Document:

Form of Subordinated Debt Indenture of Healthcare Trust of America Inc

 Exhibit 4.5 

Healthcare Trust of America, Inc., as Issuer 

U.S. Bank National Association, as Trustee 
  

 
 INDENTURE

 Dated as of 

            ,          

 
  

    % Subordinated Notes due
                     

 TABLE OF CONTENTS 

 

							
	 Section
	 	 	  	Page	 
	
	 ARTICLE 1

DEFINITIONS
	  

 

			
	 Section 1.01.
	 	 Definitions
	  	 	1	 
	
	 ARTICLE 2

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	  

 

			
	 Section 2.01.
	 	 Designation Amount and Issue of Notes
	  	 	8	 
			
	 Section 2.02.
	 	 Form of Notes
	  	 	9	 
			
	 Section 2.03.
	 	 Date and Denomination of Notes; Payments of Interest
	  	 	10	 
			
	 Section 2.04.
	 	 Execution of Notes
	  	 	11	 
			
	 Section 2.05.
	 	 Note Registrar and Paying Agent
	  	 	11	 
			
	 Section 2.06.
	 	 Exchange and Registration of Transfer of Notes; Restrictions on Transfer
	  	 	12	 
			
	 Section 2.07.
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	17	 
			
	 Section 2.08.
	 	 Temporary Notes
	  	 	18	 
			
	 Section 2.09.
	 	 Cancellation of Notes
	  	 	18	 
			
	 Section 2.10.
	 	 CUSIP Numbers
	  	 	18	 
			
	 Section 2.11.
	 	 Issuance of Additional Notes
	  	 	19	 
	
	 ARTICLE 3

REDEMPTION OF NOTES
	  

 

			
	 Section 3.01.
	 	 Optional Redemption of Notes
	  	 	19	 
			
	 Section 3.02.
	 	 Notice of Optional Redemption; Selection of Notes
	  	 	20	 
			
	 Section 3.03.
	 	 Payment of Notes Called for Redemption by the Issuer
	  	 	21	 
			
	 Section 3.04.
	 	 Sinking Fund
	  	 	21	 
	
	 ARTICLE 4

CERTAIN COVENANTS OF THE ISSUER
	  

 

			
	 Section 4.01.
	 	 Payment of Principal, Premium and Interest
	  	 	21	 
			
	 Section 4.02.
	 	 Maintenance of Office or Agency
	  	 	22	 
			
	 Section 4.03.
	 	 Appointments to Fill Vacancies in Trustee’s Office
	  	 	22	 
			
	 Section 4.04.
	 	 Provisions as to Paying Agent
	  	 	22	 
			
	 Section 4.05.
	 	 Existence
	  	 	23	 
			
	 Section 4.06.
	 	 Reports
	  	 	23	 
			
	 Section 4.07.
	 	 Stay, Extension and Usury Laws
	  	 	25	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	 	 	  	Page	 
			
	 Section 4.08.
	 	 Compliance Certificate
	  	 	25	 
			
	 Section 4.09.
	 	 Limitations on Incurrence of Debt
	  	 	25	 
			
	 Section 4.10.
	 	 Insurance
	  	 	26	 
			
	 Section 4.11.
	 	 Additional Interest Notice
	  	 	27	 
	
	 ARTICLE 5

NOTEHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE
	  

 

			
	 Section 5.01.
	 	 Noteholders’ Lists
	  	 	27	 
			
	 Section 5.02.
	 	 Preservation and Disclosure of Lists
	  	 	27	 
			
	 Section 5.03.
	 	 Reports by Trustee
	  	 	27	 
	
	 ARTICLE 6

REMEDIES OF THE TRUSTEE AND NOTEHOLDERS ON AN EVENT OF DEFAULT
	  

 

			
	 Section 6.01.
	 	 Events of Default
	  	 	28	 
			
	 Section 6.02.
	 	 Payments of Notes on Default; Suit Therefor
	  	 	30	 
			
	 Section 6.03.
	 	 Application of Monies Collected by Trustee
	  	 	32	 
			
	 Section 6.04.
	 	 Proceedings by Noteholders
	  	 	32	 
			
	 Section 6.05.
	 	 Proceedings by Trustee
	  	 	33	 
			
	 Section 6.06.
	 	 Remedies Cumulative and Continuing
	  	 	33	 
			
	 Section 6.07.
	 	 Direction of Proceedings and Waiver of Defaults by Majority of Noteholders
	  	 	33	 
			
	 Section 6.08.
	 	 Notice of Defaults
	  	 	34	 
			
	 Section 6.09.
	 	 Undertaking to Pay Costs
	  	 	34	 
	
	 ARTICLE 7

THE TRUSTEE
	  

 

			
	 Section 7.01.
	 	 Duties and Responsibilities of Trustee
	  	 	35	 
			
	 Section 7.02.
	 	 Reliance on Documents, Opinions, etc.
	  	 	36	 
			
	 Section 7.03.
	 	 No Responsibility for Recitals, etc.
	  	 	38	 
			
	 Section 7.04.
	 	 Trustee, Paying Agents or Registrar May Own Notes
	  	 	38	 
			
	 Section 7.05.
	 	 Monies to Be Held in Trust
	  	 	38	 
			
	 Section 7.06.
	 	 Compensation and Expenses of Trustee
	  	 	38	 
			
	 Section 7.07.
	 	 Officers’ Certificate as Evidence
	  	 	39	 
			
	 Section 7.08.
	 	 Conflicting Interests of Trustee
	  	 	39	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	 	 	  	Page	 
			
	 Section 7.09.
	 	 Eligibility of Trustee
	  	 	39	 
			
	Section 7.10.	 	 Resignation or Removal of Trustee
	  	 	39	 
			
	 Section 7.11.
	 	 Acceptance by Successor Trustee
	  	 	40	 
			
	 Section 7.12.
	 	 Succession by Merger
	  	 	41	 
			
	 Section 7.13.
	 	 Preferential Collection of Claims
	  	 	41	 
	
	 ARTICLE 8

THE NOTEHOLDERS
	  

 

			
	 Section 8.01.
	 	 Action by Noteholders
	  	 	42	 
			
	 Section 8.02.
	 	 Proof of Execution by Noteholders
	  	 	42	 
			
	 Section 8.03.
	 	 Absolute Owners
	  	 	42	 
			
	 Section 8.04.
	 	 Issuer-owned Notes Disregarded
	  	 	42	 
			
	 Section 8.05.
	 	 Revocation of Consents; Future Holders Bound
	  	 	43	 
	
	 ARTICLE 9

SUPPLEMENTAL INDENTURES
	  

 

			
	 Section 9.01.
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	43	 
			
	 Section 9.02.
	 	 Supplemental Indenture With Consent of Noteholders
	  	 	44	 
			
	 Section 9.03.
	 	 Subordination Unimpaired
	  	 	45	 
			
	 Section 9.04.
	 	 Effect of Supplemental Indenture
	  	 	45	 
			
	 Section 9.05.
	 	 Notation on Notes
	  	 	45	 
			
	 Section 9.06.
	 	 Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee
	  	 	46	 
	
	 ARTICLE 10

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	  

 

			
	 Section 10.01.
	 	 Issuer May Consolidate on Certain Terms
	  	 	46	 
			
	 Section 10.02.
	 	 Issuer Successor to Be Substituted
	  	 	46	 
	
	 ARTICLE 11

SATISFACTION AND DISCHARGE OF INDENTURE
	  

 

			
	 Section 11.01.
	 	 Discharge of Indenture
	  	 	47	 
			
	 Section 11.02.
	 	 Deposited Monies to Be Held in Trust by Trustee
	  	 	48	 
			
	 Section 11.03.
	 	 Paying Agent to Repay Monies Held
	  	 	48	 
			
	 Section 11.04.
	 	 Return of Unclaimed Monies
	  	 	48	 
			
	 Section 11.05.
	 	 Reinstatement
	  	 	48	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	 	 	  	Page	 
	
	 ARTICLE 12

LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  

 

			
	 Section 12.01.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	48	 
			
	 Section 12.02.
	 	 Legal Defeasance and Discharge
	  	 	49	 
			
	 Section 12.03.
	 	 Covenant Defeasance
	  	 	49	 
			
	 Section 12.04.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	50	 
			
	 Section 12.05.
	 	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions
	  	 	51	 
			
	 Section 12.06.
	 	 Repayment to Issuer
	  	 	51	 
			
	 Section 12.07.
	 	 Reinstatement
	  	 	52	 
	
	 ARTICLE 13

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  

 

			
	 Section 13.01.
	 	 Indenture and Notes Solely Corporate Obligations
	  	 	52	 
	
	 ARTICLE 14

MEETINGS OF HOLDERS OF NOTES
	  

 

			
	 Section 14.01.
	 	 Purposes for Which Meetings May Be Called
	  	 	52	 
			
	 Section 14.02.
	 	 Call, Notice and Place of Meetings
	  	 	52	 
			
	 Section 14.03.
	 	 Persons Entitled to Vote at Meetings
	  	 	53	 
			
	 Section 14.04.
	 	 Quorum; Action
	  	 	53	 
			
	 Section 14.05.
	 	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	54	 
			
	 Section 14.06.
	 	 Counting Votes and Recording Action of Meetings
	  	 	54	 
	
	 ARTICLE 15

SUBORDINATION OF NOTES
	  

 

			
	 Section 15.01.
	 	 Agreement of Subordination
	  	 	55	 
			
	 Section 15.02.
	 	 Payments to Noteholders
	  	 	55	 
			
	 Section 15.03.
	 	 Subrogation of Notes
	  	 	56	 
			
	 Section 15.04.
	 	 Authorization by Noteholders
	  	 	57	 
			
	 Section 15.05.
	 	 Notice to Trustee
	  	 	57	 
			
	 Section 15.06.
	 	 Trustee’s Relation to Senior Indebtedness
	  	 	58	 
			
	 Section 15.07.
	 	 No Impairment of Subordination
	  	 	59	 
			
	 Section 15.08.
	 	 Rights of Trustee
	  	 	59	 
			
	 Section 15.09.
	 	 Article 15 Applicable to Paying Agents
	  	 	59	 

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	 	 	  	Page	 
	
	 ARTICLE 16

MISCELLANEOUS PROVISIONS
	  

 

			
	 Section 16.01.
	 	 Provisions Binding on Issuer’s Successors
	  	 	59	 
			
	 Section 16.02.
	 	 Official Acts by Successor Corporation
	  	 	59	 
			
	 Section 16.03.
	 	 Addresses for Notices, etc.
	  	 	59	 
			
	 Section 16.04.
	 	 Governing Law
	  	 	60	 
			
	 Section 16.05.
	 	 Evidence of Compliance with Conditions Precedent, Certificates to Trustee
	  	 	60	 
			
	 Section 16.06.
	 	 Legal Holidays
	  	 	61	 
			
	 Section 16.07.
	 	 Trust Indenture Act
	  	 	61	 
			
	 Section 16.08.
	 	 No Security Interest Created
	  	 	61	 
			
	 Section 16.09.
	 	 Benefits of Indenture
	  	 	61	 
			
	 Section 16.10.
	 	 Table of Contents, Headings, etc.
	  	 	61	 
			
	 Section 16.11.
	 	 Authenticating Agent
	  	 	61	 
			
	 Section 16.12.
	 	 Execution in Counterparts
	  	 	62	 
			
	 Section 16.13.
	 	 Severability
	  	 	62	 
			
	 Section 16.14.
	 	 USA PATRIOT Act
	  	 	62	 

  

			
	Exhibit A — Form of Note	  	A-1

  
 v 

 CROSS REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	 Indenture Section

	 310(a)(1)
	  	7.09
	 (a)(2)
	  	7.09
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	N.A.
	 (b)
	  	7.08, 7.10
	 (c)
	  	N.A.
	 311(a)
	  	7.13
	 (b)
	  	7.13
	 (c)
	  	N.A.
	 312(a)
	  	5.01
	 (b)
	  	5.02
	 (c)
	  	5.02
	 313(a)
	  	5.03
	 (b)
	  	5.03
	 (c)
	  	5.03
	 (d)
	  	5.03
	 314(a)
	  	4.06, 4.08
	 (b)
	  	N.A.
	 (c)(1)
	  	16.05
	 (c)(2)
	  	16.05
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	16.05
	 (f)
	  	N.A.
	 315(a)
	  	7.01
	 (b)
	  	6.08
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.09
	 316(a)(1)(A)
	  	6.07
	 (a)(1)(B)
	  	6.07
	 (a)(2)
	  	N.A.
	 (b)
	  	N.A.
	 (c)
	  	N.A.
	 317(a)(1)
	  	6.02
	 (a)(2)
	  	6.02
	 (b)
	  	11.03
	 318(a)
	  	16.07

  
 N.A. means
not applicable. 
  

	*	 This Cross-Reference Table is not part of the Indenture. 

  
 vi 

 INDENTURE 

INDENTURE dated as of             ,
         between Healthcare Trust of America, Inc., a Maryland corporation (hereinafter called the “Issuer”), having its principal office at 16435 N. Scottsdale Road, Suite 320, Scottsdale,
Arizona 85254, and U.S. Bank National Association, as trustee hereunder (hereinafter called the “Trustee”). 
 Each party
agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of the Issuer’s     % Subordinated Notes due
                    (hereinafter called the “Notes”). 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this Indenture that are defined
in the Trust Indenture Act (as defined below) or which are by reference therein defined in the Securities Act (as defined below) (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the respective
meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of the execution of this Indenture. The words “herein,” “hereof,” “hereunder” and words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other Subdivision. The terms defined in this Article include the plural as well as the singular. 

“Acquired Debt” means Debt of a Person (1) existing at the time such Person becomes a Subsidiary or (2) assumed in
connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the
date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 
 “Additional
Interest” has the meaning specified in Section 6.01(g) hereof. 
 “Additional Interest Notice” has the
meaning specified in Section 4.11 hereof. 
 “Additional Notes” means additional Notes (other than the Initial
Notes) issued under this Indenture in accordance with Section 2.04, Section 2.11 and Section 4.09 hereof, as part of the same series as the Initial Notes. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent
yield to maturity (computed on the third Business Day immediately preceding the Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. 
 “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 

  
 1 

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

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

“Annual Debt Service Charge” as of any date means the amount of interest expense determined on a consolidated basis in
accordance with generally accepted accounting principles. 
 “Applicable Procedures” means, with respect to any transfer or
exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Authentication Order” has the meaning specified in Section 2.01 hereof. 

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

“Board of Directors” means the board of directors of the Issuer or a committee of such board duly authorized to act for it
hereunder. 
 “Business Day” means, with respect to any Note, any day, other than a Saturday, Sunday or any other day on
which banking institutions in New York, New York are authorized or obligated by law or executive order to close. 

“Clearstream” means Clearstream Banking, S.A. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act,
or, if at any time after the execution of this 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. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or
interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date,
(1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such Quotations. 
 “Consolidated Income Available for Debt Service” means,
for any period, Earnings from Operations of Issuer and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (1) Annual

  
 2 

 
Debt Service Charge of Issuer and its Subsidiaries, (2) provision for taxes of Issuer and its Subsidiaries based on income, (3) provisions for gains and losses on properties and
depreciation and amortization, (4) increases in deferred taxes and other non-cash items, (5) depreciation and amortization with respect to interests in joint venture and partially owned entity investments, (6) the effect of any charge
resulting from a change in accounting principles in determining Earnings from Operations for such period, and (7) amortization of deferred charges. 

“Corporate Trust Office” or other similar term, means the designated office of the Trustee at which, at any particular time,
its corporate trust business as it relates to this Indenture shall be administered, which office is, at the date as of which this Indenture is dated, located at the address set forth in Section 16.03 hereof. 

“Covenant Defeasance” has the meaning specified in Section 12.03 hereof. 

“CUSIP” means the Committee on Uniform Securities Identification Procedures. 

“Custodian” means U.S. Bank National Association, as custodian with respect to the Notes in global form, or any successor
entity thereto. 
 “Debt” means any of Issuer’s or any of its Subsidiaries’ indebtedness, whether or not
contingent, in respect of (without duplication) (1) borrowed money evidenced by bonds, notes, debentures or similar instruments, (2) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing
on property owned by Issuer or any of its Subsidiaries, but only to the extent of the lesser of (a) the amount of indebtedness so secured and (b) the fair market value (determined in good faith by the board of directors of such Person or,
in the case of Issuer or one of its Subsidiaries, by the Board of Directors) of the property subject to such mortgage, pledge, lien, charge, encumbrance or security interest, (3) the reimbursement obligations, contingent or otherwise, in
connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable, or all
conditional sale obligations or obligations under any title retention agreement, or (4) any lease of property by Issuer or any of its Subsidiaries as lessee which is reflected on Issuer’s consolidated balance sheet as a capitalized lease
in accordance with generally accepted accounting principles; but only to the extent, in the case of items of indebtedness under (1) through (3) above, that any such items (other than letters of credit) would appear as a liability on
Issuer’s consolidated balance sheet in accordance with generally accepted accounting principles. The term “Debt” also includes, to the extent not otherwise included, any obligation of Issuer or any of its Subsidiaries to be liable
for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business or for the purposes of guaranteeing the payment of all amounts due and owing pursuant to leases to which Issuer or any of
its Subsidiaries are a party and have assigned its or their interest, provided that such assignee of Issuer or its Subsidiary is not in default of any amounts due and owing under such leases), Debt of another Person (other than Issuer or any of its
Subsidiaries) (it being understood that Debt shall be deemed to be incurred by Issuer or any of its Subsidiaries whenever Issuer or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof). 

“Default” means any event which, after notice or the lapse of time, or both, would become, an Event of Default. 

  
 3 

 “Defaulted Interest” has the meaning specified in Section 2.03
hereof. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 
 “Depositary” means the clearing agency registered under the Exchange Act that is designated
to act as the Depositary for the Global Notes. DTC shall be the initial Depositary, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary”
shall mean or include such successor. 
 For the purposes of this definition, “person” includes any syndicate or group that
would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 
 “DTC” means The
Depository Trust Company. 
 “Earnings from Operations” means, for any period, net income or loss of Issuer and its
Subsidiaries, excluding (1) provisions for gains and losses on sales of investments or joint ventures; (2) provisions for gains and losses on disposition of discontinued operations; (3) extraordinary and non-recurring items; and
(4) impairment charges, property valuation losses and non-cash charges necessary to record interest rate contracts at fair value; plus amounts received as rent under leases which are accounted for as financing arrangements net of related
interest income, as reflected in the consolidated financial statements of Issuer and its Subsidiaries for such period determined in accordance with generally accepted accounting principles. 

“EDGAR” has the meaning specified in Section 4.06(a) hereof. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

“Event of Default” means any event specified in Section 6.01 hereof as an Event of Default. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as in effect from time to time. 
 “Global Note Legend” means the legend set forth in Section 2.06(f) hereof,
which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means the Notes deposited
with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global
Note” attached thereto, issued in accordance with this Indenture. 
 “Government Securities” means direct obligations
of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 

“Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or
supplemented. 

  
 4 

 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Initial Notes” means the first
$        aggregate principal amount of Notes issued under this Indenture on the date hereof. 

“Intercompany Debt” means Debt to which the only parties are any of Issuer and any of its Subsidiaries; provided,
however, that with respect to any such Debt of which Issuer is the borrower, such Debt is subordinate in right of payment to the Notes. 

“interest” means, when used with reference to the Notes, any interest payable under the terms of the Notes. 

“Issuer” means the corporation named as the “Issuer” in the first paragraph of this Indenture, and, subject
to the provisions of Article 10 hereof, shall include its successors and assigns. 
 “Legal Defeasance” has the
meaning specified in Section 12.02 hereof. 
 “Maturity Date” means
            ,         . 

