Document:

Exhibit 10.14

 

PURCHASE AND SALE AGREEMENT

 

This PURCHASE
AND SALE AGREEMENT (this “Agreement”), dated as of July 14, 2017 is entered into by and among (i) LIGHTSTONE
VALUE PLUS REIT II LP, a Delaware limited partnership (“Parent”), LVP ROGERS HOLDING CORP., a Delaware
corporation, LVP CY BATON ROUGE HOLDING CORP., a Delaware corporation, LVP RI BATON ROUGE HOLDING CORP., a Delaware corporation,
LVP FFI JONESBORO HOLDING CORP., a Delaware corporation, LVP TPS FAYETTEVILLE HOLDING CORP., a Delaware corporation, LVP METAIRIE
HOLDING CORP., a Delaware corporation, and LVP HMI FT. MYERS HOLDING CORP., a Delaware corporation (collectively, the “Selling
Operating Lessee Subsidiaries” and each, a “Selling Operating Lessee Subsidiary”), LVP
ROGERS LLC, a Delaware limited liability company, LVP CY BATON ROUGE GROUND LLC, a Delaware limited liability company, LVP RI BATON
ROUGE LLC, a Delaware limited liability company, LVP FFI JONESBORO LLC, a Delaware limited liability company, LVP TPS FAYETTEVILLE
LLC, a Delaware limited liability company, LVP TPS METAIRIE LLC, a Delaware limited liability company, and LVP HMI FT. MYERS LLC,
a Delaware limited liability company (collectively, the “Selling Operating Lessor Subsidiaries” and each,
a “Selling Operating Lessor Subsidiary”), and LVP CY BATON ROUGE LLC, a Delaware limited liability company
(the “Selling Baton Rouge Ground Lessor Subsidiary” and, collectively with the Selling Operating Lessor
Subsidiaries, and the Selling Operating Lessee Subsidiaries, the “Selling Subsidiaries” and each, a “Selling
Subsidiary”); and (ii) AHP LP7 CY BATON ROUGE, LLC, a Delaware limited liability company, AHP LP7 RI BATON ROUGE,
LLC, a Delaware limited liability company, AHP LP7 METAIRIE, LLC, a Delaware limited liability company, AHP LP7 BENTONVILLE, LLC,
a Delaware limited liability company, AHP LP7 FAYETTEVILLE, LLC, a Delaware limited liability company, AHP LP7 JONESBORO, LLC,
a Delaware limited liability company, and AHP LP7 FT MYERS, LLC, a Delaware limited liability company (collectively, “Buyer”).

 

RECITALS

 

WHEREAS, Parent
controls, directly or indirectly, the Selling Subsidiaries;

 

WHEREAS, each
of the Selling Operating Lessor Subsidiaries owns fee simple title to the applicable Hotels, each of the Selling Operating Lessee
Subsidiaries holds a leasehold interest in the applicable Hotels, and Selling Baton Rouge Ground Lessor Subsidiary owns the ground
under one Hotel located in Baton Rouge, Louisiana, all as set forth on Annex A, and the applicable Hotel Assets;

 

WHEREAS, Parent
desires to cause the Selling Subsidiaries to sell to Buyer, the Selling Subsidiaries desire to sell to Buyer, and Buyer desires
to purchase from the Selling Subsidiaries, on the terms and subject to the conditions set forth herein, the Hotel Assets; and

 

WHEREAS, Parent
and the Selling Subsidiaries are sometimes collectively referred to herein as “Seller”.

 

     

     

    

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE I

DEFINITIONS AND RULES OF CONSTRUCTION

 

Section 1.1           Definitions.
 As used herein, the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to any Person, any other Person that Controls, is Controlled by or is under common Control with, such specified
Person, directly or indirectly, through one or more intermediaries or otherwise.

 

“Agreement” has the meaning
set forth in the Preamble.

 

“Assigned
Contract” means any Contract to which any Selling Subsidiary is a party and which primarily relates to the use, maintenance,
operation, provisioning or equipping of any Hotel; but excluding (a) the Operating Leases, (b) the Management Agreements, and (c)
any national, regional or other contract entered into by Seller or any Manager pursuant to which goods or services are provided
to hotels or properties in addition to the Hotels.

 

“Assignment and Assumption”
has the meaning set forth in Section 2.6(a)(iii).

 

“Assumed
Liabilities” means any liability or obligation (a) of any Selling Subsidiary to be paid, performed, satisfied and
discharged from and after the Closing under the Assigned Contracts, (b) first arising from and after the Closing relating to ownership,
lease, operation or use of the Hotel Assets, (c) for which Buyer or its Affiliates receive a proration or other credit at the Closing
or (d) for which Buyer or its Affiliates are otherwise made responsible pursuant to this Agreement or any Transaction Document.

 

“Bill of Sale” has the meaning
set forth in Section 2.6(a)(ii).

 

“Business Day”
means any day that is not a Saturday, Sunday or legal holiday in the State of New York or a federal holiday in the United States.

 

“Buyer” has the meaning set
forth in the Preamble.

 

“Buyer Indemnified Parties”
has the meaning set forth in Section 8.2(a).

 

“Buyer’s Objections” has the meaning set forth
in Section 2.14.

 

“Cap” has the meaning set
forth in Section 8.4(c).

 

“Change of Ownership PIP”
has the meaning set forth in Section 2.10(b)(ii).

 

“Claim Notice” has the meaning
set forth in Section 8.3(a).

 

    	 	2	 

     

    

 

“Closing” has the meaning
set forth in Section 2.5.

 

“Closing Date” means the date of this Agreement.

 

“Closing Sales Tax” has the
meaning set forth in Section 2.12.

 

“Closing Sales Tax Forms”
has the meaning set forth in Section 2.12.

 

“Closing Statement” has the
meaning set forth in Section 2.4.

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Confidentiality
Agreement” means that certain agreement between Buyer or its Affiliate and Parent, dated on or about the February
27, 2017.

 

“Consumables”
means all opened and unopened food and alcoholic or non-alcoholic beverages located at the Hotels, but excluding the Excluded Property.

 

“Contract”
means any legally binding agreement, commitment, lease, license or contract, in each case, which is executory.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by Contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Current Year Tax Appeal”
has the meaning set forth in Section 2.7(a)(vii).

 

“Cut-off Time”
means, with respect to either Closing, 12:00:01 A.M. (Eastern Time) on the Closing Date.

 

“Deed” has the meaning set
forth in Section 2.6(a)(i).

 

“Deposit” has the meaning set forth in Section 2.3(a).

 

“Deposit Escrow
Agent” means Stewart Title Guaranty Company, Commercial Services, 1717 Main Street, Suite 3500, Dallas, Texas,
75201 – Adam Rachavong, adam.rachavong@stewart.com.

 

“Disclosing Party” has the
meaning set forth in Section 6.7(b).

 

“Disclosure Schedule” means the disclosure schedules attached
hereto.

 

“Due Diligence End Date” means March 29, 2017.

 

“Effective Date”
means (i) February 17, 2017 with respect to the Ft. Myers Hotel and (ii) February 27, 2017 with respect to all other Hotels.

 

    	 	3	 

     

    

 

“Employees”
means all Persons employed by any Manager in connection with the operation of any Hotel as of immediately prior to the Closing.

 

“Environmental
Law” means any Law currently in effect relating to the environment or natural resources, including the
Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. § 9601 et seq.), the Oil Pollution Act
of 1990 (33 U.S.C. § 2701 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et
seq.), the Clean Water Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et
seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.) and the Federal Insecticide, Fungicide,
and Rodenticide Act (7 U.S.C. § 136 et seq.), as to each, as amended, and the regulations promulgated pursuant
thereto and as each is in effect on and as interpreted on the Effective Date.

 

“Equipment Leases” has the
meaning set forth in Section 4.6(a)(iv).

 

“ERISA”
means the United States Employee Retirement Income Security Act of 1974, as amended.

 

“Estimated Proration Report”
has the meaning set forth in Section 2.7(b).

 

“Exchange” has the meaning
set forth in Section 10.12.

 

“Excluded
Property” means any property or asset (including Intellectual Property) owned by or belonging to a Manager, Franchisor
or any Occupant.

 

“Excluded
Liabilities” means any liability or obligation (a) of any Selling Subsidiary to be paid, performed, satisfied or
discharged prior to the Closing under the Assigned Contracts, (b) arising prior to the Closing relating to ownership, lease, operation
or use of the Hotel Assets or (c) for which Seller or its Affiliates are made responsible pursuant to this Agreement or any Transaction
Document.

 

“Existing CMBS Loans”
means the Existing Loans evidenced by the principal loan agreements set forth on Annex B.

 

“Existing
Loans” means all loans or debt for borrowed money of Parent and/or each Selling Subsidiary made with respect to the
Real Property or any Hotel located thereon, in each case, including all outstanding principal and accrued and unpaid interest thereunder,
including, without limitation, the Existing CMBS Loans and the Existing Non-CMBS Loans, all of which Existing Loans Parent or the
applicable Selling Subsidiary must prepay or defease prior to or concurrently with the Closing and which shall thereupon terminate
and cease to be in effect as set forth in Section 2.3(b).

 

“Existing
Non-CMBS Loans” means the Existing Loans evidenced by the principal loan agreements set forth on Annex C.

 

“Existing Surveys” has the
meaning set forth in Section 2.13(b).

 

“Existing Title Policies” has the meaning set forth in Section
2.13(a).

 

    	 	4	 

     

    

 

“Expenses” has the meaning
set forth in the Joinder.

 

“Final Proration Period”
has the meaning set forth in Section 2.7(b).

 

“Final Purchase Price” has the meaning set forth
in Section 2.2.

 

“Final Settlement Statement”
has the meaning set forth in Section 2.7(b).

 

“Financial Statements” has
the meaning set forth in Section 4.8.

 

“Franchisor” means the franchisor
under any Franchise Agreement.

 

“Franchise Agreements” has the meaning set forth in Section 4.6(a)(ii).

 

“Franchisor
Consent” means either (a) the waiver by any Franchisor of any rights under the applicable Franchise Agreement arising
as a result of, or the provision of such Franchisor’s consent to, the transactions contemplated by this Agreement and the
Transaction Documents (including the assignment by the applicable Selling Subsidiary to Buyer of such Franchise Agreement), which
waiver or consent is required to be obtained pursuant to the terms of such Franchise Agreement in order for such Franchise Agreement
to remain in full force and effect from and after the Closing in Buyer’s (or its Affiliate’s) name, and for the continued
participation by the applicable Hotel in such Franchisor’s system of hotels following the Closing with the Buyer as the franchisee,
or (b) the entry into a new franchise agreement between Buyer (or its Affiliate) and the Franchisor as required by the applicable
Franchise Agreement in the event of the consummation of the transactions contemplated by this Agreement for the continued participation
by the applicable Hotel in such Franchisor’s system of hotels following the Closing with the Buyer (or its Affiliate) as
the franchisee.

 

“Ft. Myers Hotel” means the
Hampton Inn Fort Myers Beach.

 

“Fundamental
Buyer Representations” means the representations and warranties of Buyer contained in Section 5.1 (Organization
of Buyer), Section 5.2 (Authorization; Enforceability), Section 5.5 (Brokers’ Fees) and Section 5.6
(Permitted Assignee).

 

“Fundamental
Seller Representations” means the representations and warranties of Seller contained in Section 3.1 (Organization
of Parent), Section 3.2 (Authorization; Enforceability), Section 3.5 (Brokers’ Fees), Section 3.3 (No
Conflict) Section 4.1 (Organization of the Selling Subsidiaries; Authorization and Enforceability) and Section 4.2
(No Conflict).

 

“Furnishings”
means all furniture, fixtures, equipment and other items of tangible personal property located at the Hotels; but excluding (a)
the Consumables, (b) the Supplies, (c) the Miscellaneous Hotel Assets and (d) the Excluded Property.

 

“GAAP”
means generally accepted accounting principles of the United States in effect at the applicable date of determination, consistently
applied.

 

    	 	5	 

     

    

 

“Governmental
Authority” means any United States or foreign, federal, state, provincial, municipal, local or similar governmental
authority, regulatory or administrative agency, tribunal or court.

 

“Ground Leases” has the meaning
set forth in Section 4.6(a)(v).

 

“Hazardous
Material” means any substance, material or waste that is regulated, classified or otherwise characterized under or
pursuant to any Environmental Law as "hazardous," "toxic," "radioactive" or words of similar meaning
or effect, including petroleum and its by products, asbestos, and polychlorinated biphenyls.

 

“Hotel
Assets” mean, collectively, the Selling Subsidiaries’ right, title and interest in, to and under (a) the Real
Property, (b) the Furnishings, Consumables, Supplies, Retail Inventories and Miscellaneous Hotel Assets, (c) the assignable Permits
primarily related to the ownership or operation of the Hotels, (d) the Assigned Contracts and (e) any assignable Intellectual Property,
but excluding, in each case, the Excluded Property.

 

“Hotels”
means the hotels, motels or similar lodging establishments operated at the Real Properties, as set forth on Annex
A.

 

“Indemnified Party” has the
meaning set forth in Section 8.3(a).

 

“Indemnifying Party” has
the meaning set forth in Section 8.3(a).

 

“Intellectual
Property” means (a) all trademarks, service marks, trade dress, logos and trade names primarily related to the ownership
and operation of the Hotels, together with all translations, adaptations, derivations, and combinations thereof and including all
goodwill associated therewith, and all trademarks or business or corporate names confusingly similar thereto in relation to any
goods or services, and all applications, registrations, and renewals in connection therewith, (b) all copyrightable works, all
copyrights, and applications, registrations, and renewals in connection therewith, (c) all software primarily related to the ownership
and operation of the Hotels (including data, passwords, source codes and related documentation), and (d) all trade secrets primarily
related to the ownership and operation of the Hotels; but excluding the Excluded Property and (ii) any Parent Marks.

 

“Interim Liquor Agreement”
has the meaning set forth in Section 6.9(b).

 

“Initial Purchase Price”
has the meaning set forth in Section 2.2.

 

“Inventoried Baggage” has
the meaning set forth in Section 2.16.

 

“Inventoried Safe Deposit Box” has
the meaning set forth in Section 2.15.

 

“Knowledge”
as to Buyer means the actual knowledge of those persons listed in Section 1.1(a) of the Disclosure Schedule, and as to Seller
means the actual knowledge of those persons listed in Section 1.1(b) of the Disclosure Schedule after inquiry of the general manager
of each Hotel.

 

    	 	6	 

     

    

 

“Law”
means any applicable law, rule, regulation, ordinance, order, judgment or decree of a Governmental Authority that has the force
of law, including in relation to Taxes, in each case as in effect on and as interpreted on the Effective Date.

 

“Leased
Real Property” means the real property leased or subleased by any Selling Subsidiary from a third party landlord
or sublessor (and excluding any lease or sublease pursuant to an Operating Lease), as set forth in Section 1.1(c) of the Disclosure
Schedule, including the buildings, fixtures and improvements located thereon.

 

“Legal
Proceeding” means (a) any lawsuit, action, claim or other proceeding at law or in equity by or before a Governmental
Authority or (b) any arbitral action.

 

“Lenders” means the holders
of the Existing Loans.

 

“Lien”
means, with respect to any property or asset, any lien, encumbrance, pledge, mortgage, deed of trust, hypothecation or security
interest in respect of such property or asset.

 

“Liquor
Licenses” means all Permits required under any Law for the continued sale of alcoholic beverages by Buyer at any
Hotel from and after the Closing Date.

 

“Losses”
means any losses, liabilities or damages that are actually suffered or sustained, whether resulting from the operation of this
Agreement, a judgment, a settlement or an award, including those arising out of any Legal Proceeding, Law or Contract, including,
the costs and expenses (including reasonable fees and expenses of counsel, consultants, experts, and other professional fees) associated
therewith.

 

“Madison” means Madison Title
Agency, LLC.

 

“Management Agreements” has
the meaning set forth in Section 4.6(a)(i).

 

“Manager”
means the operator, manager or management company under any Management Agreement.

 

“Material
Adverse Effect” means, with respect to any Hotel, a material adverse effect on the results of operations, business
or condition (financial or otherwise) of the Selling Subsidiary that owns or leases such Hotel; provided that any effect
resulting or arising from any of the following (either alone or in combination) shall not be considered when determining whether
a Material Adverse Effect shall have occurred:

 

(a)          any
change in general economic conditions or in the industries or markets in which the Hotel and/or the applicable Selling Subsidiary
operates;

 

(b)          any
act of war (whether or not declared), armed hostilities or terrorism or other international or national calamity or any worsening
of any of the foregoing;

 

(c)          any
hurricane, earthquake, flood, fire or other natural disaster or act of God;

 

    	 	7	 

     

    

 

(d)          any
effect of any proposed or actual institution of any new, or change of interpretation of any existing, applicable Laws or GAAP,
in each case, affecting any of the Seller or its Affiliates, Real Properties, Hotels, Hotel Assets or the industry in which Selling
Subsidaries operate;

 

(e)          any
change or development in financial, credit or capital markets (including interest rates or exchange rates), general economic or
business conditions, or political, social or regulatory conditions;

 

(f)          any
failure of the Hotel or Selling Subsidiary to meet, with respect to any period or periods, any internal forecasts or projections,
estimates of earnings or revenues or business plans (whether such items are prepared by Seller, any Manager or otherwise) not arising
from Seller’s breach of this Agreement, provided that this clause (f) shall not prevent a determination that any change
or effect underlying such failure to meet forecasts, projections, estimates or business plans has resulted in a Material Adverse
Effect (to the extent such effect is not otherwise excluded from this definition of Material Adverse Effect);

 

(g)          any
business decision made or other action or omission taken or made by Buyer, any competitor of Buyer, any of Buyer’s
Affiliates, any Manager or any Franchisor; and

 

(h)          any
omission to act or action taken by Seller, in each case, to the extent expressly permitted by the terms of this Agreement or otherwise
with the consent or upon the request of Buyer (including those omissions to act or actions taken which are required by this Agreement);

 

provided that in the case
of clauses (a), (b), (c) (d) and (e), only to the extent such effect does not, individually or in the aggregate, have a materially
disproportionate adverse impact on the Hotel or Selling Subsidiary relative to other Persons or properties in the affected geographic
regions or industries.

 

“Material Contract” has the
meaning set forth in Section 4.6(a).

 

“Miscellaneous
Hotel Assets” mean all general intangibles relating to design, development, operation and use of the Hotels, all
rights and work product under construction, service, consulting, engineering, architectural and other Contracts (including warranties
contained therein), receipts, accounting and business records, books and files relating solely to the ownership or operation of
the Hotels, plans and specifications of any portion of any Hotel, and keys and lock and safe combinations relating to the Hotels,
but excluding (a) the Excluded Property and (b) any confidential or proprietary information of Parent or its Affiliates (other
than the Selling Subsidiaries).

 

“Negotiated PIP” has the
meaning set forth in Section 2.10(b)(ii).

 

“New Surveys” has the meaning
set forth in Section 2.13(b).

 

“Non-Party Affiliate” has
the meaning set forth in Section 8.6(e).

 

“Notifying Party” has the
meaning set forth in Section 6.4.

 

    	 	8	 

     

    

 

“Occasional Sale Certificate”
has the meaning set forth in Section 2.12.

 

“Occupant”
means any lessee, licensee, concessionaire or other Person with the right to use or occupy space or facilities at the Hotel under
a Space Lease.

 

“Organizational
Documents” means any charter, certificate of incorporation, certificate of formation, declaration of partnership,
articles of association, bylaws, operating agreement, limited liability company agreement, partnership agreement or similar formation
or governing documents and instruments.

 

“Operating Leases” has the
meaning set forth in Section 4.6(a)(iii).

 

“Owned
Real Property” means the real property owned by any Selling Subsidiary, as set forth in Section 1.1(e) of the Disclosure
Schedule, including the buildings, fixtures and improvements located thereon.

 

“Parent” has the meaning
set forth in the Preamble.

 

“Parent Marks” has the meaning
set forth in Section 6.5.

 

“Parties”
means, collectively, Seller and Buyer and “Party” means any one of Seller or Buyer.

 

“Permit”
means any authorization, license, permit, approval or certificate issued by a Governmental Authority, and including any professional
licenses, including, without limitation, the Liquor Licenses.

 

“Permitted
Exceptions” means (a) statutory Liens for current Taxes, assessments or other governmental charges, in each case,
not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings, (b) zoning,
entitlement and other land use and environmental regulations promulgated by any Governmental Authority, (c) Liens created by Buyer,
or its successors and assigns and (d) title exceptions approved by Buyer, as set forth in Section 2.14.

 

“Person”
means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint
venture, joint stock company, Governmental Authority or other entity of any kind.

 

“PIPs” means the Change of
Ownership PIPs and the Negotiated PIPs.

 

“Potential Contributor” has
the meaning set forth in Section 8.4(h).

 

“Prorated Items” has the
meaning set forth in Section 2.7(a).

 

“QI” has the meaning set
forth in Section 10.12.

 

“Real Property” means the
Owned Real Property and the Leased Real Property.

 

    	 	9	 

     

    

 

“Reasonable Efforts”
means good faith efforts in accordance with reasonable commercial practice and without the incurrence of unreasonable cost or expense.

 

“Receiving Party”
has the meaning set forth in Section 6.7(b).

 

“Released Claims” has the meaning set forth in Section
8.5(d).

 

“Remedial
Action” means all actions to (a) clean up, remove or treat any Hazardous Material or (b) perform pre-remedial studies
and investigations or post-remedial monitoring and care.

 

“Representatives”
means, as to any Person, its Affiliates, and its and their respective equity holders, officers, directors, managers, employees,
counsel, accountants, advisers, consultants and agents.

 

“Resale
Certificate” has the meaning set forth in Section 2.12.

 

“Reserved Amount” has the meaning set forth in Section
6.12.

 

“Retail Inventories”
means all sundry, gift shop and other merchandise held for resale at the Hotels, but excluding any Excluded Property.

 

“Sales Tax” has the meaning
set forth in Section 2.12.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Seller” has the meaning set forth in the
Recitals.

 

“Seller Indemnified Parties”
has the meaning set forth in Section 8.2(b).

 

“Selling Baton Rouge Ground Lessor Subsidiary”
has the meaning set forth in the

Preamble.

 

“Selling
Operating Lessee Subsidiaries” and “Selling Operating Lessee Subsidiary” have the meanings
set forth in the Preamble.

 

“Selling
Operating Lessor Subsidiaries” and “Selling Operating Lessor Subsidiary” have the meanings
set forth in the Preamble.

 

“Selling
Subsidiary” and “Selling Subsidiaries” have the meanings set forth in the
Preamble.

 

“Space
Lease” means any space lease, lease, license or concession agreement which provides for the use or occupancy of space
or facilities at any Hotel to which a Selling Subsidiary is a party (or to the Knowledge of Seller, entered into by a Manager on
behalf of a Selling Subsidiary or a Hotel), including any leases or licenses for antennae and related equipment and including the
Contracts set forth in Section 1.1(f) of the Disclosure Schedule; but excluding any booking or reservation agreement.

 

    	 	10	 

     

    

 

“Specified
Covenants” means the post-Closing covenants and agreements set forth in Section 2.7, Section 6.2,
Section 6.3, Section 6.5, Section 6.6, Section 6.7, Section 6.8, Section 6.9, Section
6.12, Article VIII, Article X and in the Transaction Documents.

 

“Subsidiary”
means, with respect to any Person, (a) a corporation of which more than 50% of the combined voting power of the outstanding voting
stock is owned, directly or indirectly, by such Person or by one of more other Subsidiaries of such Person or by such Person and
one or more other Subsidiaries thereof, (b) a partnership of which such Person, or one or more other Subsidiaries of such Person
or such Person and one or more other Subsidiaries thereof, directly or indirectly, is the general partner and has the power to
direct the policies, management and affairs of such partnership, (c) a limited liability company of which such Person or one or
more other Subsidiaries of such Person or such Person and one or more other Subsidiaries thereof, directly or indirectly, is the
managing member and has the power to direct the policies, management and affairs of such company or (d) any other Person (other
than a corporation, partnership or limited liability company) in which such Person, or one or more other Subsidiaries of such Person
or such Person and one or more other Subsidiaries thereof, directly or indirectly, has the majority ownership power to direct the
policies, management and affairs thereof.

 

“Supplies”
means all china, glassware, linens, silverware, kitchen and bar small goods, paper goods, guest supplies, engineering, maintenance,
cleaning and housekeeping supplies, matches and ashtrays, soap and other toiletries, laundry supplies, stationery, menus, uniforms,
brochures and other promotional materials, and all other similar supplies and materials located at the Hotels (or which have been
ordered and paid for by, but not yet delivered to, any Hotel) whether used, unused or held in reserve storage, but excluding the
Excluded Property.

 

“Tax
Authority” means any Governmental Authority having jurisdiction over the assessment, determination, collection or
imposition of any Tax.

 

“Tax
Benefit” means, with respect to a Loss, an amount by which the Tax liability of a Person (or group of corporations
filing a Tax Return that includes the Person), with respect to a taxable period, is reduced as a result of such Loss or the amount
of any Tax refund or Tax credit that is generated (including by deduction, loss, credit or otherwise) as a result of such Loss,
and any related interest received from any relevant Tax Authority.

 

“Tax
Return” means any report, return, election, document, estimated tax filing, declaration or other filing provided
to any Tax Authority, including any amendments thereto.

 

“Taxes”
means all taxes, assessments, charges, duties, fees, levies, imposts or other similar charges imposed by a Governmental Authority
(whether disputed or not), including all income, franchise, profits, capital gains, capital stock, transfer, gross receipts, sales,
use, service, occupation, ad valorem, property, excise, severance, windfall profits, premium, stamp, license, payroll, employment,
social security, unemployment, disability, alternative minimum, add-on, value-added, withholding and other taxes, assessments,
charges, duties, fees, levies, imposts or other similar charges of any kind whatsoever (whether payable directly or by withholding
and whether or not requiring the filing of a Tax Return), and all estimated taxes, deficiency assessments, additions to tax, additional
amounts imposed by any Governmental Authority, penalties and interest.

 

    	 	11	 

     

    

 

“Third Party Approvals and Notifications”
has the meaning set forth in Section 2.10(a).

 

“Third Party Claim” has the
meaning set forth in Section 8.3(a).

 

“Title Commitments” has the
meaning set forth in Section 2.13(a).

 

“Title
Company” means (i) with respect to the Ft. Myers Hotel, Madison Title Agency, LLC, 1125 Ocean Avenue, Lakewood,
New Jersey 08701 – Attn: Faigy Feigelstock, ffeigelstock@madisontitle.com, and (ii) with respect to all other Hotels,
Stewart Title Guaranty Company, Commercial Services, 1717 Main Street, Suite 3500, Dallas, Texas 75201 – Attn: Adam Rachavong,
adam.rachavong@stewart.com.

 

“Title
Policies” means the title insurance policies to be issued to Buyer pursuant to the Title Commitments.

 

“Trade Payables” means
all open accounts payable to trade vendors or suppliers of any Hotel (or the Selling Subsidiary associated with such Hotel)
and its related facilities.

 

“Transaction
Document” means any agreement, instrument or document executed or delivered by any Party (or Affiliate thereof) to
any other Party (or Affiliate thereof) at the Closing pursuant to the terms of this Agreement.

 

“True-Up Accountant”
has the meaning set forth in Section 2.7(b).

 

“True-up Amount” has the meaning set forth in Section
2.7(b).

 

“United States” means United
States of America.

 

“Unresolved Items”
has the meaning set forth in Section 2.7(b).

 

“U.S. Bank” has the meaning set forth on Annex
B.

 

“WARN Act”
means the federal Worker Adjustment and Retraining Notification Act and any similar state and local Laws.

 

Section 1.2           Rules
of Construction.

 

(a)          All
article, section, schedule, annex and exhibit references used in this Agreement are to articles, sections, schedules, annexes and
exhibits to this Agreement unless otherwise specified. The schedules, annexes and exhibits attached to this Agreement constitute
a part of this Agreement and are incorporated herein for all purposes.

 

(b)          When
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is
a non-Business Day, the period in question shall end on the next succeeding Business Day.

 

    	 	12	 

     

    

 

(c)          If
a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech
(such as a verb). Terms defined in the singular have the corresponding meanings in the plural, and vice versa. Unless the context
of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and neutral genders
and vice versa. The term “includes” or “including” shall mean “including without limitation.”
The words “hereof,” “hereto,” “hereby,” “herein,” “hereunder” and words
of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular section or article
in which such words appear.

 

(d)          The
captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation
of any provision of this Agreement.

 

(e)          All
accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP.

 

(f)          The
Recitals are incorporated into, and are an integral part of, this Agreement.

 

ARTICLE II

PURCHASE AND SALE; CLOSING; PRE-CLOSING
CONSENTS AND WAIVERS

 

Section 2.1           Purchase
and Sale of Hotel Assets; Assumption of Assumed Liabilities; Excluded Assets and Excluded Liabilities.

 

(a)          At
Closing, upon the terms and subject to the conditions set forth in this Agreement, the Selling Subsidiaries shall sell, assign,
transfer and convey to Buyer, and Buyer shall purchase and acquire from the Selling Subsidiaries, fee simple title to Real Property
and all of the Selling Subsidiaries’ right, title and interest in, to and under the applicable Hotel Assets, free and clear
of any Liens other than Permitted Exceptions, in each case as specified on Annex A.

 

(b)          At
Closing, upon the terms and subject to the conditions set forth in this Agreement, Buyer shall assume and become responsible for,
and shall pay, perform and discharge (or cause to be paid, performed and discharged) when due, the Assumed Liabilities.

 

(c)          Notwithstanding
anything to the contrary contained herein, (i) the Hotel Assets shall not include any assets or properties other than those set
forth in the definition of “Hotel Assets” and (ii) at the Closing Buyer will not assume or become responsible for any
Excluded Liabilities.

 

Section 2.2           Consideration.
 The aggregate consideration payable by Buyer to Seller at the Closing for the Hotel Assets shall be cash equal to $101,000,000
(the “Initial Purchase Price”), which shall be increased or decreased, as applicable, by the amount of
the Prorated Items as of the Closing Date (the amount determined as a result of the foregoing calculation is referred to as the
“Final Purchase Price”). A portion of the Final Purchase Price shall be paid by Buyer at Closing pursuant
to Section 2.3(b) based on the calculations in the Closing Statement, and it shall be subject to adjustment following the
Closing pursuant to Section 2.7(b).

 

    	 	13	 

     

    

 

Section 2.3           Deposit;
Payment on Closing.

 

(a)          Prior
to the Closing, Buyer deposited (i) $2,700,000 in the aggregate with Deposit Escrow Agent and (ii) $500,000 in the aggregate with
Madison (together with all interest and earnings thereon, the “Deposit”). Deposit Escrow Agent and Madison
held the Deposit in segregated interest-bearing accounts, and, pursuant to the Parties’ instructions, released the Deposit
to Seller prior to the Closing. At the Closing, the Deposit shall be applied against the Final Purchase Price.

