parent Issuer shall permit the representatives of each holder of Notes that is an Institutional Investor:
(a)    No Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Parent Issuer, and in any case not more than once in any fiscal year, to visit during normal business hours the principal executive office of the Parent Issuer, to discuss the affairs, finances and accounts of the Parent Issuer and its Subsidiaries with the Parent Issuer’s officers, and (with the consent of the Parent Issuer, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Parent Issuer, which consent will not be unreasonably withheld, and not more than once in any fiscal year) to visit during normal business hours the other offices and properties of the Parent Issuer and each Subsidiary, all at such reasonable times and as may be reasonably requested in writing; and

-21-

(b)    Default — if a Default or Event of Default then exists, at the expense of the Company and the Parent Issuer, upon reasonable prior notice, to visit and inspect during normal business hours any of the offices or properties of the Parent Issuer or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Parent Issuer authorizes said accountants to discuss the affairs, finances and accounts of the Parent Issuer and its Subsidiaries), all at such times and as often as may be requested.
(c)    Notwithstanding anything in Section 7.3, neither the Parent Issuer nor any Subsidiary shall be required to disclose (i) any agreement, technical information or any other item which disclosure is prohibited by law, (ii) any agreement or technical information that is subject to a confidentiality obligation binding upon the Parent Issuer or such Subsidiary (but provided further that the Parent Issuer or such Subsidiary, as the case may be, shall, at the request of the Purchaser, use commercially reasonable efforts to obtain permission for such disclosure and, in the event permission cannot be obtained, furnish such information regarding the matters to which such information relates as can reasonably be furnished without violation of such confidentiality obligations) or (iii) any communications protected by attorney-client privilege, the disclosure of which might waive such privilege.
		
	SECTION 8.
	PAYMENT OF THE NOTES.

Section 8.1.    Maturity.  (a) The entire unpaid principal amount of the Series A Notes shall become due and payable on April 18, 2022.
(b)    The entire unpaid principal amount of the Series B Notes shall become due and payable on April 18, 2023.
(c)    The entire unpaid principal amount of the Series C Notes shall become due and payable on April 18, 2023.
(d) The entire unpaid principal amount of the Series D Notes shall become due and payable on April 18, 2024.
Section 8.2.    Optional Prepayments with Make-Whole Amount.  (a) Subject to the terms of Section 8.2(b), the Company or the Parent Issuer, as applicable, may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes of any Series in an amount not less than 10% of the aggregate principal amount of the Notes of such Series then outstanding in the case of a partial prepayment (or such lesser amount as shall be required to effect a partial prepayment resulting from an offer of prepayment pursuant to Section 10.5), at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus the Make‐Whole Amount plus the Net Loss (if any) with respect to a Swapped Note or less the Net Gain (if any) with respect to a Swapped Note, determined for the prepayment date with respect to such principal amount.  The Company or the Parent Issuer, as applicable, will give each holder of Notes of each applicable Series written notice of each optional prepayment 

-22-

under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment.  Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes of the applicable Series to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated respective Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  Two Business Days prior to such prepayment, the Company or Parent Issuer, as applicable, shall deliver to each holder of Notes of the Series to be prepaid a certificate of a Senior Financial Officer specifying the calculation of each such Make‐Whole Amount as of the specified prepayment date.
(b)    Notwithstanding anything contained in Section 8.2(a) to the contrary, if and so long as any Default or Event of Default exists, or any full or partial prepayment is made in contemplation or avoidance of any Default or Event of Default, any full or partial prepayment of the Notes pursuant to the provisions of this Section 8.2 may not be made by the Company or the Parent Issuer by Series but rather shall be made by the Company and the Parent Issuer with respect to all of the Notes (without regard to Series) and, with respect to a partial prepayment, shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof (without regard to Series).
Section 8.3.    Allocation of Partial Prepayments.  In the case of each partial prepayment of the Notes of any Series pursuant to the provisions of Section 8.2, the principal amount of the Notes of the Series to be prepaid shall be allocated among all of the Notes of such Series to be prepaid at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.  In the case of each partial prepayment made pursuant to the provisions of Section 8.8, the principal amount of the Notes to be prepaid shall be made to such holders who have accepted any offer of prepayment pursuant to the provisions of Section 8.8, and such partial prepayment shall be allocated among the Notes of such holders in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof of the Notes of all holders who have accepted such offer of prepayment.
Section 8.4.    Maturity; Surrender, Etc.      In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make‐Whole Amount, if any.  From and after such date, unless the Company or the Parent Issuer, as applicable, shall fail to pay such principal amount when so due and payable, together with the interest and Make‐Whole Amount as aforesaid, interest on such principal amount shall cease to accrue.  Any Note paid or prepaid in full shall be surrendered to the Company or the Parent Issuer, as applicable, and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

-23-

Section 8.5.    Purchase of Notes.  Neither the Parent Issuer nor the Company will, nor will they permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any Series except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to a written offer to purchase any outstanding Notes made by the Parent Issuer, the Company or an Affiliate pro rata to the holders of the Notes of any Series upon the same terms and conditions; provided however, if a Default or Event of Default has occurred and is continuing or would result from any offer to purchase the Notes of any Series, such offer to purchase Notes must be made pursuant to a written offer made by the Parent Issuer, the Company or an Affiliate pro rata to the holders of the Notes of all Series upon the same terms and conditions.  The Company or the Parent Issuer, as applicable, will promptly cancel all Notes acquired by the Company, the Parent Issuer or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.
Section 8.6.    Make‐Whole Amount for the Notes‐.  (a)    Make-Whole Amount with respect to Non-Swapped Notes.  
The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Non-Swapped Note over the amount of such Called Principal, provided that the Make-Whole Amount may not in any event be less than zero.  For the purposes of determining the Make-Whole Amount with respect to any Non-Swapped Note, the following terms have the following meanings:
“Applicable Percentage” in the case of a computation of the Make-Whole Amount means 0.50% (50 basis points).
“Called Principal” means, with respect to any Non-Swapped Note, the principal of such Non-Swapped Note that is to be prepaid pursuant to Section 8.2 has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.
“Discounted Value” means, with respect to the Called Principal of any Non-Swapped Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Non-Swapped Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Non-Swapped Note” means any Note other than a Swapped Note.
“Reinvestment Yield” means, means, with respect to the Called Principal of any Non-Swapped Note, the sum of the Applicable Percentage plus the ask-side yield to maturity implied by (A) the Kassekurs shown on the display designated as “Page PXGE” (or such other display as may replace Page PXGE) on Bloomberg Financial Markets as of 9:00 a.m. 

-24-

New York time on the second Business Day preceding the Settlement Date with respect to such Called Principal for Bundesobligationen having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (B) if (1) the “Page PXGE” (or such other display as may replace Page PXGE) is not published on such Business Day or (2) there is a manifest error in such “Page PXGE” (or such other display as may replace Page PXGE), the Kassekurs set on such Business Day by the Frankfurt Stock Exchange at (or at approximately) 11:00 a.m. Frankfurt time on such Business Day for actively traded Bundesobligationen having a maturity closest to the Remaining Average Life of such Called Principal as of such Settlement Date or (3) if such Kassekurs are not reported as of such time or the Kassekurs reports as of such time are not ascertainable, by reference to the arithmetic mean of the ask-side yields to maturity closest to the Remaining Average Life of such Called Principal as of such Settlement Date by three market makers selected by the Company with the consent of the holders of more than 50% in principal amount of the Non-Swapped Notes at the time outstanding (exclusive of any such Non-Swapped Notes then owned by the Company or any of its Affiliates).  In the case of each determination under clause (A) or clause (B) of this definition, as the case may be, such implied ask-side yield will be determined, if necessary, by interpolating linearly between (x) the actively traded Bundesobligationen with the maturity closest to and greater than the Remaining Average Life and (y) the actively traded Bundesobligationen with the maturity closest to and less than the Remaining Average Life.
The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.
“Remaining Average Life” means, with respect to any Called Principal of any Non-Swapped Note, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360‐day year composed of twelve 30‐day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” means, with respect to the Called Principal of any Non-Swapped Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or 12.1.
“Settlement Date” means, with respect to the Called Principal of any Non-Swapped Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or 8.10 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

-25-

(b)    Make-Whole Amount with respect to Swapped Notes.  
The term “Make-Whole Amount” means, with respect to any Swapped Note, an amount equal to the excess, if any, of the Swapped Note Discounted Value with respect to the Swapped Note Called Notional Amount related to such Swapped Note over such Swapped Note Called Notional Amount, provided that the Make-Whole Amount may not in any event be less than zero. All payments of Make-Whole Amount in respect of any Swapped Note shall be made in U.S. Dollars. For the purposes of determining the Make-Whole Amount  with respect to any Swapped Note, the following terms have the following meanings:
“New Swap Agreement” means any cross-currency swap agreement pursuant to which the holder of a Swapped Note is to receive payment in U.S. Dollars and which is entered into in full or partial replacement of an Original Swap Agreement as a result of such Original Swap Agreement having terminated for any reason other than a non-scheduled prepayment or a repayment of such Swapped Note prior to its scheduled maturity.  The terms of a New Swap Agreement with respect to any Swapped Note do not have to be identical to those of the Original Swap Agreement with respect to such Swapped Note.
“Original Swap Agreement” means, with respect to any Swapped Note, (x) a cross-currency swap agreement and annexes and schedules thereto (an “Initial Swap Agreement”) that is entered into on an arm's length basis by the original purchaser of such Swapped Note (or any affiliate thereof) in connection with the execution of this Agreement and the purchase of such Swapped Note and relates to the scheduled payments by the Company of interest and principal on such Swapped Note, under which the holder of such Swapped Note is to receive payments from the counterparty thereunder in U.S. Dollars and which is more particularly described on Schedule 8.6 hereto, (y) any Initial Swap Agreement that has been assumed (without any waiver, amendment, deletion or replacement of any material economic term or provision thereof) by a holder of a Swapped Note in connection with a transfer of such Swapped Note and (z) any Replacement Swap Agreement; and a “Replacement Swap Agreement” means, with respect to any Swapped Note, a cross-currency swap agreement and annexes and schedules thereto with payment terms and provisions (other than a reduction in notional amount, if applicable) identical to those of the Initial Swap Agreement with respect to such Swapped Note that is entered into on an arm's length basis by the holder of such Swapped Note in full or partial replacement (by amendment, modification or otherwise) of such Initial Swap Agreement (or any subsequent Replacement Swap Agreement) in a notional amount not exceeding the outstanding principal amount of such Swapped Note following a non-scheduled prepayment or a repayment of such Swapped Note prior to its scheduled maturity. Any holder of a Swapped Note that enters into, assumes or terminates an Initial Swap Agreement or Replacement Swap Agreement shall within a reasonable period of time thereafter deliver to the Company a copy of the confirmation, assumption or termination related thereto.

-26-

“Swap Agreement” means, with respect to any Swapped Note, an Original Swap Agreement or a New Swap Agreement, as the case may be.
“Swapped Note” means any Note that as of the date of the Closing is subject to a Swap Agreement. A “Swapped Note” shall no longer be deemed a “Swapped Note” at such time as the related Swap Agreement ceases to be in force in respect thereof.
“Swapped Note Applicable Percentage” and means 0.50% in the case of a computation of the Make-Whole Amount.
“Swapped Note Called Notional Amount” means, with respect to any Swapped Note Called Principal of any Swapped Note, the payment in U.S. Dollars due to the holder of such Swapped Note under the terms of the Swap Agreement to which such holder is a party, attributable to and in exchange for such Swapped Note Called Principal and assuming that such Swapped Note Called Principal is paid on its scheduled maturity date, provided that if such Swap Agreement is not an Initial Swap Agreement, then the “Swapped Note Called Notional Amount” in respect of such Swapped Note shall not exceed the amount in U.S. Dollars which would have been due to the holder of such Swapped Note under the terms of the Initial Swap Agreement to which such holder was a party (or if such holder was never party to an Initial Swap Agreement, then the last Initial Swap Agreement to which the most recent predecessor in interest to such holder as a holder of such Swapped Note was a party), attributable to and in exchange for such Swapped Note Called Principal and assuming that such Swapped Note Called Principal is paid on its scheduled maturity date.
“Swapped Note Called Principal” means, with respect to any Swapped Note, the principal of such Swapped Note that is to be prepaid pursuant to Section 8.2, 8.7, 8.8 or 8.10 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.
“Swapped Note Discounted Value” means, with respect to the Swapped Note Called Notional Amount of any Swapped Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires, the amount obtained by discounting all Swapped Note Remaining Scheduled Swap Payments corresponding to the Swapped Note Called Notional Amount of such Swapped Note from their respective scheduled due dates to the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on such Swapped Note is payable) equal to the Swapped Note Reinvestment Yield with respect to such Swapped Note Called Notional Amount.
“Swapped Note Reinvestment Yield” means, with respect to the Swapped Note Called Notional Amount of any Swapped Note, the sum of (x) Swapped Note Applicable Percentage plus (y) the yield to maturity implied by (1) the yields reported, as of 10.00 A.M. (New York City time) on the second Business Day preceding the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount, on the display designated as “Page 

-27-

PX1” (or such other display as may replace Page PX1) on the Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Swapped Note Remaining Average Life of such Swapped Note Called Notional Amount as of such Swapped Note Settlement Date, or (2) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported for the latest day for which such yields have been so reported as of the second Business Day preceding the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount, in U.S. Federal Reserve Statistical Release H.15 (or any comparable successor publication) for applicable U.S. Treasury securities having a constant maturity equal to the Swapped Note Remaining Average Life of such Swapped Note Called Notional Amount as of such Swapped Note Settlement Date. 
In the case of each determination under clause (1) or (2), as the case may be, of the preceding paragraph such implied yield will be determined, if necessary, by (A) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (B) interpolating linearly between (i) the applicable U.S. Treasury security with the maturity closest to and greater than the Swapped Note Remaining Average Life of such Swapped Note Called Notional Amount and (ii) the applicable U.S. Treasury security with the maturity closest to and less than such Swapped Note Remaining Average Life. The Swapped Note Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of such Swapped Note.
“Swapped Note Remaining Average Life” means, with respect to any Swapped Note Called Notional Amount, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (x) such Swapped Note Called Notional Amount into (y) the sum of the products obtained by multiplying (1) the principal component of each Swapped Note Remaining Scheduled Swap Payments with respect to such Swapped Note Called Notional Amount by (2) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount and the scheduled due date of such Swapped Note Remaining Scheduled Payments.
“Swapped Note Remaining Scheduled Swap Payments” means, with respect to the Swapped Note Called Notional Amount relating to any Swapped Note, the payments due to the holder of such Swapped Note in U.S. Dollars under the terms of the Swap Agreement to which such holder is a party which correspond to all payments of the Swapped Note Called Principal of such Swapped Note corresponding to such Swapped Note Called Notional Amount and interest on such Swapped Note Called Principal (other than that portion of the payment due under such Swap Agreement corresponding to the interest accrued on the Swapped Note Called Principal to the Swapped Note Settlement Date) that would be due after the Swapped Note Settlement Date in respect of such Swapped Note Called Notional Amount assuming that no payment of such Swapped Note Called Principal is made prior to its originally scheduled payment date, provided that if such Swapped Note Settlement Date is not a date on which an interest payment is due to be made under the terms of such 

-28-

Swapped Note, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Swapped Note Settlement Date and required to be paid on such Swapped Note Settlement Date pursuant to Section 8.2 or Section 12.1.
“Swapped Note Settlement Date” means, with respect to the Swapped Note Called Notional Amount of any Swapped Note Called Principal of any Swapped Note, the date on which such Swapped Note Called Principal is to be prepaid pursuant to Section 8.2, 8.7, 8.8 or 8.10 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.
Section 8.7.    Prepayment in Connection with a Change in Control. 
(a)    Notice of Change in Control.  The Parent Issuer will, within 15 Business Days after any Responsible Officer has knowledge of the occurrence of any Change in Control, give written notice of such Change in Control to each holder of Notes.  If a Change in Control has occurred, such notice shall contain and constitute an offer to prepay Notes of each Series as described in subparagraph (b) of this Section 8.7 and shall be accompanied by the certificate described in subparagraph (e) of this Section 8.7.
(b)    Offer to Prepay Notes.  The offer to prepay Notes contemplated by subparagraphs (a) and (b) of this Section 8.7 shall be an offer to prepay, in accordance with and subject to this Section 8.7, all, but not less than all, the Notes held by each holder (in this case only, “holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such offer (the “Proposed Prepayment Date”).  If such Proposed Prepayment Date is in connection with an offer contemplated by subparagraph (a) of this Section 8.7, such date shall be not less than 20 days and not more than 30 days after the date of such offer (if the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment Date shall be the 20th day after the date of such offer).
(c)    Rejection.  A holder of Notes may accept or reject the offer to prepay made pursuant to this Section 8.7 by causing a notice of such acceptance or rejection to be delivered to the Company or Parent Issuer, as applicable, at least 5 Business Days prior to the Proposed Prepayment Date.  A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of such offer by such holder.
(d)    Prepayment.  Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment but without any Make-Whole Amount or premium but plus the Net Loss (if any) with respect to a Swapped Note or less the Net Gain (if any) with respect to a Swapped Note.  The prepayment shall be made on the Proposed Prepayment Date except as provided in subparagraph (f) of this Section 8.7.
(e)    Officer’s Certificate/Director’s Certificate.  Each offer to prepay the Notes pursuant to this Section 8.7 shall be accompanied by a certificate, executed by a Senior Financial Officer of 

-29-

the Parent Issuer and the Company and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 8.7; (iii) that the entire principal amount of each Note is offered to be prepaid; (iv) the interest that would be due on each Note is offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.7 have been fulfilled; and (vi) in reasonable detail, the nature and date or proposed date of the Change in Control.
(f)    “Change in Control” Defined.  “Change in Control” means the occurrence of the following event or circumstance:
if any Person or Persons acting in concert, together with Affiliates thereof, shall become in the aggregate, directly or indirectly, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% (by number of shares) of the issued and outstanding Voting Stock of the Parent Issuer.
Section 8.8.    Prepayment in Connection with Asset Sales.  If the Company and the Parent Issuer are required, in accordance with Section 10.5, to offer to prepay the Notes of all Series using the proceeds of a sale of a substantial part of the assets of the Parent Issuer and its Subsidiaries, the Company and the Parent Issuer will give written notice thereof to each holder of a Note, which notice shall describe such sale in reasonable detail and (a) refer specifically to this Section 8.8, (b) specify the pro rata portion of each Note being so offered to be so prepaid (determined based on the unpaid principal amount of each Note in proportion to the aggregate unpaid principal of all Notes at the time outstanding), (c) specify a date not less than 30 days and not more than 60 days after the date of such notice (the “Asset Sale Prepayment Date”) and specify the Asset Sale Response Date (as defined below) and (d) offer to prepay on the Asset Sale Prepayment Date such pro rata portion of each Note, together with interest accrued thereon to the Asset Sale Prepayment Date.  Each holder of a Note shall notify the Company or Parent Issuer, as applicable, of such holder’s acceptance or rejection of such offer by giving written notice thereof to the Company or the Parent Issuer, as applicable, on a date at least 10 days prior to the Asset Sale Prepayment Date (such date 10 days prior to the Asset Sale Prepayment Date being the “Asset Sale Response Date”), and the Company and the Parent Issuer shall prepay on the Asset Sale Prepayment Date such pro rata portion of each Note held by the holders who have accepted such offer in accordance with this Section 8.8 at a price in respect of each Note held by such holder equal to 100% of the principal amount of such pro rata portion, together with interest accrued thereon to the Asset Sale Prepayment Date but without any Make-Whole Amount or premium but plus the Net Loss (if any) with respect to a Swapped Note or less the Net Gain (if any) with respect to a Swapped Note; provided, however, that the failure by a holder of any Note to respond to such offer in writing on or before the Asset Sale Response Date shall be deemed to be a rejection of such offer.
Section 8.9    Swap Breakage.  If any Swapped Note is prepaid pursuant to Section 8.2, Section 8.7, Section 8.8 or Section 8.10 or has become or is declared to be immediately due and payable pursuant to Section 12.1, then (a) any resulting Net Loss in connection therewith shall be reimbursed to the holder of such Swapped Note by the Company or the Parent Issuer, as applicable, in U.S. Dollars upon any such prepayment or repayment of such Swapped Note and (b) any resulting 

-30-

Net Gain in connection therewith shall be deducted (i) from the Make-Whole Amount, if any, or any principal or interest to be paid to the holder of such Swapped Note by the Company or Parent Issuer, as applicable, upon any such prepayment of such Swapped Note pursuant to Section 8.2, Section 8.7, Section 8.8 or Section 8.10 or (ii) from the Make-Whole Amount, if any, to be paid to the holder of such Swapped Note by the Company or the Parent Issuer, as applicable, upon any such repayment of such Swapped Note pursuant to Section 12.1, provided that, in either case, neither the Make-Whole Amount in respect of such Swapped Note may in any event be less than zero. Each holder of a Swapped Note shall be responsible for calculating its own Net Loss or Net Gain, as the case may be, and Swap Breakage Amount in U.S. Dollars upon the prepayment or repayment of all or any portion of such Swapped Note, and such calculations as reported to the Company or the Parent Issuer, as applicable, in reasonable detail shall be binding on the Company or the Parent Issuer, as applicable, absent demonstrable error.

As used in this Section 8.9 with respect to any Swapped Note that is prepaid or accelerated: “Net Loss” means the amount, if any, by which total of the Swapped Note Called Notional Amount and the Swapped Note Called Notional Accrued Interest Amount exceeds the sum of (x) the total of the Swapped Note Called Principal and the Swapped Note Called Accrued Interest Amount plus (or minus in the case of an amount paid) (y) the Swap Breakage Amount received (or paid) by the holder of such Swapped Note; and “Net Gain” means the amount, if any, by which the total of the Swapped Note Called Notional Amount and the Swapped Note Called Notional Accrued Interest Amount is exceeded by the sum of (x) the total of the Swapped Note Called Principal and the Swapped Note Called Accrued Interest Amount plus (or minus in the case of an amount paid) (y) the Swap Breakage Amount received (or paid) by such holder. For purposes of any determination of any “Net Loss” or “Net Gain,” the Swapped Note Called Principal and the Swapped Note Called Accrued Interest Amount shall be determined by the holder of the affected Swapped Note by converting Euros into U.S. Dollars at the current Euro/U.S. Dollar exchange rate, as determined as of 10:00 A.M. (New York City time) on the day such Swapped Note is prepaid or accelerated as indicated on the applicable screen of Bloomberg Financial Markets and any such calculation shall be reported to the Company or Parent Issuer, as applicable, in reasonable detail and shall be binding on the Company or Parent Issuer, as applicable, absent demonstrable error.

As used in this Section 8.9 with respect to the calculation of any Net Loss or Net Gain: “Swapped Note Called Accrued Interest Amount” means, with respect to the Swapped Note Called Principal of a Swapped Note that is to be prepaid or has become immediately due and payable, as the context requires, the accrued interest on such Swapped Note Called Principal to the Swapped Note Settlement Date; and “Swapped Note Called Notional Accrued Interest Amount” means, with respect to any Swapped Note Called Notional Amount, the payment due to the holder of the related Swapped Note under the terms of the Swap Agreement to which such holder is a party attributable to and in exchange for the Swapped Note Called Accrued Interest Amount.
As used in this Section 8.9, “Swap Breakage Amount” means, with respect to the Swap Agreement associated with any Swapped Note, in determining the Net Loss or Net Gain, the amount that would be received (in which case the Swap Breakage Amount shall be positive) or paid (in which case the Swap Breakage Amount shall be negative) by the holder of such Swapped Note as if such Swap Agreement had terminated due to the occurrence of an event of default or an early 

-31-

termination under the ISDA 1992 Multi-Currency Cross Border Master Agreement or ISDA 2002 Master Agreement, as applicable (the “ISDA Master Agreement”); provided, however, that if such holder (or its predecessor in interest with respect to such Swapped Note) was, but is not at the time, a party to an Original Swap Agreement but is a party to a New Swap Agreement, then the Swap Breakage Amount shall mean the lesser of (x) the gain or loss (if any) which would have been received or incurred (by payment, through off-set or netting or otherwise) by the holder of such Swapped Note under the terms of the Original Swap Agreement (if any) in respect of such Swapped Note to which such holder (or any affiliate thereof) was a party (or if such holder was never a party to an Original Swap Agreement, then the last Original Swap Agreement to which the most recent predecessor in interest to such holder as a holder of a Swapped Note was a party) and which would have arisen as a result of the payment of the Swapped Note Called Principal on the Swapped Note Settlement Date and (y) the gain or loss (if any) actually received or incurred by the holder of such Swapped Note, in connection with the payment of such Swapped Note Called Principal on the Swapped Note Settlement Date, under the terms of the New Swap Agreement to which such holder (or any affiliate thereof) is a party.  The holder of such Swapped Note will make all calculations related to the Swap Breakage Amount in good faith and in accordance with its customary practices for calculating such amounts under the ISDA Master Agreement pursuant to which such Swap Agreement shall have been entered into and assuming for the purpose of such calculation that there are no other transactions entered into pursuant to such ISDA Master Agreement (other than such Swap Agreement).

The Swap Breakage Amount shall be payable in U.S. Dollars.

Section 8.10.    Prepayment for Tax Reasons. 