“Note” or “Notes” means any Note or Notes, as the case may be, authenticated and delivered under this
Indenture, including the Initial Notes, any Additional Notes and any Global Note. 
 “Note Register” has the meaning
specified in Section 2.05 hereof. 
 “Note Registrar” has the meaning specified in Section 2.05
hereof. 
 “Noteholder” or “Holder” as applied to any Note, or other similar terms (but excluding the term
“beneficial holder”), means any Person in whose name at the time a particular Note is registered on the Note Registrar’s books. 

“Officer” means, with respect to any Person, any person holding any of the following positions with such Person, or, in the
case of a Person that is a partnership, the general partner of such Person: the Chairman of the Board, the Chief Executive Officer, the President, any Vice President (whether or not designated by a number or numbers or word or words added before or
after the title “Vice President”), the Chief Financial Officer, the Treasurer and the Secretary. 
 “Officers’
Certificate” means, with respect to any Person, a certificate signed by any two Officers or by one such Officer and any Assistant Treasurer or Assistant Secretary of such Person or, in the case of a Person that is a partnership, the general
partner of such Person. 
 “Opinion of Counsel” means, with respect to any Person, an opinion in writing signed by legal
counsel, who may be an employee of or counsel to such Person, or other counsel reasonably acceptable to the Trustee. 

“outstanding,” when used with reference to Notes and subject to the provisions of Section 8.04 hereof, means, as
of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 

  
 5 

 (1) Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

(2) Notes, or portions thereof, (i) for the redemption of which monies in the necessary amount shall have been deposited in trust with
the Trustee or with any Paying Agent (other than the Issuer) or (ii) which shall have been otherwise discharged in accordance with Article 11 hereof; 

(3) Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of
Section 2.07 hereof; and 
 (4) Notes paid or redeemed pursuant to Article 3 hereof. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Paying
Agent” has the meaning specified in Section 2.05 hereof. 
 “Person” means a corporation, an
association, a partnership, a limited liability company, an individual, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note, and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 hereof in lieu of a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
lost, destroyed or stolen Note that it replaces. 
 “premium” means any premium payable under the terms of the Notes. 

“Primary Treasury Dealer” means a primary U.S. Government securities dealer. 

“Prospectus” means the Issuer’s prospectus dated
            ,          relating to the Notes. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer. 

“Record Date” has the meaning specified in Section 2.03 hereof. 

“Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of
Section 3.01 hereof, the date fixed for such redemption in accordance with the provisions of Section 3.01 hereof. 

“Redemption Price” has the meaning provided in Section 3.01 hereof. 

“Reference Treasury Dealer” means (1) a Primary Treasury Dealer selected by
            or its successors, (2)             or its successors and (3) any two other Primary Treasury Dealers
selected by the Issuer; provided, however, that if any of the Reference Treasury Dealers referred to in clause (1) or (2) above ceases to be a Primary Treasury Dealer, the Issuer will substitute therefor another Primary
Treasury Dealer. 

  
 6 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of
the Trustee with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s knowledge of or
familiarity with the particular subject. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder, as in effect from time to time. 
 “Senior Indebtedness” means any of Issuer’s
or any of its Subsidiaries’ indebtedness, whether or not contingent, in respect of (without duplication) (1) borrowed money evidenced by bonds, notes, debentures or similar instruments, (2) indebtedness secured by any mortgage,
pledge, lien, charge, encumbrance or any security interest existing on property owned by Issuer or any of its Subsidiaries, but only to the extent of the lesser of (a) the amount of indebtedness so secured and (b) the fair market value
(determined in good faith by the board of directors of such Person or, in the case of Issuer or one of its Subsidiaries, by the Board of Directors) of the property subject to such mortgage, pledge, lien, charge, encumbrance or security interest,
(3) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such
balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, or (4) any lease of property by Issuer or any of its Subsidiaries as lessee which is reflected
on Issuer’s consolidated balance sheet as a capitalized lease in accordance with generally accepted accounting principles; but only to the extent, in the case of items of indebtedness under (1) through (3) above, that any such
items (other than letters of credit) would appear as a liability on Issuer’s consolidated balance sheet in accordance with generally accepted accounting principles, 

unless, in the case of any particular indebtedness outlined above, the instrument or lease creating or evidencing the same or the assumption
or guarantee of the same expressly provides that such indebtedness is not superior in right of payment to the Notes. 
 “Significant
Subsidiary” means any subsidiary which is a “significant subsidiary” within the meaning of Rule 1-02(w) of Regulation S-X promulgated by the Commission as in effect on the date hereof. 

“Stated Maturity” with respect to any Note or any installment of principal thereof or interest thereon, means the date
established by or pursuant to this Indenture or such Note as the fixed date on which the principal of such Note or such installment of principal or interest is due and payable. 

  
 7 

 “Subsidiary” means, with respect to any Person, (i) any corporation,
association or other business entity of which more than 50% of the total voting power of shares of capital stock or other equity interest entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person (or a combination thereof) and (ii) any partnership (a) the sole general partner or
managing general partner of which is such Person or a subsidiary of such Person or (b) the only general partners of which are such Person or of one or more subsidiaries of such Person (or any combination thereof). 

“Total Assets” as of any date means the sum of (1) Issuer’s and all of its Subsidiaries’ Undepreciated Real
Estate Assets and (2) all of Issuer’s and all of its Subsidiaries’ other assets determined in accordance with generally accepted accounting principles (but excluding intangibles). 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of this Indenture;
provided, that if the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939 as so amended. 

“Trustee” means U.S. Bank National Association, and its successors and any corporation resulting from or surviving any
consolidation or merger to which it or its successors may be a party and any successor trustee at the time serving as successor trustee hereunder. 

“Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of Issuer’s
and its Subsidiaries’ real estate assets on such date, before depreciation and amortization determined on a consolidated basis in accordance with generally accepted accounting principles. 

“Unencumbered Total Asset Value” as of any date means the sum of (1) those Undepreciated Real Estate Assets not
encumbered by any mortgage, lien, charge, pledge or security interest and (2) all of Issuer’s and its Subsidiaries’ other assets on a consolidated basis determined in accordance with generally accepted accounting principles (but
excluding intangibles), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however, that, in determining Unencumbered Total Asset Value for purposes of Section 4.09(d)
hereof, all investments by the Issuer and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities accounted for financial reporting
purposes using the equity method of accounting in accordance with generally accepted accounting principles shall be excluded from Unencumbered Total Asset Value. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

ARTICLE 2 
 ISSUE, DESCRIPTION,
EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 
 Section 2.01. Designation Amount and Issue of Notes. The Notes shall be
designated as “    % Subordinated Notes due                     .” Upon the execution of this Indenture,
and 

  
 8 

 
from time to time thereafter, Notes may be executed by the Issuer and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver Notes upon a written
order of the Issuer (an “Authentication Order”), such order signed on behalf of the Issuer by two Officers of the Issuer or by an Officer of the Issuer and either an Assistant Treasurer or any Assistant Secretary of the Issuer. 

The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited; provided, that upon
initial issuance, the aggregate principal amount of Notes outstanding shall not exceed $        , except as provided in Section 2.07 and Section 2.08 hereof. The Issuer may, without the
consent of the Holders of Notes, issue Additional Notes from time to time in the future in an unlimited principal amount, subject to compliance with the terms of this Indenture, including Section 2.11 hereof. 

Section 2.02. Form of Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note
Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents
the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction
of the Trustee. The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Issuer and the Trustee, by
their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Any of the Notes
may have such letters, numbers or other marks of identification and such notations, legends, endorsements or changes as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not
inconsistent with the provisions of this Indenture, or as may be required by the Custodian, the Depositary or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of
any securities exchange or automated quotation system on which the Notes may be listed, or to conform to usage, or to indicate any special limitations or restrictions to which any particular Notes are subject. 

So long as the Notes are eligible for book-entry settlement with the Depositary, or unless otherwise required by law, or otherwise
contemplated by Section 2.06(b) hereof, all of the Notes will be represented by one or more Global Notes. The transfer and exchange of beneficial interests in any such Global Note shall be effected through the Depositary in accordance
with this Indenture and the applicable procedures of the Depositary. Except as provided in Section 2.06(b) hereof, beneficial owners of a Global Note shall not be entitled to have certificates registered in their names, will not receive
or be entitled to receive physical delivery of certificates in definitive form and will not be considered Holders of such Global Note. 

  
 9 

 Section 2.03. Date and Denomination of Notes; Payments of Interest. The Notes shall
be issuable in registered form without coupons in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date
specified on the face of the form of Note attached as Exhibit A hereto. Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at 5:00 p.m., New York City time, on any Record
Date with respect to any interest payment date shall be entitled to receive the interest payable on such interest payment date. Interest shall be payable at the office of the Issuer maintained by the Issuer for such purposes in the City of St. Paul,
Minnesota, which shall initially be an office or agency of the Trustee. The Issuer shall pay interest (i) on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Note Register;
provided, however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2.0 million may specify by written notice to the Issuer that it pay interest by wire transfer of immediately available
funds to the account specified by the Noteholder in such notice, or (ii) any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. If a payment date is not a Business Day, payment shall be
made on the next succeeding Business Day, and no additional interest shall accrue thereon. The term “Record Date” with respect to any interest payment date shall mean the
            or             preceding the applicable             or
            interest payment date, respectively. 
 No other payment or
adjustment will be made for accrued interest on an exchanged Note. 
 Any interest on any Note which is payable, but is not punctually paid
or duly provided for, on any             or             (herein called “Defaulted Interest”) shall forthwith
cease to be payable to the Noteholder registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the Issuer, at its election in each case, as provided in clause (1) or (2) below: 

(1) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an
earlier date), and at the same time the Issuer shall deposit with the Trustee an amount of monies equal to the aggregate amount 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 monies when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for
the payment of such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment, and not less than ten (10) calendar days after the
receipt by the Trustee of the notice of the proposed payment (unless the Trustee shall consent to an earlier date). The Trustee shall promptly 

  
 10 

 
notify the Issuer of such special record date and, in the name and at the expense of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the special record date
therefor to be mailed (or sent by electronic transmission), first-class postage prepaid, to each Holder at its address as it appears in the Note Register, not less than ten (10) calendar days prior to such special record date (unless the
Trustee shall consent to an earlier date). Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so mailed (or sent by electronic transmission), such Defaulted Interest shall be paid to the
Persons in whose names the Notes (or their respective Predecessor Notes) are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following clause (b) of this
Section 2.03. 
 (2) The Issuer may make payment of any Defaulted Interest in any other lawful manner not
inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if,
after notice given by the Issuer to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.04. Execution of Notes. The Notes shall be signed, in the name and on behalf of the Issuer, manually or by facsimile or
other electronic imaging means by an Officer of the Issuer. The Trustee will, upon receipt of an Authentication Order, authenticate Notes for issue under this Indenture, including any Additional Notes. The aggregate principal amount of Notes
outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Section 2.07 and Section 2.08 hereof.

 Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached as
Exhibit A hereto, executed manually by the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 16.11 hereof), shall be entitled to the benefits of this Indenture or be valid or obligatory for any
purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Issuer shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is
entitled to the benefits of this Indenture. 
 In case any Officer of the Issuer who shall have signed any of the Notes shall cease to be
such Officer of the Issuer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Issuer, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed
such Notes had not ceased to be such Officer of the Issuer, and any Note may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Note, shall be the proper Officers of the Issuer, although at the date of
the execution of this Indenture any such person was not such an Officer of the Issuer. 
 Section 2.05. Note Registrar and Paying
Agent. 

  
 11 

 The Issuer will maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (“Note Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Note Registrar will keep a register of the Notes and of their transfer and exchange
(the “Note Register”). The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Note Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Issuer may change any Paying Agent or Note Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to
appoint or maintain another entity as Note Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent or Note Registrar. 

The Issuer initially appoints the DTC to act as Depositary with respect to the Global Notes. 

The Issuer initially appoints the Trustee to act as the Note Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes. 
 The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for
the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Additional Interest, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such
payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Issuer or its Subsidiary) will have no further liability for the money. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the
benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 

Section 2.06. Exchange and Registration of Transfer of Notes; Restrictions on Transfer. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Issuer for Definitive Notes if: 
 (1) the Issuer delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from
the Depositary; 
 (2) the Issuer in its sole discretion determines that the Global Notes (in whole but not in part) should
be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 

  
 12 

 (3) upon request from the Depositary if there has occurred and is continuing a
Default or Event of Default with respect to the Notes. 
 Upon the occurrence of either of the preceding events in (1) or
(2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.07 and Section 2.08
hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or Section 2.08 hereof, shall be authenticated and
delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.06(b) or (f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global
Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the
Global Notes will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Note Registrar to effect the transfers described in this
Section 2.06(b)(1). 
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Note Registrar either: 

(A) both: 

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

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

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

  
 13 

 (ii) instructions given by the Depositary to the Note Registrar containing
information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and
the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof (other than such transfers or exchanges contemplated by
Section 2.06(b)(1) above). 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. If any holder of a
beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the
conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute
and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Note Registrar from or through the Depositary
and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. A Holder of a Definitive Note may exchange such Note for a
beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee
will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. A Holder of Definitive Notes may transfer such Notes to a Person
who takes delivery thereof in the form of a Definitive Note. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Note Registrar the Definitive Notes duly endorsed or accompanied by a written
instruction of transfer in form satisfactory to the Note Registrar duly executed by such Holder or by its attorney, duly authorized in writing. Upon receipt of a request to register such a transfer, the Note Registrar shall register the Definitive
Notes pursuant to the instructions from the Holder thereof. 
 (f) Global Note Legend. Each Global Note will bear a legend in
substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY 

  
 14 

 
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION
2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE ISSUER. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS
MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.09 hereof.
At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the
principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the
beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on
such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (h) General Provisions
Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Issuer will execute
and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.04 hereof or at the Note Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or 

  
 15 

 
exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Section 2.08, Section 3.03 and Section 9.05 hereof). 

(3) The Note Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive
Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Note Registrar nor the Issuer
will be required: 
 (A) to issue, register the transfer of or to exchange any Note during a period beginning at the opening
of business fifteen (15) days before the mailing (or electronic transmission) of a notice of redemption of the Notes selected for redemption and ending at the close of business on the day of such mailing or delivery; or 

(B) to register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part. 
 (6) Prior to due presentment for the registration of a transfer of any Note, the
Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and
none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 
 (7) The Trustee will
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.04 hereof. 
 (8)
All certifications, certificates and Opinions of Counsel required to be submitted to the Note Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile or other electronic
imaging means. 
 (9) The Trustee shall have no responsibility or obligation to any Participants, indirect Participants or
any other Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any Participants, Indirect Participants or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to
be given to the Noteholders and all payments to be made to Noteholders under the Notes shall be given or made only to or upon the order of the registered Noteholders (which 

  
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shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the customary
procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its Participants. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants in any Global Note) other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 Section 2.07. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or
stolen, the Issuer in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and make available for delivery, a new Note, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case, the applicant for a substituted Note shall furnish to the Issuer, to the Trustee and, if
applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction,
loss or theft, the applicant shall also furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 

Following receipt by the Trustee or such authenticating agent, as the case may be, of satisfactory security or indemnity and evidence, as
described in the preceding paragraph, the Trustee or such authenticating agent may authenticate any such substituted Note and make available for delivery such Note. Upon the issuance of any substituted Note, the Issuer may require the payment by the
Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note which has matured or is about to mature or has been called for
redemption, as the case may be, shall become mutilated or be destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Note, pay or authorize the payment of, as the case may be, if the applicant for such payment shall furnish to the
Issuer, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with such substitution,
and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, the Trustee and, if applicable, any Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof. 
 Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is
destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all
the limitations set forth 

  
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in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition
that the foregoing provisions are exclusive with respect to the replacement or payment or exchange or redemption of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute
existing or hereafter enacted to the contrary with respect to the replacement or payment or redemption of negotiable instruments or other securities without their surrender. 

Section 2.08. Temporary Notes. Pending the preparation of Notes in certificated form, the Issuer may execute and the Trustee or an
authenticating agent appointed by the Trustee shall, upon the written request of the Issuer, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in
the form of the Notes in certificated form, but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Issuer. Every such temporary Note shall be executed by the Issuer and
authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Notes in certificated form. Without unreasonable delay, the Issuer will execute and deliver to
the Trustee or such authenticating agent Notes in certificated form and thereupon any or all temporary Notes may be surrendered in exchange therefor, at each office or agency maintained by the Issuer pursuant to Section 4.02 hereof and
the Trustee or such authenticating agent shall authenticate and make available for delivery in exchange for such temporary Notes an equal aggregate principal amount of Notes in certificated form. Such exchange shall be made by the Issuer at its own
expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Notes in certificated form authenticated and
delivered hereunder. 
 Section 2.09. Cancellation of Notes. All Notes surrendered for the purpose of payment, redemption or
registration of transfer shall, if surrendered to the Issuer or any Paying Agent, which shall initially be the Trustee, or any Note Registrar, be surrendered to the Trustee and promptly canceled by it or, if surrendered to the Trustee, shall be
promptly canceled by it and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of such canceled Notes in accordance with its customary procedures, with copies
of such cancelled Notes and related documentation provided to the Issuer. If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until
the same are delivered to the Trustee for cancellation. 
 Section 2.10. CUSIP Numbers. The Issuer in issuing the Notes 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 Noteholders; provided, that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee of any change in the “CUSIP” numbers. 

  
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 Section 2.11. Issuance of Additional Notes. The Issuer will be entitled, upon
delivery of an Officers’ Certificate, Opinion of Counsel and Authentication Order, subject to its compliance with Section 4.09 hereof, to issue Additional Notes under the Indenture that will have identical terms to and the same
CUSIP number as the Initial Notes issued on the date of this Indenture other than with respect to the date of issuance, issue price and interest accrued prior to the issue date of the Additional Notes; provided, that such Additional Notes
must be part of the same issue as and fungible with the Initial Notes for United States federal income tax purposes. The Initial Notes and any such Additional Notes will constitute a single series of debt securities, and in circumstances in which
this Indenture provides for the Holders of Notes to vote or take any action, the Holders of Initial Notes and the Holders of any such Additional Notes will vote or take the action as a single class. 

With respect to any Additional Notes, the Issuer will set forth in a resolution of its Board of Directors and an Officers’ Certificate, a
copy of each of which will be delivered to the Trustee, the following information: 
 (1) the aggregate principal amount of such Additional
Notes to be authenticated and delivered pursuant to this Indenture; 
 (2) the issue price, the issue date and the CUSIP number of such
Additional Notes; and 
 (3) any amendments or modifications to the subordination provisions in Article 15 hereof. 

ARTICLE 3 
 REDEMPTION OF NOTES

 Section 3.01. Optional Redemption of Notes. 

(a) The Issuer shall have the right to redeem the Notes at its option and in its sole discretion at any time or from time to time prior to the
Maturity Date, in whole or in part. The redemption price (“Redemption Price”) will equal the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) as determined by the Quotation Agent, the sum of
the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus             basis points (    % or
            of one percent), plus, in each case, accrued and unpaid interest thereon to the Redemption Date; provided, however, that if the Redemption Date falls after a
Record Date and on or prior to the corresponding interest payment date, the Issuer will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the Holder of record at the close of business on the corresponding
Record Date (instead of the Holder surrendering its Notes for redemption). Notwithstanding the foregoing, if the Notes are redeemed on or after             days prior to the Maturity Date,
the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed plus unpaid interest, if any, accrued thereon to, but excluding, the Redemption Date. 