 

(b)          On
the Closing Date, Buyer shall deliver to the Deposit Escrow Agent, by wire transfer of immediately available funds, the Final Purchase
Price (less the Deposit). Without limiting the foregoing, but in furtherance thereof, Buyer and Seller hereby agree that on the
Closing Date, the Deposit Escrow Agent shall be instructed to disburse the Final Purchase Price in accordance with a Closing Statement
approved by Buyer and Seller in accordance with Section 2.4 and prepared consistent with the terms of this Agreement. Seller
and Buyer agree that a portion of the Final Purchase Price may be used to pay the Lenders in respect of all the Existing Loans
to be prepaid or defeased at the Closing (and after giving effect to the allocation between Buyer and Seller of any costs or other
expenses related to such prepayment or defeasance pursuant to Section 2.8), in such amounts as are necessary to fully prepay
or defease each such Existing Loan, thereby causing each such Existing Loan to terminate as of, and cease to be in effect from
and after, the Closing (unless such Existing Loan is defeased, in which case the applicable Hotel and related Hotel assets will
be unconditionally released from the Liens securing such Existing Loan but such Existing Loan will remain outstanding from and
after the Closing as an obligation of Parent, one or more Selling Subsidiaries or one or more successor borrowers, as determined
by Parent and the applicable Selling Subsidiaries).

 

Section
2.4           Closing Statement.  Prior to the Closing, Title
Company has caused to be prepared and delivered to Seller and Buyer a statement, setting forth the calculation of the Final Purchase
Price (including the components of such calculation described in the definition thereof), and attaching the Estimated Proration
Report pursuant to Section 2.7(b), as mutually approved by Seller and Buyer (collectively with such attachment, a “Closing
Statement”). Following the Closing, any unresolved disputes with respect to matters set forth in the Closing Statement
shall be resolved pursuant to the procedures set forth in Section 2.7(b).

 

Section 2.5           The
Closing.         The closing of the transactions contemplated
by this Agreement with respect to the Hotel Assets (the “Closing”) shall take place at the offices of
the Title Company or by escrow, as the Parties may mutually agree, no later than noon (Eastern time) on the Closing Date.

 

Section
2.6           Closing Deliverables.         The
following deliveries shall be made at the Closing:

 

(a)          Seller
shall deliver to Buyer or the Deposit Escrow Agent, as applicable:

 

(i)          with
respect to each Real Property to be transferred at the Closing, a counterpart of a deed duly executed by the applicable Selling
Subsidiary substantially in the form of Exhibit A (each, a “Deed”), conveying the fee estate in
such Real Property, with such modifications as are required by local law so that such Deed will be in recordable form and be the
equivalent of a so-called “special warranty” deed in such local jurisdiction;

 

    	 	14	 

     

    

 

(ii)         with
respect to each Hotel Asset to be transferred at Closing, a counterpart to a bill of sale duly executed by the applicable Selling
Subsidiary substantially in the form of Exhibit B (each, a “Bill of Sale”), transferring to Buyer
all of such Selling Subsidiary’s right, title and interest in, to and under the Furnishings, Consumables, Supplies and Retail
Inventories to be transferred at the Closing;

 

(iii)        with
respect to each Hotel Asset to be transferred at Closing, a counterpart to an assignment and assumption agreement duly executed
by the applicable Selling Subsidiary substantially in the form of Exhibit C (each, an “Assignment and Assumption”),
transferring to Buyer all of such Selling Subsidiaries’ right, title and interest in, to and under the Assigned Contracts,
Miscellaneous Hotel Assets, assignable Permits and assignable Intellectual Property to be transferred at the Closing, and evidencing
Buyer’s assumption of the Assumed Liabilities to be assumed at the Closing;

 

(iv)        an
estoppel letter from each tenant under such Space Lease, in form and substance reasonably acceptable to Buyer and Buyer’s
lender; provided, however, that Seller shall not be obligated to deliver an estoppel letter from any lessee or licensee under an
antenna lease or antenna license which is a Space Lease;

 

(v)         counterparts
of any documents to be executed at the Closing (if any) by Seller or any of its Affiliates in connection with the prepayment or
defeasance of all Existing Loans;

 

(vi)        counterparts
of any documents to be executed at the Closing (if any) by Seller or any of its Affiliates in connection with obtaining the
Franchisor Consents;

 

(vii)       a
duly executed copy of the Closing Statement;

 

(viii)      an
original certificate of title duly executed by the applicable Selling Subsidiary for each owned vehicle included in the Hotel Assets,
with an appropriate transfer of such vehicle titles to Buyer;

 

(ix)         to
the extent required in respect of the Closing pursuant to Section

6.9(b), a duly executed counterpart to an Interim
Liquor Agreements;

 

(x)          a
certificate dated the Closing Date, duly executed by an authorized officer of Seller, certifying that the conditions to the Closing
specified in Sections 7.2(a) and 7.2(b) have been fulfilled;

 

(xi)         a
certificate dated the Closing Date, duly executed by either, as applicable, (i) an authorized officer of Parent, certifying, as
applicable, Selling Subsidiary’s status as a disregarded entity for federal income Tax purposes and Seller’s non-foreign
status in accordance with Treasury Regulations Section 1.1445-2(b) and any state or local law equivalents or (ii) an authorized
officer of each Selling Subsidiary, certifying such Selling Subsidiary’s non-foreign status in accordance with Treasury Regulations
Section 1.1445-2(b) and any state or local law equivalent;

 

    	 	15	 

     

    

 

(xii)        a
tax declaration or similar documents (or counterparts thereto, as applicable) duly executed by the applicable Selling Subsidiary
as required to be executed by a “seller” or “grantor” in connection with any transfer, stamp, excise or
similar tax imposed by the state, county or city in connection with the Closing;

 

(xiii)       evidence
termination of the applicable Management Agreement;

 

(xiv)      evidence
of termination of any Ground Lease for any Real Property subject to the same, to be recorded prior to the Deed for such Real
Property;

 

(xv)       possession
of the Hotels, subject to the rights of Hotel guests and the Permitted Exceptions, and any and all keys, access codes and plans
and specifications for the Improvements on the Real Property in Seller’s possession;

 

(xvi)      a
title affidavit in customary form and substance required for the Title Company to issue the Title Policy as requested by
Buyer;

 

(xvii)     such
conveyancing or transfer tax forms or returns, if any, as are required to be delivered or signed by the applicable Selling Subsidiary
by applicable state and local law in connection with the conveyance of the Real Property;

 

(xviii) the Closing Sales Tax Forms;

 

(xix)       evidence
of termination of each Operating Lease; and

 

(xx)        such
other customary documents as may be reasonably requested by Buyer or the Title company in connection with the Closing.

 

(b)          Buyer
shall deliver or cause to be delivered to Seller or the Deposit Escrow Agent, as applicable:

 

(i)          the
Final Purchase Price (less the Deposit), in accordance with Section 2.3(b);

 

(ii)         a
duly executed counterpart to the Assignment and Assumption;

 

(iii)        counterparts
of any documents to be executed at the Closing (if any) by Buyer or any of its Affiliates in connection with obtaining the
Franchisor Consents;

 

(iv)        a
duly executed copy of the Closing Statement;

 

(v)         to
the extent required in respect of the Closing pursuant to Section 6.9(b), a duly executed counterpart to an Interim Liquor
Agreements;

 

    	 	16	 

     

    

 

(vi)        a
certificate, dated the Closing Date, duly executed by an authorized officer of Buyer, certifying that the conditions to the Closing
specified in Sections 7.3(a) and 7.3(b) have been fulfilled;

 

(vii)       a
duly executed tax declaration or similar documents (or counterparts thereto, as applicable) required to be executed by a “buyer”
or “grantee” in connection with any transfer, stamp, excise or similar tax imposed by the state, county or city in
connection with the Closing; and

 

(viii)      such other
customary documents as may be reasonably requested by Seller or the Title Company in connection with the Closing.

 

Section 2.7           Proration
Calculation Principles.

 

(a)          The
following items (collectively, the “Prorated Items”) shall be prorated between Seller and Buyer as of
the Closing Date (on the basis of the actual number of days elapsed over the applicable period) in accordance with the calculation
principles set forth below, with Buyer being deemed to be the owner of the Hotel Assets transferred at the Closing during the entire
day on the Closing Date and being entitled to receive all operating income of such Hotel Assets, and being obligated to pay all
operating expenses of such Hotel Assets, with respect to the Closing Date:

 

(i)          Buyer
shall give Seller a credit at the Closing for the amount of all accounts receivable, accruing or arising prior to the Closing from
the operation of the Hotel Assets, as reflected in the books of Seller (or the applicable Selling Subsidiary or Manager) and verified
by Buyer prior to Closing, discounted as follows: (1) 100% of the total receivables aged 0-60 days; (2) 50% of the total receivables
aged 61-90 days; and (3) 0% of the total receivables aged over 90 days.

 

(ii)         Buyer
shall be entitled to all Hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from
restaurant operations, Hotel banquet and conference facility operations, all revenues realized from the use of gift cards, gift
certificates and similar instruments, and all other revenue of any kind attributable to any of the same for the period on and after
the Cut-off Time, and Seller shall be entitled to all such revenues and charges attributable to any period prior to such Cut-off
Time. Notwithstanding the foregoing, Buyer and Seller shall each be entitled to one-half (1/2) of the revenue from hotel rooms
at the Hotels, including any parking charges related thereto, for the night preceding the Closing, and shall each bear one-half
of the credit card charges, travel company charges and similar commissions relating thereto. Seller shall provide Buyer a credit
at the Closing in an amount equal to all guest reservation deposits held by the Hotels for guests arriving or staying after check
out time for such Hotels on the Closing Date, together with reasonable documentation or other evidence of such deposit amounts
and related reservations.

 

(iii)        Buyer
shall give Seller a credit at the Closing for all petty cash funds at the Hotels held by Seller or its Manager (whether in registers,
vaults, safes (other than guest room safes) or otherwise). Buyer and Seller shall make mutually satisfactory arrangements for counting
such cash and cash equivalents as of the Cut-off Time.

 

    	 	17	 

     

    

 

(iv)        Seller
agrees to pay (or cause the applicable Manager or Selling Subsidiary to
pay), at or as of the Closing, all Trade Payables which have been invoiced and are due and owing as of the Closing. With respect
to Trade Payables that are not yet due and payable as of the Closing but which have accrued or relate to that period on or prior
to the Cut-off Time, Buyer shall receive a credit at the Closing in the amount of such Trade Payables and Buyer shall be obligated
to pay such payables from and after the Closing. Buyer agrees to pay, or cause the applicable Manager to pay, all Trade Payables
from each applicable Hotel which accrue and relate to that period after the Cut-off Time, including any Trade Payables for Supplies
ordered in the ordinary course of business before the Closing and to the extent delivered to the applicable Hotel on or after the
Closing Date.

 

(v)         Any
amounts prepaid or payable under any Assigned Contracts, and any advertising expenses, trade association dues and trade subscriptions
shall be prorated at the Closing as of the Closing Date with Seller obligated for all sums accrued prior to the Cut-off Time and
Buyer obligated for all sums accrued after the Cut-off Time. All other amounts owed or owing under the Assigned Contracts shall
be apportioned between Seller and Buyer as of the Cut-off Time.

 

(vi)        Buyer
shall receive a credit for any accrued but unpaid sales, use, rooms, occupancy, excise and similar Taxes, personal property Taxes,
ad valorem real estate Taxes, and other Taxes imposed in respect of the Hotels, the Real Property and the other Hotel Assets for
the portion of the current year which has elapsed prior to the Closing Date (and to the extent unpaid, for prior years), and Seller
shall receive a credit for any such Taxes imposed in respect of the Hotels, the Real Property and the other Hotel Assets for the
portion of the period after the Closing to the extent such Taxes have been paid prior to the Closing. If the amount of any such
Taxes have not been determined as of the Closing, such credit shall be based on the most recent ascertainable Taxes and shall be
reprorated upon issuance of the final Tax bill. Any refunds of such Taxes shall be allocated between Buyer and Seller based on
the portion of the year in which the Closing occurred that each of them owned (directly or indirectly) the applicable Hotel, Real
Property or other Hotel Assets. In no event shall Seller be charged with or be responsible for any increase in the Taxes on the
Real Property or other Hotel Assets resulting from the sale of the Real Property or other Hotel Assets contemplated by this Agreement
or from any improvements made or leases entered into on or after the Closing Date. If any assessments on the Real Property or other
Hotel Assets are payable in installments, then the installment allocable to the current period shall be prorated (with Seller being
allocated the obligation to pay any installments due on or prior to the Closing Date and Buyer being allocated the obligation to
pay any installments due after the Closing Date).

 

(vii)       Prior
to Closing, Seller may appeal any Taxes imposed in respect of the applicable Hotel, Real Property or other Hotel Assets for
any pre-Closing period, and any contingency fee charged by any consultant or other third party pursuing such Tax appeal shall
be reduced on a pro-rated basis from the refund payable to each of Seller and Buyer. If any appeal of any Taxes is pending as
of the Closing Date with respect to any Tax period that has closed prior to the Closing Date, Seller shall be entitled to
receive any rebate or credit resulting from such appeal, and shall pay all expenses of prosecuting such appeal. If any appeal
of any Taxes is pending as of the Closing Date with respect to the period in which the Closing Date occurs
(“Current Year Tax Appeal”), such Taxes shall be re-prorated between Seller and Buyer as of the
Cut-off Time in accordance with the results of such Current Year Tax Appeal. Seller and Buyer shall reasonably cooperate in
the prosecution of each Current Year Tax Appeal. All third party costs and fees incurred in connection with any Current Year
Tax Appeal, including legal fees and expenses, shall be paid by Seller to the extent due and payable prior to the Closing
Date, and shall be paid by Buyer to the extent due and payable on or after the Closing Date, but upon completion of the
Current Year Tax Appeal, all such costs and fees shall be prorated between Buyer and Seller in the same proportion as they
bear re-prorated Taxes.

 

    	 	18	 

     

    

 

(viii)      Utilities
and fuel, including, without limitation, steam, water, electricity, gas and oil shall be prorated as of the Closing. Seller shall
cause the meters, if any, for utilities to be read the day on which the Closing Date occurs and to pay (or cause the applicable
Selling Subsidiary to pay) the bills rendered on the basis of such readings. If any such meter reading for any utility is not available,
then adjustment therefor shall be made on the basis of the most recently issued bills therefor which are based on meter readings
no earlier than thirty (30) days prior to the Closing Date, and such adjustment shall be reprorated when the next utility bills
are received. Seller shall receive a credit for all deposits made by or on behalf of Seller, any Selling Subsidiary or any Manager
as of the Cut-off Time as security under any Assigned Contract, utility, public service or other arrangement to the extent the
same remains on deposit and is assigned for the benefit of Buyer.

 

(ix)         To
the extent the applicable Selling Subsidiary is entitled to such revenues under the applicable Management Agreement or otherwise,
Seller shall receive a credit for all vending machine revenues, and pay telephone and washroom and checkroom revenues at the applicable
Hotels as of the Cut-off Time and all such revenues following the Cut-off Time shall become the property of Buyer upon the Closing.

 

(x)          Seller
shall receive a credit for Seller’s cost of all unopened and usable items of Consumables, Supplies and Retail Inventories
at the Closing maintained in the ordinary course of business. For this purpose, an individual container of multiple products shall
not be considered opened if such container of multiple products itself is not opened but the crate, box or pallet including such
container of multiple products and other similar containers have been opened.

 

(xi)         Seller
shall receive a credit for any recurring fees for any Real Property’s or any Hotel’s Permits which have been paid by
Seller (or the applicable Manager or Selling Subsidiary) prior to the Closing and relate to the period from and after the Closing
Date, and Buyer shall receive a credit for any such fees which have not been paid as of the Closing and relate to the period prior
to the Closing Date.

 

(xii)        Seller
shall retain all account(s) that hold all funds for the benefit of Seller, any Selling Subsidiary or any Hotel, including any “FF&E
reserve,” “reserve for replacements,” “working capital,” “operating funds,” or other
accounts, reserves or escrows, whether maintained by any Manager under the applicable Management Agreement or otherwise. At the
Closing, Buyer shall fully fund any required reserve, escrow or similar fund or account under its new management agreements.

 

    	 	19	 

     

    

 

(xiii)       Rent
and all other amounts actually received from Occupants under any Space
Leases shall be apportioned between Seller and Buyer as of the Cut-off Time. If any arrearage exists under any Space Lease as of
the Closing Date, any amounts collected on or after the Closing Date with respect to such Space Lease shall be applied first to
amounts then due and payable under such Space Lease with respect to periods from and after to the Closing Date, and thereafter
to any amounts then due and payable under such Space Lease with respect to the period prior to the Closing Date.

 

(xiv)      Buyer
shall receive a credit for all cash security deposits, if any, held by or for any Selling Subsidiary under any Space Leases. Buyer
shall cause such amount to be maintained after the Closing as a security deposit in accordance with the terms of the applicable
Space Lease and applicable Law and shall indemnify and hold harmless the Seller Indemnified Parties from all Legal Proceedings
of Occupants with respect thereto. In the event that any Selling Subsidiary holds any letters of credit as a security deposit under
any Space Lease, then Seller shall cause such letters of credit to be transferred to Buyer at the Closing or as soon as reasonably
practicable thereafter. Seller shall bear all costs and expenses required to transfer any such letters of credit.

 

(xv)       Any
other items of operating income or operating expense which are customarily apportioned between the parties in real estate closings
of comparable commercial properties in the metropolitan areas where the applicable Real Property is located shall be prorated between
Seller and Buyer as of the Closing Date on an accrual basis, based on the actual number of days in the month (quarter, year or
other applicable period) during which the Closing Date occurs.

 

(b)          All
of the Prorated Items that can be determined or estimated as of the Closing Date shall be so determined or estimated by the Parties
at least two (2) Business Days prior to the Closing in a report (each, an “Estimated Proration Report”)
which shall be attached to, and form a part of, the Closing Statement delivered by Title Company to Seller and Buyer in respect
of the Closing pursuant to Section 2.4. Any such Estimated Proration Report shall include a detailed breakdown of the Prorated
Items and shall be prepared in a manner consistent with the calculation principles and procedures set forth in Section 2.7(a),
and shall include (i) an estimate of revenues or payables applicable to the night before or day of the Closing, and (ii) the final
cash accounting described in Section 2.7(a)(iii), which shall both be finalized in the Final Settlement Statement. Not later
than three (3) months following the Closing Date, Buyer shall prepare and issue to Seller an updated proration report and closing
statement (each, a “Final Settlement Statement”) prepared in a manner consistent with the calculation
principles and procedures set forth in Section 2.7(a), and which shall adjust those Prorated Items and other items on the
Closing Statement (A) which were not apportioned on the Estimated Proration Report or Closing Statement because of the unavailability
of information, (B) which were apportioned on the Estimated Proration Report or Closing Statement based upon estimated, inaccurate
or incomplete information, or (C) for which manifest errors existed on the Estimated Proration Report or Closing Statement. Buyer
and Seller shall each have the right to have their respective accountants review drafts of each Final Settlement Statement such
that such Final Settlement Statement accurately reflects the operations of the Hotels on the Closing Date, and Buyer shall provide
Seller and its Representatives reasonable access to the Buyer’s principal place of business where such books and records
will be available to review such books and records to enable Seller to audit the same with respect to such Final Settlement Statement.
The Parties shall meet to come to a final determination of the accuracy of each Final Settlement Statement within thirty (30) days
(“Final Proration Period”) after the issuance of such Final Settlement Statement. Unless any matters
remain in dispute upon the expiration of the Final Proration Period, then within five (5) days of such expiration, Seller or Buyer,
as the case may be, shall pay to the other the amount as may be required by the Final Settlement Statement (the “True-up
Amount”). If any matters remain in dispute (the “Unresolved Items”) at the expiration of
any Final Proration Period, then Seller shall within ten (10) days deliver to Buyer a listing of three accounting firms of recognized
national or regional standing and Buyer shall, within ten (10) days after receipt of such list, select one of such three accounting
firms, provided that the firm ultimately selected may not be performing audit or other services for either Seller or Buyer
at such time (such firm as is ultimately selected pursuant to the aforementioned procedures being the “True-Up Accountant”).
Buyer and Seller shall use their Reasonable Efforts to cause the True-Up Accountant to issue its written determination regarding
the Unresolved Items within thirty (30) days after such Unresolved Items are submitted for review. The True-Up Accountant shall
make a determination with respect to the Unresolved Items only and shall be limited to those adjustments, if any, that need to
be made in order for the Final Settlement Statement to comply with the standards referred to in this Section 2.7. In no
event shall the True-Up Accountant’s determination of any Unresolved Items be outside the range of Buyer’s and Seller’s
disagreement.         The determination of the True-Up Accountant shall be final,
binding and conclusive for all purposes hereunder. Such amounts as finally determined by the True-Up Accountant shall be used to
determine the True-Up Amount, which shall be paid by the applicable Party within five (5) days of the True-Up Accountant’s
determination. Upon payment of the True-up Amount pursuant to this Section 2.7(b), such True-Up Amount shall be deemed final
and binding on the Parties and except as otherwise expressly set forth in this Agreement there shall be no further adjustment between
Seller and Buyer for income and expenses.

 

    	 	20	 

     

    

 

(c)          Buyer
and Seller shall share the fees and expenses of the True-Up Accountant in inverse proportion to the relative amounts of the Unresolved
Items determined in favor of such Party, in accordance with the following formulas: (i) Seller shall pay a portion of such fees
and expenses equal to the total fees and expenses multiplied by a fraction, the numerator of which is the dollar amount of Unresolved
Items resolved in favor of Buyer and the denominator of which is the total dollar amount of Unresolved Items and (ii) Buyer shall
pay a portion of such fees and expenses equal to the total fees and expenses multiplied by a fraction, the numerator of which is
the dollar amount of Unresolved Items resolved in favor of Seller and the denominator of which is the total dollar amount of Unresolved
Items.

 

Section 2.8           Closing
Costs. In connection with the Closing:

 

(a)          Buyer
shall bear and pay: (i) the costs, fees and expenses required to be incurred in connection with prepaying or defeasing the Existing
CMBS Loans (but not any other Existing Loans), including withhout limitation any legal fees of Buyer, Lenders or any loan servicer,
application fees, agency fees or transfer fees or penalties, costs of defeasance and yield maintenance premiums, (ii) the costs,
fees and expenses required to be incurred in connection with, or arising as a result of, obtaining any Franchisor Consent (including
any franchise application fees, license fees or PIPs); (iii) all title search, title commitment, title endorsement and title policy
costs and fees (other than the cost of the standard Title Commitment (without endorsements) for the Ft. Myers Hotel); and (iv)
all recording fees and charges incident to the sale of the Hotel Assets.

 

    	 	21	 

     

    

 

(b)          Seller
shall bear and pay (i) the costs, fees and expenses required to be incurred in connection with the termination of any Operating
Lease, Ground Lease or any Management Agreement; (ii) the costs, fees and expenses required to be incurred in connection with prepaying
the Existing Non-CMBS Loans and Seller’s legal fees and expenses in prepaying or defeasing the Existing CMBS Loans; (iii)
the cost to cure any title defects which Seller is obligated or elects to cure pursuant to Section 2.14; and (iv) the cost
of the standard Tittle Commitment (without endorsements) for the Ft. Myers Hotel.

 

(c)          The
costs, fees and expenses required to be incurred in connection with the engagement of the Deposit Escrow Agent shall be borne equally
by the Parties.

 

(d)          All
other costs incurred at the Closing, including transfer taxes, shall be borne by the Parties in accordance with local custom.

 

Section
2.9           Due Diligence and Pre-Closing Access. After the
Effective Date and prior to the Closing, Seller afforded to Buyer and its authorized Representatives reasonable access (at Buyer’s
sole cost and risk, during normal business hours and in such manner as not to unreasonably interfere with the normal operation
of Parent’s, the Selling Subsidiaries’, any Manager’s or any Occupant’s business at the Hotels) to such
Real Property, Hotels and other Hotel Assets (including the books, Contracts (other than the Franchise Agreements, Management Agreements
and Operating Leases) and records of the Selling Subsidiary that owns or otherwise has the right to use such Real Property, Hotel
or other Hotel Assets) to the extent the same is in Seller’s possession (it being agreed and understood that true, correct
and complete copies of all such books, Contracts, records and other information, including without limitation, financial and operating
statements, budgets, tax statements, rent rolls, engineering and environmental reports, loan documents, capital expenditure and
maintenance records, guaranties, warranties, insurance policies, loss history reports, plans and specifications, certificates of
occupancy, liquor licenses, permits, shall be made available in Seller’s electronic data room to which Buyer and its Representatives
have access shall constitute sufficient access hereunder, provided the same is fully accessible to Buyer as of the Effective Date),
in each case, as Buyer and such Representatives may reasonably request; provided, that Buyer shall (a) indemnify, defend and hold
harmless each Seller Indemnified Party from and against any and all liabilities, claims and expenses (including reasonable attorneys’
fees), including, without limitation, those for personal injury to or death of any of Buyer’s directors, officers, employees,
or other Representatives, in each case arising out of or related to any physical access to the Hotels permitted by this Section
2.9, except to the extent such claims arise from the negligence or willful misconduct of the Seller Indemnified Parties, (b)
provide Parent with a liability insurance policy naming Parent as a named insured in the amount of at least $1,000,000 combined
single limit and $2,000,000 general aggregate with respect to Buyer’s and its Representatives’ activities at the Real
Property, the Hotels and the other Hotel Assets and (c) restore the Hotels, the Real Property and the other Hotel Assets, at its
own expense, to substantially the same condition which existed prior to its access thereto. Seller shall have the right to have
a Representative present at all times during any such inspections and examinations. Additionally, Buyer shall hold in confidence
all such non-public information on the terms and subject to the conditions contained in the Confidentiality Agreement.         Notwithstanding
the foregoing, Buyer shall have no right of access to, and Seller shall have no obligation to provide to Buyer, information relating
to (i) bids received from others in connection with the sale process that gave rise to the transactions contemplated by this Agreement,
or in connection with any other sale process related to the Real Property, any Hotel or any other Hotel Assets, or any information
or analysis (including financial analysis) relating to any such bids, (ii) any information the disclosure of which would (A) jeopardize
any legal privilege or work-product privilege available to Seller or any of its Affiliates relating to such information or (B)
cause Parent, any of the Selling Subsidiaries or any of their respective Affiliates to breach a written confidentiality agreement
to any non-affiliated third party, provided Seller will use good faith efforts to obtain such party’s consent to allow such
disclosure, (iii) organizational, financial and other documents relating to Seller or any of its Affiliates (other than any Selling
Subsidiary), (iv) information contained in any internal financial analyses or projections with respect to the Selling Subsidiaries
or the Real Property, any Hotel or any other Hotel Asset or (v) any information the disclosure of which would be prohibited by
Law or Contract, provided Seller will use good faith efforts to obtain such party’s consent to allow such disclosure. Notwithstanding
anything to the contrary contained herein, prior to the Closing, unless otherwise expressly permitted hereunder, (x) Buyer shall
not contact any landlords under Ground Leases, Occupants, Manager, Franchisors, Employees or Lenders or any of their respective
Representatives regarding the Real Property, the Hotels, the other Hotel Assets, this Agreement or the Transaction Documents or
other transactions contemplated hereby or thereby unless Buyer provides Parent with at least one (1) Business Day’s prior
notice by telephonic or email notice to Parent’s contact below (which shall not be less than 24 hours’ prior notice)
of such contact or meeting and the opportunity to observe such contact or meeting; provided, such presence will not unreasonably
restrict or deny Buyer access and (y) Buyer shall have no right to perform any invasive testing (environmental, structural or otherwise)
at any Real Property or any Hotel (such as soil borings, water samplings or the like) without the prior written consent of Parent
not unreasonably withheld or delayed. For purposes of clause (x) above, Parent’s contact shall be Marc Dober (ph: 561-635-1175;
email: mdober@lightstonegroup.com).

 

    	 	22	 

     

    

 

Section
2.10         Third Party Approvals and Notifications; Non-Assignable Assets;
Further Assurances.

 

(a)          Seller
shall use Reasonable Efforts to, as soon as reasonably practicable, obtain such consents, waivers, approvals, orders and authorizations
(including cooperating with Buyer in obtaining the Franchisor Consents), and make such notifications (including to Lenders under
the Existing Loans), in each case, as are reasonably necessary to consummate the transactions contemplated hereby (collectively
the “Third Party Approvals and Notifications”). Buyer shall cooperate with Seller to assist Seller to
obtain such Third Party Approvals and Notifications.

 

(b)          Without
limiting the generality of the provisions of Section 2.10(a), but in furtherance thereof, the following provisions shall
apply prior to the Closing:

 

(i)          Seller
has provided Buyer with a reasonably detailed description and estimated calculation of the cost of prepaying or defeasing the Existing
CMBS Loans which Buyer is to pay pursuant to clause (i) of Section 2.8(a).

 

    	 	23	 

     

    

 

(ii)         Buyer,
at its sole cost and expense and in its own name, has made all necessary applications, including payment of the required application
fees (on each Franchisor’s standard form application) for, and has obtained each of the Franchisor Consents. Buyer acknowledges
that it has received, in connection with the Franchisor Consents, a Property Improvement Program (“Change of Ownership
PIP”) prepared by each Franchisor, pursuant to which Buyer will be required to upgrade and make certain improvements
at the applicable Hotels in connection with its purchase thereof. Buyer shall satisfy the requirements of the Change of Ownership
PIPs pursuant to and in accordance with the terms thereof. Notwithstanding the foregoing, prior to the Closing, Buyer may, but
shall not be obligated to, endeavor to negotiate with each Franchisor to amend the requirements of the Change of Ownership PIPs.
If Buyer and any Franchisor agree in writing to amend the requirements of any Change of Ownership PIP (such amended Change of Ownership
PIP being referred to herein as a “Negotiated PIP”), then Buyer shall satisfy the requirements of the
Negotiated PIP pursuant to and in accordance with the terms thereof. All upgrades and improvements required by the Change of Ownership
PIP or Negotiated PIP, as applicable, shall be performed after the Closing at Buyer’s sole cost and expense, without any
debit or credit to the Final Purchase Price. At or promptly after Closing, Buyer will sign Franchisor’s standard form franchise
agreement.

 

(iii)        Prior
to or concurrently with the Closing, Seller take such actions as are necessary (at Seller’s sole cost and expense) to terminate
the Operating Leases and the Management Agreements, effective as of the Closing.

 

(c)          Subject
to, and not in limitation of, Sections 2.10(a) and 2.10(b) each of Buyer and Seller shall use their respective Reasonable
Efforts to (i) take all actions necessary or appropriate to consummate the transactions contemplated by this Agreement (including
by executing and delivering to each other such other documents, agreements or instruments of transfer as are reasonably necessary
therefor) and (ii) cause the fulfillment at the earliest practicable date of all of the conditions to their respective obligations
to consummate the transactions contemplated by this Agreement.