(a)    If at any time as a result of a Change in Tax Law (as defined below) the Company is or becomes obligated to make any Additional Payments (as defined below) in respect of any payment of interest on account of any of the Notes in an aggregate amount for all affected Notes equal to 5% or more of the aggregate amount of such interest payment on account of all of the Notes, the Company may give the holders of all affected Notes irrevocable written notice (each, a “Tax Prepayment Notice”) of the prepayment of such affected Notes on a specified prepayment date (which shall be a Business Day not less than 30 days nor more than 60 days after the date of such notice) and the circumstances giving rise to the obligation of the Company to make any Additional Payments and the amount thereof and stating that all of the affected Notes shall be prepaid on the date of such prepayment at 100% of the principal amount so prepaid together with interest accrued thereon to the date of such prepayment but without any Make-Whole Amount or other premium but plus the Net Loss (if any) with respect to a Swapped Note or less the Net Gain (if any) with respect to a Swapped Note, except in the case of an affected Note if the holder of such Note shall, by written notice given to the Company no more than 20 days after receipt of the Tax Prepayment Notice, reject such prepayment of such Note (each, a “Rejection Notice”).  The form of Rejection Notice shall also accompany the Tax Prepayment Notice and shall state with respect to each Note covered thereby that execution and delivery thereof by the holder of such Note shall operate as a permanent waiver of such holder's right to receive the Additional Payments arising as a result of the circumstances described in the Tax Prepayment Notice in respect of all future payments of interest on such Note (but not of such holder's right to receive any Additional Payments that arise 

-32-

out of circumstances not described in the Tax Prepayment Notice or which exceed the amount of the Additional Payment described in the Tax Prepayment Notice), which waiver shall be binding upon all subsequent transferees of such Note.  The Tax Prepayment Notice having been given as aforesaid to each holder of the affected Notes, the principal amount of such Notes together with interest accrued thereon to the date of such prepayment shall become due and payable on such prepayment date, except in the case of Notes the holders of which shall timely give a Rejection Notice as aforesaid. 
(b)    No prepayment of the Notes pursuant to this Section 8.10 shall affect the obligation of the Company to pay Additional Payments in respect of any payment made on or prior to the date of such prepayment.  For purposes of this Section 8.10, any holder of more than one affected Note may act separately with respect to each affected Note so held (with the effect that a holder of more than one affected Note may accept such offer with respect to one or more affected Notes so held and reject such offer with respect to one or more other affected Notes so held).
(c)    The Company may not offer to prepay or prepay Notes pursuant to this Section 8.10 (i) if a Default or Event of Default then exists, (ii) until the Company shall have taken commercially reasonable steps to mitigate the requirement to make the related Additional Payments or (iii) if the obligation to make such Additional Payments directly results or resulted from actions taken by the Company or any Subsidiary (other than actions required to be taken under applicable law), and any Tax Prepayment Notice given pursuant to this Section 8.10 shall certify to the foregoing and describe such mitigation steps, if any.
(d)    For purposes of this Section 8.10:  “Additional Payments” means additional amounts required to be paid to a holder of any Note pursuant to Section 13 by reason of a Change in Tax Law; and a “Change in Tax Law” means (individually or collectively with one or more prior changes) (i) an amendment to, or change in, any law, treaty, rule or regulation of The Netherlands after the date of the Closing, or an amendment to, or change in, an official interpretation or application of such law, treaty, rule or regulation after the date of the Closing, which amendment or change is in force and continuing and meets the opinion and certification requirements described below or (ii) in the case of any other jurisdiction that becomes a Taxing Jurisdiction after the date of the Closing, an amendment to, or change in, any law, treaty, rule or regulation of such jurisdiction, or an amendment to, or change in, an official interpretation or application of such law, treaty, rule or regulation, in any case after such jurisdiction shall have become a Taxing Jurisdiction, which amendment or change is in force and continuing and meets such opinion and certification requirements.  No such amendment or change shall constitute a Change in Tax Law unless the same would in the opinion of the Company (which shall be evidenced by a Director’s Certificate of the Company and supported by a written opinion of counsel having recognized expertise in the field of taxation in the relevant Taxing Jurisdiction, both of which shall be delivered to all holders of the Notes prior to or concurrently with the Tax Prepayment Notice in respect of such Change in Tax Law) affect the deduction or require the withholding of any Tax imposed by such Taxing Jurisdiction on any payment payable on the Notes.
		
	SECTION 9.
	AFFIRMATIVE COVENANTS.

-33-

 The Parent Issuer and, to the extent provided herein, the Company, covenants that so long as any of the Notes are outstanding:
Section 9.1    Compliance with Law.  Without limiting Section 10.8, the Parent Issuer will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, the USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Section 9.2.    Insurance.  The Parent Issuer will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms as are customary and in such amounts as are no less than customary, and including deductibles, co‐insurance and self-insurance as are customary, in each instance, in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 
Section 9.3.    Maintenance of Properties.  The Parent Issuer will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted in all material respects, provided that this Section shall not prevent the Parent Issuer or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Parent Issuer has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Section 9.4.    Payment of Taxes and Claims.  The Parent Issuer will, and will cause each of its Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Parent Issuer or any Subsidiary not permitted by Section 10.4, provided that neither the Parent Issuer nor any Subsidiary need pay any such tax, assessment, charge, levy, or claim if (i) the amount, applicability or validity thereof is contested by the Parent Issuer or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Parent Issuer or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Parent Issuer or such Subsidiary or (ii) the nonpayment of all such taxes, assessments, charges, levies and claims in the aggregate would not reasonably be expected to have a Material Adverse Effect.

-34-

Section 9.5.    Corporate Existence, Etc.  Subject to Section 10.6, the Parent Issuer will at all times preserve and keep in full force and effect its corporate existence.  Subject to Sections 10.5 and 10.6, the Parent Issuer will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (unless merged into the Parent Issuer or a Wholly Owned Subsidiary) and all rights and franchises of the Parent Issuer and its Subsidiaries unless, in the good faith judgment of the Parent Issuer, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect.
Section 9.6.    Notes to Rank Pari Passu. The Series C Notes, the Series D Notes and all other obligations under this Agreement of the Company are and at all times shall remain direct and unsecured obligations of the Company (except to the extent such obligation becomes secured pursuant to the ratable Lien provision of Section 10.4) ranking (a) pari passu as against the assets of the Company with all other Notes from time to time issued and outstanding hereunder without any preference among themselves and (b) pari passu with all present and future unsecured Indebtedness (actual or contingent) of the Company which is not expressed to be subordinate or junior in rank to any other unsecured Indebtedness of the Company.  The Series A Notes, the Series B Notes and all other obligations under this Agreement of the Parent Issuer are and at all times shall remain direct and unsecured obligations of the Parent Issuer (except to the extent such obligation becomes secured pursuant to the ratable Lien provision of Section 10.4) ranking pari passu with all Indebtedness of the Parent Issuer outstanding under the Bank Credit Agreement and all other present and future unsecured Indebtedness (actual or contingent) of the Parent Issuer which is not expressed to be subordinate or junior in rank to any other unsecured Indebtedness of the Parent Issuer.
Section 9.7.    Additional Subsidiary Guarantors.  The Parent Issuer will cause any Subsidiary that guarantees or otherwise becomes liable at any time, whether as a guarantor, borrower, co-borrower or otherwise, for or in respect of any Indebtedness in respect of any Bank Credit Agreement, to enter into the Subsidiary Guaranty and deliver to each of the holders of the Notes (substantially concurrently with the incurrence of any such obligation pursuant to or in respect of such Bank Credit Agreement) the following items:
(a)    a joinder agreement in respect of the Subsidiary Guaranty substantially in the form of Exhibit A to the Subsidiary Guaranty;
(b)    a certificate signed by an authorized Responsible Officer of the Parent Issuer making representations and warranties to the effect of those contained in the Subsidiary Guaranty, with respect to such Subsidiary and the Subsidiary Guaranty, as applicable; and
(c)    an opinion of counsel (who may be in-house counsel for the Parent Issuer) addressed to each of the holders of the Notes satisfactory to the Required Holders, to the effect that the Subsidiary Guaranty by such Person has been duly authorized, executed and delivered and that the Subsidiary Guaranty constitutes the legal, valid and binding contract and agreement of such Person and enforceable in accordance with its terms, except as an enforcement of such terms may be limited by bankruptcy, insolvency, fraudulent conveyance 

-35-

and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles.
For purposes of Section 2.3(b) and this Section 9.7, the Company or any other Subsidiary of the Parent Issuer who is organized under the laws of any jurisdiction other than the United States of America (each, a “Foreign Subsidiary”) shall not be deemed to be a Person that is liable in respect of such Bank Credit Agreement if such Foreign Subsidiary (i) is a “designated borrower” or an issuer of notes under such Bank Credit Agreement and the Parent Issuer, or any of the Parent Issuer’s Subsidiaries organized under the laws of the United States or any state thereof (each, a “Domestic Subsidiary”), is a “borrower”, “co-borrower” or an issuer of notes under such Bank Credit Agreement and (ii) is not obligated for, or does not otherwise guaranty, any other Person’s obligations under such Bank Credit Agreement. 
Section 9.8.    Books and Records. The Parent Issuer will maintain proper books of record and account in all material respects in conformity with GAAP.  The Parent Issuer will, and will cause each of its Subsidiaries to, maintain their books of record and account in material conformity with all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Parent Issuer or such Subsidiary, as the case may be.
Section 9.9.    Company to remain a Subsidiary.  The Company shall at all times remain a Wholly-Owned Subsidiary of the Parent Issuer.
		
	SECTION 10.
	NEGATIVE COVENANTS.

The Parent Issuer and, to the extent provided herein, the Company, covenants that so long as any of the Notes are outstanding:
Section 10.1.    Consolidated Leverage Ratio. The Parent Issuer will not at any time permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Parent Issuer to be greater than 3.25 to 1.00; provided, however, that if an Acquisition Event shall have occurred during such fiscal quarter (or during any four consecutive fiscal quarter period that includes such fiscal quarter), the Parent Issuer shall have the right, subject to compliance with the following sentence, to permit the Consolidated Leverage Ratio to exceed 3.25 to 1.00, so long as (a) it does not exceed 3.50 to 1.00 (the “Elevated Ratio”) and (b) it does not exceed 3.25 to 1.00 for more than four (4) consecutive fiscal quarters.  If the Parent Issuer should desire to apply the Elevated Ratio at the end of a particular fiscal quarter as contemplated by the preceding proviso, the Company or the Parent Issuer, as applicable, must (A) pay to each holder of a Note, as additional interest, the Interest Rate Adjustment for such Interest Rate Adjustment Period on the unpaid principal balance of such Note on the earlier to occur of (1) the 18th day of April or October next succeeding the Parent Issuer’s election to apply the Elevated Ratio or (2) the date the Notes have become due and payable as a result of their maturity or acceleration and (B) deliver to the holders of the Notes a written notice from a Senior Financial Officer of the Parent Issuer (1) complying with Section 7.2(a) hereof, (2) stating that the Parent Issuer is applying the Elevated Ratio for such fiscal quarter and (3) certifying that there has been an Acquisition Event during the first fiscal quarter in any such four fiscal quarter period.

-36-

Section 10.2.    Consolidated Interest Coverage Ratio.  The Parent Issuer will not permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Parent Issuer to be less than 3.00 to 1.00.
Section 10.3.    Priority Indebtedness. The Parent Issuer will not, and will not permit any Subsidiary to, incur any Priority Indebtedness at any time unless at the time of the incurrence thereof and after giving effect thereto, the aggregate amount of all Priority Indebtedness would not exceed 20% of Consolidated Net Worth, determined as of the end of the then most recently ended fiscal quarter of the Parent Issuer.
Section 10.4.    Limitation on Liens.  The Parent Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Parent Issuer or any such Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits (unless it makes, or causes to be made, effective provision whereby the Notes will be equally and ratably secured with any and all other obligations thereby secured, such security to be pursuant to an agreement reasonably satisfactory to the Required Holders (it being understood and agreed by all present parties hereto and subsequent holders of the Notes that the Required Holders are hereby authorized to execute and deliver any intercreditor, collateral agency or similar agreements and security documents in connection with the grant of a ratable Lien to secure the Notes in form and substance satisfactory to the Required Holders and that execution thereof by the Required Holders will bind all holders from time to time of the Notes) and, in any such case, the Notes shall have the benefit, to the fullest extent that, and with such priority as, the holders of the Notes may be entitled under applicable law, of an equitable Lien on such property), except:
(a)    Liens existing on the Closing Date and reflected on Schedule 10.4 hereof;
(b)    Liens (other than Liens imposed under ERISA) for taxes, assessments or governmental charges or levies not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;
(c)    statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and suppliers and other Liens imposed by law or pursuant to customary reservations or retentions of title arising in the ordinary course of business, provided that such Liens secure only amounts not yet due and payable or, if due and payable, are unfiled and no other action has been taken to enforce the same or are being contested in good faith by appropriate proceedings for which adequate reserves determined in accordance with GAAP have been established;
(d)    pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA;

-37-

(e)    deposits and other customary Liens to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business;
(f)    easements, rights‐of‐way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;
(g)    Liens securing judgments for the payment of money not constituting an Event of Default hereunder or securing appeal or other surety bonds related to such judgments;
(h)    leases or subleases granted to others not interfering in any material respect with the business of the Parent Issuer or any of its Subsidiaries;
(i)    normal and customary rights of setoff (a) upon deposits of cash in favor of banks or other depository institutions or (b) contained in trade contracts entered into in the ordinary course of business;
(j)    Liens of a collection bank arising under Section 4‐210 of the UCC on items in the course of collection;
(k)    Liens created pursuant to the general conditions of a bank operating in the Netherlands based on the general conditions drawn up by the Netherlands Bankers' Association (Nederlandse Vereniging van Banken);
(l)    Liens of sellers of goods to the Parent Issuer and any of its Subsidiaries arising under Article 2 of the UCC or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses;
(m)    Liens granted in favor of any Governmental Authority created pursuant to cost‐type contracts, progress‐billing contracts or advance‐pay contracts with such Governmental Authority to which the Parent Issuer or any of its Subsidiaries is a party in the materials and products of the Parent Issuer and its Subsidiaries subject to such contracts or, in the case of advance‐pay contracts only, any advance payments made thereunder to the Parent Issuer and its Subsidiaries by such Governmental Authority;
(n)    Liens securing Indebtedness of a Subsidiary to the Parent Issuer or to a Subsidiary;
(o)    Liens incurred after the Closing Date given to secure the payment of the purchase price incurred in connection with the acquisition, construction or improvement of property (other than accounts receivable or inventory) useful and intended to be used in 

-38-

carrying on the business of the Parent Issuer or a Subsidiary, including Liens existing on such property at the time of acquisition or construction thereof or Liens incurred within 365 days of such acquisition or completion of such construction or improvement, provided that (i) the Lien shall attach solely to the property acquired, purchased, constructed or improved and the proceeds thereof and, if required by the terms of the instrument originally creating such Lien, other property (or improvement thereon) which is an improvement to or is acquired for specific use in connection with such acquired or constructed property (or improvement thereon); (ii) at the time of acquisition, construction or improvement of such property (or, in the case of any Lien incurred within three hundred sixty-five (365) days of such acquisition or completion of such construction or improvement, at the time of the incurrence of the Indebtedness secured by such Lien), the aggregate amount remaining unpaid on all Indebtedness secured by Liens on such property, whether or not assumed by the Parent Issuer or a Subsidiary, shall not exceed the lesser of (y) the cost of such acquisition, construction or improvement or (z) the Fair Market Value of such property (as determined in good faith by one or more officers of the Parent Issuer or Subsidiary to whom authority to enter into the transaction has been delegated by the board of directors of the Parent Issuer or the Subsidiary); and (iii) at the time of such incurrence and after giving effect thereto, no Default or Event of Default would exist;
(p)    any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Parent Issuer or a Subsidiary or its becoming a Subsidiary, or any Lien existing on any property acquired by the Parent Issuer or any Subsidiary at the time such property is so acquired (whether or not the Indebtedness secured thereby shall have been assumed), provided that (i) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person’s becoming a Subsidiary or such acquisition of property, (ii) each such Lien shall extend solely to the item or items of property or assets of the Person so acquired and, if required by the terms of the instrument originally creating such Lien, other property which is an improvement to or is acquired for specific use in connection with such acquired property, and (iii) at the time of such incurrence and after giving effect thereto, no Default or Event of Default would exist; 
(q)    any extensions, renewals or replacements of any Lien permitted by the preceding subparagraphs (a), (n), (o) and (p) of this Section 10.4, provided that (i) no additional property shall be encumbered by such Liens, (ii) the unpaid principal amount of the Indebtedness or other obligations secured thereby shall not be increased on or after the date of any extension, renewal or replacement, and (iii) at such time and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing;
(r)    licenses or sublicenses granted to third parties so long as such licenses or sublicenses would not, individually or in the aggregate, have a Material Adverse Effect or otherwise interfere in any material respect with the business of the Parent Issuer or any of its Subsidiaries;

-39-

(s)    Liens on insurance proceeds and deposits arising in the ordinary course of business in connection with the financing of insurance premiums and so long as such Liens would not, individually or in the aggregate, have a Material Adverse Effect;
(t)    Liens in favor of a securities intermediary granted in the ordinary course of business on securities in a securities account;
(u)    Liens attaching solely to cash earnest money deposits in connection with any letter of intent or purchase agreement in connection with any Acquisition permitted hereby and so long as such Liens would not, individually or in the aggregate, have a Material Adverse Effect; and
(v)    Liens securing Indebtedness of the Parent Issuer or any Subsidiary, provided that the incurrence of any such Indebtedness shall be permitted by Section 10.3, and, provided further that, no such Liens may secure any obligations under any Bank Credit Agreement unless effective provision is made whereby the Notes will be equally and ratably secured with any and all other obligations thereby secured as described above and in form and substance reasonably satisfactory to the Required Holders.
Section 10.5.    Sales of Assets    .  The Parent Issuer will not, and will not permit any Subsidiary to, sell, lease or otherwise dispose of any substantial part (as defined below) of the assets of the Parent Issuer and its Subsidiaries; provided, however, that the Parent Issuer or any Subsidiary may sell, lease or otherwise dispose of assets constituting a substantial part of the assets of the Parent Issuer and its Subsidiaries if such assets are sold in an arms length transaction and, at such time and immediately after giving effect thereto, no Default or Event of Default would exist (it being agreed that, for purposes of determining compliance with Sections 10.1 and 10.2, such transaction shall be treated on a pro forma basis for the relevant period as having been consummated as of the last day of the most recent fiscal quarter for which financial statements have been delivered and, for purposes of determining compliance with Section 10.3, that all Priority Debt will be deemed to have been incurred as of the last day of the most recent fiscal quarter for which financial statements have been delivered) and an amount equal to the net proceeds received from such sale, lease or other disposition (but in the case of clause (b) above, only with respect to that portion of such assets that exceeds the definition of “substantial part” set forth below) shall be used within 365 days of such sale, lease or disposition, in any combination:
(1)    to acquire productive assets used or useful in carrying on the business of the Parent Issuer and its Subsidiaries and having a value at least equal to the value of such assets sold, leased or otherwise disposed of; and/or
(2)    to prepay or retire Senior Indebtedness of the Parent Issuer and/or its Subsidiaries, provided that, the Company shall, in accordance with Section 8.8, offer to prepay each outstanding Note in a principal amount which equals the Ratable Portion for such Note. 

-40-

As used in this Section 10.5, a sale, lease or other disposition of assets shall be deemed to be a “substantial part” of the assets of the Parent Issuer and its Subsidiaries, taken as a whole, if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by the Parent Issuer and its Subsidiaries, taken as a whole, during the period of 12 consecutive months ending on the date of such sale, lease or other disposition, exceeds 15% of the book value of Consolidated Total Assets, determined as of the end of the fiscal quarter immediately preceding such sale, lease or other disposition; provided that there shall be excluded from any determination of a “substantial part” any (i) sale or disposition of assets in the ordinary course of business of the Parent Issuer and its Subsidiaries, (ii) any transfer of assets from the Parent Issuer to any Subsidiary or from any Subsidiary to the Parent Issuer or a Subsidiary and (iii) any sale or transfer of property acquired by the Parent Issuer or any Subsidiary after the date of this Agreement to any Person within 365 days following the acquisition or construction of such property by the Parent Issuer or any Subsidiary if the Parent Issuer or a Subsidiary shall concurrently with such sale or transfer, lease such property, as lessee.
Section 10.6.    Merger and Consolidation.  The Parent Issuer will not, and will not permit the Company, any Subsidiary Guarantor or any of its Material Subsidiaries to, consolidate with or merge with any other Person or convey, transfer or lease substantially all of its assets in a single transaction or series of transactions to any Person; provided that: 
(1)    the Company, any Subsidiary Guarantor or Material Subsidiary of the Parent Issuer may (x) consolidate with or merge with, or convey, transfer or lease substantially all of its assets in a single transaction or series of transactions to, (i) the Parent Issuer or a Subsidiary so long as in any merger or consolidation involving the Parent Issuer, the Parent Issuer shall be the surviving or continuing corporation, (ii) the Company so long as in any merger or consolidation involving the Company (subject to clause (i) hereof), the Company shall be the surviving or continuing corporation or (iii) any other Person so long as the survivor is a Subsidiary after giving effect to such transaction, or (y) convey, transfer or lease all of its assets in compliance with the provisions of Section 10.5; 
(2)    the foregoing restriction does not apply to the consolidation or merger of the Parent Issuer with, or the conveyance, transfer or lease of substantially all of the assets of the Parent Issuer in a single transaction or series of transactions to, any Person so long as:
(a)    the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease substantially all of the assets of the Parent Issuer as an entirety, as the case may be (the “Successor Corporation”), shall be a solvent entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia;
(b)    if the Parent Issuer is not the Successor Corporation, such Successor Corporation shall have executed and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes (pursuant to such agreements and instruments as shall be reasonably satisfactory to the Required Holders), and the Successor 

-41-

Corporation shall have caused to be delivered to each holder of Notes (A) an opinion of nationally recognized independent counsel (or such other counsel as may be reasonably acceptable to the Required Holders), to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and (B) an acknowledgment from each Subsidiary Guarantor that the Subsidiary Guaranty continues in full force and effect; and
(c)    immediately after giving effect to such transaction no Default or Event of Default would exist (it being agreed that, for purposes of determining compliance with Sections 10.1 and 10.2, such transaction shall be treated on a pro forma basis for the relevant period as having been consummated as of the last day of the most recent fiscal quarter for which financial statements have been delivered and, for purposes of determining compliance with Section 10.3, that all Priority Debt will be deemed to have been incurred as of the last day of the most recent fiscal quarter for which financial statements have been delivered). 
(3)    the foregoing restriction does not apply to the consolidation or merger of the Company with, or the conveyance, transfer or lease of substantially all of the assets of the Company in a single transaction or series of transactions to, any Person so long as:
(a)    the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease substantially all of the assets of the Company as an entirety, as the case may be (the “Successor Company”), shall be a solvent entity organized and existing under the laws of a Permitted Jurisdiction;
(b)    if the Company is not the Successor Company, such Successor Corporation shall have executed and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes (pursuant to such agreements and instruments as shall be reasonably satisfactory to the Required Holders), and the Successor Company shall have caused to be delivered to each holder of Notes (A) an opinion of nationally recognized independent counsel (or such other counsel as may be reasonably acceptable to the Required Holders), to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and (B) an acknowledgment from (Y) the Parent Issuer that its obligations under this Agreement remain in full force and effect and (Z) each Subsidiary Guarantor that the Subsidiary Guaranty continues in full force and effect; and
(c)    immediately after giving effect to such transaction no Default or Event of Default would exist (it being agreed that, for purposes of determining compliance with Sections 10.1 and 10.2, such transaction shall be treated on a pro forma basis for the relevant period as having been consummated as of the last day of the most recent fiscal quarter for which financial statements have been delivered and, for purposes of determining compliance with Section 10.3, that all Priority Debt 

-42-

will be deemed to have been incurred as of the last day of the most recent fiscal quarter for which financial statements have been delivered). 
Section 10.7.    Transactions with Affiliates.  The Parent Issuer will not and will not permit any Subsidiary to enter into directly or indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Parent Issuer or another Subsidiary), except in the ordinary course and upon fair and reasonable terms that are not materially less favorable to the Parent Issuer or such Subsidiary, taken as a whole, than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate.
Section 10.8.    Terrorism Sanctions Regulations.  The Parent Issuer will not and will not permit any Controlled Entity (a) to become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target  of sanctions imposed by the United Nations or by the European Union, or (b) directly or indirectly to have any investment in or (i) engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction would cause any holder to be in violation of any law or regulation applicable to such holder, or (ii) unless otherwise permitted by applicable law, knowingly engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction is prohibited by or subject to sanctions under any U.S. Economic Sanctions, or (c) to (i) knowingly engage, nor shall any Affiliate of either knowingly engage, in any activity that could subject such Person to sanctions under CISADA or any similar law or regulation with respect to Iran or any other country that is subject to U.S. Economic Sanctions or (ii) engage, nor shall any Affiliate of either engage, in any activity that could subject any holder to sanctions under CISADA or any similar law or regulation with respect to Iran or any other country that is subject to U.S. Economic Sanctions.
		
	SECTION 11.
	EVENTS OF DEFAULT.

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing:
(a)    the Company or the Parent Issuer defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or
(b)    the Company or the Parent Issuer defaults in the payment of any interest on any Note, any amount payable pursuant to Section 13 or any Net Loss or Swap Breakage Amount for more than five Business Days after the same becomes due and payable; or
(c)    the Parent Issuer defaults in the performance of or compliance with any term contained in Section 7.1(d) or Section 10; or 

-43-

(d)    the Parent Issuer, the Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein or in the Subsidiary Guaranty (other than those referred to in paragraphs (a), (b) and (c) of this Section 11) and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default or (ii) the Parent Issuer and the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or
(e)    any Subsidiary Guaranty ceases to be a legally valid, binding and enforceable obligation or contract of a Subsidiary Guarantor (other than upon a release of any Subsidiary Guarantor from a Subsidiary Guaranty in accordance with the terms of Section 2.2(b) hereof or upon the consolidation, merger or transfer of assets of such Subsidiary Guarantor in a transaction permitted by Section 10.5 or 10.6 hereof but subject to the terms of Section 2.2(b) hereof), or any Subsidiary Guarantor or any party by, through or on account of any such Person, challenges the validity, binding nature or enforceability of any such Subsidiary Guaranty; or
(f)    any representation or warranty made in writing by or on behalf of the Parent Issuer, the Company or Subsidiary Guarantor in this Agreement or any Subsidiary Guaranty or by any officer of the Parent Issuer, the Company or any Subsidiary Guarantor in any writing furnished in connection with the transactions contemplated hereby or by any Subsidiary Guaranty proves to have been false or incorrect in any material respect on the date as of which made; or
(g)    (i) the Parent Issuer or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $50,000,000 beyond any period of grace provided with respect thereto, or (ii) the Parent Issuer or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $50,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has, after the giving of required notice, been declared, due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), the Parent Issuer or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $50,000,000; or 
(h)    the Parent Issuer, the Company, any Material Subsidiary or any Subsidiary Guarantor (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium 

-44-

or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or
(i)    a court or Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Parent Issuer, any of its Material Subsidiaries, the Company or any of the Subsidiary Guarantors, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Parent Issuer, any of its Material Subsidiaries, the Company or any of the Subsidiary Guarantors, or any such petition shall be filed against the Parent Issuer, any of its Material Subsidiaries, the Company or any of the Subsidiary Guarantors and such petition shall not be dismissed within 60 days; or
(j)    any event occurs with respect to the Company, the Parent Issuer, any of its Material Subsidiaries or any of the Subsidiary Guarantors which under the laws of any jurisdiction is analogous to any of the events described in Section 11(h) or (i), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding described in Section 11(h) or (i); or
(k)    a final judgment or judgments at any one time outstanding for the payment of money (a) aggregating in excess of $50,000,000, net of amounts covered by insurance, are rendered against one or more of the Parent Issuer, its Material Subsidiaries, the Company or any Subsidiary Guarantor or (b) aggregating in excess of $50,000,000, net of amounts covered by insurance, are rendered against one or more Subsidiaries which are not Material Subsidiaries, the Company or Subsidiary Guarantors and such judgments would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, which judgments, in either case, are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 
(l)    if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under Section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Parent Issuer or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) the aggregate “amount of unfunded benefit liabilities” (within the meaning of Section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV 

-45-

of ERISA, shall exceed $150,000,000, (iv) the Parent Issuer or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or (v) the Parent Issuer or any ERISA Affiliate withdraws from any Multiemployer Plan; provided that any such event or events described in clauses (i) through (v) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect.
As used in Section 11(l), the term “employee benefit plan” shall have the meaning assigned to such term in Section 3 of ERISA.
		