  
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 (b) The Issuer shall not redeem the Notes pursuant to Section 3.01(a) hereof on any
date if the principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date (except in the case of an acceleration resulting from a default by the Issuer in the payment of the
Redemption Price with respect to the Notes to be redeemed). 
 Section 3.02. Notice of Optional Redemption; Selection of Notes.
In case the Issuer shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to Section 3.01 hereof, it shall fix a date for redemption and it or, at its written request received by the
Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of redemption is to be mailed (or sent by electronic transmission), the Trustee in the name of and
at the expense of the Issuer, shall mail (or send by electronic transmission) or cause to be mailed (or sent by electronic transmission) a notice of such redemption not fewer than fifteen (15) calendar days nor more than sixty
(60) calendar days prior to the Redemption Date to each Holder of Notes so to be redeemed in whole or in part at its last address as the same appears on the Note Register; provided, that if the Issuer makes such request of the Trustee,
it shall, together with such request, also give written notice of the Redemption Date to the Trustee; provided further that the text of the notice shall be prepared by the Issuer. Such mailing shall be by first class mail (unless sent by
electronic transmission). The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail (or electronic
transmission) or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or
numbers, if any, of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made
upon presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof
to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the notice of
redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof
will be issued. 
 Whenever any Notes are to be redeemed, the Issuer will give the Trustee written notice of the Redemption Date, together
with an Officers’ Certificate as to the aggregate principal amount of Notes to be redeemed not fewer than fifteen (15) calendar days (or twenty (20) days if the Issuer requests that the Trustee send the notice of redemption, and in
each case, such shorter period of time as may be acceptable to the Trustee) prior to the Redemption Date. 
 On or prior to the Redemption
Date specified in the notice of redemption given as provided in this Section 3.02, the Issuer will deposit with the Paying Agent (or, if the Issuer is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in
Section 4.04 hereof) an amount of monies in immediately available funds sufficient to redeem on the 

  
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Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price; provided, that if such payment is made on the Redemption Date, it must be
received by the Paying Agent, by 11:00 a.m., New York City time, on such date. The Issuer shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 3.02 in excess of
amounts required hereunder to pay the Redemption Price. 
 If less than all of the outstanding Notes are to be redeemed, the Trustee shall
select the Notes or portions thereof of the Global Note or the Notes in certificated form to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof), on a pro rata basis or such other method the Trustee deems
fair and appropriate or is required by the Depositary. The Notes (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof. 

Section 3.03. Payment of Notes Called for Redemption by the Issuer. If notice of redemption has been given as provided in
Section 3.02 hereof, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless
the Issuer shall default in the payment of such Notes at the Redemption Price, so long as Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then (a) such Notes will cease to be
outstanding on and after the Redemption Date, (b) interest on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date, (c) after 5:00 p.m., New York City time, on the second Business
Day immediately preceding the Redemption Date (unless the Issuer shall default in the payment of the Redemption Price) and, except as provided in Section 7.05 and Section 11.02 hereof, such Notes will cease to be entitled to
any benefit or security under this Indenture, and (d) the Holders of the Notes shall have no right in respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of
payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Issuer at the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption Date. 

Upon presentation of any Note redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and make available for
delivery to the Holder thereof, at the expense of the Issuer, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented. 

Section 3.04. Sinking Fund. There shall be no sinking fund provided for the Notes. 

ARTICLE 4 
 CERTAIN COVENANTS OF
THE ISSUER 
 Section 4.01. Payment of Principal, Premium and Interest. The Issuer covenants and agrees that it will duly and
punctually pay or cause to be paid when due the principal of (including the Redemption Price upon redemption pursuant to Article 3 hereof), and premium, if any, and interest on each of the Notes at the places, at the respective times and in
the manner provided herein and in the Notes; provided, that the Issuer or Paying Agent may withhold from 

  
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payments of interest and upon redemption pursuant to Article 3 hereof, maturity or otherwise, any amounts the Issuer or Paying Agent is required to withhold by law. 

Section 4.02. Maintenance of Office or Agency. The Issuer will maintain an office or agency, where the Notes may be surrendered
for registration of transfer or exchange or for presentation for payment or redemption and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be made. As of the date of this Indenture, such office shall be
the Corporate Trust Office and, at any other time, at such other address as the Trustee may designate from time to time by notice to the Issuer. The Issuer will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency not designated or appointed by the Trustee. If at any time the Issuer 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 at the Corporate Trust Office. 
 The Issuer may also from time to time designate co-registrars
and one or more offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuer will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency. 
 The Issuer hereby initially designates the Trustee as
Paying Agent, Note Registrar and Custodian, and the Corporate Trust Office shall be considered as one such office or agency of the Issuer for each of the aforesaid purposes. 

So long as the Trustee is the Note Registrar, the Trustee agrees to mail (or send by electronic transmission), or cause to be mailed (or sent
by electronic transmission), the notices set forth in Section 7.10 and the third paragraph of Section 7.11 hereof. If co-registrars have been appointed in accordance with this Section 4.02, the Trustee shall mail
(or send by electronic transmission) such notices only to the Issuer and the Holders of Notes it can identify from its records. 

Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The Issuer, whenever necessary to avoid or fill a vacancy
in the office of Trustee, will appoint, upon the terms and conditions and otherwise as provided in Section 7.10 hereof, a Trustee, so that there shall at all times be a Trustee hereunder. 

Section 4.04. Provisions as to Paying Agent. 

(a) If the Issuer shall appoint a Paying Agent other than the Trustee, or if the Trustee shall appoint such a Paying Agent, the Issuer will
cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

(1) that it will hold all sums held by it as such agent for the payment of the principal of and premium, if any, or interest on
the Notes (whether such sums have been paid to it by the Issuer or by any other obligor on the Notes) in trust for the benefit of the Holders of the Notes; 

  
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 (2) that it will give the Trustee notice of any failure by the Issuer (or by any
other obligor on the Notes) to make any payment of the principal of and premium, if any, or interest on the Notes when the same shall be due and payable; and 

(3) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust. 
 The Issuer shall, on or before each due date of the principal of, premium, if any, or interest on the
Notes, deposit with the Paying Agent a sum (in funds which are immediately available on the due date for such payment) sufficient to pay such principal, premium, if any, or interest and (unless such Paying Agent is the Trustee) the Issuer will
promptly notify the Trustee of any failure to take such action; provided, that if such deposit is made on the due date, such deposit shall be received by the Paying Agent by 11:00 a.m. New York City time, on such date. 

(b) If the Issuer shall act as its own Paying Agent, it will, on or before each due date of the principal of, premium, if any, or interest on
the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal, premium, if any, and interest so becoming due and will promptly notify the Trustee of any failure to take such
action and of any failure by the Issuer (or any other obligor under the Notes) to make any payment of the principal of, premium, if any, or interest on the Notes when the same shall become due and payable. 

(c) Anything in this Section 4.04 to the contrary notwithstanding, the Issuer may, at any time, for the purpose of obtaining a
satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Issuer or any Paying Agent hereunder as required by this Section 4.04, such sums to be held by
the Trustee upon the trusts herein contained and upon such payment by the Issuer or any Paying Agent to the Trustee, the Issuer or such Paying Agent shall be released from all further liability with respect to such sums. 

(d) Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this
Section 4.04 is subject to Section 11.02 and Section 11.03 hereof. 
 The Trustee shall not be
responsible for the actions of any other Paying Agents (including the Issuer if acting as its own Paying Agent) and shall have no control of any funds held by such other Paying Agents. 

Section 4.05. Existence. Subject to Article 10 hereof, the Issuer will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence and rights (charter and statutory); provided, that the Issuer shall not be required to preserve any such right if the Issuer shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Issuer, and that the loss thereof is not disadvantageous in any material respect to the Noteholders. 

Section 4.06. Reports. 

(a) Whether or not required by the rules and regulations of the Commission, so long as any Notes are outstanding, the Issuer will furnish to
the Trustee: 

  
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 (1) all quarterly and annual reports that would be required to be filed with the
Commission on Forms 10-Q and 10-K if the Issuer were required to file such reports; and 
 (2) all current reports that would
be required to be filed with the Commission on Form 8-K if the Issuer were required to file such reports, 
 in each case within fifteen (15) days
after the Issuer files such reports with the Commission or would be required to file such reports with the Commission pursuant to the applicable rules and regulations of the Commission, whichever is earlier. Reports, information and documents filed
with the Commission via the Commission’s Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”) will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this covenant;
provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed via EDGAR. 

All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports.
Each annual report on Form 10-K will include a report on the Issuer’s consolidated financial statements by its independent registered public accounting firm, unless otherwise permitted by the Commission. The Issuer will file a copy of each of
the reports referred to in clauses (1) and (2) above with the Commission for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the Commission will not accept such a
filing) and will make the reports available on its website within fifteen (15) days after it files such reports with the Commission. 

If the Issuer is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Issuer will nevertheless
continue filing the reports specified in clauses (1) and (2) above with the Commission within the time periods specified above unless the Commission will not accept such a filing. The Issuer will not take any action for the purpose of
causing the Commission not to accept any such filings. If, notwithstanding the foregoing, the Commission will not accept the Issuer’s filings for any reason, the Issuer will make the reports referred to in clauses (1) and (2) above
available on its website within fifteen (15) days after the Issuer would be required to file such reports with the Commission. Notwithstanding the foregoing, if permitted by the Commission, the Issuer’s obligations to file reports under
this Section 4.06(a) may be satisfied by the filing of the reports described in clauses (1) and (2) above by the Guarantor. 

(b) For so long as any Notes remain outstanding, if at any time it is not required to file with the Commission the reports required by
paragraphs (a) of this Section 4.06, the Issuer will furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act. 
 (c) Delivery of the information, documents and reports described in subsection (a) above to the Trustee is for
informational purposes only, and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein, including the Issuer’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on Officers’ Certificates). 

  
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 Section 4.07. Stay, Extension and Usury Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Issuer from paying
all or any portion of the principal, premium, if any, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture and the Issuer (to
the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 4.08. Compliance
Certificate. Within one hundred twenty (120) calendar days after the end of each fiscal year of the Issuer, the Issuer shall deliver to the Trustee a certificate signed by any of the principal executive officer, principal financial officer
or principal accounting officer of the Issuer, stating whether or not the signer has knowledge of any Default under this Indenture, and, if so, specifying each Default and the nature and the status thereof. 

The Issuer will deliver to the Trustee, within thirty (30) calendar days of becoming aware of (i) any default in the performance or
observance of any covenant, agreement or condition contained in this Indenture, or (ii) any Event of Default, an Officers’ Certificate specifying with particularity such default or Event of Default and further stating what action the
Issuer has taken, is taking or proposes to take with respect thereto. 
 Any notice required to be given under this Section 4.08
shall be delivered to a Responsible Officer of the Trustee at its Corporate Trust Office. 
 Section 4.09. Limitations on Incurrence
of Debt. 
 (a) Limitation on Total Outstanding Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur
any Debt, other than Intercompany Debt and guarantees of Debt incurred by the Issuer or its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds
thereof, the aggregate principal amount of all of the Issuer’s and its Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 60% of the sum of (without
duplication) (1) Total Assets as of the end of the Issuer’s most recently completed fiscal quarter prior to the incurrence of such additional Debt and (2) the purchase price of any real estate assets or mortgages receivable acquired,
and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by Issuer or any of its Subsidiaries since the end of such calendar
quarter, including those proceeds obtained in connection with the incurrence of such additional Debt. 
 (b) Limitation on Secured
Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees of Debt incurred by Issuer or its Subsidiaries in compliance with this Indenture, secured by any mortgage,
lien, charge, pledge, encumbrance or security interest of any kind upon any of Issuer’s or any of its Subsidiaries’ property if, immediately after giving effect to the incurrence of such Debt and the

  
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application of the proceeds thereof, the aggregate principal amount of all of Issuer’s and its Subsidiaries’ outstanding Debt on a consolidated basis which is secured by any mortgage,
lien, charge, pledge, encumbrance or security interest on Issuer’s or its Subsidiaries’ property is greater than 40% of the sum of (without duplication) (1) Total Assets as of the end of the Issuer’s most recently completed
fiscal quarter prior to the incurrence of such additional Debt and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were
not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by Issuer or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such
additional Debt; provided, that for purposes of this limitation, the amount of obligations under capital leases shown as a liability on Issuer’s consolidated balance sheet shall be deducted from Debt and from Total Assets. 

(c) Ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge. The Issuer will not, and will not permit
any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees of Debt by Issuer or its Subsidiaries in compliance with this Indenture, if the ratio of Consolidated Income Available for Debt Service to the Annual Debt
Service Charge for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5 to 1.0, on an unaudited pro forma basis after giving effect thereto and to
the application of the proceeds therefrom, and calculated on the assumption that: (1) such Debt and any other Debt incurred by Issuer and its Subsidiaries since the first day of such four-quarter period and the application of the proceeds
therefrom, including to refinance other Debt, had occurred at the beginning of such period; (2) the repayment or retirement of any other Debt by Issuer and its Subsidiaries since the first day of such four-quarter period had been repaid or
retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during such period); (3) in the case of
Acquired Debt or Debt incurred in connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period, with the appropriate adjustments with respect to such
acquisition being included in such unaudited pro forma calculation; and (4) in the case of any acquisition or disposition by Issuer or its Subsidiaries of any asset or group of assets or other placement of any assets in service or removal of
any assets from service by Issuer or any of its Subsidiaries since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition, disposition, placement in service or removal from
service, or any related repayment of Debt had occurred as of the first day of such period, with the appropriate adjustments with respect to such acquisition, disposition, placement in service or removal from service, being included in such unaudited
pro forma calculation. 
 (d) Maintenance of Unencumbered Total Asset Value. The Issuer, together with its Subsidiaries, will at all
times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate outstanding principal amount of all Issuer’s and its Subsidiaries’ unsecured Debt, taken as a whole. 

Section 4.10. Insurance. The Issuer will, and will cause of each of its Subsidiaries to, maintain insurance with financially sound
and reputable insurance companies against such risks 

  
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and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by applicable law. 

Section 4.11. Additional Interest Notice. In the event that the Issuer is required to pay Additional Interest to Holders of Notes
pursuant to this Indenture, the Issuer will provide written notice (“Additional Interest Notice”) to the Trustee of its obligation to pay Additional Interest no later than fifteen (15) calendar days prior to the proposed
interest payment date for Additional Interest, and the Additional Interest Notice shall set forth the amount of Additional Interest to be paid by the Issuer on such interest payment date. The Trustee shall not at any time be under any duty or
responsibility to any Holder of Notes to determine the Additional Interest, or with respect to the nature, extent or calculation of the amount of Additional Interest when made, or with respect to the method employed in such calculation of the
Additional Interest. 
 ARTICLE 5 

NOTEHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE 

Section 5.01. Noteholders’ Lists. The Issuer covenants and agrees that it will furnish or cause to be furnished to the
Trustee, semiannually, not more than fifteen (15) calendar days after each             and             of each year
beginning with             ,         , and at such other times as the Trustee may reasonably request in writing, within thirty (30) calendar
days after receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably
require of the names and addresses of the Holders of Notes as of a date not more than fifteen (15) calendar days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such
information is furnished, except that no such list need be furnished by the Issuer to the Trustee so long as the Trustee is acting as the sole Note Registrar. 

Section 5.02. Preservation and Disclosure of Lists. 

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
Holders of Notes contained in the most recent list furnished to it as provided in Section 5.01 hereof or maintained by the Trustee in its capacity as Note Registrar or co-registrar in respect of the Notes, if so acting. The Trustee may
destroy any list furnished to it as provided in Section 5.01 hereof upon receipt of a new list so furnished. 
 (b) The rights
of Noteholders to communicate with other Holders of Notes with respect to their rights under this Indenture or under the Notes, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 

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

Section 5.03. Reports by Trustee. 

(a) On or before             of each year beginning with
            ,         , the Trustee shall transmit to Holders of Notes such reports dated as of
            of the year in which such 

  
 27 

 
reports are made concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. In
the event that no events have occurred under the applicable Sections of the Trust Indenture Act, the Trustee shall be under no duty or obligation to provide such reports. 

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

ARTICLE 6 
 REMEDIES OF THE TRUSTEE
AND NOTEHOLDERS ON AN EVENT OF DEFAULT 
 Section 6.01. Events of Default. In case one or more of the following (each an
“Event of Default”) (whatever the reason for such Event of Default and whether it shall be occasioned by the provisions of Article 15 or 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) shall have occurred and be continuing: 

(a) default for ninety (90) days in the payment of any installment of interest under the Notes; or 

(b) default in the payment of the principal amount or Redemption Price due with respect to the Notes, when the same becomes due and payable;
provided, however, that a valid extension of the Maturity Date in accordance with the terms hereof shall not constitute a default in the payment of principal; or 

(c) the Issuer fails to comply with any of the Issuer’s other agreements contained in the Notes or this Indenture upon receipt by the
Issuer of notice of such default by the Trustee or by Holders of not less than twenty five percent (25%) in aggregate principal amount of the Notes then outstanding and the Issuer fails to cure (or obtain a waiver of) such default within ninety
(90) days after the Issuer receives such notice; or 
 (d) failure to pay any indebtedness for monies borrowed by the Issuer or any
Significant Subsidiary of the Issuer in an outstanding principal amount in excess of $35,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which indebtedness is not discharged, or such default in
payment or acceleration is not cured or rescinded, within thirty (30) days after written notice to the Issuer from the Trustee (or to the Issuer and the Trustee from Holders of at least twenty five percent (25%) in principal amount of the
outstanding Notes); or 
 (e) the Issuer or any Significant Subsidiary of the Issuer pursuant to or under or within meaning of any
Bankruptcy Law: 
 (i) commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with
respect to the Issuer or a Significant Subsidiary of the Issuer or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian 

  
 28 

 
or other similar official of the Issuer or a Significant Subsidiary of the Issuer or any substantial part of the property of the Issuer or a Significant Subsidiary of the Issuer; or 

(ii) consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or
other proceeding commenced against the Issuer or a Significant Subsidiary of the Issuer; or 
 (iii) consents to the
appointment of a custodian of it or for all or substantially all of its property; or 
 (iv) makes a general assignment for
the benefit of creditors; or 
 (f) an involuntary case or other proceeding shall be commenced against the Issuer or any Significant
Subsidiary of the Issuer seeking liquidation, reorganization or other relief with respect to the Issuer or a Significant Subsidiary of the Issuer or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Issuer or a Significant Subsidiary of the Issuer or any substantial part of the property of the Issuer or a Significant Subsidiary of the Issuer,
and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or 

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

(i) is for relief against the Issuer or any Significant Subsidiary of the Issuer in an involuntary case or proceeding; or 

(ii) appoints a trustee, receiver, liquidator, custodian or other similar official of the Issuer or a Significant Subsidiary of
the Issuer or any substantial part of the property of the Issuer or a Significant Subsidiary of the Issuer; or 
 (iii)
orders the liquidation of the Issuer or a Significant Subsidiary of the Issuer; 
 and, in each case in this clause (g), the order or
decree remains unstayed and in effect for thirty (30) calendar days, 
 then, in each and every such case (other than an Event of Default specified in
Section 6.01(e), Section 6.01(f) or Section 6.01(g) hereof with respect to the Issuer), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at
least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding, by notice in writing to the Issuer (and to the Trustee if given by Noteholders), may declare the principal amount of and premium, if any, and interest
accrued and unpaid on all the Notes to be immediately due and payable, and upon any such declaration the same shall be immediately due and payable. 

If an Event of Default specified in Section 6.01(e), Section 6.01(f) or Section 6.01(g) hereof occurs with
respect to the Issuer, the principal amount of and premium, if any, and 

  
 29 

 
interest accrued and unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action. 

