Document:

Separation Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 SEPARATION AGREEMENT 

This Separation Agreement (the “Agreement”) is entered into on this 2nd day of November, 2012, by and between Strategic
Hotels & Resorts, Inc., a Maryland corporation (the “Company”), and Laurence S. Geller (the “Executive”). 
 WHEREAS, the Executive and Company have entered into an Employment Agreement, dated August 27, 2009, as amended on September 27, 2012 (the “Employment Agreement”),
pursuant to which the Executive currently serves as the President and Chief Executive Officer of the Company and a member of its Board of Directors; and 
 WHEREAS, the Company and the Executive desire to set forth herein their mutual agreement with respect to the matters addressed herein, including matters pertaining to the Executive’s cessation
of his employment and positions with the Company, all upon the terms set forth herein. 
 NOW, THEREFORE, in
consideration of the mutual promises and agreements contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows: 

1. Termination of Employment and Service. Pursuant to the mutual agreement of the parties, effective as of the date hereof (the
“Date of Termination”), the Executive shall cease to be an employee, officer and director of the Company and all of its affiliated entities. 
 2. Payment of Accrued Benefits; Equity Awards. 
 (a) Accrued
Benefits. Not later than 30 calendar days after the Date of Termination, the Company shall pay to the Executive all amounts, if any, due to the Executive for earned salary and accrued and unused vacation through the Date of Termination. The
Executive’s rights to receive benefits accrued or payable under the Company’s employee benefit plans shall be governed by the terms of such plans, as may be amended from time to time. 

(b) Severance Payment. No later than 30 calendar days after the Date of Termination, the Company shall pay to the Executive a lump
sum cash payment in an aggregate gross amount equal to $1,050,000. 
 (c) Equity Awards. Solely for purposes of the
Executive’s outstanding performance share agreement and outstanding stock unit awards granted under the Company’s Second Amended and Restated 2004 Incentive Plan (the “2004 Incentive Plan”), the Executive’s
termination of employment from the Company shall be deemed a termination without Cause (within the meaning of the underlying award agreements) and (i) 210,396 performance shares (representing the aggregate performance shares subject to such
outstanding award) shall remain eligible for vesting based on the Company’s actual performance through December 31, 2014 and (ii) 250,001 stock units (representing the aggregate stock units subject to such outstanding awards) shall
vest and, in each case, the awards shall be settled to the extent contemplated by the underlying award agreements and the 2004 Incentive Plan in the event of such a termination. Any distribution of the Company’s common stock pursuant to the
vesting of such outstanding 

 
performance share and stock unit awards shall, consistent with the Executive’s prior deferral elections, be distributed to the Executive in a series of annual payments over five years
following the vesting of such awards, subject to the Executive’s continued compliance with the terms of this Agreement. 

(d) Value Creation Plan. Notwithstanding the foregoing, solely for purposes of the Company’s Value Creation Plan, effective
August 27, 2009 and amended as of May 23, 2011 (the “Value Creation Plan”), the Executive’s termination of employment from the Company shall be deemed a “Termination of Service . . . by the Employer without
Cause” (within the meaning of the Value Creation Plan) and the Executive’s outstanding units granted under the Value Creation Plan shall vest and be settled to the extent contemplated by the Value Creation Plan in the event of such a
termination. Any distribution to be made to the Executive in connection with the Value Creation Plan shall be made consistent with the Executive’s prior deferral election regarding such plan. 

3. Federal and State Withholding. The Company shall deduct from any compensation payable by the Company to the Executive the
amount of all taxes required to be withheld under applicable law with respect to such payments. 
 4. Return of Company
Property; Storage and Return of Executive Property; Company Hotels. 
 (a) Promptly following the Date of Termination (but in
no event later than ten business days following such date), the Executive shall return to the Company, at the Executive’s cost, all property of the Company and its affiliates in the Executive’s possession or under the Executive’s
control, including but not limited to artwork and furniture; provided that the Executive may retain any computing and communications equipment in his possession that belongs to the Company if the Executive cooperates with the Company to ensure that
the Company shall have access to such computing and communications equipment to remove from such equipment all software, files and other information pertaining to the Executive’s employment by the Company. 

(b) Until December 31, 2012, the Executive shall have the right to continue to store at the Chicago Fairmont the car, artwork and
limited additional personal property belonging to the Executive that is on the premises of the Chicago Fairmont on the Date of Termination. 
 (c) The Company and the Executive shall cooperate so that all personal property of the Executive that is, as of the Date of Termination, located at the offices of the Company, shall, prior to
December 31, 2012, be removed from such offices and, at the Company’s cost, be returned to the Executive. 
 (d) For a
period of twelve months from the Date of Termination, the Executive shall be entitled to reasonable usage of the Company’s hotels for himself, subject to availability and such other reasonable restrictions as may be imposed by the Company, at
the rate then applicable for Company employees; provided that all such usage shall be arranged through reservations made in advance through the Company’s Office of the Chief Executive. 

  
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 5. Release of Claims. 

(a) Release by the Executive. The Executive, on behalf of himself and anyone claiming through him, including, but not limited to,
his past, present and future spouses, family members, relatives, agents, attorneys, representatives, heirs, executors and administrators, and the predecessors, successors and assigns of each of them, hereby waives and releases the Company and each
of its past and present divisions, subsidiaries, other affiliates, other related entities (whether or not such entities are wholly owned) and each of the past and present owners, trustees, fiduciaries, officers, directors, partners, employees,
agents, attorneys and representatives thereof, and each of the predecessors, successors and assigns of each of them (hereinafter jointly referred to as the “Company Released Parties”), with respect to any and all known and unknown
claims which the Executive now has, or has ever had, against any of the Company Released Parties for or related in any way to anything occurring from the beginning of time up to and including the date on which he signs this Agreement, including,
without limiting the generality of the foregoing: (a) any and all claims which in any way result from, arise out of, or relate to, the Executive’s employment by any of the Company Released Parties or the termination of such employment,
including, but not limited to, any and all claims for severance or termination payments under any agreement between the Executive and any of the Company Released Parties or any program or arrangement of any of the Company Released Parties;
(b) any and all claims that could have been asserted by the Executive or on his behalf against any of the Company Released Parties in any federal, state or local court, commission, department or agency; and (c) any and all claims that
could have been asserted by the Executive or on his behalf against any of the Company Released Parties under any fair employment, contract or tort law, or any other federal, state or local law, regulation, ordinance, common law or other source of
law (in each case, as in effect or amended from time to time), including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1871, the Civil Rights Act of 1991, the Lilly Ledbetter Fair Pay Act of 2009, the
Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act, the Rehabilitation Act, the Family and Medical Leave Act, the Genetic Information Nondiscrimination Act, the Fair Credit Reporting Act, or under any compensation,
bonus, severance, retirement or other benefit plan; provided, however, that nothing contained in this Section 5 shall apply to, or release the Company from (i) any obligation contained in this Agreement, (ii) any
obligation which the Company may have (if any) to provide benefits to the Executive under any plans or programs of the Company which continue to be applicable to the Executive, except as otherwise expressly provided in this Agreement, (iii) any
obligation which the Company may have (if any) to indemnify the Executive pursuant to its articles of incorporation, by-laws, or other governing documents, (iv) any obligation which the Company may have (if any) to provide coverage to the
Executive pursuant to its director and officer insurance policy with respect to actions or omissions of the Executive during his service as a director or officer of the Company, or (v) any claim that cannot be waived or released by law, such as
unemployment or workers compensation claims. The Executive expressly represents and warrants that he has not filed or had filed on his behalf any claim against any of the Company Released Parties, and has not transferred or assigned any rights or
causes of action that he might have against any of the Company Released Parties. 
 The Executive represents and agrees that he
has read and understands the terms and effect of this Agreement and that he has received a reasonable and sufficient period of time to review and consult with his own legal counsel concerning the provisions of this Agreement. 