	SECTION 12.
	REMEDIES ON DEFAULT, ETC.

Section 12.1.    Acceleration.  (a) If an Event of Default with respect to the Parent Issuer or the Company described in Section 11(h), (i) or (j) (other than an Event of Default described in clause (i) of Section 11(h) or described in clause (vi) of Section 11(h) by virtue of the fact that such clause encompasses clause (i) of Section 11(h)) has occurred, all the Notes of every Series then outstanding shall automatically become immediately due and payable.
(b)    If any other Event of Default has occurred and is continuing, any holder or holders of more than 50% in aggregate principal amount of the Notes at the time outstanding may at any time at its or their option, by notice or notices to the Parent Issuer and the Company, declare all the Notes then outstanding to be immediately due and payable.
(c)    If any Event of Default described in Section 11(a) or (b) has occurred and is continuing with respect to any Notes, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Parent Issuer and the Company, declare all the Notes held by such holder or holders to be immediately due and payable.
Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (i) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (ii) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.  The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.
Section 12.2.    Other Remedies.  If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed 

-46-

to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.
Section 12.3.    Rescission.  At any time after the Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the holders of not less than 51% in aggregate principal amount of the Notes then outstanding, by written notice to the Parent Issuer and the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to any Notes.  No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.
Section 12.4.    No Waivers or Election of Remedies, Expenses, Etc.  No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies.  No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.  Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements.

SECTION 13.  TAX INDEMNIFICATION; FATCA INFORMATION.
(a)    All payments whatsoever under this Agreement and the Notes will be made by the Company and the Parent Issuer in Euros free and clear of, and without liability for withholding or deduction for or on account of, any present or future Taxes of whatever nature imposed or levied by or on behalf of any applicable jurisdiction (or any political subdivision or taxing authority of or in such jurisdiction) (hereinafter a “Taxing Jurisdiction”), unless the withholding or deduction of such Tax is compelled by law.
(b)    If any deduction or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of any amounts to be paid by the Parent Issuer or the Company under this Agreement or the Notes, the Parent Issuer or the Company, as applicable, will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted or otherwise paid before 

-47-

penalties attach thereto or interest accrues thereon and pay to each holder of a Note such additional amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of this Agreement or the Notes after such deduction, withholding or payment (including any required deduction or withholding of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under the terms of this Agreement or the Notes before the assessment of such Tax, provided that no payment of any additional amounts shall be required to be made for or on account of:
(i)    any Tax that would not have been imposed but for the existence of any present or former connection between such holder (or a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust, partnership or corporation or any Person other than the holder to whom the Notes or any amount payable thereon is attributable for the purposes of such Tax) and the Taxing Jurisdiction, other than the mere holding of the relevant Note or the receipt of payments thereunder or in respect thereof or the exercise of remedies in respect thereof, including such holder (or such other Person described in the above parenthetical) being or having been a citizen or resident thereof, or being or having been present or engaged in trade or business therein or having or having had an establishment, office, fixed base or branch therein, provided that this exclusion shall not apply with respect to a Tax that would not have been imposed but for the Parent Issuer or the Company, after the date of the Closing, opening an office in, moving an office to, reincorporating in, or changing the Taxing Jurisdiction from or through which payments on account of this Agreement or the Notes are made to, the Taxing Jurisdiction imposing the relevant Tax;
(ii)    any Tax that would not have been imposed but for the delay or failure by such holder (following a written request by the Company) in the filing with the relevant Taxing Jurisdiction of Forms (as defined below) that are required to be filed by such holder to avoid or reduce such Taxes (including for such purpose any refilings or renewals of filings that may from time to time be required by the relevant Taxing Jurisdiction), provided that the filing of such Forms would not (in such holder’s reasonable judgment) impose any unreasonable burden (in time, resources or otherwise) on such holder or result in any confidential or proprietary income tax return information being revealed, either directly or indirectly, to any Person and such delay or failure could have been lawfully avoided by such holder, and provided further that such holder shall be deemed to have satisfied the requirements of this clause (b)(ii) upon the good faith completion and submission of such Forms (including refilings or renewals of filings) as may be specified in a written request of the Company no later than 60 days after receipt by such holder of such written request (accompanied by copies of such Forms and related instructions, if any, all in the English language or with an English translation thereof); or
(iii)    any combination of clauses (i) and (ii) above;
provided further that in no event shall the Company be obligated to pay such additional amounts to any holder of a Note (i) not resident in the United States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date of the Closing in excess of the 

-48-

amounts that the Company would be obligated to pay if such holder had been a resident of the United States of America or such other jurisdiction, as applicable, for purposes of, and eligible for the benefits of, any double taxation treaty from time to time in effect between the United States of America or such other jurisdiction and the relevant Taxing Jurisdiction or (ii) registered in the name of a nominee if under the law of the relevant Taxing Jurisdiction (or the current regulatory interpretation of such law) securities held in the name of a nominee do not qualify for an exemption from the relevant Tax and the Company shall have given timely notice of such law or interpretation to such holder.
(c)    By acceptance of any Note, the holder of such Note agrees, subject to the limitations of clause (b)(ii) above, that it will from time to time with reasonable promptness (x) duly complete and deliver to or as reasonably directed by the Company or the Parent Issuer, as applicable, all such forms, certificates, documents and returns provided to such holder by the Company or the Parent Issuer, as applicable (collectively, together with instructions for completing the same, “Forms”) required to be filed by or on behalf of such holder in order to avoid or reduce any such Tax pursuant to the provisions of an applicable statute, regulation or administrative practice of the relevant Taxing Jurisdiction or of a tax treaty between the United States and such Taxing Jurisdiction and (y) provide the Company or the Parent Issuer, as applicable, with such information with respect to such holder as the Company may reasonably request in order to complete any such Forms, provided that nothing in this Section 13 shall require any holder to provide information with respect to any such Form or otherwise if in the opinion of such holder such Form or disclosure of information would involve the disclosure of tax return or other information that is confidential or proprietary to such holder, and provided further that each such holder shall be deemed to have complied with its obligation under this paragraph with respect to any Form if such Form shall have been duly completed and delivered by such holder to the Company or mailed to the appropriate taxing authority, whichever is applicable, within 60 days following a written request of the Company (which request shall be accompanied by copies of such Form and English translations of any such Form not in the English language) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment date.
(d)    On or before the date of the Closing the Company or the Parent Issuer, as applicable, will furnish each Purchaser with copies of the appropriate Form (and English translation if required as aforesaid) currently required to be filed in The Netherlands pursuant to Section 13(b)(ii), if any, and in connection with the transfer of any Note the Company will furnish the transferee of such Note with copies of any Form and English translation then required.
(e)    If any payment is made by the Company or the Parent Issuer, as applicable, to or for the account of the holder of any Note after deduction for or on account of any Taxes, and increased payments are made by the Company or the Parent Issuer pursuant to this Section 13, then, if such holder at its sole discretion determines that it has received or been granted a refund of such Taxes, such holder shall, to the extent that it can do so without prejudice to the retention of the amount of such refund, reimburse to the Company or the Parent Issuer, as applicable, such amount as such holder shall, in its sole discretion, determine to be attributable to the relevant Taxes or deduction or withholding.  Nothing herein contained shall interfere with the right of the holder of any Note to arrange its tax affairs in whatever manner it thinks fit and, in particular, no holder of any Note shall be under any obligation to claim relief from its corporate profits or similar tax liability in 

-49-

respect of such Tax in priority to any other claims, reliefs, credits or deductions available to it or (other than as set forth in Section 13(b)(ii)) oblige any holder of any Note to disclose any information relating to its tax affairs or any computations in respect thereof.
(f)    The Company or the Parent Issuer, as applicable, will furnish the holders of Notes, promptly and in any event within 60 days after the date of any payment by the Company or the Parent Issuer, as applicable, of any Tax in respect of any amounts paid under this Agreement or the Notes, the original tax receipt issued by the relevant taxation or other authorities involved for all amounts paid as aforesaid (or if such original tax receipt is not available or must legally be kept in the possession of the Company or the Parent Issuer, as applicable, a duly certified copy of the original tax receipt or any other reasonably satisfactory evidence of payment), together with such other documentary evidence with respect to such payments as may be reasonably requested from time to time by any holder of a Note.
(g)    If the Company or the Parent Issuer is required by any applicable law, as modified by the practice of the taxation or other authority of any relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which the Company or the Parent Issuer would be required to pay any additional amount under this Section 13, but for any reason does not make such deduction or withholding with the result that a liability in respect of such Tax is assessed directly against the holder of any Note, and such holder pays such liability, then the Company or the Parent Issuer will promptly reimburse such holder for such payment (including any related interest or penalties to the extent such interest or penalties arise by virtue of a default or delay by the Company or the Parent Issuer) upon demand by such holder accompanied by an official receipt (or a duly certified copy thereof) issued by the taxation or other authority of the relevant Taxing Jurisdiction.  Nothwithstanding anything to the contrary contained herein, neither the Company nor the Parent Guarantor shall be required to make any payments to any holder of any Note pursuant to this Section 13(g) relating to any Taxes paid by a holder more than 180 days prior to such holder’s request for any additional payment or compensation pursuant to this Section 13(g).
(h)    If the Company or the Parent Issuer makes payment to or for the account of any holder of a Note and such holder is entitled to a refund of the Tax to which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall, as soon as practicable after receiving written request from the Company or the Parent Issuer (which shall specify in reasonable detail and supply the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as directed by the Company or the Parent Issuer, subject, however, to the same limitations with respect to Forms as are set forth above.
(i)    The obligations of the Company and the Parent Issuer under this Section 13 shall survive the payment or transfer of any Note and the provisions of this Section 13 shall also apply to successive transferees of the Notes.
(j)    By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, the Parent Issuer, or to such other Person as may be reasonably requested by the Company or the Parent Issuer, from time to time (i) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or other Forms reasonably requested by the Company or the Parent Issuer 

-50-

necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company or the Parent Issuer to comply with its obligations under FATCA and (ii) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder.  Nothing in this Section 13(j) shall require any holder to provide information that is confidential or proprietary to such holder unless the Company or the Parent Issuer is required to obtain such information under FATCA and, in such event, the Company and the Parent Issuer shall treat any such information it receives as confidential.
		
	SECTION 14.
	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES    .

Section 14.1.    Registration of Notes.  The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes.  The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register.  Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary.  The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.
Section 14.2.    Transfer and Exchange of Notes.  (a) Upon surrender of any Note to the Parent Issuer or the Company, as applicable, at the address and to the attention of the designated officer (all as specified in Section 19(iii) or 19(iv), as applicable), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Parent Issuer or the Company, as applicable, shall execute and deliver, at the Parent Issuer’s or the Company’s expense, as applicable (except as provided below), one or more new Notes (as requested by the holder thereof) of the same Series in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note.  Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1(a), Exhibit 1(b), Exhibit 1(c) or Exhibit 1(d), as applicable.  Each such new Note shall be dated and bear interest (including, without limitation, any additional interest in the form of the Interest Rate Adjustment for any applicable Interest Rate Adjustment Period) from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon.  The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes.  Notes shall not be transferred in denominations of less than €250,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than €250,000.  Any transferee, by its acceptance of a Note registered in its name (or the name of its 

-51-

nominee), shall be deemed to have made as of the date of transfer the representations set forth in Section 6, including Section 6.3, provided, that in lieu of such representation in Section 6.3, such holder may (in reliance upon information provided by the Parent Issuer and the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under section 406(a) of ERISA.
(b)    The Notes have not been registered under the Securities Act or under the securities laws of any state and may not be transferred or resold unless registered under the Securities Act and all applicable state securities laws or unless an exemption from the requirement for such registration is available. 
(c)    Without limiting the foregoing, each Purchaser and each subsequent holder of any Note severally agrees that it will not, directly or indirectly, resell any Notes purchased by it to a Person which, to such Purchaser’s knowledge, is a Competitor (it being understood that such Purchaser shall advise any broker or intermediary acting on its behalf that such resale to a Competitor is limited hereby).  The Company shall not be required to recognize any sale or other transfer of a Note to a Competitor and no such transfer shall confer any rights hereunder upon such transferee.
Section 14.3.    Replacement of Notes.  Upon receipt by the Parent Issuer or the Company, as applicable, at the address and to the attention of the designated officer (all as specified in Section 19(iii) or (iv), as applicable) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and
(a)    in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or
(b)    in the case of mutilation, upon surrender and cancellation thereof,
the Parent Issuer or the Company, as applicable, at its own expense shall execute and deliver not more than five Business Days following satisfaction of such conditions, in lieu thereof, a new Note of the same Series, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.
		
	SECTION 15.
	PAYMENTS ON NOTES.

Section 15.1.    Place of Payment.  Subject to Section 15.2, payments of principal, Make‐Whole Amount and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction.  The Company 

-52-

or the Parent Issuer, as applicable, may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Parent Issuer or the Company, as applicable, in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.
Section 15.2.    Home Office Payment.  So long as any Purchaser or such Purchaser’s nominee shall be the holder of any Note, and notwithstanding anything contained in Section 15.1 or in such Note to the contrary, the Company or the Parent Issuer, as applicable, will pay all sums becoming due on such Note for principal, Make-Whole Amount and interest by the method and at the address specified for such purpose for such Purchaser on Schedule A hereto or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company or the Parent Issuer, as applicable, in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company or the Parent Issuer, as applicable, made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company or the Parent Issuer, as applicable, at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 15.1.  Prior to any sale or other disposition of any Note held by any Purchaser or such Purchaser’s nominee, such Person will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company or the Parent Issuer, as applicable, in exchange for a new Note or Notes pursuant to Section 14.2.  The Company or the Parent Issuer, as applicable, will afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note.
		
	SECTION 16.
	EXPENSES, ETC.

Section 16.1.    Transaction Expenses.  Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable costs and expenses (including reasonable attorneys’ fees of a special counsel for the Purchasers and, if reasonably required by the Required Holders, local or other counsel) incurred by each Purchaser and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement or the Notes (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the reasonable costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement or the Notes, or by reason of being a holder of any Note, (b) the reasonable costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Parent Issuer, the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed $5,000.  The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses if any, of brokers and finders authorized by the 

-53-

Company in connection with the purchase of the Notes (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes).
Section 16.2.    Certain Taxes.The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Subsidiary Guaranty or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States of America or The Netherlands or of any amendment of, or waiver or consent under or with respect to, this Agreement or of any of the Notes or any Subsidiary Guaranty, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 16, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder.
Section 16.3.    Survival    .  The obligations of the Company under this Section 16 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement.
		
	SECTION 17.
	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.  

All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any such Note or portion thereof or interest therein and the payment of any Note and may be relied upon by any subsequent holder of any such Note, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder of any such Note.  All statements contained in any certificate or other instrument delivered by or on behalf of the Parent Issuer or the Company, as applicable, pursuant to this Agreement shall be deemed representations and warranties of the Parent Issuer or the Company, as applicable, under this Agreement.  Subject to the preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between the Purchasers, the Company and the Parent Issuer and supersede all prior agreements and understandings relating to the subject matter hereof.
		
	SECTION 18.
	AMENDMENT AND WAIVER.

Section 18.1.    Requirements.  This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Parent Issuer, the Company and the Required Holders, except that (i) no amendment or waiver of any of the provisions of (A) Section 1, 2, 3, 4, 5, 6 or 22 hereof, or any defined term (as it is used in any such Section), and (B) Section 10.1, 10.2 or 10.3 hereof, will be effective as to any holder of Notes unless consented to by such holder of Notes in writing, and (ii) no such amendment or waiver may, without the written consent of all of the holders of Notes at the time outstanding affected thereby, (1) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of interest (if such 

-54-

change results in a decrease in the interest rate) or of the Make-Whole Amount on, the Notes, (2) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver, or (3) amend any of Sections 8, 11(a), 11(b), 12, 18 or 21. 
Section 18.2.    Solicitation of Holders of Notes    .
(a)    Solicitation.  The Company and the Parent Issuer will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes.  The Company and the Parent Issuer will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 18 to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.
(b)    Payment.  Neither the Company nor the Parent Issuer will directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof or of the Subsidiary Guaranty unless such remuneration is concurrently paid, or security is concurrently granted or other credit support is concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment.
(c)    Consent in Contemplation of Transfer.  Any consent made pursuant to this Section 18 by a holder of Notes that has transferred or has agreed to transfer its Notes to the Company, the Parent Issuer, any Subsidiary or any Affiliate of the Parent Issuer and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.
Section 18.3.    Binding Effect, Etc.  Any amendment or waiver consented to as provided in this Section 18 applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company and the Parent Issuer without regard to whether such Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Parent Issuer, the Company and the holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such Note.  As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.

-55-

Section 18.4.    Notes Held by Parent Issuer, Etc.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company, the Parent Issuer or any of its Affiliates shall be deemed not to be outstanding.
		
	SECTION 19.
	NOTICES.

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by a recognized overnight delivery service (with charges prepaid) or (c) with respect to any Electronic Delivery provided hereunder, by legible telecopy or electronic mail.  Any such notice must be sent:

(i)    if to any Purchaser or its nominee, to such Purchaser or its nominee at the address or, in the case of clause (c) above, the electronic mail address or telecopy number specified for such communications in Schedule A to this Agreement, or at such other address, electronic mail address or telecopy number as such Purchaser or nominee shall have specified to the Parent Issuer or the Company in writing pursuant to this Section 19;
(ii)    if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Parent Issuer or the Company in writing pursuant to this Section 19;
(iii)    if to the Parent Issuer, to the Parent Issuer at its address set forth at the beginning hereof to the attention of General Counsel, or at such other address as the Parent Issuer shall have specified to the holder of each Note in writing; or
(iv)    if to the Company, to the Company at its address set forth at the beginning hereof to the attention of General Counsel with a copy to the Parent Issuer at the address set forth in clause (iii), or at such other address as the Company or the Parent Issuer, as applicable, shall have specified to the holder of each Note in writing.
Notices under clauses (a) and (b) of this Section 19 will be deemed given only when actually received and notices under clause (c) will be deemed given when sent unless the sender receives an “out of office” or “undeliverable” message in response to an attempted electronic mail delivery.
		
	SECTION 20.
	REPRODUCTION OF DOCUMENTS.

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by 

-56-

such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced.  The Parent Issuer agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This Section 20 shall not prohibit the Parent Issuer, the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.
		
	SECTION 21.
	CONFIDENTIAL INFORMATION.

For the purposes of this Section 21, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Company, the Parent Issuer or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Company, the Parent Issuer or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure and not obtained from a source known by such Purchaser to be subject to a confidentiality or fiduciary obligation or to have been obtained through unlawful means, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than (i) through disclosure by the Company, the Parent Issuer or any Subsidiary or (ii) from a source known by such Purchaser to be subject to a confidentiality or fiduciary obligation or to have obtained through unlawful means or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) such Purchaser’s Affiliates and its and their respective directors, trustees, officers, employees, agents, and attorneys (to the extent such disclosure reasonably relates to the administration of the investment represented by such Purchaser’s Notes and the Person to whom such information is disclosed is directed to hold such information confidential in accordance with the terms of this Section 21), (ii) such Purchaser’s financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 21, (iii) any other holder of any Note, (iv) any Institutional Investor to which such Purchaser sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 21), (v) any Person from which such Purchaser offers to purchase any security of the Company or the Parent Issuer (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 21), (vi) any Federal or state regulatory authority having jurisdiction over such Purchaser to the extent required by such authority, (vii) the NAIC or the SVO or, in each case any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or 

-57-

(viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, but only to the extent so required, (x) in response to any subpoena or other legal process, but only after reasonable notice to the Parent Issuer and the Company to permit the Parent Issuer or the Company, as applicable, to obtain a protective order (unless such subpoena or process prohibits such notice) and then only to the extent required by such subpoena or process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, the Subsidiary Guaranty and this Agreement.  Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 21 as though it were a party to this Agreement.  On reasonable request by the Company or the Parent Issuer in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company and the Parent Issuer embodying the provisions of this Section 21.

In the event that as a condition to receiving access to information relating to the Company, the Parent Issuer or any Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and the Company and the Parent Issuer, this Section 21 shall supersede any such other confidentiality undertaking.
		
	SECTION 22.
	SUBSTITUTION OF PURCHASER.

Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6.  Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such Affiliate in lieu of such original Purchaser.  In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Parent Issuer of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 22), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.
		
	SECTION 23.
	NOTE AGREEMENT GUARANTY.

Section 23.1.    Note Purchase Agreement Guaranty.  The Parent Issuer hereby absolutely and unconditionally guaranties to the holders from time to time of the Notes:  (a) the full and prompt 

-58-

payment of the principal of, Make-Whole Amount, if any, and interest on the Notes from time to time outstanding and of all other amounts under this Agreement, as and when such payments shall become due and payable, whether by lapse of time, upon redemption or prepayment, by extension or by acceleration or declaration or otherwise (including (to the extent legally enforceable) interest due on overdue payments of principal, Make-Whole Amount, if any, or interest at the rate set forth in the Notes and interest accruing at the then applicable rate provided in the Notes after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Parent Issuer or the Company, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) in Federal or other immediately available funds of the United States of America which at the time of payment or demand therefor shall be legal tender for the payment of public and private debts, (b) the full and prompt performance and observance by the Parent Issuer and the Company of each and all of the obligations, covenants and agreements required to be performed or owed by the Parent Issuer, the Company, the Subsidiary Guarantors or any of their respective Subsidiaries under the terms of the Notes and this Agreement and (c) the full and prompt payment, upon demand by any holder, of all out-of-pocket costs and expenses, legal or otherwise (including reasonable attorneys’ fees), if any, as shall have been expended or incurred in the protection or enforcement of any rights, privileges or liabilities in favor of the holders under or in respect of the Notes or this Agreement or in any consultation or action in connection therewith or herewith and in each and every case irrespective of the validity, regularity, or enforcement of any of the Notes or this Agreement or any of the terms hereof or thereof or any other like circumstance or circumstances (collectively, the “Guaranteed Obligations”).
Section 23.2.    Obligations Absolute and Unconditional.  The obligations of the Parent Issuer under this Agreement shall be absolute and unconditional and shall remain in full force and effect until the entire principal, interest and Make‐Whole Amount or Swap Breakage Amount (if any) on the Notes and all other sums due pursuant to Section 23.1 shall have been paid and such obligations shall not be affected, modified or impaired upon the happening from time to time of any event, including, without limitation, any of the following, whether or not with notice to or the consent of the Parent Issuer to the fullest extent permitted by applicable law:
(a)    the power or authority or the lack of power or authority of the Company to issue the Notes or to execute and deliver this Agreement or the other Operative Documents, and irrespective of the validity of the Notes, this Agreement or any other Operative Document or of any defense whatsoever (other than indefeasible payment in full in Euros on the Notes) that the Company may or might have to the payment of the Notes (principal, interest, Make-Whole Amount and Swap Breakage Amount, if any to the fullest extent permitted by applicable law) or to the performance or observance of any of the provisions or conditions of this Agreement, or the existence or continuance of the Company as a legal entity;
(b)    any failure to present the Notes for payment or to demand payment thereof, or to give the Parent Issuer or the Company notice of dishonor for non-payment of the Notes, when and as the same may become due and payable, or notice of any failure on the part of the Company to do any act or thing or to perform or to keep any covenant or agreement by it to be done, kept or performed under the terms of the Notes or this Agreement;

-59-

(c)    the acceptance of any security or any guaranty, the advance of additional money to the Company, any extension of the obligation of the Notes, either indefinitely or for any period of time, or any other modification in the obligation of the Notes, of this Agreement or of the Parent Issuer or the Company therein, or in connection therewith, or any sale, release, substitution or exchange of any security;
(d)    any act or failure to act with regard to the Notes or this Agreement or anything which might vary the risk of the Parent Issuer;
(e)    any action taken under this Agreement in the exercise of any right or power thereby conferred or any failure or omission on the part of any holder of any Notes to first enforce any right or security given under this Agreement or any failure or omission on the part of any holder of any of the Notes to first enforce any right against the Company;
(f)    the waiver, compromise, settlement, release or termination of any or all of the obligations, covenants or agreements of the Company contained in this Agreement or the payment, performance or observance thereof (other than indefeasible payment in full in Euros);
(g)    the failure to give notice to the Parent Issuer or the Company of the occurrence of any Default or Event of Default under the terms and provisions of this Agreement or any other Operative Document (other than any such notice that is expressly required by this Agreement or any other Operative Document);
(h)    the extension of the time for payment of any principal of, or interest (or Make‐Whole Amount or Swap Breakage Amount, if any), on any Note owing or payable on such Note or of the time of or for performance of any obligations, covenants or agreements under or arising out of this Agreement or the extension or the renewal of any thereof;
(i)    the modification or amendment (whether material or otherwise) of any obligation, covenant or agreement set forth in this Agreement or the Notes;
(j)    any failure, omission, delay or lack on the part of the holders of the Notes to enforce, assert or exercise any right, power or remedy conferred on the holders of the Notes in this Agreement or the Notes or any other act or acts on the part of the holders from time to time of the Notes;
(k)    the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets, marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement under bankruptcy or similar laws, composition with creditors or readjustment of, or other similar procedures affecting the Parent Issuer and the Company or any of the assets of any of them, or any allegation or contest of the validity of this Agreement or the disaffirmance of this Agreement or any other Operative Document in any such proceeding (it being understood that the obligations of the Parent Issuer under this Agreement shall 