If, at any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due and payable, and
before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the
Notes then outstanding, by written notice to the Issuer and to the Trustee, may waive all defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.07 hereof, if all
Events of Default, other than the nonpayment of the principal amount and any accrued and unpaid interest that have become due solely because of such acceleration, have been cured or waived. No such rescission and annulment shall extend to or shall
affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. The Issuer shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in
Section 4.08 hereof. 
 The sole remedy for any violation of any obligations the Issuer may be deemed to have pursuant to
section 314(a)(1) of the Trust Indenture Act or for the Issuer’s breach of Section 4.06 hereof shall be the accrual of additional interest on the Notes at a rate of 0.25% per annum, payable semiannually (the “Additional
Interest”). In no event shall Additional Interest accrue at a per annum rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such
Additional Interest. 
 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have
been discontinued or abandoned because of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Issuer, the Holders of Notes, and the Trustee shall be
restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Holders of Notes, and the Trustee shall continue as though no such proceeding had been taken. 

Section 6.02. Payments of Notes on Default; Suit Therefor. The Issuer covenants that in the case of an Event of Default pursuant
to Section 6.01(a) or Section 6.01(b) hereof, upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, (i) the whole amount that then shall be due and payable on all
such Notes for principal and premium, if any, or interest, as the case may be, with interest upon the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue
installments of accrued and unpaid interest at the rate borne by the Notes, plus 1%, from the required payment date and, (ii) in addition thereto, any amounts due the Trustee under Section 7.06 hereof. Until such demand by the
Trustee, the Issuer may pay the principal of and premium, if any, and interest on the Notes to the registered Holders, whether or not the Notes are overdue. 

In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may

  
 30 

 
enforce any such judgment or final decree against the Issuer or any other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer or any other obligor on
the Notes wherever situated the monies adjudged or decreed to be payable. 
 In case there shall be pending proceedings for the bankruptcy
or for the reorganization of the Issuer or any other obligor on the Notes under any Bankruptcy Law, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official
shall have been appointed for or taken possession of the Issuer or such other obligor, the property of the Issuer or such other obligor, or in the case of any other judicial proceedings relative to the Issuer or such other obligor upon the Notes, or
to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of the Notes 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 pursuant to the provisions of this Section 6.02 hereof, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of
principal, premium, if any, accrued and unpaid interest in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee and of the Noteholders allowed in such judicial proceedings relative to the Issuer or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or
deliverable on any such claims, and to distribute the same after the deduction of any amounts due the Trustee under Section 7.06 hereof, and to take any other action with respect to such claims, including participating as a member of any
official committee of creditors, as it reasonably deems necessary or advisable, unless prohibited by law or applicable regulations, and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is
hereby authorized by each of the Noteholders 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 Noteholders, to pay to the Trustee any amount due it for reasonable
compensation, expenses, advances and disbursements, including counsel fees and expenses incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the
estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property which the Holders of the Notes
may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 

All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes. 

In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) the Trustee 

  
 31 

 
shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings. 

Section 6.03. Application of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 6,
shall be applied, in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid: 
 FIRST: To the payment of all amounts due the Trustee under Section 7.06 hereof; 

SECOND: In case the principal of the outstanding Notes shall not have become due and be unpaid, and subject to Article 15 hereof, to
the payment of accrued and unpaid interest, if any, on the Notes in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) as provided in
Section 6.02 hereof upon the overdue installments of interest at the annual rate of 1% above then applicable interest rate, such payments to be made ratably to the Persons entitled thereto; 

THIRD: In case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the
whole amount then owing and unpaid upon the Notes for principal and premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue
installments of accrued and unpaid interest, as provided in Section 6.02 hereof, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal and
premium, if any, and interest without preference or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Note
over any other Note, ratably to the aggregate of such principal and premium, if any, and accrued and unpaid interest; and 
 FOURTH: To the
payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto. 
 Section 6.04. Proceedings by
Noteholders. No Holder of any Note shall have any right by virtue of or by reference to any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or the Notes,
or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, except in the case of a default in the payment of principal, premium, if any, or interest on the Notes, unless
(a) such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, (b) the Holders of at least twenty five percent (25%) in aggregate principal
amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable security or indemnity as it
may require against the costs, liabilities or expenses to be incurred therein or thereby, (c) the Trustee for ninety (90) calendar days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to
institute any such action, suit or proceeding and (d) no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.07 hereof; it being understood and intended, and

  
 32 

 
being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee, that no one or more Holders of Notes shall have any right in any manner
whatever by virtue of or by reference to any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of Notes, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any
right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes (except as otherwise provided herein). For the protection and enforcement of this Section 6.04, each
and every Noteholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Notwithstanding any
other provision of this Indenture and any provision of any Note, the right of any Holder of any Note to receive payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3 hereof) and premium, if any, and
accrued interest on such Note, on or after the respective due dates expressed in such Note or in the event of redemption, or to institute suit for the enforcement of any such payment on or after such respective dates against the Issuer shall not be
impaired or affected without the consent of such Holder. 
 Section 6.05. Proceedings by Trustee. In case of an Event of
Default, the Trustee may, in its discretion, proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by
action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal
or equitable right vested in the Trustee by this Indenture or by law. 
 Section 6.06. Remedies Cumulative and Continuing. All
powers and remedies given by this Article 6 to the Trustee or to the Noteholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the
Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to
exercise any right or power accruing upon any Default or Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such Default or any acquiescence therein, and, subject
to the provisions of Section 6.04 hereof, every power and remedy given by this Article 6 or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Noteholders. 
 Section 6.07. Direction of Proceedings and Waiver of Defaults by Majority of Noteholders. The Holders
of not less than a majority in aggregate principal amount of the Notes at the time outstanding 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; provided, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, (b) the Trustee may take any other action which is not inconsistent with such direction,
(c) the Trustee may decline to take any action that would benefit some Noteholders to the detriment of other Noteholders or otherwise be unduly prejudicial to the Noteholders not joining therein and (d) the Trustee may decline to take any
action that would 

  
 33 

 
involve the Trustee in personal liability. Prior to taking any such action hereunder, the Trustee shall be entitled to indemnification reasonably satisfactory to it in its sole discretion against
all losses and expenses caused by taking or not taking such action. 
 The Holders of a majority in aggregate principal amount of the Notes
at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of the principal of (including the Redemption Price
upon redemption pursuant to Article 3 hereof), premium, if any, or interest on the Notes, unless such default has been cured and the Issuer has deposited with the Trustee all required payments of the principal of, premium, if any, and
interest on the Notes (provided, however, that the Holders of a majority in aggregate principal amount of the Notes then outstanding may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration) or (ii) a default in respect of a covenant or provisions hereof which under Article 9 hereof cannot be modified or amended without the consent of the Holders of all Notes then outstanding or each Note affected
thereby. 
 Upon any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and
rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this
Section 6.07, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereon. 
 Section 6.08. Notice of Defaults. The Trustee shall, within ninety
(90) calendar days after a Responsible Officer of the Trustee has knowledge of the occurrence of a Default, mail (or send by electronic transmission) to all Noteholders, as the names and addresses of such Holders appear upon the Note Register,
notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided, that except in the case of default in the payment of the principal of (including the
Redemption Price upon redemption pursuant to Article 3 hereof), or interest on any of the Notes, 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 determines that the withholding of such notice is in the interest of the Noteholders. 
 Section 6.09.
Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its 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 an 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 party litigant;
provided, that the provisions of this Section 6.09 (to the extent permitted by law) shall not apply to any suit instituted by the Issuer or the Guarantor, to any suit instituted by the Trustee, to any suit instituted by any
Noteholder, or group of Noteholders, holding in the aggregate more than ten percent (10%) in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 hereof, or to any

  
 34 

 
suit instituted by any Noteholder for the enforcement of the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3 hereof), or interest on any
Note on or after the due date expressed in such Note. 
 ARTICLE 7 

THE TRUSTEE 
 Section 7.01.
Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived), 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 its own affairs. 
 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: 

(a) prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default which may have occurred: 

(i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and the
Trust Indenture Act, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture and the
Trust Indenture Act against the Trustee; and 
 (ii) in the absence of bad faith and willful misconduct on the part of the
Trustee, the Trustee may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein, upon any 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 provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture; 
 (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer
or Officers of the Trustee, unless the Trustee was negligent in ascertaining the pertinent facts; 
 (c) 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 written direction of the Holders of not less than a majority in principal amount of the Notes at the time outstanding determined as provided in
Section 8.04 hereof 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; 

  
 35 

 (d) whether or not therein 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 8.04; 

(e) the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Issuer or any Paying Agent (other than the Trustee) or any records maintained by any co-registrar (other than the Trustee) with respect to the Notes; 

(f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred unless a Responsible Officer of the Trustee has actual knowledge thereof or unless the Trustee has otherwise received
written notice thereof; and 
 (g) the Trustee shall not be deemed to have knowledge of any Event of Default hereunder unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless the Trustee shall have been notified in writing of such Event of Default by the Issuer or a Holder of Notes. In addition, the Trustee shall have no duty to inquire as to the performance
of the Issuer’s covenants in Article 4 hereof. 
 None of the provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it. 
 Except as explicitly specified otherwise herein,
Issuer will be responsible for making all calculations required under this Indenture and the Notes. Issuer will make such calculations in good faith and, absent manifest error, Issuer’s calculations will be final and binding on Holders of the
Notes. Issuer will provide a schedule of its calculations to the Trustee, and the Trustee is entitled to rely upon the accuracy of Issuer’s calculations without independent verification. The Trustee will forward Issuer’s calculations to
any Holder of the Notes upon request. 
 Section 7.02. Reliance on Documents, Opinions, etc. Except as otherwise provided in
Section 7.01 hereof: 
 (a) the Trustee may conclusively rely and shall be protected in acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, Note, coupon or other paper or document (whether in its original, facsimile or electronic form) believed by it in good faith to be genuine and to have been
signed or presented by the proper party or parties; 
 (b) any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the
Secretary or an Assistant Secretary of the Issuer; 

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

(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Noteholders pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee in its sole discretion against the costs,
expenses and liabilities which may be incurred therein or thereby; 
 (e) 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 or other paper or document, but the Trustee may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney; 

(f) 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 by it with due care hereunder; 

(g) 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; 
 (h) 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; 
 (i) the Trustee may request that the Issuer deliver an Officers’ 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 Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded; and 
 (j) any permissive right or authority
granted to the Trustee shall not be construed as a mandatory duty. 
 In no event shall the Trustee be liable for any special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out
of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; 

  
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earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications
service, accidents; labor disputes; acts of civil or military authority or governmental actions (it being understood that the Trustee shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances).

 Section 7.03. No Responsibility for Recitals, etc. The recitals contained herein and in the Notes (except in the
Trustee’s certificate of authentication) shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Issuer of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture. 

Section 7.04. Trustee, Paying Agents or Registrar May Own Notes. The Trustee, any Paying Agent or Note Registrar, in its
individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not Trustee, Paying Agent or Note Registrar. 

Section 7.05. Monies to Be Held in Trust. Subject to the provisions of Section 11.02 hereof, all monies received by
the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Monies held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law.
Except as otherwise provided herein, the Trustee shall be under no liability for interest on any monies received by it hereunder except as may be agreed in writing from time to time by the Issuer and the Trustee. 

Section 7.06. Compensation and Expenses of Trustee. The Issuer covenants and agrees to pay to the Trustee from time to time, and
the Trustee shall be entitled to, such compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to
from time to time in writing between the Issuer and the Trustee, and the Issuer will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with
any of the provisions of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as may arise
from its negligence, willful misconduct or bad faith. The Issuer also covenants to indemnify the Trustee and any predecessor Trustee (or any officer, director or employee of the Trustee), in any capacity under this Indenture and any authenticating
agent for, and to hold them harmless against, any and all loss, liability, damage, claim or reasonable expense including taxes (other than taxes based on the income of the Trustee) incurred without negligence, willful misconduct or bad faith on the
part of the Trustee or such officers, directors, employees or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this trust or in any other capacity hereunder, including the
reasonable costs and expenses of defending themselves against any claim (whether asserted by the Issuer, any Holder or any other Person) of liability in the premises. The obligations of the Issuer under this Section 7.06 to compensate or
indemnify the 

  
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Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall be secured by a lien prior to that of the Notes upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Notes. The obligation of the Issuer under this Section 7.06 shall survive the satisfaction and discharge of this Indenture. 

When the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in
Section 6.01(e), Section 6.01(f) or Section 6.01(g) hereof with respect to the Issuer occurs, the expenses and the compensation for the services are intended to constitute reasonable expenses of administration
under any bankruptcy, insolvency or similar laws. 
 Section 7.07. Officers’ Certificate as Evidence. Except as otherwise
provided in Section 7.01 hereof, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence, bad faith, recklessness or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee. 
 Section 7.08. Conflicting Interests of Trustee. If the
Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Indenture. 
 Section 7.09. Eligibility of Trustee. There shall at all times be a Trustee hereunder which
shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000 (or if such Person is a member of a bank holding company system, its bank holding company shall have
a combined capital and surplus of at least $50,000,000). If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this
Section 7.09 the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible
in accordance with the provisions of this Section 7.09, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 7.10. Resignation or Removal of Trustee. 

(a) The Trustee may at any time resign by giving written notice of such resignation to the Issuer and to the Holders of Notes. Upon receiving
such notice of resignation, the Issuer shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment sixty (60) calendar days after the mailing of such notice of resignation to the Noteholders, the resigning Trustee may, upon
ten (10) Business Days’ notice to the Issuer and the Noteholders, appoint a successor identified in such notice or may petition, at the expense of the Issuer, any court of competent jurisdiction for the

  
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appointment of a successor trustee, or, if any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, subject to the provisions of Section 6.09
hereof, on behalf of itself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 (b) In case at any time any of the following shall occur: 

(i) the Trustee shall fail to comply with Section 7.08 hereof after written request therefor by the Issuer or by
any Noteholder who has been a bona fide holder of a Note or Notes for at least six months; or 
 (ii) the Trustee shall cease
to be eligible in accordance with the provisions of Section 7.09 hereof and shall fail to resign after written request therefor by the Issuer or by any such Noteholder; or 

(iii) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

then, in any such case, the Issuer may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board
of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.09 hereof, any Noteholder who has been a bona fide holder of a Note
or Notes for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided, that if no
successor Trustee shall have been appointed and have accepted appointment sixty (60) calendar days after either the Issuer or the Noteholders has removed the Trustee, or the Trustee resigns, the Trustee so removed may petition, at the expense
of the Issuer, any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
Section 7.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11 hereof. 

(d) Notwithstanding the replacement of the Trustee pursuant to this Section 7.10, the Issuer’s obligations under
Section 7.06 hereof shall continue for the benefit of the retiring Trustee. 
 Section 7.11. Acceptance by Successor
Trustee. Any successor trustee appointed as provided in Section 7.10 hereof shall execute, acknowledge and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder,
with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the Issuer or of the successor 

  
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trustee, the trustee ceasing to act shall, upon payment of any amount then due it pursuant to the provisions of Section 7.06 hereof, execute and deliver an instrument transferring to
such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such
successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property and funds held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of
particular Notes, to secure any amounts then due it pursuant to the provisions of Section7.06 hereof. 
 No successor trustee shall
accept appointment as provided in this Section 7.11 unless, at the time of such acceptance, such successor trustee shall be qualified under the provisions of Section 7.08 hereof and be eligible under the provisions of
Section 7.09 hereof. 
 Upon acceptance of appointment by a successor trustee as provided in this Section 7.11, the
Issuer (or the former trustee, at the written direction of the Issuer) shall mail (or send by electronic transmission) or cause to be mailed (or sent by electronic transmission) notice of the succession of such trustee hereunder to the Holders of
Notes at their addresses as they shall appear on the Note Register. If the Issuer fails to mail such notice within ten (10) calendar days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to
be mailed at the expense of the Issuer. 
 Section 7.12. Succession by Merger. Any corporation into which the Trustee may be
merged or exchanged or with which it may be consolidated, or any corporation resulting from any merger, exchange or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust
business of the Trustee (including any trust created by this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided, that
in the case of any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, such corporation shall be qualified under the provisions of Section 7.08 hereof and eligible under the provisions of
Section 7.09 hereof. 
 In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture,
any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver
such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or any authenticating agent appointed by such successor trustee may authenticate such Notes in the name of the
successor trustee; and in all such cases such certificates shall have the full force that is provided in the Notes or in this Indenture; provided, that the right to adopt the certificate of authentication of any predecessor Trustee or
authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, exchange or consolidation. 

Section 7.13. Preferential Collection of Claims. If and when the Trustee shall be or become a creditor of the Issuer (or any other
obligor upon the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against the Issuer (or any such other obligor). 

  
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 ARTICLE 8 

THE NOTEHOLDERS 

Section 8.01. Action by Noteholders. Whenever in this Indenture it is provided that the Holders of a specified percentage in
aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the
Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Noteholders in person or by agent or proxy appointed in writing, or (b) by the record
of the Holders of Notes voting in favor thereof at any meeting of Noteholders, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Noteholders. Whenever the Issuer or the Trustee solicits the
taking of any action by the Holders of the Notes, the Issuer or the Trustee may fix in advance of such solicitation a date as the Record Date for determining Holders entitled to take such action. The Record Date, if any, shall be not more than
fifteen (15) calendar days prior to the date of commencement of solicitation of such action. 
 Section 8.02. Proof of
Execution by Noteholders. Subject to the provisions of Section 7.01 and Section 7.02 hereof, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance with
such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the registry of such Notes or by a certificate of the Note Registrar. 

Section 8.03. Absolute Owners. The Issuer, the Trustee, any Paying Agent and any Note Registrar may deem the Person in whose name
such Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person
other than the Issuer or any Note Registrar) for the purpose of receiving payment of or on account of the principal of (including the Redemption Price upon redemption pursuant to Article 3 hereof), premium, if any, and interest on such Note
and for all other purposes; and neither the Issuer nor the Trustee nor any Paying Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments so made to any Holder for the time being, or upon its order, shall be
valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note. 

Section 8.04. Issuer-owned Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of
Notes have concurred in any direction, consent, waiver or other action under this Indenture or whether a quorum is present at a meeting of the Holders of the Notes, Notes which are owned by the Issuer or any other obligor on the Notes or any
Affiliate of the Issuer or any other obligor on the Notes shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided, that for the purposes of determining whether the Trustee shall be protected
in relying on any such direction, consent, waiver or other action, only Notes which a Responsible Officer knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as outstanding for the
purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Notes and that the pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of the
Issuer or any such other obligor. In the case of 

  
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a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Issuer shall furnish to the
Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Issuer to be owned or held by or for the account of any of the above described Persons, and, subject to Section 7.01 hereof, the
Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

Section 8.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.01 hereof, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note which is shown by
the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02 hereof, revoke
such action so far as it concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in
exchange or substitution therefor, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor. 

