Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

TEVA PHARMACEUTICAL FINANCE NETHERLANDS II B.V., 

as Issuer, 
 TEVA PHARMACEUTICAL
INDUSTRIES LIMITED, 
 as Guarantor, 

THE BANK OF NEW YORK MELLON, 
 as
Trustee 
 and 
 THE BANK OF NEW
YORK MELLON, LONDON BRANCH, 
 as Principal Paying Agent 
  

 
 SECOND
SUPPLEMENTAL SENIOR INDENTURE 
 Dated as of July 25, 2016 

to the Senior Indenture dated as of March 31, 2015 
  

 
 Creating the
series of Securities (as defined herein) designated 
 0.375% Senior Notes due 2020 

1.125% Senior Notes due 2024 
 and

 1.625% Senior Notes due 2028 
  

 
  

							
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
			
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Rules of Construction	  	 	10	  
		
	 ARTICLE 2 THE NOTES AND THE GUARANTEE
	  	 	11	  
			
	 Section 2.1
	  	Title and Terms	  	 	11	  
	 Section 2.2
	  	Forms of Notes	  	 	12	  
	 Section 2.3
	  	Selling Restrictions; Legends	  	 	13	  
	 Section 2.4
	  	Form of Guarantee	  	 	14	  
	 Section 2.5
	  	Book-Entry Provisions for the Global Notes	  	 	15	  
	 Section 2.6
	  	Defaulted Interest	  	 	17	  
	 Section 2.7
	  	Execution of Guarantees	  	 	17	  
	 Section 2.8
	  	Add On Notes	  	 	17	  
	 Section 2.9
	  	ISIN Numbers and Common Codes	  	 	19	  
		
	 ARTICLE 3 ADDITIONAL COVENANTS
	  	 	19	  
			
	 Section 3.1
	  	Payment of Additional Tax Amounts	  	 	20	  
	 Section 3.2
	  	Stamp Tax	  	 	21	  
	 Section 3.3
	  	Corporate Existence	  	 	21	  
	 Section 3.4
	  	Certificates of the Issuer and the Guarantor	  	 	21	  
	 Section 3.5
	  	Guarantor To Be the Sole Equityholder of the Issuer	  	 	21	  
	 Section 3.6
	  	Limitation on Liens	  	 	21	  
	 Section 3.7
	  	Limitation on Sales and Leasebacks	  	 	22	  
	 Section 3.8
	  	Waiver of Stay or Extension Laws	  	 	23	  
		
	 ARTICLE 4 REDEMPTION OF NOTES
	  	 	23	  
			
	 Section 4.1
	  	Optional Redemption	  	 	23	  
	 Section 4.2
	  	Notice of Redemption	  	 	23	  
	 Section 4.3
	  	Deposit of Redemption Price	  	 	23	  
	 Section 4.4
	  	Tax Redemption	  	 	23	  
	 Section 4.5
	  	Special Mandatory Redemption	  	 	24	  
		
	 ARTICLE 5 SATISFACTION AND DISCHARGE
	  	 	26	  
			
	 Section 5.1
	  	Satisfaction and Discharge	  	 	26	  
		
	 ARTICLE 6 EVENTS OF DEFAULT
	  	 	26	  
			
	 Section 6.1
	  	Events of Default	  	 	26	  
		
	 ARTICLE 7 APPOINTMENT OF PRINCIPAL PAYING AGENT
	  	 	27	  
			
	 Section 7.1
	  	Principal Paying Agent	  	 	27	  
		
	 ARTICLE 8 MISCELLANEOUS PROVISIONS
	  	 	27	  
			
	 Section 8.1
	  	Scope of Supplemental Indenture	  	 	27	  

  
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	 Section 8.2
	  	Provisions of Supplemental Indenture for the Sole Benefit of Parties and Holders of Notes	  	 	27	  
	 Section 8.3
	  	Successors and Assigns of Issuer and Guarantor Bound by Supplemental Indenture	  	 	27	  
	 Section 8.4
	  	Notices and Demands on Issuer, Trustee, Principal Paying Agent and Holders of Notes	  	 	28	  
	 Section 8.5
	  	Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein	  	 	30	  
	 Section 8.6
	  	Payments Due on Saturdays, Sundays and Holidays	  	 	31	  
	 Section 8.7
	  	[Reserved.]	  	 	31	  
	 Section 8.8
	  	New York Law to Govern	  	 	31	  
	 Section 8.9
	  	Counterparts	  	 	31	  
	 Section 8.10
	  	Effect of Headings	  	 	31	  
	 Section 8.11
	  	Submission to Jurisdiction	  	 	31	  
	 Section 8.12
	  	Not Responsible for Recitals or Issuance of Securities	  	 	32	  
		
	 ARTICLE 9 SUPPLEMENTAL INDENTURES
	  	 	32	  
			
	 Section 9.1
	  	Without Consent of Holders	  	 	32	  
	 Section 9.2
	  	With Consent of Each Affected Holder	  	 	33	  
		
	 EXHIBITS A-1 – A-3 - FORMS OF NOTE
	  	 	A-1	  

  
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 SECOND SUPPLEMENTAL SENIOR INDENTURE, dated as of July 25, 2016, among Teva Pharmaceutical
Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”), Teva Pharmaceutical Industries Limited, a
corporation incorporated under the laws of Israel (the “Guarantor”), The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”) and The Bank of New York Mellon, London Branch, as
principal paying agent (the “Principal Paying Agent”). 
 WITNESSETH: 

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee a Senior Debt Indenture, dated as of March 31, 2015 (the
“Base Indenture”), providing for the issuance from time to time of one or more series of its senior unsecured debentures, notes or other evidences of indebtedness (the “Securities”); 

WHEREAS, Section 7.01(e) of the Base Indenture provides that the Issuer, the Guarantor and the Trustee may from time to time enter into
one or more indentures supplemental thereto to establish the form or terms of Securities of a new series; 
 WHEREAS, the Issuer, pursuant
to the foregoing authority, proposes in and by this Second Supplemental Senior Indenture (this “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) to amend and supplement the Base
Indenture insofar as it will apply only to the 0.375% Senior Notes due 2020 (the “2020 Notes”), the 1.125% Senior Notes due 2024 (the “2024 Notes”) and the 1.625% Senior Notes due 2028 (the “2028
Notes” and, together with the 2020 Notes and the 2024 Notes, the “Notes”) issued hereunder (and not to any other series of Securities); and 

WHEREAS, all things necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered hereunder and duly
issued by the Issuer, the valid obligations of the Issuer, and to make this Supplemental Indenture a valid and legally binding agreement of the Issuer, in accordance with their and its terms; 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchases of the Notes by the holders thereof, the Issuer, the Guarantor and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Base Indenture unless otherwise indicated. For
all purposes of this Supplemental Indenture and the Notes, the following terms are defined as follows: 
 “2020 Note” has
the meaning specified in the third recital paragraph of this Supplemental Indenture. 

  
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 “2024 Note” has the meaning specified in the third recital paragraph of this
Supplemental Indenture. 
 “2028 Note” has the meaning specified in the third recital paragraph of this Supplemental
Indenture. 
 “Actavis Generics Acquisition” means the acquisition of the worldwide generic pharmaceuticals business and
certain other assets of Allergan plc by the Guarantor pursuant to the Master Purchase Agreement. 
 “Add On Notes” means
any notes originally issued after the date hereof pursuant to Section 2.8, including any replacement notes as specified in the relevant Add On Note Board Resolutions or Add On Note supplemental indenture issued therefor in accordance with the Base
Indenture. 
 “Additional Tax Amounts” has the meaning specified in Section 3.1. 

“Agent Member” has the meaning specified in Section 2.5. 

“Authorized Agent” has the meaning specified in Section 8.11. 

“Business Day” means any day on which commercial banks and foreign exchange markets are open for business in New York and
London; provided that, for purposes of payments to be made under the Indenture, a “Business Day” must be a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) is operating. 

“Capital Stock” means: 
  

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

  

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

 

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

  

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Clearstream” means Clearstream Banking S.A., Luxembourg. 

  
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 “Common Depositary” means The Bank of New York Mellon, London Branch, at One
Canada Square, Canary Wharf, London E14 5AL, United Kingdom, as common depositary for Euroclear and/or Clearstream, or any successor Person thereto. 

“Consolidated Net Worth” means the stockholders’ equity of the Guarantor and its consolidated subsidiaries, as shown on
the audited consolidated balance sheet of the Guarantor’s latest annual report to stockholders, prepared in accordance with GAAP. 

“corporation” means corporations, associations, limited liability companies, companies and business trusts. 

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

“Defaulted Interest” has the meaning specified in Section 2.6. 

“Distribution Compliance Period” means, in respect of any Global Note (or Physical Note issued in respect thereof pursuant to
Section 2.5(e)), the 40 consecutive day period, as notified to the Trustee by the Issuer in writing prior to the end of such period, beginning on and including the later of (a) the day on which any Notes represented thereby are offered to
Persons other than distributors (as defined in Regulation S) pursuant to Regulation S or (b) the issue date for such Notes. 

“Euro” means the lawful single currency of the participating states of the European Union as at the time of payment is legal
tender for the payment of public and private debts. 
 “Euroclear” means Euroclear Bank S.A./N.V. 

“Event of Default” with respect to the Notes of each series shall not have the meaning assigned to such term by
Section 4.01 of the Base Indenture. An Event of Default with respect to the Notes of each series means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) the Issuer defaults in the payment of the principal and premium, if any, of any of the Notes of such series when it becomes due and
payable at Maturity, upon redemption or otherwise; 
 (b) the Issuer defaults in the payment of interest (including Additional Tax Amounts,
if any) on any of the Notes of such series when it becomes due and payable and such default continues for a period of 30 days; 
 (c) the
Guarantor fails to perform under the Guarantee relating to the Notes of such series; 
 (d) except as otherwise permitted by the Indenture,
the Guarantee is held in any final, non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any Person acting on behalf of the Guarantor, shall deny or
disaffirm its obligations under the Guarantee; 

  
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 (e) either the Issuer or the Guarantor fails to perform or observe any other term, covenant or
agreement contained in the Notes of such series or this Supplemental Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, respectively, to remedy the same, shall
have been given to the Issuer or the Guarantor, respectively, by the Trustee or to the Issuer or the Guarantor, respectively, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of such series; 

(f) (i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal or interest due
in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $250,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of
$250,000,000 because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such non-payment or acceleration having been cured, waived, rescinded or annulled, in the case of either (i) or
(ii) above, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of such series; 

(g) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Issuer or the
Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Issuer or the Guarantor as bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the Guarantor under any applicable U.S. federal or state law, or appointing a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Issuer or the Guarantor or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 
 (h) the commencement by the Issuer or the
Guarantor of a voluntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by the
Issuer to the entry of a decree or order for relief in respect of the Issuer or the Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against the Issuer or the Guarantor, or the filing by the Issuer or the Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable U.S. federal
or state law, or the consent by the Issuer or the Guarantor to the filing of such petition or to the appointment of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the
Issuer or the Guarantor or of any substantial part of its property, or the making by the Issuer or the Guarantor of an assignment for the benefit of creditors, or the admission by the Issuer or the Guarantor in writing of its inability to pay its
debts generally as they become due, or the taking of corporate action by the Issuer or the Guarantor expressly in furtherance of any such action; or 

  
 4 

 (i) failure to comply with the provisions of Section 4.5 of this Supplemental Indenture. 