-60-

continue to be effective or be reinstated, as the case may be, if at any time any payment made with respect to the Notes is rescinded or must otherwise be restored or returned by any holder of the Notes upon the insolvency, bankruptcy or reorganization of the Company, the Parent Issuer or a Subsidiary Guarantor, all as though such payment had not been made);
(l)    any event or action that would, in the absence of this clause, result in the release or discharge by operation of law of the Parent Issuer from the performance or observance of any obligation, covenant or agreement contained in this Agreement;
(m)    the invalidity or unenforceability of the Notes or this Agreement;
(n)    the invalidity or unenforceability of the obligations of the Parent Issuer under this Agreement, the absence of any action to enforce such obligations of the Parent Issuer, any waiver or consent by the Parent Issuer with respect to any of the provisions hereof or any other circumstances which might otherwise constitute a discharge or defense by the Parent Issuer, including, without limitation, any failure or delay in the enforcement of the obligations of the Parent Issuer with respect to this Agreement or of notice thereof; or any suit or other action brought by any shareholder or creditor of, or by, the Parent Issuer or any other Person, for any reason, including, without limitation, any suit or action in any way attacking or involving any issue, matter or thing in respect of this Agreement or the Notes or any other agreement;
(o)    the default or failure of the Parent Issuer or the Company fully to perform any of its covenants or obligations set forth in this Agreement;
(p)    the impossibility or illegality of performance on the part of the Company or any other Person of its obligations under the Notes, this Agreement or any other instruments;
(q)    in respect of the Company or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to the Company or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared), civil commotions, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any federal or state regulatory body or agency, change of law or any other causes affecting performance, or other force majeure, whether or not beyond the control of the Company or any other Person and whether or not of the kind hereinbefore specified;
(r)    any attachment, claim, demand, charge, Lien, order, process, encumbrance or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, indebtedness, obligations or liabilities of any character, foreseen or unforeseen, and whether or not valid, incurred by or against any Person, or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by any Person, or against any sums payable under this Agreement so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided;

-61-

(s)    the failure of the Parent Issuer to receive any benefit or consideration from or as a result of its execution, delivery and performance of this Agreement;
(t)    any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Parent Issuer or the Company in respect of the obligations of the Parent Issuer or the Company under this Agreement;
(u)    any default, failure or delay, willful or otherwise, in the performance by the Company or any other Person of any obligations of any kind or character whatsoever of the Company or any other Person (including, without limitation, the obligations and undertakings of the Company or any other Person under the Notes or this Agreement); or
(v)    any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect, the performance by any party of its respective obligations under the Notes or this Agreement or any instrument relating thereto;
provided that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this paragraph that the obligations of the Parent Issuer  hereunder shall be absolute and unconditional and shall not be discharged, impaired or varied except by the payment to the holders thereof of the principal of, Make‐Whole Amount, or Swap Breakage Amount (if any) and interest on the Notes, and of all other sums due and owing to the holders of the Notes pursuant to this Agreement, and then only to the extent of such payments.  Without limiting any of the other terms or provisions hereof, it is understood and agreed that in order to hold the Parent Issuer liable hereunder, there shall be no obligation on the part of any holder of any Notes to resort, in any manner or form, for payment, to the Company or to any other Person or to the properties or estates of any of the foregoing.  Subject to Section 14 of this Agreement, all rights of the holder of any Notes pursuant thereto or to this Agreement may be transferred or assigned at any time or from time to time and shall be considered to be transferred or assigned upon the transfer of such Notes, whether with or without the consent of or notice to the Parent Issuer or the Company.  Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as and when, from time to time, the Company shall default under the terms of the Notes or this Agreement and that notwithstanding recovery hereunder for or in respect of any given default or defaults by the Company under the Notes, this Agreement or any other Operative Document shall remain in full force and effect and shall apply to each and every subsequent default.
Section 23.3.    Subrogation.  To the extent of any payments made under this Agreement, the Parent Issuer shall be subrogated to the rights of the holder of the Notes receiving such payments, but the Parent Issuer covenants and agrees that such right of subrogation shall be subordinate in right of payment to the rights of any holders of the Notes for which full payment has not been made or provided for and, to that end, the Parent Issuer agrees not to claim or enforce any such right of 

-62-

subrogation or any right of set-off or any other right which may arise on account of any payment made by such Person in accordance with the provisions of this Agreement, including, without limitation, any right of reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of any holder of the Notes against the Parent Issuer or the Company, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Parent Issuer or the Company or any Subsidiary Guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until 366 days after all of the Notes owned by Persons other than the Parent Issuer or any of its Affiliates and all other sums due or payable under this Agreement have been fully paid and discharged or payment therefor has been provided.  If any amount shall be paid to the Parent Issuer in violation of the preceding sentence at any time prior to the indefeasible cash payment in full in Euros of the Notes and all other amounts payable under this Agreement, such amounts shall be held in trust for the benefit of the holders of the Notes and shall forthwith be paid to the holders of the Notes to be credited and applied to the amounts due or to become due with respect to the Notes and all other amounts payable under this Agreement, whether matured or unmatured.
Section 23.4.    Preference.  The Parent Issuer agrees that to the extent the Company or any other Person makes any payment on the Notes, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required to be retained by or repaid to a trustee, liquidator, receiver or any other Person under any bankruptcy code, common law or equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued in full force and effect with respect to the Parent Issuer’s obligations hereunder, as if said payment had not been made.  The liability of the Parent Issuer hereunder shall not be reduced or discharged, in whole or in part, by any payment to any holder of the Notes from any source that is thereafter paid, returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity or fraud asserted by any account debtor or by any other Person.
Section 23.5.    Marshalling.  None of the holders of the Notes shall be under any obligation (a) to marshal any assets in favor of the Parent Issuer or in payment of any or all of the liabilities of the Company under or in respect of the Notes or the obligation of the Notes hereunder or (b) to pursue any other remedy that the Parent Issuer  may or may not be able to pursue itself and that may lessen the Parent Issuer’s burden or any right to which the Parent Issuer hereby expressly waives.
		
	SECTION 24.
	MISCELLANEOUS.

Section 24.1.    Successors and Assigns    .  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not.

-63-

Section 24.2.    Payments Due on Non-Business Days.  Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.
Section 24.3.    Accounting Terms.  All accounting terms used herein that are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP.  Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with Agreement Accounting Principles and (ii) all consolidated financial statements shall be prepared in accordance with GAAP.  For purposes of determining compliance with the financial covenants set out in this Agreement, any election by the Parent Issuer to measure an item of Indebtedness using fair value (as permitted by Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards No. 159) or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) shall be disregarded and such determination shall be made by valuing indebtedness at 100% of the outstanding principal amount (except to the extent that such Indebtedness was issued at a discount or premium in which case the value of such indebtedness shall be valued at the 100% of the outstanding principal amount less any unamortized discount or plus any unamortized premium, as the case may be). 
Section 24.4.    Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.
Section 24.5.    Construction.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.
For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.
Section 24.6.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each 

-64-

counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.
Section 24.7.    Governing Law.  This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.
Section 24.8.    Jurisdiction and Process; Waiver of Jury Trial    .  (a) The Parent Issuer and the Company irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes.  To the fullest extent permitted by applicable law, the Parent Issuer and the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
(b)    Each of the Parent Issuer and the Company agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in Section 24.8(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.    
(c)    Each of the Parent Issuer and the Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in Section 24.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 19 or at such other address of which such holder shall then have been notified pursuant to said Section, or delivering a copy thereof in the manner for delivery of notices specified in Section 19, to Parent Issuer, as its agent for the purpose of accepting service of any process in the United States of America.  Each of the Parent Issuer and the Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.  Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.
(d)    Nothing in this Section 24.8 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Parent Issuer or the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

-65-

(e)    THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.
(f)    The Company hereby irrevocably appoints the Parent Issuer to receive for it, and on its behalf, service of process in the United States.  The Parent Issuer hereby irrevocably accepts such appointment for the period from the Closing Date to the first anniversary of the maturity of the Series D Notes (and the payment in full of all fees in respect thereof).
Section 24.9.    Obligations to Make Payment in Euros. Any payment on account of an amount that is payable hereunder or under the Notes in Euros which is made to or for the account of any holder of Notes in any other currency, whether as a result of any judgment or order or the enforcement thereof or the realization of any security or the liquidation of the Company or the Parent Issuer, shall constitute a discharge of the obligation of the Company and the Parent Issuer under this Agreement or the Notes only to the extent of the amount of Euros which such holder could purchase in the foreign exchange markets in London, England, with the amount of such other currency in accordance with normal banking procedures at the rate of exchange prevailing on the London Banking Day following receipt of the payment first referred to above.  If the amount of Euros that could be so purchased is less than the amount of Euros originally due to such holder, each of the Company and the Parent Issuer agrees to the fullest extent permitted by law, to indemnify and save harmless such holder from and against all loss or damage arising out of or as a result of such deficiency.  This indemnity shall, to the fullest extent permitted by law, constitute an obligation separate and independent from the other obligations contained in this Agreement and the Notes, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such holder from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under the Notes or under any judgment or order.  As used herein the term “London Banking Day” shall mean any day other than Saturday or Sunday or a day on which commercial banks are required or authorized by law to be closed in London, England.
*   *   *   *   *

-66-

The execution hereof by the Purchasers shall constitute a contract among the Parent Issuer, the Company and the Purchasers for the uses and purposes hereinabove set forth.  

Very truly yours,

TELEDYNE TECHNOLOGIES INCORPORATED

By         /s/ Susan L. Main        
Name:     Susan L. Main        
Title:     Senior Vice President and     
 Chief Financial Officer    

TELEDYNE NETHERLANDS B.V.

By         /s/ Stephen F. Blackwood    
Name:  Stephen F. Blackwood    
Title:     Authorized Person        

Accepted as of the date first written above.

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
		
	By:
	Northwestern Mutual Investment Management Company, LLC, its investment adviser

By:     /s/ David A. Barras        
Name:  David A. Barras
Title:    Managing Director

(Note Purchase and Guaranty Agreement)

Accepted as of the date first written above.

VOYA INSURANCE AND ANNUITY COMPANY
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
RELIASTAR LIFE INSURANCE COMPANY
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
By: Voya Investment Management LLC, as    Agent

		
	By 
	/s/ Joshua A. Winchester    

Name:    Joshua A. Winchester
Title:    Vice President

(Note Purchase and Guaranty Agreement)

Accepted as of the date first written above.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
		
	By:
	NYL Investors LLC, its Investment 

Manager

By:     /s/ Kimberly Stephancic    
Name:    Kimberly Stephancic
Title:    Director

(Note Purchase and Guaranty Agreement)

Accepted as of the date first written above.
NEW YORK LIFE INSURANCE COMPANY

By:     /s/ Kimberly Stephancic        
Name:    Kimberly Stephancic
Title:    Corporate Vice President

(Note Purchase and Guaranty Agreement)

Accepted as of the date first written above.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 
By:  Barings LLC as Investment Adviser

		
	By:
	/s/ Thomas P. Shea            

		
	Name:
	Thomas P. Shea

		
	Title:
	Managing Director

    

(Note Purchase and Guaranty Agreement)

Accepted as of the date first written above.

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

		
	By:
	/s/ Joseph Cantey            

		
	Name:
	Joseph Cantey

		
	Title:
	Senior Director

(Note Purchase and Guaranty Agreement)

Accepted as of the date first written above.

NATIONWIDE LIFE INSURANCE COMPANY

		
	By:
	/s/ Stephen M. Jordan        

		
	Name:
	Stephen M. Jordan

		
	Title: 
	Authorized Signatory

(Note Purchase and Guaranty Agreement)

Accepted as of the date first written above.

UNITED OF OMAHA LIFE INSURANCE COMPANY

		
	By:
	/s/ Lee Martin            

		
	Name:
	Lee Martin

		
	Title:
	Vice President

    

(Note Purchase and Guaranty Agreement)

SCHEDULE A

INFORMATION RELATING TO PURCHASERS
	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
720 East Wisconsin Avenue
Milwaukee, WI 53202
	A
B
C
D
	    1
   1
   1
   1
	€16,000,000
€13,000,000
€16,000,000
€10,000,000

		
	(1)
	All payments on account of Notes held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made.

Please contact our Treasury & Investment Operations Department to securely obtain wire transfer instructions for The Northwestern Mutual Life Insurance Company.

E-mail:  payments@northwesternmutual.com
Phone: (414) 665-1679

		
	(2)
	All notices with respect to confirmation of payments on account of the Notes shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Investment Operations
E-mail: payments@northwesternmutual.com
Phone: (414) 665-1679

All other communications shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Securities Department
E-mail: privateinvest@northwesternmutual.com

(3)    Name of nominee in which Notes are to be issued: None.

(4)    Taxpayer I.D. Number: 39-0509570

SCHEDULE A

(5)    Physical Delivery Instructions:

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention:  Myja Raghuvanshi

A-2

 
	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
5780  Powers Ferry Road NW, Suite 300
Atlanta, GA 30327-4347

	A
B
C
D
	2
2
2
2
	€11,500,000
€9,500,000
€11,750,000
€7,250,000

(1)    All payments on account of Notes held by such purchaser should be made by wire
transfer of immediately available funds for credit to:

The Bank of New York Mellon SA NV
SWIFT:  IRVTBEBBXXX
Account No: 2161019780
Account Name:  Voya Retirement Insurance and Annuity Company
Reference:  [insert CUSIP]

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

(2)    Address for all notices relating to payments:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Operations/Settlements
Email:  VoyaIMCashOperations@Voya.com

Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-5342
Email:  Private.Placements@Voya.com

(3)    Name of nominee in which Notes are to be issued: None.

(4)    Taxpayer I.D. Number: 71-0294708

A-3

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	VOYA INSURANCE AND ANNUITY COMPANY
5780  Powers Ferry Road NW, Suite 300
Atlanta, GA 30327-4347

	A
B
C
D
	3
3
3
3
	€2,500,000
€1,750,000
€2,500,000
€1,500,000

		
	(1)
	All payments on account of Notes held by such purchaser should be made by wire

transfer of immediately available funds for credit to:

The Bank of New York Mellon SA NV
SWIFT:  IRVTBEBBXXX
Account No: 1363739780
Account Name:  Voya Insurance and Annuity Company
Reference:  [insert CUSIP]
 
Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

		
	(2)
	Address for all notices relating to payments:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Operations/Settlements
Email:  VoyaIMCashOperations@Voya.com

Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-5342
Email:  Private.Placements@Voya.com

(3)    Name of nominee in which Notes are to be issued: None.

(4)    Taxpayer I.D. Number:  41-0991508

A-4

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	RELIASTAR LIFE INSURANCE COMPANY
5780  Powers Ferry Road NW, Suite 300
Atlanta, GA 30327-4347

	A
B
C
D
	4
4
4
4
	€1,500,000
€1,250,000
€1,500,000
€1,000,000

(1)    All payments on account of Notes held by such purchaser should be made by wire
transfer of immediately available funds for credit to:

The Bank of New York Mellon SA NV
SWIFT:  IRVTBEBBXXX
Account No: 1870359780
Account Name:  Reliastar Life Insurance Company
Reference:  [insert CUSIP]

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

(2)    Address for all notices relating to payments:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Operations/Settlements
Email:  VoyaIMCashOperations@Voya.com

 Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-5342
Email:  Private.Placements@Voya.com

(3)    Name of nominee in which Notes are to be issued: None.

(4)    Taxpayer I.D. Number:  41-0451140

A-5

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
5780  Powers Ferry Road NW, Suite 300
Atlanta, GA 30327-4347

	A
B
C
D
	5
5
5
5
	€500,000
€500,000
€250,000
€250,000

(1)    All payments on account of Notes held by such purchaser should be made by wire
transfer of immediately available funds for credit to:

The Bank of New York Mellon SA NV
SWIFT:  IRVTBEBBXXX
Account No: 1870389780
Account Name:  Reliastar Life Insurance Company of New York
Reference:  [insert CUSIP]

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

		
	(2)
	Address for all notices relating to payments:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Operations/Settlements
Email:  VoyaIMCashOperations@Voya.com

Address for all other communications and notices:

Voya Investment Management LLC
5780 Powers Ferry Road NW, Suite 300
Atlanta, GA  30327-4347
Attn:  Private Placements
Fax:  (770) 690-5342    
Email:  Private.Placements@Voya.com

(3)    Name of nominee in which Notes are to be issued: None.

(4)    Taxpayer I.D. Number: 53-0242530

A-6

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
51 Madison Avenue
New York, New York 10010

	A
B
C
	6
6
6
	€10,000,000
€7,500,000
€10,000,000

[see attached]

A-7

A-8

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	NEW YORK LIFE INSURANCE COMPANY
51 Madison Avenue
New York, New York 10010

	A
B
C
	7
7
7
	€8,000,000
€6,500,000
€8,000,000

[see attached]

A-9

A-10

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	MASSACHUSETTS MUTUAL LIFE 
       INSURANCE COMPANY
c/o Barings LLC
1500 Main Street – Suite 2200
PO Box 15189
Springfield, MA  01115-5189
	D

	6
	€32,000,000

(1)    Payments in Euros
All payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or other immediately available funds, (identifying each payment as Teledyne Netherlands B.V., 1.09% Senior Notes, Series D, due April 18, 2024 interest and principal), to:

Account Name: Massachusetts Mutual Life Insurance Company
Account #:      11872591
IBAN #      GB72CITI18500811872591
Bank:      Citibank London
SWIFT:      CITIGB2L
Ref:      Payment with cover under MT103
  Description of security, cusip, principal and interest split

With advice of payment to the Treasury Operations Liquidity Management Department at Massachusetts Mutual Life Insurance Company at mmincometeam@massmutual.com or (413) 226-4295 (facsimile).

		
	(2)
	Address for all communications and notices:

Send Communications and Notices to
Massachusetts Mutual Life Insurance Company
c/o Barings LLC
1500 Main Street – Suite 2200
PO Box 15189
Springfield, MA 01115-5189

Electronic Delivery of Financials and other information to:
Massachusetts Mutual Life Insurance Company
c/o Barings LLC
1500 Main Street – Suite 2200
 PO Box 15189
Springfield, MA 01115-5189
With notification to:

A-11

privateplacements@barings.com
Ben.Jones@barings.com

Send Notices on Payments to
 Massachusetts Mutual Life Insurance Company
Treasury Operations Liquidity Management
1295 State Street
Springfield, MA 01111
Attn: Janelle Tarantino

With a copy to:
Massachusetts Mutual Life Insurance Company
c/o Barings LLC
1500 Main Street – Suite 2200

(3)    Name of nominee in which Notes are to be issued: None.

(4)    Taxpayer I.D. Number:  04-1590850

(5)    Physical Delivery Instructions:

Steven J. Katz, Counsel
Barings LLC
1500 Main Street, Suite 2800
Springfield, MA 01115-5189
Telephone: 413-226-1059
Facsimile: 413-226-2059
E-mail: Steve.Katz@Barings.com

A-12

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
730 Third Avenue
New York, New York 10017
	D

	7
	€32,000,000

		
	(1)
	All payments on or in respect of the Notes shall be made in immediately available funds on the due date by electronic funds transfer, through the Automated Clearing House System, to:

JPMorgan Chase Bank, N.A.
ABA # 021-000-021
Account Number: 900-9-000200
Account Name:  Teachers Insurance and Annuity Association of America 
For Further Credit to the Account Number:  G07040
Reference: Teledyne Netherlands B.V., 1.09% Senior Notes, Series D, PPN: N8502# AB3
Maturity Date: April 18, 2024/Interest Rate: 1.09%/P&I Breakdown

(2)    Payment Notices

All notices with respect to payments and prepayments of the Notes shall be sent to:

Teachers Insurance and Annuity Association of America
730 Third Avenue
New York, New York 10017
Attention: Securities Accounting Division
Phone: (212) 916-5504
Facsimile: (212) 916-4699

With a copy to:

JPMorgan Chase Bank, N.A.
P.O. Box 35308
Newark, New Jersey 07101

Contemporaneous written confirmation of any electronic funds transfer shall be sent to the above addresses setting forth (1) the full name, private placement number, interest rate and maturity date of the Notes, (2) allocation of payment between principal, interest, Make-Whole Amount, other premium or any special payment and (3) the name and address of the bank from which such electronic funds transfer was sent.

A-13

Notices and Communications

All notices and communications, including notices with respect to payments and prepayments, shall be delivered or mailed to:

Teachers Insurance and Annuity Association of America
8500 Andrew Carnegie Blvd 
Charlotte, NC  28262
Attention: Global Private Markets 
Telephone:    (704) 988-4349 (Name: Ho Young-Lee) 
(212) 916-4000 (General Number)
Facsimile:    (704) 988-4916

(3)    Name of nominee in which Notes are to be issued: None.

(4)    Taxpayer I.D. Number: 13-1624203

(5)    Physical Delivery Instructions:

JPMorgan Chase Bank, N.A.
4 Chase Metrotech Center
3rd Floor
Brooklyn, New York 11245-0001
Attention: Physical Receive Department
For TIAA A/C #G07040

A-14

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	NATIONWIDE LIFE INSURANCE COMPANY
One Nationwide Plaza, Mail Code 1-05-801
Columbus, OH 43215-2220
	B
D
	8
8
	€10,000,000
€11,000,000

[see attached]

A-15

A-16

	
				
	Name and Address of Purchaser
	Series of Notes to Be Purchased
	

NOTE
NUMBER
	Principal Amount of Notes to be Purchased

	UNITED OF OMAHA LIFE INSURANCE COMPANY
3300 Mutual of Omaha Plaza
Omaha, NE 68175-1011
	D

	9
	€5,000,000

(1)    All principal and interest payments on the Notes shall be made by wire transfer of 
immediately available funds to:

EURO
JPMorgan Chase, Frankfurt
For account:  JPMorgan Chase London
BIC Code:  CHASGB2L    (please submit a MT103 Direct Message)
Ref Account # 7786

		
	(2)
	Address for all notices in respect of payment of Principal and Interest, Corporate Actions, and Reorganization Notifications:

JPMorgan Chase Bank
4 Chase Metrotech Center
Brooklyn, NY  11245-0001
Attn:  Income Processing 
a/c:  G07097

Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications, Waivers regarding the indenture):

4 - Investment Management
United of Omaha Life Insurance Company
3300 Mutual of Omaha Plaza
Omaha,  NE  68175-1011
Email Address for Electronic Document Transmission: privateplacements@mutualofomaha.com

(3)    Name of nominee in which Notes are to be issued: None.

(4)    Taxpayer I.D. Number: 47-0322111.    

(5)    Physical Delivery Instructions:

JPMorgan Chase Bank

A-17

4 Chase Metrotech Center, 3rd Floor
Brooklyn, NY  11245-0001
Attention:  Physical Receive Department 
Account # G07097

A-18

DEFINED TERMS
As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:
“Acquisition,” by any Person, means the acquisition by such Person, in a single transaction or in a series of related transactions, of all or substantially all of the Property of another Person or all or substantially all of the Voting Stock of another Person, in each case whether or not involving a merger or consolidation with such other Person and whether for cash, property, services, assumption of Indebtedness, securities or otherwise.
“Acquisition Event” means an Acquisition, or series of Acquisitions, by the Parent Issuer and its Subsidiaries.
“Affiliate” means, at any time, and with respect to any Person, (a) any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or equity interests of the Parent Issuer or any Subsidiary or any Person of which the Parent Issuer and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests.  As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.  Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Parent Issuer.
“Agreement Accounting Principles” means GAAP, provided that with respect to the calculations for purposes of determining compliance with the covenants set forth in Sections 10.1 through 10.5, such term means generally accepted accounting principles in effect as of the Closing Date applied on a basis consistent with that used in the preparation of the most recent audited consolidated financial statements of the Parent Issuer listed in Section 5.5. 
“Anti-Corruption Laws” is defined in Section 5.16(d)(1).
“Anti-Money Laundering Laws” is defined in Section 5.16(c).
“Applicable Interest Rate” means, (a) with respect to the Series A Notes, the sum of (i) 0.70% per annum plus (ii), during any Interest Rate Adjustment Period, the Interest Rate Adjustment, (b) with respect to the Series B Notes, the sum of (i) 0.92% per annum plus (ii), during any Interest Rate Adjustment Period, the Interest Rate Adjustment and (c) with respect to the Series C Notes, the sum of (i) 0.92% per annum plus (ii), during any Interest Rate Adjustment Period, the Interest Rate Adjustment and (d) with respect to the Series D Notes, the sum of (i) 1.09% per annum plus (ii), during any Interest Rate Adjustment Period, the Interest Rate Adjustment.
“Asset Sale Prepayment Date” is defined in Section 8.8.