ARTICLE 9 
 SUPPLEMENTAL INDENTURES

 Section 9.01. Supplemental Indentures Without Consent of Noteholders. The Issuer and the Trustee may, from time to time, and
at any time enter into an indenture or indentures supplemental without the consent of the Holders of the Notes hereto for one or more of the following purposes: 

(a) to evidence a successor to the Issuer as obligor under this Indenture; 

(b) to add to the covenants of the Issuer for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the
Issuer in this Indenture or in the Notes; 
 (c) to add Events of Default for the benefit of the Holders of the Notes; 

(d) to amend or supplement any provisions of this Indenture; provided, that no amendment or supplement shall materially adversely
affect the interests of the Holders of any Notes then outstanding; 
 (e) to secure the Notes; 

(f) to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under this Indenture by
more than one Trustee; 
 (g) to provide for rights of Holders of Notes if any consolidation, merger or sale of all or substantially all of
property or assets of the Issuer occurs; 

  
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 (h) to cure any ambiguity, defect or inconsistency in this Indenture; provided, that this
action shall not adversely affect the interests of the Holders of the Notes in any material respect; 
 (i) to provide for the issuance of
Additional Notes in accordance with the limitations set forth in this Indenture; 
 (j) to supplement any of the provisions of this
Indenture to the extent necessary to permit or facilitate defeasance and discharge of any of the Notes; provided, that the action shall not adversely affect the interests of the Holders of the Notes in any material respect; or 

(k) to conform the text of this Indenture or the Notes to any provision of the description thereof set forth in the Prospectus to the extent
that such provision in the Prospectus was intended to be a verbatim recitation of a provision in this Indenture or the Notes. 
 Upon the
written request of the Issuer, accompanied by a copy of the resolutions of the Issuer authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Issuer in the execution of any such supplemental
indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 9.01 may be executed by the Issuer and the Trustee without
the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 9.02 hereof. 

Section 9.02. Supplemental Indenture With Consent of Noteholders. With the consent (evidenced as provided in Article 8
hereof) of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Issuer and the Trustee may, from time to time and at any time, 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 any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided, that no such
supplemental indenture shall, without the consent of the Holder of each Note affected thereby: 
 (a) change the Stated Maturity of the
principal of or any installment of interest on the Notes, reduce the principal amount of, or the rate or amount of interest on, or any premium payable on redemption of, the Notes, or adversely affect any right of repayment of the Holder of the
Notes, change the place of payment, or the coin or currency, for payment of principal of or interest on any Note or impair the right to institute suit for the enforcement of any payment on or with respect to the Notes; 

(b) reduce the percentage in principal amount of the outstanding Notes necessary to modify or amend this Indenture, to waive compliance with
certain provisions of this Indenture or certain defaults and their consequences provided in this Indenture, or to reduce the requirements of quorum or change voting requirements set forth in this Indenture; 

  
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 (c) modify or affect in any manner adverse to the Holders the terms and conditions of the
obligations of the Issuer in respect of the due and punctual payments of principal and interest; 
 (d) modify any of this
Section 9.02 or Section 6.07 hereof or any of the provisions relating to the waiver of certain past Defaults or certain covenants, except to increase the required percentage to effect the action or to provide that certain
other provisions may not be modified or waived without the consent of the Holders of the Notes; or 
 (e) change the terms of the
subordination of the Notes in a manner adverse in any material respect to the Holders of the Notes. 
 Upon the written request of the
Issuer, accompanied by a copy of the resolutions of the Issuer authorizing the execution of any supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Noteholders as aforesaid, the Trustee shall join with the
Issuer in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not
be obligated to, enter into such supplemental indenture. 
 It shall not be necessary for the consent of the Noteholders under this
Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 9.03. Subordination Unimpaired. This Indenture shall not be amended at any time to alter the subordination, as provided
herein, of any of the Notes then outstanding without the written consent of the requisite holders of each series of debt securities representing Senior Indebtedness (as determined in accordance with terms of the instrument governing such Senior
Indebtedness) then outstanding that would be adversely affected thereby. 
 Section 9.04. Effect of Supplemental Indenture. Any
supplemental indenture executed pursuant to the provisions of this Article 9 shall comply with the Trust Indenture Act, as then in effect, provided that this Section 9.04 shall not require such supplemental indenture or the
Trustee to be qualified under the Trust Indenture Act prior to the time, if ever, such qualification is in fact required under the terms of the Trust Indenture Act or the Indenture has been qualified under the Trust Indenture Act, nor shall it
constitute any admission or acknowledgment by any party to such supplemental indenture that any such qualification is required prior to the time, if ever, such qualification is in fact required under the terms of the Trust Indenture Act or the
Indenture has been qualified under the Trust Indenture Act. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 9, this Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer and the Holders of Notes shall thereafter be determined, exercised and enforced hereunder, subject in all
respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.05. Notation on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to
the provisions of this Article 9 may bear a notation in 

  
 45 

 
form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of
the Trustee and the Issuer, to any modification of this Indenture contained in any such supplemental indenture may, at the Issuer’s expense, be prepared and executed by the Issuer, authenticated by the Trustee (or an authenticating agent duly
appointed by the Trustee pursuant to Section 16.11 hereof) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. 

Section 9.06. Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee. Prior to entering into any supplemental
indenture pursuant to this Article 9, the Trustee shall be provided with an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto is the valid, binding and
enforceable obligation of the Issuer, complies with the requirements of this Article 9 and is otherwise authorized or permitted by this Indenture. 

ARTICLE 10 
 CONSOLIDATION, MERGER,
SALE, CONVEYANCE AND LEASE 
 Section 10.01. Issuer May Consolidate on Certain Terms. Nothing contained in this Indenture or in
the Notes shall prevent any consolidation or merger of the Issuer with or into any other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers in which either the Issuer will be the continuing entity
or the Issuer or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Issuer, to any other Person (whether or not affiliated with the
Issuer); provided, however, that the following conditions are met: 
 (a) the Issuer shall be the continuing entity, or the
successor entity (if other than the Issuer) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States and shall expressly assume payment of the principal of
and interest on all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in this Indenture; 

(b) immediately after giving effect to such transaction, no Default and no Event of Default shall have occurred and be continuing; and 

(c) either the Issuer or the successor Person, in either case, shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article 10
and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 No such consolidation,
merger, sale, conveyance, transfer or lease shall be permitted by this Section 10.01 unless prior thereto the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the
Issuer’s obligations hereunder shall remain in full force and effect thereafter. 
 Section 10.02. Issuer Successor to Be
Substituted. Upon any consolidation by the Issuer with or merger of the Issuer into any other Person or any sale, conveyance, transfer or lease of all 

  
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or substantially all of the properties and assets of the Issuer to any Person in accordance with Section 10.01 hereof, the successor Person formed by such consolidation or into which
the Issuer is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such successor Person
had been named as the Issuer herein, and thereafter, except in the case of a lease, the predecessor Person shall be released and discharged from all obligations and covenants under this Indenture and the Notes. 

In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in
substance) may be made in the Notes thereafter to be issued as may be appropriate. 
 ARTICLE 11 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 11.01. Discharge of Indenture. This Indenture shall cease to be of further effect (except as to any surviving rights of
registration of transfer or exchange of Notes herein expressly provided for and except as further provided below), and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when (a) either: (1) all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 11.04 hereof and (ii) Notes for whose payment monies have theretofore been deposited in trust and thereafter repaid to the Issuer as provided in Section 11.04 hereof) have been delivered to the Trustee for
cancellation; or (2) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable, whether at the Maturity Date, or otherwise, or (ii) are to be called for redemption under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clause (1) or (2) above, has irrevocably deposited or caused to be irrevocably
deposited with the Trustee or a Paying Agent (other than the Issuer or any of its Affiliates), as applicable, as trust funds in trust cash in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered
to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Maturity Date or Redemption Date, as the case may be; provided, however, that
there shall not exist, on the date of such deposit, a Default or Event of Default; provided, further, that such deposit shall not result in a breach or violation of, or constitute a Default under, this Indenture or any other agreement
or instrument to which the Issuer is a party or to which the Issuer is bound; (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and (c) the Issuer has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer to the Trustee under Section 7.06
hereof shall survive and, if monies shall have been deposited with the Trustee pursuant to subclause (2) of clause (a) of this Section 11.01, the provisions of Section 2.06, Section 2.07,
Section 2.08, Section 5.01 hereof and this Article 11, shall survive until the Notes have been paid in full. 

  
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 Section 11.02. Deposited Monies to Be Held in Trust by Trustee. Subject to
Section 11.04 hereof, all monies deposited with the Trustee pursuant to Section 7.05 hereof shall be held in trust for the sole benefit of the Noteholders, and such monies shall be applied by the Trustee to the payment,
either directly or through any Paying Agent (including the Issuer if acting as its own Paying Agent), to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Trustee, of all sums due and
to become due thereon for principal, premium, if any, and interest. The Trustee is not responsible to anyone for interest on any deposited funds except as agreed in writing. 

Section 11.03. Paying Agent to Repay Monies Held. Subject to the provisions of Section 11.04 hereof, the Trustee or a
Paying Agent shall hold in trust, for the benefit of the Noteholders, all monies deposited with it pursuant to Section 11.01 hereof and shall apply the deposited monies in accordance with this Indenture and the Notes to the payment of
the principal of (including the Redemption Price upon redemption pursuant to Article 3 hereof) and interest on the Notes. 

Section 11.04. Return of Unclaimed Monies. The Trustee and each Paying Agent shall pay to the Issuer upon request any monies held
by them for the payment of principal or interest that remains unclaimed for two years after a right to such monies have matured; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may, at the
expense of the Issuer, either publish in a newspaper of general circulation in The City of New York, or cause to be mailed (or sent by electronic transmission) to each Holder entitled to such monies, notice that such monies remain unclaimed and that
after a date specified therein, which shall be at least thirty (30) calendar days from the date of such mailing or publication, any unclaimed balance of such monies then remaining will be repaid to the Issuer. After payment to the Issuer,
Holders entitled to monies must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another person, and the Trustee and each Paying Agent shall be relieved of all liability with respect to such
monies. 
 Section 11.05. Reinstatement. If the Trustee or the Paying Agent is unable to apply any monies in accordance with
Section 11.02 hereof by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Notes shall be
revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof until such time as the Trustee or the Paying Agent is permitted to apply all such monies in accordance with Section 11.02 hereof;
provided, that if the Issuer makes any payment of principal of or interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the
monies held by the Trustee or Paying Agent. 
 ARTICLE 12 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 12.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option and at any time, elect to
have either Section 12.02 or Section 12.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 12. 

  
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 Section 12.02. Legal Defeasance and Discharge. Upon the Issuer’s exercise under
Section 12.01 hereof of the option applicable to this Section 12.02, the Issuer will, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, be deemed to have been discharged from their
obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer will be deemed to have paid and
discharged the entire Debt represented by the outstanding Notes, which will thereafter be deemed to be “outstanding” only for the purposes of Section 12.05 hereof and the other sections of this Indenture referred to in
clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute instruments reasonably requested by the Issuer
acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (a)
the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium and Additional Interest, if any, on, such Notes when such payments are due from the trust referred to in Section 12.04
hereof; 
 (b) the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 

(c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith; and

 (d) this Article 12. 

Subject to compliance with this Article 12, the Issuer may exercise its option under this Section 12.02 notwithstanding the
prior exercise of its option under Section 12.03 hereof. 
 Section 12.03. Covenant Defeasance. 

Upon the Issuer’s exercise under Section 12.01 hereof of the option applicable to this Section 12.03, the Issuer
will, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, be released from each of their obligations under the covenants contained in Section 4.09, Section 4.10 and
Section 4.11 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 12.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will
thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the
Issuer may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason
of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 12.01 hereof of the option 

  
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applicable to this Section 12.03, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, Section 6.01(c) and Section 6.01(d) hereof will
not constitute Events of Default. 
 Section 12.04. Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 12.02 or Section 12.03
hereof: 
 (a) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of,
premium and Additional Interest, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such
stated date for payment or to a particular Redemption Date; 
 (b) in the case of an election under Section 12.02 hereof, the
Issuer must deliver to the Trustee an Opinion of Counsel confirming that: 
 (1) the Issuer has received from, or there has
been published by, the Internal Revenue Service a ruling; or 
 (2) since the date 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 of Counsel shall confirm that, the Holders of
the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal 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 Legal Defeasance had not occurred; 
 (c) in the case of an election under Section 12.03 hereof, the
Issuer must deliver to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes 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; 

(d) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other indebtedness being defeased, discharged or replaced), and the granting of liens to secure such borrowings); 

(e) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture and the agreements governing any other indebtedness being defeased, discharged or replaced) to which the Issuer is a party or by which the Issuer is bound; 

  
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 (f) the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or others; and 

(g) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 12.05. Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 12.06 hereof, all money and
non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 12.05, the “Trustee”) pursuant to
Section 12.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Additional Interest, if any, and interest, but such money need
not be segregated from other funds except to the extent required by law. 
 The Issuer will pay and indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 12.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 12 to the
contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable Government Securities held by it as provided in Section 12.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 12.04(a) hereof), are in excess of the amount thereof that would
then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 12.06. Repayment to
Issuer. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the
principal of, premium or Additional Interest, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Additional Interest, if any, or interest has become due and payable shall be paid to the Issuer on
its request or (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Issuer as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause
to be published once, in the New York Times and The Wall Street Journal (national edition), notice 

  
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that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Issuer. 
 Section 12.07. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with
Section 12.02 or Section 12.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and
the Guarantor’s obligations under this Indenture and the Notes and the Guarantee will be revived and reinstated as though no deposit had occurred pursuant to Section 12.02 or Section 12.03 hereof until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 12.02 or Section 12.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium or
Additional Interest, if any, or interest on, any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying
Agent. 
 ARTICLE 13 
 IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 Section 13.01. Indenture and Notes Solely Corporate Obligations. No
recourse for the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3 hereof) or, premium, if any, or interest on any Note, or for any claim based thereon or otherwise in respect thereof, and no
recourse under or upon any obligation, covenant or agreement of the Issuer in this Indenture or in any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator,
stockholder, limited partner, member, manager, employee, agent, officer, director or Subsidiary, as such, past, present or future, of the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, either directly or through the
Issuer or any of the Issuer’s Subsidiaries or any successor thereto, 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 all such
liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes. 

ARTICLE 14 
 MEETINGS OF HOLDERS OF
NOTES 
 Section 14.01. Purposes for Which Meetings May Be Called. A meeting of Holders of Notes may be called at any time and
from time to time pursuant to this Article 14 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 Notes. 

Section 14.02. Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders of Notes for any purpose specified in Section 14.01 hereof, to be held
at such time and at such place in The City of New York, New York as the Trustee shall determine. Notice of every meeting of Holders of Notes, 

  
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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 16.03
hereof, not less than twenty-one (21) nor more than 180 days prior to the date fixed for the meeting. 
 (b) In case at any time the
Issuer or the Holders of at least 10% in principal amount of the outstanding Notes shall have requested the Trustee to call a meeting of the Holders of Notes for any purpose specified in Section 14.01 hereof, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed (or sent by electronic transmission) notice of or made the first publication of the notice of such meeting within twenty-one
(21) days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuer or the Holders of Notes in the amount above specified, as the case may be, may determine the time and
the place in The City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section 14.02. 

Section 14.03. Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Notes, a Person shall be
(a) a Holder of one or more outstanding Notes, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such Holder or Holders. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders of Notes 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 Issuer and its counsel. 

Section 14.04. Quorum; Action. The Persons entitled to vote a majority in principal amount of the outstanding Notes shall
constitute a quorum for a meeting of Holders of Notes; provided, however, that if any action is to be taken at the meeting with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which may
be made, given or taken by the Holders of not less than a specified percentage in principal amount of the outstanding Notes, the Persons holding or representing the specified percentage in principal amount of the outstanding Notes will constitute a
quorum. 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 Notes, be dissolved. In any other case the meeting may be adjourned for a period of not
less than ten (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 such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less
than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 14.02 hereof, 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 Notes which shall constitute a quorum. 
 Except as limited by the proviso to Section 9.02
hereof, 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 Notes;
provided, however, that, except as limited by the proviso to Section 9.02 hereof, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture
expressly provides may be made, given or 

  
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taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes 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 Notes. 

Any resolution passed or decision taken at any meeting of Holders of Notes duly held in accordance with this Section 14.04 shall
be binding on all the Holders of Notes, whether or not such Holders were present or represented at the meeting. 
 Section 14.05.
Determination of Voting Rights; Conduct and Adjournment of Meetings. 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 Notes in
regard to proof of the holding of Notes 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 Notes shall be proved in the manner specified in Section 8.03 hereof and
the appointment of any proxy shall be proved in the manner specified in Section 8.01 hereof. 
 (a) The Trustee shall, by an
instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Issuer or by Holders of Notes as provided in Section 14.02(b) hereof, in which case the Issuer or the Holders of Notes
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 Notes of such series represented at the meeting. 
 (b) At any meeting, each Holder of a Note or proxy shall be entitled to one
vote for each $2,000 principal amount of Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note 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 Note or proxy. 
 (c) Any
meeting of Holders of Notes duly called pursuant to Section 14.02 hereof 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 Notes represented at
the meeting; and the meeting may be held as so adjourned without further notice. 
 Section 14.06. Counting Votes and Recording
Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of Notes shall be by written ballots on which shall be subscribed the signatures of the Holders of Notes or of their representatives by proxy and the principal
amounts and serial numbers of the outstanding Notes 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 Notes 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 

  
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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 14.02 hereof and, if
applicable, Section 14.04 hereof. 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 Issuer, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

ARTICLE 15 
 SUBORDINATION OF NOTES

 Section 15.01. Agreement of Subordination. The Issuer covenants and agrees, and each Holder of Notes issued hereunder by his
or her acceptance thereof likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article 15; and each Noteholder, whether upon original issue or upon transfer or assignment thereof, accepts and agrees
to be bound by such provisions. 
 The payment of the principal of, premium, if any, and interest on all Notes issued hereunder shall, to
the extent and in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date of this Indenture or thereafter incurred. 

The provisions of this Article 15 define the subordination of the Notes, as obligations of the Issuer, with respect to Senior
Indebtedness of the Issuer, as defined for the Issuer. 
 No provision of this Article 15 shall prevent the occurrence of any default
or Event of Default hereunder. 
 Section 15.02. Payments to Noteholders. In the event and during the continuation of any
default in the payment of principal, premium, interest or any other payment due on any Senior Indebtedness of the Issuer continuing beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness of the
Issuer, then, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment shall be made by the Issuer with respect to the principal of, or premium, if any, or interest on the Notes. 