Except as otherwise provided herein, with respect to the Notes, references to Sections 4.01(c) and 4.01(f) in the Base Indenture shall be
construed as references to paragraphs (e) and (f) above and references to Sections 4.01(d) and (e) in the Base Indenture shall be construed as references to paragraphs (g) and (h) above. 

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

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, as in effect from time to time; provided, however, that any change in GAAP that would cause the Guarantor to record an existing item as a liability upon that entity’s balance sheet, which item was not
previously required by GAAP to be so recorded, shall not constitute an incurrence of Indebtedness for purposes of this Supplemental Indenture. 

“Global Note” has the meaning specified in Section 2.2(b). 

“guarantee” means any obligation, contingent or otherwise, of any Person, directly or indirectly guaranteeing any
Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (1) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or
services, to take-or-pay, or maintain financial statement conditions or otherwise); or 
 (2) entered into for purposes of
assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 

provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The
term “guarantee” used as a verb has a corresponding meaning. 
 “Guarantees” means the guarantees of the
Guarantor in respect of the Notes in the form provided in Section 2.4. 
 “Guarantor” means the Person named as the
“Guarantor” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Guarantor” shall mean such successor Person. 

  
 5 

 “Holder,” “Holder of Notes” or other similar terms means the
registered holder of any Note. 
 “Indebtedness” means, with respect to any Person: 

(1) any liability for borrowed money, or evidenced by an instrument for the payment of money, or incurred in connection with the acquisition
of any property, services or assets (including securities), or relating to a capitalized lease obligation, other than accounts payable or any other indebtedness to trade creditors created or assumed by such Person in the ordinary course of business
in connection with the obtaining of materials or services; 
 (2) obligations under exchange rate contracts or interest rate protection
agreements; 
 (3) any obligations to reimburse the Issuer of any letter of credit, surety bond, performance bond or other guarantee of
contractual performance; 
 (4) any liability of another Person of the type referred to in clause (1), (2) or (3) of this
definition which has been assumed or guaranteed by such Person; and 
 (5) any obligations described in clauses (1) through (3) of
this definition secured by any mortgage, pledge, Lien or other encumbrance existing on property which is owned or held by such Person, regardless of whether the indebtedness or other obligation secured thereby shall have been assumed by such Person.

 “Independent Investment Banker” means a bank appointed by the Issuer which is a primary European government security
dealer, and any of its successors, or a market maker in pricing corporate bond issues. 
 “Interest Payment Date” means,
with respect to the 2020 Notes, July 25 of each year, beginning July 25, 2017, with respect to the 2024 Notes, October 15 of each year, beginning October 15, 2016 and with respect to the 2028 Notes, October 15 of each year,
beginning October 15, 2016; provided, however, that if such date is not a Business Day, the Interest Payment Date shall be the next succeeding Business Day. 

“Interest Rate” means with respect to the 2020 Notes, 0.375% per annum, with respect to the 2024 Notes, 1.125% per
annum, and with respect to the 2028 Notes, 1.625% per annum. 
 “Issuer” means the company named as the
“Issuer” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Order” means a written order signed in the name of the Issuer by any two Officers of the Issuer or a duly authorized
Attorney-in-Fact of the Issuer, and delivered to the Trustee. 
 “Lien” means, with respect to any asset, any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in
the nature thereof, any option or other agreement to give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

  
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 “Managers” means the managers named in Schedule I to the Subscription Agreement.

 “Master Purchase Agreement” means the Master Purchase Agreement, as amended, dated as of July 26, 2015, by and
between Allergan plc and the Guarantor. 
 “Maturity” means the date on which the principal of the Notes of a given series
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by acceleration, call for redemption or otherwise. 

“Note” or “Notes” has the meaning specified to it in the third recital paragraph of this Supplemental
Indenture. 
 “Officer of the Guarantor” and “Officer of the Issuer” mean the Chairman of the Board, the
Chief Executive Officer, Chief Operating Officer, the President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, any Vice President, the Corporate Treasurer, the Head of Corporate Treasury, the Secretary or any Assistant
Secretary of the Guarantor and of the Issuer, respectively, any managing director or supervisory director of the Issuer, or a duly authorized Attorney-in-Fact. 

“Paying Agent” means an office or agency where Notes may be presented for payment, including the Principal Paying Agent. The
term “Paying Agent” includes any additional paying agent. 
 “Permitted Liens” means: 

 

	 	(1)	Liens existing on the date of this Supplemental Indenture; 

  

	 	(2)	Liens on property created prior to, at the time of or within 120 days after the date of acquisition, completion of construction or completion of improvement of such property to secure all or part of the cost of
acquiring, constructing or improving all or any part of such property; 

  

	 	(3)	landlord’s, material men’s, carriers’, workmen’s, repairmen’s and other like Liens arising in the ordinary course of business in respect of obligations which are not overdue or which are being
contested in good faith in appropriate proceedings; 

  

	 	(4)	Liens on property of any Person existing at the time such Person became or becomes a subsidiary of the Guarantor (provided that the Lien has not been created or assumed in contemplation of such Person becoming a
subsidiary of the Guarantor); 

  

	 	(5)	Liens securing Indebtedness of a subsidiary to the Guarantor or to one or more of its subsidiaries; 

  
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	 	(6)	Liens in favor of the United States of America, or any State or agency thereof or of any foreign country, or any agency, department or other instrumentality thereof, to secure progress, advance or other payments or
obligations pursuant to any contract or provision of any statute; or 

  

	 	(7)	any extension, renewal, substitution or replacement (or successive extensions, renewals, substitutions or replacements), as a whole or in part, of any Lien referred to in the foregoing clauses (1) to (6),
inclusive, or the Indebtedness secured thereby; provided, however, that (i) the principal amount of Indebtedness secured thereby and not otherwise authorized by said clauses (1) to (6), inclusive, shall not exceed the
principal amount of Indebtedness so secured at the time of such extension, renewal, substitution or replacement; and (ii) any such extension, renewal, substitution or replacement Lien shall be limited to the property covered by the Lien
extended, renewed, substituted or replaced. 

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

“Physical Notes” means Notes issued in definitive, fully registered form without interest coupons, substantially in the form
of Exhibits A-1 – A-3 hereto, as applicable. 
 “Principal Paying Agent” means The Bank of New York Mellon, London
Branch, at One Canada Square, Canary Wharf, London E14 5AL, United Kingdom. 
 “Record Date” means either a Regular Record
Date or a Special Record Date, as the case may be. 
 “Redemption Date,” when used with respect to any Note to be redeemed,
means the date fixed for such redemption by or pursuant to this Supplemental Indenture. 
 “Redemption Price,” when used
(a) with respect to any Note to be redeemed pursuant to Section 4.1 of this Supplemental Indenture, means the amount equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum of the present
values of the Remaining Scheduled Payments discounted, on an annual basis (on the basis of the “Actual/Actual (ICMA)” day count convention (as described in Section 2.1(c))), at the Reinvestment Rate, and (b) with respect to any Note
to be redeemed pursuant to Section 4.4 of this Supplemental Indenture, means the amount equal to 100% of the principal amount thereof. 

“Reference Bund” means (i) with respect to the 2020 Notes, the 0.00% Federal Government Bond of Bundesrepublik
Deutschland due April 17, 2020, with ISIN DE0001141711, (ii) with respect to the 2024 Notes, the 1.00% Federal Government Bond of Bundesrepublik Deutschland due August 15, 2024, with ISIN DE0001102366 and (iii) with respect to
the 2028 Notes, the 0.00% Federal Government Bond of Bundesrepublik Deutschland due August 15, 2026, with ISIN DE0001102408. 

  
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 “Reference Dealers” means the Independent Investment Banker and each of the
three other banks selected by the Issuer which are primary European government security dealers, and their respective successors, or market makers in pricing corporate bond issues. 

“Registrar” means the office or agency where Notes may be presented for registration of transfer or for exchange. 

“Regular Record Date” means (i) with respect to the Global Note, the Business Day next preceding an Interest Payment
Date or (ii) if Physical Notes are issued, the 15th calendar day next preceding an Interest Payment Date, whether or not a Business Day. 

“Regulation S” means Regulation S under the Securities Act or any successor regulation. 

“Reinvestment Rate” means (i) with respect to the 2020 Notes, 0.20% (20 basis points), (ii) with respect to the
2024 Notes, 0.25% (25 basis points), and (iii) with respect to the 2028 Notes, 0.30% (30 basis points), plus, in each case, the average of the four quotations given by the Reference Dealers of the mid-market annual yield to maturity of the
applicable Reference Bund at 11:00 a.m. (Central European time (“CET”)) on the fourth Business Day preceding the applicable Redemption Date and if the applicable Reference Bund is no longer outstanding, a Similar Security will be
chosen by the Independent Investment Banker at 11:00 a.m. (CET) on the third Business Day in London preceding such Redemption Date, quoted in writing by the Independent Investment Banker to the Issuer. 

“Remaining Scheduled Payments” means, with respect to each Note of a given series to be redeemed, the remaining scheduled
payments of principal of and interest on such Note that would be due after the related Redemption Date but for such redemption. If such Redemption Date is not an interest payment date with respect to such Note, the amount of the next succeeding
scheduled interest payment on such Note will be reduced by the amount of interest accrued on such Notes to such Redemption Date 

“Sale-Leaseback Transaction” means the sale or transfer by the Guarantor or any subsidiary of any property to a Person and
the taking back by the Guarantor or any subsidiary, as the case may be, of a lease of such property. 
 “Securities Act”
means the Securities Act of 1933, as amended. 
 “Similar Security” means a reference bond or reference bonds issued by the
German Federal Government having an actual or interpolated maturity comparable with the remaining term of the relevant series of Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Special
Mandatory Redemption Notice” shall have the meaning set forth in Section 4.5. 
 “Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.6. 