SCHEDULE B 
(to Note Purchase Agreement)

“Asset Sale Response Date” is defined in Section 8.8.
“Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with Agreement Accounting Principles, (b) in respect of any Synthetic Lease, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with Agreement Accounting Principles if such lease were accounted for as a Capital Lease and (c) in respect of any Securitization Transaction of any Person, the outstanding principal amount of such financing, after taking into account reserve accounts and making appropriate adjustments, determined in good faith by the board of directors of the Parent Issuer in its reasonable judgment.
“Bank Credit Agreement” means the (a) Amended and Restated Credit Agreement dated as of March 1, 2013 among the Parent Issuer, certain Subsidiaries of the Parent Issuer as Designated Borrowers, certain Subsidiaries of the Parent Issuer as Guarantors, the Lenders party thereto and Bank of America, N.A, as Administrative Agent, Swingline Lender and L/C Issuer; (b) Loan Agreement, dated October 22, 2012, among Teledyne Technologies Incorporated, as borrower, certain of its subsidiaries, as guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent, as amended; (c) Loan Agreement, dated October 22, 2012, among Teledyne Technologies Incorporated, as borrower, certain of its subsidiaries, as guarantors, the lenders party thereto and U.S. Bank National Association, as administrative agent, as amended; (d) Term Loan Credit Agreement dated as of March 17, 2017, among the Parent Issuer, the Company, as Designated Borrower, certain other subsidiaries of the Parent Issuer as Guarantors, the Lenders party thereto and Bank of America, N.A., as Administrative Agent; (e) Note Purchase Agreement, dated as of May 12, 2010, between the Parent Issuer and each of the purchasers party thereto; (f) Note Purchase Agreement, dated as of September 23, 2014, between the Parent Issuer and each of the Purchasers party thereto; and (g) Note Purchase Agreement, dated as of August 27, 2015, between the Parent Issuer and each of the Purchasers party thereto, in each case, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions, replacements or increases in the principal amount thereof, which constitute the primary bank credit facility of the Parent Issuer and its Subsidiaries.  
“Blocked Person” is defined in Section 5.16(a).
“Business Day” a day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York or London, England are required or authorized to be closed, or a day on which the TARGET2 System is required or authorized to be closed for the settlement of payments in Euro.
“Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with Agreement Accounting Principles.
“Capital Stock” means (i) in the case of a corporation, capital stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents 

B-2

(however designated) of capital stock, (iii) in the case of a partnership, partnership interests (whether general or limited), (iv) in the case of a limited liability company, membership interests and (v) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.
“Change in Control” is defined in Section 8.7.
“CISADA” means the Comprehensive Iran Sanctions, Accountability and Divestment Act.
“Closing” is defined in Section 3.
“Closing Date” is defined in Section 3. 
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.
“Company” means Teledyne Netherlands B.V., a private limited liability company (besloten vennootschap) incorporated  under the laws of The Netherlands or any successor that becomes such in the manner described in Section 10.6.
“Competitor” means any Person (other than a Purchaser) who is substantially engaged in the development, manufacture, sale or provision of products and services of electronic components and subsystems, instrumentation and communications products, aerospace engines and components, government systems engineering services or energy and power systems and/or other activities reasonably related thereto provided that:  (a) the provision of investment advisory services by a Person to a Plan which is owned or controlled by a Person which would otherwise be a Competitor shall not of itself cause the Person providing such services to be deemed a Competitor if such Person has established procedures which will prevent confidential information supplied to such Person by the Parent Issuer or any of its Subsidiaries from being transmitted or otherwise made available to such Plan or Person owning or controlling such Plan; and (b) in no event shall an Institutional Investor which maintains passive investments in any Person which is a Competitor be deemed a Competitor, it being agreed that the normal administration of the investment and enforcement thereof shall be deemed not to cause such Institutional Investor to be a “Competitor”.
“Confidential Information” is defined in Section 21.
“Consolidated EBITDA” means, for any period, for the Parent Issuer and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus the following to the extent deducted in calculating such Consolidated Net Income: (a) Consolidated Interest Charges for such period, (b) the provision for Federal, state, local and foreign income taxes payable by the Parent Issuer and its Subsidiaries for such period; (c) the amount of depreciation and amortization expense for such period; (d) non-cash items that reduce Consolidated Net Income in such period; (e) reasonably documented fees and expenses paid or payable in cash to unaffiliated third parties in connection with the transactions contemplated hereby and with any other issuances of debt or equity permitted hereby, whether or not such issuances are successful; and (f) reasonably 

B-3

documented fees and expenses paid or payable in cash to unaffiliated third parties in connection with Acquisitions or dispositions permitted hereby, whether or not such acquisitions or dispositions are successful; provided, that for purposes of calculating the Consolidated Leverage Ratio in Section 10.1 and the Consolidated Interest Charges Ratio in Section 10.2, Consolidated EBITDA shall include, on a pro form basis for the period consisting of the four fiscal quarters ending on such date, the Consolidated EBITDA attributable to all businesses and assets acquired after the beginning of such period as if such business and/or assets had been owned for the entire period and shall exclude, on a pro forma basis for the period consisting of the four fiscal quarters ending on such date, the Consolidated EBITDA attributable to all businesses and assets disposed after the beginning of such period as if such businesses and/or assets had not been owned for the entire period.
“Consolidated Funded Indebtedness” means Funded Indebtedness of the Parent Issuer and its Subsidiaries on a consolidated basis.
“Consolidated Indebtedness” means as of any date of determination the total amount of all Indebtedness of the Parent Issuer and its Subsidiaries determined on a consolidated basis in accordance with Agreement Accounting Principles.
“Consolidated Interest Charges” means, for any period, for the Parent Issuer and its Subsidiaries on a consolidated basis, an amount equal to the sum of (i) all interest, premium payments, debt discount, fees, charges and related expenses of the Parent Issuer and its Subsidiaries in connection with Indebtedness (including capitalized interest and other fees and charges incurred under any asset securitization program) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with Agreement Accounting Principles, plus (ii) the portion of rent expense of the Parent Issuer and its Subsidiaries with respect to such period under Capital Leases or Synthetic Leases that is treated as interest in accordance with Agreement Accounting Principles.
“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the period of the four fiscal quarters most recently ended for which the Parent Issuer has delivered financial statements pursuant to Section 7.1(a) or (b) to (b) Consolidated Interest Charges for the period of the four fiscal quarters most recently ended.
“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness, net of unencumbered cash and cash equivalents, as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended.
“Consolidated Net Income” means, for any period, for the Parent Issuer and its Subsidiaries on a consolidated basis, the net income of the Parent Issuer and its Subsidiaries (excluding extraordinary non‐cash gains, extraordinary non‐cash losses and any other non-cash impairment charges related to goodwill or acquired intangible assets) for that period, as determined in accordance with Agreement Accounting Principles.

B-4

“Consolidated Net Worth” means, as of any date of determination, consolidated shareholders’ equity of the Parent Issuer and its Subsidiaries as of that date determined in accordance with Agreement Accounting Principles.
“Consolidated Total Assets” means, as of any date of determination, the total amount of all assets of the Parent Issuer and its Subsidiaries, determined on a consolidated basis in accordance with Agreement Accounting Principles.
“Controlled Entity” means any of the Subsidiaries of the Parent Issuer and any of their or the Parent Issuer’s respective Controlled Affiliates. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.
“Default Rate” means with respect to the Notes of any Series that rate of interest that is 2% per annum above the Applicable Interest Rate for such Series.
“Director’s Certificate” means a certificate of a director or authorized person of the Company.
“Earn Out Obligations” means, with respect to an Acquisition, all obligations of the Parent Issuer or any Subsidiary to make earn out or other contingency payments pursuant to the documentation relating to such Acquisition.  The amount of any Earn Out Obligation shall be deemed to be the aggregate liability in respect thereof as recorded on the balance sheet of the Parent Issuer and its Subsidiaries in accordance with Agreement Accounting Principles.
“Electronic Delivery” is defined in Section 7.1(a).
“Elevated Ratio” is defined in Section 10.1.
“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not limited to those related to Hazardous Materials.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Parent Issuer under section 414 of the Code.

B-5

“Euro” or “€” means the unit of single currency of the Participating Member States.
“Event of Default” is defined in Section 11.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fair Market Value” means, at any time and with respect to any property, the sale value of such property that would be realized in an arm’s-length sale at such time between an informed and willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell), as reasonably determined in the good faith opinion of the Parent Issuer’s board of directors.
“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.
“Funded Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with Agreement Accounting Principles:
(a)    all obligations for borrowed money, whether current or long‐term and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
(b)    all purchase money Indebtedness;
(c)    all obligations arising under letters of credit (including standby), bankers’ acceptances, bank guaranties, surety bonds and similar instruments (for the avoidance of doubt, this clause (c) shall not be deemed to include performance bonds);
(d)    all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business), including without limitation, any Earn Out Obligations;
(e)    the Attributable Indebtedness of Capital Leases and Synthetic Leases;
(f)    the Attributable Indebtedness of Securitization Transactions;
(g)    all preferred stock or other equity interests providing for mandatory redemptions, sinking fund or like payments prior to the last scheduled maturity of the Notes; and
(h)    all Guarantees with respect to Indebtedness of the types specified in clauses (a) through (g) above of another Person; and 

B-6

(i)    all Indebtedness of the types referred to in clauses (a) through (h) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or joint venturer, except to the extent such Indebtedness is expressly made non‐recourse to such Person.
For purposes hereof, (x) the amount of any obligation arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments shall be the maximum amount available to be drawn thereunder and (y) the amount of any Guarantee shall be the amount of the Indebtedness subject to such Guarantee.
“GAAP” means those generally accepted accounting principles as in effect from time to time in the United States of America. 
“Governmental Authority” means
(a)    the government of
(i)    the United States of America or any state or other political subdivision thereof, or
(ii)    any jurisdiction in which the Parent Issuer or any Subsidiary conducts all or any part of its business, or which has jurisdiction over any properties of the Parent Issuer or any Subsidiary, or
(b)    any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.
“Governmental Official” means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity.
“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, and including any obligation of such Person, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether 

B-7

or not such Indebtedness or other obligation is assumed by such Person.  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.
“Hazardous Material” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.
“holder” means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Parent Issuer pursuant to Section 14.1.
“Indebtedness” means, as to any Person at any time, without duplication, all items which would, in conformity with Agreement Accounting Principles, be classified as indebtedness on a balance sheet of such Person at such time, as well as the following, whether or not included as indebtedness or liabilities in accordance with Agreement Accounting Principles:
(a)    all Funded Indebtedness;
(b)    net obligations under any Swap Contract;
(c)    all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) and (b) above of any other Person; and
(d)    all Indebtedness of the types referred to in clauses (a) through (c) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability Parent Issuer) in which the Parent Issuer or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non‐recourse to the Parent Issuer or such Subsidiary.
For purposes hereof (y) the amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date and (z) the amount of any Guarantee shall be the amount of the Indebtedness subject to such Guarantee.
“Institutional Investor” means (a) any original purchaser of a Note, (b) any holder of more than €2,000,000 of the aggregate principal amount of the Notes then outstanding, and (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form.

B-8

“Interest Rate Adjustment” means 0.50% per annum.
“Interest Rate Adjustment Period” means the entirety of any fiscal quarter at the end of which the Consolidated Leverage Ratio exceeds 3.25 to 1.00.  For the avoidance of doubt, an Interest Rate Adjustment Period shall include the entire applicable fiscal quarter, notwithstanding that the Consolidated Leverage Ratio did not exceed 3.25 to 1.00 until the end of such fiscal quarter.
“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement (other than an operating lease) or Capital Lease, upon or with respect to any property or asset of such Person. 
“Make-Whole Amount” shall have the meaning set forth in Section 8.6 with respect to any Note.
“Material” means material in relation to the business, operations, affairs, financial condition, assets, or properties of the Parent Issuer and its Subsidiaries taken as a whole.
“Material Adverse Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Parent Issuer and its Subsidiaries taken as a whole, or (b) the ability of the Parent Issuer and the Subsidiary Guarantors, taken as a whole, to perform their obligations under this Agreement, the Notes and the Subsidiary Guaranty or (c) the validity or enforceability of this Agreement, the Notes or the Subsidiary Guaranty.
“Material Subsidiary” means, at any time, any Subsidiary of the Parent Issuer which, together with all other Subsidiaries of such Subsidiary, accounts for more than (i) 10% of the consolidated assets of the Parent Issuer and its Subsidiaries or (ii) 10% of consolidated revenue of the Parent Issuer and its Subsidiaries.
“Memorandum” is defined in Section 5.3.
“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in Section 4001(a)(3) of ERISA).
“NAIC” means the National Association of Insurance Commissioners or any successor thereto.
“Non-U.S. Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the Parent Issuer or any Subsidiary primarily for the benefit of employees of the Parent Issuer or one or more Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code.
“Notes” is defined in Section 1.

B-9

“OFAC” is defined in Section 5.16(a).
“OFAC Listed Person” is defined in Section 5.16(a).
“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource center/sanctions/Programs/Pages/Programs.aspx.
“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Parent Issuer whose responsibilities extend to the subject matter of such certificate.
“Participating Member State” means any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to European Monetary Union.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.
“Permitted Jurisdiction” means (a) the United States of America, any State thereof or the District of Columbia, (b) Canada or any Province thereof, (c) any member of the European Union as of December 31, 2003 (except Greece, Italy, Portugal and Spain), (d)  Australia and (e) New Zealand.
“Person” means an individual, partnership, corporation, limited liability Parent Issuer, association, trust, unincorporated organization, business entity or a Government Authority.
“Plan” means an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Parent Issuer or any ERISA Affiliate or with respect to which the Parent Issuer or any ERISA Affiliate may have any liability.
“Priority Indebtedness” means (without duplication), as of the date of any determination thereof, the sum of (i) all unsecured Indebtedness of Subsidiaries (including all Guarantees of Indebtedness of the Parent Issuer but excluding (v) Indebtedness of the Company, (x) Indebtedness owing to the Parent Issuer or any other Subsidiary, (y) Indebtedness outstanding at the time such Person became a Subsidiary, provided that such Indebtedness shall have not been incurred in contemplation of such person becoming a Subsidiary, and (z) all Subsidiary Guarantees and all Indebtedness of any Subsidiary which has also guaranteed the Notes) and (ii) all Indebtedness of the Parent Issuer and its Subsidiaries secured by Liens other than Indebtedness secured by (x) Liens permitted by subparagraphs (a) through (t), inclusive, of Section 10.4. or (y) Liens as to which the Parent Issuer or such Subsidiary has made, or caused to be made, effective provision whereby the Notes are equally and ratably secured with the other obligations thereby secured in accordance with Section 10.4.

B-10

“property” or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.
“Proposed Prepayment Date” has the meaning set forth in Section 8.7(b) hereof.
“Purchasers” means the purchasers of the Notes named in Schedule A hereto.
“QPAM Exemption” means Prohibited Transaction Class Exemption 84‐14 issued by the United States Department of Labor.
“Qualified Institutional Buyer” means any Person who is a qualified institutional buyer within the meaning of such term as set forth in Rule 144(a)(1) under the Securities Act.
“Ratable Portion” means, with respect to any Note, an amount equal to the product of (x) the amount equal to the net proceeds being so applied to the prepayment of Senior Indebtedness in accordance with Section 10.5(2), multiplied by (y) a fraction the numerator of which is the outstanding principal amount of such Note and the denominator of which is the aggregate principal amount of Senior Indebtedness of the Parent Issuer and its Subsidiaries being prepaid pursuant to Section 10.5(2).
“Required Holders” means, at any time, the holders of not less than 51% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Parent Issuer or any of its Affiliates and any Notes held by parties who are contractually required to abstain from voting with respect to matters affecting the holders of the Notes).
“Responsible Officer” means any Senior Financial Officer and any other officer of the Parent Issuer or a director of the Company, as applicable, with responsibility for the administration of the relevant portion of this Agreement.
“SEC” shall mean the Securities and Exchange Commission of the United States, or any successor thereto.
“Securities Act” means the Securities Act of 1933, as amended from time to time.
“Securitization Transaction” means any financing transaction or series of financing transactions (including factoring arrangements) pursuant to which the Parent Issuer or any Subsidiary may sell, convey or otherwise transfer, or grant a security interest in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose subsidiary or affiliate of the Parent Issuer.
“Senior Indebtedness” means, as of the date of any determination thereof, all Consolidated Indebtedness, other than Subordinated Indebtedness.

B-11

“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Parent Issuer or a director or authorized person of the Company, as applicable.
“Series” means any series of Notes issued pursuant to this Agreement.
“Series A Notes” is defined in Section 1 of this Agreement.
“Series B Notes” is defined in Section 1 of this Agreement.
“Series C Notes” is defined in Section 1 of this Agreement.
“Series D Notes” is defined in Section 1 of this Agreement.
“Subordinated Indebtedness” means all unsecured Indebtedness of the Parent Issuer which shall contain or have applicable thereto subordination provisions providing for the subordination thereof to other Indebtedness of the Parent Issuer (including, without limitation, the obligations of the Parent Issuer under this Agreement or the Notes).
“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability Parent Issuer or other business entity of which a majority of the shares of Capital Stock having ordinary voting power for the election of directors or other governing body (other than Capital Stock having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” shall refer to a Subsidiary of the Parent Issuer.
“Subsidiary Guarantor” means each Subsidiary which is party to the Subsidiary Guaranty.
“Subsidiary Guaranty” is defined in Section 2.3 of this Agreement.
“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross‐currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

B-12

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark‐to‐market value(s) for such Swap Contracts, as determined based upon one or more mid‐market or other readily available quotations provided by any recognized dealer in such Swap Contracts.
“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office.
“Synthetic Lease” means any synthetic lease, tax retention operating lease, off‐balance sheet loan or similar off‐balance sheet financing arrangement whereby the arrangement is considered borrowed money indebtedness for tax purposes but is classified as an operating lease or does not otherwise appear on the balance sheet under Agreement Accounting Principles.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction.
“United States” and  “U.S.” means the United States of America.
“USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
“U.S. Dollar” and “$” means the lawful currency of the United States. 
“U.S. Economic Sanctions” is defined in Section 5.16(a).
“U.S. Person” has the meaning set forth in Section 7701(a)(30) of the Code.
“Voting Stock” means, with respect to any Person, Capital Stock issued by such Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a contingency.
“Wholly Owned Subsidiary” means, at any time, any Subsidiary one hundred percent of all of the equity interests (except directors’ qualifying shares) and voting interests of which are owned by any one or more of the Parent Issuer and the Parent Issuer’s other Wholly Owned Subsidiaries at such time.

B-13

SCHEDULE 4.9

To Note Purchase and Guaranty Agreement
(Changes in Corporate Structure)

	
		
	1.
	Effective March 28, 2017, Teledyne Technologies Incorporated completed the acquisition of e2v technologies plc, a UK company listed on the London Stock Exchange, through the cash purchase of all issued and outstanding shares of e2v technologies plc.

(a)    After the acquisition, e2v technologies plc was delisted from the London Stock Exchange and has been renamed as Teledyne e2v Limited.

(b)    In addition, all of the issued and outstanding shares of Teledyne e2v Holdings, Inc. (formerly e2v Holdings, Inc.) was transferred from Teledyne e2v Limited ultimately to Teledyne Technologies Incorporated.  Teledyne e2v, Inc. and Teledyne e2v US, Inc. both continue to be wholly owned subsidiaries of Teledyne e2v Holdings, Inc.

	2.
	Teledyne LeCroy Frontline, Inc. merged with and into Teledyne LeCroy, Inc., effective January 2, 2017.

	3.
	Teledyne Technologies Incorporated transferred all of the issued and outstanding shares of Teledyne Energy Systems, Inc. to Teledyne Brown Engineering, Inc., effective January 2, 2017.

	4.
	Teledyne UK Holdings LLC contributed all of the issued and outstanding shares of Rhombi Holdings Limited to TDY Jersey Limited, effective December 30, 2016, and Teledyne UK Holdings LLC was then dissolved on January 31, 2017.

	5.
	Teledyne Technologies Incorporated contributed certain assets and liabilities of the Teledyne Turbine Engines business to Teledyne Brown Engineering, Inc., effective January 2, 2017.

SCHEDULE 5.3

To Note Purchase and Guaranty Agreement
(Disclosure)

	
		
	1.
	Memo Re: Proposed Clarifying Amendment to Existing Note Purchase Agreements dated March 27, 2017 from Stephen F. Blackwood, Vice President and Treasurer of Teledyne Technologies, to Senior Note Holders.

	2.
	Teledyne Technologies Incorporated’s Securities and Exchange Commission filings to date, including, but not limited to, Teledyne Technologies Incorporated Current Reports on Form 8-K dated March 21, 2017, March 28, 2017 and April 4, 2017.

	3.
	All existing note purchase agreements of Teledyne Technologies Incorporated will be amended on or about the Closing to conform to the amendment described in the Memo Re: Proposed Clarifying Amendment to Existing Note Purchase Agreements dated March 27, 2017 referenced in paragraph 1 above of this Schedule 5.3.

SCHEDULE 5.4

To Note Purchase and Guaranty Agreement
(Subsidiaries of the Parent Issuer; Ownership of Subsidiary Stock)
SUBSIDIARIES OF THE PARENT ISSUER

	
			
	Name of Subsidiary
	Jurisdiction of Formation
	Stockholder

	Alia Corporation Inc.
	Ontario, Canada
	Teledyne DALSA, Inc.- 100%

	CDL do Brasil Equipamentos e Servicios Submarinos Sociedade Empresaria Ltda.
	Brazil
	Teledyne CDL Limited- 99%
Ocean Design Ltda.- 1%

	Ensambles de Precision S.A. de C.V.
	Mexico
	Teledyne Technologies Incorporated – 99%
Teledyne Instruments, Inc.- 1%

	e2v technologies SAS (to be renamed Teledyne e2v SAS)
	France
	Teledyne e2v Limited- 100%

	e2v SAS (to be renamed Teledyne e2v France SAS)
	France
	e2v technologies SAS (to be renamed Teledyne e2v SAS)- 100%

	e2v semiconductors SAS (to be renamed Teledyne e2v Semiconductors SAS)
	France
	e2v technologies SAS (to be renamed Teledyne e2v SAS)- 100%

	e2v technologies GmbH (to be renamed Teledyne e2v GmbH)
	Germany
	Teledyne e2v (UK) Limited- 100%

	e2v Asia Pacific Limited (to be renamed Teledyne e2v Asia Pacific Limited)
	Hong Kong
	Teledyne e2v (Overseas) Holdings Limited- 100%

	e2v technologies (Beijing) Co. Ltd. (to be renamed Teledyne e2v (Beijing) Co. Ltd.)
	China
	e2v Asia Pacific Limited (to be renamed Teledyne e2v Asia Pacific Limited)- 100%

	e2v technologies Korea Ltd. (to be renamed Teledyne e2v Korea Ltd.)
	South Korea
	Teledyne e2v (Overseas) Holdings Limited- 100%

	e2v Limited (non-trading)
	United Kingdom
	Teledyne e2v Limited- 100%

	EEV Limited (dormant)
	United Kingdom
	Teledyne e2v (UK) Limited- 100%

	Innovaciones Microelecronicas S.L.U. (to be renamed Teledyne Innovaciones Microelectronicas S.L.U.)
	Spain
	Teledyne e2v Limited- 100%

	Intelek Limited
	United Kingdom
	Teledyne Technologies Incorporated- 100%

	Intelek Pension Trustees Limited
	United Kingdom
	Intelek Limited- 100%

	Intelek Properties Limited
	United Kingdom
	Rhombi Holdings Limited-100%

	LeCroy Lightspeed Corporation
(inactive)
	Delaware
	Teledyne LeCroy, Inc.- 100%

	Lidar Aviation Services, Inc.
	Ontario, Canada
	Teledyne Optech Incorporated- 100%

	Maple Imaging, LLC
	Delaware
	Teledyne Technologies Incorporated-100%

	Ocean Design Ltda.
	Brazil
	Teledyne Instruments, Inc.- 99.33%
Teledyne Limited -.67%

	Reynolds Industries Limited
	United Kingdom
	Teledyne Limited-100%

	Rhombi Canada LP
	Ontario, Canada
	Maple Imaging, LLC- .1%
Teledyne Technologies Incorporated- 99.9%

	Rhombi Holdings Limited
	United Kingdom
	TDY Jersey Limited-100%

	Signal Processing Devices AB (to be renamed Teledyne Signal Processing Devices Sweden AB)
	Sweden
	Teledyne e2v Limited- 100%

	TDY Jersey Limited
	Bailiwick of Jersey
	Teledyne Netherlands B.V.- 100%

	Teledyne Australia Pty Ltd
	Australia
	Teledyne Wireless, LLC- 100%

	
			
	Name of Subsidiary
	Jurisdiction of Formation
	Stockholder

	Teledyne Bogatin Enterprises, LLC
	Kansas
	Teledyne LeCroy, Inc.- 100%

	Teledyne Bowtech Limited
	United Kingdom
	Rhombi Holdings Limited- 100%

	Teledyne Brown Engineering, Inc.*
	Delaware
	Teledyne Technologies Incorporated–100%

	Teledyne CARIS B.V.
	Netherlands
	Teledyne DALSA B.V.-100%

	Teledyne CARIS, Inc.
	Ontario, Canada
	Teledyne DALSA, Inc.-100%

	Teledyne CARIS UK, Ltd. (operating assets transferred to Teledyne Limited)
	United Kingdom
	Teledyne Limited – 100%

	Teledyne CARIS USA, Inc.
	Virginia
	Teledyne Instruments, Inc. – 100%

	Teledyne Catalyst Enterprises, Inc. (inactive)
	California
	Teledyne LeCroy, Inc.- 100%

	Teledyne CDL Limited
	United Kingdom
	Teledyne Limited- 100%

	Teledyne CDL, Inc.
	Texas
	Teledyne CDL Limited- 100%

	Teledyne C.M.L. Group Limited (operating assets transferred to Teledyne Limited)
	United Kingdom
	Intelek Properties Limited- 100%

	Teledyne Computer Access Technology Corporation (inactive)
	Delaware
	Teledyne LeCroy, Inc.- 100%

	Teledyne Controls, LLC
	Delaware
	Teledyne Technologies Incorporated- 100%

	Teledyne DALSA Asia-Pacific Ltd.
(inactive – to be dissolved)
	Ontario, Canada
	Teledyne DALSA, Inc.-100%

	Teledyne DALSA, Inc.
	Ontario, Canada
	Teledyne Netherlands B.V.- 100%

	Teledyne DALSA B.V.
	Netherlands
	Teledyne DALSA, Inc.- 100%

	Teledyne DALSA GmbH
	Germany
	Teledyne DALSA, Inc.- 100%

	Teledyne DALSA K.K.
	Japan
	Teledyne DALSA, Inc.-100%

	Teledyne DALSA (Shanghai) Trading Co. Ltd.
	China
	Teledyne DALSA, Inc.-100%

	Teledyne DALSA Industrial Products, Inc.
	Delaware
	Teledyne Technologies Incorporated- 100%

	Teledyne DALSA Semiconductor Inc.
	Ontario, Canada
	Teledyne DALSA, Inc.-100%

	Teledyne Denmark A/S
	Denmark
	Rhombi Holdings Limited- 100%

	Teledyne e2v, Inc.
	California
	Teledyne e2v Holdings, Inc.- 100%

	Teledyne e2v Holdings, Inc.
	Delaware
	Teledyne Technologies Incorporated- 100%

	Teledyne e2v US, Inc.
	Delaware
	Teledyne e2v Holdings, Inc.- 100%

	Teledyne e2v Limited
	United Kingdom
	Rhombi Holdings Limited- 100%

	Teledyne e2v (Overseas) Holdings Limited
	United Kingdom
	Teledyne e2v Limited- 100%

	Teledyne e2v (UK) Limited
	United Kingdom
	Teledyne e2v Limited- 100%

	Teledyne Energy Systems, Inc.
	Delaware
	Teledyne Brown Engineering, Inc.– 100%

	Teledyne France
	France
	Teledyne Instruments, Inc. – 100%

	Teledyne Gavia ehf.
	Iceland
	Teledyne Instruments, Inc.- 100%

	Teledyne Germany GmbH
	Germany
	Teledyne Instruments, Inc.- 100%

	Teledyne Hanson Research, Inc.
	California
	Teledyne Instruments, Inc.- 100%

	Teledyne ICM SA
	Belgium
	Teledyne DALSA B.V.-100%

	Teledyne  Instruments, Inc.*
	Delaware
	Teledyne Technologies  Incorporated – 100%

	Teledyne Instruments Malaysia Sdn. Bhd.
	Malaysia
	Teledyne Netherlands B.V.- 100%

	Teledyne Labtech Limited
(operating assets transferred to Teledyne Limited)
	United Kingdom
	Rhombi Holdings Limited-100%