 

(d)          Notwithstanding
Section 2.1 or anything else in this Agreement to the contrary (other than any express obligation of Seller hereunder to
obtain consent (if required) to the assignment of any Material Contract to Buyer at Closing), neither this Agreement nor any other
document related to the consummation of the transactions contemplated by this Agreement and the Transaction Documents shall constitute
an assignment or an attempted assignment of any Assigned Contract for which any required consent has not been obtained. Pending
the obtaining of any such consent, Buyer and Seller shall reasonably and lawfully cooperate with each other in any mutually agreeable
proposed arrangements that (i) provides to Buyer the benefits of use of the applicable Assigned Contract for its term and (ii)
provides that Buyer will bear the liabilities and obligations of the applicable Assigned Contract for its term to the extent such
liabilities or obligations would be Assumed Liabilities if such consent had been obtained. Once such consent for the assignment
of an applicable Assigned Contract is obtained, Seller shall promptly assign such Assigned Contract to Buyer, and, to the extent
the liabilities or obligations under such Assigned Contract assigned to Buyer are Assumed Liabilities, Buyer shall assume such
liabilities and obligations with respect to such Assigned Contract from and after the date of assignment to Buyer pursuant to a
special-purpose assignment and assumption agreement substantially similar in terms to those of the Assignment and Assumption (which
special-purpose agreement the Parties shall prepare, execute and deliver in good faith at the time of such transfer).

 

    	 	24	 

     

    

 

Section
2.11         Purchase Price Allocation.  The Parties have not been able
to agree upon an allocation of the Initial Purchase Price amongst the Hotels or the Hotel Asset categories. Consequently, and notwithstanding
anything to the contrary in this Agreement, the Parties hereby agree that (a) each Party shall file federal, state and local Tax
Returns based on each Party’s own determination of the proper allocation of the Final Purchase Price, each bearing its own
consequences with respect to any discrepancies, and (b) the Parties shall use Buyer’s proposed allocation to Real Property
solely for purposes of determining any transfer tax payable at Closing and for the amount listed on the Title Policy for each Hotel.

 

Section
2.12         Sales Tax. At or prior to Closing, the Parties shall pay per
the local closing custom where each Hotel is located all personal property and sales taxes to which each Hotel is subject (and
any surtax, interest and penalties thereon) (collectively, “Sales Tax”) payable as a result of the sale
to Buyer of Furnishings, Consumables, Supplies, and Retail Inventories and all other items for which Sales Tax is or may be payable
under applicable law (collectively, the “Closing Sales Tax”). In connection with the Closing Sales Tax,
Seller shall prepare or obtain all applicable forms for filing with the appropriate governmental authorities and/or that Seller
determines are necessary or desirable in order to accurately calculate the Closing Sales Tax, if available (collectively, the “Closing
Sales Tax Forms”). Buyer shall be responsible for paying the Closing Sales Tax (with the responsibility therefor
allocated as described in the first sentence of this Section above) and delivering the Closing Sales Tax Forms to the appropriate
taxing authorities. The term “Closing Sales Tax Forms” includes (a) valid resale certificates and seller's permits
or licenses for the sale of Retail Inventories at the Hotel (each, a “Resale Certificate”) from each
of the applicable jurisdictions; and (b) where applicable, such documentation confirming that the transactions contemplated under
this Agreement constitute an “occasional sale” under applicable Law (with respect to each Hotel, each is an “Occasional
Sale Certificate”). Seller and Buyer each agrees to cooperate reasonably in executing such Resale Certificates and
Occasional Sale Certificates, if necessary under applicable Law.

 

Section 2.13         Delivery
of Title Commitment and Survey.

 

(a)          Title
Commitment. Prior to Closing, Seller delivered to Buyer: (i) the
existing title insurance policies with respect to the Real Property (collectively, “Existing Title Policies”),
and (ii) copies of all documents of record referred to in the Existing Title Policies as exceptions to title to the Real Property.
Prior to Closing, Buyer caused to be prepared and delivered to Seller: (i) a current commitment for title insurance or preliminary
title report with respect to the Real Property (collectively, the “Title Commitments”) issued by the
Title Company, in the amount of the Initial Purchase Price and on an ALTA 2006 Standard Form commitment, with Buyer as the proposed
insured, and (ii) copies of all documents of record referred to in the Title Commitment as exceptions to title to the Real Property.

 

(b)          Survey.
Prior to Closing, Seller delivered to Buyer its existing surveys of the Real Property (collectively, the “Existing
Surveys”). Prior to Closing, Buyer caused the Existing Surveys to be updated and new surveys of the Real Property
to be prepared (collectively, the “New Surveys”), with copies delivered to Seller.

 

    	 	25	 

     

    

 

Section
2.14         Title and Survey Review. Prior to Closing, Buyer reviewed
title to the Real Property as disclosed by the Title Commitments and the New Surveys. Prior to Closing, Buyer notified Seller in
writing of any title matters to which Buyer objects (“Buyer’s Objections”). Seller shall have no
obligation to cure any Buyer’s Objections or any other title matter except (i) monetary Liens of an ascertainable amount
voluntarily created by, under or through Seller, which Liens Seller shall cause to be released at or prior to Closing (with Seller
having the right to apply the Final Purchase Price or a portion thereof for such purpose), (ii) any uncontested judgments or uncontested
mechanics or similar Liens filed against Seller and encumbering the Real Property, and (iii) any exceptions or encumbrances to
title which are not Permitted Exceptions and which are voluntarily created by, under or through Seller after the Effective Date
without Buyer’s consent, which Seller shall remove (provided that if Buyer’s consent to such an encumbrance is requested,
such consent shall not be unreasonably withheld or delayed). Subject to Seller’s satisfaction of its obligation pursuant
to the preceding sentence, Buyer is satisfied with the Title Commitments.

 

Section
2.15         Safe Deposit Boxes. Not more than one (1) day prior to the
Closing, Seller shall notify (or shall cause each Manager to notify) all guests or customers who are then using a safe deposit
box at the Hotels advising them of the pending change in management of the Hotels and requesting them to conduct an inventory and
verify the contents of such safe deposit boxes. All inventories by such guests or customers shall be conducted under the joint
supervision of employees, agents or representatives of the Parties. At Closing and following such inventory and verification, Seller
shall deliver to Buyer all keys, receipts and agreements for such safe deposit boxes (and thereafter such safe deposit boxes shall
be deemed an “Inventoried Safe Deposit Box”). Buyer shall be responsible for, and shall indemnify and
hold harmless the Seller Indemnified Parties in accordance with Section 8.2 from and against any Loss incurred by any Seller
Indemnified Parties with respect to, any theft, loss or damage to the contents of any safe deposit box from and after the time
such safe deposit box is deemed an Inventoried Safe Deposit Box pursuant to this Section 2.15. Seller shall be responsible
for, and shall indemnify and hold harmless the Buyer Indemnified Parties in accordance with Section 8.2 from and against
any Loss incurred by any Buyer Indemnified Parties with respect to, any theft, loss or damage to the contents of any safe deposit
boxes prior to the time such safe deposit boxes are deemed an Inventoried Safe Deposit Box. This Section 2.15 shall survive
the Closing.

 

Section
2.16         Baggage. On the Closing Date, employees, agents or
representatives of the Parties jointly shall make a written inventory of all baggage, boxes and similar items checked in or
left in the care of Seller or a Selling Subsidiary or a Manager at the Hotels, and Seller shall deliver to Buyer the keys to
any secured area which such baggage and other items are stored (and thereafter such baggage, boxes and other items
inventoried shall be deemed the “Inventoried Baggage”). Buyer shall be responsible for, and shall
indemnify and hold harmless the Seller Indemnified Parties in accordance with Section 8.2 from and against any Loss
incurred by any Seller Indemnified Parties with respect to any theft, loss or damage to any Inventoried Baggage from and
after the time of such inventory, and any other baggage, boxes or similar items left in the care of Buyer which was not
inventoried by the Parties. Seller shall be responsible for, and shall indemnify and hold harmless the Buyer Indemnified
Parties in accordance with Section 8.2 from and against any Loss incurred by any Buyer Indemnified Parties with
respect to any theft, loss or damage to any Inventoried Baggage prior to the time of such inventory, and any other baggage,
boxes or similar items left in the care of Seller which was not inventoried by the Parties. This Section 2.16 shall
survive the Closing.

 

    	 	26	 

     

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES RELATING
TO PARENT

 

Except as disclosed in the Disclosure Schedule, Parent
hereby represents and warrants to Buyer as follows with respect to Parent:

 

Section
3.1           Organization of Parent. Parent is a limited partnership,
duly formed, validly existing and in good standing under the Laws of the State of Delaware and has the requisite power and authority
to own or lease its assets and to conduct its business as it is now being conducted.

 

Section
3.2           Authorization; Enforceability. Parent has all requisite
power and authority to execute and deliver this Agreement and the Transaction Documents to which it is a party and to perform all
obligations to be performed by it hereunder or thereunder. The execution and delivery of this Agreement and the Transaction Documents
by Parent and the consummation by Parent of the transactions contemplated hereby or thereby have been duly and validly authorized
and approved by all requisite action on the part of Parent. This Agreement has been, and as of the Closing Date, each of the Transaction
Documents to which Parent is a party and which are to be delivered on the Closing Date will be, duly and validly executed and delivered
by Parent and constitutes, or in the case of such Transaction Documents, will constitute a legally valid and binding obligation
of Parent, enforceable against Parent in accordance with its terms, in each case, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as
to enforceability, to general principles of equity.

 

Section 3.3           No
Conflict.

 

(a)          None
of the execution and delivery by Parent of this Agreement or the Transaction Documents to which it is a party, the consummation
by Parent of the transactions contemplated hereby or thereby, or the compliance by Parent with any of the provisions hereof or
thereof will (i) conflict with, or result in any violation of, its Organizational Documents or any Law or (ii) conflict with, or
result in any violation of or default under, or give rise to a right of termination or cancellation under, any Contract to which
Parent is a party or by which Parent or its properties or assets are bound, except, in the case of this clause (ii), for such conflicts,
violations, defaults, terminations or cancellations as would not reasonably be expected to, individually or in the aggregate, prevent
or materially delay the ability of Parent to enter into and perform its obligations under this Agreement or the Transaction Documents
to which it is a party or consummate the transactions contemplated hereby or thereby.

 

(b)          No
consent, waiver, approval, order or Permit of, or declaration or filing with, or notification to, any Governmental Authority is
required on the part of Parent in connection with the execution and delivery by Parent of this Agreement or the Transaction Documents
to which it is a party or the consummation by Parent of the transactions contemplated hereby or thereby, except for (i) such consents,
waivers, approvals, ordes, permits, declarations, filings or notifications expressly contemplated herein or (ii) such consents,
waivers, approvals, orders, Permits, declarations, filings or notifications, the failure of which to make or obtain, would not,
individually or in the aggregate, reasonably be expected to prevent or materially delay the ability of Parent to enter into and
perform its obligations under this Agreement or the Transaction Documents to which it is a party or consummate the transactions
contemplated hereby or thereby.

 

    	 	27	 

     

    

 

(c)          Parent
has not made any general assignment for the benefit of creditors, become insolvent or filed a petition for voluntary bankruptcy
or filed a petition or answer seeking reorganization or an arrangement or composition, extension or readjustment of its indebtedness
or consented, in any creditors’ proceeding, to the appointment of a receiver or trustee of Parent for the property or any
part thereof of any of them or been named in an involuntary bankruptcy proceeding and to the Knowledge of Parent, no such actions
are contemplated or have been threatened.

 

Section
3.4           Litigation.  As of the Effective Date, there are
no (a) Legal Proceedings pending or, to the Knowledge of Parent, threatened against Parent or (b) outstanding orders or unsatisfied
judgments from any Governmental Authority binding upon Parent, in each case, that would reasonably be expected to, individually
or in the aggregate, prevent or materially delay the ability of Parent to enter into and perform its obligations under this Agreement
or the Transaction Documents to which it is a party or consummate the transactions contemplated hereby or thereby.

 

Section
3.5           Brokers’ Fees.  No broker, finder, investment
banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions
contemplated by this Agreement or the Transaction Documents based upon any Contract with Seller or any of its Affiliates.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES RELATING
TO THE SELLING SUBSIDIARIES

 

Except as disclosed in the Disclosure Schedule, Seller
hereby represents and warrants to Buyer as follows with respect to each Selling Subsidiary:

 

Section 4.1           Organization
of the Selling Subsidiaries; Authorization and Enforceability.

 

(a)          Each
of the Selling Subsidiaries is the type of entity set forth across from its name on Section 4.1 of the Disclosure Schedule, duly
organized, validly existing and in good standing under the Laws of its jurisdiction and has the requisite power and authority to
own or lease its assets and to conduct its business as it is now being conducted. Each Selling Subsidiary is duly licensed or qualified
in each jurisdiction in which the ownership or operation of its assets or the character of its activities is such as to require
it to be so licensed or qualified, except where such failures to be so licensed or qualified would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect.

 

    	 	28	 

     

    

 

(b)          Each
Selling Subsidiary has all requisite power and authority to execute and deliver the Transaction Documents to which it is a party
and to perform all obligations to be performed by it thereunder. The execution and delivery of the Transaction Documents by the
Selling Subsidiaries and the consummation by the Selling Subsidiaries of the transactions contemplated thereby will, as of the
Closing, have been duly and validly authorized and approved by all requisite action on the part of the Selling Subsidiaries party
thereto. As of the Closing Date, each of the Transaction Documents to which any Selling Subsidiary is a party and which are to
be delivered on the Closing Date will be, duly and validly executed and delivered by the Selling Subsidiary Party thereto and will
constitute a legally valid and binding obligation of such Selling Subsidiary, enforceable against such Selling Subsidiary in accordance
with its terms, in each case, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity.

 

Section 4.2           No
Conflict; Regulatory Approvals.

 

(a)          None
of the execution and delivery by Seller of this Agreement or the Transaction Documents to which Seller is a party, the consummation
of the transactions contemplated hereby or thereby, or the compliance by Seller with any of the provisions hereof or thereof will
(i) conflict with, or result in any violation of, the Organizational Documents of any of the Selling Subsidiaries or any Law or
(ii) conflict with, or result in any violation of or default under, or give rise to a right of termination or cancellation under,
any provision of any Material Contract to which any of the Selling Subsidiaries is a party or by which any of the Selling Subsidiaries
or any of their respective properties or assets are bound (or to the Knowledge of Seller, entered into by a Manager on behalf of
a Selling Subsidiary or a Hotel), except for such required consents expressly contemplated herein.

 

(b)         No consent,
waiver, approval, order, Permit or authorization of, or declaration or filing with, or notification to, any Governmental Authority
is required on the part of any of the Selling Subsidiaries in connection with the execution and delivery by Seller of this Agreement
or the Transaction Documents to which Seller is a party or the consummation of the transactions contemplated hereby or thereby,
except for such consents, waivers, approvals, orders, Permits, declarations, filings and notifications expressly contemplated herein.

 

(c)          Neither
Seller nor any Selling Subsidiary has made any general assignment for the benefit of creditors, become insolvent or filed a petition
for voluntary bankruptcy or filed a petition or answer seeking reorganization or an arrangement or composition, extension or readjustment
of its indebtedness or consented, in any creditors’ proceeding, to the appointment of a receiver or trustee of Seller or
any Selling Subsidiary for the property or any part thereof of any of them or been named in an involuntary bankruptcy proceeding
and, to Seller’s knowledge, no such actions are contemplated or have been threatened.

 

Section
4.3           Title; Sufficiency of Assets.         Each
Selling Subsidiary has good and marketable title to all material tangible personal property included in its applicable Hotel Assets
(other than as set forth in the Equipment Leases and contained in the Disclosure Schedule), free and clear of all Liens other
than Permitted Exceptions. The material tangible personal property included in the Hotel Assets constitute all of the material
tangible personal property (other than any Excluded Property) reasonably required to operate the Hotels in all material respects
substantially in the same manner as currently conducted by the Selling Subsidiaries on the Effective Date.

 

    	 	29	 

     

    

 

Section 4.4           Real
Property.

 

(a)          The
Owned Real Property constitutes all the real property owned by any of the Selling Subsidiaries, and the Leased Real Property constitutes
all the real property leased or subleased by any of the Selling Subsidiaries as a tenant thereunder (other than pursuant to any
Operating Lease).

 

(b)          Except
pursuant to the Management Agreements, Franchise Agreements, or Space Leases and except for Permitted Exceptions, no Person (other
than the Selling Subsidiaries and guests at the Hotels) has the right to use or occupy the Real Property as of the Effective Date.
Seller has no Knowledge of any pending condemnation proceeding and has not received any written notice of any pending or threatened
condemnation proceedings with respect to the Real Property.

 

(c)          There
are no Space Leases affecting all or any portion of the Property except as set forth in the Disclosure Schedule. True and complete
copies of the Space Leases (including all amendments), to the extent in Seller’s or Manager’s possession or control,
have been provided to Buyer. All of the Space Leases described in the Disclosure Schedule are in full force and effect, and to
Seller’s knowledge there are no material defaults by any party thereunder except as disclosed in the Disclosure Schedule.
There are no outstanding obligations for commissions, tenant improvements or other tenant concessions with respect to the Space
Leases except as disclosed in the Space Leases or in the Disclosure Schedule.

 

Section 4.5           ERISA;
Employees.

 

(a)          None
of Seller or any Selling Subsidiary is acting on behalf of an “employee benefit plan” within the meaning of Section
3(3) of ERISA, a “plan” within the meaning of the Code or an entity deemed to hold “plan assets” within
the meaning of 29 C.F.R. § 2510.3-101 of any such employee benefit plan or plans.

 

(b)          Seller
does not employ any Hotel Employees. All Employees employed at any Hotel are the employees of a Manager. No Persons are employed
at any Hotel other than the Employees.

 

(c)          There
are no collective bargaining agreements with any Hotel employees at the Hotel. Seller is not obligated under any employment agreements
for Hotel employees and as of the Closing, Seller will not be responsible for any unfunded or underfunded contribution liability
with respect to any benefit plan for Hotel employees.

 

Section 4.6           Contracts.

 

(a)          Section
4.6(a) of the Disclosure Schedule sets forth a list of the following Contracts to which any of the Selling Subsidiaries is a party
in effect on the Effective Date (each Contract that is required to be listed in Section 4.6(a) of the Disclosure Schedule being
a “Material Contract”):

 

    	 	30	 

     

    

 

(i)          each
Contract pursuant to which a Selling Subsidiary receives management or operation services from any operator, manager or management
company, in each case, with respect to one or more Hotels (collectively, the “Management Agreements”);

 

(ii)         each
franchise agreement or similar arrangement between a Selling Subsidiary as the franchisee and any franchisor of a system of hotels,
in each case, with respect to one or more Hotels (collectively, the “Franchise Agreements”);

 

(iii)        each
lease agreement pursuant to which a Selling Subsidiary (or other Affiliate of Seller) leases or subleases any Real Property to
another Selling Subsidiary (or other Affiliate of Seller) (collectively, the “Operating Leases”);

 

(iv)        each
lease agreement by which a Selling Subsidiary (or other Affiliate of Seller) leases any equipment, furnishings, vehicles or other
personal property located at any Hotel or used in connection with the operation of any Hotel (collectively, the “Equipment
Leases”);

 

(v)         each
Contract pursuant to which a Selling Subsidiary leases any of the Leased Real Property from a third-party landlord (collectively,
the “Ground Leases”);

 

(vi)        each
Contract pursuant to which a Selling Subsidiary is party to a tax abatement agreement or similar “payment in lieu of taxes”
arrangement with respect to any Real Property;

 

(vii)       each
Space Lease; and

 

(viii)      each
supply, service, vendor or other Contract relating to any Hotel to the extent (i) amounts paid under such Contract could require
payments in the aggregate after the Closing Date of $10,000 or more per year, (ii) the Contract is entered into after the Effective
Date in the ordinary course of business and could require payments in the aggregate after the Closing Date of $10,000 or more,
(iii) the Contract is a purchase order for Consumables, Supplies or Retail Inventories and could require payments in the aggregate
after the Closing Date of $10,000 or more or (iv) the Contract is not terminable by Buyer without penalty on not more than thirty
(30) days prior notice.

 

(b)          As
of the Effective Date, each Material Contract represents the legally valid and binding obligation of the Selling Subsidiary party
thereto, and, to the Knowledge of Seller, the legally valid and binding obligation of the other party or parties thereto, enforceable
against such Selling Subsidiary or such other party or parties, as applicable, in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally
and subject, as to enforceability, to general principles of equity. None of the Selling Subsidiaries or, to the Knowledge of Seller,
any other party or parties to any Material Contract is in material breach of or material default under any Material Contract.
There are no outstanding obligations for commissions, tenant improvements or other tenant concessions with respect to the Space
Leases except as disclosed in the Space Leases or in the Disclosure Schedule. Seller has provided Buyer with true, correct
and complete copies of the Material Contracts, other than any agreement evidencing or securing an Existing Non-CMBS Loan.

 

(c)            Section 4.6(c) of the Disclosure Schedule sets
forth a list of each supply, service or vendor Contract with respect to any Hotel, entered into by any of the Selling
Subsidiaries (or to the Knowledge of Parent, entered into by a Manager on behalf of a Selling Subsidiary or a Hotel) and
which is in effect on the Effective Date, with true, correct and complete copies furnished or made available to Buyer.
Notwithstanding the foregoing, if there exists any such Contract that is not shown on Section 4.6(c) of the Disclosure
Schedule, the foregoing representation shall not be deemed to be incorrect if such Contact is not a Material Contract.

 

    	 	31	 

     

    

 

Section
4.7           Litigation.  As of the Effective Date, (a) there
are no Legal Proceedings pending or, to the Knowledge of Seller, threatened by any Person, against any of the Selling Subsidiaries,
the Real Property or any Hotel and (b) there is no outstanding order or unsatisfied judgment against any of the Selling Subsidiaries,
the Real Property or any Hotel from any Governmental Authority, in the case of each of the foregoing clauses (a) and (b) and, that,
individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.

 

Section
4.8           Financial Information.         Seller
has provided to Buyer a correct and complete copy of the unaudited annual operating statements and budgets for the Fiscal Year
ending December 31, 2015, December 31, 2016, and year-to-date for 2017, for each Hotel as received by Seller or the applicable
Selling Subsidiary from the applicable Manager, but in no event prior to Seller’s ownership of the applicable Hotel (collectively,
the “Financial Statements”). To Parent’s Knowledge, each Financial Statement was prepared by the
applicable Manager in accordance with the accounting standards set forth in the applicable Management Agreement and fairly presents,
in all material respects, the operations of the applicable Hotel for the periods covered.

 

Section
4.9           Environmental Matters.  The representations and
warranties contained in this Section 4.9 are the sole and exclusive representations and warranties of Seller pertaining
or relating to any environmental matters, including any other matter arising under any Environmental Laws. To Seller’s Knowledge:

 

(a)          the
operations of the Selling Subsidiaries are and have been, in compliance with all Environmental Laws in all material respects during
the Selling Subsidaries ownership of the Real Property;

 

(b)          as
of the Effective Date, none of the Selling Subsidiaries is the subject of any material outstanding administrative compliance order,
consent decree or judgment from any Governmental Authority under any Environmental Laws requiring Remedial Action or the payment
of any material fine or penalty;

 

(c)          as
of the Effective Date, none of the Selling Subsidiaries has received any written notification of any of the matters set forth in
this Section 4.9;  and

 

    	 	32	 

     

    

 

(d)          other
than (i) Hazardous Materials used in the ordinary course of maintaining, operating and cleaning the Hotel in commercially
reasonable amounts and in accordance with all Environmental Laws, (ii) Hazardous Materials used as fuels, lubricants or
otherwise in connection with vehicles, machinery and equipment located at the Hotel in commercially reasonably amounts and in
accordance with all Environmental Laws, (iii) matters disclosed in the Disclosure Schedule, no Hazardous Materials are, or
have been during any period of Seller’s ownership of the Hotels, present on, under or in the Hotels in violation of
any Environmental Laws. A true and complete copy of all environmental site assessments and reports regarding the Hotels, to
the extent in Seller’s possession or control, has been provided or made available to Buyer. Seller has not performed
and has no current intention to perform additional tests relating to any matters set forth in the forgoing environmental site
assessments and reports or otherwise.

 

Section
4.10         Legal Compliance.         Except
with respect to (a) compliance with Laws concerning Tax-related matters (as to which certain representations and warranties are
made pursuant to Section 4.11) and (b) compliance with Environmental Laws (as to which certain representations and warranties
are made pursuant to Section 4.9), none of the Selling Subsidiaries has received any written notice from any Governmental
Authority that such Selling Subsidiary, the Real Property or the Hotels are (i) not in compliance with any applicable Law, (ii)
subject to any investigation for a potential violation of applicable Law or (iii) in violation of any ordinances, orders or regulations
of quasi-governmental authorities or CC&Rs, except for such noncompliance which would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect to any Hotel.

 

Section
4.11         Tax Matters.         Certain
Selling Subsidiaries are disregarded as an entity separate from Seller, and Seller and as applicable, certain Selling Subsidiaries
are not a “foreign person” within the meaning of Section 1445 of the Code.

 

Section
4.12         Permits.  To Seller’s knowledge, all Permits necessary
for the operation of the Hotel are listed in the Disclosure Schedule. True and complete copies of the Permits, to the extent in
Seller’s or Manager’s possession or control, have been provided or made available to Buyer. Except as otherwise disclosed
to Buyer on the Disclosure Schedule, Seller has not received any written notice of any uncured violations of any Permit, and to
Seller’s knowledge, all of the Permits described in the Disclosure Schedule are in full force and effect.

 

Section
4.13         Taxes.  All sales and use taxes (other than those sales taxes,
if any, arising from the sale of the Property from Seller to Buyer), hotel/motel occupancy taxes, real and personal property taxes,
employer withholding taxes and similar taxes that are due as of the Closing Date (or applicable to any period prior to Closing)
have been paid in full (or will be provided for at the Closing pursuant to the provisions of this Agreement), and all required
reports and returns relating thereto have been, or will be, timely filed, except to the extent that any payment of such taxes or
filing of any such reports or returns has no material impact on Buyer. Seller has not received written notice of any special tax
assessment relating to the Hotels, the Real Properties or any portion thereof, and there are no tax agreements in place affecting
the Hotels or the Real Properties.

 

    	 	33	 

     

    

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES RELATING
TO BUYER

 

Except as disclosed in the Disclosure Schedule, Buyer
hereby represents and warrants to Seller as follows:

 

Section
5.1          Organization of Buyer. Each Buyer is a
limited liability company, duly organized, validly existing and in good standing under the Laws of the State of Delaware.

 

Section
5.2           Authorization; Enforceability. Buyer has all requisite
power and authority to execute and deliver this Agreement and the Transaction Documents to which it is a party and to perform all
obligations to be performed by it hereunder or thereunder. The execution and delivery of this Agreement and the Transaction Documents
to which Buyer is a party and the consummation of the transactions by Buyer contemplated hereby or thereby have been duly and validly
authorized and approved by all requisite action on the part of Buyer. This Agreement has been, and as of the Closing Date, each
of the Transaction Documents to which Buyer, is a party to be delivered on or prior to the Closing Date will be, duly and validly
executed and delivered by Buyer, and constitutes, or in the case of each of the Transaction Documents to be delivered on or prior
to the Closing Date, will constitute a legally valid and binding obligation of Buyer, enforceable against Buyer, in accordance
with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws
affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity.

 

Section 5.3           No
Conflict.

 

(a)          None
of the execution and delivery by Buyer of this Agreement or the Transaction Documents to which it is a party, the consummation
by Buyer of the transactions contemplated hereby or thereby, or the compliance by Buyer with any of the provisions hereof or thereof,
will (i) conflict with, or result in any violation of the Organizational Documents of Buyer or any Law or (ii) conflict with, or
result in any violation of or default under, or give rise to a right of termination or cancellation under, any Contract to which
Buyer is a party or by which Buyer or Buyer’s properties or assets are bound, except, in the case of this clause (ii), for
such conflicts, violations, defaults, terminations or cancellations as would not reasonably be expected to, individually or in
the aggregate, prevent or materially delay the ability of Buyer to enter into and perform its obligations under this Agreement
or the Transaction Documents to which it is a party or consummate the transactions contemplated hereby or thereby.

 

(b)          No
consent, waiver, approval, order or Permit of, or declaration or filing with, or notification to, any Governmental Authority is
required on the part of Buyer in connection with the execution and delivery by Buyer of this Agreement or the Transaction Documents
to which it is a party or the consummation by Buyer of the transactions contemplated hereby or thereby, except for (i) such consents,
waivers, approvals, orders, Permits, declarations, filings and notificaitons expressly contemplated herein or (ii) such consents,
waivers, approvals, orders, Permits, declarations, filings or notifications, the failure of which to make or obtain, would not,
individually or in the aggregate, reasonably be expected to prevent or materially delay the ability of Buyer to enter into and
perform its obligations under this Agreement or the Transaction Documents to which it is a party or consummate the transactions
contemplated hereby or thereby.

 

Section
5.4           Litigation.  As of the Effective Date, there are
no (a) Legal Proceedings pending or, to the Knowledge of Buyer, threatened against Buyer or (b) outstanding orders or unsatisfied
judgments from any Governmental Authority binding upon Buyer that would, individually or in the aggregate, reasonably be expected
to prevent or materially delay the ability of Buyer to enter into and perform its obligations under this Agreement or consummate
the transactions contemplated hereby.

 

    	 	34	 

     

    

 

Section
5.5           Brokers’ Fees.  No broker, finder, investment
banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions
contemplated by this Agreement or the Transaction Documents based upon any Contract with Buyer or any of its Affiliates.

 

Section
5.6           Permitted Assignee. Buyer,
and any Person that controls, directly or indirectly, Buyer, satisfies all requirements set forth in each of the Franchise Agreements
for Buyer to become a party to each such Franchise Agreement (or to enter into a new Franchise Agreement with each Franchisor).
Buyer has received all required “Franchise Disclosure Documents” in respect of each of the Franchise Agreements.

 

ARTICLE VI

COVENANTS

 

Section
6.1           Conduct of Business Pending the Closing.  From
the Effective Date until the Closing, except (A) as set forth in Section 6.1 of the Disclosure Schedule, (B) as required by Law,
(C) as otherwise contemplated by this Agreement, or (D) with the prior written consent of Buyer (which consent shall not be unreasonably
withheld, delayed or conditioned):

 

(a)          Prior
to the Closing, Seller shall:

 

(i)          
use, own or operate the Real Property, the Hotels and the other Hotel Assets in substantially the same manner as currently
conducted, including by (A) causing each Manager to continue to operate the Hotels in the ordinary course of business
consistent with past practices, including by maintaining levels of Supplies, Consumables and Retail Inventories consistent
with seasonally-adjusted past practices, (B) causing each Manager to continue to maintain the Hotels in the ordinary course
of business consistent with past practices, including maintaining all improvements on the Real Property and all Furnishings
substantially in the condition that they were in on the Effective Date (subject to Seller’s compliance with 6.3,
and compliance in all material respects with all requirements of any Governmental Authority), and (C) continuing to maintain
the insurance currently carried by Seller with respect to the Hotels; and

 

(ii)         use
Reasonable Efforts to preserve each Selling Subsidiary’s (A) present operations and organization and (B) present relationships
with each Manager, Franchisors, Employees, landlords under the Ground Leases, Lenders, Occupants and other Persons with whom the
Selling Subsidiaries have similar relationships.