  
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 “Special Redemption Date” means the date fixed for any special mandatory
redemption in a Special Mandatory Redemption Notice. 
 “Special Redemption Price” shall have the meaning set forth in
Section 4.5. 
 “Stated Maturity” means the date specified in any Note as the fixed date for the payment of principal on
such Note or on which an installment of interest on such Note is due and payable. 
 “Subscription Agreement” means the
Subscription Agreement, dated July 21, 2016 among the Issuer, the Guarantor and the Managers. 
 “subsidiary” means,
with respect to any Person, a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by such Person or by one or more other subsidiaries, or by such Person and one or more other subsidiaries. For the
purposes of this definition only, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any
contingency. 
 “Taxing Jurisdiction” means the Netherlands, Israel or any jurisdiction where a successor to the Issuer or
the Guarantor is incorporated or organized or considered to be a resident, if other than the Netherlands or Israel, respectively, or any jurisdiction through which payments will be made. 

“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 Supplemental Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“U.S. Person” means a U.S. Person as defined in Regulation S. 

“Vice President,” when used with respect to the Issuer or the Guarantor, as the case may be, means any vice president,
whether or not designated by a number or a word or words added before or after the title “vice president.” 
 Section 1.2
Rules of Construction. 
 For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular; 
 (2) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with accounting principles generally accepted in the United States prevailing at the time of any relevant computation hereunder; and 

  
 10 

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

ARTICLE 2 
 THE NOTES
AND THE GUARANTEE 
 Section 2.1 Title and Terms. 

(a) The 2020 Notes, the 2024 Notes and the 2028 Notes shall be known and designated as the “0.375% Senior Notes due 2020”, the
“1.125% Senior Notes due 2024” and the “1.625% Senior Notes due 2028” of the Issuer, respectively. The aggregate principal amount of the 2020 Notes that may be authenticated and delivered under this Supplemental Indenture is
limited to €1,750,000,000, the aggregate principal amount of the 2024 Notes that may be authenticated and delivered under this Supplemental Indenture is limited to €1,500,000,000 and the aggregate principal amount of the 2028 Notes that
may be authenticated and delivered under this Supplemental Indenture is limited to €750,000,000, except, in each case, for Add On Notes of the applicable series issued in accordance with Section 2.8 and Notes of any series authenticated and
delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes of the same series pursuant to Section 2.5. The Notes of each series shall be issuable in minimum denominations of €100,000 and integral multiples of
€1,000 in excess thereof. 
 (b) The 2020 Notes shall mature on July 25, 2020, the 2024 Notes shall mature on October 15,
2024 and the 2028 Notes shall mature on October 15, 2028. 
 (c) Interest on the Notes shall accrue from July 25, 2016 at the
Interest Rate applicable to Notes of such series until the principal thereof is paid or made available for payment. Interest shall be payable annually in arrear on each Interest Payment Date. The day count convention for the purpose of calculating
interest on the Notes is “Actual/Actual (ICMA)” and, accordingly: 
 (1) if interest is required to be calculated
for an Accrual Period that is equal to or shorter than the Determination Period in which it falls, interest shall be calculated on the basis of the actual number of days in the Accrual Period divided by the actual number of days in the Determination
Period; or 
 (2) if interest is required to be calculated for an Accrual Period that is longer than one Determination
Period, it shall be calculated on the basis of the sum of (A) the actual number of days in such Accrual Period falling in the Determination Period in which it begins divided by the number of days in such Determination Period; and (B) the
actual number of days in such Accrual Period falling in the next Determination Period, divided by the number of days in such Determination Period, with any modifications that may be needed from time to time to fully conform with the actual/actual
interest calculation basis recognized by the International Capital Market Association. 

  
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 For these purposes, “Accrual Period” means the relevant period for which interest is to
be calculated (from and including the first such day to but excluding the last); and 
 “Determination Period” means the period
from and including the immediately preceding Interest Payment Date, or, for the first Determination Period, July 25, 2016, as the case may be, to but excluding the next Interest Payment Date. 

(d) A Holder of any Note at the close of business on a Regular Record Date shall be entitled to receive interest on such Note on the
corresponding Interest Payment Date. 
 (e) Payments on the Global Notes will be made through the Principal Paying Agent. Payments on the
Notes will be made in Euros at the specified office or agency of the Principal Paying Agent; provided that all such payments with respect to Notes represented by one or more Global Notes deposited with and registered in the name of the Common
Depositary or its nominee for the accounts of Euroclear and Clearstream, will be by wire transfer of immediately available funds to the account specified in writing by the holder or holders thereof to the Common Depositary. 

(f) Payments on Physical Notes, shall be payable at the office or agency of the Issuer maintained for such purpose, initially the specified
office or agency of the Principal Paying Agent and, at the option of the Issuer, may be made by wire transfer to the account specified by the Holder or Holders thereof as notified to the Principal Paying Agent in writing at least 15 days prior to
the relevant payment date. 
 (g) The Notes shall be redeemable at the option of the Issuer as provided in Article 4. 

(h) The Issuer undertakes that it will maintain a Paying Agent (which may be the Principal Paying Agent) with a specified office in a European
Union member state that will not be obliged to withhold or deduct Tax (as defined in Section 3.1) pursuant to European Council Directive 2003/48/EC (as amended from time to time) or any law implementing or complying with, or introduced in order to
conform to, such Directive. 
 Section 2.2 Forms of Notes. 

(a) Except as otherwise provided pursuant to this Section 2.2, the 2020 Notes, 2024 Notes and 2028 Notes are issuable in fully registered form
without coupons in substantially the form of Exhibits A-1 - A-3 hereto, respectively, with such applicable legends as are provided for in Section 2.3. The Notes are not issuable in bearer form. The terms and provisions contained in the respective
forms of Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture and to the extent applicable, the Issuer, the Guarantor and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly
agree to such terms and provisions and to be bound thereby. Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends and endorsements as the officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental Indenture and the Base Indenture, or as may be required to comply with any law or with any rule or regulation made

  
 12 

 
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes of any series may be listed or designated for issuance, or to conform
to usage. 
 (b) The Notes and the Guarantees are being offered and sold by the Issuer pursuant to the Subscription Agreement. The Notes
shall be issued initially in the form of permanent global Notes in fully registered form without interest coupons, substantially in the form of Exhibits A-1 - A-3 hereto, respectively (with respect to the 2020 Notes, the “2020 Global
Note”, with respect to the 2024 Notes, the “2024 Global Note” and with respect to the 2028 Notes, the “2028 Global Note” and collectively, the “Global Notes”), with the applicable legends
as provided in Section 2.3. Each Global Note shall be duly executed by the Issuer and authenticated and delivered by the Trustee, shall have endorsed thereon the applicable Guarantees executed by the Guarantor and shall be deposited with and
registered in the name of the Common Depositary or its nominee for the accounts of Euroclear and Clearstream. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of
the Registrar or the Principal Paying Agent, at the direction of the Trustee, as hereinafter provided. 
 Section 2.3 Selling
Restrictions; Legends. 
 (a) The Notes have not been registered under the Securities Act and may not be offered and sold within the
United States or to, or for the account or benefit of, U.S. Persons until after the expiry of the Distribution Compliance Period, except in accordance with Regulation S. 

(b) Each Global Note shall bear the following legend on the face thereof: 

THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY
PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY HAS AN INTEREST HEREIN. 

  
 13 

 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
ON THE REVERSE HEREOF. 
 In addition, upon original issuance by the Issuer, and until such time as the same is no longer required under the
applicable requirements of the Securities Act, the Notes shall bear the following legend: 
 THIS SECURITY HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN CERTAIN TRANSACTIONS
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE DISTRIBUTION OF ALL THE NOTES OF THE TRANCHE OF WHICH THIS NOTE FORMS PART. 

Section 2.4 Form of Guarantee. 

A Guarantee substantially in the following form shall be endorsed on the reverse of each Note: 

Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally and irrevocably guarantees to
the Holder of this Note the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same shall become due and payable, whether at Maturity or upon redemption or upon
declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such principal or interest (including Additional Tax Amounts, if
any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of the time for payment of this Note, any modification of this
Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the Issuer with respect thereto by the Holder of this Note or the
Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger
or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness evidenced hereby and all demands whatsoever, and covenants that this Guarantee will
not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

  
 14 

 The Guarantor shall be subrogated to all rights of the Holders against the Issuer
in respect of any amounts paid by the Guarantor pursuant to the provisions of the Guarantees or the Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or
otherwise, upon making any payment hereunder (i) to be subrogated to the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or
(ii) to receive any payment in the nature of contribution or for any other reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this Note
shall have been paid in full. 
 The Guarantee shall not be valid or become obligatory for any purpose with respect to this
Note until the certificate of authentication on this Note shall have been signed by the Trustee. 
 The Guarantee shall be
governed by and construed in accordance with the laws of the State of New York. 
 IN WITNESS WHEREOF, Teva Pharmaceutical Industries
Limited has caused the Guarantee to be signed manually or by facsimile by its duly authorized officers. 
  

			
	TEVA PHARMACEUTICAL INDUSTRIES LIMITED
		
	By	 	  

		
	By	 	  

 Section 2.5 Book-Entry Provisions for the Global Notes. 

(a) The Global Notes initially shall be deposited with and registered in the name of the Common Depositary or its nominee for the accounts of
Euroclear and Clearstream. 
 (b) Members of, or participants in, Euroclear or Clearstream (“Agent Members”) shall have no
rights under this Supplemental Indenture with respect to any Global Note held on their behalf by Euroclear or Clearstream, or the Common Depositary, or under such Global Note, and the Common Depositary may be treated by the Issuer, the Guarantor,
the Trustee, the Principal Paying Agent and any of their respective agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing contained herein shall prevent the Issuer, the Guarantor, the
Trustee, the Principal Paying Agent or any of 

  
 15 

 
their respective agents from giving effect to any written certification, proxy or other authorization furnished by Euroclear or Clearstream or impair, as between Euroclear or Clearstream and the
Agent Members, the operation of customary practices of Euroclear or Clearstream governing the exercise of the rights of a Holder of any Note. With respect to any Global Note deposited on behalf of the subscribers for the Notes represented thereby
with the Common Depositary for credit to their respective accounts (or to such other accounts as they may direct) at Euroclear or Clearstream, the provisions of the “Operating Procedures of the Euroclear System” and the “Terms and
Conditions Governing Use of Euroclear” and the “Management Regulations” and “Instructions to Participants” of Clearstream, respectively, shall be applicable to the Global Notes. 

(c) The Holder of a Global Note may grant proxies and otherwise authorize any Person, including Euroclear or Clearstream or its nominee, Agent
Members and persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Supplemental Indenture, the Base Indenture or the Notes of any series. 

(d) A Global Note may not be transferred, in whole or in part, to any Person other than the Common Depositary (or its nominee by a nominee of
the Common Depositary to the Common Depositary or to another nominee of the Common Depositary, or by the Common Depositary or any such nominee to a successor Common Depositary or a nominee of such successor Common Depositary), and no such transfer
to any such other Person may be registered. Beneficial interests in a Global Note may be transferred in accordance with the rules and procedures of Euroclear or Clearstream. 