  
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 (b) Release by the Company. The Company, on behalf of itself and anyone claiming
through it (the “Company Releasing Parties”), hereby agrees not to sue the Executive based upon the facts that are known on the date of this Agreement by any director of the Company (not including the Executive) as of the date of
this Agreement (the “Known Facts”), and agrees to release and discharge, fully, finally and forever, the Executive from any and all claims, causes of action, lawsuits, liabilities, debts, accounts, covenants, contracts,
controversies, agreements, promises, sums of money, damages, judgments and demands of any nature whatsoever, in law or in equity, asserted or not asserted, foreseen or unforeseen, which the Company Releasing Parties ever had or may presently have
against the Executive arising from the beginning of time up to and including the date of this Agreement, including, without limitation, all matters in any way related to the Executive’s employment by the Company or his service as an officer or
director of the Company or the terms and conditions thereof, but only to the extent such claims, causes of actions, lawsuits, liabilities, debts, accounts, covenants, contracts, controversies, agreements, promises, sums of money, damages, judgments
and demands are based upon Known Facts; provided, however, that nothing contained in this Section 5(b) shall apply to, or release the Executive from, any obligation or commitment of the Executive contained in this Agreement. 

6. Authority; No Other Payments or Benefits. The Executive expressly represents and warrants that the Executive is the sole owner
of the actual and alleged claims, demands, rights, causes of action and other matters that are released herein; that the same have not been transferred or assigned or caused to be transferred or assigned to any other person, firm, corporation or
other legal entity; and that the Executive has the full right and power to grant, execute and deliver the general release, undertakings and agreements contained herein. Except as expressly provided in this Agreement, the Executive acknowledges and
agrees that he is not entitled to and will not receive any other compensation, payments, benefits, or recovery of any kind from any of the Company Released Parties, including without limitation any bonus, severance, equity or other payments or any
amounts under the Employment Agreement or otherwise, including, without limitation, the reimbursement of legal fees for any matter whatsoever. In the event of any further proceedings whatsoever based upon any matter released herein, the Executive
hereby waives, and agrees that the Executive shall not have and the Company Released Parties shall not be liable for, any further monetary or other recovery of any kind arising out of or related to any such matter, including without limitation any
costs, expenses and attorneys’ fees incurred by or on behalf of the Executive. 
 7. Non-Admissions. Nothing in this
Agreement is intended to or shall be construed as an admission by the Company or any of the other Company Released Parties that any of them violated any law, interfered with any right, breached any obligation or otherwise engaged in any improper or
illegal conduct. The Company and the other Company Released Parties expressly deny any such illegal or wrongful conduct. 
 8.
Nonsolicitation. 
 (a) The Executive agrees, on the Executive’s own behalf or on behalf of, through or in
association with any other person or entity, that for a period of twelve (12) months following the Date of Termination, the Executive shall not in any manner (whether as sole proprietor, owner, principal, agent, independent contractor, partner,
employee, consultant or 

  
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otherwise on behalf of, through or in association with any other person or entity), directly or indirectly (without prior written consent of the Company) employ or solicit for employment for
himself or any other business entity any individual (other than a current or former executive assistant (secretary) of the Executive), who is an employee, officer, agent or representative of the Company or any of its affiliates (or any successor
corporation into which the Company may be merged or consolidated) at the time of such solicitation or employment. 
 9.
Confidential Information and Non-Disparagement. The Executive agrees that: 
 (a) Except as may be required by the lawful
order of a court or agency of competent jurisdiction, or except to the extent that the Executive has express authorization from the Company, the Executive agrees to keep secret and confidential indefinitely all non-public information (including,
without limitation, financial information of the Company and its affiliates (including, without limitation, financial projections and valuations of the Company) concerning the Company and its affiliates which was acquired by or disclosed to the
Executive during the course of his employment with or negotiations for employment with the Company, and not to disclose the same, either directly or indirectly, to any other person, firm, or business entity (whether or not such person, firm, or
business entity is subject to an agreement regarding the confidentiality of such information), or to use it in any way. 
 (b)
To the extent that any court or agency seeks to have the Executive disclose confidential information, he shall promptly inform the Company, and he shall take such reasonable steps to prevent disclosure of confidential information until the Company
has been informed of such requested disclosure, and the Company has an opportunity to respond to such court or agency. To the extent that the Executive obtains information on behalf of the Company or any of its affiliates that may be subject to
attorney-client privilege as to the Company’s attorneys, the Executive shall take reasonable steps to maintain the confidentiality of such information and to preserve such privilege. 

(c) Nothing in the foregoing provisions of this Section 9 shall be construed so as to prevent the Executive from using, in
connection with his employment for himself or an employer other than the Company or any of its affiliates, knowledge which is generally known (other than by reason of a violation of this Section 9) to persons of his experience in other
companies in the same industry. 
 (d) The Executive agrees, on the Executive’s own behalf or on behalf of, through or in
association with any other person or entity, following the Date of Termination, the Executive shall not in any manner, directly or indirectly, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally,
or otherwise, or take any action which may, directly or indirectly, disparage the Company or any of its affiliates or the respective officers, directors, employees, advisors, businesses or reputations of the Company or any of its affiliates. The
Company agrees that, following the Date of Termination, the Company (including, but not limited to any executives, officers, directors or employees of the Company) will not make statements or representations, or otherwise communicate, directly or
indirectly, in writing, orally, or otherwise, or take any action which may directly or indirectly, disparage Executive or his business or reputation. Notwithstanding the foregoing, nothing in this Agreement shall preclude either Executive or the
Company from making truthful statements or disclosures that are required by applicable law, regulation, or legal process, or from giving truthful testimony or evidence to a governmental entity. 

  
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 10. Standstill; Corporate Opportunities. 

(a) The Executive agrees, on the Executive’s own behalf or on behalf of, through or in association with any other person or entity,
that for a period of eighteen (18) months following the Date of Termination, the Executive shall not, in any manner, directly or indirectly, take any of the following actions: (a) acquire, agree or seek to acquire or make any proposal or
offer to acquire, or announce any intention to acquire, any securities, including any debt securities (“Securities”) of the Company, or beneficial ownership thereof, or any Securities convertible or exchangeable into or exercisable for any
Securities of the Company, or beneficial ownership thereof (other than Securities issued pursuant to a stock split, stock dividend or similar corporate action initiated by the Company with respect to any Securities beneficially owned by the
Executive on the date of this Agreement), (b) acquire, agree or seek to acquire or make any proposal or offer to acquire, or announce any intention to acquire, any property, asset or business of the Company or any of its affiliates, including
any hotels or other real property, (c) acquire, agree or seek to acquire or make any proposal or offer to acquire, or announce any intention to acquire, any ownership interest in any joint venture in which the Company or any of its affiliates
is a party or any ownership interest in any partner of the Company or any of its affiliates in such a joint venture, (d) propose to any person, or effect or seek to effect, whether alone or in concert with others, any tender or exchange offer,
merger, consolidation, acquisition, scheme, business combination, recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company, (e) make, or in any way participate in any
“solicitation” of “proxies” (as such terms are used in the proxy rules of the Securities and Exchange Commission but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv)) to vote in favor of any proposal for which
such solicitation is being made (other than any proposal supported by the Company’s Board of Directors), or seek to advise or influence any person with respect to the voting of, any voting securities of the Company for any purpose,
(f) form, join, encourage, influence, advise or in any way participate in a “group” (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934) with respect to any voting securities of the Company or otherwise
in any manner agree, attempt, seek or propose to deposit any voting securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities in any voting trust or similar arrangement, (g) otherwise
act, alone or in concert with others, to seek to control, advise, change or influence the management, Board of Directors, governing instruments, policies or affairs of the Company, (h) disclose any intention, plan or arrangement inconsistent
with the foregoing or (i) encourage, advise, assist or facilitate the taking of any actions by any other person in connection with any of the foregoing. The Executive further agrees that, if at any time during such period, the Executive is
approached, directly or indirectly, by any third party concerning the Executive’s participation in any of the above-mentioned matters, the Executive shall promptly inform the Company of the nature of any such matters and the parties involved.