	Teledyne LeCroy, Inc.*
	Delaware
	Teledyne Technologies Incorporated- 100%

	Teledyne LeCroy AB
	Sweden
	Teledyne LeCroy, Inc.- 100%

	Teledyne LeCroy Frontline Limited
	United Kingdom
	Teledyne LeCroy, Inc.– 100%

	Teledyne LeCroy GmbH
	Germany
	Teledyne LeCroy, Inc.- 100%

	
			
	Name of Subsidiary
	Jurisdiction of Formation
	Stockholder

	LeCroy (Beijing) Trading Co., Ltd.
	China
	Teledyne LeCroy, Inc.- 100%

	Teledyne LeCroy India Trading Private Ltd.
	India
	Teledyne LeCroy, Inc.- 9,999 shares 
Nominee of Teledyne LeCroy, Inc.- 1 share

	Teledyne LeCroy Japan Corporation
	Japan
	Teledyne LeCroy, Inc.- 100%

	Teledyne LeCroy Korea Ltd.
	South Korea
	Teledyne LeCroy, Inc.- 100%

	Teledyne LeCroy Delaware, L.L.C. (inactive)
	Delaware
	Teledyne LeCroy, Inc.- 100%

	Teledyne LeCroy SA
	Switzerland
	Teledyne LeCroy, Inc.- 100%

	Teledyne LeCroy Singapore Pte. Ltd.
	Singapore
	Teledyne LeCroy, Inc.- 100%

	Teledyne LeCroy S.A.R.L.
	France
	Teledyne LeCroy, Inc.- 100%

	Teledyne LeCroy S.R.L.
	Italy
	Teledyne LeCroy, Inc.- 99% Teledyne LeCroy S.A.- 1%

	Teledyne Limited
	United Kingdom
	Rhombi Holdings Limited- 100%

	Teledyne Monitor Labs P.R., Inc. (inactive)
	Puerto Rico
	Teledyne Instruments, Inc.-  100%

	Teledyne Netherlands B.V.
	Netherlands
	Rhombi Canada LP- 100%

	Teledyne Optech Incorporated
	Ontario, Canada
	Alia Corporation Inc.- 100%

	Teledyne Optech, Inc.
	Delaware
	Teledyne Optech Incorporated- 100%

	Teledyne Paradise Datacom Limited 
(operating assets transferred to Teledyne Limited)
	United Kingdom
	Rhombi Holdings Limited- 100%

	Teledyne Rad-icon Imaging Corp.
	California
	Teledyne Technologies Incorporated-100%

	Teledyne RD Technologies  (Shanghai) Co. Ltd.
	China
	Teledyne Instruments, Inc. –100%

	Teledyne RESON A/S
	Denmark
	Teledyne Denmark A/S- 100%

	Teledyne RESON GmbH
	Germany
	Teledyne RESON A/S- 100%

	Teledyne RESON, Inc.
	California
	Teledyne RESON A/S-100%

	Teledyne RESON Holding B.V.
	Netherlands
	Teledyne RESON A/S-100%

	Teledyne RESON B.V.
	Netherlands
	Teledyne RESON Holding B.V.- 100%

	Teledyne RESON UK Limited
	United Kingdom
	Teledyne RESON A/S- 100%

	Teledyne RESON Pte. Ltd.
	Singapore
	Teledyne RESON A/S- 100%

	Teledyne Reynolds, Inc.
	California
	Teledyne Technologies Incorporated- 100%

	Teledyne RISI, Inc.
	California
	Teledyne Technologies Incorporated- 100%

	Teledyne Scientific & Imaging, LLC*
	Delaware
	Teledyne Brown Engineering, Inc.- 100%

	Teledyne S G Brown Limited
	United Kingdom
	Teledyne Limited- 100%

	Teledyne Signal Processing Devices, Inc.
	Delaware
	Signal Processing Devices Sweden AB (to be renamed Teledyne Signal Processing Devices Sweden AB)- 100%

	Teledyne Singapore Private Limited
	Singapore
	Teledyne Technologies Incorporated- 100%

	Teledyne Taiwan Company
	Taiwan
	Teledyne Technologies Incorporated- 100%

	Teledyne Technologies International Corp.
	Delaware
	Teledyne  Technologies Incorporated – 100%

	Teledyne Technologies (Bermuda) Limited
	Bermuda
	Teledyne Technologies Incorporated – 100%

	Teledyne TSS Limited
	United Kingdom
	Teledyne S G Brown Limited- 100%

	Teledyne VariSystems, Inc.
	Alberta, Canada
	Teledyne DALSA, Inc.- 100%

	Teledyne Wireless, LLC
	Delaware
	Teledyne Technologies Incorporated – 100%

*Subsidiary Guarantor

BOARD OF DIRECTORS OF THE PARENT ISSUER

Roxanne S. Austin
Charles Crocker
Kenneth C. Dahlberg
Simon M. Lorne
Robert A. Malone
Robert Mehrabian
Paul D. Miller
Jane C. Sherburne
Michael T. Smith
Wesley W. von Shack

OFFICERS OF THE PARENT ISSUER

	
		
	Name:

	Title:

	Robert Mehrabian

	Chairman, President and Chief Executive Officer

	Aldo Pichelli
	Chief Operating Officer

	Melanie S. Cibik
	Senior Vice President, General Counsel, Chief Compliance Officer and Secretary

	Susan L. Main

Jason VanWees
	Senior Vice President and Chief Financial Officer

Senior Vice President, Strategy and Mergers & Acquisitions

	Cynthia Y. Belak
	Vice President and Controller

	George C. Bobb III
	Vice President, Contracts and IT

	Jason Connell
	Vice President - Human Resources and Associate General Counsel

	Stephen F. Blackwood

Edwin Roks
	Vice President and Treasurer

Vice President

	Carl Adams

Glenn A. Seemann

Scott Hudson

Corey Hirsch

Caleb B. Standafer
	Vice President, Business Risk Assurance

Associate Vice President of Contracts and Procurement

Chief Information Officer

Chief Information Security Officer

Senior Director, Taxation and Associate Treasurer

	

Brian A. Levan

Fawn Yang

S. Paul Sassalos
	

Assistant Controller

Assistant Controller

Associate General Counsel and Assistant Secretary

SCHEDULE 5.15

to Note Purchase and Guaranty Agreement
(Existing Indebtedness)

Existing Indebtedness in an Aggregate Amount Outstanding of at Least $10,000,000 as of January 1, 2017:

Bank Credit Facility:
Title: Amended and Restated Credit Agreement 
Date: March 1, 2013, as amended on December 4, 2015, January 17, 2017 and March 17, 2017
Borrower: Teledyne Technologies Incorporated, as borrower; Teledyne Limited and Teledyne DALSA, Inc., as designated borrowers; and the following subsidiary guarantors: Teledyne Brown Engineering, Inc., Teledyne Instruments, Inc., Teledyne LeCroy, Inc., Teledyne Scientific & Imaging, LLC. 
Lenders: Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the other Lenders identified therein.    
Maturity Date: December 2020
Aggregate Revolving Commitments: $750,000,000        
Amount Outstanding as of January 3, 2016 (fiscal year end 2015): $150,500,000
Amount Outstanding as of January 1, 2017 (fiscal year end 2016): $0
Amount Outstanding as of April 2, 2017: $595,000,000
Letters of Credit Outstanding as of January 3, 2016 (aggregate amount): $11,360,939
Letters of Credit Outstanding as of January 1, 2017 (aggregate amount): $14,531,666

Bank Credit Facility:
Title: Credit Agreement 
Date: December 11, 2016
Borrower: Teledyne Technologies Incorporated and the following subsidiary guarantors: Teledyne Brown Engineering, Inc., Teledyne Instruments, Inc., Teledyne LeCroy, Inc., Teledyne Scientific & Imaging, LLC. 
Lenders: Bank of America, N.A., as Administrative Agent and Lender    
Maturity Date: 364 days after the Closing Date of a Borrowing
Aggregate Commitments: £625,000,000, reduced to £345,000,000 on January 17, 2017        
Amount Outstanding as of January 1, 2017 (fiscal year end 2016): $0
Terminated: Terminated effective March 28, 2017; no amounts were drawn under the facility.

Bank Credit Facility:
Title: e2v Facility Agreement
Date: July 29, 2014, as amended on December 19, 2014 and September 1, 2015
Borrower: e2v technologies plc
Lenders: Lloyds Bank PLC, as agent    and lender
Aggregate Commitments: £62,500,000 / €5,000,000 / $40,000,000        

Amount Outstanding on or about March 31, 2017: $0
Terminated: Terminated on or about March 31, 2017

Term Loans:
Title: Term Loan Credit Agreement
Date: March 17, 2017
Borrower: Teledyne Technologies Incorporated, as borrower, and Teledyne Netherlands B.V., as designated borrower, and the following subsidiary guarantors: Teledyne Brown Engineering, Inc., Teledyne Instruments, Inc., Teledyne LeCroy, Inc., Teledyne Scientific & Imaging, LLC.  
Lenders: Bank of America, N.A., as a Lender and Administrative Agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, sole lead arrangers and sole book manager
Maturity Date:  October 30, 2019
Funding Date:  March 28, 2017
Original Outstanding Principal Amount of Term Loan: $100,000,000        

Term Loans:
Title: Term Loan Agreement, as Amended and Restated  
Date: October 22, 2012, as amended on November 21, 2013, December 2, 2016 and March 17, 2017.
Borrower: Teledyne Technologies Incorporated and the following subsidiary guarantors: Teledyne Brown Engineering, Inc., Teledyne Instruments, Inc., Teledyne LeCroy, Inc., Teledyne Scientific & Imaging, LLC.  
Lenders: U. S. Bank National Association, as a Lender and Administrative Agent.     
Maturity Date: January 30, 2022 
Original Outstanding Principal Amount of Term Loan: $100,000,000        
Amount Outstanding as of January 3, 2016 (fiscal year end 2015): $95,000,000
Amount Outstanding as of January 1, 2017 (fiscal year end 2016): $91,250,000

Term Loans:
Title: Term Loan Agreement, as Amended and Restated  
Date: October 22, 2012, as amended on November 21, 2013, December 2, 2016 and March 17, 2017.
Borrower: Teledyne Technologies Incorporated and the following subsidiary guarantors: Teledyne Brown Engineering, Inc., Teledyne Instruments, Inc., Teledyne LeCroy, Inc., Teledyne Scientific & Imaging, LLC. 
Lender: Bank of America, N.A., as Lender 
Lender: Wells Fargo, N.A. as Lender     
Maturity Date: January 30, 2022 
Original Outstanding Principal Amount of Term Loan: $100,000,000        
Amount Outstanding as of January 3, 2016 (fiscal year end 2015): $95,000,000
Amount Outstanding as of January 1, 2017 (fiscal year end 2016): $91,250,000

Uncommitted Revolving Credit Facilities:
Borrower: Teledyne Technologies Incorporated 
Lender: Bank of America 

Maturity Date: June 30, 2018
Aggregate Revolving Amount: $5,000,000        
Amount Outstanding as of January 3, 2016 (fiscal year end 2015): $0.00
Amount Outstanding as of January 1, 2017 (fiscal year end 2016): $3,532,000

Surety Bonds:
As of January 3, 2016 and January 1, 2017, the Parent Guarantor and its Subsidiaries had outstanding surety bonds having an aggregate surety liability amount of $3,999,000 and $6,175,180 respectively. Safeco Insurance Parent Guarantor of America is the surety on all these bonds.

Existing Private Placement Notes:
Title: $250,000,000 in private placement notes (to be amended on or about Closing)  
Date: May 12, 2010
Teledyne entered into a note purchase agreement for $250,000,000 in private placement debt on May 12, 2010. These notes funded on September 15, 2010. The notes consist of the following:
$75M     4.04% Senior Notes Due September 15, 2015 - matured
$100M   4.74% Senior Notes Due September 15, 2017
$75M     5.30% Senior Notes Due September 15, 2020        
Borrower: Teledyne Technologies Incorporated and the following subsidiary guarantors: Teledyne Brown Engineering, Inc., Teledyne Instruments, Inc., Teledyne LeCroy, Inc., Teledyne Scientific & Imaging, LLC.  
Amount Outstanding as of January 3, 2016 (fiscal year end 2015): $175,000,000
Amount Outstanding as of January 1, 2017 (fiscal year end 2016): $175,000,000

Existing Private Placement Notes:
Title: $125,000,000 in private placement notes (to be amended on or about Closing)  
Date: September 23, 2014
Teledyne entered into a note purchase agreement for $125,000,000 in private placement debt on September 23, 2014. These notes funded on December 4, 2014. The notes consist of the following:
$30M     2.61% Senior Notes Due December 4, 2019
$95M     3.09% Senior Notes Due December 6, 2021
Borrower: Teledyne Technologies Incorporated and the following subsidiary guarantors: Teledyne Brown Engineering, Inc., Teledyne Instruments, Inc., Teledyne LeCroy, Inc., Teledyne Scientific & Imaging, LLC.  
Amount Outstanding as of January 3, 2016 (fiscal year end 2015): $125,000,000
Amount Outstanding as of January 1, 2017 (fiscal year end 2016): $125,000,000

Existing Private Placement Notes:
Title: $125,000,000 in private placement notes (to be amended on or about Closing)  
Date: August 27, 2015
Teledyne entered into a note purchase agreement for $125,000,000 in private placement debt on August 27, 2015. These notes funded on November 5, 2015. The notes consist of the following:
$25M     2.81% Senior Notes Due November 5, 2020

$100M   3.28% Senior Notes Due November 5, 2022        
Borrower: Teledyne Technologies Incorporated and the following subsidiary guarantors: Teledyne Brown Engineering, Inc., Teledyne Instruments, Inc., Teledyne LeCroy, Inc., Teledyne Scientific & Imaging, LLC.
Amount Outstanding as of January 3, 2016 (fiscal year end 2015): $125,000,000
Amount Outstanding as of January 1, 2017 (fiscal year end 2016): $125,000,000

See Schedule 10.4 for existing Liens.

SCHEDULE 8.6

To Note Purchase and Guaranty Agreement
(Original Swap Agreements)

[To be provided]

SCHEDULE 10.4

To Note Purchase and Guaranty Agreement 
(Existing Liens)

		
	1.
	Capital Leases (Real Property):

Lessor:   Shelby Holdings Limited 
Lessee:  Teledyne Cormon Limited and Teledyne Limited 
Property: Units 26, 27, and 28 Timberlaine Trading Estate, Worthing. 
Approximate Net Present Value at inception of the lease: £1,300,000 (land value, £250,000 and building value, £1,050,000) 
Lease termination date: September 10th 2024
 
Lessor:  Vantage Point Business Village Ltd 
Lessee: Teledyne Limited 
Property: The Teledyne Building, Vantage Point Business Village, Mitcheldean 
Approximate Net Present Value at inception of the lease: £2,246,552 
Lease termination date: September 28, 2023 

Lessor:  Norwich Union Life and Pensions  
Lessee: Teledyne Limited  
Property:  Navigation House, Canal View Road, Newbury  
Approximate Net Present Value at inception of the lease: GBP £2,200,000  
Lease termination date: August 24, 2025 

Lessor:  Greenhills Property No.46 Limited 
Lessee: Teledyne TSS Limited   
Property:  1 Blackmoor Lane, Croxley Green Business Park Watford, Herfordshire, WD18 8GA
Approximate Net Present Value at inception of the lease: GBP £3,750,000 (land value £1,600,000; and building value, £2,150,000) 
Lease termination date: August 24, 2025 

Lessor:  Bollinwater Estates LLP
Lessee:   Teledyne C.M.L. Group Limited
Property:  333-359 Cleveland Street, Birkenhead

Lessor:  Bollinwater Estates LLP
Lessee:   Teledyne C.M.L. Group Limited
Property:  256-296 Price Street, Birkenhead

Lessor:  Tebay Road LLP. 
Lessee:   Teledyne C.M.L. Group Limited
Property:  Unit A, Tebay Road, Bromborough

2.    Liens existing on the Closing Date of the type described in Section 10.4(b) through (n) and (r) through (u).

3.    Liens entered into in the ordinary course of business and existing on the Closing Date, including the following at the Parent Issuer and the Subsidiary Guarantors with active UCC filings:

TELEDYNE BROWN ENGINEERING, INC.
	
			
	JURISDICTION
	SECURED PARTY
	COLLATERAL

	DE, Secretary of State
	US Bank Equipment Finance, a division of U.S. Bank National Association
	Equipment

	DE, Secretary of State
	US Bank Equipment Finance, a division of U.S. Bank National Association
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

TELEDYNE INSTRUMENTS, INC.
	
			
	JURISDICTION
	SECURED PARTY
	COLLATERAL

	DE, Secretary of State
	US Bank Equipment Finance
	Equipment

	DE, Secretary of State
	US Bank Equipment Finance
	Equipment

	DE, Secretary of State
	PNC Equipment Finance, LLC
	Equipment

	DE, Secretary of State
	Citibank, N.A.
	Accounts Receivable owing to debtor by Rockwell Collins, Inc. under Citibank Supplier Finance Program.  (Program has been terminated)

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

TELEDYNE LECROY, INC.
	
			
	JURISDICTION
	SECURED PARTY
	COLLATERAL

	DE, Secretary of State
	KMBS Business Solutions USA, Inc.
	Equipment

TELEDYNE SCIENTIFIC & IMAGING, LLC
	
			
	JURISDICTION
	SECURED PARTY
	COLLATERAL

	DE, Secretary of State
	Canon Financial Services (expires 4/19/2017)
	Equipment

TELEDYNE TECHNOLOGIES INCORPORATED
	
			
	JURISDICTION
	SECURED PARTY
	COLLATERAL

	DE, Secretary of State
	US Bank Equipment Finance
	Equipment

	DE, Secretary of State
	US Bank Equipment Finance
	Equipment

	DE, Secretary of State
	Ricoh USA Inc.
	Equipment

	DE, Secretary of State
	Konica Minolta Business USA Inc.
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance, a division of U.S. Bank National Association
	Equipment

	DE, Secretary of State
	U.S. Bank Equipment Finance
	Equipment

	DE, Secretary of State
	KMBS Business Solutions U.S.A., Inc.
	Equipment

	DE, Secretary of State
	Arrow Electronics, Inc.
	Supplier Agreement

	DE, Secretary of State
	Konica Minolta Premier Finance
	Equipment

	DE, Secretary of State
	Seamless Solutions
	Equipment

	CA, Secretary of State
	EverBank Commercial Finance, Inc.
	Equipment

TAX LIENS:

	
					
	DEBTOR
	JURISDICTION
	TAX PERIOD
	SECURED PARTY
	AMOUNT

	Teledyne Technologies Incorporated
	Ventura County, CA
	10/1/2015-12/31/2015
	Employment Development Department
	$1,439.34

 

[FORM OF SERIES A NOTE]
THIS NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE.  THIS NOTE MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER APPLICABLE SECURITIES LAWS OR IF AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.  THIS NOTE IS SUBJECT TO CERTAIN ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE NOTE PURCHASE AGREEMENT (DEFINED BELOW).
 
TELEDYNE TECHNOLOGIES INCORPORATED 
 
0.70% SENIOR NOTE, SERIES A, DUE APRIL 18, 2022

No. [_______]    [Date] 
€[__________]    PPN: 879360 C@2
FOR VALUE RECEIVED, the undersigned, TELEDYNE TECHNOLOGIES INCORPORATED (herein called the “Parent Issuer”), a corporation organized and existing under the laws of Delaware, hereby promises to pay to [_____________________] or registered assigns, the principal sum of [______________] EUROS (or so much thereof as shall not have been prepaid) on April 18, 2022 with interest (computed on the basis of a 360‐day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate equal to 0.70% per annum, as may be adjusted pursuant to the terms of the hereinafter defined Note Purchase Agreement, from the date hereof, payable semi-annually, (i) with respect to the stated rate of interest, on the 18th day of April and October in each year and at maturity and (ii) with respect to the Interest Rate Adjustment (if any), on the 18th day of April or October next succeeding the Parent Issuer’s election to apply the Elevated Ratio (as defined in the Note Purchase Agreement) and at maturity, in each case, commencing on the 18th day of April or October next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to 2% above the Applicable Interest Rate, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount or Net Loss, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount or Net Loss, with respect to this Note are to be made in Euros at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Parent Issuer shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.
This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase and Guaranty Agreement, dated as of April 18, 2017 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), between the Parent Issuer, Teledyne Netherlands B.V. (the “Company”) and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase 

EXHIBIT 1(a) 
(to Note Purchase and Guaranty Agreement)

Agreement and (ii) made the representations set forth in Section 6.3 of the Note Purchase Agreement, provided, that in lieu of such representation in Section 6.3, such holder may (in reliance upon information provided by the Parent Issuer and the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under section 406(a) of ERISA.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.
This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Parent Issuer may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Parent Issuer will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
Pursuant to the Guaranty Agreement dated as of April 18, 2017 (as amended, restated or otherwise modified from time to time, the “Subsidiary Guaranty”), certain Subsidiaries of the Parent Issuer have absolutely and unconditionally guaranteed payment in full of the principal of, Make-Whole Amount and Net Loss, if any, and interest on this Note and the performance by each of the Parent Issuer and the Company of its obligations contained in the Note Purchase Agreement all as more fully set forth in said Subsidiary Guaranty.
If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount and Net Loss) and with the effect provided in the Note Purchase Agreement.

E-1(a)-2

This Note shall be construed and enforced in accordance with, and the rights of the Parent Issuer and the holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

TELEDYNE TECHNOLOGIES INCORPORATED

By     
Name:     
Title:     

E-1(a)-3

[FORM OF SERIES B NOTE]
THIS NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE.  THIS NOTE MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER APPLICABLE SECURITIES LAWS OR IF AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.  THIS NOTE IS SUBJECT TO CERTAIN ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE NOTE PURCHASE AGREEMENT (DEFINED BELOW).
 
TELEDYNE TECHNOLOGIES INCORPORATED 
 
0.92% SENIOR NOTE, SERIES B, DUE APRIL 18, 2023

No. [_______]    [Date] 
€[__________]    PPN: 879360 C#0
FOR VALUE RECEIVED, the undersigned, TELEDYNE TECHNOLOGIES INCORPORATED (herein called the “Parent Issuer”), a corporation organized and existing under the laws of Delaware, hereby promises to pay to [_____________________] or registered assigns, the principal sum of [______________] EUROS (or so much thereof as shall not have been prepaid) on April 18, 2023 with interest (computed on the basis of a 360‐day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate equal to 0.92% per annum, as may be adjusted pursuant to the terms of the hereinafter defined Note Purchase Agreement, from the date hereof, payable semi-annually, (i) with respect to the stated rate of interest, on the 18th day of April and October in each year and at maturity and (ii) with respect to the Interest Rate Adjustment (if any), on the 18th day of April or October next succeeding the Parent Issuer’s election to apply the Elevated Ratio (as defined in the Note Purchase Agreement) and at maturity, in each case, commencing on the 18th day of April or October next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to 2% above the Applicable Interest Rate, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount or Net Loss, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount or Net Loss, with respect to this Note are to be made in Euros at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Parent Issuer shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.
This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase and Guaranty Agreement, dated as of April 18, 2017 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), between the Parent Issuer, Teledyne Netherlands B.V. (the “Company”) and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase 

EXHIBIT 1(b) 
(to Note Purchase and Guaranty Agreement)

Agreement and (ii) made the representations set forth in Section 6.3 of the Note Purchase Agreement, provided, that in lieu of such representation in Section 6.3, such holder may (in reliance upon information provided by the Parent Issuer and the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under section 406(a) of ERISA.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.
This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Parent Issuer may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Parent Issuer will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
Pursuant to the Guaranty Agreement dated as of April 18, 2017 (as amended, restated or otherwise modified from time to time, the “Subsidiary Guaranty”), certain Subsidiaries of the Parent Issuer have absolutely and unconditionally guaranteed payment in full of the principal of, Make-Whole Amount and Net Loss, if any, and interest on this Note and the performance by each of the Parent Issuer and the Company of its obligations contained in the Note Purchase Agreement all as more fully set forth in said Subsidiary Guaranty.
If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount and Net Loss) and with the effect provided in the Note Purchase Agreement.

E-1(b)-2

This Note shall be construed and enforced in accordance with, and the rights of the Parent Issuer and the holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

TELEDYNE TECHNOLOGIES INCORPORATED

By     
Name:     
Title:     

E-1(b)-3

[FORM OF SERIES C NOTE]
THIS NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE.  THIS NOTE MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER APPLICABLE SECURITIES LAWS OR IF AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.  THIS NOTE IS SUBJECT TO CERTAIN ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE NOTE PURCHASE AGREEMENT (DEFINED BELOW).
 
TELEDYNE NETHERLANDS B.V. 
 
0.92% SENIOR NOTE, SERIES C, DUE APRIL 18, 2023

No. [_______]    [Date] 
€[__________]    PPN: N8502# AA5
FOR VALUE RECEIVED, the undersigned, TELEDYNE NETHERLANDS B.V. (herein called the “Company”), a private limited liability company (besloten vennootschap) incorporated and existing under the laws of The Netherlands, hereby promises to pay to [_____________________] or registered assigns, the principal sum of [______________] EUROS (or so much thereof as shall not have been prepaid) on April 18, 2023 with interest (computed on the basis of a 360‐day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate equal to 0.92% per annum, as may be adjusted pursuant to the terms of the hereinafter defined Note Purchase Agreement, from the date hereof, payable semi-annually, (i) with respect to the stated rate of interest, on the 18th day of April and October in each year and at maturity and (ii) with respect to the Interest Rate Adjustment (if any), on the 18th day of April or October next succeeding the Company’s election to apply the Elevated Ratio (as defined in the Note Purchase Agreement) and at maturity, in each case, commencing on the 18th day of April or October next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to 2% above the Applicable Interest Rate, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount or Net Loss, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount or Net Loss with respect to this Note are to be made in Euros at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase  Agreement referred to below.
This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase and Guaranty Agreement, dated as of April 18, 2017 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), between Teledyne Technologies Incorporated (the “Parent Issuer”), the Company and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its 

EXHIBIT 1(c) 
(to Note Purchase and Guaranty Agreement)

acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and (ii) made the representations set forth in Section 6.3 of the Note Purchase Agreement, provided, that in lieu of such representation in Section 6.3, such holder may (in reliance upon information provided by the Parent Issuer and the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under section 406(a) of ERISA.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.
This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Parent Issuer may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
The Parent Issuer has absolutely and unconditionally guaranteed payment in full of the principal of, Make-Whole Amount and Net Loss, if any, and interest on this Note and the performance by the Company of its obligations contained in the Note Purchase Agreement all as more fully set forth in the Note Purchase Agreement.
Pursuant to the Guaranty Agreement dated as of April 18, 2017 (as amended, restated or otherwise modified from time to time, the “Subsidiary Guaranty”), certain Subsidiaries of the Parent Issuer have absolutely and unconditionally guaranteed payment in full of the principal of, Make-Whole Amount and Net Loss, if any, and interest on this Note and the performance by the Company of its obligations contained in the Note Purchase Agreement all as more fully set forth in said Subsidiary Guaranty.
If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount and Net Loss) and with the effect provided in the Note Purchase Agreement.