(e) If at any time: 

(1) either Euroclear or Clearstream notifies the Issuer in writing that it is unwilling or unable to continue to act as
depositary for the Global Notes of any series or Euroclear or Clearstream ceases to be a “clearing agency” registered under the Exchange Act, and a successor depositary for the Global Notes of such series is not appointed by the Issuer
within 90 days of such notice or cessation; or 
 (2) an Event of Default has occurred and is continuing and the Registrar
has received a request from the Euroclear or Clearstream on behalf of their Agent Members for the issuance of Physical Notes in exchange for such Global Note or Global Notes; 

such Global Note or Global Notes shall be deemed to be surrendered to the Trustee for cancellation and the Issuer shall execute, and the Trustee, upon receipt
of an Officers’ Certificate and Issuer Order for the authentication and delivery of Notes, shall authenticate and deliver, in exchange for such Global Note or Global Notes, Physical Notes of the applicable series in an aggregate principal
amount equal to the aggregate principal amount of such Global Note or Global Notes. Such Physical Notes shall be registered in such names as Euroclear or Clearstream shall identify in writing as the beneficial owners of the Notes represented by such
Global Note or Global Notes (or any nominee thereof). 

  
 16 

 (f) Notwithstanding the foregoing, in connection with any transfer of beneficial interests in a
Global Note to the beneficial owners thereof pursuant to Section 2.5(d), the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the
beneficial interests in such Global Note to be transferred. 
 (g) Except as provided in Section 2.5(e), beneficial owners of the Global
Notes shall not be entitled to receive Physical Notes. 
 Section 2.6 Defaulted Interest. 

If the Issuer fails to make a payment of interest or Additional Tax Amount, if any, on any Note when due and payable (“Defaulted
Interest”), it shall pay such Defaulted Interest plus (to the extent lawful) any interest payable on the Defaulted Interest, in any lawful manner. It may elect to pay such Defaulted Interest, plus any such interest payable on it, to the
Persons who are Holders of such Notes on which the interest is due on a subsequent Special Record Date. The Issuer shall notify the Trustee and the Principal Paying Agent in writing of the amount of Defaulted Interest proposed to be paid on each
such Note. The Issuer shall fix any such Special Record Date and payment date for such payment. At least 15 days before any such Special Record Date, the Issuer shall deliver to Holders affected thereby, with a copy to the Trustee and the Principal
Paying Agent, a notice that states the Special Record Date, the Interest Payment Date and amount of such interest to be paid. 

Section 2.7 Execution of Guarantees. 

The Guarantor hereby agrees to execute the Guarantees in substantially the form above recited to be endorsed on each Note. If the Issuer shall
execute Physical Notes in accordance with Section 2.5, the Guarantor shall execute the Guarantees in substantially the form above recited to be endorsed on each such Note. Such Guarantee shall be executed on behalf of the Guarantor by an Officer of
the Guarantor. The signature of any of these officers on the Guarantees may be manual or facsimile. 
 In case any Officer of the Guarantor
who shall have signed the Guarantee endorsed on a Note shall cease to be such officer before the Note so signed shall be authenticated and delivered by the Trustee, such Note nevertheless may be authenticated and delivered or disposed of as though
the person who signed such Guarantee had not ceased to be such Officer of the Guarantor; and any Guarantee endorsed on a Note may be signed on behalf of the Guarantor by such persons as, at the actual date of the execution of such Guarantees, shall
be the proper officers of the Guarantor, although at the date of the execution and delivery of this Supplemental Indenture any such person was not such an officer. 

Section 2.8 Add On Notes. 

The Issuer may, from time to time, subject to compliance with any other applicable provisions of this Supplemental Indenture and the Base
Indenture, without the consent of the Holders, create and issue pursuant to this Supplemental Indenture and the Base Indenture Add On Notes having terms identical to those of the Outstanding Notes of any series, except that Add On Notes: 

 

	 	(a)	may have a different issue date from other Outstanding Notes; 

  
 17 

	 	(b)	may have a different first Interest Payment Date after issuance than other Outstanding Notes of such series; 

  

	 	(c)	may have a different amount of interest payable on the first Interest Payment Date after issuance than is payable on other Outstanding Notes of such series; and 

 

	 	(d)	may have terms specified in Add On Note Board Resolutions or the Add On Note supplemental indenture for such Add On Notes making appropriate adjustments to this Article 2 and Exhibit A-1 – A-3 (and related
definitions), as the case may be, applicable to such Add On Notes in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws) and any registration rights or similar agreement applicable to such Add On
Notes, which are not adverse in any material respect to the Holder of any Outstanding Notes (other than such Add On Notes) and which shall not affect the rights, benefits, immunities or duties of the Trustee. 

In authenticating any Add On Notes, and accepting the additional responsibilities under the Indenture in relation to such Add On Notes, the
Trustee shall receive, and shall be fully protected in relying upon: 
  

	 	(a)	the Add On Note Board Resolutions or Add On Note supplemental indenture relating thereto; 

  

	 	(b)	an Officers’ Certificate complying with Section 8.5; and 

  

	 	(c)	an Opinion of Counsel complying with Section 8.5 stating, 

 (1) that the forms
of such Notes have been established by or pursuant to Add On Note Board Resolutions or by an Add On Note supplemental indenture, as permitted by this Section 2.8 and in conformity with the provisions of this Supplemental Indenture and the Base
Indenture; 
 (2) that the terms of such Notes have been established by or pursuant to Add On Note Board Resolutions or by an
Add On Note supplemental indenture, as permitted by this Section 2.8 and in conformity with the provisions of this Supplemental Indenture and the Base Indenture; 

(3) that such Notes and the related Guarantees, when authenticated and delivered by the Trustee and issued by the Issuer and
the Guarantor in the manner provided for herein and in the Base Indenture and the Guarantees, respectively, subject to any customary conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuer
and the Guarantor, respectively, entitled to the benefits provided in this Supplemental Indenture and the Base Indenture, enforceable in accordance with their respective terms, except 

  
 18 

 
to the extent that the enforcement of such obligations may be subject to bankruptcy laws or insolvency laws or other similar laws, general principles of equity and such other qualifications as
such counsel shall conclude are customary or do not materially affect the rights of the Holders of such Notes; 
 (4) that
all laws and requirements in respect of the execution and delivery of the Notes have been complied with; and 
 (5) such
other matters as the Trustee may reasonably request. 
 If such forms or terms have been so established by or pursuant to Add On Note Board
Resolutions or an Add On Note supplemental indenture, the Trustee shall have the right to decline to authenticate and deliver any Notes: 

(1) if the Trustee, being advised by counsel, determines that such action may not lawfully be taken; 

(2) if the Trustee in good faith determines that such action would expose the Trustee to personal liability to Holders of any Outstanding
Notes; or 
 (3) if the issue of such Add On Notes pursuant to this Supplemental Indenture and the Base Indenture will affect the
Trustee’s own rights, duties, benefits and immunities under the Notes, this Supplemental Indenture and the Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

Notwithstanding anything in this Section 2.8, the Issuer may not issue Add On Notes if an Event of Default shall have occurred and be
continuing. 
 Section 2.9 ISIN Numbers and Common Codes  

The Issuer in issuing the Notes may use “ISIN” numbers (if then generally in use) and common codes, and, if so, the Trustee and the
Principal Paying Agent shall use “ISIN” numbers and common codes in notices of redemption and other notices to the Holders 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 Notes of a given series or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes of a given series, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee and the Principal Paying Agent in writing of any change in the “ISIN” numbers or common codes. 

ARTICLE 3 
 ADDITIONAL
COVENANTS 
 In addition to the covenants set forth in Article 3 of the Base Indenture, the Notes shall be subject to the additional
covenants set forth in this Article 3. 

  
 19 

 Section 3.1 Payment of Additional Tax Amounts. 

All payments of interest and principal by the Issuer under the Notes of any series and by the Guarantor under the Guarantees shall be made
without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of any Taxing Jurisdiction or any political sub-division thereof or
by any authority therein having power to tax unless such withholding or deduction is required by law. In that event, the Issuer or the Guarantor, as applicable, will (a) withhold or deduct such amounts, (b) pay such additional amounts as
may be necessary in order that the net amounts received by a Holder after such withholding or deduction shall equal the amount of interest and principal which would have been receivable in respect of the Notes of such series in the absence of such
withholding or deduction (“Additional Tax Amounts”) and (c) pay the full amount withheld or deducted to the relevant tax or other authority in accordance with applicable law, except that no such Additional Tax Amounts shall be
payable in respect of any Note: 
 (1) to the extent that such Taxes are imposed or levied by reason of such Holder (or the
beneficial owner) having some present or former connection with the Taxing Jurisdiction other than the mere holding (or beneficial ownership) of such Note or receiving principal or interest payments on the Notes (including but not limited to
citizenship, nationality, residence, domicile, or the existence of a business, permanent establishment, a dependant agent, a place of business or a place of management present or deemed present in the Taxing Jurisdiction); 

(2) in respect of any Taxes that would not have been so withheld or deducted but for the failure by the Holder or the
beneficial owner of the Note to make a declaration of non-residence, or any other claim or filing for exemption to which it is entitled or otherwise comply with any reasonable certification, identification, information, documentation or other
reporting requirement concerning nationality, residence, identity or connection with the Taxing Jurisdiction if (a) compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to exemption from all
or part of the Taxes, (b) the Holder (or beneficial owner) is able to comply with these requirements without undue hardship and (c) the Issuer has given the Holders (or beneficial owners) at least 30 calendar days’ prior notice that
they will be required to comply with such requirement; 
 (3) to the extent that such Taxes are imposed by reason of any
estate, inheritance, gift, sales, transfer or personal property taxes imposed with respect to the Notes, except as otherwise provided in the Indenture; 

(4) to the extent that any such Taxes would not have been imposed but for the presentation of such Notes, where presentation is
required, for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent that the Holder would have been
entitled to Additional Tax Amounts had the Notes been presented for payment on any date during such 30-day period; or 
 (5)
any combination of items (1) through (4) above. 

  
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 For purposes of this Section 3.1, “Tax” or “Taxes” means, with
respect to payments on the Notes, all taxes, withholdings, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of any Taxing Jurisdiction or any political subdivision thereof or any authority or agency
therein or thereof having power to tax. 
 Section 3.2 Stamp Tax. 

The Issuer and the Guarantor will pay any present or future stamp, court or documentary taxes or any other excise or property taxes, charges or
similar levies that arise from the execution, delivery, enforcement or registration of the Notes of any series or any other document or instrument in relation thereto. 

Section 3.3 Corporate Existence. 

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

Section 3.4 Certificates of the Issuer and the Guarantor. 