 (b) In addition to, and not in limitation of, any duties that the Executive may already owe to the Company by virtue of his
prior service as a director or officer of the Company, the Executive, on the Executive’s own behalf or on behalf of, through or in association with any other person or entity, agrees that he shall not directly or indirectly, for

  
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himself or on behalf of any other person, participate in, invest in, purchase, or otherwise pursue in any manner any business opportunity that the Company is currently pursuing or has pursued
during the last twelve (12) months or that the Executive has otherwise been made aware of as a result of his service as a director or officer of the Company. 
 11. Cooperation with the Company. The Executive agrees to cooperate fully with the Company and its counsel with respect to any litigation, investigation, government proceedings or general claims
which relate to matters with which Executive was involved during the term of employment or service with the Company, subject to reimbursement of reasonable out-of-pocket travel costs and expenses. Such cooperation may include appearing from time to
time at the offices of the Company or the Company’s counsel, or telephonically, for conferences and interviews and providing truthful testimony in depositions, court proceedings and administrative hearings as necessary for the Company to
lawfully defend or prosecute claims, and in general providing the Company and its counsel with the full benefit of the Executive’s knowledge with respect to any such matter. The Executive agrees to render such cooperation in a timely fashion
and at such times as may be mutually agreeable to the parties concerned. 
 12. Equitable Relief; Recoupment. The
Executive agrees and acknowledges that remedies at law for any breach of his obligations under this Agreement are inadequate and that in addition thereto the Company and its affiliates shall be entitled to seek equitable relief, including injunction
and specific performance, in the event of any such actual or threatened breach. The Executive further agrees and acknowledges that in the event the Executive breaches any of his obligations set forth in this Agreement (i) any performance shares
or stock units that vest pursuant to Section 2(c) of this Agreement and that have not been distributed to the Executive at the time of any breach shall be immediately forfeited by the Executive and the Executive shall have no further rights
with respect to such stock units and (ii) within ten (10) business days following the written demand by the Company for repayment, the Executive shall repay to the Company any severance payments made to the Executive pursuant to
Section 2(b) of this Agreement. The Executive acknowledges that the covenants set forth in this Agreement are an essential element of this Agreement and that, but for the agreement of the Executive to comply with these covenants, the Company
would not have entered into this Agreement. The Executive acknowledges that covenants contained in this Agreement each constitutes an independent covenant and shall not be affected by performance or nonperformance of any other provision of this
Agreement by the Company. 
 13. Notices. All notices and other communications required or permitted hereunder shall be
in writing and shall be deemed given when (a) delivered personally or by overnight courier to the following address of the other parties hereto (or such other address for such parties as shall be specified by notice given pursuant to this
Section) or (b) sent by facsimile to the following facsimile number of the other parties hereto (or such other facsimile number for such parties as shall be specified by notice given pursuant to this Section), with the confirmatory copy
delivered by overnight courier to the address of such parties pursuant to this Section 13: 
 If to the Company, to:

 Strategic Hotels & Resorts, Inc. 
 200 West Madison Street, Suite 1700 

  
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 Chicago, IL 60606-3415 

Attn: Chairman of the Board of Directors 
 Facsimile: 312-658-5799 
 With a copy to: 

Sidley Austin LLP 
 One South Dearborn Street 
 Chicago, IL 60603 

Attn: John Kelsh 
 Facsimile: 312-853-7036 
 If to the Executive, to: 

Laurence S. Geller 
 At the most recent address on file with the Company 
 14. Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement or the validity, legality or enforceability of such
provision in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

15. Entire Agreement. This Agreement shall constitute the entire agreement and understanding between the parties with respect to
the subject matter hereof and supersedes and preempts any prior understandings, agreements (including, without limitation, the Employment Agreement) or representations by or between the parties, written or oral, which may have related in any manner
to the subject matter hereof. The Executive acknowledges that the Company has not made any representations regarding the tax consequences of payments under this Agreement and that Executive has had the opportunity to consult Executive’s tax
advisor, if any. 
 16. Successors and Assigns. This Agreement shall be enforceable by the Executive and the
Executive’s heirs, executors, administrators and legal representatives, and by the Company and its successors and assigns. This Agreement may be assigned or transferred by the Company to, and shall be binding upon and inure to the benefit of,
any parent or other affiliate of the Company or any person which at any time, whether by merger, purchase, or otherwise, acquires all or substantially all of the assets, stock or business of the Company or of any division thereof. The Executive may
not assign this Agreement and any such assignment shall be null and void. 
 17. Governing Law; Consent to Exclusive
Jurisdiction and Venue. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware without regard to principles of choice or conflict of laws. The parties hereby irrevocably
consent to, and agree not to object or assert any defense or challenge to, the 

  
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jurisdiction and venue of the state and federal courts located in Chicago, Illinois, and agree that any claim which may be brought arising out of or relating to this Agreement or any actual or
threatened breach thereof shall be brought exclusively in any such Chicago, Illinois court. 
 18. Amendment and Waiver;
Headings. The provisions of this Agreement may be amended or waived only by the written agreement of the Company and the Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the
validity, binding effect or enforceability of this Agreement. The Section headings used herein are for convenience of reference only and are not to be considered in construction of the provisions of this Agreement. 

19. Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), and shall be interpreted and construed consistently with such intent. The payments to the Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code
to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4). In the event the terms of this
Agreement would subject the Executive to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and the Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A
Penalties, to the extent possible; provided that in no event shall the Company be responsible for any 409A Penalties that arise in connection with any amounts payable under this Agreement. 

20. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and
all of which together shall constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	STRATEGIC HOTELS & RESORTS, INC.
		
	By:	 	 /s/ Raymond L. Gellein

	Name:	 	Raymond L. Gellein
	Its:	 	Chairman
	
	 /s/ Laurence S. Geller

	LAURENCE S. GELLER

  
 10Form of Indenture for Debt Securities

 Exhibit 4.3 

 
  
 [Kennedy-Wilson Holdings, Inc.][Kennedy-Wilson, Inc.] 
  

 
 INDENTURE

 Dated as of
[                    ] 
  

 

[    ] 
 Trustee 
  
  

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
		
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	  
		  	Section 1.1.	  	Definitions	  	 	1	  
		  	Section 1.2.	  	Other Definitions	  	 	5	  
		  	Section 1.3.	  	Incorporation by Reference of Trust Indenture Act	  	 	5	  
		  	Section 1.4.	  	Rules of Construction	  	 	5	  
		
	ARTICLE II. THE SECURITIES	  	 	6	  
		  	Section 2.1.	  	Issuable in Series	  	 	6	  
		  	Section 2.2.	  	Establishment of Terms of Series of Securities	  	 	6	  
		  	Section 2.3.	  	Execution and Authentication	  	 	9	  
		  	Section 2.4.	  	Registrar and Paying Agent	  	 	9	  
		  	Section 2.5.	  	Paying Agent to Hold Money in Trust	  	 	10	  
		  	Section 2.6.	  	Holder Lists	  	 	10	  
		  	Section 2.7.	  	Transfer and Exchange	  	 	11	  
		  	Section 2.8.	  	Mutilated, Destroyed, Lost and Stolen Securities	  	 	11	  
		  	Section 2.9.	  	Outstanding Securities	  	 	12	  
		  	Section 2.10.	  	Treasury Securities	  	 	12	  
		  	Section 2.11.	  	Temporary Securities	  	 	13	  
		  	Section 2.12.	  	Cancellation	  	 	13	  
		  	Section 2.13.	  	Defaulted Interest	  	 	13	  
		  	Section 2.14.	  	Global Securities	  	 	13	  
		  	Section 2.15.	  	CUSIP Numbers	  	 	14	  
		
	ARTICLE III. REDEMPTION	  	 	15	  
		  	Section 3.1.	  	Notice to Trustee	  	 	15	  
		  	Section 3.2.	  	Selection of Securities to be Redeemed	  	 	15	  
		  	Section 3.3.	  	Notice of Redemption	  	 	15	  
		  	Section 3.4.	  	Effect of Notice of Redemption	  	 	16	  
		  	Section 3.5.	  	Deposit of Redemption Price	  	 	16	  
		  	Section 3.6.	  	Securities Redeemed in Part	  	 	16	  
		
	ARTICLE IV. COVENANTS	  	 	17	  
		  	Section 4.1.	  	Payment of Principal and Interest	  	 	17	  
		  	Section 4.2.	  	SEC Reports	  	 	17	  
		  	Section 4.3.	  	Compliance Certificate	  	 	17	  
		  	Section 4.4.	  	Stay, Extension and Usury Laws	  	 	18	  
		  	Section 4.5.	  	Corporate Existence	  	 	18	  
		