 

(b)          Prior
to the Closing, Seller shall not take any of the actions set forth in clauses (i) – (vi) below:

 

(i)          other
than in the ordinary course of business, subject any of the Real Property, Hotels or other Hotel Assets to any Lien other than
Permitted Exceptions;

 

    	 	35	 

     

    

 

(ii)         other
than in the ordinary course of business or pursuant to the terms of a Material Contract, sell, assign, license, transfer, convey,
lease or otherwise dispose of any of the Real Property, Hotels or other Hotel Assets;

 

(iii)        without
Buyer’s prior consent (not to be unreasonably withheld or delayed), enter into any Management Agreements, Franchise Agreements,
Material Contracts or similar arrangements (or, in each case, modifications, amendments, waivers and supplements thereto);

 

(iv)        without
Buyer’s prior consent (not to be unreasonably withheld or delayed) except to the extent required in connection with any life
safety event or to the extent that any such modifications to any Material Contract is terminable at Closing, enter into, amend,
terminate or renew any Material Contract, other than (A) any automatic amendments, terminations or renewals pursuant to the terms
of any Material Contract or (B) terminations of Existing Loans (including by prepayment thereof) or Operating Leases;

 

(v)         settle
any material Legal Proceeding involving the Real Property or any Hotel or relating to the transactions contemplated by this Agreement
or the Transaction Documents, other than settlements involving the payment of cash (and no ongoing restrictions on the Real Property
or Hotels) for which Seller bears sole financial responsibility; or

 

(vi)        agree
to do anything prohibited by this Section 6.1(b).

 

Section
6.2           Books and Records; Post-Closing Access.         After
the Closing, except in connection with a claim for indemnification between the Parties pursuant to Article VIII, Buyer shall
afford to Seller and its Representatives reasonable access, during normal business hours and in such manner as to not unreasonably
interfere with the normal operation of Buyer’s business, to the properties, books, Contracts, commitments, Tax Returns, records
(including work papers) and counsel (subject to attorney-client privilege, which shall not be waived or violated) and accountants
of, and shall furnish Seller and such Representatives with all financial and operating data and other information concerning the
affairs of, the Real Property, the Hotels and the other Hotel Assets, in each case, as Seller or such Representatives reasonably
request to the extent reasonably required by Seller in connection with its accounting, tax, legal defense or other similar needs.
In furtherance of the foregoing, except as may otherwise be required pursuant to Buyer’s records management policy, Buyer
shall retain all of the books and records included in the Hotel Assets and existing on the Closing Date and shall not destroy or
dispose of any thereof for a period of six (6) years from the Closing Date or such longer time as may be required by Law.

 

Section
6.3           Buyer’s Risk of Loss.  After the Effective
Date, no portion of any Real Property (including any Hotel) was taken pursuant to eminent domain proceedings, and none of the improvements
on any Real Property (including any Hotel) was damaged or destroyed in any material respect by any casualty.

 

    	 	36	 

     

    

 

Section
6.4           Notice of Certain Events. Prior to the Closing
Date, each Party (in the context set forth in this Section 6.4, the “Notifying Party”) shall promptly
notify the other Party of: (i) any written notice or other communication from any Governmental Authority to the Notifying Party
in connection with the transactions contemplated by this Agreement; (ii) any Legal Proceedings commenced or, to the Notifying Party’s
Knowledge, threatened against, relating to, involving or otherwise affecting the consummation of the transactions contemplated
by this Agreement; (iii) the discovery by the Notifying Party of any inaccuracy in or breach of any representation, warranty or
covenant of such Notifying Party contained in this Agreement; and (iv) the discovery by the Notifying Party of any event, condition,
fact or circumstance that would make the timely satisfaction of any of the conditions to such Notifying Party’s obligation
to proceed to the Closing, as set forth in Article VII, impossible or unlikely.

 

Section
6.5           Parent Marks.  Buyer agrees that (a) Buyer has
no, and after the Closing, will not have any right, title or interest in, to or under the names “Lightstone”, “Lightstone
Group” or “The Lightstone Group”, or any service marks, trademarks, trade names, identifying symbols, logos,
emblems, signs or insignia related thereto or containing or comprising the foregoing, including any derivations, modifications
or alterations thereof, and any word, name or mark confusingly similar thereto (collectively, the “Parent Marks”),
(b) Buyer shall have no right to use the Parent Marks after the Closing Date and (c) Buyer shall not use the Parent Marks after
the Closing Date or hold itself out as having any sponsorship, endorsement or affiliation with Parent or any of its Affiliates.

 

Section
6.6           Publicity.         Buyer
and Seller shall not issue any press release, public announcement or other disclosure concerning this Agreement, the Transaction
Documents, the terms hereof or thereof and/or the transactions contemplated hereby or thereby without obtaining the prior written
approval of the other Party, which approval will not be unreasonably withheld, conditioned or delayed, unless, in the reasonable
judgment of Seller or Buyer, disclosure is otherwise required by Law, provided that, to the extent required by Law, the Party intending
to make such release, public announcement or disclosure shall use its Reasonable Efforts consistent with Law to consult with the
other Party with respect to the text thereof prior to the issuance of such release, public announcement or disclosure (it being
agreed and understood that no such consultation shall be required in the event that either Party makes any filings with the SEC
(whether on Form 8-K or otherwise) in connection with matters not primarily related to the transactions contemplated by this Agreement).
Furthermore, upon written approval of Seller (which approval will not be unreasonably withheld, conditioned or delayed), Buyer
shall have the right to issue a press release regarding the acquisition of the Hotels after the Closing, including disclosure of
the Purchase Price.

 

Section 6.7           Confidentiality;
Non-Disparagement.

 

(a)          Buyer
acknowledges that the non-public information provided to it in connection with this Agreement and the transactions contemplated
hereby is subject to the terms of the Confidentiality Agreement, the terms of which are incorporated herein by reference. For the
avoidance of doubt, the term Evaluation Material (as defined in the Confidentiality Agreement) shall include this Agreement, its
contents, terms and conditions, and the transactions contemplated hereby.         Effective
upon, and only upon, the Closing, the Confidentiality Agreement shall terminate, provided that Seller and Buyer may disclose
such information as may be necessary in connection with seeking necessary consents and approvals as contemplated hereby and as
part of its due diligence investigation of the Hotels (subject to the terms of the Confidentialty Agreement).

 

    	 	37	 

     

    

 

(b)          Each
Party (in the context set forth in this Section 6.7(b), the “Receiving Party”) shall not, and
shall cause its respective Representatives not to, for a period of one (1) year after the Closing or if such Closing does not occur,
for a period of two (2) years following the termination of this Agreement, directly or indirectly, without the prior written consent
of the other Party (in the context set forth in this Section 6.7(b), the “Disclosing Party”),
disclose to any third party (other than such Receiving Party’s Representatives) any confidential or proprietary information
of the Disclosing Party made available to the Receiving Party pursuant to the provisions of, or in connection with the negotiation
of, this Agreement, the Confidentiality Agreement or the Transaction Documents; provided, that the foregoing restrictions
shall not (i) apply to any information (A) generally available to, or known by, the public (other than as a result of disclosure
in violation of this Section 6.7), (B) independently developed by the Receiving Party or any of its Affiliates without reference
to or use of any such information disclosed by the Disclosing Party or (C) in the case of Buyer as the Receiving Party, any information
relating to any Hotel Asset which is obtained by Buyer by virtue of the purchase and sale therof or (ii) prohibit any disclosure
(x) required by Law so long as, to the extent legally permissible and feasible, the Receiving Party provides the Disclosing Party
with reasonable prior written notice of such disclosure and a reasonable opportunity to contest such disclosure or (y) made in
connection with the enforcement of any right or remedy relating to this Agreement or the transactions contemplated hereby. Notwithstanding
anything to the contrary set forth in this Section 6.7(c), the Receiving Party and its Representatives shall be deemed to
have satisfied their obligations hereunder with respect to confidential or proprietary information of the Disclosing Party if they
exercise the same degree of care (but no less than a reasonable degree of care) as they take to preserve confidentiality for their
own similar information.

 

(c)          Each
Party agrees that, except as compelled by applicable Law or Legal Proceeding (after provision of due prior notice of such Law or
Legal Proceeding to the other Party) or in connection with such Party’s enforcement of its rights under, or defense against
claims brought by the other Party under, this Agreement or any of the Transaction Documents, it will not, and will cause its directors
and executive officers not to, directly or indirectly, (i) publicly disparage the other Party or any of such other Party’s
Representatives or (ii) take any action that would reasonably be expected to cause any of such Persons to suffer reputational damage
in the eyes of the public or any equity-holders, clients, managers, franchisors, partners, lenders, employees or competitors of
any such Person or other third parties with whom such Person has similar business relationships.

 

Section 6.8           Employee
Matters.

 

(a)          Prior
to Closing, Seller delivered to Buyer such employment information for all Employees at the Hotels as is provided to the Seller
by the Manager, it being understood and agreed that such schedule may consist only of a list of names of employees (without Social
Security Numbers, addresses or EEOC category information), with an identification of each such employee’s department, position,
pay rate (hourly or annually), tenure (start date) and status (whether full-time or part-time).

 

    	 	38	 

     

    

 

(b)          Seller
shall terminate or cause the termination of the employment of all Employees at the Hotels effective as of the Closing. As long
as Buyer has timely received the Employee schedule described in Section 6.8(a), or Seller has otherwise identified the Employees
at the Hotels to Buyer prior to the Closing and provided sufficient information to Buyer to allow Buyer to make an offer of employment
to such Employees, (i) Buyer shall (or shall cause each new hotel manager to) employ a sufficient number of Employees on sufficient
terms and conditions to avoid applicability of the WARN Act to the transactions contemplated by this Agreement, and (ii) Buyer
shall indemnify, defend and hold harmless the Seller Indemnified Parties from and against any Losses that may be incurred by, or
asserted against, any such Seller Indemnified Party arising out of or relating to Buyer’s, Seller’s, Manager or other
Person’s failure to comply with the WARN Act in connection with the transactions contemplated by this Agreement. Seller shall
specifically remain liable to all such Employees for, and timely pay, all wages, paid time off, vacation, sick time, severance
and benefits (whether arising under any benefit plan maintained by Seller or required under Applicable Law) that accrued to any
such Employee prior to Closing or as a result of such termination; provided that at Buyer’s election, Buyer may agree to
assume any such paid time off, vacation and sick time, in which case Buyer shall receive a credit in the amount of such paid time
off. Nothing in this Seciton, however, shall require Buyer to retain for any period of time any Employee who is unable to establish
identity and work authorization for employment verification, who does not pass a criminal background check or who fails to pass
any drug test requirement of Buyer. Nothing within this Section shall prohibit Buyer from terminating any rehired Employee for
cause in accordance with the WARN Act and its implementing regulations. Finally, no part of this Section is intended to alter,
nor does it alter, the at will status of the Employees. The terms of this Section 6.8(b) shall survive the Closing.

 

(c)          Prior
to the Closing, Buyer shall not communicate with any Employees except with Seller’s and the applicable Manager’s prior
consent; provided, Buyer shall have the right to meet with the general manager, chief engineer and director of sales for each Hotel
as a part of Buyer’s due diligence review; provided that Buyer shall allow for a representative of Seller to be present at
such meetings. Seller shall cooperate in good faith (and, subject to the terms of the Management Agreements, direct the Manager
to cooperate) with Buyer in such manner as Buyer may reasonably request to enable Buyer to meet with the Employees regarding the
sale of the Hotel Assets to Buyer. None of Seller or any Manager shall have any liability whatsoever with respect to any act or
omission on the part of Buyer with respect to Buyer’s conduct of employment interviews or employee screening. In particular,
Buyer is advised that applicable Law may limit the scope and manner of drug screening of prospective employees.

 

Section 6.9           Permits;
Liquor License.

 

(a)          Prior
to Cosing, Buyer (at its sole cost and expense) provided all notices and make all necessary applications for, and thereafter diligently
pursued and otherwise took all actions necessary to transfer, obtain or reissue in the name of Buyer, any Permits (including Liquor
Licenses and including temporary Permits, to the extent available) required to be transferred, obtained or reissued in the name
of Buyer as a result of or in furtherance of the transactions contemplated by this Agreement. Seller shall cooperate with Buyer
and provide all information necessary to transfer, obtain or reissue such Permits to the extent in Seller’s or Manager’s
possession or control. Buyer shall keep Seller informed of the status of such applications, and shall promptly respond to Seller’s
inquiries regarding the status of the same.

 

    	 	39	 

     

    

 

(b)          If
the Liquor Licenses have not been issued as of the Closing Date (despite Buyer’s compliance with Section 6.9(a)),
then at the Closing, Seller shall, or shall use Reasonable Efforts to cause the applicable Manager to, as applicable, enter into
an interim liquor agreement (“Interim Liquor Agreement”) that will permit Buyer to continue the sale
of alcoholic beverages at the applicable Hotel from and after the Closing Date consistent with the practices and procedures in
effect as of the Effective Date, provided that the Interim Liquor Agreement is, in the judgment of Seller and Buyer (and, if applicable,
the applicable Manager), each acting reasonably and in good faith, permitted by all applicable Law and is custom or practice in
the geographic area in which the applicable Hotel is located and without additional cost or expense to Seller or Manager, provided
that Buyer shall not be required to pay additional consideration for such Liquor Licenses nor additional management fees under
the Interim Liquor Agreements. The Interim Liquor Agreement shall (i) be in form and substance satisfactory to Buyer, Seller (and,
if applicable, the applicable Manager), (ii) provide for the indemnification by Buyer of the Seller Indemnified Parties satisfactory
to Seller, including with respect to all Losses related to the sale or consumption of alcoholic beverages at the applicable Hotel
from and after the Closing Date, (iii) provide that Buyer shall maintain liquor liability insurance from such companies, and in
such forms and amounts, as may be acceptable to Seller and/or the applicable Manager, as applicable, which policies shall name
Seller and/or such Manager, as applicable, as additional insureds thereunder and (iv) expire on the earlier to occur of issuance
of the Liquor Licenses or the date that is one hundred eighty (180) days after the Closing Date; provided, however, in the event
the Buyer has dilgently pursued any Liquor License at a Hotel and the regulatory agency has not issued such Liquor License, Buyer
shall have such additional time as reasonable under the repsective Interim Liquor Agreement (but in no event more than an additional
ninety (90) days).

 

Section
6.10         Termination of Baton Rouge Ground Lease. The Courtyard Baton
Rouge is owned by LVP CY Baton Rouge LLC (a Selling Operating Lessor Subsidiary) and leases the ground under such Hotel from the
Selling Baton Rouge Ground Lessor Subsidiary pursuant to a Ground Lease dated May 10, 2013 by and between LVP CY Baton Rouge Ground
LLC, as lessee, and Selling Baton Rouge Ground Lessor Subsidiary, as lessor. On the Closing Date (immediately following the defeasance
of the loan for such hotel), Seller will terminate such Ground Lease, such that Buyer will receive fee title to such Hotel and
related Hotel Assets unencumbered by such Ground Lease.

 

Section
6.11         No Assumption of Liabilities. Notwithstanding any provision
contained in this Agreement to the contrary, this Agreement is intended as and shall be deemed to be an agreement for the sale
of assets and none of the provisions hereof shall be deemed to create any obligation or liability of any party to any person or
entity that is not a party to this Agreement, whether under a third-party beneficiary theory, laws relating to transferee liabilities
or otherwise. Except as specifically provided otherwise in this Agreement and expressly included as an Assumed Liability, Buyer
shall not assume and shall not discharge or be liable for any debts, liabilities or obligations of Seller including, but not limited
to, any (a) liabilities or obligations of Seller to its creditors, shareholders or owners, (b) liabilities or obligations of Seller
with respect to any acts, events or transactions occurring prior to, on or after the Closing, (c) liabilities or obligations of
Seller for any federal, state, county or local taxes, or (d) any contingent liabilities or obligations of Seller, whether known
or unknown by Seller or Buyer. Except as otherwise provided in this Agreement, Buyer shall have no duty whatsoever to take any
action or receive or make any payment or credit arising from or related to any services provided or costs incurred in connection
with the management and operation of the Property or any business conducted on the Property prior to the Closing, including, but
not limited to, any matters relating to cost reports, collections, audits, hearings, or legal action arising therefrom.

 

    	 	40	 

     

    

 

Section
6.12         Post-Closing Net Worth Covenant.  Until the expiration of
the Survival Period (or such longer period as may be applicable pursuant to the immediately following sentence), Parent covenants
that it shall retain (and not disburse to Parent’s shareholders or other equity owners) a portion of the Purchase Price in
an amount not less than $2,150,000 (the “Reserved Amount“), which Reserved Amount may be: (a) held in
cash; or (b) invested in one or more liquid investments reasonably acceptable to Buyer. The covenant of Seller set forth in the
immediately preceding sentence shall survive Closing until the expiration of the Survival Period, except to the extent that a claim
against Seller is filed by Buyer prior to the expiration of the Survival Period, in which case such covenant shall survive until
such claim is resolved.

 

Section
6.13         Utilities.  To the extent Buyer is unable to put utilities
for the Hotels in its name at the Closing due any violations of law by Seller prior to Closing, then (i) Seller shall keep such
utilities in its name, for the benefit of Buyer, until such time as Buyer is able to put such utilities in its name and (ii) Buyer
shall be responsible for the payment of all such utilities, either by paying the utility company directly or by promptly reimbursing
Seller for payments made by Seller for such utilities.

 

ARTICLE VII

CONDITIONS TO OBLIGATIONS

 

Section
7.1           Conditions to Obligations of Buyer and Seller. 
The obligations of each Party to cause the Closing to occur are subject to the satisfaction of the following conditions, any one
or more of which may be waived in writing by such Party (each such condition being applied on a Hotel by Hotel basis, so that the
failure of a condition on any Hotel shall not be a failure of the same condition on any of the other Hotels):

 

(a)          There
shall not be in force any Law restraining, enjoining or prohibiting the consummation of the transactions contemplated by this Agreement
or the Transaction Documents; and

 

(b)          Seller
shall have received, with respect to each Hotel, either (i) a Franchisor Consent, or (ii) written notice from the applicable Franchisor
or evidence reasonably acceptable to Seller that the existing Franchise Agreement for such Hotel will be terminated at Closing
without payment of any termination fee, premium or penalty by Seller.

 

Section
7.2           Conditions to Obligations of Buyer. The obligations
of Buyer to cause the Closing to occur are subject to the satisfaction of the following conditions, any one or more of which may
be waived in writing by Buyer:

 

    	 	41	 

     

    

 

(a)          (i)
Each of the Fundamental Seller Representations shall be true and correct in all material respects at and as of Effective Date and
at and as of the Closing Date as if made at and as of the Closing Date (other than such representations and warranties that expressly
address matters only as of another specified date, which need only be true and correct as of such date) and (ii) each of the other
representations and warranties of Seller contained in Articles III and IV of this Agreement without giving effect
to materiality, Material Adverse Effect or other similar qualifications, shall be true and correct at and as of the Effective Date
and at and as of the the Closing Date as if made at and as of the Closing Date (other than such representations and warranties
that expressly address matters only as of another specified date, which need only be true and correct as of such date), except
where the failure of such representations and warranties to be so true and correct would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect with respect to any Hotel;

 

(b)          Seller
shall have performed and complied in all material respects with the covenants and agreements required by this Agreement to be performed
or complied with by Seller on or before the Closing Date; and

 

(c)          Seller
shall have delivered to Buyer or the Deposit Escrow Agent, as applicable, the items and documents set forth in Section 2.6(a)
which are required to be delivered by Seller at the Closing.

 

If Buyer has actual knowledge that a condition remains
unsatisfied but nonetheless proceeds with the Closing, then such unsatisfied condition shall be deemed waived by Buyer.

 

Section
7.3           Conditions to the Obligations of Seller. The obligations
of Seller to cause the Closing to occur are subject to the satisfaction of the following conditions, any one or more of which may
be waived in writing by Seller:

 

(a)          (i)
Each of the Fundamental Buyer Representations shall be true and correct in all material respects at and as of the Effective Date
and at and as of the Closing Date as if made at and as of the Closing Date (other than such representations and warranties that
expressly address matters only as of another specified date, which need only be true and correct as of such date) and (ii) each
of the other representations and warranties of Buyer contained in Article V of this Agreement, without giving effect to
materiality or other similar qualifications, shall be true and correct at and as of the Effective Date and at and as of the Closing
Date as if made at and as of the Closing Date (other than such representations and warranties that expressly address matters only
as of another specified date, which need only be true and correct as of such date), except where the failure of such representations
and warranties to be so true and correct would not, individually or in the aggregate, reasonably be expected to prevent or materially
delay the ability of Buyer to enter into and perform its obligations under this Agreement or the other Transaction Documents or
consummate the transactions contemplated hereby or thereby;

 

(b)          Buyer
shall have performed and complied in all material respects with the covenants and agreements required by this Agreement to be performed
or complied with by Buyer on or before the Closing Date; and

 

(c)          Buyer
shall have delivered to Seller or the Deposit Escrow Agent, as applicable, the items and documents set forth in Section 2.6(b)
which are required to be delivered by Buyer at the Closing. If Seller has actual knowledge that a condition remains unsatisfied
but nonetheless proceeds with the Closing, then such unsatisfied condition shall be deemed waived by Seller.

 

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ARTICLE VIII

INDEMNIFICATION

 

Section
8.1           Survival. All representations and warranties of
the Parties contained in this Agreement shall survive the Closing until nine (9) months after the Closing Date (the “Survival
Period”). All of the Specified Covenants shall survive the Closing until fully performed or fulfilled, unless and
to the extent only that non-compliance with any such Specified Covenant is waived in writing by the Party entitled to such performance.
All other covenants and agreements of the Parties contained herein shall not survive the Closing, and the Parties shall have no
rights or remedies with respect thereto from and after the Closing. No Party shall have any liability for indemnification claims
made under this Article VIII with respect to any representation, warranty, covenant or agreement contained herein unless
a Claim Notice is provided by the non-breaching Party to the other Party prior to the expiration of the applicable survival period
for such representation, warranty, covenant or agreement, as the case may be. The Parties acknowledge and agree that with respect
to any claim that any Party may have against any other Party that is permitted pursuant to the terms of this Agreement, the survival
periods set forth and agreed to in this Section 8.1 shall govern when any such claim may be brought and shall replace and
supersede any statute of limitations that may otherwise be applicable. If a Claim Notice has been timely given in accordance with
this Agreement prior to the expiration of the applicable survival period for such representation, warranty, covenant or agreement,
then the applicable representation, warranty, covenant or agreement shall survive as to such claim, until such claim has been finally
resolved.

 

Section 8.2           Indemnification.

 

(a)          Subject
to the provisions of this Article VIII, from and after the Closing, Seller shall indemnify Buyer and its Affiliates, and
its and their respective equity holders, officers, directors, managers and employees (collectively, “Buyer Indemnified
Parties”), from and against all Losses that Buyer Indemnified Parties incur to the extent arising from or out of
(i) any breach of any representation or warranty of Seller in Articles III or IV, (ii) any breach of any Specified
Covenant of Seller in this Agreement, (iii) any Excluded Liability, (iv) claims made by Employees to the extent attributable to
their employment at the Hotels at or prior to the Closing, (v) any physical or personal injury or death caused to any person, or
damage to property of unaffiliated third parties, to the extent such injury, death or damage occurred prior to the Closing Date
in connection with the Hotels, and (vi) except (x) as may be the obligation of Buyer pursuant to an express provision of this Agreement
or (y) for any item for which Buyer receives a credit at Closing (only to the extent of such credit), any Claims brought by any
unaffiliated third party to the extent arising from acts, omissions or occurrences that occur or accrue in connection with the
Property on or prior to the Closing, including, without limitation, with respect to the Hotel Contracts and the Space Leases. Notwithstanding
the foregoing, neither Losses for change to or remediation of the physical, structural or environmental condition of the Hotels
nor Losses arising from any Government Authority relating to the physical, structural or environmental condition of the Hotels
are subject to indemnification by Seller under clause (vi) above.

 

    	 	43	 

     

    

 

(b)          Subject
to the provisions of this Article VIII, from and after the Closing, Buyer shall indemnify Seller and its Affiliates, and
its and their respective equity holders, officers, directors, managers and employees (collectively, “Seller Indemnified
Parties”), from and against all Losses that Seller Indemnified Parties incur to the extent arising from or out of
(i) any breach of any representation or warranty of Buyer in Article V, (ii) any breach of any Specified Covenant of Buyer
in this Agreement, (iii) any Assumed Liability, (iv) claims made by Employees to the extent attributable to their employment at
the Hotels or the termination thereof following the Closing, but only to the extent that such claims accrue from or after the Closing,
(v) any physical or personal injury or death caused to any person, or damage to property of unaffiliated third parties, to the
extent such injury, death or damage occurred on or after the Closing Date in connection with the Hotels, and (vi) except (x) as
may be the obligation of Seller pursuant to an express provision of this Agreement and with respect to which Buyer did not receive
a credit at Closing or (y) for any item for which Seller receives a credit at Closing (only to the extent of such credit), any
Claims brought by an unaffiliated third party to the extent arising from acts, omissions, or occurrences that occur or accrue in
connection with the Hotels following the Closing, including, without limitation, with respect to the Contracts and Space Leases.
The provisions of this Section 8.2(b)(iv), (v) and (vi) shall survive the Closing indefinitely.

 

(c)          Notwithstanding
anything to the contrary herein, the Parties shall have a duty to use Reasonable Efforts to mitigate any Loss arising out of or
relating to this Agreement or the transactions contemplated hereby.

 

Section
8.3           Indemnification Procedures.         Claims
for indemnification under this Agreement shall be asserted and resolved as follows:

 

(a)         Any Buyer
Indemnified Party or Seller Indemnified Party claiming indemnification under this Agreement (an “Indemnified Party”)
with respect to any claim asserted against the Indemnified Party by a third party (“Third Party Claim”)
in respect of any matter that is subject to indemnification under Section 8.2 shall promptly (i) notify the other Party
(the “Indemnifying Party”) of the Third Party Claim and (ii) transmit to the Indemnifying Party a written
notice (a “Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a copy
of all papers served with respect to such claim (if any) and the basis of the Indemnified Party’s request for indemnification
under this Agreement. Subject to Section 8.1, failure to timely provide such Claim Notice shall not affect the right of
the Indemnified Party’s indemnification hereunder, except to the extent (and only to the extent) that the Indemnifying Party
demonstrates such failure shall have caused the Losses (in whole or in part) for which the Indemnifying Party is obligated to be
greater than such Losses would have been had the Indemnified Party given the Indemnifying Party timely notice.

 

    	 	44	 

     

    

 

(b)          The
Indemnifying Party shall have the right to defend the Indemnified Party against such Third Party Claim. The Indemnifying Party
will notify the Indemnified Party within fifteen (15) Business Days after having received any Claim Notice with respect to whether
or not it is exercising its right to defend the Indemnified Party against the Third Party Claim. If the Indemnifying Party notifies
the Indemnified Party that the Indemnifying Party elects to assume the defense of the Third Party Claim (such election to be without
prejudice to the right of the Indemnifying Party to dispute whether such claim is an indemnifiable Loss under this Article VIII),
then the Indemnifying Party shall have the right to defend such Third Party Claim with counsel selected by the Indemnifying Party
(which counsel shall be subject to the approval of the Indemnified Party, such approval not to be unreasonably withheld, conditioned
or delayed), by all appropriate proceedings, to a final conclusion or settlement at the discretion of the Indemnifying Party in
accordance with this Section 8.3(b). The Indemnifying Party shall have full control of such defense and proceedings, including
any compromise or settlement thereof; provided, however, that the Indemnifying Party shall not enter into any compromise
or settlement of any Third Party Claim without the written consent of the Indemnified Party (which consent shall not be unreasonably
withheld, conditioned or delayed). Notwithstanding the foregoing, such consent shall not be required if (i) the settlement agreement
contains a complete and unconditional general release by the third party asserting the claim to all Indemnified Parties affected
by the claim and (ii) the settlement agreement does not contain any sanction or restriction upon the conduct of any business by
the Indemnified Party or its Affiliates or any admission of guilt or culpability on any of their behalfs. The Indemnified Party
may participate in, but not control, any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant
to this Section 8.3(b), and the Indemnified Party shall bear its own costs and expenses with respect to such participation.
Notwithstanding the foregoing, the Indemnified Party shall have the right to control the defense of any Third Party Claim where
the Third Party Claim alleges criminal charges against the Indemnified Party.

 

(c)          If
the Indemnifying Party does not notify the Indemnified Party that the Indemnifying Party elects to defend the Indemnified Party
pursuant to Section 8.3(b) within fifteen (15) Business Days after receipt of any Claim Notice or the Indemnifying Party
does not otherwise have the right to defend such claim pursuant to Section 8.3(b), then the Indemnified Party shall have
the right to defend, and be reimbursed for its reasonable cost and expense (but only if the Indemnifying Party is actually entitled
to indemnification hereunder) in regard to the Third Party Claim with counsel selected by the Indemnified Party (which counsel
shall be subject to the approval of the Indemnified Party, such approval not to be unreasonably withheld, conditioned or delayed),
by all appropriate proceedings, which proceedings shall be prosecuted diligently by the Indemnified Party. In such circumstances,
the Indemnified Party shall defend any such Third Party Claim in good faith and have full control of such defense and proceedings;
provided, however, that the Indemnified Party may not enter into any compromise or settlement of such Third Party
Claim if indemnification is to be sought hereunder, without the Indemnifying Party’s consent (which consent shall not be
unreasonably withheld, conditioned or delayed). The Indemnifying Party may participate in, but not control, any defense or settlement
controlled by the Indemnified Party pursuant to this Section 8.3(c), and the Indemnifying Party shall bear its own costs
and expenses with respect to such participation.

 

(d)          If
requested by the Indemnifying Party, the Indemnified Party agrees, at the sole cost and expense of the Indemnifying Party (but
only if the Indemnified Party is actually entitled to indemnification hereunder), to fully cooperate with the Indemnifying Party
and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including providing access
to documents, records and information. In addition, the Indemnified Party will make its personnel available at no cost to the Indemnifying
Party for conferences, discovery, proceedings, hearings, trials or appeals as may be reasonably required by the Indemnifying Party.
The Indemnified Party also shall fully cooperate with the Indemnifying Party and its counsel in the making of any related counterclaim
against the Person asserting the Third Party Claim or any cross complaint against any Person and executing powers of attorney to
the extent necessary.