The Issuer and the Guarantor will each furnish to the Trustee within 120 days after the end of each fiscal year of the Issuer or the Guarantor,
as the case may be, an Officers’ Certificate of the Issuer or the Guarantor, as the case may be, as to the signers’ knowledge of the Issuer’s or the Guarantor’s compliance with all conditions and covenants under this Supplemental
Indenture and the Base Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under this Supplemental Indenture or the Base Indenture). In the event an Officer of the Guarantor or an
Officer of the Issuer comes to have actual knowledge of an Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, regardless of the date, the Guarantor or the Issuer shall deliver an
Officers’ Certificate to the Trustee specifying such Default and the nature and status thereof. 
 Section 3.5 Guarantor To Be
the Sole Equityholder of the Issuer. 
 So long as any Notes are outstanding, the Guarantor or its successor will directly or indirectly
own all of the outstanding Capital Stock of the Issuer. 
 Section 3.6 Limitation on Liens. 

The Guarantor shall not, and shall not permit any subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien,
other than a Permitted Lien, upon any of its property or assets (including any shares of Capital Stock or Indebtedness of any subsidiary), whether owned or leased on the date of this Supplemental Indenture or hereafter acquired, to

  
 21 

 
secure any Indebtedness incurred by the Guarantor or any subsidiary, without in any such case making effective provision whereby all of the Notes outstanding (together with, if the Guarantor so
determines, any other Indebtedness by the Guarantor or any such subsidiary ranking equally with the Notes or the Guarantees) shall be secured equally and ratably with, or prior to, such Indebtedness for so long as such Indebtedness shall be so
secured unless, after giving effect to such Lien, the aggregate amount of secured Indebtedness then outstanding (excluding Indebtedness secured solely by Permitted Liens) plus the value (as defined in Section 3.7) of all Sale-Leaseback Transactions
(other than those described in paragraph (a) or paragraph (b) of Section 3.7) then outstanding would not exceed 10% of the Guarantor’s Consolidated Net Worth. 

Section 3.7 Limitation on Sales and Leasebacks. 

The Guarantor will not, and will not permit any subsidiary to, enter into any Sale-Leaseback Transaction after the date of this Supplemental
Indenture unless: 
  

	 	(a)	the Sale-Leaseback Transaction: 

 (1) involves a lease for a period, including
renewals, of not more than five years; 
 (2) occurs within 270 days after the date of acquisition, completion of
construction or completion of improvement of such property; or 
 (3) is with the Guarantor or one of its subsidiaries; or

  

	 	(b)	the Guarantor or any subsidiary, within 270 days after the Sale-Leaseback Transaction shall have occurred, applies or causes to be applied an amount equal to the value of the property so sold and leased back at the time
of entering into such arrangement to the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Guarantor or any subsidiary that is not subordinated to the Notes and that has a Stated Maturity of more than twelve
months; or 

  

	 	(c)	the Guarantor or such subsidiary would be entitled pursuant to Section 3.6 to create, incur, issue or assume Indebtedness secured by a Lien, other than a Permitted Lien, on the property without equally and ratably
securing the Notes. 

 As used in this Section 3.7, the term “value” shall mean, with respect to a Sale-Leaseback
Transaction, as of any particular time an amount equal to the greater of (i) the net proceeds of sale of the property leased pursuant to such Sale-Leaseback Transaction, or (ii) the fair value of such property at the time of entering into
such Sale-Leaseback Transaction as determined by the Board of Directors of the Guarantor, in each case multiplied by a fraction of which the numerator is the number of full years of remaining term of the lease (without regard to renewal options) and
the denominator is the full years of the full term of the lease (without regard to renewal options). 

  
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 Section 3.8 Waiver of Stay or Extension Laws. 

The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever
claim to take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Supplemental Indenture and the Base Indenture; and the Issuer (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
 ARTICLE 4 

REDEMPTION OF NOTES 

Section 4.1 Optional Redemption. 

The Issuer may at its option redeem the Notes of any series in whole or in part from time to time, on any date prior to Maturity, upon notice
as set forth in Section 4.2, at the Redemption Price plus any interest accrued and unpaid to, but excluding, the Redemption Date. 

Section 4.2 Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 8.4 to the Holders of Notes of the applicable series to be redeemed, with
a copy of such notice delivered to the Trustee and the Principal Paying Agent. Such notice shall be given not less than 20 nor more than 60 days prior to the intended Redemption Date. Notice shall be given by the Issuer to the Trustee at least five
Business Days prior to delivery of such notice of redemption to the Holders. 
 Section 4.3 Deposit of Redemption Price. 

On the Business Day prior to any Redemption Date, the Issuer shall deposit with the Principal Paying Agent or any other Paying Agent an amount
of money sufficient to pay the Redemption Price in respect of all the Notes to be redeemed on that Redemption Date and accrued and unpaid interest, if any, on such Notes. If less than all of the Notes (or any series thereof) are to be redeemed, the
Notes to be redeemed shall be selected by the Trustee on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate and subject to the rules of the applicable depositary. 

Section 4.4 Tax Redemption. 

(a) If, as a result of any amendment to, or change in, the laws (or any rulings or regulation thereunder) of any Taxing Jurisdiction or any
political subdivision or taxing authority thereof or therein affecting taxation or any change in an official interpretation or application of such laws, rulings or regulations, which amendment or change of such laws, rules or regulations becomes
effective or, in the case of a change in official position is announced on or after the date of this Supplemental Indenture, the Issuer or the Guarantor (or their respective successors), as the case may be, will be obligated to pay any Additional
Tax Amount with 

  
 23 

 
respect to the Notes (or any series thereof), and such obligation cannot be avoided by the Issuer or the Guarantor (or their respective successors), after taking measures it considers reasonable
to avoid it, then at the option of the Issuer or the Guarantor (or their respective successors), as the case may be, the Notes (or any series thereof) may be redeemed in whole, but not in part, at any time, on giving not less than 20 nor more than
60 days’ notice to the Trustee and the Holders of such Notes, at 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest up to but not including the Redemption Date and any Additional Tax Amounts which would
otherwise be payable; provided, however, that (1) no notice of such tax redemption may be given earlier than 90 days prior to the earliest date on which the Issuer or the Guarantor (or their respective successors), as the case may
be, would but for such redemption be obligated to pay such Additional Tax Amounts were a payment on such Notes then due, and (2) at the time such notice is given, such obligation to pay such Additional Tax Amounts remains in effect. 

(b) Before any notice of tax redemption pursuant to Section 4.4(a) is given to the Trustee or the Holders of the Notes (or any series
thereof), the Issuer or the Guarantor (or their respective successors), as the case may be, shall deliver to the Trustee (i) an Officer’s Certificate stating that the Issuer or the Guarantor (or their respective successors), is entitled to
effect such redemption and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Issuer or the Guarantor (or their respective successors) so to redeem have occurred or been satisfied and
(ii) an opinion of counsel to the effect that the Issuer or the Guarantor (or their respective successors) has or shall become obligated to pay Additional Tax Amounts as a result of a change or amendment described in Section 4.4(a). Such
notice, once given to the Trustee, shall be irrevocable. 
 Section 4.5 Special Mandatory Redemption 

(a) In the event that (i) the closing of the Actavis Generics Acquisition does not occur on or prior to October 26, 2016, or
(ii) the Master Purchase Agreement is terminated at any time prior thereto, the Issuer will be required to redeem all of the Notes on the Special Redemption Date at a redemption price equal to 101% of the aggregate principal amount of such
Notes (the “Special Redemption Price”), plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date, subject to the rights of the holders of the applicable series on the relevant record date to receive
interest due on the relevant interest payment date. Each series of Notes shall on the Special Redemption Date become due and payable at the Special Redemption Price for such series. If funds sufficient to pay the Special Redemption Price of all
Notes on the Special Redemption Date are deposited with the Trustee or paying agent on or before such Special Redemption Date, plus accrued and unpaid interest, if any, to, but excluding, the Special Redemption Date, the Notes will cease to bear
interest and all rights under the Notes shall terminate (other than in respect of the right to receive the Special Redemption Price, plus accrued and unpaid interest, if any). 

(b) Notice of redemption (the “Special Mandatory Redemption Notice”) shall be mailed, or caused to be mailed, by the Issuer,
with a copy provided to the Trustee, by first class postage prepaid mail to each Holder of the Notes being redeemed at its registered address within five Business Days after the occurrence of the event triggering the special mandatory redemption.
Failure to give notice by mailing in the manner herein provided to such Holder, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Notes. 

  
 24 

 (c) All Special Mandatory Redemption Notices shall state: 

(i) the Special Redemption Date, which date may not be any later than the 25th day (or, if such day is not a Business Day, the first Business
Day thereafter) from the date of such Special Mandatory Redemption Notice; 
 (ii) the Special Redemption Price for each series of Notes;

 (iii) that on the Special Redemption Date, the Special Redemption Price shall become due and payable with respect to each series of Notes;

 (iv) the place or places where such Notes are to be surrendered for payment of the Special Redemption Price; 

(v) the CUSIP, ISIN or “Common Code” number of such Notes, if any, or any other numbers used by the Depositary to identify such
Notes; and 
 (vi) if funds sufficient to pay the Special Redemption Price of all Notes on the Special Redemption Date are deposited with the
Trustee or paying agent on or before such Special Redemption Date, plus accrued and unpaid interest, if any, to, but not including, the Special Redemption Date, that the Notes will cease to bear interest and all rights under the Notes shall
terminate (other than in respect of the right to receive the Special Redemption Price, plus accrued and unpaid interest, if any). 
 (d)
Notwithstanding the foregoing, installments of interest on any series of the Notes that are due and payable on interest payment dates falling on or prior to the Special Redemption Date will be payable on such interest payment dates to the registered
holders of the applicable Notes as of the close of business on the relevant record dates in accordance with the applicable series of Notes and this Indenture. 

(e) This Section 4.5 may not be waived or modified for any series of the Notes without the written consent of Holders of at least a
majority in principal amount of the series of Notes subject to such waiver or modification. 
 (f) Upon the occurrence of the closing of the
Actavis Generics acquisition, this Section 4.5 will cease to apply. 

  
 25 

 ARTICLE 5 

SATISFACTION AND DISCHARGE 

Section 5.1 Satisfaction and Discharge. 

(a) With respect to the Notes, Section 9.01 of the Base Indenture is not applicable. 