E-1(c)-2

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

TELEDYNE NETHERLANDS B.V.

By     
Name:     
Title:     

E-1(c)-3

[FORM OF SERIES D NOTE]
THIS NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE.  THIS NOTE MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER APPLICABLE SECURITIES LAWS OR IF AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.  THIS NOTE IS SUBJECT TO CERTAIN ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE NOTE PURCHASE AGREEMENT (DEFINED BELOW).
 
TELEDYNE NETHERLANDS B.V. 
 
1.09% SENIOR NOTE, SERIES D, DUE APRIL 18, 2024

No. [_______]    [Date] 
€[__________]    PPN: N8502# AB3
FOR VALUE RECEIVED, the undersigned, TELEDYNE NETHERLANDS B.V. (herein called the “Company”), a private limited liability company (besloten vennootschap) incorporated and existing under the laws of The Netherlands, hereby promises to pay to [_____________________] or registered assigns, the principal sum of [______________] EUROS (or so much thereof as shall not have been prepaid) on April 18, 2024 with interest (computed on the basis of a 360‐day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate equal to 1.09% per annum, as may be adjusted pursuant to the terms of the hereinafter defined Note Purchase Agreement, from the date hereof, payable semi-annually, (i) with respect to the stated rate of interest, on the 18th day of April and October in each year and at maturity and (ii) with respect to the Interest Rate Adjustment (if any), on the 18th day of April or October next succeeding the Company’s election to apply the Elevated Ratio (as defined in the Note Purchase Agreement) and at maturity, in each case, commencing on the 18th day of April or October next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to 2% above the Applicable Interest Rate, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount or Net Loss, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount or Net Loss with respect to this Note are to be made in Euros at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase  Agreement referred to below.
This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase and Guaranty Agreement, dated as of April 18, 2017 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), between Teledyne Technologies Incorporated (the “Parent Issuer”), the Company and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the 

EXHIBIT 1(d) 
(to Note Purchase and Guaranty Agreement)

Note Purchase Agreement and (ii) made the representations set forth in Section 6.3 of the Note Purchase Agreement, provided, that in lieu of such representation in Section 6.3, such holder may (in reliance upon information provided by the Parent Issuer and the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under section 406(a) of ERISA.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.
This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Parent Issuer may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
The Parent Issuer has absolutely and unconditionally guaranteed payment in full of the principal of, Make-Whole Amount and Net Loss, if any, and interest on this Note and the performance by the Company of its obligations contained in the Note Purchase Agreement all as more fully set forth in the Note Purchase Agreement.
Pursuant to the Guaranty Agreement dated as of April 18, 2017 (as amended, restated or otherwise modified from time to time, the “Subsidiary Guaranty”), certain Subsidiaries of the Parent Issuer have absolutely and unconditionally guaranteed payment in full of the principal of, Make-Whole Amount and Net Loss, if any, and interest on this Note and the performance by the Company of its obligations contained in the Note Purchase Agreement all as more fully set forth in said Subsidiary Guaranty.
If an Event of Default, as defined in the Note Purchase Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount and Net Loss) and with the effect provided in the Note Purchase Agreement.

E-1(d)-2

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

TELEDYNE NETHERLANDS B.V.

By     
Name:     
Title:     

E-1(d)-3

EXHIBIT 2.3 TO NOTE PURCHASE AND GUARANTY AGREEMENT

FORM OF SUBSIDIARY GUARANTY

GUARANTY AGREEMENT
Dated as of April 18, 2017

€50,000,000 0.70% Senior Notes, Series A, 
due April 18, 2022
€50,000,000 0.92% Senior Notes, Series B, 
due April 18, 2023
€50,000,000 0.92% Senior Notes, Series C, 
due April 18, 2023
€100,000,000 1.09% Senior Notes, Series D,
due April 18, 2024
of
TELEDYNE NETHERLANDS B.V.
AND 
TELEDYNE TECHNOLOGIES INCORPORATED

GUARANTY AGREEMENT

RE: €50,000,000 0.70% Senior Notes, Series A, 
due April 18, 2022
€50,000,000 0.92% Senior Notes, Series B, 
due April 18, 2023
€50,000,000 0.92% Senior Notes, Series C, 
due April 18, 2023
€100,000,000 1.09% Senior Notes, Series D,
due April 18, 2024
This GUARANTY AGREEMENT dated as of April 18, 2017 (the or this “Guaranty”) is entered into on a joint and several basis by each of the undersigned, together with any entity which may become a party hereto by execution and delivery of a Guaranty Supplement in substantially the form set forth as Exhibit A hereto (a “Guaranty Supplement”) (which parties are hereinafter referred to individually as a “Guarantor” and collectively as the “Guarantors”).
RECITALS
A.    Each Guarantor is a Subsidiary of Teledyne Technologies Incorporated, a Delaware corporation (the “Parent Issuer”).
B.    In order to refinance certain debt and for general corporate purposes, including acquisitions, the Parent Issuer and Teledyne Netherlands B.V., a private limited liability company (besloten vennootschap) incorporated under the laws of The Netherlands (the “Company”) have entered into that certain Note Purchase and Guaranty Agreement dated as of April 18, 2017 (the “Note Purchase Agreement”) between the Parent Issuer, the Company and each of the purchasers named on Schedule A thereto (the “Initial Note Purchasers”; the Initial Note Purchasers, together with their successors, assigns or any other future holder of the Notes (as defined below), the “Holders”), providing for, inter alia, the issue and sale by the Company to the Initial Note Purchasers of €50,000,000 0.70% Senior Notes, Series A, due April 18, 2022 (the “Series A Notes”), €50,000,000 0.92% Senior Notes, Series B, due April 18, 2023 (the “Series B Notes”), €50,000,000 0.92% Senior Notes, Series C, due April 18, 2023 (the “Series C Notes”) and €100,000,000 1.09% Senior Notes, Series D, due April 18, 2024 (the “Series D Notes”and together with the Series A Notes, the Series B Notes and the Series C Notes, collectively, the “Notes”).
C.    The Initial Note Purchasers have required as a condition to their purchase of the Notes that the Parent Issuer and the Company cause each of the undersigned to enter into this Guaranty and to cause each Subsidiary (as defined in the Note Purchase Agreement) that after the date hereof delivers a guaranty or otherwise becomes liable at any time, whether as a guarantor, borrower, co-borrower or otherwise pursuant to any Bank Credit Agreement (as defined in the Note Purchase Agreement), but subject to the terms of Section 9.7 of the Note Purchase Agreement, to enter into a Guaranty Supplement, in each case as security for the Notes and the Parent Issuer has agreed to cause each of the undersigned to execute this Guaranty and to cause such Subsidiaries to execute 

a Guaranty Supplement, in each case in order to induce the Initial Note Purchasers to purchase the Notes and thereby benefit the Parent Issuer, the Company and its Subsidiaries by providing funds to refinance certain debt and for general corporate purposes, including acquisitions. 
D.    Each of the Guarantors will derive substantial direct and indirect benefit from the sale of the Notes to the Initial Note Purchasers.
NOW, THEREFORE, as required by Section 4.10 of the Note Purchase Agreement and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, each Guarantor does hereby covenant and agree, jointly and severally, as follows:
		
	SECTION 1.
	DEFINITIONS.

Capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement unless herein defined or the context shall otherwise require.
		
	SECTION 2.
	GUARANTY OF NOTES AND NOTE PURCHASE AGREEMENT.

(a)    Subject to the limitation set forth in Section 2(b) hereof, each Guarantor jointly and severally does hereby irrevocably, absolutely and unconditionally guarantee unto the Holders:  (1) the full and prompt payment of the principal of, Make-Whole Amount and Net Loss, if any, interest on the Notes from time to time outstanding  and all other amounts from time to time owing by the Parent Issuer and the Company under the Note Purchase Agreement and the Notes, as and when such payments shall become due and payable whether by lapse of time, upon redemption or prepayment, by extension or by acceleration or declaration or otherwise (including (to the extent legally enforceable) interest due on overdue payments of principal, Make-Whole Amount and Net Loss, if any, or interest at the rate set forth in the Notes and interest accruing at the then applicable rate provided in the Notes after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Parent Issuer or the Company, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) in Euros which at the time of payment or demand therefor shall be legal tender for the payment of public and private debts, (2) the full and prompt performance and observance by the Parent Issuer and the Company of each and all of the obligations, covenants and agreements required to be performed or owed by the Parent Issuer or the Company, as applicable, under the terms of the Notes and the Note Purchase Agreement and (3) the full and prompt payment, upon demand by any Holder, of all reasonable costs and expenses, legal or otherwise (including reasonable attorneys’ fees), if any, as shall have been expended or incurred in the protection or enforcement of any rights, privileges or liabilities in favor of the Holders under or in respect of the Notes, the Note Purchase Agreement or under this Guaranty or in any consultation or action in connection therewith or herewith and in each and every case irrespective of the validity, regularity, or enforcement of any of the Notes or Note Purchase Agreement or any of the terms thereof or any other like circumstance or circumstances.

-2-

(b)    The liability of each Guarantor under this Guaranty shall not exceed an amount equal to a maximum amount as will, after giving effect to such maximum amount and all other liabilities of such Guarantor, contingent or otherwise, result in the obligations of such Guarantor hereunder not constituting a fraudulent transfer, obligation or conveyance.
(c)    This Guaranty will terminate automatically (i) upon the indefeasible payment in full of the Notes and all other amounts owing under the Note Purchase Agreement, the Notes and this Guaranty and (ii) in part, as to any Guarantor, upon (1) the release of such Guarantor pursuant to Section 2.3(b) of the Note Purchase Agreement or (2) the consolidation, merger or transfer of substantially all of the assets of such Guarantor pursuant to Section 10.5 or Section 10.6 of the Note Purchase Agreement but subject to the terms of Section 2.3(b) of the Note Purchase Agreement; provided however, that notwithstanding clause (i) of this Section 2(c), after the indefeasible payment in full of the Notes and all other amounts then owing under the Note Purchase Agreement, the Notes and this Guaranty, this Guaranty shall continue with respect to any and all obligations (including any indemnification obligations) arising under the Note Purchase Agreement, the Notes or this Guaranty which by their express terms survive the indefeasible payment in full of the Notes and all other amounts then owing under the Note Purchase Agreement, the Notes and this Guaranty.
		
	SECTION 3.
	GUARANTY OF PAYMENT AND PERFORMANCE.

This is a guarantee of payment and performance and each Guarantor hereby waives, to the fullest extent permitted by law, any right to require that any action on or in respect of any Note or the Note Purchase Agreement be brought against the Company, the Parent Issuer or any other Person or that resort be had to any direct or indirect security for the Notes or for this Guaranty or any other remedy.  Any Holder may, at its option, proceed hereunder against any Guarantor in the first instance to collect monies when due, the payment of which is guaranteed hereby, without first proceeding against the Company, the Parent Issuer or any other Person and without first resorting to any direct or indirect security for the Notes or for this Guaranty or any other remedy.  The liability of each Guarantor hereunder shall in no way be affected or impaired by any acceptance by any Holder of any direct or indirect security for, or other guaranties of, any Indebtedness, liability or obligation of the Company, the Parent Issuer or any other Person to any Holder or by any failure, delay, neglect or omission by any Holder to realize upon or protect any such guarantees, Indebtedness, liability or obligation or any notes or other instruments evidencing the same or any direct or indirect security therefor or by any approval, consent, waiver, or other action taken, or omitted to be taken by any such Holder.
The covenants and agreements on the part of the Guarantors herein contained shall take effect as joint and several covenants and agreements, and references to the Guarantors shall take effect as references to each of them and none of them shall be released from liability hereunder by reason of the guarantee ceasing to be binding as a continuing security on any other of them.
		
	SECTION 4.
	GENERAL PROVISIONS RELATING TO THE GUARANTY.

(a)    Each Guarantor hereby consents and agrees that any Holder or Holders from time to time, with or without any further notice to or assent from any other Guarantor may, without in any 

-3-

manner affecting the liability of any Guarantor under this Guaranty, and upon such terms and conditions as any such Holder or Holders may deem advisable:
(1)    extend in whole or in part (by renewal or otherwise), modify, change, compromise, release or extend the duration of the time for the performance or payment of any Indebtedness, liability or obligation of the Company, the Parent Issuer or of any other Person secondarily or otherwise liable for any Indebtedness, liability or obligations of the Company or the Parent Issuer on the Notes, or waive any Default with respect thereto, or waive, modify, amend or change any provision of any other agreement or this Guaranty; or
(2)    sell, release, surrender, modify, impair, exchange or substitute any and all property, of any nature and from whomsoever received, held by, or for the benefit of, any such Holder as direct or indirect security for the payment or performance of any Indebtedness, liability or obligation of the Company, the Parent Issuer or of any other Person secondarily or otherwise liable for any Indebtedness, liability or obligation of the Parent Issuer on the Notes; or
(3)    settle, adjust or compromise any claim of the Parent Issuer against any other Person secondarily or otherwise liable for any Indebtedness, liability or obligation of the Company or the Parent Issuer on the Notes.
Each Guarantor hereby ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification, amendment, impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to the fullest extent permitted by law, any and all defenses, counterclaims or offsets which it might or could have by reason thereof, it being understood that such Guarantor shall at all times be bound by this Guaranty and remain liable hereunder.
(b)    Each Guarantor hereby waives, to the fullest extent permitted by law:
(1)    notice of acceptance of this Guaranty by the Holders or of the creation, renewal or accrual of any liability of the Parent Issuer or the Company, as applicable,, present or future, or of the reliance of such Holders upon this Guaranty (it being understood that every Indebtedness, liability and obligation described in Section 2 hereof shall conclusively be presumed to have been created, contracted or incurred in reliance upon the execution of this Guaranty);
(2)    demand of payment by any Holder from the Company or the Parent Issuer or any other Person indebted in any manner on or for any of the Indebtedness, liabilities or obligations hereby guaranteed; and
(3)    presentment for the payment by any Holder or any other Person of the Notes or any other instrument, protest thereof and notice of its dishonor to any party thereto and to such Guarantor.

-4-

The obligations of each Guarantor under this Guaranty and the rights of any Holder to enforce such obligations by any proceedings, whether by action at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination (other than by payment in full of the Notes and the obligations of the Company or the Parent Issuer under the Note Purchase Agreement), whether by reason of any claim of any character whatsoever or otherwise and shall not be subject to any defense, set-off, counterclaim (other than any compulsory counterclaim), recoupment or termination whatsoever.
(c)    The obligations of the Guarantors hereunder shall be binding upon the Guarantors and their successors and assigns, and shall remain in full force and effect until the entire principal, interest and Make-Whole Amount and Net Loss, if any, on the Notes, all other obligations owing under the Note Purchase Agreement and all other sums due pursuant to Section 2 shall have been paid and such obligations shall not be affected, modified or impaired upon the happening from time to time of any event, including without limitation any of the following, whether or not with notice to or the consent of the Guarantors:
(1)    the genuineness, validity, regularity or enforceability of the Notes, the Note Purchase Agreement or any other agreement or any of the terms of any thereof, the continuance of any obligation on the part of the Company, the Parent Issuer, any other Guarantors or any other Person on or in respect of the Notes or under the Note Purchase Agreement or any other agreement or the power or authority or the lack of power or authority of the Parent Issuer to issue the Notes or the Company or the Parent Issuer to execute and deliver the Note Purchase Agreement or any other agreement or of any other Guarantors to execute and deliver this Guaranty or any other agreement or to perform any of its obligations hereunder or the existence or continuance of the Company, the Parent Issuer or any other Person as a legal entity; or
(2)    any default, failure or delay, willful or otherwise, in the performance by the Company, the Parent Issuer, any other Guarantor or any other Person of any obligations of any kind or character whatsoever under the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or
(3)    any creditors’ rights, bankruptcy, receivership or other insolvency proceeding of the Company, the Parent Issuer, any other Guarantor or any other Person or in respect of the property of the Company, the Parent Issuer, any other Guarantor or any other Person or any merger, consolidation, reorganization, dissolution, liquidation, the sale of all or substantially all of the assets of or winding up of the the Company, the Parent Issuer, any other Guarantor or any other Person; or
(4)    impossibility or illegality of performance on the part of the Company, the Parent Issuer, any other Guarantor or any other Person of its obligations under the Notes, the Note Purchase Agreement, this Guaranty or any other agreements; or
(5)    in respect of the Company, the Parent Issuer, any other Guarantors or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether 

-5-

or not imputable to the Company, the Parent Issuer, any other Guarantors or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared), civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any Federal or state regulatory body or agency, change of law or any other causes affecting performance, or any other force majeure, whether or not beyond the control of the Company, the Parent Issuer, any other Guarantors or any other Person and whether or not of the kind hereinbefore specified; or
(6)    any attachment, claim, demand, charge, Lien, order, process, encumbrance or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, Indebtedness, obligations or liabilities of any character, foreseen or unforeseen, and whether or not valid, incurred by or against the Company, the Parent Issuer, any Guarantor or any other Person or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by the Company, the Parent Issuer, any Guarantor or any other Person, or against any sums payable in respect of the Notes or under the Note Purchase Agreement or this Guaranty, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; or
(7)    any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect, the performance by the Company, the Parent Issuer, any Guarantor or any other Person of its respective obligations under or in respect of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or
(8)    the failure of any Guarantor to receive any benefit from or as a result of its execution, delivery and performance of this Guaranty; or
(9)    any failure or lack of diligence in collection or protection, failure in presentment or demand for payment, protest, notice of protest, notice of default and of nonpayment, any failure to give notice to any Guarantor of failure of the Company, the Parent Issuer, any Guarantor or any other Person to keep and perform any obligation, covenant or agreement under the terms of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or failure to resort for payment to the Company, the Parent Issuer, any other Guarantor or to any other Person or to any other guaranty or to any property, security, Liens or other rights or remedies; or
(10)    the acceptance of any additional security or other guaranty, the advance of additional money to the Company, the Parent Issuer or any other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, the Note Purchase Agreement or any other agreement, or the sale, release, substitution or exchange of any security for the Notes; or

-6-

(11)    any merger or consolidation of the Company, the Parent Issuer, any other Guarantor or any other Person into or with any other Person or any sale, lease, transfer or other disposition of any of the assets of the Company, the Parent Issuer, any other Guarantor or any other Person to any other Person, or any change in the ownership of any shares of the Company, the Parent Issuer, any other Guarantor or any other Person; or
(12)    any defense whatsoever that:  (i) the Company, the Parent Issuer or any other Person might have to the payment of the Notes (principal, Make-Whole Amount and Net Loss, if any, or interest), other than payment thereof in Federal or other immediately available funds, or (ii) the Company, the Parent Issuer or any other Person might have to the performance or observance of any of the provisions of the Notes, the Note Purchase Agreement or any other agreement, whether through the satisfaction or purported satisfaction by the Company, the Parent Issuer, any other Guarantor or any other Person of its debts due to any cause such as bankruptcy, insolvency, receivership, merger, consolidation, reorganization, dissolution, liquidation, winding-up or otherwise, other than the defense of indefeasible payment in full in cash of the Notes; or
(13)    any act or failure to act with regard to the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or anything which might vary the risk of any Guarantor or any other Person; or
(14)    any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor or any other Person in respect of the obligations of any Guarantor or other Person under this Guaranty or any other agreement, other than the defense of indefeasible payment in full in cash of the Notes;
provided that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Guaranty and the parties hereto that the obligations of each Guarantor shall be absolute and unconditional and shall not be discharged, impaired or varied except by the payment of the principal of, Make-Whole Amount and Net Loss, if any, and interest on the Notes in accordance with their respective terms whenever the same shall become due and payable as in the Notes provided and all other sums due and payable under the Note Purchase Agreement, at the place specified in and all in the manner and with the effect provided in the Notes and the Note Purchase Agreement, as each may be amended or modified from time to time.  Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as and when, from time to time, the Company or the Parent Issuer shall default under or in respect of the terms of the Notes or the Note Purchase Agreement and that notwithstanding recovery hereunder for or in respect of any given default or defaults by the Company or the Parent Issuer under the Notes or the Note Purchase Agreement, this Guaranty shall remain in full force and effect and shall apply to each and every subsequent default.
(d)    All rights of any Holder may be transferred or assigned at any time and shall be considered to be transferred or assigned at any time or from time to time upon the transfer of such 

-7-

Note whether with or without the consent of or notice to the Guarantors under this Guaranty or to the Company or the Parent Issuer.
(e)    To the extent of any payments made under this Guaranty, the Guarantors shall be subrogated to the rights of the Holder or Holders upon whose Notes such payment was made, but each Guarantor covenants and agrees that such right of subrogation shall be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all amounts due and owing by the Company or the Parent Issuer with respect to the Notes and the Note Purchase Agreement and by the Guarantors under this Guaranty, and the Guarantors shall not take any action to enforce such right of subrogation, and the Guarantors shall not accept any payment in respect of such right of subrogation, until all amounts due and owing by the Company or the Parent Issuer under or in respect of the Notes and the Note Purchase Agreement and all amounts due and owing by the Guarantors hereunder have indefeasibly been finally paid in cash in full.  If any amount shall be paid to any Guarantor in violation of the preceding sentence at any time prior to the indefeasible payment in cash in full of the Notes and all other amounts payable under the Notes, the Note Purchase Agreement and this Guaranty, such amount shall be held in trust for the benefit of the Holders and shall forthwith be paid to the Holders to be credited and applied to the amounts due or to become due with respect to the Notes and all other amounts payable under the Note Purchase Agreement and this Guaranty, whether matured or unmatured. Each Guarantor acknowledges that it has received direct and indirect benefits from the financing arrangements contemplated by the Note Purchase Agreement and that the waiver set forth in this paragraph (e) is knowingly made as a result of the receipt of such benefits.
(f)    The Guarantors hereby agree, as among themselves, that if any Guarantor shall become an Excess Funding Guarantor (as defined below) (but subject to the succeeding provisions of this Section 4(f)), pay to such Excess Funding Guarantor an amount equal to such Guarantor’s Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, assets, liabilities and debts of such Excess Funding Guarantor) of such Excess Payment (as defined below).  The payment obligation of any Guarantor to any Excess Funding Guarantor under this Section 4(f) shall be subordinate and subject in right of payment to the prior payment in full of the obligations of such Guarantor under the other provisions of this Guaranty, and such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations.  For purposes hereof, (a) “Excess Funding Guarantor” shall mean, in respect of any obligations arising under the other provisions of this Guaranty (hereafter, the “Guarantied Obligations”), a Guarantor that has paid an amount in excess of its Pro Rata Share of the Guarantied Obligations; (b) “Excess Payment” shall mean, in respect of any Guarantied Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guarantied Obligations; and (c) “Pro Rata Share”, for the purposes of this Section 4(f), shall mean, for any Guarantor, the ratio (expressed as a percentage) of (i) the amount by which the aggregate present fair saleable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair saleable value of all assets and other properties of the the Company, the Parent Issuer and all of the Guarantors exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but 

-8-

excluding the obligations of the Company, the Parent Issuer under the Note Purchase Agreement and the Guarantors hereunder) of the Company, the Parent Issuer and all of the Guarantors, all as of the date of the Closing (if any Guarantor becomes a party hereto subsequent to the date of the Closing, then for the purposes of this Section 4(f) such subsequent Guarantor shall be deemed to have been a Guarantor as of the date of the Closing and the information pertaining to, and only pertaining to, such Guarantor as of the date such Guarantor became a Guarantor shall be deemed true as of the date of the Closing).
(g)    Each Guarantor agrees that to the extent the Company, the Parent Issuer, any other Guarantor or any other Person makes any payment on any Note, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required to be retained by or repaid to a trustee, receiver, or any other Person under any bankruptcy code, common law, or equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued in full force and effect with respect to the Guarantors’ obligations hereunder, as if said payment had not been made.  The liability of the Guarantors hereunder shall not be reduced or discharged, in whole or in part, by any payment to any Holder from any source that is thereafter paid, returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity, or fraud asserted by any account debtor or by any other Person.
(h)    No Holder shall be under any obligation:  (1) to marshal any assets in favor of the Guarantors or in payment of any or all of the liabilities of the Company or the Parent Issuer under or in respect of the Notes or the obligations of the Guarantors hereunder or (2) to pursue any other remedy that the Guarantors may or may not be able to pursue themselves and that may lighten the Guarantors’ burden, any right to which each Guarantor hereby expressly waives. 
(i)    The obligations of each Guarantor under this Guaranty rank pari passu in right of payment with all other Indebtedness of such Guarantor which is not secured or which is not expressly subordinated in right of payment to any other Indebtedness of such Guarantor.
		
	SECTION 5.
	REPRESENTATIONS AND WARRANTIES OF THE GUARANTORS.

Each Guarantor represents and warrants to each Holder that:
(a)    Such Guarantor is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Such Guarantor has the power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Guaranty and to perform the provisions hereof.

-9-

(b)    This Guaranty has been duly authorized by all necessary action on the part of such Guarantor, and this Guaranty constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
(c)    The execution, delivery and performance by such Guarantor of this Guaranty will not (1) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of such Guarantor under (i) any indenture, mortgage, deed of trust, loan, purchase or credit agreement, (ii) charter document or by-laws (or similar organizational documents), or (iii) any other agreement or instrument to which such Guarantor is bound or by which such Guarantor may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to such Guarantor or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to such Guarantor, except, in each case, in such instances that would not reasonably be expected to have a Material Adverse Effect.
(d)    No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by such Guarantor of this Guaranty.
(e)    After giving effect to the limitation set forth in Section 2(b) hereof, such Guarantor is solvent, has capital not unreasonably small in relation to its business or any contemplated or undertaken transaction and has assets having a value both at fair valuation and at present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that will be required to pay its probable liability on its existing debts as they become absolute and matured.  Such Guarantor does not intend to incur, or believe or should have believed that it will incur, debts beyond its ability to pay such debts as they become due.  After giving effect to the limitation set forth in Section 2(b) hereof, such Guarantor will not be rendered insolvent by the execution and delivery of, and performance of its obligations under, this Guaranty.  Such Guarantor does not intend to hinder, delay or defraud its creditors by or through the execution and delivery of, or performance of its obligations under, this Guaranty.
		