 

    	 	45	 

     

    

 

(e)          Subject
to the other provisions of this Article VIII, a claim for indemnification for any matter not involving a Third Party Claim
may be asserted by notice to the Party from whom indemnification is sought; such notice describing in reasonable detail the nature
of the claim, the amount of the claim or a reasonably detailed estimate thereof, a copy of all papers served with respect to such
claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement. Subject to Section
8.1, failure to timely provide such notice shall not affect the right of the Indemnified Party’s indemnification hereunder
except to the extent (and only to the extent) that the Indemnifying Party demonstrates such failure shall have caused the Losses
(in whole or in part) for which the Indemnifying Party is obligated to be greater than such Losses would have been had the Indemnified
Party given the Indemnifying Party timely notice.

 

Section 8.4           Limitations
on Liability of Seller.   Notwithstanding anything to the contrary herein:

 

(a)          A
breach of any representation, warranty, covenant or agreement of Seller in this Agreement in connection with any single item or
group of related items that results in Losses of less than $6,000 shall be deemed for all purposes of this Article VIII
not to be a breach of such representation, warranty, covenant or agreement;

 

(b)          Seller
shall have no liability arising out of or relating to Section 8.2(a) unless the aggregate Losses actually incurred by Buyer
Indemnified Parties thereunder exceed $290,000, in which case, subject to Section 8.4(c), Seller shall be liable for all
such Lossees, not merely the the extent of such Losses in excess of such amount;

 

(c)          in
no event shall Seller’s aggregate liability arising out of or relating to Section 8.2(a) exceed $2,150,000 (the “Cap”);
provided, however, that the Cap shall not apply to any single item, or group of related items, that results in Losses
(the payment of which shall not be counted towards the Cap) that Buyer Indemnified Parties actually incurred to the extent arising
from or out of the breach of any Fundamental Seller Representation;

 

(d)          notwithstanding
anything to the contrary in Sections 8.4(a) and 8.4(b), in no event shall Seller’s aggregate liability arising
out of or relating to Section 8.2(a) exceed the Final Purchase Price;

 

(e)          in
no event shall Seller be liable under Section 8.2(a) for any Losses arising from the negligence, strict liability of or
violation of any Law by Buyer or any of its Affiliates or arising from an action taken or not taken by Seller or any Selling Subsidiary
at the request of or with the consent of Buyer;

 

(f)          the
amount of any Loss for which a Buyer Indemnified Party claims indemnification under this Agreement shall be reduced by: (i) any
insurance proceeds actually received by such Buyer Indemnified Party with respect to such Loss; (ii) in the event such Buyer Indemnified
Party failed to mitigate its Losses in accordance with Section 8.2(c), the amount by which such Loss would have been reduced
had such Buyer Indemnified Party so mitigated such Loss; (iii) any Tax Benefits actually realized by such Buyer Indemnifed Party
with respect to such Loss; and (iv) indemnification or reimbursement payments actually received by such Buyer Indemnified Party
from third parties with respect to such Loss, provided that such Buyer Indemnified Party shall use Reasonable Efforts to
obtain recoveries from insurers, including title insurers, and other third parties in respect of this Section 8.4(e);

 

    	 	46	 

     

    

 

(g)          if
an Indemnified Party shall recover Losses in respect of a claim of indemnification under this Article VIII, no other Indemnified
Party shall be entitled to recover the same Losses in respect of a claim for indemnification;

 

(h)          if
the Indemnified Party receives any payment from an Indemnifying Party in respect of any Losses pursuant to Section 8.2 and
the Indemnifying Party could have recovered all or a part of such Losses from a third party, including any provider of insurance
(a “Potential Contributor”) based on the underlying claim asserted against the Indemnifying Party, the
Indemnified Party shall assign such of its rights to proceed against the Potential Contributor as are necessary to permit the Indemnifying
Party to recover from the Potential Contributor the amount of such payment; and

 

(i)          Seller
shall not be liable in respect of any claim for indemnification under Section 8.2(a) if and to the extent that any Buyer
or any of its Representatives has Knowledge as of the Due Diligence End Date of the fact, matter, event or circumstance which is
the subject of the claim.

 

Section 8.5           Waiver
of Other Representations.

 

(a)          Buyer
is an informed and sophisticated purchaser, who is familiar with the ownership and operation of, and has engaged expert advisors,
experienced in the evaluation and purchase of, real property such as the Real Properties, hotels such as the Hotels and assets
such as the other Hotel Assets, each as contemplated hereunder. Buyer has had adequate opportunity to undertake, and has undertaken,
such investigation and has been provided with access to and has evaluated such documents and information as it has deemed necessary
to (i) enable it to make an informed and intelligent decision with respect to the execution, delivery and performance of this Agreement
and the other Transaction Documents and (ii) evaluate the Real Properties, the Hotels, the other Hotel Assets and any of their
respective operations, prospects, or condition (financial or otherwise), including the evaluation of the items set forth in clauses
(1) through (12) of Section 8.5(b)(i)(A). Buyer shall accept the Real Properties, the Hotels and the other Hotel Assets
in the condition they are in on the Closing Date based upon Buyer’s own inspection, examination and determination with respect
thereto as to all matters, and without reliance upon any express or implied representations or warranties of any nature made by
or on behalf of or imputed to Seller, except to the extent set forth in this Agreement or the Transaction Documents.

 

    	 	47	 

     

    

 

(b)          Except
for the specific representations and warranties expressly made by Seller in Articles III and IV of this Agreement
and as set forth in the Transaction Documents, (i) Buyer acknowledges and agrees that (A) neither Seller nor any of its Representatives
is making or has made any representation or warranty, expressed or implied, at law or in equity, in respect of the Real Properties,
the Hotels, the other Hotel Assets or any of their respective operations, prospects, or condition (financial or otherwise), including
with respect to (1) the quality, nature, habitability, merchantability, use, operation, value, marketability, adequacy or physical
condition of any Real Property, any Hotel, and other Hotel Asset or any aspect or portion thereof, including, structural elements,
foundation, roof, appurtenances, access, landscaping, parking facilities, electrical, mechanical, HVAC, plumbing, sewage, water
and utility systems, facilities and appliances, soils, geology and groundwater, (2) the dimensions or lot size of any Real Property,
any Hotel or any other Hotel Asset or the square footage of any of the improvements thereon or of any space therein, (3) the condition
of title to any Real Property, any Hotel or any other Hotel Asset, (4) the development or income potential, or rights of or relating
to, any Real Property, any Hotel or any other Hotel Asset, or the fitness, suitability, value or adequacy of any Real Property,
any Hotel or any other Hotel Asset for any particular purpose, (5) the zoning or other legal status of any Real Property, any Hotel
or any other Hotel Asset, (6) the compliance of any Real Property, any Hotel or any other Hotel Asset or its operation with any
applicable codes, Laws, covenants, conditions and restrictions of any Governmental Authority or of any other Person (including,
the Americans with Disabilities Act of 1990, as amended), (7) the ability of Buyer or any of its Affiliates to obtain any necessary
Permits for the use or development of any Real Property, any Hotel or any other Hotel Asset, (8) the presence, absence, condition
or compliance of any Hazardous Materials on, in, under, above or about any Real Property, any Hotel or any other Hotel Asset or
any adjoining or neighboring property, (9) the quality of any labor and materials used in any improvements at, or otherwise relating
in any manner to, any Real Property, any Hotel or any other Hotel Asset, (10) the economics of, or the income and expenses, revenue
or expense projections or other financial matters, relating to the operation of, any Real Property, any Hotel or any other Hotel
Asset, (11) the Management Agreements, Franchise Agreements and PIPs, and the Existing CMBS Loans, or (12) the accuracy or completeness
of any confidential information memoranda, offering presentation, projections, or other information (financial or otherwise) regarding
the Real Properties, the Hotels or any other Hotel Asset furnished to Buyer or its representatives or made available to Buyer and
its Representatives in any “data rooms,” “virtual data rooms,” offering presentations, management presentations
or in any other form in expectation of, or in connection with, the transactions contemplated by this Agreement or the Transaction
Documents, or in respect of any other matter or thing whatsoever, and (B) no Representative of Seller has any authority, express
or implied, to make any representations, warranties or agreements not specifically set forth in this Agreement and subject to the
limited remedies provided in this Agreement, (ii) Buyer specifically disclaims that it is relying upon or has relied upon any such
other representations or warranties that may have been made by any Person, and acknowledges and agrees that Seller has specifically
disclaimed and does hereby specifically disclaim any such other representation or warranty made by any Person, (iii) Buyer specifically
disclaims any obligation or duty by Seller or any Person to make any disclosures of fact not required to be disclosed pursuant
to the specific representations and warranties set forth in Articles III and IV of this Agreement and (iv) Buyer
is acquiring the Real Property, the Hotels and the other Hotel Assets subject only to the specific representations and warranties
of Seller set forth in Articles III and IV of this Agreement as further limited by the specifically bargained-for
exclusive remedies as set forth in this Article VIII.

 

    	 	48	 

     

    

 

(c)          EXCEPT
AS OTHERWISE SET FORTH IN SECTION 4.9, SELLER HAS NOT, DOES NOT AND WILL NOT MAKE ANY REPRESENTATIONS OR WARRANTIES WITH
REGARD TO COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS
INCLUDING, BUT NOT LIMITED TO, THOSE PERTAINING TO THE HANDLING, GENERATING, TREATING, STORING OR DISPOSING OF ANY HAZARDOUS MATERIALS.
AS OF THE CLOSING, BUYER RELEASES PARENT FROM ANY AND ALL CLAIMS BUYER MAY HAVE AGAINST PARENT OF WHATEVER KIND OR NATURE RESULTING
FROM OR IN ANY WAY CONNECTED WITH THE ENVIRONMENTAL CONDITION OF THE REAL PROPERTY OR HOTELS, INCLUDING ANY AND ALL CLAIMS BUYER
MAY HAVE AGAINST PARENT UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED (CERCLA),
OR ANY OTHER LAW PERTAINING TO THE RELEASE OF HAZARDOUS MATERIALS INTO THE ENVIRONMENT FROM OR AT ANY REAL PROPERTY OR ANY HOTEL.

 

(d)          BUYER
AND SELLER AGREE THAT, EXCEPT AS EXPRESSLY PROVIDED FOR IN THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, (I) THE REAL PROPERTY,
HOTELS AND OTHER HOTEL ASSETS SHALL BE SOLD AND BUYER SHALL ACCEPT POSSESSION OF THE REAL PROPERTY, HOTELS AND OTHER HOTEL ASSETS
ON THE CLOSING DATE “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS,” WITH NO RIGHT OF SET-OFF OR
REDUCTION IN THE FINAL PURCHASE PRICE; AND (II) SUCH SALE SHALL BE WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, WHETHER EXPRESS,
IMPLIED, STATUTORY OR OTHERWISE, INCLUDING ANY WARRANTY OF INCOME POTENTIAL, OPERATING EXPENSES, USES, MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE, AND SELLER HEREBY DISCLAIMS AND RENOUNCES ANY SUCH REPRESENTATION OR WARRANTY.  Except with respect
to any Losses arising out of any breach of any express representation, warranty, or agreement set forth in this Agreement or any
Transaction Document which shall be governed exclusively by the provisions of this Article VIII, Buyer, for itself and on
behalf of each of its Affiliates and its and their Representatives, hereby waives, releases and forever discharges Seller, its
Affiliates and its and their Representatives, from any and all Losses whether known or unknown, which Buyer has or may have in
the future, arising out of or in connection with the Real Property, Hotels and other Hotel Assets, including without limitation
the physical, environmental, governmental, economic or legal condition thereof or the operation thereof (collectively, the “Released
Claims”). BUYER, FOR ITSELF AND ON BEHALF OF EACH OF ITS AFFILIATES AND ITS AND THEIR REPRESENTATIVES, SPECIFICALLY
WAIVES THE PROVISIONS OF ANY LEGAL REQUIREMENT, THE INTENT OF WHICH IS AS FOLLOWS:

 

“A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

    	 	49	 

     

    

 

Buyer,
for itself and on behalf of each of its Affiliates and its or their Representatives, acknowledges that it or its attorneys or
agents may hereafter discover claims or facts in addition to, or different from, those which it now believes to be true with
respect to the subject matter of the Released Claims, but agrees that (x) it has taken such possibility into account in
reaching this Agreement, (y) the releases given herein shall be and remain in effect notwithstanding the discovery or
existence of any such additional or different Claims or facts, as to which Buyer expressly assumes the risk, and (z)
notwithstanding the discovery or existence of any such additional or different Claims or facts, it is nonetheless Buyer's
intention, for itself and on behalf of each of its Affiliates and its and their Representatives, to fully, finally and
forever settle and release all disputes and differences, known or unknown, suspected or unsuspected, as to the Released
Claims. Buyer, for itself and on behalf of each of its Affiliates and its and their Representatives, hereby covenants not to
file or commence any Legal Proceedings against any of Seller or any of its Affiliates or its or their Representatives
in connection with any matter released hereunder.

 

(e)        The
provisions of this Section 8.5 shall survive the Closing indefinitely.

 

(f)        Buyer,
for itself and on behalf of each of its Affiliates and its and their Representatives, acknowledges that it has carefully reviewed
this Section 8.5 and discussed it with legal counsel and that this Section 8.5 is a material part of this Agreement.

 

Section 8.6           Remedies; Limited Recourse;
Limitations on Damages.

 

(a)          Attorneys'
Fees. If any litigationor other enforcementproceeding is commenced in connection with this Agreement, then the
prevailing party shall be entitled to receive payment of its reasonable attorneys' fees and expenses and court costs from the
other party (and in addition to any liquidated damages as provided in this Agreement).

 

(b)          No
Sand-bagging.  In the event that prior to the Closing either Party breaches any of its representations,
warranties, covenants or agreements hereunder, which breach would result in the failure to satisfy any of the conditions set
forth in Sections 7.2(a) or 7.2(b) (in the event that Seller is the breaching Party) or the conditions set forth in Sections
7.3(a) or UlQl (in the event that Buyer is the breaching Party) and the non-breaching Party proceeds to the Closing, the
non-breaching Party shall thereby expressly waive its right to recover, and forever release the breaching Party from, any
Losses arising out of or related to any such breach.

 

    	 	50	 

     

    

 

(c)          Post-Closing
Claims. Except as set forth in the second sentence of this Section 8.6(c), after the Closing, the sole and exclusive
remedy for any and all claims, Losses or other matters arising under, out of, or related to this Agreement or the transactions
contemplated hereby (except for claims of breach of this Agreement which were waived prior to the Closing pursuant to Section
8.6(b), as to which no remedies shall exist) shall be the rights of indemnification set forth in this Article VIII only
(and in the case of indemnification sought pursuant to Sections 2.7(a)(xiv), 2.9 and 6.8, the rights of indemnification
set forth therein) and no Person will have any other entitlement, remedy or recourse, whether in contract, tort, strict liability,
equitable remedy or otherwise, it being agreed that all of such other remedies, entitlements and recourse are expressly waived
and released by the Parties to the fullest extent pe1mitted by Law. Notwithstanding the foregoing, after the Closing, the immediately
preceding sentence will not operate to interfere with or impede a Party's right to seek equitable remedies (including specific
performance (which must be commenced within forty-five (45) days after the latest to occur of such breach of the Specified Covenants
or the date Closing was scheduled to occur absent such breach of the Specified Covenants) or injunctive relief) for a breach or
threatened breach of the Specified Covenants, and the Parties expressly acknowledge that any breach or threatened breach of any
such Specified Covenant by the other Party or Parties shall result in irreparable and continuing damage to the non-breaching Party
or Parties for which no adequate remedy at law will exist and that, in the event of any breach of any such covenant, the non-breaching
Party or Parties shall be entitled to injunctive relief, including specific performance (which must be commenced within forty-five
(45) days after the latest to occur of such breach of the Specified Covenants or the date Closing was scheduled to occur absent
such breach of the Specified Covenants), and to such further and other relief as may be necessary and proper to ensure compliance
by the breaching Party or Parties with this Agreement, and the Parties consent to the entry of such relief, without necessity of
posting bond or other security (any requirements therefor being expressly waived).       The
Parties acknowledge that the provisions of this Section 8.6(c) are reasonably necessary and commensurate with the need to
protect the Parties against irreparable harm and to protect their legitimate business interests.

 

(d)          NOTWITHSTANDING
ANYTHING TO THE CONTRARY HEREIN, NO PARTY SHALL BE LIABLE FOR, AND THE DEFINITION OF LOSSES SHALL NOT INCLUDE, ANY SPECIAL, PUNITIVE,
EXEMPLARY, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES, INCLUDING ANY LOST PROFITS OR LOST BENEFITS, LOSS OF ENTERPRISE VALUE,
DIMINUTION IN VALUE OR MULTIPLES OF EARNINGS OF ANY BUSINESS, DAMAGE TO REPUTATION OR LOSS TO GOODWILL, WHETHER BASED ON CONTRACT,
TORT, STRICT LIABILITY, OTHER LAW OR OTHERWISE AND WHETHER OR NOT ARISING FROM ANY OTHER PARTY’S SOLE, JOINT OR CONCURRENT
NEGLIGENCE, STRICT LIABILITY OR OTHER FAULT EXCEPT, WITH RESPECT TO THE DEFINITION OF LOSSES, TO THE EXTENT SUCH DAMAGES ARE ACTUALLY
AWARDED TO A GOVERNMENTAL AUTHORITY OR ANOTHER THIRD PARTY; PROVIDED THAT THE FOREGOING LIMITATION SHALL NOT LIMIT SELLER’S
RIGHT TO RECOVER THE DEPOSIT IN CONNECTION WITH BUYER’S FAILURE TO CLOSE IN VIOLATION OF THIS AGREEMENT.

 

(e)          All
claims or causes of action (whether in contract or in tort, in law or in equity) that may be based upon, arise out of or relate
to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made
in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities
that are expressly named as Parties hereto. No Person that is not a named party to this Agreement, including any past, present
or future director, officer, employee, incorporator, member, partner, stockholder, Affiliate, agent, attorney or Representative
of any named party to this Agreement (“Non-Party Affiliate”) shall have any liability (whether in contract
or in tort, in law or in equity, or based on any theory that seeks to impose liability of an entity party against its owners or
Affiliates) for any obligations or liabilities arising under, in connection with or related to this Agreement or for any claim
based on, in respect of, or by reason of, this Agreement or its negotiation or execution, and each Party waives and releases all
such liabilities and claims against any such Non-Party Affiliates.

 

    	 	51	 

     

    

 

(f)          The
provisions of this Section 8.6 were specifically bargained-for between Seller and Buyer and were taken into account by
Seller and Buyer in arriving at the Initial Purchase Price. Each of Seller and Buyer specifically relied upon the provisions of
this Section 8.6 in agreeing to the Initial Purchase Price and in agreeing to provide the specific representations and
warranties set forth in Articles III and IV (in the case of Seller) and Article V (in the case of Buyer).

 

(g)          Survival.
The provisions of this Section 8.6 shall survive the Closing or earlier termination of this Agreement.

 

ARTICLE IX

TERMINATION

 

Section
9.1           Termination.  Buyer acknowledges that (i) Buyer
has reviewed, accepted and approved (and all representations and warranties of Seller made herein shall be subject to and qualified
by) all of the due diligence materials and other matters known or deemed known to Buyer and its Affiliates and its Representatives,
and (ii) Buyer has elected to proceed with the Closing. If Buyer had knowledge of a breach of representation, warranty or covenant
prior to the Due Diligence End Date, then Buyer shall be deemed to have waived such breach. Neither Party shall have the right
to terminate this Agreement.

 

ARTICLE X

MISCELLANEOUS

 

Section
10.1         Notices. All notices and other communications under this Agreement
shall be in writing and shall be deemed given (a) when delivered personally by hand (with written confirmation of receipt), (b)
when sent by facsimile (with written confirmation of transmission), (c) when sent by email (with receipt confirmation), or (d)
one (1) Business Day after the day sent by nationally recognized overnight courier (with written confirmation of receipt), in each
case at the following addresses and facsimile numbers (or to such other address or facsimile number as a Party may have specified
by notice given to the other Party pursuant to this provision), it being agreed that any notice or other communication delivered
to Parent shall be deemed delivered to all the Selling Subsidiaries regardless of which such notice or other communication is separately
addressed to such Selling Subsidiaries:

 

(a)           If
to Buyer, to:

 

c/o Phoenix American Hospitality, LLC

5950 Berkshire Lane, Suite 850

Dallas, TX 75225

Attn: W.L. “Perch” Nelson

Facsimile No.: (469) 232-9325

Email: perch.nelson@phoenixamericanhospitality.com

 

    	 	52	 

     

    

 

With copies to:

 

Joel M. Eastman, PLLC

5485 Belt Line Road, Suite 125

Dallas, TX 75254

Attn: Joel M. Eastman, Esq.

Facsimile No.: 972-692-7416

Email: joel@jeastman.com

 

(b)          If
to Parent and/or any Selling Subsidiary, to:

 

c/o The Lightstone Group

460 Park Avenue, 13th Floor

New York, NY 10022

Attn: Guy Crawford

Facsimile No.: (212) 751-2494

Email: gcrawford@lightstonegroup.com

 

with copies to:

 

c/o The Lightstone Group

1985 Cedar Bridge Ave., Suite 1

Lakewood, NJ 08701

Attn: Joseph E. Teichman, Esq.

Facsimile No.: (732)
612-1444

Email: jteichman@lightstonegroup.com

 

Eckert Seamans Cherin & Mellott, LLC

600 Grant Street, 44th Floor

Pittsburgh, PA 15219

Attn: Timothy Q. Hudak, Esq.

Facsimile No.: (412)
566-6099

Email: thudak@eckertseamans.com

 

Section
10.2         Successors and Assigns.  Except as set forth in this Section,
neither Buyer nor Seller shall have the right to assign this Agreement without the prior written consent of the other Party. Notwithstanding
the foregoing, Buyer may assign its interests herein to one or more Affiliates of Buyer upon written notice to Seller delivered
at least five (5) Business Days prior to the Closing, provided that (i) the assignee assumes Buyers obligations hereunder from
and after the date of such assignment, (ii) any such assignment does not relieve Buyer of its obligations hereunder, and (iii)
Seller shall not incur any additional costs (including without limitation transfer taxes) as a result of such assignment. Each
such permitted assignment may consist of (a) all or Buyer’s interests herein, or (b) Buyer’s interests herein as they
relate to one or more specific Hotels and related Hotel Assets. This Agreement will be binding upon and inure to the benefit of
Seller and Buyer and their respective successors and permitted assigns, and no other Person will be conferred any rights by virtue
of this Agreement or be entitled to enforce any of the provisions hereof. Whenever a reference is made in this Agreement to Seller
or Buyer, such reference will include the successors and permitted assigns of such Party under this Agreement.

 

    	 	53	 

     

    

 

Section
10.3         Rights of Third Parties.   Except
for the indemnification provisions of Sections 2.7(a)(xiv), 2.9, 6.8 and 8.2 which are intended to
be enforceable by the Persons respectively referred to therein, nothing expressed or implied in this Agreement shall create or
be deemed to create any third party beneficiary rights in any Person not a party to this Agreement.

 

Section
10.4         Expenses.  Except
as otherwise provided herein (including pursuant to Sections 2.7(c) and 2.8), each Party shall bear its own expenses
incurred in connection with this Agreement and the transactions contemplated hereby whether or not such transactions shall be consummated.

 

Section
10.5         Counterparts; Electronic Signatures. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. This Agreement may be signed and transmitted by facsimile machine or electronic mail (via .pdf or similar
transmittal), and any signatures so transmitted shall be treated as an original document.

 

Section
10.6         Entire Agreement.  This
Agreement (together with the Disclosure Schedule, annexes and exhibits to this Agreement), the Confidentiality Agreement and the
Transaction Documents constitute the entire agreement among the Parties and supersede any other agreements, whether written or
oral, that may have been made or entered into by or among any of the Parties or any of their respective Affiliates relating to
the transactions contemplated hereby. The Parties have voluntarily agreed to define their rights, liabilities and obligations
respecting the transactions contemplated hereby exclusively in contract pursuant to the express terms and provisions of this Agreement,
and the Parties expressly disclaim that they are owed any duties or are entitled to any remedies not expressly set forth in this
Agreement. Furthermore, the Parties each hereby acknowledge that this Agreement embodies the justifiable expectations of sophisticated
parties derived from arm’s-length negotiations, and all Parties to this Agreement specifically acknowledge that no Party
has any special relationship with another Party that would justify any expectation beyond that of an ordinary buyer and an ordinary
seller in an arm’s-length transaction.

 

Section
10.7         Disclosure Schedule. Unless the context otherwise requires,
all capitalized terms used in the Disclosure Schedule shall have the respective meanings assigned in this Agreement. No reference
to or disclosure of any item or other matter in the Disclosure Schedule shall be construed as an admission or indication that such
item or other matter is material or that such item or other matter is required to be referred to or disclosed in the Disclosure
Schedule. No disclosure in the Disclosure Schedule relating to any possible breach or violation of any agreement or Law shall be
construed as an admission or indication that any such breach or violation exists or has actually occurred. The Disclosure Schedule
identifies items of disclosure with respect to a particular section of the Disclosure Schedule by reference to the corresponding
section of this Agreement, provided, however, that each disclosure in the Disclosure Schedule shall be deemed to
qualify all representations, warranties, covenants and agreements of Seller, notwithstanding the lack of a specific cross-reference
or a different cross-reference, in each case to the extent the relevance of such disclosure to any such representation, warranty,
covenant or agreement is reasonably apparent on the face of such disclosure.

 

    	 	54	 

     

    

 

Section
10.8         Amendments; Waiver. This Agreement may be amended, supplemented
or modified in whole or in part if, but only if, such amendment, supplement or modification is in writing and is signed by each
of Buyer and Seller and specific reference to this Agreement is made in such writing. Any provision of this Agreement may be waived
if, but only if, such waiver is in writing and is signed by the Party or Parties against whom enforcement of any such waiver is
sought and specific reference to this Agreement is made in such writing. The waiver by any Party of a breach of any provision of
this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or
subsequent breach. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude
any other or further exercise thereof or the exercise of any other right, power or remedy.

 

Section
10.9         Severability.  If
any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of
this Agreement shall remain in full force and effect. The Parties further agree that if any provision contained herein is, to any
extent, held invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions necessary
to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent
necessary, shall amend or otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable
with a valid and enforceable provision giving effect to the intent of the Parties to the greatest extent legally permissible.

 

Section
10.10         Mutual Drafting. The Parties have participated jointly in
the negotiation and drafting of this Agreement and, if an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as jointly drafted by the Parties and no presumption or burden of proof shall arise favoring or disfavoring
any Party by virtue of the authorship of any provision of this Agreement. Further, prior drafts of this Agreement or any of the
Transaction Documents or the fact that any clauses have been added, deleted or otherwise modified from any prior drafts of this
Agreement or any Transaction Document shall not be used as a rule of construction or otherwise constitute evidence of the intent
of the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of such prior drafts.

 

Section 10.11         Governing
Law; Jurisdiction.

 

(a)          This
Agreement and the transactions contemplated herein, and all disputes between the Parties arising out of or related to this Agreement,
the transactions contemplated herein or the facts and circumstances leading to its or their execution or performance, whether in
contract, tort or otherwise, shall be governed by the laws of the State of Delaware, without reference to conflict of laws principles.

 

    	 	55	 

     

    

 

(b)          Each
of the Parties agrees (i) that this Agreement involves at least $100,000, and (ii) that this Agreement has been entered into by
the Parties hereto in express reliance upon 6 Del. C. § 2708. Each of the Parties (A) irrevocably submits itself to
the personal jurisdiction of each state or federal court sitting in the State of Delaware, as well as to the jurisdiction of all
courts to which an appeal may be taken from such courts, in any Legal Proceeding arising out of or relating to this Agreement or
any of the transactions contemplated herein, (B) agrees that every such Legal Proceeding shall be brought, heard and determined
exclusively in the Court of Chancery of the State of Delaware (provided that, in the event subject matter jurisdiction is unavailable
in or declined by the Court of Chancery, then all such claims shall be brought, heard and determined exclusively in any other state
or federal court sitting in the State of Delaware with subject matter jurisdiction), (C) agrees that it shall not attempt to deny
or defeat such personal jurisdiction by motion or other request for leave from such court, (D) agrees not to bring any Legal Proceeding
arising out of or relating to this Agreement or any of the transactions contemplated herein in any other court, and (E) waives
any defense of inconvenient forum to the maintenance of any Legal Proceeding so brought.

 

(c)          Each
of the Parties agrees to waive any bond, surety or other security that might be required of any other Party with respect to any
Legal Proceeding, including an appeal thereof.

 

(d)          Each
of the Parties agrees (i) to the extent that such Party is not otherwise subject to service of process in the State of Delaware,
to appoint and maintain an agent in the State of Delaware as such Party’s agent for acceptance of legal process and notify
the other Party or Parties hereto of the name and address of such agent, (ii) that, to the fullest extent permitted by law, service
of any process, summons, notice or document by U.S. registered mail to its address as specified in Section 10.1 with a proof
of mailing receipt validated by the U. S. Postal Service shall be effective service of process for any Legal Proceeding brought
against it, provided, however, that nothing contained in the foregoing clause shall affect the right of any Party to serve legal
process in any other manner permitted by applicable Law, and (iii) that, to the fullest extent permitted by applicable law, service
made pursuant to (i) or (ii) above shall have the same legal force and effect as if served upon such Party personally within the
State of Delaware.

 

(e)           EACH PARTY
ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE, WHETHER IN CONTRACT, TORT, OR OTHERWISE, RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREIN IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREIN OR THE FACTS AND CIRCUMSTANCES LEADING TO ITS EXECUTION
OR PERFORMANCE. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II)
IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER KNOWINGLY AND VOLUNTARILY, AND (IV)
IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
10.11(e).

 

    	 	56	 

     

    

 

Section
10.12 1031 Exchange.  If either Seller or Buyer wishes to enter into a like-kind exchange (either simultaneous with
the Closing or deferred) with respect to any or all of the Real Property under Section 1031 of the Code ("Exchange"),
the other Party shall cooperate in all reasonable respects to effectuate the Exchange, including the execution of documents; provided
(i) the cooperating Party shall incur no liability or expense related to the Exchange and (ii) the Closing shall not be contingent
upon, nor extended or delayed by, such Exchange. Buyer’s or Seller’s cooperation shall include, but not be limited
to, permitting the assignment of rights under this Agreement to a qualified intermediary (as defined in Treasury Regulation Section
1.1031 (k)-1(g)(4)(iii)) (the “QI”), or permitting an assignment of this Agreement to a QI to effectuate
the Exchange and/or entering into an agreement with a QI for the acquisition of the Real Property (or interests in the Real Property)
and permitting the assignment of rights under this Agreement to two or more assignees as tenants in common in connection with the
Exchange, provided that Buyer or Seller, as the case may be, shall remain obligated for all of the terms and conditions hereunder.
Seller represents that Seller shall be the "Exchangor" under an Exchange for the Real Property, as the "Relinquished
Property," and shall be the purchasing entity for the "Replacement Property" in such Exchange, as all such terms
are used and defined in similar Exchanges. The exchanging Party shall be responsible for all agreements, documents and escrow instructions
and no substitution of or assignment to another party to effectuate such exchange shall release any other Party from its obligations,
warranties or obligations under this Agreement or from liability from any prior or subsequent default

 

Section
10.13 Joint and Several Obligations. The obligations of “Seller” hereunder are the joint and several obligations
of Parent and each Selling Subsidiary, and the obligations of “Buyer” hereunder are the joint and several obligation
of each Buyer.