(b) The Issuer and the Guarantor may satisfy and discharge their obligations under this Supplemental Indenture while the Notes remain
outstanding, if (a) all Outstanding Notes have become due and payable at their scheduled Maturity, or (b) all Outstanding Notes have been called for redemption, and, in either case, the Issuer has deposited with the Trustee an amount
sufficient to pay and discharge all Outstanding Notes on the date of their scheduled Maturity or the scheduled Redemption Date. 
 ARTICLE
6 
 EVENTS OF DEFAULT 

Section 6.1 Events of Default 

(a) With respect to the Notes, the second paragraph of Section 4.01 of the Base Indenture shall be deleted in its entirety and replaced
with the following: 
 “If an Event of Default described in paragraphs (a) through (f) (inclusive) or (i) of the definition thereof
occurs and is continuing, then, and in each and every such case, except for any series the principal of which shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the
Securities of a series affected thereby then Outstanding hereunder (treated as one class) by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities
of any such affected series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such affected series and the interest accrued thereon, if any, to be due
and payable immediately, and upon any such declaration the same shall become immediately due and payable. Unless otherwise set forth in any applicable supplemental indenture, if an Event of Default described in paragraphs (g) or (h) of the
definition thereof occurs and is continuing, then the principal and accrued and unpaid interest, and premium if any, with respect to any Securities then Outstanding 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.” 
 (b) With respect to the Notes, the first paragraph of Section 4.10 of
the Base Indenture shall be deleted in its entirety and replaced with the following: 
 “Prior to the acceleration of the maturity of any Securities as
provided in Section 4.01, the Holders of a majority in aggregate principal amount of the Securities of a series at the time Outstanding with respect to which an Event of Default shall have occurred and be continuing (voting as a single class)
may on behalf of the Holders of all such Securities waive any past 

  
 26 

 
default or Event of Default described in Section 4.01 and its consequences, except a default in respect of a covenant or provision hereof which cannot be modified or amended without the
consent of the Holder of each Security affected. In the case of any such waiver, the Issuer, the Guarantor, the Trustee and the Holders of all such Securities shall be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or impair any right consequent thereon.” 
 (c) For the avoidance of doubt,
the amendments to Section 4.01 and Section 4.10 of the Base Indenture as provided in Section 6.1 (a) above shall apply to the Notes only and shall not apply to any other Securities that may be issued by the Issuer under the Base
Indenture. 
 ARTICLE 7 

APPOINTMENT OF PRINCIPAL PAYING AGENT 

Section 7.1 Principal Paying Agent. 

The Issuer hereby appoints The Bank of New York Mellon, London Branch, to act as Principal Paying Agent. In connection with its appointment and
acting hereunder, the Principal Paying Agent is entitled to all the rights, privileges, protections, immunities, benefits and indemnities provided to the Trustee under the Indenture. 

ARTICLE 8 

MISCELLANEOUS PROVISIONS 

Section 8.1 Scope of Supplemental Indenture. 

The changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall only be applicable with respect
to, and govern the terms of, the Notes and shall not apply to any other Securities that may be issued by the Issuer under the Base Indenture. 

Section 8.2 Provisions of Supplemental Indenture for the Sole Benefit of Parties and Holders of Notes. 

Nothing in this Supplemental Indenture, the Base Indenture or in the Notes or the Guarantees, expressed or implied, shall give or be construed
to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Notes, any legal or equitable right, remedy or claim under this Supplemental Indenture or under any covenant or provision herein
contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Notes. 

Section 8.3 Successors and Assigns of Issuer and Guarantor Bound by Supplemental Indenture. 

All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by or on behalf of the Issuer shall bind its
successors and assigns, whether so 

  
 27 

 
expressed or not. All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by or on behalf of the Guarantor shall bind its successors and assigns, whether
so expressed or not. 
 Section 8.4 Notices and Demands on Issuer, Trustee, Principal Paying Agent and Holders of Notes. 

Any notice or demand which by any provision of this Supplemental Indenture is required or permitted to be given or served by the Trustee, the
Principal Paying Agent or by the Holders of Notes to or on the Issuer or the Guarantor may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address is
filed with the Trustee, the Principal Paying Agent) as follows: 
 If to the Issuer: 

Teva Pharmaceutical Finance Netherlands II B.V. 

Piet Heinkade 107, 1019 GM 

Amsterdam, Netherlands 

Attention: Managing Director 

Fax: +972-3-9062501 
 with a
copy (which shall not constitute notice) to: 
 Teva Pharmaceuticals USA, Inc. 

1090 Horsham Road 
 North Wales,
PA 19454 
 Attention: David M. Stark and Austin D. Kim 

Fax: +1 (215) 293-6499 

with a copy (which shall not constitute notice) to: 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York,
NY 10019 
 Attention: Jeffrey S. Hochman 

Fax: +1 (212) 728-9592 
 If
to the Guarantor: 
 Teva Pharmaceutical Industries Limited 

5 Basel Street, P.O. Box 3190 

Petach Tikva 4951033 Israel 

Attention: Eyal Desheh and Eran Ezra 

Facsimile: +972-3-914-8678 

  
 28 

 with copies (which in the case of Willkie Farr & Gallagher LLP shall not constitute
notice) to: 
 Teva Pharmaceuticals USA, Inc. 

1090 Horsham Road 
 North Wales,
PA 19454 
 Attention: David M. Stark and Austin D. Kim 

Fax: +1 (215) 591-8811 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York,
NY 10019 
 Attention: Jeffrey S. Hochman 

Fax: +1 (212) 728-9592 
 Any
notice, direction, request or demand by the Issuer, the Guarantor or any Holder of Notes to or upon the Trustee or the Principal Paying Agent shall be deemed to have been sufficiently given or made, for all purposes, if delivered in person or mailed
by first-class mail as follows: 
 If to the Trustee: 

The Bank of New York Mellon 
 101
Barclay Street, Floor 7E 
 New York, NY 10286 

Attn: Corporate Trust Administration – Global Finance Unit 

If to the Principal Paying Agent: 

The Bank of New York Mellon, London Branch 

One Canada Square 
 Canary Wharf

 London E14 5AL 
 United
Kingdom 
 Attn: Manager Corporate Trust Services 

Fax: +44 207 964 2536 
 with a
copy (which shall not constitute notice) to the Trustee. 
 Where this Supplemental Indenture provides for notice to Holders, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing, in the English language, and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the register of the Notes
of the applicable series. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Where this Supplemental Indenture provides for notice in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

  
 29 

 Notwithstanding the preceding paragraph, while all the Notes of any series are represented by the
relevant Global Note and such Global Note is deposited with a common depositary for Euroclear or Clearstream and/or any other relevant clearing system, notices to Holders may be given by delivery of the relevant notice to Euroclear or Clearstream
and/or any other relevant clearing system and, in any case, such notices shall be deemed to be given to the Holders in accordance with the Indenture on the date of delivery to Euroclear or Clearstream and/or any other relevant clearing system. 

In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer, the
Guarantor or Holders of Notes when such notice is required to be given pursuant to any provision of this Supplemental Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving
of such notice. 
 Section 8.5 Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein. 

Upon any application or demand by the Issuer or the Guarantor to the Trustee to take any action under any of the provisions of this
Supplemental Indenture, the Issuer or the Guarantor, as the case may be, shall furnish to the Trustee an Officers’ Certificate or Guarantor’s Officers’ Certificate, as the case may be, stating that all conditions precedent provided
for in this Supplemental Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with. 

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

Any certificate, statement or opinion of an officer of the Issuer or the Guarantor may be based, insofar as it relates to legal matters, upon
a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with respect to which is in the possession
of the Issuer or the Guarantor, as the case may be, upon the certificate, statement or opinion of or representations by an officer of officers of the Issuer or the Guarantor, as the case may be, unless such counsel knows that the certificate,
statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

  
 30 

 Any certificate, statement or opinion of an officer of the Issuer or the Guarantor or of counsel
may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows that the
certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.

 Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm
is independent. 
 Section 8.6 Payments Due on Saturdays, Sundays and Holidays. 

If the date of maturity of interest on or principal of the Notes of any series or the date fixed for redemption of any such Note shall not be a
Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no
interest shall accrue for the period after such date. 
 Section 8.7 [Reserved.] 

Section 8.8 New York Law to Govern. 

This Supplemental Indenture, each 2020 Note, each 2024 Note and each 2028 Note shall be deemed to be a contract under the laws of the State of
New York, and for all purposes shall be construed in accordance with the laws of such State. 
 Section 8.9 Counterparts. 

This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument. 
 Section 8.10 Effect of Headings. 

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

Section 8.11 Submission to Jurisdiction. 

Each of the Issuer and the Guarantor agrees that any legal suit, action or proceeding arising out of or based upon this Supplemental Indenture
may be instituted in any federal or state court sitting in the Borough of Manhattan in New York City, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue of any such proceeding,
and irrevocably submits to the non-exclusive jurisdiction of such court in any 

  
 31 

 
law suit, action or proceeding. Each of the Issuer and the Guarantor, as long as any of the Notes remain Outstanding or the parties hereto have any obligation under this Supplemental Indenture,
shall have an authorized agent (the “Authorized Agent”) in the United States upon whom process may be served in any such legal action or proceeding. Service of process upon such agent and written notice of such service mailed or
delivered to it shall to the extent permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding. The Issuer and the Guarantor each hereby appoints Teva Pharmaceuticals USA, Inc. (1090
Horsham Road, North Wales, PA 19454) as its agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such office of such agent. The Issuer will provide written notice to the
Trustee of any change in the Authorized Agent. In the event that any Authorized Agent resigns, is removed or becomes incapable of so acting, the Issuer shall promptly appoint a successor Authorized Agent and shall notify the Trustee in writing of
such change in Authorized Agent. 
 Section 8.12 Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Issuer and the Guarantor, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes. The Trustee shall not be
accountable for the use or application by the Issuer of Notes or the proceeds thereof. 
 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.1 Without Consent of Holders. 
  

	 	(a)	Section 7.01(d) of the Base Indenture is not applicable with respect to the Notes. 

  

	 	(b)	In addition to the provisions set forth in Section 7.01 of the Base Indenture as amended by Section 9.1(a) above, the Issuer, the Guarantor and the Trustee may amend, modify or supplement the Base Indenture or
this Supplemental Indenture or the Notes without the consent of any Holder for one or more of the following purposes: 

(1) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may
be defective or inconsistent with any other provision contained herein or in any supplemental indenture; provided that such amendment, modification or supplement shall not, in the good faith opinion of the Board, adversely affect the
interests of the Holders of the Notes in any material respect; provided, further, that any amendment made solely to conform the provisions of this Supplemental Indenture to the description of the Notes contained in the Issuer’s
offering memorandum dated July 21, 2016 will not be deemed to adversely affect the interests of the Holders of the Notes; 

  
 32 

 (2) to make such other provisions in regard to matters or questions arising
hereunder or any supplemental indenture as the Issuer and the Trustee may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Notes; 

(3) to evidence the acceptance of appointment by a successor trustee; and 

(4) to surrender any right or power conferred upon the Issuer or the Guarantor hereunder. 

Section 9.2 With Consent of Each Affected Holder. 