	ARTICLE V. SUCCESSORS	  	 	18	  
		  	Section 5.1.	  	When Company May Merge, Etc.	  	 	18	  
		  	Section 5.2.	  	Successor Corporation Substituted	  	 	19	  

  
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	ARTICLE VI. DEFAULTS AND REMEDIES	  	 	19	  
		  	Section 6.1.	  	Events of Default	  	 	19	  
		  	Section 6.2.	  	Acceleration of Maturity; Rescission and Annulment	  	 	20	  
		  	Section 6.3.	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	21	  
		  	Section 6.4.	  	Trustee May File Proofs of Claim	  	 	22	  
		  	Section 6.5.	  	Trustee May Enforce Claims Without Possession of Securities	  	 	22	  
		  	Section 6.6.	  	Application of Money Collected	  	 	23	  
		  	Section 6.7.	  	Limitation on Suits	  	 	23	  
		  	Section 6.8.	  	Unconditional Right of Holders to Receive Principal and Interest	  	 	24	  
		  	Section 6.9.	  	Restoration of Rights and Remedies	  	 	24	  
		  	Section 6.10.	  	Rights and Remedies Cumulative	  	 	24	  
		  	Section 6.11.	  	Delay or Omission Not Waiver	  	 	24	  
		  	Section 6.12.	  	Control by Holders	  	 	25	  
		  	Section 6.13.	  	Waiver of Past Defaults	  	 	25	  
		  	Section 6.14.	  	Undertaking for Costs	  	 	25	  
		
	ARTICLE VII. TRUSTEE	  	 	26	  
		  	Section 7.1.	  	Duties of Trustee	  	 	26	  
		  	Section 7.2.	  	Rights of Trustee	  	 	27	  
		  	Section 7.3.	  	Individual Rights of Trustee	  	 	28	  
		  	Section 7.4.	  	Trustee’s Disclaimer	  	 	28	  
		  	Section 7.5.	  	Notice of Defaults	  	 	28	  
		  	Section 7.6.	  	Reports by Trustee to Holders	  	 	29	  
		  	Section 7.7.	  	Compensation and Indemnity	  	 	29	  
		  	Section 7.8.	  	Replacement of Trustee	  	 	30	  
		  	Section 7.9.	  	Successor Trustee by Merger, Etc.	  	 	31	  
		  	Section 7.10.	  	Eligibility; Disqualification	  	 	31	  
		  	Section 7.11.	  	Preferential Collection of Claims Against Company	  	 	31	  
		
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	  	 	31	  
		  	Section 8.1.	  	Satisfaction and Discharge of Indenture	  	 	31	  
		  	Section 8.2.	  	Application of Trust Funds; Indemnification	  	 	32	  
		  	Section 8.3.	  	Legal Defeasance of Securities of any Series	  	 	33	  
		  	Section 8.4.	  	Covenant Defeasance	  	 	34	  
		  	Section 8.5.	  	Repayment	  	 	35	  
		  	Section 8.6.	  	Reinstatement	  	 	36	  
		
	ARTICLE IX. AMENDMENTS AND WAIVERS	  	 	36	  
		  	Section 9.1.	  	Without Consent of Holders	  	 	36	  
		  	Section 9.2.	  	With Consent of Holders	  	 	38	  
		  	Section 9.3.	  	Limitations	  	 	38	  
		  	Section 9.4.	  	Compliance with Trust Indenture Act	  	 	39	  
		  	Section 9.5.	  	Revocation and Effect of Consents	  	 	39	  
		  	Section 9.6.	  	Notation on or Exchange of Securities	  	 	39	  
		  	Section 9.7.	  	Trustee Protected	  	 	39	  

  
 ii 

									
	ARTICLE X. MISCELLANEOUS	  	 	40	  
		  	Section 10.1.	  	Trust Indenture Act Controls	  	 	40	  
		  	Section 10.2.	  	Notices	  	 	40	  
		  	Section 10.3.	  	Communication by Holders with Other Holders	  	 	41	  
		  	Section 10.4.	  	Certificate and Opinion as to Conditions Precedent	  	 	41	  
		  	Section 10.5.	  	Statements Required in Certificate or Opinion	  	 	41	  
		  	Section 10.6.	  	Rules by Trustee and Agents	  	 	42	  
		  	Section 10.7.	  	Legal Holidays	  	 	42	  
		  	Section 10.8.	  	No Recourse Against Others	  	 	42	  
		  	Section 10.9.	  	Counterparts	  	 	42	  
		  	Section 10.10.	  	Governing Law	  	 	42	  
		  	Section 10.11.	  	No Adverse Interpretation of Other Agreements	  	 	43	  
		  	Section 10.12.	  	Successors	  	 	43	  
		  	Section 10.13.	  	Severability	  	 	43	  
		  	Section 10.14.	  	Table of Contents, Headings, Etc.	  	 	43	  
		  	Section 10.15.	  	Securities in a Foreign Currency	  	 	43	  
		  	Section 10.16.	  	Judgment Currency	  	 	44	  
		  	Section 10.17.	  	Force Majeure	  	 	44	  
		
	ARTICLE XI. SINKING FUNDS	  	 	45	  
		  	Section 11.1.	  	Applicability of Article	  	 	45	  
		  	Section 11.2.	  	Satisfaction of Sinking Fund Payments with Securities	  	 	45	  
		  	Section 11.3.	  	Redemption of Securities for Sinking Fund	  	 	45	  
		
	ARTICLE XII. GUARANTEES	  	 	46	  
		  	Section 12.1.	  	Guarantees	  	 	46	  

  
 iii

 [KENNEDY-WILSON HOLDINGS, INC.][KENNEDY-WILSON, INC.] 

Reconciliation to Trust Indenture Act of 1939 
  

			
	§ 310(a)(1)	  	7.10
	        (a)(2)	  	7.10
	        (a)(3)	  	Not Applicable
	        (a)(4)	  	Not Applicable
	        (a)(5)	  	7.10
	            (b)	  	7.10
	   § 311(a)	  	7.11
	            (b)	  	7.11
	            (c)	  	Not Applicable
	   § 312(a)	  	2.6
	            (b)	  	10.3
	            (c)	  	10.3
	   § 313(a)	  	7.6
	        (b)(1)	  	7.6
	        (b)(2)	  	7.6
	        (c)(1)	  	7.6
	            (d)	  	7.6
	   § 314(a)	  	4.2, 10.5
	            (b)	  	Not Applicable
	        (c)(1)	  	10.4
	        (c)(2)	  	10.4
	        (c)(3)	  	Not Applicable
	            (d)	  	Not Applicable
	            (e)	  	10.5
	            (f)	  	Not Applicable
	   § 315(a)	  	7.1
	            (b)	  	7.5
	            (c)	  	7.1
	            (d)	  	7.1
	            (e)	  	6.14
	   § 316(a)	  	2.10
	  (a)(1)(A)	  	6.12
	  (a)(1)(B)	  	6.13
	            (b)	  	6.8
	§ 317(a)(1)	  	6.3
	        (a)(2)	  	6.4
	            (b)	  	2.5
	   § 318(a)	  	10.1

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

  
 iv 

 Indenture dated as of
[                    ] between [Kennedy-Wilson Holdings, Inc.][Kennedy-Wilson, Inc.], a Delaware corporation (the “Company”),
and [                    ] (the “Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture. 

ARTICLE I. 

DEFINITIONS AND INCORPORATION BY REFERENCE 
  

	 	Section 1.1.	Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under
circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 

“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or
under common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to
any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 

“Agent” means any Registrar, Paying Agent or Notice Agent. 

“Board of Directors” means the board of directors of the Company or any duly authorized committee thereof.

 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary
of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental
indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York (or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law,
regulation or executive order to close. 
 “Capital Stock” means any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Company” means the party named as such above until a
successor replaces it and thereafter means the successor. 

  
 1 

 “Company Order” means a written order signed in the name of the
Company by an Officer thereof. 
 “Corporate Trust Office” means the office of the Trustee at which at
any particular time its corporate trust business related to this Indenture shall be principally administered. 

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

 “Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in
part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if, at any time, there is more than one such
person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 
 “Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.2. 
 “Dollars” and “$” means the
currency of The United States of America. 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than
the government of The United States of America. 
 “Foreign Government Obligations” means, with respect
to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and
credit is pledged and which are not callable or redeemable at the option of the issuer thereof. 