 

[Signatures appear on the next page.]

 

    	 	57	 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed and delivered by each Party as of the date first above written.

 

	 	PARENT:
	 	 
	 	LIGHTSTONE VALUE PLUS REIT II LP, a Delaware limited partnership
	 	 	 
	 	By:	Lightstone Value Plus Real Estate
	 	 	Investment Trust II, Inc., a Maryland corporation, its general partner

 

	 	By:	/s/ Joseph Teichman
	 	Joseph Teichman, General Counsel

 

	 	
        SELLING OPERATING LESSEE

        SUBSIDIARIES:

	 	 
	 	
        LVP ROGERS HOLDING CORP.,

        a Delaware corporation

	 	 	 

	 	By:	/s/ Joseph Teichman
	 	Joseph Teichman, General Counsel

 

	 	LVP CY BATON ROUGE HOLDING CORP.,

        a Delaware corporation

	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 
	 	LVP
                    RI BATON  ROUGE  HOLDING CORP.,

                    a
                    Delaware corporation

	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel

 

[Signatures continued on
following pages].

 

    	 	58	 

     

    

 

	
         

         
	
        LVP FFI JONESBORO HOLDING CORP.,

        a Delaware corporation

	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 
	 	
        LVP TPS FAYETTEVILLE HOLDING CORP.,

        a Delaware corporation

	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 
	 	
        LVP METAIRIE HOLDING CORP.,

        a Delaware corporation

	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 
	 	
        LVP HMI FT. MYERS HOLDING CORP.,

        a Delaware corporation

	 	 	 
	 	 	/s/ Joseph Teichman
	 		Joseph Teichman, General Counsel
	 	 	 
	 	SELLING OPERATING LESSOR
	 	SUBSIDIARIES:
	 	 	 
	 	LVP ROGERS  LLC,
	 	a Delaware  limited liability  company
	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel

 

[Signatures
continued on the following pages.]

 

    	 	59	 

     

    

 

	
          
	LVP CY BATON  ROUGE  GROUND LLC,
	 	a Delaware  limited  liability company
	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 
	 	LVP RI BATON  ROUGE  LLC,
	 	a Delaware  limited liability  company
	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 
	 	LVP FFI JONESBORO LLC,
	 	a Delaware limited  liability  company
	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 
	 	LVP TPS FAYETTEVILLE LLC,
	 	a Delaware  limited liability  company
	 	 	 
	 	 	/s/ Joseph Teichman
	 		Joseph Teichman, General Counsel
	 	 	 
	 	L VP TPS METAIRIE LLC,
	 	a Delaware  limited  liability  company
	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel

 

[Signatures continued on
the following pages.]

 

    	 	60	 

     

    

 

	 	LVP HMI FT. MYERS  LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 
	 	
        SELLING
        BATON ROUGE GROUND

        LESSOR SUBSIDIARY:

	 	 
	 	LVP CY BATON  ROUGE  LLC,
	 	a Delaware limited liability  company
	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel

 

	 	BUYER:
	 	 
	 	
        AHP LP7 CY BATON ROUGE, LLC,

        a Delaware limited liability company

	 	 	 
	 	By:	Phoenix  American  Hospitality, LLC, its Manager

 

	 	By:	/s/Joel M. Eastman
	 	 	Joel M. Eastman,  EVP and General Counsel

 

	 	 	 
	 	
        AHP LP7 RI BATON ROUGE, LLC,

        a Delaware limited liability company

	 	 	 
	 	By:	Phoenix  American  Hospitality, LLC, its Manager

 

	 	By:	/s/Joel M. Eastman
	 	 	Joel M. Eastman,  EVP and General Counsel

 

[Signatures continued on
the following pages.]

 

    	 	61	 

     

    

 

	 	LVP HMI FT. MYERS LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 	 
	 	SELLING BATON ROUGE GROUND LESSOR SUBSIDIARY:
	 	 
	 	LVP CY BATON ROUGE LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	 	/s/ Joseph Teichman
	 	 	Joseph Teichman, General Counsel
	 	 	 	 
	 	BUYER:
	 	 
	 	AHP LP7 CY BATON ROUGE, LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	 	By:	/s/Joel M. Eastman
	 	 	 	Joel M. Eastman,  EVP and General
Counsel
	 	 	 	 
	 	AHP LP7 RI BATON ROUGE, LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	 	By:	/s/Joel M. Eastman
	 	 	 	Joel M. Eastman,  EVP and General
Counsel

 

[Signatures continued on
the following pages.]

 

    	 	62	 

     

    

 

	
         
	AHP LP7 METAIRIE, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	By:	/s/Joel M. Eastman
	 	 	Joel M. Eastman,  EVP and General Counsel
	 	 	 
	 	AHP LP7 FAYETTEVILLE, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	By:	/s/Joel M. Eastman
	 	 	Joel M. Eastman,  EVP and General Counsel

 

[Signatures continued on
the following pages.]

 

    	 	63	 

     

    

 

	
        

         
	AHP LP7 JONESBORO, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	By:	/s/Joel M. Eastman
	 	 	Joel  M. Eastman,  EVP and General Counsel
	 	 	 
	 	AHP LP7 FT MYERS, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	By:	/s/Joel M. Eastman
	 	 	Joel M. Eastman,  EVP and General Counsel

 

    	 	64	 

     

    

 

JOINDER

 

The undersigned hereby agrees
to perform as Deposit Escrow Agent under this Agreement. In connection therewith:

 

		1.	Deposit Escrow Agent is acting solely as a stakeholder
and depository, and is not responsible or liable in any manner whatever for the sufficiency, correctness, genuineness, or validity
of the subject matter of the escrow, or for the identity or authority of any person executing or depositing it.

 

		2.	Except for a breach ofthis Agreement by Deposit Escrow
Agent, Buyer and Seller agree to jointly and severally indemnify, defend and hold harmless Deposit Escrow Agent from and against'
any loss, cost, damage, expense and attorney's fee (collectively called "Expenses")
in connection with or in any way arising out of this Agreement, other than expenses resulting from Deposit Escrow Agent's
own gross negligence or willful misconduct.

 

		3.	Deposit Escrow Agent shall be protected in acting upon
any written notice, request, waiver, consent, certificate, receipt, authorization, power of attorney or other document Deposit
Escrow Agent in good faith believes to be genuine and what is purports to be. Deposit Escrow Agent may, at its own expense, consult
with legal counsel in the event of any dispute or questions as to the construction of any provisions hereof or its duties hereunder,
and it shall be fully protected in acting in accordance with the opinion or instructions of such counsel.

 

		4.	Deposit Escrow Agent may resign as Deposit Escrow Agent
hereunder upon giving five (5) Business Days prior written notice to that effect to Seller and Buyer. Seller and Buyer shall notify
Deposit Escrow Agent of the appointment of the successor Deposit Escrow Agent within five (5) Business Days after its resignation
is effective. Deposit Escrow Agent shall deliver, against receipt, to the successor Deposit Escrow Agent any applicable documents.

 

STEWART TITLE GUARANTY COMPANYEX-4.5

 Exhibit 4.5 

FORM OF SENIOR INDENTURE 

W. R. BERKLEY CORPORATION, Issuer 

To 
 THE BANK OF NEW
YORK MELLON, Trustee 
  
  

INDENTURE 
  

 
 Dated as of
            , 20     
 Senior Debt Securities

 Reconciliation and tie between 

Trust Indenture Act of 1939 (the “Trust Indenture Act”) 

and Indenture 
  

					
	 Trust Indenture
Act Section
	  	Indenture Section	 
	 §§ 310(a)(1)
	  	 	6.8	 
	 (a)(2)
	  	 	6.8	 
	 (b)
	  	 	6.9	 
	 §§ 312(a)
	  	 	7.1	 
	 (b)
	  	 	7.2	 
	 (c)
	  	 	7.2	 
	 §§ 313(a)
	  	 	7.3	 
	 (b)(2)
	  	 	7.3	 
	 (c)
	  	 	7.3	 
	 (d)
	  	 	7.3	 
	 §§ 314(a)
	  	 	7.4	 
	 (c)(1)
	  	 	10.2	 
	 (c)(2)
	  	 	10.2	 
	 (e)
	  	 	10.2	 
	 (f)
	  	 	10.2	 
	 §§ 316(a) (last sentence)
	  	 	10.1	 
	 (a)(1)(A)
	  	 	5.2, 5.12	 
	 (a)(1)(B)
	  	 	5.13	 
	 (b)
	  	 	5.8	 
	 §§ 317(a)(1)
	  	 	5.3	 
	 (a)(2)
	  	 	5.4	 
	 (b)
	  	 	10.3	 
	 §§ 318(a)
	  	 	10.6	 

  

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

  
 - 1 - 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Article 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 Section 1.1.
	 	Definitions	  	 	1	 
	 Section 1.2.
	 	Compliance Certificates and Opinions	  	 	10	 
	 Section 1.3.
	 	Form of Documents Delivered to Trustee	  	 	11	 
	 Section 1.4.
	 	Acts of Holders	  	 	11	 
	 Section 1.5.
	 	Notices, etc. to Trustee and Company	  	 	14	 
	 Section 1.6.
	 	Notice to Holders of Securities; Waiver	  	 	14	 
	 Section 1.7.
	 	Language of Notices	  	 	15	 
	 Section 1.8.
	 	Conflict with Trust Indenture Act	  	 	15	 
	 Section 1.9.
	 	Effect of Headings and Table of Contents	  	 	16	 
	 Section 1.10.
	 	Successors and Assigns	  	 	16	 
	 Section 1.11.
	 	Separability Clause	  	 	16	 
	 Section 1.12.
	 	Benefits of Indenture	  	 	16	 
	 Section 1.13.
	 	Governing Law	  	 	16	 
	 Section 1.14.
	 	Legal Holidays	  	 	16	 
	 Section 1.15.
	 	Counterparts	  	 	17	 
	 Section 1.16.
	 	Judgment Currency	  	 	17	 
	 Section 1.17.
	 	No Security Interest Created	  	 	17	 
	 Section 1.18.
	 	Limitation on Individual Liability	  	 	17	 
	 Section 1.19.
	 	Submission to Jurisdiction	  	 	18	 
	 Section 1.20.
	 	Waiver of Jury Trial	  	 	18	 
	 Section 1.21.
	 	Force Majeure	  	 	18	 
	 Section 1.22.
	 	Foreign Account Tax Compliance Act (FACTA)	  	 	19	 
		
	 Article 2 SECURITIES FORMS
	  	 	19	 
			
	 Section 2.1.
	 	Forms Generally	  	 	19	 
	 Section 2.2.
	 	Form of Trustee’s Certificate of Authentication	  	 	19	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 2.3.
	 	Securities in Global Form	  	 	20	 
		
	 Article 3 THE SECURITIES
	  	 	20	 
			
	 Section 3.1.
	 	Amount Unlimited; Issuable in Series	  	 	20	 
	 Section 3.2.
	 	Currency; Denominations	  	 	24	 
	 Section 3.3.
	 	Execution, Authentication, Delivery and Dating	  	 	25	 
	 Section 3.4.
	 	Temporary Securities	  	 	27	 
	 Section 3.5.
	 	Registration, Transfer and Exchange	  	 	28	 
	 Section 3.6.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	31	 
	 Section 3.7.
	 	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved	  	 	32	 
	 Section 3.8.
	 	Persons Deemed Owners	  	 	34	 
	 Section 3.9.
	 	Cancellation	  	 	34	 
	 Section 3.10.
	 	Computation of Interest.	  	 	35	 
		
	 Article 4 SATISFACTION AND DISCHARGE OF INDENTURE
	  	 	35	 
			
	 Section 4.1.
	 	Satisfaction and Discharge	  	 	35	 
	 Section 4.2.
	 	Defeasance and Covenant Defeasance	  	 	37	 
	 Section 4.3.
	 	Application of Trust Money	  	 	41	 
		
	 Article 5 REMEDIES
	  	 	41	 
			
	 Section 5.1.
	 	Events of Default	  	 	41	 
	 Section 5.2.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	43	 
	 Section 5.3.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	44	 
	 Section 5.4.
	 	Trustee May File Proofs of Claim	  	 	45	 
	 Section 5.5.
	 	Trustee May Enforce Claims without Possession of Securities or Coupons	  	 	46	 
	 Section 5.6.
	 	Application of Money Collected	  	 	46	 
	 Section 5.7.
	 	Limitations on Suits	  	 	47	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.8.
	 	Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts	  	 	47	 
	 Section 5.9.
	 	Restoration of Rights and Remedies	  	 	48	 
	 Section 5.10.
	 	Rights and Remedies Cumulative	  	 	48	 
	 Section 5.11.
	 	Delay or Omission Not Waiver	  	 	48	 
	 Section 5.12.
	 	Control by Holders of Securities	  	 	48	 
	 Section 5.13.
	 	Waiver of Past Defaults	  	 	49	 
	 Section 5.14.
	 	Waiver of Usury, Stay or Extension Laws	  	 	49	 
	 Section 5.15.
	 	Undertaking for Costs	  	 	49	 
		
	 Article 6 THE TRUSTEE
	  	 	50	 
			
	 Section 6.1.
	 	Certain Duties and Responsibilities	  	 	50	 
	 Section 6.2.
	 	Certain Rights of Trustee	  	 	51	 
	 Section 6.3.
	 	Notice of Defaults	  	 	53	 
	 Section 6.4.
	 	Not Responsible for Recitals or Issuance of Securities	  	 	53	 
	 Section 6.5.
	 	May Hold Securities	  	 	53	 
	 Section 6.6.
	 	Money Held in Trust	  	 	53	 
	 Section 6.7.
	 	Compensation and Reimbursement	  	 	54	 
	 Section 6.8.
	 	Corporate Trustee Required; Eligibility	  	 	55	 
	 Section 6.9.
	 	Resignation and Removal; Appointment of Successor	  	 	55	 
	 Section 6.10.
	 	Acceptance of Appointment by Successor	  	 	57	 
	 Section 6.11.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	58	 
	 Section 6.12.
	 	Appointment of Authenticating Agent	  	 	58	 
		
	 Article 7 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	60	 
			
	 Section 7.1.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	60	 
	 Section 7.2.
	 	Preservation of Information; Communications to Holders	  	 	60	 
	 Section 7.3.
	 	Reports by Trustee	  	 	61	 
	 Section 7.4.
	 	Reports by Company	  	 	61	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Article 8 CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES
	  	 	62	 
			
	 Section 8.1.
	 	Company May Consolidate, Etc., Only on Certain Terms	  	 	62	 
	 Section 8.2.
	 	Successor Person Substituted for Company	  	 	63	 
		
	 Article 9 SUPPLEMENTAL INDENTURES
	  	 	63	 
			
	 Section 9.1.
	 	Supplemental Indentures without Consent of Holders	  	 	63	 
	 Section 9.2.
	 	Supplemental Indentures with Consent of Holders	  	 	65	 
	 Section 9.3.
	 	Execution of Supplemental Indentures	  	 	66	 
	 Section 9.4.
	 	Effect of Supplemental Indentures	  	 	66	 
	 Section 9.5.
	 	Reference in Securities to Supplemental Indentures	  	 	66	 
	 Section 9.6.
	 	Conformity with Trust Indenture Act	  	 	66	 
	 Section 9.7.
	 	Notice of Supplemental Indenture	  	 	67	 
		
	 Article 10 COVENANTS
	  	 	67	 
			
	 Section 10.1.
	 	Payment of Principal, any Premium, Interest and Additional Amounts	  	 	67	 
	 Section 10.2.
	 	Maintenance of Office or Agency	  	 	67	 
	 Section 10.3.
	 	Money for Securities Payments to Be Held in Trust	  	 	68	 
	 Section 10.4.
	 	Additional Amounts	  	 	70	 
	 Section 10.5.
	 	Corporate Existence	  	 	72	 
	 Section 10.6.
	 	Waiver of Certain Covenants	  	 	72	 
	 Section 10.7.
	 	Company Statement as to Compliance; Notice of Certain Defaults	  	 	72	 
		
	 Article 11 REDEMPTION OF SECURITIES
	  	 	73	 
			
	 Section 11.1.
	 	Applicability of Article	  	 	73	 
	 Section 11.2.
	 	Election to Redeem; Notice to Trustee	  	 	73	 
	 Section 11.3.
	 	Selection by Trustee of Securities to be Redeemed	  	 	73	 
	 Section 11.4.
	 	Notice of Redemption	  	 	74	 
	 Section 11.5.
	 	Deposit of Redemption Price	  	 	75	 

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 11.6.
	 	Securities Payable on Redemption Date	  	 	76	 
	 Section 11.7.
	 	Securities Redeemed in Part	  	 	76	 
		
	 Article 12 SINKING FUNDS
	  	 	77	 
	 Section 12.1.
	 	Applicability of Article	  	 	77	 
	 Section 12.2.
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	77	 
	 Section 12.3.
	 	Redemption of Securities for Sinking Fund	  	 	78	 
		
	 Article 13 REPAYMENT AT THE OPTION OF HOLDERS
	  	 	78	 
			
	 Section 13.1.
	 	Applicability of Article	  	 	78	 
		
	 Article 14 SECURITIES IN FOREIGN CURRENCIES
	  	 	79	 
			
	 Section 14.1.
	 	Applicability of Article	  	 	79	 
		
	 Article 15 MEETINGS OF HOLDERS OF SECURITIES
	  	 	79	 
			
	 Section 15.1.
	 	Purposes for Which Meetings May Be Called	  	 	79	 
	 Section 15.2.
	 	Call, Notice and Place of Meetings	  	 	79	 
	 Section 15.3.
	 	Persons Entitled to Vote at Meetings	  	 	80	 
	 Section 15.4.
	 	Quorum; Action	  	 	80	 
	 Section 15.5.
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	81	 
	 Section 15.6.
	 	Counting Votes and Recording Action of Meetings	  	 	82	 

  
 v 

 INDENTURE, dated as of             ,
20     (the “Indenture”), between W. R. BERKLEY CORPORATION, a company duly organized and existing under the laws of Delaware (hereinafter called the “Company”), having its principal
executive office located at 465 Steamboat Road, Greenwich, Connecticut 06830, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee (hereinafter called the “Trustee”), having its Corporate Trust Office
located at 101 Barclay Street, Floor 7E, New York, New York 10286. 
 RECITALS 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its senior
unsecured debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”), unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more
series and to have such other provisions as shall be fixed as hereinafter provided. 
 The Company has duly authorized the execution and
delivery of this Indenture. All things necessary to make this Indenture a legally valid and binding agreement of the Company, in accordance with its terms, have been done. 

This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities
and Exchange Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

Article 1 
 DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION 
 Section 1.1. Definitions. 

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

  
 -1- 

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

(4) the words “herein,” “hereof,” “hereto” and “hereunder”
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(5) the word “or” is always used inclusively (for example, the phrase “A or B” means
“A or B or both,” not “either A or B but not both”). 
 Certain terms used principally in certain Articles
hereof are defined in those Articles. 
 “Act,” when used with respect to any Holders, has the meaning specified in
Section 1.4. 
 “Additional Amounts” means any additional amounts which are required hereby or by any Security, under
circumstances specified herein or therein, to be paid by the Company in respect of certain taxes, assessments or other governmental charges imposed on Holders specified therein and which are owing to such Holders. 

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

“Applicable Tax Law” has the meaning specified in Section 1.23. 

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

“Authorized Officer” means, when used with respect to the Company, the Chairman or Executive Chairman of the Board of
Directors, a Vice Chairman, the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Investment Officer, the Chief Accounting Officer, the General Counsel, the Secretary, or any Vice President of the Company. 

  
 -2- 

 “Bearer Security” means any Security in the form established pursuant to
Section 2.1 which is payable to bearer. 
 “Board of Directors” means the board of directors of the Company or any
committee of that board duly authorized to act generally or in any particular respect for the Company hereunder. 
 “Board
Resolution” means a copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such
certification, delivered to the Trustee. 
 “Business Day,” with respect to any Place of Payment or other location, means,
unless otherwise specified with respect to any Securities pursuant to Section 3.1, any day other than a Saturday, Sunday or other day on which banking institutions in such Place of Payment or other location are authorized or obligated by law,
regulation or executive order to close. 
 “Capital Stock” of any Person means any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including Preferred Stock, but excluding any debt securities convertible into such equity. 

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

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

 “Common Stock” in respect of any Corporation means Capital Stock of any class or classes (however designated) which has
no preference as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, and which is not subject to redemption by such Corporation. 

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

  
 -3- 

 “Company Request” and “Company Order” mean, respectively, a
written request or order, as the case may be, signed in the name of the Company by an Authorized Officer, and delivered to the Trustee. 

“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country or the
confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community or (ii) any currency unit or composite currency for the
purposes for which it was established. 
 “Corporate Trust Office” means the principal corporate trust office of the
Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of original execution of this Indenture is located at 101 Barclay Street, Floor 7E, New York, New York 10286. 

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

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

“CUSIP number” means the alphanumeric designation assigned to a Security by S&P Global Ratings, CUSIP Service Bureau.

 “Defaulted Interest” has the meaning specified in Section 3.7. 

“Depository” means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person
designated as Depository by the Company in or pursuant to this Indenture, which Person must be, to the extent required by applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, if so
provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person, “Depository” shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to
such Securities. 
 “Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of
public or private debts in the United States of America. 
 “Event of Default” has the meaning specified in
Section 5.1. 
 “Foreign Currency” means any currency, currency unit or composite currency, including, without
limitation, the euro, issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 

  
 -4- 

 “Government Obligations” means securities which are (i) direct obligations
of the United States of America or the other government or governments which issued the Foreign Currency in which the principal of or any premium or interest on such Security or any Additional Amounts in respect thereof shall be payable, in each
case where the payment or payments thereunder are supported by the full faith and credit of such government or governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America or such other government or governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or
governments, and which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any
such Government Obligation or a specific payment of interest on or principal of or other amount with respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of
interest on or principal of or other amount with respect to the Government Obligation evidenced by such depository receipt. 

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

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

  
 -5- 

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

“Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity
may be more or less than the principal face amount thereof at original issuance. 
 “Interest,” with respect to any
Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to
Section 10.4, includes such Additional Amounts. 
 “Interest Payment Date,” with respect to any Security, means the
Stated Maturity of an installment of interest on such Security. 
 “Judgment Currency” has the meaning specified in
Section 1.17. 
 “Legal Holidays” has the meaning specified in Section 1.15. 

“Lien” means any mortgage, pledge, lien, security interest or other encumbrance. 

“Maturity,” with respect to any Security, means the date on which the principal of such Security or an installment of
principal becomes due and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect repayment or otherwise, and includes the
Redemption Date. 
 “New York Banking Day” has the meaning specified in Section 1.17. 

“Office” or “Agency,” with respect to any Securities, means an office or agency of the Company maintained or
designated in a Place of Payment for such Securities pursuant to Section 10.2 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section 10.2 or, to the extent designated or required by
Section 10.2 in lieu of such office or agency, the Corporate Trust Office of the Trustee. 

  
 -6- 

 “Officer’s Certificate” means a certificate signed by an Authorized Officer
that complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee. 
 “Opinion
of Counsel” means a written opinion, reasonably acceptable to the Trustee, of counsel, who may be an employee of or counsel for the Company and that, if required by the Trust Indenture Act, complies with the requirements of
Section 314(e) of the Trust Indenture Act. 
 “Original Issue Discount Security” means a Security issued pursuant to
this Indenture which provides for declaration of an amount less than the principal face amount thereof to be due and payable upon acceleration pursuant to Section 5.2. 

“Outstanding,” when used with respect to any Securities, means, as of the date of determination, all such Securities
theretofore authenticated and delivered under this Indenture, except: 
 (a) any such Security theretofore cancelled by the
Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation; 
 (b) any such
Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited pursuant hereto (other than pursuant to Section 4.2) with the Trustee or any Paying Agent (other than the Company) in trust or set
aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any Coupons appertaining thereto, provided that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (c) any
such Security with respect to which the Company has effected defeasance pursuant to the terms hereof, except to the extent provided in Section 4.2; 

(d) any such Security which has been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities
have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a bona fide purchaser in whose hands such Security is a valid obligation
of the Company; and 
 (e) any such Security converted or exchanged as contemplated by this Indenture into Common Stock of
the Company or other securities, if the terms of such Security provide for such conversion or exchange pursuant to Section 3.1; 

  
 -7- 

 
provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes, (i) the principal amount of an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be
Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount Security would be declared (or shall have been declared to be) due and payable upon a declaration of
acceleration thereof pursuant to Section 5.2 at the time of such determination, and (ii) the principal amount of any Indexed Security that may be counted in making such determination and that shall be deemed Outstanding for such purposes
shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture, and (iii) the principal amount of a Security denominated in a Foreign Currency shall be the
Dollar equivalent, determined on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date of original issuance of such Security of the amount
determined as provided in (i) above) of such Security, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor, shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the
pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Company or any other obligor upon the Securities or any Coupons appertaining thereto or an Affiliate of the Company or such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of, or any premium or interest on, or any
Additional Amounts with respect to, any Security or any Coupon on behalf of the Company. 
 “Person” means any individual,
Corporation, partnership, joint venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment,” with respect to any Security, means the place or places where the principal of, or any premium or
interest on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or such Security. 

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

  
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 “Preferred Stock” in respect of any Corporation means Capital Stock of any class
or classes (however designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, over shares of Capital Stock of any other class
of such Corporation. 
 “Principal Subsidiary” means a Subsidiary of the Company that, as of the end of the Company’s
most recent fiscal quarter ending at least 45 days prior to the date of determination, is a “significant subsidiary” of the Company within the meaning of Rule 405 under the Securities Act of 1933, as amended, or any successor provision.

 “Redemption Date,” with respect to any Security or portion thereof to be redeemed, means the date fixed for such
redemption by or pursuant to this Indenture or such Security. 
 “Redemption Price,” with respect to any Security or
portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant to this Indenture or such Security. 

“Registered Security” means any Security established pursuant to Section 2.1 which is registered in a Security Register.

 “Regular Record Date” for the interest payable on any Registered Security on any Interest Payment Date therefor means
the date, if any, specified in or pursuant to this Indenture or such Security as the “Regular Record Date”. 
 “Required
Currency” has the meaning specified in Section 1.17. 
 “Responsible Officer” means any officer within the
corporate trust department of the Trustee, including vice president, any assistant vice president, any trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture. 
 “Security” or “Securities” means any note or notes, bond or
bonds, debenture or debentures, or any other evidences of Indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this
Indenture, “Securities,” with respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 

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

 “Special Record Date” for the payment of any Defaulted Interest on any Registered Security means a date fixed by the
Company pursuant to Section 3.7. 

  
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 “Stated Maturity,” with respect to any Security or any installment of principal
thereof or interest thereon or any Additional Amounts with respect thereto, means the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security or such installment of principal or
interest is, or such Additional Amounts are, due and payable. 
 “Subsidiary” means, in respect of any Person, any
Corporation, limited or general partnership or other business entity of which at the time of determination more than 50% of the voting power of the shares of its Capital Stock or other interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such
Person or (iii) one or more Subsidiaries of such Person. 
 “Trust Indenture Act” means the Trust Indenture Act of
1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof shall mean such legislative act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to time
by rules or regulations adopted by the Commission under or in furtherance of the purposes of such legislative act or provision, as the case may be. 

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

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

	 	Section 1.2.	Compliance Certificates and Opinions. 

 Upon any application or request by the Company to
the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the
furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, the certificate or opinion may be combined with the certificate or opinion described above in
this Section 1.2. 

  
 -10- 

 Every certificate or opinion with respect to compliance with a condition or covenant provided for
in this Indenture shall include: 
 (1) a statement that the individual signing such certificate or opinion has read such
condition or covenant and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3)
a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

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

 

	 	Section 1.3.	Form of Documents Delivered to Trustee. 

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

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

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

	 	Section 1.4.	Acts of Holders. 

 (1) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by or pursuant to this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an
agent duly appointed in writing. Any request, demand, authorization, direction, notice, consent, waiver or other action provided in or pursuant to this Indenture to be given or taken by Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person 

  
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or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of Article 15, or a combination of such
instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at
any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust
Indenture Act) conclusive in favor of the Trustee, the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in
Section 15.6. 
 Without limiting the generality of this Section 1.4, unless otherwise provided in or pursuant to this Indenture,
a Holder, including a Depository that is a Holder of a global Security, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or
pursuant to this Indenture to be made, given or taken by Holders, and a Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests in any such global Security through such
Depository’s standing instructions and customary practices. 
 The Company shall fix a record date for the purpose of determining the
Persons who are beneficial owners of interest in any permanent global Security held by a Depository entitled under the procedures of such Depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies,
and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other Act, whether or not such Holders remain Holders after such record date. No such request, demand,
authorization, direction, notice, consent, waiver or other Act shall be valid or effective if made, given or taken more than 90 days after such record date. 

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

(3) The ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the
commencement and the date of the termination of holding the same, shall be proved solely and conclusively by the Security Register. Where such execution by a signer acting in a capacity other than such signer’s individual capacity, such
certificate or affidavit shall also constitute 

  
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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. 
 (4) The ownership, principal amount and serial numbers of Bearer
Securities held by any Person, and the date of the commencement and the date of the termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank,
banker or other depositary reasonably acceptable to the Company, wherever situated, if such certificate shall be deemed by the Company and the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with
such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be
satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues until (i) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or
(ii) such Bearer Security is produced to the Trustee by some other Person, or (iii) such Bearer Security is surrendered in exchange for a Registered Security, or (iv) such Bearer Security is no longer Outstanding. The ownership,
principal amount and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of the commencement and the date of the termination of holding the same may also be proved in any other manner which the
Company and the Trustee deem sufficient. 
 (5) If the Company shall solicit from the Holders of any Registered Securities
any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may at its option (but is not obligated to), by Board Resolution, fix in advance a record date for the determination of Holders of Registered Securities
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of Registered Securities of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities
have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

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

  
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	 	Section 1.5.	Instructions to Trustee. 

 The Trustee agrees to accept and act upon instructions or
directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency
certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted
from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such
instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and
directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
  

	 	Section 1.6.	Notices, etc. to Trustee and Company. 

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

(1) the Trustee by any Holder or the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Trustee at its Corporate Trust Office, or 
 (2) the Company by the Trustee or any Holder shall be
sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and delivered to the Company addressed to the attention of its Treasurer, with a copy to the attention of its General Counsel, at the address of its
principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 
  

	 	Section 1.7.	Notice to Holders of Securities; Waiver. 