In addition to the provisions set forth in Section 7.02(a) of the Base Indenture, the Issuer, the Guarantor and the Trustee may not amend,
modify or supplement the Base Indenture or this Supplemental Indenture for one or more of the following purposes without the consent of each Holder so affected: 
  

	 	(a)	to modify the Guarantor’s obligation to directly or indirectly own all of the outstanding Capital Stock of the Issuer pursuant to Section 3.5 of this Supplemental Indenture; 

 

	 	(b)	to modify any provision of Article 4 relating to redemption of the Notes; 

  

	 	(c)	to modify the Guarantees in a manner that would adversely affect the interests of the Holders of the Notes; and 

  

	 	(d)	to reduce the percentage in aggregate principal amount of the Notes at the time Outstanding necessary (i) to modify, amend or supplement the Base Indenture or this Supplemental Indenture or (ii) to waive any
past default or Event of Default pursuant to Section 4.10 of the Base Indenture. 

  
 33 

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

			
	Very truly yours,
	
	 TEVA PHARMACEUTICAL INDUSTRIES
LIMITED

		
	By	 	 /s/ Eyal Desheh

	Name:	 	Eyal Desheh
	Title:	 	Group Executive Vice President and Chief Financial Officer
		
	By	 	 /s/ Eyal Rubin

	Name:	 	Eyal Rubin
	Title:	 	Vice President and Head of Corporate Treasury
	
	 TEVA PHARMACEUTICAL FINANCE
NETHERLANDS II B.V.

		
	By	 	 /s/ Frank Kimick

	Name:	 	Frank Kimick
	Title:	 	Attorney-in-Fact
		
	By	 	 /s/ Austin Kim

	Name:	 	Austin Kim
	Title:	 	Attorney-in-Fact

 
			
	
	 THE BANK OF NEW
YORK MELLON, AS TRUSTEE

		
	By	 	 /s/ James W. Briggs

	Name:	 	James W. Briggs
	Title:	 	Vice President
	
	 THE BANK OF NEW
YORK MELLON, LONDON BRANCH, AS PRINCIPAL PAYING AGENT

		
	By	 	 /s/ James W. Briggs

	Name:	 	James W. Briggs
	Title:	 	Vice President

 EXHIBIT A-1 

[FORM OF FACE OF NOTE] 
 THIS IS A GLOBAL NOTE
WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 
 UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
DEPOSITARY (AS DEFINED IN THE INDENTURE), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN CERTAIN TRANSACTIONS
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE DISTRIBUTION OF ALL THE NOTES OF THE TRANCHE OF WHICH THIS NOTE FORMS PART. 

			
	No.    	 	€            

  

			
	ISIN No.	  	XS1439749109
	Common Code:	  	143974910

 GLOBAL NOTE 

Teva Pharmaceutical Finance Netherlands II B.V. 

0.375% Senior Notes due 2020 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 This Global Note is in respect of an issue of 0.375% Senior Notes due 2020 (the
“Notes”) of Teva Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”, which
term includes any successor corporation under the Supplemental Indenture and Indenture hereinafter referred to), and issued pursuant to a base indenture dated March 31, 2015 (the “Base Indenture”) and a supplemental indenture
dated July 25, 2016 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) among the Issuer, Teva Pharmaceutical Industries Limited, as guarantor (the
“Guarantor”), The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”) and The Bank of New York Mellon, London Branch, as principal paying agent (the “Principal Paying
Agent”). Unless the context otherwise requires, the terms used herein shall have the meanings specified in the Supplemental Indenture and the Base Indenture. 

The Issuer, for value received, hereby promises to pay to The Bank Of New York Depositary (Nominees) Limited, or its registered assigns, the
principal amount of €            on July 25, 2020, and to pay interest on such principal amount in Euros at the rate of 0.375% per annum from the date hereof until the
principal thereof is paid or made available for payment. Interest shall be payable annually in arrear on each July 25 of each year beginning July 25, 2017 to the holders of record at the close of business on the Business Day next preceding
July 25. The day count convention for the purpose of calculating interest on the Notes is “Actual/Actual (ICMA)”: 
 (1) if
interest is required to be calculated for an Accrual Period that is equal to or shorter than the Determination Period in which it falls, it shall be calculated on the basis of the actual number of days in the Accrual Period divided by the actual
number of days in the Determination Period; or 
 (2) if interest is required to be calculated for an Accrual Period that is longer than one
Determination Period, it shall be calculated on the basis of the sum of (i) the actual number of days in such Accrual Period falling in the Determination Period in which it begins divided by the number of days in such Determination Period; and
(ii) the actual number of days in such Accrual Period falling in the next Determination Period, divided by the number of days in such Determination Period, with any modifications that may be needed from time to time to fully conform with the
actual/actual interest calculation basis recognized by the International Capital Market Association. 

 For these purposes, “Accrual Period” means the relevant period for which interest is to
be calculated (from and including the first such day to but excluding the last); 
 “Business Day” means any day on which
commercial banks and foreign exchange markets are open for business in New York and London; provided that, for purposes of payments to be made under the Indenture, a “Business Day” must be a day on which the Trans-European Automated
Real-Time Gross Settlement Express Transfer System (TARGET) is operating; and 
 “Determination Period” means the period from and
including the immediately preceding Interest Payment Date, or, for the first Determination Period, July 25, 2016, as the case may be, to but excluding the next Interest Payment Date. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been manually signed by the Trustee. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed manually or by facsimile
by its duly authorized officers. 
 Dated: 
  

			
	 TEVA PHARMACEUTICAL FINANCE
NETHERLANDS II B.V.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Trustee’s Certificate of Authentication
	
	This is one of the 0.375% Senior Notes due 2020 described in the within-named Supplemental Indenture and Indenture.
	
	 THE BANK OF NEW
YORK MELLON,
 as Trustee

			
		
	By:	 	  

		 	Authorized Signatory

			
	
	Dated:

 Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally
and irrevocably guarantees to the Holder of this Note the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same shall become due and payable, whether at Maturity or
upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such principal or interest (including
Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of the time for payment of this Note,
any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the Issuer with respect thereto by the
Holder of this Note or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a
court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness evidenced hereby and all demands whatsoever, and
covenants that this Guarantee will not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

The Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid by the Guarantor pursuant to
the provisions of the Guarantee or the Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder (i) to be
subrogated to the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or (ii) to receive any payment in the nature of contribution or for
any other reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this Note shall have been paid in full. 

The Guarantee shall not be valid or become obligatory for any purpose with respect to this Note until the certificate of authentication on
this Note shall have been manually signed by the Trustee. 
 The Guarantee shall be governed by and construed in accordance with the laws of
the State of New York. 

 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantees to be signed
manually or by facsimile by its duly authorized officers. 
  

					
		 		 	TEVA PHARMACEUTICAL INDUSTRIES LIMITED 

  

									
	Dated:	 		 		 		 	
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

 [FORM OF REVERSE OF NOTE] 

Teva Pharmaceutical Finance Netherlands II B.V. 

0.375% Senior Note due 2020 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
  

	1.	Principal and Interest. 

 Teva Pharmaceutical Finance Netherlands II B.V., a private
company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”), promises to pay interest on the principal amount of this Note at the Interest Rate from
July 25, 2016 until the principal thereof is paid or made available for payment. Interest shall be payable annually in arrear on each July 25 of each year (each an “Interest Payment Date”), beginning July 25, 2017. If
an Interest Payment Date falls on a day that is not a Business Day, interest will be payable on the next succeeding Business Day with the same force and effect as if made on such interest payment date and no interest shall accrue thereon on account
of such delay. 
 The day count convention for the purpose of calculating interest on the Notes is “Actual/Actual (ICMA)”: 

(1) if interest is required to be calculated for an Accrual Period that is equal to or shorter than the Determination Period in which it falls,
interest shall be calculated on the basis of the actual number of days in the Accrual Period divided by the actual number of days in the Determination Period; or 

(2) if interest is required to be calculated for an Accrual Period that is longer than one Determination Period, it shall be calculated on the
basis of the sum of (a) the actual number of days in such Accrual Period falling in the Determination Period in which it begins divided by the number of days in such Determination Period; and (b) the actual number of days in such Accrual
Period falling in the next Determination Period, divided by the number of days in such Determination Period, with any modifications that may be needed from time to time to fully conform with the actual/actual interest calculation basis recognized by
the International Capital Market Association. 
 For these purposes, “Accrual Period” means the relevant period for which interest
is to be calculated (from and including the first such day to but excluding the last); and 

 “Determination Period” means the period from and including the immediately preceding
Interest Payment Date, or, for the first Determination Period, July 25, 2016, as the case may be, to but excluding the next Interest Payment Date. 

A Holder of any Note at the close of business on a Regular Record Date shall be entitled to receive interest on such Note on the corresponding
Interest Payment Date. 
  

	2.	Method of Payment. 

 Interest on any Note which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the relevant Regular Record Date for such interest. 

Payments on the Global Notes will be made through the Principal Paying Agent. Payments on the Notes of this series will be made in Euros at
the specified office or agency of the Principal Paying Agent; provided that all such payments with respect to Notes represented by one or more Global Notes deposited with and registered in the name of the Common Depositary or its nominee for the
accounts of Euroclear and Clearstream, will be by wire transfer of immediately available funds to the account specified in writing by the holder or holders thereof to the Common Depositary. 

 

	3.	Paying Agent and Registrar. 

 Initially, The Bank of New York Mellon, the Trustee under
the Supplemental Indenture, will act as Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without notice to any Holder. The Issuer has appointed The Bank of New York Mellon, London Branch, at One Canada Square, Canary
Wharf, London E14 5AL, United Kingdom as Principal Paying Agent. 
  

	4.	Supplemental Indenture and Indenture. 

 The Issuer issued this Note under a Supplemental
Indenture dated July 25, 2016 and a Base Indenture dated March 31, 2015 (respectively, the “Supplemental Indenture” and the “Base Indenture” and together, the “Indenture”), among the
Issuer, the Guarantor, The Bank of New York Mellon, as trustee (the “Trustee”) and The Bank of New York Mellon, London Branch, as principal paying agent (the “Principal Paying Agent”). To the extent permitted by
applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 
  

	5.	Optional Redemption. 

 This Note may be redeemed in whole at any time or in part from
time to time, at the option of the Issuer, on any date prior to Maturity, upon notice as set forth in Section 4.2 of the Supplemental Indenture, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to
be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments discounted, on an annual basis on the basis of “Actual/Actual (ICMA)” day count convention as defined in Section 2.1(c) of the Supplemental
Indenture, at the Reinvestment Rate, plus any interest accrued and unpaid to, but excluding, the Redemption Date. 

 On and after the Redemption Date, interest shall cease to accrue on Notes or portions of Notes
called for redemption, unless the Issuer defaults in the payment of the Redemption Price. 
 Notice of redemption will be given by the
Issuer to the Holders as provided in the Supplemental Indenture. 
  