	SECTION 6.
	GUARANTOR COVENANTS.

From and after the date of issuance of the Notes by the Company and continuing so long as any amount remains unpaid thereon each Guarantor agrees to comply with the terms and provisions of Sections 9.1, 9.2, 9.3, 9.4 and 9.5 of the Note Purchase Agreement, insofar as such provisions apply to such Guarantor, as if said Sections were set forth herein in full.

-10-

		
	SECTION 7.
	PAYMENTS FREE AND CLEAR OF TAXES.

Each payment by any Guarantor shall be made, under all circumstances, without setoff, counterclaim or reduction for, and free from and clear of, and without deduction for or because of, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholding, restrictions or conditions of any nature whatsoever (hereinafter called “Relevant Taxes”) imposed, levied, collected, assessed, deducted or withheld by the government of any country or jurisdiction (or any authority therein or thereof) other than the United States of America from or through which payments hereunder or on or in respect of the Notes are actually made (each a “Taxing Jurisdiction”), unless such imposition, levy, collection, assessment, deduction, withholding or other restriction or condition is required by law.  If a Guarantor is required by law to make any payment under this Guaranty subject to such deduction, withholding or other restriction or condition, then such Guarantor shall forthwith (i) pay over to the government or taxing authority imposing such tax the full amount required to be deducted, withheld from or otherwise paid by such Guarantor (including the full amount required to be deducted or withheld from or otherwise paid by such Guarantor in respect of the Tax Indemnity Amounts (as defined below)); (ii) pay each Holder such additional amounts (“Tax Indemnity Amounts”) as may be necessary in order that the net amount of every payment made to each Holder, after provision for payment of such Relevant Taxes (including any required deduction, withholding or other payment of tax on or with respect to such Tax Indemnity Amounts), shall be equal to the amount which such holder would have received had there been no imposition, levy, collection, assessment, deduction, withholding or other restriction or condition.  Notwithstanding the provisions of this Section 7, no such Tax Indemnity Amounts shall be payable for or on account of any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure of the Holder to complete, execute and deliver to such Guarantor any form or document to the extent applicable to such Holder that may be required by law or by reason of administration of such law and which is reasonably requested in writing to be delivered by such Guarantor in order to enable such Guarantor to make payments pursuant to this Section 7 without deduction or withholding for taxes, assessments or governmental charges, or with deduction or withholding of such lesser amount, which form or document shall be delivered within one hundred twenty days of a written request therefor by such Guarantor.  If in connection with the payment of any such Tax Indemnity Amounts, any Holder that is a United States person within the meaning of the Code or a foreign person engaged in a trade or business within the United States of America, incurs taxes imposed by the United States of America or any political subdivision or taxing authority therein (“United States Taxes”) on such Tax Indemnity Amounts, such Guarantor shall pay to such Holder such further amount as will insure that the net amount actually received by that Holder (taking into account any withholding or deduction in respect of any such further amount) is equal to the amount which such Holder would have received after all United States Taxes on such Tax Indemnity Amounts and on any further amount had such withholding or deduction not been made.  If any payment is made by any Guarantor to or for the account of the Holder of any Note after deduction for or on account of any Relevant Taxes, and increased payments are made by any Guarantor pursuant to this Paragraph, then, if such Holder determines that it has received or been granted a refund or received the benefit of a credit of such Relevant Taxes, such Holder shall, to the extent that it can do so without prejudice to the retention of the amount of such refund or credit, reimburse to the Guarantors such amount as such Holder shall determine to be attributable to the Relevant Taxes or deduction or withholding.  Nothing herein contained shall interfere with the right 

-11-

of the Holder of any Note to arrange its tax affairs in whatever manner it thinks fit and, in particular, no Holder of any Note shall be under any obligation to claim relief from its corporate profits or similar tax liability in respect of such Relevant Tax in priority to any other claims, reliefs, credits or deductions available to it or oblige any Holder of any Note to disclose any information relating to its tax affairs or any computations in respect thereof.
		
	SECTION 8.
	GOVERNING LAW.

(a)    This Guaranty shall be governed by and construed in accordance with the laws of the state of New York applicable therein.
(b)    Each Guarantor hereby (1) irrevocably submits and consents to the jurisdiction of the federal court located within the County of New York, State of New York (or if such court lacks jurisdiction, the State courts located therein), and irrevocably agrees that all actions or proceedings relating to this Guaranty may be litigated in such courts, and (2) waives any objection which it may have based on improper venue or forum non conveniens to the conduct of any proceeding in any such court and waives personal service of any and all process upon it, and (3) consents that all such service of process be made by delivery to it at the address of such Person set forth in Section 11 below or to its agent referred to below at such agent’s address set forth below (with a courtesy copy to such Guarantor at the address set forth in Section 11) and that service so made shall be deemed to be completed upon actual receipt.  If any Guarantor who delivers a Guaranty Supplement is not organized under the laws of the United States, any state thereof or the District of Columbia, such Guarantor shall, in connection with the delivery of a Guaranty Supplement, irrevocably appoint an agent for the purpose of accepting service of any process within the State of New York.  Nothing contained in this section shall affect the right of any Holder to serve legal process in any other manner permitted by law or to bring any action or proceeding in the courts of any jurisdiction against a Guarantor or to enforce a judgment obtained in the courts of any other jurisdiction.
(c)    The parties hereto waive any right to have a jury participate in resolving any dispute, whether sounding in contract, tort, or otherwise, between them arising out of, connected with, related to or incidental to the relationship established between them in connection with this Guaranty, any financing agreement, any loan party document or any other instrument, document or agreement executed or delivered in connection herewith or the transactions related hereto.  The parties hereto hereby agree and consent that any such claim, demand, action or cause of action shall be decided by court trial without a jury and that any of them may file an original counterpart or a copy of this Guaranty with any court as written evidence of the consent of the parties hereto to the waiver of their right to trial by jury.
		
	SECTION 9.
	JUDGMENTS.

Any payment made by a Guarantor to any Holder for the account of any such Holder in respect of any amount payable by such Guarantor shall be made in Euros.   Any amount received or recovered by such Holder other than in Euros (whether as a result of, or of the enforcement of, a judgment or order of any court, or in the liquidation or dissolution of such Guarantor or otherwise) in respect of any such sum expressed to be due hereunder or under the Notes shall constitute a 

-12-

discharge of such Guarantor only to the extent of the amount of Euros which such Holder is able, in accordance with normal banking procedures, to purchase with the amount so received or recovered in that other currency on the date of the receipt or recovery (or, if it is not practicable to make that purchase on such date, on the first date on which it is practicable to do so).  If the amount of Euros so purchased is less than the amount of Euros expressed to be due hereunder or under the Notes, the Company shall indemnify such Holder against any loss sustained by such Holder as a result, and in any event, such Guarantor shall indemnify such Holder against the cost of making any such purchase.  These indemnities shall constitute a separate and independent obligation from the other obligations herein, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by any such Holder, shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any such sum due hereunder or any judgment or order and shall survive the payment of the Notes and the termination of this Guaranty.  
		
	SECTION 10.
	AMENDMENTS, WAIVERS AND CONSENTS.

(a)    This Guaranty may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Guarantor and the Required Holders; provided, however, that any amendment hereof with respect to the liability of a Guarantor under this Guaranty pursuant to Section 2(b) hereof shall not require the written consent of the Guarantors or the Required Holders and shall be deemed to have been automatically consented to by the Guarantors and each Holder.
(b)    The Guarantors (or the Parent Issuer or the Company) will provide each Holder (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof.  The Guarantors (or the Parent Issuer or the Company) will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 10 to each Holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Holders.
(c)    The Guarantors will not directly or indirectly pay or cause to be paid any remuneration, whether by way of fee or otherwise, or grant any security, to any Holder as consideration for or as an inducement to the entering into by any Holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted, on the same terms, ratably to each Holder even if such Holder did not consent to such waiver or amendment.
(d)    Any amendment or waiver consented to as provided in this Section 10 applies equally to all Holders and is binding upon them and upon each future holder and upon the Guarantors.  No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Guarantors and any Holder nor any delay in exercising any rights hereunder shall operate as a 

-13-

waiver of any rights of any Holder.  As used herein, the term “this Guaranty” and references thereto shall mean this Guaranty as it may from time to time be amended or supplemented.
(e)    Solely for the purpose of determining whether the Holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guaranty, Notes directly or indirectly owned by any Guarantor, the Company, the Parent Issuer or any of their respective subsidiaries or Affiliates shall be deemed not to be outstanding.
		
	SECTION 11.
	NOTICES.

All notices and communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid).  Any such notice must be sent:
(1)    if to an Initial Note Purchaser or such Initial Note Purchaser’s nominee, to such Initial Note Purchaser or such Initial Note Purchaser’s nominee at the address specified for such communications in Schedule A to the Note Purchase Agreement, or at such other address as such Initial Note Purchaser or such Initial Note Purchaser’s nominee shall have specified to any Guarantor, the Company or the Parent Issuer in writing,
(2)    if to any other Holder, to such Holder at such address as such Holder shall have specified to any Guarantor, the Company or the Parent Issuer in writing, or
(3)    if to any Guarantor, to such Guarantor c/o the Parent Issuer at its address set forth at the beginning of the Note Purchase Agreement to the attention of Melanie S. Cibik, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary, or at such other address or to the attention of such other person as such Guarantor shall have specified to the Holders in writing.
Notices under this Section 11 will be deemed given only when actually received.
Each document, instrument, financial statement, report, notice or other communication delivered in connection with this Guaranty shall be in English or accompanied by an English translation thereof.
This Guaranty has been prepared and signed in English and the parties hereto agree that the English version hereof and thereof (to the maximum extent permitted by applicable law) shall be the only version valid for the purpose of the interpretation and construction hereof and thereof notwithstanding the preparation of any translation into another language hereof or thereof, whether official or otherwise or whether prepared in relation to any proceedings which may be brought in any jurisdiction in respect hereof or thereof.

-14-

		
	SECTION 12.
	MISCELLANEOUS.

(a)    No remedy herein conferred upon or reserved to any Holder is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty now or hereafter existing at law or in equity.  No delay or omission to exercise any right or power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but any such right or power may be exercised from time to time and as often as may be deemed expedient.  In order to entitle any Holder to exercise any remedy reserved to it under the Guaranty, it shall not be necessary for such Holder to physically produce its Note in any proceedings instituted by it or to give any notice, other than such notice as may be herein expressly required.
(b)    The Guarantors will pay all sums becoming due under this Guaranty by the method and at the address specified in the Note Purchase Agreement, or by such other method or at such other address as any Holder shall have from time to time specified to the Guarantors in writing for such purpose, without the presentation or surrender of this Guaranty or any Note.  
(c)    Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.
(d)    If the whole or any part of this Guaranty shall be now or hereafter become unenforceable against any one or more of the Guarantors for any reason whatsoever or if it is not executed by any one or more of the Guarantors, this Guaranty shall nevertheless be and remain fully binding upon and enforceable against each other Guarantor as if it had been made and delivered only by such other Guarantors.
(e)    This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of each Holder and its successors and assigns so long as its Notes remain outstanding and unpaid.
(f)    This Guaranty may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.
		
	SECTION 13.
	INDEMNITY.

To the fullest extent of applicable law, each Guarantor shall indemnify and save each Holder harmless from and against any losses which may arise by virtue of any of the obligations hereby guaranteed being or becoming for any reason whatsoever in whole or in part void, voidable, contrary to law, invalid, ineffective or otherwise unenforceable by the Holder or any of them in accordance 

-15-

with its terms (all of the foregoing collectively, an “Indemnifiable Circumstance”).  For greater certainty, these losses shall include without limitation all obligations hereby guaranteed which would have been payable by the Company or the Parent Issuer but for the existence of an Indemnifiable Circumstance, net of any withholding or deduction of or on account of any Relevant Tax in accordance with Section 7 hereof; provided, however, that the extent of the Guarantor’s aggregate liability under this Section 13 shall not at any time exceed the amount (but for any Indemnifiable Circumstance) otherwise guaranteed pursuant to Section 2.
[Intentionally Blank]

-16-

IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed by an authorized representative as of this 18th day of April, 2017.

[INSERT AS APPROPRIATE]

By:________________________
Name:_____________________
Title:______________________

-17-

Accepted and Agreed:

TELEDYNE TECHNOLOGIES INCORPORATED
By:    
Name:    
Title:     

TELEDYNE NETHERLANDS B.V.

By:    
Name:    
Title:     

-18-

GUARANTY SUPPLEMENT
To the Holders of the Notes, (as hereinafter defined) of Teledyne Netherlands B.V. (the “Company”) and Teledyne Technologies Incorporated (the “Parent Issuer”)
Ladies and Gentlemen:
WHEREAS, in order to refinance certain debt and for general corporate purposes, including acquisitions, the Company and the Parent Issuer, as applicable, issued €50,000,000 0.70% Senior Notes, Series A, due April 18, 2022 (the “Series A Notes”), €50,000,000 0.92% Senior Notes, Series B, due April 18, 2023 (the “Series B Notes”), €50,000,000 0.92% Senior Notes, Series C, due April 18, 2023 (the “Series C Notes”) and €100,000,000 1.09% Senior Notes, Series D, due April 18, 2024 (the “Series D Notes” and together with the Series A Notes, the Series B Notes and the Series C Notes, collectively, the “Notes”), pursuant to that certain Note Purchase and Guaranty Agreement dated as of April 18, 2017 (the “Note Purchase Agreement”) by and among the Company, the Parent Issuer and each of the purchasers named on Schedule A thereto (the “Initial Note Purchasers”).
WHEREAS, as a condition precedent to their purchase of the Notes, the Initial Note Purchasers required that certain subsidiaries of the Parent Issuer enter into a Guaranty Agreement as security for the Notes (the “Guaranty”).
Pursuant to Section 9.7 of the Note Purchase Agreement, the Parent Issuer has agreed to cause the undersigned, ______________, a ______________ organized under the laws of _______________ (the “Additional Guarantor”), to join in the Guaranty.  In accordance with the requirements of the Guaranty, the Additional Guarantor desires to amend the definition of Guarantor (as the same may have been heretofore amended) set forth in the Guaranty attached hereto so that at all times from and after the date hereof, the Additional Guarantor shall be jointly and severally liable as set forth in the Guaranty for the obligations of the Company and the Parent Issuer under the Note Purchase Agreement and Notes to the extent and in the manner set forth in the Guaranty.  
The undersigned is the duly elected ______________ of the Additional Guarantor, a subsidiary of the Parent Issuer, and is duly authorized to execute and deliver this Guaranty Supplement to each of you.  The execution by the undersigned of this Guaranty Supplement shall evidence its consent to and acknowledgment and approval of the terms set forth herein and in the Guaranty and by such execution the Additional Guarantor shall be deemed to have made in favor of the Holders the representations and warranties set forth in Section 5 of the Guaranty.
Upon execution of this Guaranty Supplement, the Guaranty shall be deemed to be amended as set forth above.  Except as amended herein, the terms and provisions of the Guaranty are hereby ratified, confirmed and approved in all respects.

EXHIBIT A TO EXHIBIT 2.3 
(to Note Purchase and Guaranty Agreement)

Any and all notices, requests, certificates and other instruments (including the Notes) may refer to the Guaranty without making specific reference to this Guaranty Supplement, but nevertheless all such references shall be deemed to include this Guaranty Supplement unless the context shall otherwise require.
Dated:  _________________, _____.

[NAME OF ADDITIONAL GUARANTOR]

By         
Its

-2-

FORM OF OPINION OF GENERAL COUNSEL
TO THE PARENT ISSUER
The closing opinion of Melanie S. Cibik, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary of the Parent Issuer, which is called for by Section 4.4 of the Note Purchase Agreement, shall be dated the date of Closing and addressed to the Purchasers, shall be reasonably satisfactory in scope and form to each Purchaser and shall be to the effect that:
1.    The Parent Issuer is a corporation, validly existing and in good standing under the laws of its jurisdiction of incorporation and has the corporate power and authority to execute and perform the Note Purchase Agreement and to issue the Series A Notes and the Series B Notes.
2.    The Note Purchase Agreement has been duly authorized by all necessary corporate action on the part of the Parent Issuer, has been duly executed and delivered by the Parent Issuer  and constitutes the legal, valid and binding contract of the Parent Issuer and the Company enforceable against the Parent Issuer and the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance and similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law).
3.    The Series A Notes and the Series B Notes have been duly authorized by all necessary corporate action on the part of the Parent Issuer, have been duly executed and delivered by the Parent Issuer and the Notes constitute the legal, valid and binding contract of the Company or the Parent Issuer, as applicable, enforceable against the Company or the Parent Issuer, as applicable, in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance and similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law).
4.    The Subsidiary Guaranty has been duly authorized by all necessary corporate or other organizational action on the part of each Subsidiary Guarantor, has been duly executed and delivered by each Subsidiary Guarantor and constitutes the legal, valid and binding contract of each such Subsidiary Guarantor enforceable against such Subsidiary Guarantor in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance and similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law).
5.    No approval, consent or withholding of objection on the part of, or filing, registration or qualification with, any governmental body, Federal or state, is necessary on the part of the Parent Issuer or any Subsidiary Guarantor in connection with the execution and delivery of the Note Purchase Agreement, the Notes or the Subsidiary Guaranty, except for such approvals, consents, or withholdings of objection, or filings, registrations or 

EXHIBIT 4.4(a)(i)
(to Note Purchase Agreement)

qualifications whose failure to have been obtained would not, individually or in the aggregate, have a Material Adverse Effect.
6.    Assuming a use of proceeds of the sale of the Notes in accordance with Section 5.14 of the Note Purchase Agreement, neither the issuance of the Notes nor the application of the proceeds of the sale of the Notes will violate or result in a violation of Section 7 of the Securities Exchange Act of 1934, as amended, or Regulation T, U or X of the Board of Governors of the Federal Reserve System issued pursuant thereto. 
7.    Based in part on the representations of the Purchasers set forth in Section 6 of the Note Purchase Agreement, the issuance, sale and delivery of the Notes and the execution and delivery of the Subsidiary Guaranty by the Subsidiary Guarantors under the circumstances contemplated by the Note Purchase Agreement and the Subsidiary Guaranty do not, under existing law, require the registration of the Notes or the Subsidiary Guaranty under the Securities Act of 1933, as amended, or the qualification of an indenture under the Trust Indenture Act of 1939, as amended.
8.    Neither the Company nor the Parent Issuer is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.
9.    There are no actions, suits or proceedings pending or, to my knowledge after due inquiry, threatened against the Parent Issuer, the Company or any other Subsidiary in any court or before any Governmental Authority which, if adversely determined, would have a Material Adverse Effect.
10.    Each Subsidiary Guarantor is a corporation or limited liability company, validly existing and in good standing under the laws of its jurisdiction of organization.
11.    The issuance and sale of the Notes, the execution, delivery and performance by the Parent Issuer and the Company of the Note Purchase Agreement, and the execution, delivery and performance by each Subsidiary Guarantor of the Subsidiary Guaranty do not violate, or conflict with, constitute a default under, or result in the creation or imposition of any Lien pursuant to, (a) the articles or certificate of incorporation or bylaws, or similar organizational or governing instrument, as the case may be, of the Parent Issuer or any Subsidiary Guarantor, (b) any law or other rule or regulation of any Governmental Authority applicable to the Parent Issuer or any such Subsidiary Guarantor or (c)(i) any indenture, mortgage, deed of trust, loan or credit agreement with a financial institution (other than equipment leases entered into in the ordinary course of business) having an aggregate outstanding amount of at least $5,000,000, to which the Parent Issuer, the Company or any such Subsidiary Guarantor is a party, or (ii) any other agreement or other instrument known to me to which the Parent Issuer, the Company or any such Subsidiary Guarantor is a party, except in each case referred to in clause (b) or (c)(ii) to the extent such violation, conflict, default or Lien which results, individually or in the aggregate, would not have a Material Adverse Effect.  The successors and assigns of the Purchasers shall be entitled to rely on 

E-4.4(a)(i)-2

such opinion.  With respect to matters of fact on which such opinion is based, such counsel shall be entitled to rely on appropriate certificates of public officials and other officers of the Parent Issuer, the Company and its Subsidiaries.  While the Agreement, the Notes and the Subsidiary Guaranty are governed by the laws of the State of New York, in the opinion counsel may assume that all laws of the State of New York applicable to construing or enforcing the Agreement, the Notes and the Subsidiary Guaranty are identical to the laws of the Commonwealth of Pennsylvania.  The opinion will be limited to the laws of the Commonwealth of Pennsylvania, the general business corporation and limited liability company law of the State of Delaware and the Federal laws of the United States.

E-4.4(a)(i)-3

FORM OF OPINION OF NETHERLANDS SPECIAL COUNSEL
TO THE COMPANY
The closing opinion of Eversheds Sutherland, special Netherlands counsel to the Company, which is called for by Section 4.4 of the Note Purchase Agreement, shall be dated the date of Closing and addressed to the Purchasers, shall be reasonably satisfactory in scope and form to each Purchaser and shall be to the effect that:

Corporate Status

		
	1.
	The Company has been duly incorporated and is validly existing under the laws of the Netherlands as a legal entity in the form of a ‘besloten vennootschap met beperkte aansprakelijkheid’ (a private company with limited liability).

Corporate Power

		
	2.
	The Company has the corporate power (i) to execute the Note Purchase Agreement, each Series C Note and each Series D Note (collectively, the “Transaction Documents”) and (ii) to perform its obligations under the Transaction Documents.

Corporate Action

		
	3.
	The Company has taken all corporate actions required under its Articles of Association and/or the laws of the Netherlands to authorize the execution of the Transaction Documents.

Valid Execution

		
	4.
	The Transaction Documents have been validly executed on behalf of the Company.

No Violation of Law

		
	5.
	The execution of the Transaction Documents by or on behalf of the Company does not conflict with or does not result in a breach of any provision of the laws of the Netherlands or the Articles of Association.

Enforceability of Obligations

		
	6.
	The obligations expressed to be assumed by the Company in the Transaction Documents are enforceable against it in the Netherlands in accordance with their terms.

No Authorisations, Consents or Approvals

EXHIBIT 4.4(a)(ii)
(to Note Purchase Agreement)

		
	7.
	Under the laws of the Netherlands, there are no governmental or regulatory consents, approvals or authorisations required by the Company for its entry into and performance of the Transaction Documents.

No Registration, Filing or similar Formalities

		
	8.
	Under the laws of the Netherlands there are no registration, filing or similar formalities required of the Company to ensure the enforceability or the admissibility in evidence against the Company of the Transaction Documents.

Choice of Law

		
	9.
	In any proceedings for the enforcement of the obligations of the Company under the Transaction Documents, the courts of the Netherlands would give effect to the choice of the laws of the State of New York made in the Transaction Documents on the basis and within the scope of, and subject to the limitations imposed by Rome I (as defined therein).

Submission to Jurisdiction

		
	10.
	The submission by the Company in the Transaction Documents to the jurisdiction of the courts of the State of New York is valid and binding on the Company. Such submission does not preclude that claims for provisional measures in summary proceedings may be brought before a competent court in the Netherlands.

Enforcement of Judgments

		
	11.
	In the absence of an applicable treaty or convention providing for the recognition and enforcement of judgments in civil and commercial matters, which is binding in the Netherlands, a judgment of the court of the State of New York, and any appellate court from any thereof, as provided in the Transaction Documents, will not be automatically enforceable in the Netherlands. In order to obtain a judgment that is enforceable against the Company in the Netherlands, it will be necessary to (i) re-litigate the matter before the competent court of the Netherlands and (ii) submit the judgment rendered by the court of the State of New York, in the course of such proceedings, in which case the competent Dutch court may give such effect to the foreign judgment as it deems appropriate.

Immunity

		
	12.
	The Company is not entitled to immunity from any legal proceedings in the Netherlands in order to enforce the Transaction Documents or any liability or obligation of the Company arising thereunder.

Pari Passu

E-4.4(a)(ii)-2

		
	13.
	The payment obligations of the Company under the Transaction Documents rank at least equally with all its other unsecured payment obligations, other than those preferred by law, and with the exception of any rights of set-off or counterclaim which may be asserted by or against the Company.

Residence
		
	14.
	None of the parties of the Transaction Documents will be deemed to be resident, domiciled or carrying on business in the Netherlands by reason of the execution, performance, holding and/or enforcement of any of the Transaction Documents.

License

		
	15.
	It is not necessary under Dutch law (i) in order to enable the Purchasers (as defined in the Note Purchase Agreement) to enforce their respective rights under the Transaction Documents or (ii) by reason of the execution of the Transaction Documents, that the Purchasers (as defined in the Note Purchase Agreement) should be licensed, qualified or otherwise entitled to carry on business in the Netherlands.

E-4.4(a)(ii)-3

FORM OF OPINION OF SPECIAL COUNSEL
TO THE PURCHASERS

The closing opinion of Chapman and Cutler LLP special counsel to the Purchasers, called for by Section 4.4 of the Note Purchase Agreement, shall be dated the date of Closing and addressed to each Purchaser, shall be satisfactory in form and substance to each Purchaser and shall be to the effect that:
1.    The Note Purchase Agreement has been duly authorized by all necessary corporate action on the part of the Parent Issuer and the Company, has been duly executed and delivered by the Parent Issuer and the Company and constitutes the legal, valid and binding contract of the Parent Issuer and the Company enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance and similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law).
2.    The Notes have been duly authorized by all necessary corporate action on the part of the Company and the Parent Issuer, and the Notes being delivered on the date hereof have been duly executed and delivered by the Company and the Parent Issuer and constitute the legal, valid and binding obligations of the Company and the Parent Issuer enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance and similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law).
3.    The issuance, sale and delivery of the Notes and the execution and delivery of the Note Purchase Agreement and the Subsidiary Guaranty under the circumstances contemplated by the Note Purchase Agreement and the Subsidiary Guaranty do not, under existing law, require the registration of the Notes, the Note Purchase Agreement or the Subsidiary Guaranty under the Securities Act of 1933, as amended, or the qualification of an indenture under the Trust Indenture Act of 1939, as amended.

EXHIBIT 4.4(b)
(to Note Purchase Agreement)

With respect to matters of fact upon which such opinion is based, Chapman and Cutler LLP may rely on appropriate certificates of public officials and officers of the Parent Issuer  and the Company and upon representations of the Parent Issuer, the Company and the Purchasers delivered in connection with the issuance and sale of the Notes.
The opinion of Chapman and Cutler LLP is limited to the laws of the State of New York and the Federal laws of the United States.

E-4.4(b)-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]