 Except as otherwise expressly provided in or
pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event, 
 (1) such
notice shall be sufficiently given to Holders of Registered Securities if in writing and delivered to each Holder of a Registered Security affected by such event, not later than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice; and 

  
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 (2) such notice shall be sufficiently given to Holders of Bearer Securities, if
any, if published in an Authorized Newspaper in The City of New York and, if such Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company shall advise the Trustee that such
stock exchange so requires, on a Business Day at least twice, the first such publication to be not earlier than the earliest date and the second such publication not later than the latest date prescribed for the giving of such notice. 

In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided
herein. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be
impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

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

	 	Section 1.8.	Language of Notices. 

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

 

	 	Section 1.9.	Conflict with Trust Indenture Act. 

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

  
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	 	Section 1.10.	Effect of Headings and Table of Contents. 

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

	 	Section 1.11.	Successors and Assigns. 

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

	 	Section 1.12.	Separability Clause. 

 In case any provision in this Indenture, any Security or
any Coupon shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

 

	 	Section 1.13.	Benefits of Indenture. 

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

	 	Section 1.14.	Governing Law. 

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

	 	Section 1.15.	Legal Holidays. 

 Unless otherwise specified in or pursuant to this Indenture or any
Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of any Security, or the last date on which a Holder has the right to convert or exchange Securities of a series that are convertible or exchangeable, shall be a
Legal Holiday at any Place of Payment, then (notwithstanding any other provision of this Indenture, any Security or any Coupon other than a provision in any Security or Coupon that specifically states that such provision shall apply in lieu hereof)
payment need not be made at such Place of Payment on such date, and such Securities need not be converted or exchanged on such date but such payment may be made, and such Securities may be converted or exchanged, on the next succeeding day that is a
Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or at the Stated Maturity or Maturity or on such last day for conversion or exchange, and no interest shall accrue on the amount payable on
such date or at such time for the period from and after such Interest Payment Date, Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to such next succeeding Business Day. 

  
 -16- 

	 	Section  1.16.	Counterparts. 

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

	 	Section 1.17.	Judgment Currency. 

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

	 	Section 1.18.	No Security Interest Created. 

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

	 	Section 1.19.	Limitation on Individual Liability. 

 No recourse under or upon any obligation, covenant
or agreement contained in this Indenture or in any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company,
either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, officers or directors, as such, of the Company, or any of them, because of the
creation of the indebtedness hereby authorized, or under or by reason of the 

  
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obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom; and that any and all such personal liability of every name and nature, either at common
law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, shareholder, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the
issuance of such Security. 
  

	 	Section 1.20.	Submission to Jurisdiction. 

 The Company agrees that any judicial proceedings instituted
in relation to any matter arising under this Indenture, the Securities or any Coupons appertaining thereto may be brought in any United States Federal or New York State court sitting in the Borough of Manhattan, The City of New York, New York to the
extent that such court has subject matter jurisdiction over the controversy, and, by execution and delivery of this Indenture, the Company hereby irrevocably accepts, generally and unconditionally, the jurisdiction of the aforesaid courts,
acknowledges their competence and irrevocably agrees to be bound by any judgment rendered in such proceeding. The Company also irrevocably and unconditionally waives for the benefit of the Trustee and the Holders of the Securities and Coupons any
immunity from jurisdiction and any immunity from legal process (whether through service or notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) in respect of this Indenture. Nothing herein shall affect
the right to serve process in any other manner permitted by any law or limit the right of the Trustee or any Holder to institute proceedings against the Company in the courts of any other jurisdiction or jurisdictions. 

 

	 	Section 1.21.	Waiver of Jury Trial. 

 EACH OF THE COMPANY, EACH HOLDER, AND THE TRUSTEE 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 SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

 

	 	Section 1.22.	Force Majeure. 

 In no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
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	 	Section 1.23.	Foreign Account Tax Compliance Act (FATCA). 

 In order to comply with applicable tax
laws, rules and regulations (including directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Tax Law”), the Company agrees to provide to the Trustee tax-information about holders or the transactions contemplated hereby (including any modification to the terms of such transactions), to the extent such information is directly available to the Company, so that the
Trustee can determine whether it has tax-related obligations under Applicable Tax Law and the Company acknowledges that the Trustee shall be entitled to make any withholding or deduction from payments under
the Indenture to the extent necessary to comply with Applicable Tax Law. 
 Article 2 

SECURITIES FORMS 
  

	 	Section 2.1.	Forms Generally. 

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

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

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

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

			
	 THE BANK OF NEW YORK MELLON, as Trustee

 

	 By:
	 	  

		 	Authorized Signatory
		
	 Dated:
	 	

  
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	 	Section 2.3.	Securities in Global Form. 

 If Securities of a series shall be issuable in global form,
any such Security may provide that it or any number of such Securities shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon
and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount, or any increase or
decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to
Section 3.3 or Section 3.4 with respect thereto. Subject to the provisions of Section 3.3 and, if applicable, Section 3.4, the Trustee shall deliver and redeliver, in each case at the Company’s expense, any Security in
permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 3.3 or Section 3.4 has been, or simultaneously is,
delivered, any instructions by the Company with respect to a Security in global form shall be in writing. 
 Notwithstanding the provisions
of Section 3.7, unless otherwise specified in or pursuant to this Indenture or any Securities, payment of principal of, any premium and interest on, and any Additional Amounts in respect of, any Security in temporary or permanent global form
shall be made to the Person or Persons specified therein. 
 Notwithstanding the provisions of Section 3.8 and except as provided in
the preceding paragraph, the Company, the Trustee and any agent of the Company or the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a global Security (i) in the case of a global Security in
registered form, the Holder of such global Security in registered form, or (ii) in the case of a global Security in bearer form, the Person or Persons specified pursuant to Section 3.1. 

Article 3 
 THE SECURITIES 

 

	 	Section 3.1.	Amount Unlimited; Issuable in Series. 

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

  
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 (1) the title of such Securities and the series in which such Securities shall be
included; 
 (2) any limit upon the aggregate principal amount of the Securities of such title or the Securities of such
series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to
Section 3.4, Section 3.5, Section 3.6, Section 9.5 or Section 11.7, upon repayment in part of any Registered Security of such series pursuant to Article 13, upon surrender in part of any Registered Security for conversion
into Common Stock of the Company or exchange for other securities pursuant to its terms, or pursuant to or as contemplated by the terms of such Securities); 

(3) if such Securities are to be issuable as Registered Securities, as Bearer Securities or alternatively as Bearer Securities
and Registered Securities, and whether the Bearer Securities are to be issuable with Coupons, without Coupons or both, and any restrictions applicable to the offer, sale or delivery of the Bearer Securities and the terms, if any, upon which Bearer
Securities may be exchanged for Registered Securities and vice versa; 
 (4) if any of such Securities are to be issuable in
global form, when any of such Securities are to be issuable in global form and (i) whether such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such global
Security may exchange such interests for Securities of the same series and of like tenor and of any authorized form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in
Section 3.5, and (iii) the name of the Depository with respect to any such global Security; 
 (5) if any of such
Securities are to be issuable as Bearer Securities or in global form, the date as of which any such Bearer Security or global Security shall be dated (if other than the date of original issuance of the first of such Securities to be issued); 

(6) if any of such Securities are to be issuable as Bearer Securities, whether interest in respect of any portion of a
temporary Bearer Security in global form payable in respect of an Interest Payment Date therefor prior to the exchange, if any, of such temporary Bearer Security for definitive Securities shall be paid to any clearing organization with respect to
the portion of such temporary Bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization will be credited to
the Persons entitled to interest payable on such Interest Payment Date; 
 (7) the date or dates, or the method or methods,
if any, by which such date or dates shall be determined, on which the principal of such Securities is payable; 

  
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 (8) the rate or rates at which such Securities shall bear interest, if any, or
the method or methods, if any, by which such rate or rates are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which such date or dates are to be determined, the Interest
Payment Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances Additional Amounts on such
Securities or any of them shall be payable, the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which interest shall be calculated if other than
that of a 360-day year of twelve 30-day months; 

(9) if in addition to or other than the Borough of Manhattan, The City of New York, the place or places where the principal of,
any premium and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for registration of transfer or exchange, any of such Securities may be
surrendered for conversion or exchange and notices or demands to or upon the Company in respect of such Securities and this Indenture may be served; 

(10) the extent to which, or the manner in which, any interest payment or Additional Amounts on a global Security on an
Interest Payment Date, will be paid and the manner in which any principal of or premium, if any, on any global Security will be paid; 

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

(12) whether the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking fund or analogous
provision or at the option of any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities shall be redeemed or purchased,
in whole or in part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 

(13) the denominations in which any of such Securities that are Registered Securities shall be issuable if other than
denominations of $1,000 and any integral multiple thereof, and the denominations in which any of such Securities that are Bearer Securities shall be issuable if other than the denomination of $5,000; 

(14) whether the Securities of the series will be convertible into shares of Common Stock of the Company and/or exchangeable
for other securities, whether or not issued by the Company, and, if so, the terms and conditions upon which such 

  
 -22- 

 
Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture to permit or to facilitate the issuance of such convertible or
exchangeable Securities or the administration thereof; 
 (15) if other than the principal amount thereof, the portion of the
principal amount of any of such Securities that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the method by which such portion is to be determined; 

(16) if other than Dollars, the Foreign Currency in which payment of the principal of, any premium or interest on or any
Additional Amounts with respect to any of such Securities shall be payable; 
 (17) if the principal of, any premium or
interest on or any Additional Amounts with respect to any of such Securities are to be payable, at the election of the Company or a Holder thereof or otherwise, in Dollars or in a Foreign Currency other than that in which such Securities are stated
to be payable, the date or dates on which, the period or periods within which, and the other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency in which such
Securities are stated to be payable and the Currency in which such Securities or any of them are to be paid pursuant to such election, and any deletions from or modifications of or additions to the terms of this Indenture to provide for or to
facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder thereof or otherwise, in a Foreign Currency; 

(18) whether the amount of payments of principal of, any premium or interest on or any Additional Amounts with respect to such
Securities may be determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be based, without limitation, on one or more Currencies, commodities, equity securities, equity indices or
other indices), and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable; 

(19) any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to any
of such Securities, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 

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

  
 -23- 

 (21) whether any of such Securities are to be issuable upon the exercise of
warrants, and the time, manner and place for such Securities to be authenticated and delivered; 
 (22) if any of such
Securities are to be issuable in global form and are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other
conditions, then the form and terms of such certificates, documents or conditions; 
 (23) if there is more than one Trustee,
the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities; 

(24) any additional covenants of the Company applicable in respect of or in connection with such Securities; and 

(25) any other terms of such Securities and any other deletions from or modifications or additions to this Indenture in respect
of such Securities. 
 All Securities of any one series and all Coupons, if any, appertaining to Bearer Securities of such series shall be
substantially identical except as to Currency of payments due thereunder, denomination and the rate of interest thereon, or method of determining the rate of interest, if any, Maturity, and the date from which interest, if any, shall accrue and
except as may otherwise be provided by the Company in or pursuant to the Board Resolution and set forth in the Officer’s Certificate or in any indenture or indentures supplemental hereto pertaining to such series of Securities. The terms of the
Securities of any series may provide, without limitation, that the Securities shall be authenticated and delivered by the Trustee on original issue from time to time upon written order of persons designated in the Officer’s Certificate or
supplemental indenture and that such persons are authorized to determine, consistent with such Officer’s Certificate or any applicable supplemental indenture, such terms and conditions of the Securities of such series as are specified in such
Officer’s Certificate or supplemental indenture. All Securities of any one series need not be issued at the same time and, unless otherwise so provided, a series may be reopened for issuances of additional Securities of such series, provided
that such additional Securities are fungible with the Securities for the United States federal income tax purposes. 
 If any of the terms
of the Securities of any series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms
of such series. 
 Section 3.2. Currency; Denominations. 

Unless otherwise provided in or pursuant to this Indenture, the principal of, any premium and interest on and any Additional Amounts with
respect to the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall be issuable in registered form without Coupons in denominations of

  
 -24- 

 
$1,000 and any integral multiple thereof, and the Bearer Securities denominated in Dollars shall be issuable in the denomination of $5,000. Securities not denominated in Dollars shall be issuable
in such denominations as are established with respect to such Securities in or pursuant to this Indenture. 
 Section 3.3.
Execution, Authentication, Delivery and Dating. 
 Securities and Coupons shall be executed on behalf of the Company by an Authorized
Officer. The signature of any of these officers on the Securities or any Coupons appertaining thereto may be manual or facsimile. 

Securities and any Coupons appertaining thereto bearing the manual or facsimile signatures of individuals who were at any time the proper
officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities and Coupons or did not hold such offices at the date of
original issuance of such Securities or Coupons. 
 At any time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities, together with any Coupons appertaining thereto, executed by the Company, to the Trustee for authentication and, provided that the Board Resolution and Officer’s Certificate or supplemental indenture or
indentures with respect to such Securities referred to in Section 3.1 and a Company Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order and subject to
the provisions hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities and any Coupons
appertaining thereto, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, 

(1) A copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of the
Securities were established, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect as of the date of such certificate, and if the terms and form of
such Securities are established by an Officer’s Certificate pursuant to general authorization of the Board of Directors, such Officer’s Certificate; 

(2) an executed supplemental indenture, if any; 

(3) an Officer’s Certificate delivered in accordance with Section 1.2; and 

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

(a) the form or forms and terms of such Securities and Coupons, if any, have been established in conformity with the
provisions of this Indenture; 

  
 -25- 

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

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

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

  
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 Each Registered Security shall be dated the date of its authentication. Each Bearer Security and
any Bearer Security in global form shall be dated as of the date specified in or pursuant to this Indenture. 
 No Security or Coupon
appertaining thereto shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a certificate of authentication substantially in the form provided for in Section 2.2 or
Section 6.12 executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized officers. Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder. Except as permitted by Section 3.6 or Section 3.7, the Trustee shall not authenticate and deliver any Bearer Security unless all Coupons appertaining thereto then matured have
been detached and cancelled. 
 Section 3.4. Temporary Securities. 

Pending the preparation of definitive Securities, the Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall
authenticate and deliver, in the manner provided in Section 3.3, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Securities in lieu of which they are issued, in registered form or, if authorized in or pursuant to this Indenture, in bearer form with one or more Coupons or without Coupons and with such appropriate insertions, omissions,
substitutions and other variations as the officers of the Company executing such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities may be in global form. 

Except in the case of temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary
Securities are issued, the Company shall cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities of the same series and containing terms and provisions that are identical to those of any
temporary Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such Securities, without charge to any Holder thereof. Upon surrender for
cancellation of any one or more temporary Securities (accompanied by any unmatured Coupons appertaining thereto), the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of authorized denominations of the same series and containing identical terms and provisions; provided, however, that no definitive Bearer Security, except as provided in or pursuant to this Indenture, shall be delivered in exchange for a
temporary Registered Security; and provided, further, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in or pursuant to this Indenture. Unless
otherwise provided in or pursuant to this Indenture with respect to a temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of such series. 

  
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 Section 3.5. Registration, Transfer and Exchange. 

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

At the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series
containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any Office or Agency for such series. 

If provided in or pursuant to this Indenture, with respect to Securities of any series, at the option of the Holder, Bearer Securities of such
series may be exchanged for Registered Securities of such series containing identical terms, denominated as authorized in or pursuant to this Indenture and in the same aggregate principal amount, upon surrender of the Bearer Securities to be
exchanged at any Office or Agency for such series, with all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured Coupon or Coupons or matured Coupon or
Coupons in default, such exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing Coupon or Coupons, or the surrender of
such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Bearer
Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided
in Section 10.2, interest represented by Coupons shall be payable only upon presentation and surrender of those 

  
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Coupons at an Office or Agency for such series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such Office or
Agency for such series in exchange for a Registered Security of such series and like tenor after the close of business at such Office or Agency on (i) any Regular Record Date and before the opening of business at such Office or Agency on the
next succeeding Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such Office or Agency on the related date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the
Coupon relating to such Interest Payment Date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the Person so surrendering the Bearer Security), and
interest or Defaulted Interest, as the case may be, shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but shall be
payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture. 
 Whenever any Securities are
surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

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

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

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the
same debt and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

Every Registered Security presented or surrendered for registration of transfer or for exchange or redemption shall (if so required by the
Company or the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Security Registrar for such Security duly executed by the Holder
thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange, or
redemption of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the Trustee) that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.4, Section 9.5 or Section 11.7 not involving any transfer. 

Except as otherwise provided in or pursuant to this Indenture, the Company shall not be required (i) to issue, register the transfer of
or exchange any Securities during a period beginning at the opening of business 15 days before the day of transmittal of a notice of redemption of Securities of like tenor and the same series under Section 11.3 and ending at the close of
business on the day of such transmittal, or (ii) to register the transfer of or exchange any Registered Security selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not to
be redeemed, or (iii) to exchange any Bearer Security 

  
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selected for redemption except, to the extent provided with respect to such Bearer Security, that such Bearer Security may be exchanged for a Registered Security of like tenor and the same
series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment consistent with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any
Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 

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

If any mutilated Security or a Security with a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of
this Section 3.6, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to the surrendered Security. 
 If there
be delivered to the Company and the Trustee (i) evidence to their reasonable satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such security or indemnity as may be reasonably required by them to save each
of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security or Coupon has been acquired by a bona fide purchaser, the Company shall execute and, upon the Company’s request
the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains with all appurtenant Coupons not
destroyed, lost or stolen, a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any,
appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains. 

Notwithstanding the foregoing provisions of this Section 3.6, in case any mutilated, destroyed, lost or stolen Security or Coupon has
become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon; provided, however, that payment of principal of, any premium or interest on or any Additional Amounts
with respect to any Bearer Securities shall, except as otherwise provided in Section 10.2, be payable only at an Office or Agency for such Securities located outside the United States and, unless otherwise provided in or pursuant to this
Indenture, any interest on Bearer Securities and any Additional Amounts with respect to such interest shall be payable only upon presentation and surrender of the Coupons appertaining thereto. 

Upon the issuance of any new Security under this Section 3.6, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

  
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 Every new Security, with any Coupons appertaining thereto issued pursuant to this
Section 3.6 in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed, lost or stolen Coupon appertains shall constitute a separate obligation of the Company, whether or not the destroyed, lost or
stolen Security and Coupons appertaining thereto or the destroyed, lost or stolen Coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of such series and any Coupons, if any, duly issued hereunder. 
 The provisions of this Section 3.6, as amended or
supplemented pursuant to this Indenture with respect to particular Securities or generally, shall be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or Coupons. 
 Section 3.7. Payment of Interest and Certain Additional Amounts; Rights to
Interest and Certain Additional Amounts Preserved. 
 Unless otherwise provided in or pursuant to this Indenture, any interest on and any
Additional Amounts with respect to any Registered Security which shall be payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor
Securities) is registered as of the close of business on the Regular Record Date for such interest. 
 Unless otherwise provided in or
pursuant to this Indenture, any interest on and any Additional Amounts with respect to any Registered Security which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in Clause (1) or (2) below: 
 (1) The Company may elect to make payment of any
Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed by the
Company in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Registered Security, the Special Record Date therefor and the date of the proposed payment, and at the
same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to
the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in this Clause provided. The Special Record Date for the payment of such Defaulted Interest shall
be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 12 days after notification to the Trustee of the proposed payment. The Trustee shall, in the name and at the expense of the Company, cause
notice of the proposed 

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

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

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

  
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 Section 3.8. Persons Deemed Owners. 

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

No Holder of any beneficial interest in any global Security held on its behalf by a Depository shall have any rights under this Indenture with
respect to such global Security, and such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such global Security for all purposes whatsoever. None of the Company, the Trustee, any
Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a global Security or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests. 
 Section 3.9. Cancellation. 

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

  
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 Section 3.10. Computation of Interest. 

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

Section 3.11. Bearer Securities. 

Notwithstanding anything in this Indenture, any indenture supplemental hereto, any Board Resolution or any Security to the contrary in no event
shall any Bearer Securities be issued under this Indenture, or any Securities with Coupons appertaining thereto. 
 Section 3.12.
CUSIP Numbers. 
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the
Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
 Article 4 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 4.1. Satisfaction and Discharge. 

Upon the direction of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any series of
Securities specified in such Company Order and any Coupons appertaining thereto, and the Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture as to such series, when 
 (1) either 

(a) all Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than
(i) Coupons appertaining to Bearer Securities of such series surrendered in exchange for Registered Securities of such series and maturing after such exchange whose surrender is not required or has been waived as provided in Section 3.5,
(ii) Securities and Coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6, (iii) Coupons appertaining to Securities of such series called for redemption and maturing
after the relevant Redemption Date whose surrender has been waived as provided in Section 11.7, and (iv) Securities and Coupons of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust
by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or 

  
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 (b) all Securities of such series and, in the case of (i) or (ii) below,
any Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation 
 (i) have become due and
payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 

(iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in
the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which such Securities are payable in an amount sufficient to pay and discharge the
entire indebtedness on such Securities and any Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest on, and any Additional Amounts with respect to such
Securities and any Coupons appertaining thereto, to the date of such deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case may be; 

(2) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding
Securities of such series and any Coupons appertaining thereto; and 
 (3) the Company has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

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

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to
the Trustee under Section 6.7 and, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the Company and the Trustee with respect to the Securities of such
series under Section 3.5, Section 3.6, Section 4.3, Section 10.2 and Section 10.3, with respect to the payment of Additional Amounts, if any, with respect to such Securities as contemplated by Section 10.4 (but only to
the extent that the Additional Amounts payable with respect to such 

  
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Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.1(1)(b)), and with respect to any rights to convert or exchange such Securities into Common
Stock of the Company or other securities shall survive such satisfaction and discharge. 
 Section 4.2. Defeasance and Covenant
Defeasance. 
 (1) Unless pursuant to Section 3.1, either or both of (i) defeasance of the Securities of or
within a series under clause (2) of this Section 4.2 shall not be applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities of or within a series under clause (3) of this
Section 4.2 shall not be applicable with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 4.2 (with such modifications thereto as may be specified pursuant to
Section 3.1 with respect to any Securities), shall be applicable to such Securities and any Coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any Coupons
appertaining thereto, elect to have Section 4.2(2) or Section 4.2(3) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions set forth below in this Section 4.2. 

(2) Upon the Company’s exercise of the above option applicable to this Section 4.2(2) with respect to any Securities
of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any Coupons appertaining thereto on the date the conditions set forth in clause (4) of this
Section 4.2 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by such Outstanding Securities and
any Coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only for the purposes of clause (5) of this Section 4.2 and the other Sections of this Indenture referred to in clauses (i) and
(ii) below, and to have satisfied all of its other obligations under such Securities and any Coupons appertaining thereto and this Indenture insofar as such Securities and any Coupons appertaining thereto are concerned (and the Trustee, at the
request and expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding
Securities and any Coupons appertaining thereto to receive, solely from the trust fund described in clause (4) of this Section 4.2 and as more fully set forth in such clause, payments in respect of the principal of (and premium, if any)
and interest, if any, on, and Additional Amounts, if any, with respect to, such Securities and any Coupons appertaining thereto when such payments are due, and any rights of such Holder to convert such Securities into Common Stock of the Company or
exchange such Securities for other securities, (ii) the obligations of the Company and the Trustee with respect to such Securities under Section 3.5, Section 3.6, Section 10.2 and Section 10.3 and with respect to the payment
of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional Amounts
pursuant to 

  
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Section 4.2(4)(a) below), and with respect to any rights to convert such Securities into Common Stock of the Company or exchange such Securities for other securities, (iii) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 4.2. The Company may exercise its option under this Section 4.2(2) notwithstanding the prior exercise of its option under clause (3) of this
Section 4.2 with respect to such Securities and any Coupons appertaining thereto. 
 (3) Upon the Company’s
exercise of the option to have this Section 4.2(3) apply with respect to any Securities of or within a series, the Company shall be released from its obligations under any covenant applicable to such Securities specified pursuant to
Section 3.1(20), with respect to such Outstanding Securities and any Coupons appertaining thereto on and after the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “covenant
defeasance”), and such Securities and any Coupons appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the
consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such
Outstanding Securities and any Coupons appertaining thereto, the Company may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section or such other covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other 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 5.1(4) or Section 5.1(9) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and Coupons
appertaining thereto shall be unaffected thereby. 
 (4) The following shall be the conditions to application of clause
(2) or (3) of this Section 4.2 to any Outstanding Securities of or within a series and any Coupons appertaining thereto: 

(a) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the
requirements of Section 6.8 who shall agree to comply with the provisions of this Section 4.2 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities and any Coupons appertaining thereto, (1) an amount in Dollars or in such Foreign Currency in which such Securities and any Coupons appertaining thereto are then specified as payable at
Stated Maturity, or (2) Government Obligations applicable to such Securities and Coupons appertaining thereto (determined on the basis of the Currency in which such Securities and Coupons appertaining thereto are then specified as payable at
Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day 

  
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before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities and any Coupons appertaining thereto, money in an amount, or (3) a
combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of Independent Public Accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any), interest, if any, on, and Additional
Amounts, if any, related to such Outstanding Securities and any Coupons appertaining thereto at the Stated Maturity of such principal or installment of principal or premium, interest or Additional Amounts and (z) any mandatory sinking fund
payments or analogous payments applicable to such Outstanding Securities and any Coupons appertaining thereto on the days on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any
Coupons appertaining thereto. 
 (b) Such defeasance or covenant defeasance shall not result in a breach or violation of, or
constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

(c) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to
such Securities and any Coupons appertaining thereto shall have occurred and be continuing on the date of such deposit and, with respect to defeasance only, at any time during the period ending on the 123rd day after the date of such deposit (it
being understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (d) In the case
of an election under clause (2) of this Section 4.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from the Internal Revenue Service a letter ruling, or there has been
published by the Internal Revenue Service a Revenue Ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such
opinion shall confirm that, the Holders of such Outstanding Securities and any Coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

(e) In the case of an election under clause (3) of this Section 4.2, the Company shall have delivered to the Trustee
an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any Coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be
subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

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

(g) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent to the defeasance or covenant defeasance under clause (2) or (3) of this Section 4.2 (as the case may be) have been complied with. 

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

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

  
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 Anything in this Section 4.2 to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in clause (4) of this Section 4.2 which, in the opinion of a nationally
recognized firm of Independent Public Accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance,
as applicable, in accordance with this Section 4.2. 
 Section 4.3. Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 10.3, all money and Government Obligations (or other property as may be
provided pursuant to Section 3.1) (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.1 or Section 4.2 in respect of any Outstanding Securities of any series and any Coupons appertaining thereto shall be
held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any Coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any Coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if
any; but such money and Government Obligations need not be segregated from other funds except to the extent required by law. 
 Article 5

 REMEDIES 
 Section 5.1.
Events of Default. 
 “Event of Default,” wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body), unless such event is specifically deleted or modified in or pursuant to the supplemental indenture, Board Resolution or Officer’s Certificate establishing the terms of such Series pursuant to this
Indenture: 
 (1) default in the payment of any interest on any Security of such series, or any Additional Amounts payable
with respect thereto, when such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or 

(2) default in the payment of the principal of or any premium on any Security of such series, or any Additional Amounts payable
with respect thereto, when such principal or premium becomes or such Additional Amounts become due and payable at their Maturity; or 

  
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 (3) default in the deposit of any sinking fund payment when and as due by the
terms of a Security of such series; or 
 (4) default in the performance, or breach, of any covenant or warranty of the
Company in this Indenture or the Securities (other than a covenant or warranty a default in the performance or the breach of which is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for
the benefit of a series of Securities other than such series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
 (5) if any event of default as defined in any mortgage, indenture or instrument under
which there may be issued, or by which there may be secured or evidenced, any Indebtedness of the Company (including an Event of Default under any other series of Securities), whether such Indebtedness now exists or shall hereafter be created or
incurred, shall happen and shall consist of default in the payment of more than $50,000,000 in principal amount of such Indebtedness at the maturity thereof (after giving effect to any applicable grace period) or shall result in such Indebtedness in
principal amount in excess of $50,000,000 becoming or being declared due and payable prior to the date on which it would otherwise become due and payable, and such default shall not be cured or such acceleration shall not be rescinded or annulled
within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of such
series, a written notice specifying such event of default and requiring the Company to cause such default to be cured or to cause such acceleration to be rescinded or annulled or to cause such Indebtedness to be discharged and stating that such
notice is a “Notice of Default” hereunder; or 
 (6) the Company shall fail within 60 days to pay, bond or
otherwise discharge any uninsured judgment or court order for the payment of money in excess of $50,000,000, which is not stayed on appeal or is not otherwise being appropriately contested in good faith; or 

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

(a) a decree or order for relief in respect of the Company or any Principal Subsidiary in an involuntary proceeding under any
applicable bankruptcy, insolvency, reorganization (other than a reorganization under a foreign law that does not relate to insolvency), rehabilitation or other similar law and such decree or order shall remain unstayed and in effect for a period of
60 consecutive days; or 

  
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 (b) a decree or order adjudging the Company or any Principal Subsidiary to be
insolvent, or approving a petition seeking reorganization (other than a reorganization under a foreign law that does not relate to insolvency), arrangement, adjustment, rehabilitation or composition of the Company or any Principal Subsidiary and
such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (c) a final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee, rehabilitator or other similar official of the Company or any Principal Subsidiary or of any substantial part of the property of
the Company or any Principal Subsidiary or ordering the winding up or liquidation of the affairs of the Company or any Principal Subsidiary; or 

(8) the commencement by the Company or any Principal Subsidiary of a voluntary proceeding under any applicable bankruptcy,
insolvency, reorganization (other than a reorganization under a foreign law that does not relate to insolvency), rehabilitation or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company or
any Principal Subsidiary to the entry of a decree or order for relief in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or
the filing by the Company or any Principal Subsidiary of a petition or answer or consent seeking reorganization, arrangement, adjustment, rehabilitation or composition of the Company or any Principal Subsidiary or relief under any applicable law, or
the consent by the Company or any Principal Subsidiary to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, rehabilitator or similar official of the Company or any
Principal Subsidiary or any substantial part of the property of the Company or any Principal Subsidiary or the making by the Company or any Principal Subsidiary of an assignment for the benefit of creditors, or the taking of corporate action by the
Company or any Principal Subsidiary in furtherance of any such action; or 
 (9) any other Event of Default provided in or
pursuant to this Indenture with respect to Securities of such series. 
 Section 5.2. Acceleration of Maturity; Rescission and
Annulment. 
 If an Event of Default with respect to Securities of any series at the time Outstanding (other than an Event of Default
specified in clause (7) or (8) of Section 5.1) occurs and is continuing, then the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may declare the principal of all the Securities
of such series, or such lesser amount as may be provided for in the Securities of such series, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such
principal or such lesser amount shall become immediately due and payable. 