“GAAP” means accounting principles generally accepted in the United States of America set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have
been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

“Global Security” or “Global Securities” means a Security or Securities, as the case may
be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

“Guarantee” means a guarantee of any Securities by a Guarantor as contemplated by Article XII, provided that the
term “Guarantee,” when used with respect to any Security or 

  
 2 

 
with respect to any Series of Securities means a guarantee of such Security or of such Series of Securities, respectively, by a Guarantor of such Security or such Series of Securities,
respectively, as contemplated by Article XII. 
 “Guarantor” means any person that issues a Guarantee of
any Security of any Series, either on the date such Security is issued or after such date, in accordance with or pursuant to the terms of this Indenture, provided that, upon the release and discharge of such person from its Guarantee in accordance
with or pursuant to this Indenture, such person shall cease to be a Guarantor. 
 “Guarantor Order”
means a written order signed in the name of the Guarantor by an Officer thereof. 
 “Holder” means a
person in whose name a Security is registered. 
 “Indenture” means this Indenture as amended or
supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder. 
 The term “interest” means, with respect to any Discount Security which by its terms bears interest only after Maturity, interest payable after Maturity. 

“Maturity,” when used with respect to any Security, means the date on which the principal of such Security
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 
 “Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any
Vice President of the Company (in the case of an Officer’s Certificate to be delivered by a Guarantor, and in the case of a Guarantor Order, of such Guarantor). 
 “Officer’s Certificate” means a certificate signed by any Officer. 
 “Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. Such counsel may be an employee of or counsel to the Company or any Guarantor.

 The term “person” means any individual, corporation, partnership, joint venture, association, limited
liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 The term “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.

 “Prospectus” means the base prospectus, dated
[                    ], of the Company together with any supplement(s) thereto filed with the Securities and Exchange Commission in connection with
the offer and sale of Securities to be issued pursuant hereto. 

  
 3 

 “Responsible Officer” means any officer of the Trustee in its
Corporate Trust Office having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge
of and familiarity with a particular subject. 
 “SEC” means the Securities and Exchange Commission.

 “Securities” means the debentures, notes or other debt instruments of the Company of any Series
authenticated and delivered pursuant to this Indenture. 
 “Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated Maturity” means, with respect to any payment of principal of, or any premium or interest on, any Security, the date on which such payment is due and payable. 

“Subsidiary” of any specified person means any corporation, association or other business entity of which more
than 50% of the total voting power of shares of Capital Stock 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. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of
this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended. 

“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such
person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 
 “U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full faith and credit is
pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt. 

  
 4 

	 	Section 1.2.	Other Definitions. 

  

					
	 TERM
	  	 DEFINED IN
SECTION
	 
		
	 “Bankruptcy Law”
	  	 	6.1    	  
	 “Custodian”
	  	 	6.1    	  
	 “Event of Default”
	  	 	6.1    	  
	 “Judgment Currency”
	  	 	10.16  	  
	 “Legal Holiday”
	  	 	10.7    	  
	 “mandatory sinking fund payment”
	  	 	11.1    	  
	 “Market Exchange Rate”
	  	 	10.15  	  
	 “New York Banking Day”
	  	 	10.16  	  
	 “Notice Agent”
	  	 	2.4    	  
	 “optional sinking fund payment”
	  	 	11.1    	  
	 “Paying Agent”
	  	 	2.4    	  
	 “Registrar”
	  	 	2.4    	  
	 “Required Currency”
	  	 	10.16  	  
	 “successor person”
	  	 	5.1    	  

  

	 	Section 1.3.	Incorporation by Reference of Trust Indenture Act. 

 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings: 
 “Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

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

“obligor” on the indenture securities means the Company (and, if such indenture securities are guaranteed by any
Guarantor, each such Guarantor) and any successor obligor upon the Securities. 
 All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined. 

 

	 	Section 1.4.	Rules of Construction. 

Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 

  
 5 

 (b) an accounting term not otherwise defined has the meaning assigned
to it in accordance with GAAP; 
 (c) “or” is not exclusive; 

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

(e) provisions apply to successive events and transactions. 

ARTICLE II. 
 THE
SECURITIES 
  

	 	Section 2.1.	Issuable in Series. 

 The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or
determined in the manner provided in a Board Resolution, supplemental indenture or Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series
to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which
specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be
equally and ratably entitled to the benefits of the Indenture. 
  

	 	Section 2.2.	Establishment of Terms of Series of Securities. 

 At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities within the
Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.22) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s
Certificate: 
 2.2.1. the title (which shall distinguish the Securities of that particular Series from the Securities of
any other Series) and ranking (including the terms of any subordination provisions) of the Series; 
 2.2.2. the price or
prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued; 

2.2.3. any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 

  
 6 

 2.2.4. the date or dates on which the principal of the Securities of the Series is
payable; 
 2.2.5. the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to
determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if
any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

2.2.6. the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the
Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such
payment, if by wire transfer, mail or other means; 
 2.2.7. if applicable, the period or periods within which, the price
or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 2.2.8. the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the
period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

2.2.9. the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company
at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 
 2.2.10. if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable; 
 2.2.11. the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities; 
 2.2.12. if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof
pursuant to Section 6.2; 
 2.2.13. the currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 
 2.2.14. the designation of the currency, currencies or currency units in which payment of the principal of or premium, if any, and interest on the Securities of the Series will be made; 

  
 7 

 2.2.15. if payments of the principal of or premium, if any, or interest on the
Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

 2.2.16. the manner in which the amounts of payment of the principal of or premium, if any, or interest on the Securities
of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

2.2.17. the provisions, if any, relating to any security provided for the Securities of the Series; 

2.2.18. any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 
 2.2.19. any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series; 

2.2.20. any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to
Securities of such Series if other than those appointed herein; 
 2.2.21. the provisions, if any, relating to conversion
or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at
the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 

2.2.22. if applicable, the terms of any Guarantee of any Securities of such Series; and 

2.2.23. any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies
to such Series or any Guarantees of any Securities of such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series. 

All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of
this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

  
 8 

	 	Section 2.3.	Execution and Authentication. 

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

A Security shall not be valid until authenticated by the manual or facsimile signature of the Trustee or an authenticating agent. The
signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each
Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series
outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as
provided in Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject
to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and
the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 

The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being
advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents or a committee of
Responsible Officers shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in
this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 

 

	 	Section 2.4.	Registrar and Paying Agent. 

 The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of
such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and
demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The Registrar 

  
 9 

 
shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any
change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and
address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices
and demands. 
 The Company may also from time to time designate one or more co-registrars, additional paying agents or
additional notice agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent
and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name
or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent;
and the term “Notice Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent. 
 The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior
to the time Securities of that Series are first issued. 
  

	 	Section 2.5.	Paying Agent to Hold Money in Trust. 

 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all
money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company in making any such payment. While any such default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee. The Company 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 Company or a
Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities
all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities. 

 

	 	Section 2.6.	Holder Lists. 

 The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not
the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require,
of the names and addresses of Holders of each Series of Securities. 

  
 10 

	 	Section 2.7.	Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them
for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover
any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6). 

Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series
for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or
(b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

  

	 	Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities. 

 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor
and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company and
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such
destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

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

  
 11 

 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
 The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

 

	 	Section 2.9.	Outstanding Securities. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it
that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company, a Subsidiary
of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and
interest on them ceases to accrue. 
 The Company may purchase or otherwise acquire the Securities, whether by open market
purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security, subject to Section 2.10. 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the
date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
  

	 	Section 2.10.	Treasury Securities. 

 In
determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company, any Guarantor of
Securities of such Series or any Affiliate of the Company or any such Guarantor shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization,
direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 

  
 12 

	 	Section 2.11.	Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture
as the definitive Securities. 
  

	 	Section 2.12.	Cancellation. 

 The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall
cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of
such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. 

 

	 	Section 2.13.	Defaulted Interest. 

 If
the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Holders of the Series on a
subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the special record date, the Company shall mail to the Trustee and to each Holder of the Series a notice that states the special record
date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner. 
  