Upon any payment by the Issuer, or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, to
creditors upon any dissolution or winding-up or liquidation or reorganization of the Issuer, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior
Indebtedness of the Issuer shall first be paid in full, or payment thereof provided for in money in accordance with its terms, before any payment is made on account of the principal (and premium, if any) or interest on the Notes (except payments
made pursuant to Article 11 hereof from monies deposited with the Trustee pursuant thereto prior to the happening of such dissolution, winding-up, liquidation or reorganization); and upon any such dissolution or winding-up or liquidation
or reorganization any payment by the Issuer, or distribution of assets of the Issuer of and kind or character, whether in cash, property or securities, to which the holders of the Notes or the Trustee would be entitled, except for the provisions of
this Article 15, shall (except as aforesaid) be paid by the Issuer or by any receiver, trustee in bankruptcy, 

  
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liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the Notes or by the Trustee under this Indenture if received by them or it, directly to the
holders of Senior Indebtedness of the Issuer (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness of the Issuer held by such holders, as calculated by the Issuer) or their representative or representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments evidencing any Senior Indebtedness of the Issuer may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior Indebtedness of
the Issuer in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness of the Issuer, before any payment or distribution is made to the Holders of the Notes or
to the Trustee. 
 In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Issuer of any kind or
character, whether in cash, property or securities, prohibited by the foregoing, shall be received by the Trustee or the Holders of the Notes before all Senior Indebtedness of the Issuer is paid in full, or provision is made for such payment in
money in accordance with its terms, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness of the Issuer or their representative or representatives, or to the
trustee or trustees under any indenture pursuant to which any instruments evidencing any Senior Indebtedness of the Issuer may have been issued, as their respective interests may appear, as calculated by the Issuer, for application to the payment of
all Senior Indebtedness of the Issuer remaining unpaid to the extent necessary to pay all Senior Indebtedness of the Issuer in full in money in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the
holders of such Senior Indebtedness. 
 For purposes of this Article 15, the words, “cash, property or securities” shall
not be deemed to include shares of stock of the Issuer as reorganized or readjusted, or securities of the Issuer or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the
extent provided in this Article 15 with respect to the Notes to the payment of all Senior Indebtedness of the Issuer which may at the time be outstanding; provided that (i) the Senior Indebtedness of the Issuer is assumed by the new
corporation, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of the Senior Indebtedness of the Issuer (other than leases) and of leases which are assumed are not, without the consent of such
holders, altered by such reorganization or readjustment. The consolidation of the Issuer with, or the merger of the Issuer into, another corporation or the liquidation or dissolution of the Issuer following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article 10 hereof shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 15.02 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article 10 hereof. Nothing in this Section 15.02 shall apply to
claims of, or payments to, the Trustee under or pursuant to Section 7.06. 
 Section 15.03. Subrogation of Notes.
Subject to the payment in full of all Senior Indebtedness of the Issuer, the rights of the Holders of the Notes shall be subrogated to the rights of the holders of Senior Indebtedness of the Issuer to receive payments or distributions of cash,
property or securities of the Issuer applicable to the Senior Indebtedness of the Issuer until the 

  
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principal of (and premium, if any) and interest on the Notes shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior
Indebtedness of the Issuer of any cash, property or securities to which the Holders of the Notes or the Trustee would be entitled except for the provisions of this Article 15 no payment over pursuant to the provisions of this Article
15 , to or for the benefit of the holders of Senior Indebtedness of the Issuer by Holders of the Notes or the Trustee, shall, as between the Issuer, its creditors other than holders of Senior Indebtedness of the Issuer, and the Holders of the
Notes, be deemed to be a payment by the Issuer to or on account of the Senior Indebtedness of the Issuer. It is understood that the provisions of this Article 15 are and are intended solely for the purpose of defining the relative rights of
the Holders of the Notes, on the one hand, and the holders of the Senior Indebtedness of the Issuer, on the other hand. 
 Nothing contained
in this Article 15 or elsewhere in this Indenture or in the Notes is intended to or shall impair, as between the Issuer, its creditors other than the holders of its Senior Indebtedness, and the Holders of the Notes, the obligation of the
Issuer, which is absolute and unconditional, to pay to the Holders of the Notes the principal of (and premium, if any) and interest on the Notes as and when the same shall become due and payable in accordance with their terms, or is intended to or
shall affect the relative rights of the Holders of the Notes and creditors of the Issuer other than the holders of its Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the Holder of any Note from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article 15 of the holders of Senior Indebtedness of the Issuer in respect of cash, property or securities of the
Issuer received upon the exercise of any such remedy. 
 Upon any payment or distribution of assets of the Issuer referred to in this
Article 15, the Trustee, and the Holders of the Notes shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of the Notes, for the purpose of ascertaining the Persons entitled to
participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article 15. 
 Section 15.04. Authorization by Noteholders. Each Holder of a Note by his or her acceptance thereof
authorizes and directs the Trustee in his or her behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article 15 appoints the Trustee his or her attorney-in-fact for any and all such
purposes. 
 Section 15.05. Notice to Trustee. The Issuer shall give promptly written notice to a Responsible Officer of the
Trustee of any fact known to the Issuer which would prohibit the making of any payment of monies to or by the Trustee in respect of the Notes pursuant to the provisions of this Article 15. Notwithstanding the provisions of this Article
15 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the Notes pursuant to the
provisions of this Article 15, unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office of 

  
 57 

 
the Trustee from the Issuer or a holder or holders of Senior Indebtedness or from any trustee therefor; and before the receipt of any such written notice, the Trustee shall be entitled in all
respects to assume that no such facts exist; provided that if on a date not fewer than three Business Days prior to the date upon which by the terms hereof any such monies may become payable for any purpose (including, without limitation, the
payment of the principal of (or premium, if any) or interest on any Note) the Trustee shall not have received, with respect to such monies, the notice provided for in this Section 15.05, then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such monies and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it on or
after such prior date. 
 Notwithstanding the foregoing, nothing shall prevent any payment by the Issuer or the Trustee to the Noteholders
of monies in connection with a redemption of Notes if (i) notice of such redemption has been given pursuant to Article 3 or Section 11.01 hereof prior to the receipt by the Trustee of written notice as aforesaid, and
(ii) such notice of redemption is given not earlier than sixty (60) days before the redemption date. 
 The Trustee conclusively
shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness of the Issuer (or a trustee on behalf of such holder) to establish that such notice has been given by a holder
of Senior Indebtedness of the Issuer or a trustee on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior
Indebtedness of the Issuer to participate in any payment or distribution pursuant to this Article 15, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior
Indebtedness of the Issuer held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article 15, and if such evidence
is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

Section 15.06. Trustee’s Relation to Senior Indebtedness. The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article 15 in respect of any Senior Indebtedness of the Issuer at any time held by it, to the same extent as any other holder of Senior Indebtedness of the Issuer and nothing elsewhere in this Indenture shall deprive
the Trustee of any of its rights as such holder. 
 With respect to the holders of Senior Indebtedness of the Issuer, the Trustee undertakes
to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article 15, and no implied covenants or obligations with respect to the holders of Senior Indebtedness of the Issuer shall be read into
this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Issuer and the Trustee shall not be liable to any holder of Senior Indebtedness of the Issuer if it shall pay
over or deliver to Holders of Notes, the Issuer or any other Person money or assets to which any holder of Senior Indebtedness of the Issuer shall be entitled by virtue of this Article 15 or otherwise. 

  
 58 

 Section 15.07. No Impairment of Subordination. No right of any present or future
holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuer or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by the Issuer with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charge with. 

Section 15.08. Rights of Trustee. Nothing in this Article 15 shall apply to claims of or payments to, the Trustee pursuant
to Section 7.06 or Section 11.02. 
 Section 15.09. Article 15 Applicable to Paying Agents. The term
“Trustee” as used in this Article 15, shall (unless the context otherwise requires) be construed as extending to and including the Paying Agent within its meaning as fully for all intents and purposes as if the Paying Agent were
named in this Article 15 in addition to in place of the Trustee; provided, however, that Section 15.06 and Section 15.08 shall not apply to the Issuer or any Affiliate of the Issuer if it or such Affiliate acts as
Paying Agent. 
 ARTICLE 16 

MISCELLANEOUS PROVISIONS 

Section 16.01. Provisions Binding on Issuer’s Successors. All the covenants, stipulations, promises and agreements by the
Issuer contained in this Indenture shall bind its successors and assigns whether so expressed or not. 
 Section 16.02. Official
Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Issuer shall and may be done and performed with like force and
effect by the like board, committee or officer of any Person that shall at the time be the lawful sole successor of the Issuer. 

Section 16.03. Addresses for Notices, etc. Any notice or demand which by any provision of this Indenture is required or permitted
to be given or served by the Trustee or by the Holders of Notes on the Issuer shall be in writing and shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box, or sent by overnight courier, or sent by telecopier transmission addressed as follows: 
 To the
Issuer: 
 Healthcare Trust of America, Inc. 

16435 North Scottsdale Road, Suite 320 

Scottsdale, Arizona 85254 

Telecopier No.: (480) 991-0755 

Attention: Mr. Scott D. Peters, Chief Executive Officer 

	 	cc:	 Mr. Robert A. Milligan, Chief Financial Officer 

  
 59 

 With a copy to: 

O’Melveny & Myers LLP 

Two Embarcadero Center, 28th Floor 

San Francisco, California 94111 

Telecopier No.: (415) 984-8701 

Attention: Peter T. Healy, Esq. 

Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all
purposes, if given or served by being deposited, postage prepaid, by registered or certified mail in a post office letter box, or sent by overnight courier, or sent by telecopier transmission addressed as follows: 

U.S. Bank National Association 

Global Corporate Trust Services 

101 North First Avenue, Suite 1600 

Mailstop LM-AZ-16P 
 Phoenix,
Arizona 85003 
 Telecopier No.: (602) 257-5433 

Attention: Mary Ambriz-Reyes, Healthcare Trust of America, Inc.     % 

Subordinated Notes due                     

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

Any notice or communication mailed to a Noteholder shall be mailed by first class mail, postage prepaid, at such Noteholder’s address as
it appears on the Note Register and shall be sufficiently given to such Noteholder if so mailed within the time prescribed. 
 Failure to
mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the
addressee receives it. 
 Section 16.04. Governing Law. This Indenture shall be governed by, and construed in accordance with,
the laws of the State of New York without regard to conflict of law principles that would result in the application of any laws other than the laws of the State of New York. 

Section 16.05. Evidence of Compliance with Conditions Precedent, Certificates to Trustee. Upon any application or demand by the
Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to
the proposed action have been complied with, and, if requested by the Trustee, an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture shall include: (1) a statement that the person making such certificate or opinion has read such 

  
 60 

 
covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is
based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an
Officers’ Certificate or certificates of public officials. 
 Section 16.06. Legal Holidays. In any case in which the
Stated Maturity of interest on or principal of the Notes or the Redemption Date of any Note will not be a Business Day, then payment of such interest on or principal of the Notes need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the Stated Maturity or the Redemption Date, and no interest shall accrue for the period from and after such date. 

Section 16.07. Trust Indenture Act. This Indenture is hereby made subject to, and shall be governed by, the provisions of the
Trust Indenture Act required to be part of and to govern indentures qualified under the Trust Indenture Act; provided, that this Section 16.07 shall not require this Indenture or the Trustee to be qualified under the Trust
Indenture Act prior to the time such qualification is in fact required under the terms of the Trust Indenture Act, nor shall it constitute any admission or acknowledgment by any party to the Indenture that any such qualification is required prior to
the time such qualification is in fact required under the terms of the Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in an indenture qualified under the
Trust Indenture Act, such required provision shall control. 
 Section 16.08. No Security Interest Created. Nothing in this
Indenture or in the Notes, expressed 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 in which property of the
Issuer or its subsidiaries is located. 
 Section 16.09. Benefits of Indenture. Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Note Registrar and their successors hereunder and the Holders of Notes any benefit or any legal or equitable right, remedy
or claim under this Indenture. 
 Section 16.10. Table of Contents, Headings, etc. The table of contents and the titles and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 16.11. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its
behalf, and subject to its direction, in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.06,
Section 2.07, Section 2.08 and Section 3.03 hereof, as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and
deliver Notes. 

  
 61 

 
For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee”
and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent
shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.09 hereof. 
 Any corporation into
which any authenticating agent may be merged or exchanged or with which it may be consolidated, or any corporation resulting from any merger, consolidation or exchange to which any authenticating agent shall be a party, or any corporation succeeding
to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation is otherwise eligible under this Section 16.11, without the execution or filing of
any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation. 
 Any
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such
authenticating agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section 16.11, the Trustee shall either
promptly appoint a successor authenticating agent or itself assume the duties and obligations of the former authenticating agent under this Indenture and, upon such appointment of a successor authenticating agent, if made, shall give written notice
of such appointment of a successor authenticating agent to the Issuer and shall mail notice of such appointment of a successor authenticating agent to all Holders of Notes as the names and addresses of such Holders appear on the Note Register. 

The Issuer agrees to pay to the authenticating agent from time to time such reasonable compensation for its services as shall be agreed upon
in writing between the Issuer and the authenticating agent. 
 The provisions of Section 7.02, Section 7.03,
Section 7.04 and Section 8.03 hereof and this Section 16.11 shall be applicable to any authenticating agent. 

Section 16.12. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Indenture by facsimile or other electronic imaging means shall be effective as delivery of a
manually executed counterpart of this Indenture. 
 Section 16.13. Severability. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 16.14. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, 

  
 62 

 
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide
the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 
 U.S.
Bank National Association hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions herein above set forth. 

[Remainder of Page Intentionally Left Blank] 

  
 63 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed. 

 

			
	HEALTHCARE TRUST OF AMERICA, INC.,
		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 

[Include only for Global Notes] 
 THIS GLOBAL NOTE IS HELD BY
THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1 

 HEALTHCARE TRUST OF AMERICA, INC. 

    % SUBORDINATED NOTES DUE
                     
 No.
             
 CUSIP No.:
             
 ISIN:             

 $         

Healthcare Trust of America, Inc., a Maryland corporation (herein called the “Issuer,” which term includes any successor
entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
            ($        ), or such lesser amount as is set forth in the Schedule of Increases or Decreases In Note on the other side of this Note, on
            ,         at the office or agency of the Issuer maintained for that purpose in accordance with the terms of the Indenture, in such coin
or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually on
            and             of each year, commencing             ,
        , on said principal sum at said office or agency, in like coin or currency, at the rate per annum of     %, from the
            or             , as the case may be, next preceding the date of this Note to which interest has been paid or duly
provided for, unless no interest has been paid or duly provided for on the Notes, in which case from             ,         until payment of said
principal sum has been made or duly provided for. The Issuer shall pay interest on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Note Register; provided, however, that
a Holder of any Notes in certificated form in the aggregate principal amount of more than $2.0 million may specify by written notice to the Issuer that it pay interest by wire transfer of immediately available funds to the account specified by the
Noteholder in such notice, or on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. 

The Issuer promises to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable
under applicable law) interest at the rate of 1% per annum above the rate borne by the Notes. 
 Reference is made to the further
provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed
manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

  
 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated:             ,          

 

			
	HEALTHCARE TRUST OF AMERICA, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes described in the within-named Indenture. 

Dated:             ,          

 

			
	U.S. Bank National Association, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-4 

 [FORM OF REVERSE SIDE OF NOTE] 

Healthcare Trust of America, Inc. 

        % SUBORDINATED NOTES DUE
                     
 This Note is
one of a duly authorized issue of Notes of the Issuer, designated as its     % Subordinated Notes due             (herein called the “Notes”), issued
under and pursuant to an Indenture dated as of             ,         (herein called the “Indenture”), between the Issuer and U.S.
Bank National Association, as trustee (herein called the “Trustee”), to which Indenture and any indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the Notes. Defined terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. 

If an Event of Default (other than an Event of Default specified in Section 6.01(e), Section 6.01(f) or
Section 6.01(g) with respect to the Issuer) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least
twenty five percent (25%) in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Section 6.01(e),
Section 6.01(f) or Section 6.01(g) of the Indenture occurs with respect to the Issuer, the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically due and
payable without necessity of further action. 
 The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of
the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 9.02 of the Indenture. Subject to the provisions of the Indenture, the Holders of not less
than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past Default or Event of Default, subject to exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Issuer and the Holders of
the Notes, the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, on and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein and in the
Indenture prescribed. 
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

The Notes are issuable in fully registered form, without coupons, in minimum denominations of $2,000 principal amount and any multiple of
$1,000. At the office or agency of the Issuer referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax,
assessment or other governmental charge that may be imposed in 

  
 A-5 

 
connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations. 

The Issuer shall have the right to redeem the Notes under certain circumstances as set forth in Section 3.01,
Section 3.02 and Section 3.03 of the Indenture. 
 The Notes are not subject to redemption through the operation of
any sinking fund. 
 No recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based hereon
or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, limited partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Issuer or any of the Issuer’s Subsidiaries or of any successor
thereto, either directly or through the Issuer or any of the Issuer’s subsidiaries or of any successor thereto, 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 all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

  
 A-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

		 	(Insert assignee’s legal name)

  
  

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

 
  
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
  

			
	and irrevocably appoint	  	  

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

  

			
	Date:	 	  

 

			
	Your Signature:	 	  

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

  

			
	Signature Guarantee*:	 	  

  

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

  
 A-7 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE * 

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

																	
	 Date of Exchange
	  	Amount of
decrease in
Principal
Amount at
maturity of this
Global Note	 	  	Amount of
increase in
Principal
Amount at
maturity of
this Global
Note	 	  	Principal Amount
at maturity of this
Global Note
following such
decrease
(or increase)	 	  	Signature of
authorized officer
of Trustee or
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  

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

  
 A-8Document

Exhibit 10.11
Conformed Copy

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

SETTLEMENT AGREEMENT
THIS SETTLEMENT AGREEMENT (the “Agreement”) is made by and among Rambus Inc., a Delaware corporation (“Rambus”), on the one hand, and Samsung Electronics Co., Ltd., a corporation organized under the laws of Korea (“Samsung Electronics”), Samsung Electronics America, Inc., a Delaware corporation, Samsung Semiconductor, Inc., a California corporation and Samsung Austin Semiconductor, L.P., a Texas limited partnership (collectively, “Samsung,” with Rambus and Samsung each being a “Party” and together the “Parties”), on the other hand, effective as of January 19, 2010 (the “Effective Date”).
WHEREAS, Samsung and its Subsidiaries (as defined in Article 1) are and will continue to be engaged in the manufacture, use, sale and/or importation of various products and devices, including but not limited to memory products and memory interface technologies (collectively, the “Samsung Products”), which utilize diverse and varied technologies;
WHEREAS, Rambus and/or its Subsidiaries have and will continue to have rights under Patents (as defined in Article 1), including but not limited to the right to license such Patents to third parties (collectively, all such patents are the “Rambus Patents”), covering diverse and varied technologies;
WHEREAS, the Parties are currently parties to a number of Disputes (as defined in Article 1) relating to the Samsung Products and the Rambus Patents, including but not limited to disputes as to whether claims of Rambus Patents are infringed by Samsung Products, and disputes relating to the validity, enforceability and use of certain Rambus Patents, and the Antitrust Litigation (as defined in Article 1);
WHEREAS, the Parties acknowledge that the Disputes have been costly, not only in terms of the out-of-pocket costs incurred by each of them, but also in terms of management time and other resources devoted to such efforts;
WHEREAS, the Parties recognize that, without this Agreement, given the diversity of claims of the Rambus Patents, and the breadth of technologies utilized by the Samsung Products, Rambus could, after the Effective Date, assert that other claims of Rambus Patents are infringed by Samsung Products, and that such disputes, if they were to occur would involve similar costs and business disruptions;