  
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 If an Event of Default specified in clause (7) or (8) of Section 5.1 occurs, all unpaid
principal of and accrued interest on the Outstanding Securities of that series (or such lesser amount as may be provided for in the Securities of such series) shall ipso facto become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holder of any Security of that series. 
 At any time after a declaration of acceleration with
respect to the Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount
of the Outstanding Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 

(1) the Company has paid or deposited with the Trustee a sum of money sufficient to pay 

(a) all overdue installments of any interest on and Additional Amounts with respect to all Securities of such series and any
Coupon appertaining thereto, 
 (b) the principal of and any premium on any Securities of such series which have become due
otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities, 

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

(2) all Events of Default with respect to Securities of such series, other than the
non-payment of the principal of, any premium and interest on, and any Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration of acceleration, shall
have been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent default or impair any right
consequent thereon. 
 Section 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

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

  
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 (2) default is made in the payment of the principal of or any premium on any
Security or any Additional Amounts with respect thereto at their Maturity, 
 the Company shall, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Securities and any Coupons appertaining thereto, the whole amount of money then due and payable with respect to such Securities and any Coupons appertaining thereto, with interest upon the overdue principal, any
premium and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such
further amount of money as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee
under Section 6.7. 
 If the Company fails to pay the money it is required to pay the Trustee pursuant to the preceding paragraph
forthwith upon the demand of the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid, and may prosecute such proceeding to judgment or final
decree, and may enforce the same against the Company or any other obligor upon such Securities and any Coupons appertaining thereto and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon such Securities and any Coupons appertaining thereto, wherever situated. 
 If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series and any Coupons appertaining thereto by such
appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any
power granted herein or therein, or to enforce any other proper remedy. 
 Section 5.4. Trustee May File Proofs of Claim. 

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

  
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 premium, interest and Additional Amounts owing and unpaid in respect of the Securities and any
Coupons appertaining thereto and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and of the Holders of Securities or any Coupons appertaining thereto allowed in such judicial proceeding, and 

(2) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder of Securities or any Coupons to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities or any Coupons, to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.7. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a
Security or any Coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a
Security or any Coupon in any such proceeding. 
 Section 5.5. Trustee May Enforce Claims without Possession of Securities or
Coupons. 
 All rights of action and claims under this Indenture or any of the Securities or Coupons may be prosecuted and enforced by
the Trustee without the possession of any of the Securities or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery or judgment, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable benefit of each and every Holder of the Securities or
Coupons in respect of which such judgment has been recovered. 
 Section 5.6. Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts, upon presentation of the Securities or Coupons, or both, as the case may be, and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid: 
 First: To the payment of all amounts due the Trustee, its agents
and any predecessor Trustee under Section 6.7; 

  
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 Second: To the payment of the amounts then due and unpaid upon the Securities and
any Coupons for principal and any premium, interest and Additional Amounts in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and
payable on such Securities and Coupons for principal and any premium, interest and Additional Amounts, respectively; 

Third: The balance, if any, to the Company or as a court of competent jurisdiction shall direct. 

Section 5.7. Limitations on Suits. 

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

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

(3) such Holder or Holders have offered to the Trustee such indemnity as is reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of
such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of such series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or preference over any other Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 

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

Notwithstanding any other provision in this Indenture, the Holder of any Security or Coupon shall have the right, which is absolute and
unconditional, to receive payment of the principal of, any premium and (subject to Section 3.5 and Section 3.7) interest on, and any 

  
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Additional Amounts with respect to such Security or payment of such Coupon, as the case may be, on the respective Stated Maturity or Maturities therefor specified in such Security or Coupon (or,
in the case of redemption, on the Redemption Date or, in the case of repayment at the option of such Holder if provided in or pursuant to this Indenture, on the date such repayment is due) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Holder. 
 Section 5.9. Restoration of Rights and
Remedies. 
 If the Trustee or any Holder of a Security or a Coupon has instituted any proceeding to enforce any right or remedy under
this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and each such Holder shall, subject to any
determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no such proceeding had been instituted.

 Section 5.10. Rights and Remedies Cumulative. 

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

Section 5.11. Delay or Omission Not Waiver. 

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

Section 5.12. Control by Holders of Securities. 

The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series and any Coupons appertaining thereto, provided that 

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

  
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 (2) the Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction, and 
 (3) such direction is not unduly prejudicial to the rights of the other Holders
of Securities of such series not joining in such action (it being understood that the Trustee does not have a duty to ascertain whether or not such actions are unduly prejudicial to such Holders. 

Section 5.13. Waiver of Past Defaults. 

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

(1) in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any Security of
such series or any Coupons appertaining thereto, or 
 (2) in respect of a covenant or provision hereof which under Article 9
cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 
 Upon any such
waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right
consequent thereon. 
 Section 5.14. Waiver of Usury, Stay or Extension Laws. 

The Company covenants that (to the extent that it may lawfully do so) it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company expressly waives (to
the extent that it may lawfully do so) all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 
 Section 5.15. Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of any
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit having due regard to the merits and good
faith of the claims or defenses made by such 

  
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party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate more than 10% in principal amount of Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any, on or Additional Amounts,
if any, with respect to any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment, on or after the date for repayment) or for
the enforcement of the right, if any, to convert or exchange any Security into Common Stock or other securities in accordance with its terms. 

Article 6 
 THE TRUSTEE 

Section 6.1. Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default, 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
substantially conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

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

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that 
 (1) this Subsection shall not be construed to
limit the effect of Subsection (a) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

  
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 (3) the Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, determined as provided in Sections 1.1, 1.4 and 5.12, relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

Section 6.2. Certain Rights of Trustee. 

Subject to Sections 315(a) through 315(d) of the Trust Indenture Act: 

(1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper
party or parties; 
 (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a
Company Request or a Company Order (in each case, other than delivery of any Security, together with any Coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 3.3 which shall be sufficiently evidenced
as provided therein except in the case of an exchange) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate; 

(4) the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

  
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 (5) the Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by or pursuant to this Indenture at the request or direction of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture, unless such Holders shall have offered to the Trustee
such security or indemnity as is reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

(6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustee, in its discretion, may but shall not be obligated to make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of
the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 

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

(8) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (9) 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; 
 (10) the Trustee may request that the Company 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 specified as so authorized in any such certificate previously delivered and not superseded; 

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

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

  
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 Section 6.3. Notice of Defaults. 

Within 90 days after receipt of written notice of any default hereunder with respect to the Securities of any series, the Trustee shall
transmit to all Holders of Securities of such series entitled to receive reports pursuant to Section 7.3(3), notice of such default, unless such default shall have been cured or waived; provided, however, that the Trustee shall be protected in
withholding such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities and Coupons of such
series; and provided, further, that in the case of any default of the character specified in Section 5.1(5) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof.
For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 

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

The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, and in any Coupons shall be taken
as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or
the Coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on
Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof. 
 Section 6.5. May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the
Company, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it would have if
it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person. 
 Section 6.6. Money Held in
Trust. 
 Except as provided in Section 4.3 and Section 10.3, money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed to in writing with the Company. 

  
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 Section 6.7. Compensation and Reimbursement. 

The Company agrees: 

(1) to pay to the Trustee from time to time such compensation as the Company and the Trustee shall from time to time agree in
writing for all services rendered by the Trustee hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or arising out of or in connection with the acceptance or administration of the trust or trusts hereunder (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be determined in a court of competent jurisdiction to have been caused by the Trustee’s negligence or willful
misconduct; and 
 (3) to indemnify the Trustee and its agents, officers, directors and employees for, and to hold them
harmless against, any loss, damage, claims, liability or expense including taxes (other than taxes based upon, measured or determined by the income of the Trustee), incurred without negligence or willful misconduct on their part, arising out of or
in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or
duties hereunder, except to the extent that any such loss, damage, claims, liability or expense shall be determined in a court of competent jurisdiction to have been caused by the Trustee’s negligence or willful misconduct. 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities of
any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or interest on or any Additional Amounts with respect to Securities or any Coupons appertaining
thereto. 
 To the extent permitted by law, any compensation or expense incurred by the Trustee after a default specified in or pursuant to
Section 5.1 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 6.7 shall include any predecessor Trustee but the negligence
or willful misconduct of any Trustee shall not affect the rights of any other Trustee under this Section 6.7. 
 The provisions of this
Section 6.7 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee and shall apply with equal force and effect to the Trustee in its capacity as Authenticating Agent, Paying Agent or
Security Registrar. 

  
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 Section 6.8. Corporate Trustee Required; Eligibility. 

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

Section 6.9. Resignation and Removal; Appointment of Successor. 

(1) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee pursuant to Section 6.10. 
 (2) The Trustee may
resign at any time with respect to the Securities of one or more series by giving 30 days prior written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered
to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to such
series. 
 (3) The Trustee may be removed at any time with respect to the Securities of any series with 30 days prior written
notice by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and the Company. If the instrument of acceptance by a successor Trustee required by Section 6.10 shall not
have been delivered to the Trustee within 30 days after the giving of such notice of removal, the removed Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to such series. 
 (4) If at any time: 

(a) the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act
with respect to Securities of any series after written request therefor by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at least six months, or 

(b) the Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request therefor by
the Company or any such Holder, or 
 (c) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

  
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 then, in any such case, (i) the Company, by or pursuant to a Board Resolution, may remove the Trustee with
respect to all Securities or the Securities of such series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees. 

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

(6) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any
series and each appointment of a successor Trustee with respect to the Securities of any series by delivering written notice of such event to the Holders of Registered Securities, if any, of such series and, if Securities of such series are issued
as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place of Payment located outside the United States. Each notice shall include the name of the successor Trustee with respect to the Securities of such
series and the address of its Corporate Trust Office. 
 (7) In no event shall any retiring Trustee be liable for the acts or
omissions of any successor Trustee hereunder. 

  
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 Section 6.10. Acceptance of Appointment by Successor. 

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

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

  
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Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment of such successor Trustee relates and subject to Section 10.3 shall duly
assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, subject to its claim, if any, provided for in Section 6.7. 
 (3) Upon
request of any Person appointed hereunder as a successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in
paragraph (1) or (2) of this Section, as the case may be. 
 (4) No Person shall accept its appointment hereunder as a
successor Trustee unless at the time of such acceptance such successor Person shall be qualified and eligible under this Article. 

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

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

Section 6.12. Appointment of Authenticating Agent. 

The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to one or more series of Securities which
shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption or partial repayment or pursuant to Section 3.6, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. 
 Each Authenticating Agent must be acceptable to the Company and, except as
provided in or pursuant to this Indenture, shall at all times be a corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law and by
its charter to act as an Authenticating Agent and has a 

  
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combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section. 

Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating
Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall (i) transmit written notice of such
appointment to all Holders of Registered Securities, if any, of the series with respect to which such Authenticating Agent shall serve, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at
least once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such office is located outside the United States. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section. 
 The Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its
services under this Section. If the Trustee makes such payments, it shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.7. 

The provisions of Section 3.8, Section 6.4 and Section 6.5 shall be applicable to each Authenticating Agent. 

If an Authenticating Agent is appointed with respect to one or more series of Securities pursuant to this Section, the Securities of such
series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 

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

 

			
	 THE BANK OF NEW YORK MELLON, as Trustee

		
	 By:
	 	  

		 	 as Authenticating Agent

		
	 By:
	 	  

		 	 Authorized Signatory

		
	 Dated:
	 	

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

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 

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

In accordance with Section 312(a) of the Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee 

(1) semi-annually with respect to Securities of each series not later than May 1 and November 1 of the year or upon
such other dates as are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may reasonably require, of the names and addresses of Holders as of
the applicable date, and 
 (2) at such other times as the Trustee may request in writing, within 30 days after the receipt
by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, 

provided, however, that so long as the Trustee is the Security Registrar no such list shall be required to be furnished. 

Section 7.2. Preservation of Information; Communications to Holders. 

The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act. 

Every Holder of Securities or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that none of the Company,
the Trustee, any Paying Agent or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with Section 312(c) of

  
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the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a
request made under Section 312(b) of the Trust Indenture Act. 
 Section 7.3. Reports by Trustee. 

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

(2) The Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified
therein. 
 (3) Reports pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections
313(c) and 313(d) of the Trust Indenture Act. 
 Section 7.4. Reports by Company. 

The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall: 

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

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

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

  
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 (4) Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Article 8 

CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES 

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

The Company shall not consolidate or amalgamate with or merge into any other Person (whether or not affiliated with the Company), or convey,
transfer or lease its properties and assets as an entirety or substantially as an entirety to any other Person (whether or not affiliated with the Company), and the Company shall not permit any other Person (whether or not affiliated with the
Company) to consolidate or amalgamate with or merge into the Company or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the Company, unless: 

(1) in case the Company shall consolidate or amalgamate with or merge into another Person or convey, transfer or lease its
properties and assets as an entirety or substantially as an entirety to any Person, the Person formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases,
the properties and assets of the Company as an entirety or substantially as an entirety shall be a Person organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, Bermuda, the Cayman
Islands, Ireland, Switzerland, the United Kingdom or any other country which is on the date of this Indenture a member of the Organization of Economic Cooperation and Development, and shall expressly assume, by an indenture (or indentures, if at
such time there is more than one Trustee) supplemental hereto, executed by the successor Person and delivered to the Trustee the due and punctual payment of the principal of, any premium and interest on and any Additional Amounts with respect to all
the Securities and the performance of every obligation in this Indenture and the Outstanding Securities on the part of the Company to be performed or observed and shall provide for conversion or exchange rights in accordance with the provisions of
the Securities of any series that are convertible or exchangeable into Common Stock or other securities; 
 (2) immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the

  
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time of such transaction, no Event of Default or event which, after notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 

(3) either the Company or the successor Person shall have delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied with. 
 Section 8.2. Successor Person Substituted for
Company. 
 Upon any consolidation or amalgamation by the Company with or merger of the Company into any other Person or any conveyance,
transfer or lease of the properties and assets of the Company substantially as an entirety to any Person in accordance with Section 8.1, the successor Person formed by such consolidation or amalgamation or into which the Company is merged or to
which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein; and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this Indenture, the Securities and the Coupons. 

Article 9 
 SUPPLEMENTAL
INDENTURES 
 Section 9.1. Supplemental Indentures without Consent of Holders. 

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

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

(3) to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to
principal, to change or eliminate any restrictions on the payment of principal of, any premium or interest on or any Additional Amounts with respect to Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to
permit Bearer Securities to be 

  
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exchanged for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided any such action shall not adversely affect
the interests of the Holders of Outstanding Securities of any series or any Coupons appertaining thereto in any material respect; or 

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

(8) to add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such
supplemental indenture); or 
 (9) to supplement any of the provisions of this Indenture to such extent as shall be necessary
to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Article 4, provided that any such action shall not adversely affect the interests of any Holder of an Outstanding Security of such series and any Coupons
appertaining thereto or any other Outstanding Security or Coupon in any material respect; or 
 (10) to secure the
Securities; or 
 (11) to make provisions with respect to conversion or exchange rights of Holders of Securities of any
series; or 
 (12) to amend or supplement any provision contained herein or in any supplemental indenture, provided that no
such amendment or supplement shall materially adversely affect the interests of the Holders of any Securities then Outstanding. 

  
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 Section 9.2. Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture or of the Securities of such
series; provided, however, that no such supplemental indenture, without the consent of the Holder of each Outstanding Security affected thereby, shall 

(1) change the Stated Maturity of the principal of, or any premium or installment of interest on or any Additional Amounts with
respect to, any Security, or reduce the principal amount thereof or the rate (or modify the calculation of such rate) of interest thereon or any Additional Amounts with respect thereto, or any premium payable upon the redemption thereof or
otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to Section 10.4 (except as contemplated by Section 8.1(1) and permitted by Section 9.1(1)), or reduce the amount of the principal of an Original
Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the amount thereof provable in bankruptcy pursuant to Section 5.4, change the redemption provisions
or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment, Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect to any
Security is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of repayment at the option of
the Holder, on or after the date for repayment), or 
 (2) reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder
and their consequences) provided for in this Indenture, or reduce the requirements of Section 15.4 for quorum or voting, or 

(3) modify any of the provisions of this Indenture relating to the subordination of the Securities in respect thereof in a
manner adverse to Holders of Securities or 
 (4) modify any of the provisions of this Section, Section 5.13 or
Section 10.6, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or 

  
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 (5) make any change that adversely affects the right to convert or exchange any
Security into or for Common Stock of the Company or other securities (whether or not issued by the Company), cash or property in accordance with its terms. 

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

Section 9.3. Execution of Supplemental Indentures. 

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

Section 9.4. Effect of Supplemental Indentures. 

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

Section 9.5. Reference in Securities to Supplemental Indentures. 

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

Section 9.6. Conformity with Trust Indenture Act. 

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

  
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 Section 9.7. Notice of Supplemental Indenture. 

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

Article 10 
 COVENANTS 

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

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

Section 10.2. Maintenance of Office or Agency. 

The Company shall maintain in each Place of Payment for any series of Securities an Office or Agency where Securities of such series (but not
Bearer Securities, except as otherwise provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or
exchange, where Securities of such series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices and demands to or upon the Company in respect of the Securities of such series relating thereto and this
Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto, an Office or Agency in a Place of Payment for such series which is located
outside the United States where Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment; provided, however, that if the Securities of such series are listed on The Stock Exchange of the United
Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so require, the Company shall maintain a Paying Agent in London, Luxembourg or any other
required city located outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of
such Office or Agency. If at any time the Company shall fail to maintain any such required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, except that Bearer Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment at the place specified for the purpose with respect to such Securities as
provided in or pursuant to this Indenture, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

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

The Company may also from time to time designate one or more other Offices or Agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an Office or
Agency in each Place of Payment for Securities of any series for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency.
Unless otherwise provided in or pursuant to this Indenture, the Company hereby designates as the Place of Payment for each series of Securities the Borough of Manhattan, The City of New York, and initially appoints the Corporate Trust Office of the
Trustee as the Office or Agency of the Company in the Borough of Manhattan, The City of New York for such purpose. The Company may subsequently appoint a different Office or Agency in the Borough of Manhattan, The City of New York for the Securities
of any series. 
 Unless otherwise specified with respect to any Securities pursuant to Section 3.1, if and so long as the Securities
of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will maintain with respect to each such series
of Securities, or as so required, at least one exchange rate agent. 
 Section 10.3. Money for Securities Payments to Be Held in
Trust. 
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it shall, on or before
each due date of the principal of, any premium or interest on or Additional Amounts with respect to any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or
currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.1 for the Securities of such series) sufficient to pay the principal
or any premium, interest or Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action or failure so to act. 

  
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 Whenever the Company shall have one or more Paying Agents for any series of Securities, it shall,
on or prior to each due date of the principal of, any premium or interest on or any Additional Amounts with respect to any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies, currency unit or units or
composite currency or currencies described in the preceding paragraph) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 The Company
shall cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such
Paying Agent shall: 
 (1) hold all sums held by it for the payment of the principal of, any premium or interest on or any
Additional Amounts with respect to Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the
making of any payment of principal, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and 

(3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as
those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to any Security of any series or any Coupon appertaining thereto and remaining unclaimed for two years after such principal or any such
premium or interest or any such Additional Amounts shall have become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security or any Coupon
appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect 

  
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to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be mailed to Holders of Registered Securities of such series, or both, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be later than two years after such principal and any premium or interest or Additional Amounts shall
have become due and payable, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 10.4.
Additional Amounts. 
 All payments of principal of and premium, if any, interest and any other amounts on, or in respect of, the
Securities of any series or any Coupon appertaining thereto shall be made without withholding or deduction at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges of whatever nature imposed or
levied by or on behalf of a jurisdiction (a “taxing jurisdiction”) or any political subdivision or taxing authority thereof or therein, unless such taxes, fees, duties, assessments or governmental charges are required to be withheld or
deducted by (i) the laws (or any regulations or ruling promulgated thereunder) of a taxing jurisdiction or any political subdivision or taxing authority thereof or therein or (ii) an official position regarding the application,
administration, interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a taxing authority in a taxing jurisdiction or any political subdivision
thereof). If a withholding or deduction at source is required, the Company shall, subject to certain limitations and exceptions set forth below, pay to the Holder of any such Security or any Coupon appertaining thereto such Additional Amounts as may
be necessary so that every net payment of principal, premium, if any, interest or any other amount made to such Holder, after such withholding or deduction, shall not be less than the amount provided for in such Security, any Coupons appertaining
thereto and this Indenture to be then due and payable; provided, however, that the Company shall not be required to make payment of such Additional Amounts for or on account of: 

(1) any tax, fee, duty, assessment or governmental charge of whatever nature which would not have been imposed but for the fact
that such Holder: (A) was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the relevant taxing jurisdiction or any political subdivision thereof or otherwise
had some connection with the relevant taxing jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Security; (B) presented such Security for payment in the relevant taxing jurisdiction or any political
subdivision thereof, unless such Security could not have been presented for payment elsewhere; or (C) presented such Security more than thirty (30) days after the date on which the payment in respect of such Security first became due and
payable or provided for, whichever is later, except to the extent that the Holder would have been entitled to such Additional Amounts if it had presented such Security for payment on any day within such period of thirty (30) days; 

  
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 (2) any estate, inheritance, gift, sale, transfer, personal property or similar
tax, assessment or other governmental charge; 
 (3) any tax, assessment or other governmental charge that is imposed or
withheld by reason of the failure by the Holder or the beneficial owner of such Security to comply with any reasonable request by the Company addressed to the Holder within 90 days of such request (A) to provide information concerning the
nationality, residence or identity of the Holder or such beneficial owner or (B) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (A) or (B), is required or imposed
by statute, treaty, regulation or administrative practice of the relevant taxing jurisdiction or any political subdivision thereof as a precondition to exemption from all or part of such tax, assessment or other governmental charge; or 

(4) any combination of items (1), (2) and (3); 

nor shall Additional Amounts be paid with respect to any payment of the principal of, or premium, if any, interest or any other amounts on, any such Security
to any Holder who is a fiduciary or partnership, other fiscally transparent entity, or other than the sole beneficial owner of such Security to the extent such payment would be required by the laws of the relevant taxing jurisdiction (or any
political subdivision or relevant taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary, partner, member of such other fiscally transparent entity or
a beneficial owner who would not have been entitled to such Additional Amounts had it been the Holder of the Security. 
 Whenever in this
Indenture there is mentioned, in any context, the payment of the principal of or any premium, interest or any other amounts on, or in respect of, any Security of any series or any Coupon or the net proceeds received on the sale or exchange of any
Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were
or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of Additional Amounts in those provisions
hereof where such express mention is not made. 
 Except as otherwise provided in or pursuant to this Indenture or the Securities of the
applicable series, at least 10 days prior to the first Interest Payment Date with respect to a series of Securities (or if the Securities of such series shall not bear interest prior to Maturity, the first day on which a payment of principal is
made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish to the Trustee and the
principal Paying Agent or Paying Agents, if other than the Trustee, an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, interest or any other amounts
on the Securities of such series shall be made to Holders of Securities of such series or the Coupons appertaining thereto without withholding for or on account of any tax, fee, duty, assessment or other governmental charge described in this

  
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Section 10.4. If any such withholding shall be required, then such Officer’s Certificate shall specify by taxing jurisdiction the amount, if any, required to be withheld on such
payments to such Holders of Securities or Coupons, and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by this Section 10.4. The Company covenants to indemnify the Trustee and any Paying Agent for,
and to hold them harmless against, any loss, liability or expense incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate
furnished pursuant to this Section 10.4. 
 Section 10.5. Corporate Existence. 

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

Section 10.6. Waiver of Certain Covenants. 

The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 10.5 with respect to
the Securities of any series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series, by Act of such Holders, either shall waive such compliance in such instance or
generally shall have waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

Section 10.7. Company Statement as to Compliance; Notice of Certain Defaults. 

(1) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, commencing December 31,
2003 a written statement (which need not be contained in or accompanied by an Officer’s Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company, stating that

 (a) a review of the activities of the Company during such year and of its performance under this Indenture has been made
under his or her supervision, and 
 (b) to the best of his or her knowledge, based on such review, (a) the Company has
complied with all the conditions and covenants imposed on it under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such condition or covenant, specifying each such default known to him or her and the
nature and status thereof, and (b) no event has occurred and 

  
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is continuing which is, or after notice or lapse of time or both would become, an Event of Default, or, if such an event has occurred and is continuing, specifying each such event known to him
and the nature and status thereof. 
 (2) The Company shall deliver to the Trustee, within five days after the occurrence
thereof, written notice of any Event of Default or any event which after notice or lapse of time or both would become an Event of Default pursuant to clause (4) of Section 5.1. 

(3) The Trustee shall have no duty to monitor the Company’s compliance with the covenants contained in this Article 10
other than as specifically set forth in this Section 10.7. 
 Article 11 

REDEMPTION OF SECURITIES 

Section 11.1. Applicability of Article. 

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

Section 11.2. Election to Redeem; Notice to Trustee. 

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

Section 11.3. Selection of Securities to be Redeemed. 

If less than all of the Securities of any series with the same issue date, interest rate or formula, Stated Maturity and other terms are to be
redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date from the Outstanding Securities of such series not previously called for redemption, in accordance with the procedures of the
Depository or in the case of definitive Securities, by lot; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to less than the minimum
denomination for a Security of such series established herein or pursuant hereto. 
 The Trustee shall promptly notify the Company and the
Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

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

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

 Section 11.4. Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 1.7, not less than 30 nor more than 60 days prior to the Redemption
Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered Securities designated for
redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion thereof. 

Any notice that is mailed to the Holder of any Registered Securities in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not such Holder receives the notice. 
 All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the Redemption Price, 

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

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

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

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

A notice of redemption published as contemplated by Section 1.7 need not identify particular Registered Securities to be redeemed. 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company; provided that in the latter case the Company will give the Trustee at least five Business Days notice prior to the requested date of the publication of such notice. 

Section 11.5. Deposit of Redemption Price. 

On or prior to any Redemption Date, the Company shall deposit, with respect to the Securities of any series called for redemption pursuant to
Section 11.4, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money in the applicable Currency sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the Securities of such series) any accrued interest on and Additional Amounts with respect
thereto, all such Securities or portions thereof which are to be redeemed on that date. 

  
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 Section 11.6. Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest and the Coupons for such interest
appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said notice, together with all Coupons, if any, appertaining thereto
maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with any accrued interest and Additional Amounts to the Redemption Date; provided, however, that, except as otherwise provided in or
pursuant to this Indenture or the Bearer Securities of such series, installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon presentation and surrender of Coupons for such
interest (at an Office or Agency located outside the United States except as otherwise provided in Section 10.2), and provided, further, that, except as otherwise specified in or pursuant to this Indenture or the Registered Securities of such
series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the Regular Record Dates therefor according to their terms and the provisions of Section 3.7. 
 If any Bearer Security
surrendered for redemption shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing Coupons, or
the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of
such Security shall surrender to the Trustee or any Paying Agent any such missing Coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided,
however, that any interest or Additional Amounts represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an Office or Agency for such Security located outside of the United States except as otherwise provided
in Section 10.2. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and
any premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 Section 11.7.
Securities Redeemed in Part. 
 Any Registered Security which is to be redeemed only in part shall be surrendered at any Office or
Agency for such Security (with, if the Company or the Trustee so requires, due 

  
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endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the
Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered Security or Securities of the same series, containing identical terms and provisions, of any authorized
denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in global form is so surrendered, the Company shall execute,
and the Trustee shall authenticate and deliver to the Depository for such Security in global form as shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination
equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered. 
 Article 12 

SINKING FUNDS 

Section 12.1. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
permitted or required in or pursuant to this Indenture or any Security of such series issued pursuant to this Indenture. 
 The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of
Securities of such series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in
Section 12.2. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series and this Indenture. 

Section 12.2. Satisfaction of Sinking Fund Payments with Securities. 

The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any series to be made
pursuant to the terms of such Securities (1) deliver Outstanding Securities of such series (other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been released to the
Company), together in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant
to the terms of such series of Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, provided that such series of Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If, as
a result of the delivery 

  
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or credit of Securities of any series in lieu of cash payments pursuant to this Section 12.2, the principal amount of Securities of such series to be redeemed in order to satisfy the
remaining sinking fund payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent
upon delivery by the Company to the Trustee of Securities of that series purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released to the Company. 

Section 12.3. Redemption of Securities for Sinking Fund. 

Not less than 75 days prior to each sinking fund payment date for any series of Securities, the Company shall deliver to the Trustee an
Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 12.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also
deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officer’s Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall
thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Section 11.6 and Section 11.7. 
 Article 13 

REPAYMENT AT THE OPTION OF HOLDERS 

Section 13.1. Applicability of Article. 

Securities of any series which are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance
with the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of Securities before their Stated Maturity, for purposes of Section 3.9, shall not
operate as a payment, redemption or satisfaction of the Indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the same to the Trustee with a directive that such Securities be cancelled.
Notwithstanding anything to the contrary contained in this Section 13.1, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an agreement with one or more investment bankers or other
purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close of business on the repayment date an amount not less than 

  
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the repayment price payable by the Company on repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to
the extent such payment is so paid by such purchasers. 
 Article 14 

SECURITIES IN FOREIGN CURRENCIES 

Section 14.1. Applicability of Article. 

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

Article 15 
 MEETINGS OF HOLDERS
OF SECURITIES 
 Section 15.1. Purposes for Which Meetings May Be Called. 

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

Section 15.2. Call, Notice and Place of Meetings. 

(1) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in
Section 15.1, to be held at such time and at such place in the Borough of Manhattan, The City of New York, or, if Securities of such series have been issued in whole or in part as Bearer Securities, in London or in such place outside the United
States as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the
manner provided in Section 1.7, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 
 (2)
In case at any time the Company (by or pursuant to a Board Resolution) or the Holders of at least 10% in principal amount of the Outstanding Securities of 

  
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any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.2, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request (whichever shall be required
pursuant to Section 1.7) or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time
and the place in the Borough of Manhattan, The City of New York, or, if Securities of such series are to be issued as Bearer Securities, in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in
clause (1) of this Section. 
 Section 15.3. Persons Entitled to Vote at Meetings. 

To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its
counsel. 
 Section 15.4. Quorum; Action. 

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

Except as limited by the proviso to Section 9.2, any resolution presented to a meeting or adjourned meeting duly reconvened at which a
quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the proviso to Section 9.2,
any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the 

  
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Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened
and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of such series. 

Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall
be binding on all the Holders of Securities of such series and the Coupons appertaining thereto, whether or not such Holders were present or represented at the meeting. 

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

(1) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding
of Securities shall be proved in the manner specified in Section 1.4 and the appointment of any proxy shall be proved in the manner specified in Section 1.4 or by having the signature of the person executing the proxy witnessed or
guaranteed by any trust company, bank or banker authorized by Section 1.4 to certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and
genuine without the proof specified in Section 1.4 or other proof. 
 (2) The Trustee shall, by an instrument in
writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 15.2(1), in which case the Company or the Holders of Securities of the series
calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting. 
 (3) At any meeting, each Holder of a Security of such
series or proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as
not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

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

  
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 Section 15.6. Counting Votes and Recording Action of Meetings. 

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

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

			
	W. R. BERKLEY CORPORATION

 
			
		
	 By:
	 	  

		 	Name:
		 	Title:

 
			
	
	 THE BANK OF NEW YORK MELLON, as Trustee

			
		
	 By:
	 	  

		 	Name:
		 	Title:

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