	 	Section 2.14.	Global Securities. 

2.14.1. Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 
 2.14.2. Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable
pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing
agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such 

  
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Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the
Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 
 Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a
nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 

2.14.3. Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form: 

“This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the
Depositary or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and 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 another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of
such a successor Depositary.” 
 2.14.4. Acts of Holders. The Depositary, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

2.14.5. Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 

2.14.6. Consents, Declaration and Directions. The Company, the Guarantors, if any, the Trustee and any Agent shall treat a
person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of such Depositary with respect to
such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
  

	 	Section 2.15.	CUSIP Numbers. 

 The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on
the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 

  
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 ARTICLE III. 
 REDEMPTION 
  

	 	Section 3.1.	Notice to Trustee. 

 The
Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and
on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company elects to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it
shall notify the Trustee in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 15 days before the redemption date. 

 

	 	Section 3.2.	Selection of Securities to be Redeemed. 

 Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities of a Series are to be redeemed,
the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in
the case of Global Securities, to the applicable rules and procedures of the Depositary. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. The Trustee may select for redemption
portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of
any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called
for redemption also apply to portions of Securities of that Series called for redemption. 
  

	 	Section 3.3.	Notice of Redemption. 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
at least 15 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed. 

The notice shall identify the Securities of the Series to be redeemed and shall state: 

(a) the redemption date; 
 (b) the redemption price; 
 (c) the name and address of the Paying
Agent; 

  
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 (d) if any Securities are being redeemed in part, the portion of the
principal amount of such Securities to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in
the name of the Holder thereof upon cancellation of the original Security; 
 (e) that Securities of the Series
called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (f) that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price; 

(g) the CUSIP, if any, number of the Securities to be redeemed; and 

(h) any other information as may be required by the terms of the particular Series or the Securities of a Series being
redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at
its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such notice. 
  

	 	Section 3.4.	Effect of Notice of Redemption. 

 Once notice of redemption is mailed as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price. Except as
otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price
plus accrued interest to the redemption date. 
  

	 	Section 3.5.	Deposit of Redemption Price. 

 On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all
Securities to be redeemed on that date. 
  

	 	Section 3.6.	Securities Redeemed in Part. 

 Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed
portion of the Security surrendered. 

  
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 ARTICLE IV. 
 COVENANTS 
  

	 	Section 4.1.	Payment of Principal and Interest. 

 The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in
accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if
any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. 
  

	 	Section 4.2.	SEC Reports. 

 To the
extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it actually files them with the SEC (regardless of when the same is or was required to be filed with the SEC pursuant to the Exchange
Act or otherwise) copies of the reports which the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act; provided, however, that the Company shall not be required to deliver to the
Trustee any material for which the Company has sought and received, or is currently seeking, confidential treatment by the SEC; provided further, that each such report will be deemed to be so delivered to the Trustee if the Company
files such report with the SEC through the SEC’s EDGAR database (or any successor thereto). The Company also shall comply with the other provisions of TIA §314(a). 
 Delivery of reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute
constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates). 
  

	 	Section 4.3.	Compliance Certificate. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge). 
 The Company will, so
long as any of the Securities are outstanding, deliver to the Trustee, promptly upon becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking
or proposes to take with respect thereto. 

  
 17 

	 	Section 4.4.	Stay, Extension and Usury Laws. 

 The Company and each Guarantor covenants (to the extent that they may lawfully do so) that they will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company and each Guarantor (to the extent they may lawfully
do so) hereby expressly waive all benefit or advantage of any such law and covenant that they will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law has been enacted. 
  

	 	Section 4.5.	Corporate Existence. 

Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence and rights (charter and statutory); provided, however, that the Company shall not be required to preserve any such right if the Board of Directors shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders. 
 ARTICLE V. 
 SUCCESSORS 

 

	 	Section 5.1.	When Company May Merge, Etc. 

 The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”)
unless: 
 (a) the Company is the surviving person or the successor person (if other than the Company) is a
person organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and 

(b) immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be
continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s
Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture. 
 Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s Certificate nor an Opinion of
Counsel shall be required to be delivered in connection therewith. 

  
 18 

	 	Section 5.2.	Successor Corporation Substituted. 

 Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a
lease) shall be released from all obligations and covenants under this Indenture and the Securities. 
 ARTICLE VI. 

DEFAULTS AND REMEDIES 
  

	 	Section 6.1.	Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events,
unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a) default in the payment of any interest on any Security of that Series when it becomes due
and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or 

(b) default in the payment of principal of any Security of that Series at its Maturity; or 

(c) default in the deposit of any sinking fund payment, if, when and as due by the terms of the Securities of that
Series, and the continuance of such default for a period of 60 days; or 
 (d) default in the performance or
breach of any covenant or warranty of the Company (or, in the case the Securities of that Series are subject to a Guarantee, the Guarantor of such Guarantee) in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or
pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (e) if the
Securities of such Series are subject to a Guarantee of a Guarantor, such Guarantee shall for any reason cease to be, or shall for any reason be asserted in 

  
 19 

 
writing by such Guarantor or the Company not to be, in full force and effect and enforceable in accordance with its terms, except to the extent contemplated or permitted by this Indenture or the
terms of the Securities of such Series; 
 (f) the Company pursuant to or within the meaning of any
Bankruptcy Law: 
 (i) commences a voluntary case, 

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

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

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

(v) generally is unable to pay its debts as the same become due; or 

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

(i) is for relief against the Company in an involuntary case, 

(ii) appoints a Custodian of the Company or for all or substantially all of its property, or 

(iii) orders the liquidation of the Company, 
 and the order or decree remains unstayed and in effect for 60 days; or 
 (h) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in
accordance with Section 2.2.18. 
 The term “Bankruptcy Law” means title 11, U.S. Code or any
similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

 

	 	Section 6.2.	Acceleration of Maturity; Rescission and Annulment. 

 If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or (e)) then in every
such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of, and any premium and accrued and unpaid interest on, all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by Holders), and upon any such declaration such 

  
 20 

 
principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall
occur, the principal amount (or specified amount) of, and any premium and accrued and unpaid interest on, all outstanding Securities of the applicable Series shall ipso facto become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder. 
 At any time after such a declaration of acceleration with respect to
any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that
Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal, premium and
interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereon. 
  

	 	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee. 

 The Company covenants that if a: 
 (a) default is made in the
payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
 (b) default is made in the payment of principal of any Security at the Maturity thereof, or 
 (c) default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security, 
 then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest
and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

  
 21 

 If an Event of Default with respect to any Securities of any Series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

 

	 	Section 6.4.	Trustee May File Proofs of Claim. 

 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other
obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

(a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the
Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same, 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

 

	 	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities. 

 All rights of action and claims under this Indenture, the Securities or any Guarantee may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 

  
 22 

	 	Section 6.6.	Application of Money Collected. 

 Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or
property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

First: To the payment of all amounts due the Trustee under Section 7.7; and 

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

Third: To the Company or any applicable Guarantor, as the case may be. 

 

	 	Section 6.7.	Limitation on Suits. 

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

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

(c) such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 
 (d)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that
Series, 
 it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that
no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, 

  
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disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series. 
  

	 	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest. 

 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of, and any premium and
interest on, such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder. 
  

	 	Section 6.9.	Restoration of Rights and Remedies. 

 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  

	 	Section 6.10.	Rights and Remedies Cumulative. 

 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
  

	 	Section 6.11.	Delay or Omission Not Waiver. 

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

  
 24 

	 	Section 6.12.	Control by Holders. 

 The
Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Securities of such Series, provided that 
 (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 deemed proper by the Trustee which is not inconsistent with such direction, 
 (c) subject to the
provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee
in personal liability, and 
 (d) prior to taking any action as directed under this Section 6.12, the
Trustee shall be entitled to indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

 

	 	Section 6.13.	Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of
all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of, or any premium or interest on, any Security of such Series. The Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

 

	 	Section 6.14.	Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered 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, 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; but the provisions of this Section shall not apply to any suit instituted by the Company or any Guarantor, to any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on
or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 

  
 25 

 ARTICLE VII. 
 TRUSTEE 
  

	 	Section 7.1.	Duties of Trustee. 