WHEREAS, the Parties recognize that litigation of the Disputes, and of other disputes that may arise between them after the Effective Date, is inherently uncertain, and is subject to certain risks, including but not limited to (a) whether the Rambus Patents, including Patents which are known to Samsung but which to date have not been asserted against Samsung, are determined to be valid, enforceable and infringed in various trial and appellate court, Patent and Trademark Office and International Trade Commission proceedings, and (b) whether Rambus prevails in various other court or regulatory proceedings, such as the Antitrust Litigation, and that such events are subject to various possible outcomes;
WHEREAS, the Parties desire to eliminate the risks associated with such litigation and to enter into a comprehensive resolution to compromise, settle and release the Disputes, and to compromise, resolve and avoid other disputes that may arise after the Effective Date with respect to the Samsung Products and the Rambus Patents;
WHEREAS, as part of the comprehensive resolution of other disputes that may arise after the Effective Date with respect to the Samsung Products and the Rambus Patents, Rambus and its Subsidiaries desire to grant Samsung and its Subsidiaries a license to certain of the claims of the Rambus Patents from the Effective Date for a limited term, and to grant Samsung and its Subsidiaries a fully paid-up license for certain of the Samsung Products to certain of the claims of the Rambus Patents, and Samsung and its Subsidiaries desire to grant Rambus and its Subsidiaries a license to certain of the claims of the Samsung Patents;
WHEREAS, the Parties acknowledge that in resolving the Disputes, and other disputes that may arise after the Effective Date, each of them is giving up the possibility of more favorable outcomes in exchange for the promises and covenants it will receive under this Agreement, and the other agreements contemplated hereby, to ensure that they do not ultimately face less favorable outcomes and to avoid the costs, delays and disruptions associated with litigation, and that such promises and covenants represent a package, and are not intended to be severable from each other; in particular, (a) Samsung is receiving a full and final release of the claims asserted against it in the Disputes, and securing a license to claims of the Rambus Patents in exchange for making the license and other payments, and entering into the other agreements, described herein, and (b) Rambus is receiving the Comprehensive Resolution Payments (as defined in Article 1), and the benefit of the other agreements described herein, in exchange for granting the releases and licenses, and entering into the other agreements, described herein;
WHEREAS, the Parties acknowledge that it is therefore essential that their respective obligations under this Agreement and the other agreements described herein be certain and not subject to collateral attack, or otherwise subject to change or modification except on the terms expressly set forth therein; and
WHEREAS, this Agreement is entered into for the purpose of settlement and compromise only;
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NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained and for other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, Rambus and Samsung agree as follows:
Article 1
Definitions
In addition to the terms defined in other parts of this Agreement, the following terms used herein with initial capital letters shall have the respective meanings specified in this Article 1.
1.1    Agreement.  The term “Agreement” has the meaning set forth in the introductory paragraph.
1.2    Antitrust Litigation.  The term “Antitrust Litigation” means the matter entitled Rambus Inc. v. Micron Technology Inc. et al., No. 04-431105 (Supr. Ct. Cal., San Fran. Filed May 5, 2004).
1.3    Comprehensive Resolution Agreements.  The term “Comprehensive Resolution Agreements” means this Agreement, the License Agreement, the Stock Purchase Agreement, and the MOU.
1.4    Comprehensive Resolution Payments.  The term “Comprehensive Resolution Payments” means the Initial Payment and the License Payments.
1.5    Control.  The term “Control” (including “Controlled” and other forms) of an entity means (a) beneficial ownership (whether directly or indirectly through entities or other means) of more than fifty percent (50%) of the outstanding voting securities of that entity or (b) in the case of an entity that has no outstanding voting securities, having the power (whether directly or indirectly through entities or other means) presently to designate more than fifty percent (50%) of the directors of a corporation, or in the case of unincorporated entities, of individuals exercising similar functions.  Notwithstanding the foregoing sentence, where Samsung has fifty percent (50%) of such beneficial ownership or power to designate with respect to any other entity, Samsung shall be deemed to “Control” such other entity if such other entity is part of the “Samsung Group of Companies” and such entity is lawfully registered under a corporate name, and lawfully operates and generally and routinely conducts its business under a corporate name, that includes “Samsung,” provided that, such entity agrees in a writing, delivered to both Parties within thirty (30) days of the Effective Date (or if later, within thirty (30) days after formation of such entity), to be bound by all applicable terms and conditions of this Agreement.
1.6    DDR/DDR2 Controller Products.  The term “DDR/DDR2 Controller Products” means any controllers capable of interfacing with and controlling any DDR/DDR2 Products.
1.7    DDR/DDR2 SDRAM Products.  The term “DDR/DDR2 SDRAM Products” means double data rate (DDR), double data rate2 (DDR2), graphics double data rate (GDDR) and graphics 
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double data rate2 (GDDR2) synchronous dynamic random access memory (SDRAM) chips as well as any mobile or low power versions of any such chips.
1.8    Delaware Litigation.  The term “Delaware Litigation” means the matter entitled Samsung Electronics Co., Ltd. et al v. Rambus Inc., No. 6081113 (Del. Chan. Filed June 23, 2005).
1.9    Disputes.  The term “Disputes” means the Patent Litigation, the Antitrust Litigation, the Virginia Litigation, the Delaware Litigation and the Patent Actions, and any and all disputes related thereto.
1.10    Effective Date.  The term “Effective Date” has the meaning set forth in the introductory paragraph.
1.11    Effective Time Period.  The term “Effective Time Period” has the meaning set forth in Section 3.1(b).
1.12    Excluded Entity.  The term “Excluded Entity” means Micron Technology, Inc., Micron Semiconductor Products, Inc., Micron Electronics, Inc., Hynix Semiconductor Inc., Hynix Semiconductor America, Inc., Hynix Semiconductor Manufacturing America Inc., Hynix Semiconductor U.K. Ltd., Hynix Semiconductor Deutschland GmbH, Nanya Technology Corporation, Nanya Technology Corporation U.S.A. and NVIDIA Corporation.
1.13    Initial Payment.  The term “Initial Payment” has the meaning set forth in Section 2.1.
1.14    License Agreement.  The term “License Agreement” has the meaning set forth in Section 3.1.
1.15    License Payments.  The term “License Payments” has the meaning set forth in Section 2.3.
1.16    Licensed Product.  The term “Licensed Product” has the meaning set forth in the License Agreement.
1.17    MOU.  The term “MOU” has the meaning set forth in Section 3.3.
1.18    Other Products.  The term “Other Products” means single data rate (SDR), double data rate 3 (DDR3), graphics double data rate 3 (GDDR3), graphics double data rate 4 (GDDR4) and graphics double data rate 5 (GDDR5) synchronous dynamic random access memory (SDRAM) chips, as well as single data rate (SDR) synchronous graphics random access memory (SGRAM) chips, as well as any mobile or low power versions of any such chips and any controllers capable of interfacing with and controlling any of the foregoing.
1.19    Party.  The terms “Party” and “Parties” have the meanings set forth in the introductory paragraph.
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1.20    Patent Actions.  The term “Patent Actions” means all United States Patent and Trademark Office reexamination proceedings, actions or challenges filed, requested or supported by Samsung with respect to any Rambus Patents as of the Effective Date, including without limitation reexaminations of U.S. Patent numbers 6,038,195, 6,182,184, 6,266,285, 6,314,051, 6,324,120, 6,378,020, 6,426,916, 6,452,863, 6,546,446, 6,584,037, 6,697,295, 6,715,020, and 6,751,696.
1.21    Patent Litigation.  The term “Patent Litigation” means the matters entitled Rambus Inc. v. Samsung Electronics Co., Ltd., et al., No. C-05-02298 (N.D. Cal. Filed June 6, 2005) and Rambus Inc. v. Hynix Semiconductor Inc., et al., No. C-05-00334 (N.D. Cal. Filed Jan. 25, 2005).
1.22    Patents.  The term “Patents” means patents and utility models and applications therefor, including without limitation all continuations, continuations-in-part and divisionals thereof, in all countries of the world that are owned by the applicable Party.
1.23    Rambus.  The term “Rambus” has the meaning set forth in the introductory paragraph.
1.24    Rambus Patents.  The term “Rambus Patents” has the meaning set forth in the Recitals.
1.25    Release Date.  The term “Release Date” means February 4, 2010.
1.26    Samsung.  The term “Samsung” has the meaning set forth in the introductory paragraph.
1.27    Samsung Electronics.  The term “Samsung Electronics” has the meaning set forth in the introductory paragraph.
1.28    Samsung Patents.  The term “Samsung Patents” means Patents as to which Samsung has rights.
1.29    Samsung Products.  The term “Samsung Products” has the meaning set forth in the Recitals.
1.30    Stock Purchase Agreement.  The term “Stock Purchase Agreement” has the meaning set forth in Section 3.2.
1.31    Subsidiary.  The term “Subsidiary” means any entity Controlled by a Party, but such entity shall be deemed to be a Subsidiary only so long as such Control exists.  For the avoidance of doubt, in the case of Samsung, the term “Subsidiary” shall include all of the entities described in the last sentence of Section 1.5 so long as the Control described therein exists.
1.32    Third Party.  The term “Third Party” means any entity that is not a Party or a Subsidiary of a Party on the Effective Date.
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1.33    Virginia Litigation.  The term “Virginia Litigation” means the matter entitled Samsung Electronics Co., Ltd. v. Rambus Inc., No. 3:05cv406 (E.D. Va. Filed June 7, 2005).
Article 2
Comprehensive Resolution Payments
2.1    Initial Payment.  As a condition to the effectiveness of the releases and covenants not to sue set forth in Article 4 and the Parties’ obligations under Section 4.8, Samsung Electronics will, on or before January 22, 2010 pay Rambus the sum of One Hundred Million Dollars (US $100,000,000) and will, on or before the Release Date, pay Rambus the sum of One Hundred Million Dollars (US $100,000,000) (collectively, the “Initial Payment”).
2.2    Allocation of Initial Payment.  The Parties agree to allocate the Initial Payment in accordance with the following, which they acknowledge represents a reasonable estimated allocation of the Initial Payment to Rambus’s claims under the Disputes:
(a)    [***] shall be deemed to be paid in consideration for [***];
(b)    [***] shall be deemed to be paid in consideration for [***]; and
(c)    [***] shall be deemed to be paid in consideration for [***].
2.3    License Payments.  As described more fully in the License Agreement and as an integral part of the overall consideration received by Rambus in respect of its releases and covenants not to sue under Article 4, and its other obligations under the Comprehensive Resolution Agreements, over the next five (5) years Samsung Electronics will pay Rambus aggregate license fees of Five Hundred Million Dollars (US $500,000,000), subject to certain adjustments and conditions as described in the License Agreement (the “License Payments”).  In the event that Samsung fails to pay any License Payment (and fails to cure such failure within the time period provided for in Section 6.2 of the License Agreement), Samsung will pay to Rambus Five Hundred Million Dollars (US $500,000,000), less the aggregate License Payments previously paid by Samsung and retained by Rambus, as part of the overall consideration received by Rambus under the Comprehensive Resolution Agreements, in order for Rambus to receive the full amount of the overall consideration intended to be received in respect of its releases, covenants not to sue, and other obligations under the Comprehensive Resolution Agreements.  Samsung will apply such amounts to the Quarterly Base Payments due under the License Agreement.
2.4    No Refunds.  Once made, any Comprehensive Resolution Payment shall not be refunded or refundable to Samsung for any reason except as may be required pursuant to Section 3.3 of the License Agreement.  Notwithstanding the foregoing, in case of clerical error with respect to any payment made under the License Agreement, the Parties agree to remedy any such error through proper payment adjustments.
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2.5    Currency.  All Comprehensive Resolution Payments shall be made in United States dollars.
2.6    Wire Instructions.  The Initial Payment shall be made by wire transfer to Rambus as follows:
Rambus Inc. Account: [***]
All other Comprehensive Resolution Payments shall be made in accordance with the terms of the applicable Comprehensive Resolution Agreement.
2.7    Taxes.  If the Korean government imposes any withholding tax on any Comprehensive Resolution Payments, such tax shall be borne by Rambus.  Samsung agrees, at its reasonable discretion, to assist Rambus in its efforts to minimize Rambus’ tax liability.  Samsung shall withhold the amount of any such taxes levied on such payments to Rambus imposed by the Korean government, shall promptly effect payment of the taxes so withheld to the Korean tax office, and Samsung shall send to Rambus the official certificate of such payment in a form reasonably sufficient to enable Rambus to support a claim for a foreign tax credit with respect to any such taxes so withheld.
Article 3
Other Agreements
Concurrent with the execution and delivery of this Agreement, and as an integral part of the overall consideration received by the Parties in respect of their releases, covenants not to sue, and other obligations under the Comprehensive Resolution Agreements, the Parties and/or their Subsidiaries shall enter into or deliver the following agreements or documents.  For the avoidance of doubt, the MOU described in Section 3.3 is non-binding to the Parties and, while the existence and execution thereof are an integral part of the overall consideration, the contents therein represent solely the understanding between the Parties regarding certain business and technology collaborations, and the failure to enter into any definitive agreement contemplated thereby shall not constitute failure in the consideration hereunder or under any of the other Comprehensive Resolution Agreements.
3.1    License Agreement.  Rambus and Samsung Electronics shall enter into the License Agreement in the form attached hereto as Exhibit A (the “License Agreement”), pursuant to which Rambus shall grant Samsung licenses under Rambus Applicable Patent Claims, and Samsung will grant to Rambus licenses under Samsung Applicable Patent Claims, as defined in the License Agreement, on the terms set forth therein.
(a)    The Parties acknowledge that the licenses granted under the License Agreement are in respect of claims under multiple Rambus Patents and multiple Samsung Patents, respectively, so that the Parties’ rights and obligations under the License Agreement, are not
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dependent upon the validity or enforceability of specific Rambus Patents or specific Samsung Patents, or upon any specific use of such patents permitted under the License Agreement.  Specifically, Samsung acknowledges that the License Agreement covers a broad array of Rambus Patent claims, and agrees to make the full amount of the Comprehensive Resolution Payments regardless of whether any of the Rambus Patents is determined not to be infringed by any particular Licensed Product or a court or United States, European, or other patent office determines any Rambus Patent to be invalid or unenforceable in any reexamination, action or other proceeding.
(b)    Each Party acknowledge that its assessment of the value of the Disputes and the License Agreement may depend on certain events that may occur, or that may not occur, after the Effective Date, that it is aware of and has evaluated and considered the uncertainties associated with such events, and that it has agreed to the amount of the Comprehensive Resolution Payments to eliminate such uncertainties so that, for example, Samsung will be protected from the consequences of Rambus prevailing on infringement and other claims in other proceedings, and Rambus will be protected from the consequences of certain of the Rambus Patents being held to be invalid, unenforceable, and/or not infringed in other proceedings.  It is therefore essential that the Parties’ obligations under the License Agreement, including but not limited to the amount of the License Payments, be certain and not subject to collateral attack.  Accordingly,
(i)    Samsung covenants, whether through litigation or otherwise, not to seek to adjust the amount of the License Payments, or to avoid, defer or modify its obligations under the License Agreement, provided that the foregoing shall not prevent Samsung from seeking enforcement of the terms and conditions of the License Agreement or taking any action expressly contemplated in the License Agreement.
(ii)    Samsung and its Subsidiaries acknowledge and agree that, for all acts or omissions that occur during the time period up to and including the [***] anniversary of the Effective Date (the “Effective Time Period”), Rambus or its Subsidiaries have patent claims that are valid, enforceable and infringed by a substantial portion of the Licensed Product (as defined under the License Agreement).  After the Effective Time Period, Rambus and its Subsidiaries covenant not to rely on such acknowledgement or agreement in any manner against Samsung or its Subsidiaries or their past, present or future distributors or customers in negotiations, and further covenant that no evidence of such acknowledgement or agreement may be introduced in any negotiation by or on behalf of Rambus or its Subsidiaries against Samsung or its Subsidiaries or their past, present or future distributors or customers.  Rambus and its Subsidiaries further covenant, with respect to any acts or omissions occurring after the Effective Time Period, not to rely on such acknowledgement or agreement in any manner against Samsung or its Subsidiaries or their past, present or future distributors or customers before any court, government agencies, other regulatory body or arbitrator, and further covenant that no evidence of such acknowledgement or agreement may be introduced in any motion, hearing, trial or other proceeding by or on behalf of Rambus or its Subsidiaries against Samsung or its Subsidiaries or their past, present or future distributors or customers.
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3.2    Stock Purchase Agreement.  Rambus and Samsung Electronics shall enter into the Stock Purchase Agreement in the form attached hereto as Exhibit B (the “Stock Purchase Agreement”).  Concurrent with the execution and delivery of the Stock Purchase Agreement, Rambus and Samsung Electronics shall complete the equity investment in Rambus in accordance with the terms thereof.
3.3    Memorandum of Understanding.  Samsung Electronics and Rambus shall enter into a Memorandum of Understanding in the form attached hereto as Exhibit C (the “MOU”).
Article 4
Releases
Effective as of the Release Date but subject to the delivery of the Initial Payment in accordance with Article 2, the execution and delivery of the License Agreement, the Stock Purchase Agreement and the MOU in accordance with Article 3, and the completion of the equity investment in Rambus in accordance with the Stock Purchase Agreement (for the avoidance of doubt, none of the Parties’ releases, covenants not to sue, or other obligations under this Article 4 shall be effective until Samsung has delivered the full amount of the Initial Payment in accordance with Article 2 and the Parties have complied with their other obligations under this sentence):
4.1    Release by Rambus.  Rambus, on behalf of itself and its Subsidiaries, hereby irrevocably releases, acquits, and forever discharges Samsung, its Subsidiaries, its and their respective former or current directors, officers, employees, and attorneys from any claims, counterclaims, defenses, demands, damages, debts, liabilities, accounts, actions and causes of action of any kind arising from or that could have been raised based upon the facts and circumstances alleged or asserted in any pleading, motion, brief or other paper filed by Rambus in the Patent Litigation, the Antitrust Litigation, the Delaware Litigation or the Virginia Litigation up until the Effective Date.  To the extent not covered in the preceding sentence, Rambus, on behalf of itself and its Subsidiaries, hereby further irrevocably releases, acquits, and forever discharges Samsung, its Subsidiaries, and its and their respective former or current directors, officers, employees, and attorneys from any claims, counterclaims, defenses, demands, damages, debts, liabilities, accounts, actions and causes of action of any kind (i) for infringement of the Rambus Patents arising from the manufacture, use, importation, sale and offer for sale of Samsung Products up until the Effective Date to the extent that infringement by such Samsung Products would have been licensed under the License Agreement if such License Agreement had been in existence at the time of such infringing activity or (ii) otherwise relating in any way to any act or omission concerning any anticompetitive, tortious or unfair business practice arising from the manufacture, use, marketing, sale, offer for sale, and/or importation of any Samsung Product up until the Effective Date.
4.2    Release by Samsung.  Samsung, on behalf of itself and its Subsidiaries, hereby irrevocably releases, acquits and forever discharges Rambus, its Subsidiaries, and its and their respective former or current directors, officers, employees, and attorneys from any claims, counterclaims, defenses, demands, damages, debts, liabilities, accounts, actions and causes of action of any kind arising from or that could have been raised based upon the facts and circumstances 
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alleged or asserted in any pleading, motion, brief or other paper filed by Samsung in the Patent Litigation, the Antitrust Litigation, the Delaware Litigation or the Virginia Litigation up until the Effective Date.  To the extent not covered in the preceding sentence, Samsung, on behalf of itself and its Subsidiaries, hereby further irrevocably releases, acquits, and forever discharges Rambus, its Subsidiaries, and its and their respective former or current directors, officers, employees, and attorneys from any claims, counterclaims, defenses, demands, damages, debts, liabilities, accounts, actions and causes of action of any kind (i) for infringement of any Samsung Patents arising from the manufacture, use, importation, sale and offer for sale of any Rambus product up until the Effective Date to the extent that infringement by such product would have been licensed under the License Agreement if such License Agreement had been in existence at the time of such infringing activity. or (ii) otherwise relating in any way to any act or omission concerning any anticompetitive, tortious or unfair business practice arising from the manufacture, use, marketing, sale, offer for sale, and/or importation of any Rambus Product up until the Effective Date.
4.3    Additional Release by Samsung.  Samsung, on behalf of itself and its Subsidiaries, hereby irrevocably releases, acquits and forever discharges Rambus from any defenses, claims, counterclaims, demands, damages, debts, liabilities, accounts, actions and causes of action of any kind and nature that Samsung or its Subsidiaries might raise or assert in an effort avoid, defer or modify its obligations under the License Agreement, including but not limited to its obligation to make the License Payments, except as expressly permitted under the License Agreement, including for instance and by way of example, claims or defenses based on the allegation, or on the finding, determination or judgment in any reexamination, action or other proceeding that one or more of the patent claims licensed under the License Agreement is invalid, unenforceable or not infringed, that the License Agreement is not enforceable or should be rescinded or revised, or that Rambus has committed any type of patent misuse.
4.4    Releases Shall Remain Effective.  Each of Rambus and Samsung acknowledges that, after entering into this Agreement, they may discover facts different from, or in addition to, those they now believe to be true with respect to the conduct of the other Party.  Each of Rambus and Samsung intends that the releases and discharges set forth in this Article 4 shall be, and shall remain, in effect in all respects as written, notwithstanding the discovery of any different or additional facts.
4.5    Waiver of California Civil Code § 1542.  In connection with the releases and discharges described in this Article 4, each of Rambus and Samsung acknowledges that it is aware of the provisions of section 1542 of the Civil Code of the State of California, and hereby expressly waives and relinquishes all rights and benefits that it has or may have had under that section (or any equivalent law or rule of any other jurisdiction), which reads 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.
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4.6    Covenants Not to Sue.
(a)    Rambus, on behalf of itself and its Subsidiaries, hereby covenants not to assert any claims of infringement of the Rambus Patents against Samsung, its Subsidiaries, and its and their respective former or current directors, officers, employees, attorneys, distributors and customers solely arising from the use, importation, sale and offer for sale of Samsung Products up until the Effective Date to the extent that Samsung, its Subsidiaries, and such former or current directors, officers, employees, attorneys, distributors or customers would not have been liable for such use, importation, sale and offer for sale of Samsung Products had the License Agreement been in existence at the time of such infringing activity.
(b)    Samsung, on behalf of itself and its Subsidiaries, hereby covenants not to assert any claims of infringement of the Samsung Patents against Rambus, its Subsidiaries, and its and their respective former or current directors, officers, employees, attorneys, distributors and customers solely arising from the use, importation, sale or offer for sale of any Rambus product up until the Effective Date to the extent that Rambus, its Subsidiaries, and such former or current directors, officers, employees, attorneys, distributors or customers would not have been liable for such use, importation, sale and offer for sale of Rambus products had the License Agreement been in existence at the time of such infringing activity.
(c)    Rambus, on behalf of itself and its Subsidiaries, hereby covenants not to assert against Samsung, its Subsidiaries, and its and their respective former or current directors, officers, employees, and attorneys any action or other proceeding based upon any claims, counterclaims, defenses, demands, damages, debts, liabilities, accounts, actions and causes of action released by Rambus pursuant to clause (ii) of the last sentence of Section 4.1.
(d)    Samsung, on behalf of itself and its Subsidiaries, hereby covenants not to assert against Rambus, its Subsidiaries, and its and their respective former or current directors, officers, employees, and attorneys any action or other proceeding based upon any claims, counterclaims, defenses, demands, damages, debts, liabilities, accounts, actions and causes of action released by Samsung pursuant to clause (ii) of the last sentence of Section 4.2.
4.7    Certain Exclusions.  For the avoidance of doubt:
(a)    The releases and covenants not to sue contained in this Article 4 (other than the releases set forth in Section 4.3) shall apply solely to activities occurring prior to the Effective Date.  In no event shall the releases and covenants not to sue contained in this Article 4 apply to (i) any Third Party that may acquire or combine with any Party or its Subsidiaries or (ii) any Third
Party, portion of a Third Party, and/or any portion of the assets of business of a Third Party that may be acquired by or combined with any Party or its Subsidiaries, in each case after the Effective Date.
(b)    The releases and covenants not to sue contained in this Article 4 are not intended to and do not extend to any defendant in either the Patent Litigation or the Antitrust 
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Litigation (or any of their Subsidiaries), unless that defendant is explicitly named as a Party to this Agreement, or to any Excluded Entity or its Subsidiaries.
4.8    Dismissals and Other Provisions Terminating the Disputes.
(a)    On the Effective Date, Samsung and Rambus, through their respective counsel, shall execute or cause to be executed stipulations for dismissal dismissing with prejudice all of the claims, counterclaims, cross-claims and cross-complaints asserted against one another (but only as to one another and not to the extent asserted against others) in the Patent Litigation and the Antitrust Litigation in the forms attached hereto as Exhibits D-1 through D-6.  On the Release Date, Samsung and Rambus, through their respective counsel, shall cause such stipulations for dismissal to be entered, subject to receipt by Rambus of the full amount of the Initial Payment pursuant to Section 2.1.
(b)    Samsung shall, within five (5) business days of the Release Date, file a request to withdraw its Amicus Curiae Brief in Hynix Semiconductor, Inc., et al. v. Rambus, Inc., United States Court of Appeals for the Federal Circuit Case No. 2009-1299, -1347.
(c)    Both Parties shall, within ten (10) business days following the Release Date, withdraw any pending complaints, actions, or other proceedings they may have pending against the other Party or its Subsidiaries before any regulatory body anywhere in the world related to the claims, counterclaims, demands, damages, debts, liabilities, accounts, actions and causes of action released by this Agreement or that relate in any way to the Rambus Patents or the Samsung Patents.  For the avoidance of doubt, this provision does not require Rambus to withdraw any complaint or other proceeding as against parties other than other than Samsung or its Subsidiaries, including but not limited to the Patent Litigation and the Antitrust Litigation.
(d)    Within ten (10) business days following the Release Date, Samsung shall, to the full extent permitted by applicable law, withdraw, cease to prosecute or pursue and notify the Patent and Trademark Office that it no longer intends to participate in, the Patent Actions.
(e)    In the event that Rambus sues Samsung, its Subsidiaries, or its or their respective former or current directors, officers, employees and attorneys for infringement of one or more of the patents asserted by Rambus in the Patent Litigation as a result of the manufacture (or having manufactured), use, importation, sale or offer for sale of Samsung Products, to the extent that such Samsung Products are not Licensed Product under the License Agreement, Rambus agrees that it will not contend that the stipulations for dismissal with prejudice filed in the Patent Litigation pursuant to subparagraph (a) above bar Samsung, its Subsidiaries, or its or their respective former or current directors, officers, employees and attorneys from raising in its or their defense in such action involving Samsung Products that are not Licensed Product under the License Agreement that (i) all or any of such patents are invalid, or that (ii) all or any of such patents are unenforceable by reason of failure to disclose art or other information to the United States Patent and Trademark Office, to the extent such defense was raised in the Patent Litigation.
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4.9    Costs and Attorneys’ Fees.  For all cases, including but not limited to the Patent Litigation and the Antitrust Litigation, the Parties agree that each will pay its own costs and attorneys’ fees.
4.10    No Admission.  Nothing contained in any of the Comprehensive Resolution Agreements, or done or omitted in connection with any of the Comprehensive Resolution Agreements, is intended as, or shall be construed as, an admission by any Party of any fault, liability or wrongdoing.
4.11    No Further Actions.  As part of the settlement of claims and releases contemplated by this Agreement, during the term of the License Agreement, and in each case unless and to the extent required by subpoena or judicial or regulatory agency order or rule:
(a)    Samsung covenants not to bring, or aid, assist or participate in, any action challenging or contesting the assertion, enforcement, validity or enforceability of, or any use or infringement by any Third Party of, the Rambus Patents, including but not limited to filing, requesting, participating or assisting in any of the Patent Actions; and
(b)    Each Party covenants not to support, cooperate with or otherwise assist any entity in any dispute against the other Party or its Subsidiaries, or any regulatory body in any proceeding involving the other Party or its Subsidiaries, in any matter related to the claims, counterclaims, defenses, demands, damages, debts, liabilities, accounts, actions and causes of action released by this Agreement, including but not limited to filing, requesting, participating or assisting in any United States, European, or other patent office reexamination proceedings, actions, challenges, oppositions or interferences with respect to Patents of the other Party or its Subsidiaries, and filing amicus curiae briefs in the Patent Litigation, the Antitrust Litigation, or any other Dispute.
Article 5
Warranties
Each Party represents, warrants and covenants, on behalf of itself and its Subsidiaries, to the other Party during the term of this Agreement:
5.1    Due Organization.  Such Party is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation with the requisite corporate authority to own and use its properties and assets and to carry on its business as currently conducted.
5.2    Due Authorization; Enforceability.  Such Party has the requisite corporate or other authority to enter into, and to grant the releases and discharges, make the covenants, and consummate the transactions contemplated by, this Agreement, on behalf of itself and its Subsidiaries, and otherwise to carry out its and its Subsidiaries’ obligations hereunder.  The execution, delivery and performance of this Agreement by such Party and its Subsidiaries has been duly authorized by all necessary action of such Party and its Subsidiaries, and no other act or proceeding on the part of or on behalf of such Party and its Subsidiaries is necessary to approve the 
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execution and delivery of this Agreement, the performance by such Party and its Subsidiaries of their obligations hereunder and the consummation of the transactions contemplated hereby.  This Agreement has been duly executed and delivered by such Party and constitutes a legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws relating to or affecting creditors generally, by general equity principles or by limitations on indemnification pursuant to public policy.
5.3    No Conflicts; No Consents.  The execution, delivery and performance of this Agreement by such Party and its Subsidiaries, including but not limited to the granting of the releases and discharges contemplated hereby, will not infringe any law, regulation, judgment or order applicable to such Party and its Subsidiaries and is not and will not be contrary to the provisions of the constitutional documents of such Party and its Subsidiaries and will not (with or without notice, lapse of time or both) result in any breach of the terms of, or constitute a default under, any instrument or agreement to which such Party and its Subsidiaries is a party or by which it or its property is bound.  All consents and approvals of any court, government agencies or other regulatory body required by such Party and its Subsidiaries for the execution, delivery and performance of the terms of this Agreement have been obtained and are in full force and effect.
5.4    No Assignment of Claims.  Each Party represents and warrants that it has not assigned, transferred or granted to any Third Party any rights or interests with respect to any claim or cause of action, or any right(s) underlying any claim or cause of action, it had, has, or may have against the other or its Subsidiaries as of, or prior to, the Effective Date of this Agreement.
Article 6
Notices and other Communications
6.1    Any notice or other communication required or permitted to be made or given to either Party pursuant to this Agreement shall be sufficiently made or given within three (3) business days of the date of mailing if sent to such Party by overnight express air courier and by registered First Class mail, postage prepaid, addressed to such Party at the address set forth below, or to such other address as a Party shall designate by written notice given to the other Party:
In the case of Samsung:
Samsung Electronics Co., Ltd.
Jay Shim
Vice President and General Patent Counsel
San #16 Banwol-Dong
Hwaseong-City, Gyeonggi-Do, Korea 445-701
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In the case of Rambus:
Rambus Inc.
Thomas R. Lavelle
Senior Vice President and General Counsel
4440 El Camino Real
Los Altos, CA 94022
(with a copy, which shall not constitute notice, to the following:)
Satish Rishi
Chief Financial Officer
Rambus Inc.
4440 El Camino Real
Los Altos, CA 94022
Article 7
Successors and Assigns
7.1    Subject to the limitation in Section 4.7, this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, successors and assigns, and upon any corporation, limited liability partnership, limited liability company, or other entity into or with which any Party hereto may merge, combine or consolidate.  For the avoidance of doubt, this provision does not govern the rights or obligations of successors or assigns of the Parties under either the License Agreement, the Stock Purchase Agreement or the MOU.  The releases, dismissals and covenants granted by each Party and its Subsidiaries under this Agreement (but not any benefits received by such Party or its Subsidiaries under this Agreement) shall run with (i) in the case of Samsung, the Samsung Patents or (ii) in the case of Rambus, the Rambus Patents, and remain in full force and effect regardless of any subsequent assignment, sale or other transfer of any such Samsung Patents or Rambus Patents or any rights or interests therein.  Any such assignment, sale, or transfer of rights in contravention of the foregoing shall be null and void ab initio and of no force or effect.
Article 8
Dispute Resolution
8.1    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of California, without giving effect to any choice-of-law or conflict-of-law provision or rule (whether of the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of California.
8.2    English Language.  This Agreement is executed in the English language and no translation shall have any legal effect.
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8.3    Jurisdiction and Venue.  Any legal action, suit or proceeding arising under, or relating to, this Agreement, shall be brought in the United States District Court for the Northern District of California or, if such court shall decline to accept jurisdiction over a particular matter, in the San Francisco Superior Court, and each Party agrees that any such action, suit or proceeding may be brought only in such courts.  Each Party further waives any objection to the laying of jurisdiction and venue for any such suit, action or proceeding in such courts.
Article 9
Miscellaneous
9.1    Entire Agreement.  This Agreement, together with the License Agreement, the Stock Purchase Agreement, and the MOU, constitute the entire agreement between the Parties regarding the subject matter hereof, and supersede any and all prior negotiations, representations, warranties, undertakings or agreements, written or oral, between the Parties regarding such subject matter.
9.2    Relationship of the Parties.  Nothing contained in this Agreement or any other Comprehensive Resolution Agreement shall be construed as creating any association, partnership, joint venture or the relation of principal and agent between Rambus and Samsung.  Each Party is acting as an independent contractor, and no Party shall have the authority to bind any other Party or its representatives in any way.
9.3    Headings and Recitals.  The headings of the several articles and sections are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.  The recitals to this Agreement are intended to be a part of and affect the meaning and interpretation of this Agreement.
9.4    Amendment.  This Agreement may not be modified or amended except in a writing executed by authorized representatives of each of the Parties.
9.5    No Assignment.  This Agreement is personal to the Parties, and the Agreement and/or any right or obligation hereunder is not assignable, whether in conjunction with a change in ownership, merger, acquisition, the sale or transfer of all, or substantially all or any part of either Party’s or any of their respective Subsidiaries’ business or assets or otherwise, voluntarily, by operation of law, reverse triangular merger or otherwise, without the prior written consent of the other Party, which consent may be withheld at the sole discretion of such other Party.  Each Party understands that, as a condition to such consent, the other Party may require it to convey, assign or otherwise transfer its rights and obligations under the other Comprehensive Resolution Agreements to the entity assuming such Party’s rights and obligations under this Agreement.  Any such purported or attempted assignment or transfer in violation of the foregoing shall be deemed a breach of this Agreement and shall be null and void.  A Change of Control of either Party shall be deemed an assignment.  For purposes of the foregoing, a Change of Control” means a transaction or a series of related transactions in which (a) one or more Third Parties who did not previously Control a Party obtain Control of such Party, or (b) the subject Party merges with or transfers substantially all of its assets to a Third Party where the shareholders of the assigning Party, immediately before the 
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transaction or series of related transactions, own less than a fifty percent (50%) interest in the acquiring or surviving entity immediately after the transaction or series of related transactions.  Notwithstanding the foregoing, either Party shall be entitled to, and each Party hereby agrees to, assign this Agreement to a successor to all or substantially all of a Party’s assets in a transaction entered into solely to change a Party’s place of incorporation.
9.6    Interpretation.  Each Party confirms that it and its respective counsel have reviewed, negotiated and adopted this Agreement as the agreement and understanding of the Parties hereto and the language used in this Agreement shall be deemed to be the language chosen by the Parties hereto to express their mutual intent.  Neither Party shall be considered to be the drafter of this Agreement or any of its provisions for the purpose of any statute, case law, or rule of interpretation or construction that would, or might cause, any provision to be construed against such Party.
9.7    Authority.  Each Party represents that it is fully authorized to enter into the terms and conditions of, and to execute, this Agreement.
9.8    No Third Party Beneficiaries.  Unless otherwise expressly stated herein, nothing in this Agreement, express or implied, is intended to confer upon any person other than the Parties hereto or their respective permitted assignees, successors in interest, and Subsidiaries any rights or remedies under or by reason of this Agreement.  The former and current directors, officers, employees, and attorneys of the Parties and their Subsidiaries are intended beneficiaries of Sections 4.1, 4.2, 4.4, 4.5, 4.6 and 4.7.
9.9    Severability.  If any provision of any Comprehensive Resolution Agreement is held to be invalid or unenforceable, the meaning of such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to effectuate the intent and purpose of the Parties with respect to such invalid or unenforceable provision, and if no feasible interpretation shall save such provision, (a) a suitable and equitable provision shall be substituted therefor in order to effectuate, so far as may be valid and enforceable, the intent and purpose of the Parties with respect to such invalid or unenforceable provision, and (b) the remainder of such Comprehensive Resolution Agreement shall remain in full force and effect.
9.10    No Waiver.  The failure of either Party to enforce, at any time, any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions, and shall not be deemed in any way to affect the validity of this Agreement or any part thereof, or the right of either Party to later enforce each and every such provision.  No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach.
9.11    Counterparts; Facsimile Transmission.  This Agreement may be executed in multiple counterparts, each of which shall constitute an original, but all of which together shall constitute one and the same agreement.  Each Party may rely on facsimile or .pdf signature pages as if such facsimile or .pdf pages were originals.
9.12    Further Actions.  Each of the Parties hereto agrees to take and cause its Subsidiaries to take any and all actions reasonably necessary in order to effectuate the intent, and to carry out the provisions, of this Agreement.
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9.13    Public Disclosures and Confidentiality.  The Parties shall issue a press release with respect to the Comprehensive Resolution Agreement in a mutually acceptable form.  Each Party agrees that, after the issuance of such press release, each Party shall be entitled to disclose the general nature of this Agreement, but that the terms and conditions of this Agreement, to the extent not already disclosed pursuant to such press release, shall be treated as confidential information and that neither Party will disclose such terms or conditions to any Third Party without the prior written consent of the other Party, provided, however, that each Party may disclose the terms and conditions of this Agreement:
(a)    as required by any court or other governmental body;
(b)    as otherwise required by law;
(c)    as otherwise may be required by applicable securities and other law and regulation, including to legal and financial advisors in their capacity of advising a party in such matters, so long as the disclosing Party shall seek confidential treatment of such terms and conditions to the extent reasonably possible;
(d)    to legal counsel, accountants, and other professional advisors of the Parties;
(e)    in confidence, to banks, investors and other financing sources and their advisors;
(f)    in connection with the enforcement of this Agreement or rights under this Agreement;
(g)    during the course of litigation so long as the disclosure of such terms and conditions are restricted in the same manner as is the confidential information of other litigating parties and so long as (A) the restrictions are embodied in a court-entered protective order limiting disclosure to outside counsel and (B) the disclosing party informs the other party in writing at least ten (10) business days in advance of the disclosure and discusses the nature and contents of the disclosure, in good faith, with the other party (for purposes of this provision, the Protective Order entered in the Antitrust Litigation is acceptable, as long as the disclosure is designated as both “Highly Confidential-BP and Highly Confidential-IP”); or
(h)    in confidence, in connection with an actual or prospective merger or acquisition or similar transaction.
In addition, upon execution of this Agreement, or thereafter, Rambus, in its discretion, shall be entitled to file a copy of this Agreement with the U.S. Securities and Exchange Commission, so long as Rambus seeks confidential treatment of such agreement to the extent reasonably possible.

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IN WITNESS WHEREOF, this Agreement has been duly and executed and delivered by the duly authorized officers of the Parties hereto as of the date first written above.
RAMBUS INC.
By:  /s/ Harold Hughes    
Name: Harold Hughes    
SAMSUNG ELECTRONICS CO., LTD.
By:  /s/ Oh-Hyun Kwon    
Name: Oh-Hyun Kwon    
SAMSUNG ELECTRONICS AMERICA, INC.
By:  /s/ Oh-Hyun Kwon for CS Choi    
Name: Changsoo Choi    
SAMSUNG SEMICONDUCTOR, INC.
By:  /s/ Oh-Hyun Kwon for WH Hong    
Name: Wanhoon Hong    
SAMSUNG AUSTIN SEMICONDUCTOR, L.P.
By:  /s/ Oh-Hyun Kwon for WS Han    
Name: Woosung Han    

The registrant agrees to furnish to the Securities and Exchange Commission upon request a copy of any omitted schedule or exhibit.

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