 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 (ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such
Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or
not they conform to the form requirements of this Indenture. 
 (c) The Trustee may not be relieved from
liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) This paragraph does not limit the effect of paragraph (b) of this Section. 
 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

 (iii) The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it
with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a),
(b) and (c) of this Section. 

  
 26 

 (e) The Trustee may refuse to perform any duty or exercise any right or
power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its
rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction. 

(h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities
as are set forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee. 
  

	 	Section 7.2.	Rights of Trustee. 

 (a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form) believed by it to be genuine and to have been
signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to
take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
 (c) The Trustee
may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any
Depositary. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction. 

  
 27 

 (g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 

(h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of
the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the
Securities of a particular Series and this Indenture. 
 (i) In no event shall the Trustee be liable to any
person for special, punitive, indirect, consequential or incidental 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. 

(j) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an
obligation or duty to do so. 
  

	 	Section 7.3.	Individual Rights of Trustee. 

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

	 	Section 7.4.	Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for
the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 
  

	 	Section 7.5.	Notice of Defaults. 

 If a
Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Holder of the Securities of that Series notice of a Default
or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest
on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of that
Series. 

  
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	 	Section 7.6.	Reports by Trustee to Holders. 

 Within 60 days after each [            ] of each year, the Trustee shall transmit by mail to all Holders, as their names and addresses appear on
the register kept by the Registrar, a brief report dated as of such [            ], in accordance with, and to the extent required under, TIA § 313. 

A copy of each report at the time of its mailing to Holders of any Series shall be filed with the SEC and each national securities
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange. 

 

	 	Section 7.7.	Compensation and Indemnity. 

 The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not
be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation and
expenses of the Trustee’s agents and counsel. 
 The Company shall indemnify each of the Trustee and any predecessor
Trustee (including the cost of defending itself) against any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph
in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of
its obligations hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall
pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee. 
 The Company need not reimburse any expense or indemnify against any loss or liability
incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that
held in trust to pay principal of and interest on particular Securities of that Series. 
 When the Trustee incurs expenses or
renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

  
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 The provisions of this Section shall survive the termination of this Indenture. 

 

	 	Section 7.8.	Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities
of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so
notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 
 (a) the Trustee fails to comply with Section 7.10; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee
under any Bankruptcy Law; 
 (c) a Custodian or public officer takes charge of the Trustee or its property;
or 
 (d) the Trustee becomes incapable of acting. 

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

 If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a
successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to
the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its
succession to each Holder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with
respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

  
 30 

	 	Section 7.9.	Successor Trustee by Merger, Etc. 

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

	 	Section 7.10.	Eligibility; Disqualification. 

 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as
set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 
  

	 	Section 7.11.	Preferential Collection of Claims Against Company. 

 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated. 
 ARTICLE VIII. 
 SATISFACTION AND DISCHARGE; DEFEASANCE 
  

	 	Section 8.1.	Satisfaction and Discharge of Indenture. 

 This Indenture shall upon Company Order or Guarantor Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute instruments acknowledging satisfaction and discharge of this Indenture, when: 
 (a) either:

 (i) all Securities theretofore authenticated and delivered (other than Securities that have been destroyed,
lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 

(ii) all such Securities not theretofore delivered to the Trustee for cancellation: 

(1) have become due and payable, or 

(2) will become due and payable at their Stated Maturity within one year, or 

(3) have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 
 (4) are deemed paid and discharged pursuant to Section 8.3, as applicable; 

  
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 and the Company or any Guarantor(s), in the case of (1), (2) or (3) above, has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be; 

(b) the Company or any Guarantor(s) have paid or caused to be paid all other sums payable hereunder by the Company;
and 
 (c) the Company or any Guarantor has delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to
clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive. 
  

	 	Section 8.2.	Application of Trust Funds; Indemnification. 

 (a) Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be
held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 (c) The Trustee shall deliver or pay to the Company or the relevant Guarantor(s), as applicable, from
time to time upon Company Order or Guarantor Order, as applicable, any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of
independent public accountants or investment bank expressed in a 

  
 32 

 
written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

 

	 	Section 8.3.	Legal Defeasance of Securities of any Series. 

 Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company and each Guarantor shall be deemed to have paid and
discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to: 

(a) the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph
(d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the benefit
of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; 

(b) the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and 

(c) the rights, powers, trust and immunities of the Trustee hereunder and the Company’s obligations in
connection therewith; 
 provided that, the following conditions shall have been satisfied: 

(d) the Company or, if applicable, any Guarantor(s) shall have deposited or caused to be irrevocably deposited
(except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities
(i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency),
money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification
thereof delivered to the Trustee, to pay and discharge each installment of principal of, and premium, if any, or interest, if any, on, and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such
installments of interest or principal and such sinking fund payments are due; 

  
 33 

 (e) such deposit will not result in a breach or violation of, or
constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
 (f) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after
such date; 
 (g) the Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company or such Guarantor(s), as applicable, have received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date
of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not
recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the
case if such deposit, defeasance and discharge had not occurred; 
 (h) the Company or, if applicable, the
Guarantor(s) shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company or such Guarantor(s), as applicable, with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company or such Guarantor(s), as applicable; and 
 (i) the Company or, if applicable, the
Guarantor(s) shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.

  

	 	Section 8.4.	Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the
Company (and, if such Securities are subject to a Guarantee, the Guarantors thereof) may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well
as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall
not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s
Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall
have been satisfied: 
 (a) with reference to this Section 8.4, the Company or, if applicable, any
Guarantor(s) have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public
accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of, and premium, if any, or interest, if any, on, and any mandatory sinking fund payments in
respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due; 

  
 34 

 (b) such deposit will not result in a breach or violation of, or
constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
 (c) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit; 

(d) the Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an Opinion of Counsel to the
effect that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and 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 deposit and covenant defeasance had not occurred; 
 (e) the Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company or such Guarantor(s), as
applicable, with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or such Guarantor(s), as applicable; and 
 (f) the Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein
provided for relating to the covenant defeasance contemplated by this Section have been complied with. 
  

	 	Section 8.5.	Repayment. 

 Subject to
applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company (or, if applicable, the relevant Guarantor(s)) upon request any money held by them for the payment of principal and interest that remains unclaimed for two
years. 

  
 35 

 
After that, Holders entitled to the money must look to the Company or, if applicable, the relevant Guarantor(s) for payment as general creditors unless an applicable abandoned property law
designates another person. 
  

	 	Section 8.6.	Reinstatement. 

 If the
Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as
though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however, that if the Company or any
Guarantor(s) have made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company and the applicable Guarantor(s), if any, shall be subrogated to
the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE IX. 

AMENDMENTS AND WAIVERS 
  

	 	Section 9.1.	Without Consent of Holders. 

 The Company, the applicable Guarantor(s), if any, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Holder: 

(a) to cure any ambiguity, defect or inconsistency; 

(b) to evidence the succession of another person to the Company or, if applicable, any Guarantor and the assumption
by such successor person of the covenants of the Company or such Guarantor, as applicable, herein or pursuant hereto and in the Securities or the Guarantees of such Guarantor, as applicable; 

(c) to secure or provide additional security for all or any Securities of any Series; 

(d) to add to the covenants of the Company or, if applicable, any Guarantor for the benefit of the Holders of all or
any Securities of any Series or to surrender any right or power conferred upon the Company or, if applicable, any Guarantor with regard to all or any Securities of any Series; 

(e) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(f) to make any change that does not materially adversely affect the rights of any Holder; 

  
 36 

 (g) to provide for the issuance of and establish the form, terms and
conditions of Securities of any Series and any Guarantees thereof, as permitted hereby; 
 (h) to evidence
and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee; 
 (i) to comply with requirements of
the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 
 (j) to amend
the provisions of this Indenture relating to the transfer and legending of Securities; provided, however, that (i) compliance herewith as so amended would not result in Securities being transferred in violation of the Securities
Act or any applicable securities law; and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Securities, except as required by law; 

(k) to add any additional Events of Default for the benefit of the Holders of all or any Securities of any Series;

 (l) to add to, change or eliminate any provision hereof in respect of all or any Securities of any Series
or any Guarantees thereof, provided that such addition, change or elimination shall either (A) (i) not apply to any Security of any Series or any Guarantee thereof that was created prior to the execution and delivery of such supplemental
indenture; and (ii) not modify the rights of the Holder of any such Security with respect to such provision; or (B) become effective only when there is no Security outstanding; 

(m) in the case of any Securities that, by their terms, may be converted into securities or other property (other
than Securities of the same Series and of like tenor), to (A) make provisions with respect to adjustments to the applicable conversion rate of such Securities as required or permitted by this Indenture and the terms of such Securities; or
(B) permit or facilitate the issuance, payment or conversion of such Securities; 
 (n) to add any
person as a Guarantor of all or any Securities of any Series, which Securities were not theretofore subject to any Guarantee, or to add additional Guarantors of all or any Securities of any Series; 

(o) to evidence the release and discharge of any Guarantor from its obligations under its Guarantees and its
obligations hereunder in respect of any Securities, in each case in accordance with this Indenture and the terms of such Securities; or 
 (p) to conform the text of this Indenture or any Securities of any Series or any Guarantee to the description of this Indenture, such Securities or such Guarantee contained in the Prospectus relating
to such Securities, provided that such supplement shall apply only to such Securities or Guarantee. 

  
 37 

	 	Section 9.2.	With Consent of Holders. 

The Company, the applicable Guarantor(s), if any, and the Trustee may enter into a supplemental indenture with the written consent of the
Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such
Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of each such Series.
Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for
the Securities of such Series) may waive compliance by the Company or any Guarantor of Securities of such Series with any provision of this Indenture or the Securities or the applicable Guarantee with respect to such Series. 

It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any
proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities
affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture or waiver. 
  

	 	Section 9.3.	Limitations. 

 Without the
consent of each Holder affected, an amendment or waiver may not: 
 (a) reduce the principal amount of
Securities whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the rate of or
extend the time for payment of interest (including default interest) on any Security; 
 (c) reduce the
principal of, or premium, if any, on, or change the Stated Maturity of, any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 

(d) reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof; 

(e) waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security
(except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 (f) make the principal of, or any premium or interest on, any Security payable in any currency other than
that stated in the Security; 
 (g) make any change in Sections 6.8, 6.13 or 9.3 (this sentence);

  
 38 

 (h) waive a redemption payment with respect to any Security, provided
that such redemption is made at the Company’s option; 
 (i) in the case of any Security that is
subject to a Guarantee, release the Guarantor of such Guarantee from any of its obligations under such Guarantee, except in accordance with the terms of this Indenture and such Security; 

(j) make any change in the ranking or priority of any Security or any Guarantee thereof that would adversely affect
the Holders of such Security; or 
 (k) in the case of any Security that provides that the Holder may
require the Company to repurchase or convert such Security, impair such Holder’s right to require such repurchase or effect such conversion of such Security in accordance with this Indenture and the terms of such Security. 

 

	 	Section 9.4.	Compliance with Trust Indenture Act. 

 Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect. 

 

	 	Section 9.5.	Revocation and Effect of Consents. 

 Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his
Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. 
 Any amendment or waiver once effective shall bind every Holder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of
Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security. 
  

	 	Section 9.6.	Notation on or Exchange of Securities. 

 The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the
Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver. 
  

	 	Section 9.7.	Trustee Protected. 

 In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Section 7.1) shall be fully 

  
 39 

 
protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with Section 10.4. The Trustee shall sign all supplemental indentures upon delivery of
such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights. 
 ARTICLE X. 
 MISCELLANEOUS 

 

	 	Section 10.1.	Trust Indenture Act Controls. 

 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall
control. 
  

	 	Section 10.2.	Notices. 

 Any notice or
communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail: 
 if to the Company or any Guarantor: 
 [Kennedy-Wilson Holdings,
Inc.][Kennedy-Wilson, Inc.] 
 9701 Wilshire Boulevard, Suite 700 

Beverly Hills, California 90212 
 Attention: [        ] 
 Telephone:
[        ] 
 with a copy to: 
 Latham & Watkins LLP 
 355 South Grand Avenue, 

Los Angeles, CA 90071 
 Attention: Julian T.H. Kleindorfer, Esq. 
 Telephone: 213-485-1234 

if to the Trustee: 

[        ] 
 Attention: [        ] 
 Telephone:
[        ] 
 with a copy to: 
 [        ] 
 Attention:
[        ] 
 Telephone: [        ] 

  
 40 

 The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 Any notice or communication to a Holder shall be mailed by first-class
mail to his address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder of any Series or any defect in it shall not affect its sufficiency with respect to other Holders of that or any other Series.

 If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly
given, whether or not the Holder receives it. 
 If the Company mails a notice or communication to Holders, it shall mail a copy
to the Trustee and each Agent at the same time. 
 Notwithstanding any other provision of this Indenture or any Security, where
this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its
designee) pursuant to the customary procedures of such Depositary. 
  

	 	Section 10.3.	Communication by Holders with Other Holders. 

 Holders of any Series may communicate pursuant to TIA § 312(b) with other Holders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series
or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  

	 	Section 10.4.	Certificate and Opinion as to Conditions Precedent. 

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

(a) an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
  

	 	Section 10.5.	Statements Required in Certificate or Opinion. 

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

  
 41 

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

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

 

	 	Section 10.6.	Rules by Trustee and Agents. 

 The Trustee may make reasonable rules for action by or a meeting of Holders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions. 

 

	 	Section 10.7.	Legal Holidays. 

 Unless
otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
  

	 	Section 10.8.	No Recourse Against Others. 

 A director, officer, employee or stockholder (past or present), as such, of the Company or any Guarantor shall not have any liability for any obligations of the Company or such Guarantor under the
Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities. 
  

	 	Section 10.9.	Counterparts. 

 This
Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

  

	 	Section 10.10.	Governing Law. 

 THIS
INDENTURE, THE SECURITIES AND EACH GUARANTEE, IF ANY, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS
PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 

  
 42 

	 	Section 10.11.	No Adverse Interpretation of Other Agreements. 

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

	 	Section 10.12.	Successors. 

 All
agreements of the Company in, or of any Guarantor pursuant to, this Indenture and the Securities or Guarantee, as applicable, shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 

 

	 	Section 10.13.	Severability. 

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

 

	 	Section 10.14.	Table of Contents, Headings, Etc. 

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

	 	Section 10.15.	Securities in a Foreign Currency. 

 Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular
Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series which are denominated more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such
action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase of the designated currency as published in the The
Financial Times in the “Currency Rates” section (of, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on any
date of determination. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of
Securities pursuant to the terms of this Indenture. 

  
 43 

 All decisions and determinations provided for in the preceding paragraph shall, in the
absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 
  

	 	Section 10.16.	Judgment Currency. 

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

 

	 	Section 10.17.	Force Majeure. 

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

  
 44 

 ARTICLE XI. 
 SINKING FUNDS 
  

	 	Section 11.1.	Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by
the terms of such Securities PURSUANT TO Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a
“mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of
Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms
of the Securities of such Series. 
  

	 	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities. 

 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver
outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such
sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the
application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee,
together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the
price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments
pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption,
except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such
Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series
purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 
  

	 	Section 11.3.	Redemption of Securities for Sinking Fund. 

 Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series of Securities) prior to each
sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing 

  
 45 

 
mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon
be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 

ARTICLE XII. 

GUARANTEES 
  

	 	Section 12.1.	Guarantees. 

 Any Series
of Securities may be guaranteed by one or more Guarantors. The terms and the form of any such Guarantee shall be established in the manner contemplated by Section 2.2 hereof for such Series of Securities; provided, however, that,
prior to the authentication and delivery upon original issuance of any Series of Securities that are to be so guaranteed, the Company and the Trustee and each person that shall be an initial Guarantor of such Series of Securities shall execute and
deliver a supplemental indenture hereto pursuant to Section 9.1 hereof, whereby such person shall become a Guarantor under this Indenture with respect to such Series of Securities. 

  
 46 

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

			
	[KENNEDY-WILSON HOLDINGS, INC.][KENNEDY-
WILSON,
INC.]
		
	 By:
	 	  

		 	 Name:

		 	 Its:

	
	[        ], as Trustee
		
	 By:
	 	  

		 	 Name:

		 	 Its:

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