	6.	Tax Redemption. 

 The Notes may be redeemed as a whole but not in part, at the option of
the Issuer or the Guarantor (or its successor), as the case may be, at any time prior to Stated Maturity, upon the giving of a notice of tax redemption to the Holders, at a Redemption Price equal to 100% of the principal amount of the Notes plus
accrued and unpaid interest and any Additional Tax Amounts which would be otherwise payable if, as a result of any change in or amendment in the laws of any Taxing Jurisdiction, or any change in official position regarding the application or
interpretation of the laws, which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issuance of the Notes, the Issuer or the Guarantor (or its successor) will be obligated to pay
Additional Tax Amounts with respect to the Notes; and if such obligation cannot be avoided by the Issuer or the Guarantor (or its successor), taking measures it considers reasonable to avoid it. 

 

	7.	Special Mandatory Redemption. 

 In the event that (i) the closing of the Actavis
Generics Acquisition does not occur on or prior to October 26, 2016, or (ii) the Master Purchase Agreement is terminated at any time prior thereto, the Issuer will be required to redeem the Securities on the Special Redemption Date at the
Special Redemption Price in accordance with the Supplemental Indenture. 
  

	8.	Denominations; Transfer; Exchange. 

 The Notes of are issuable in registered form,
without coupons, in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Issuer or the Trustee
may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay any taxes or other governmental charges that may be imposed in connection with any exchange or
registration of transfer of Notes. 
 The Issuer shall not be required to exchange or register a transfer of (a) any Note for a period
of 15 days next preceding the first mailing of notice of redemption of Notes to be redeemed, (b) any Notes selected, called or being called for redemption except, in the case of any Note where notice has been given that such Note is to be
redeemed in part, the portion thereof not so to be redeemed or (c) any Notes between a record date and the next succeeding payment date. 

 In the event of redemption of the Notes in part only, a new Note or Notes for the unredeemed
portion thereof will be issued in the name of the Holder hereof. 
  

	9.	Holders to be Treated as Owners. 

 The registered Holder of this Note shall be treated as
its owner for all purposes. 
  

	10.	Unclaimed Money. 

 Any moneys deposited with or paid to the Trustee or any Paying Agent
for the payment of the principal of or interest on any Note and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer
and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee or such Paying Agent, and the Holder of such Note shall, unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to
such moneys shall thereupon cease. 
  

	11.	Satisfaction and Discharge. 

 The Issuer and the Guarantor may satisfy and discharge
their obligations under the Indenture while the Notes remain outstanding, if (a) all Outstanding Notes have become due and payable at their scheduled Maturity, or (b) all Outstanding Notes have been called for redemption, and in either
case, the Issuer has deposited with the Trustee an amount sufficient to pay and discharge all Outstanding Notes on the date of their scheduled Maturity or the scheduled Redemption Date. 

 

	12.	Supplement; Waiver. 

 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Outstanding Notes (or such lesser amount as shall have acted at a meeting pursuant to the provisions of the Indenture). The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Notes at the time Outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note or such other Note. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein
prescribed. 

	13.	Defaults and Remedies. 

 The Indenture provides that an Event of Default with respect to
the Notes of this series occurs when any of the following occurs: 
 (a) the Issuer defaults in the payment of the principal
and premium, if any, of any of the Notes of this series when it becomes due and payable at Maturity, upon redemption or otherwise; 

(b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if any) on any of the Notes of this
series when it becomes due and payable and such default continues for a period of 30 days; 
 (c) the Guarantor fails to
perform under the Guarantee relating to the Notes of this series; 
 (d) except as otherwise permitted by the Indenture, the
Guarantee is held in any final, non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any person acting on behalf of the Guarantor, shall deny or disaffirm
its obligations under the Guarantee; 
 (e) either the Issuer or the Guarantor fails to perform or observe any other term,
covenant or agreement contained in the Notes of this series or the Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, respectively, to remedy the same, shall have
been given to the Issuer or the Guarantor, respectively, by the Trustee or to the Issuer or the Guarantor, respectively, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of this series; 

(f) (i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal
or interest due in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $250,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount
in excess of $250,000,000 because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such non-payment or acceleration having been cured, waived, rescinded or annulled, in the case of either (i) or
(ii) above, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of this series; 

(g) the occurrence of certain events of bankruptcy, insolvency or reorganization of the Issuer or Guarantor as specified in the
Indenture; or 
 (h) failure to comply with the conditions set forth in Section 4.5 of the Supplemental Indenture. 

 If an Event of Default shall occur and be continuing, the principal of all the Notes of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. 
  

	14.	Authentication. 

 This Note shall not be valid until the Trustee (or authenticating
agent) executes the certificate of authentication on the other side of this Note. 
  

	15.	ISIN Numbers and common codes. 

 The Issuer has caused ISIN numbers and common codes to
be printed on this Note and, therefore, the Trustee shall use ISIN numbers and common codes in notices of redemption as a convenience to Holders. Any such notice may state that no representation is made as to the correctness of such numbers either
as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such
numbers. 
  

	16.	Governing Law. 

 The Supplemental Indenture, the Base Indenture and this Note shall be
governed by, and construed in accordance with, the laws of the State of New York. 
  

	17.	Successor Corporation. 

 In the event a successor corporation legal entity assumes all
the obligations of the Issuer or the Guarantor under this Note, pursuant to the terms hereof and of the Indenture, the Issuer or Guarantor, as the case may be, will be released from all such obligations. 

 ASSIGNMENT FORM 

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

 
  

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

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                   to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

							
	Dated:                     	 		 	Your Name:	 	  

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

							
				
		 		 	Your Signature:	 	  

		 		 	(Sign exactly as your name appears on the face of this Note)
			
		 		 	Signature Guarantees*:

  
  

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

 EXHIBIT A-2 

[FORM OF FACE OF NOTE] 
 THIS IS A GLOBAL NOTE
WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 
 UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
DEPOSITARY (AS DEFINED IN THE INDENTURE), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN CERTAIN TRANSACTIONS
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE DISTRIBUTION OF ALL THE NOTES OF THE TRANCHE OF WHICH THIS NOTE FORMS PART. 

			
	No.     	  	€             

  

			
	ISIN No.	  	XS1439749281
	Common Code:	  	143974928

 GLOBAL NOTE 

Teva Pharmaceutical Finance Netherlands II B.V. 

1.125% Senior Notes due 2024 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 This Global Note is in respect of an issue of 1.125% Senior Notes due 2024 (the
“Notes”) of Teva Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”, which
term includes any successor corporation under the Supplemental Indenture and Indenture hereinafter referred to), and issued pursuant to a base indenture dated March 31, 2015 (the “Base Indenture”) and a supplemental indenture
dated July 25, 2016 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) among the Issuer, Teva Pharmaceutical Industries Limited, as guarantor (the
“Guarantor”), The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”) and The Bank of New York Mellon, London Branch, as principal paying agent (the “Principal Paying
Agent”). Unless the context otherwise requires, the terms used herein shall have the meanings specified in the Supplemental Indenture and the Base Indenture. 

The Issuer, for value received, hereby promises to pay to The Bank Of New York Depositary (Nominees) Limited, or its registered assigns, the
principal amount of €            on October 15, 2024, and to pay interest on such principal amount in Euros at the rate of 1.125% per annum from the date hereof until the
principal thereof is paid or made available for payment. Interest shall be payable annually in arrear on each October 15 of each year beginning October 15, 2016 to the holders of record at the close of business on the Business Day next
preceding October 15. The day count convention for the purpose of calculating interest on the Notes is “Actual/Actual (ICMA)”: 

(1) if interest is required to be calculated for an Accrual Period that is equal to or shorter than the Determination Period in which it falls,
it shall be calculated on the basis of the actual number of days in the Accrual Period divided by the actual number of days in the Determination Period; or 

(2) if interest is required to be calculated for an Accrual Period that is longer than one Determination Period, it shall be calculated on the
basis of the sum of (i) the actual number of days in such Accrual Period falling in the Determination Period in which it begins divided by the number of days in such Determination Period; and (ii) the actual number of days in such Accrual
Period falling in the next Determination Period, divided by the number of days in such Determination Period, with any modifications that may be needed from time to time to fully conform with the actual/actual interest calculation basis recognized by
the International Capital Market Association. 

 For these purposes, “Accrual Period” means the relevant period for which interest is to
be calculated (from and including the first such day to but excluding the last); 
 “Business Day” means any day on which
commercial banks and foreign exchange markets are open for business in New York and London; provided that, for purposes of payments to be made under the Indenture, a “Business Day” must be a day on which the Trans-European Automated
Real-Time Gross Settlement Express Transfer System (TARGET) is operating; and 
 “Determination Period” means the period from and
including the immediately preceding Interest Payment Date, or, for the first Determination Period, July 25, 2016, as the case may be, to but excluding the next Interest Payment Date. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been manually signed by the Trustee. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed manually or by facsimile
by its duly authorized officers. 
 Dated: 
  

			
	 TEVA PHARMACEUTICAL FINANCE
NETHERLANDS II B.V.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 Trustee’s Certificate of Authentication 
  

			
	This is one of the 1.125% Senior Notes due 2024 described in the within-named Supplemental Indenture and Indenture.
	
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	By:	 	  

		 	Authorized Signatory
		 	
	Dated:	 	

 Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally
and irrevocably guarantees to the Holder of this Note the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same shall become due and payable, whether at Maturity or
upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such principal or interest (including
Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of the time for payment of this Note,
any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the Issuer with respect thereto by the
Holder of this Note or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a
court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness evidenced hereby and all demands whatsoever, and
covenants that this Guarantee will not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

The Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid by the Guarantor pursuant to
the provisions of the Guarantee or the Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder (i) to be
subrogated to the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or (ii) to receive any payment in the nature of contribution or for
any other reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this Note shall have been paid in full. 

The Guarantee shall not be valid or become obligatory for any purpose with respect to this Note until the certificate of authentication on
this Note shall have been manually signed by the Trustee. 
 The Guarantee shall be governed by and construed in accordance with the laws of
the State of New York. 

 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantees to be signed
manually or by facsimile by its duly authorized officers. 
  
  

					
		 		 	TEVA PHARMACEUTICAL INDUSTRIES LIMITED

							
				
	Dated:	 		 		 	
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 [FORM OF REVERSE OF NOTE] 

Teva Pharmaceutical Finance Netherlands II B.V. 

1.125% Senior Note due 2024 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
  

	1.	Principal and Interest. 

 Teva Pharmaceutical Finance Netherlands II B.V., a private
company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”), promises to pay interest on the principal amount of this Note at the Interest Rate from
July 25, 2016 until the principal thereof is paid or made available for payment. Interest shall be payable annually in arrear on each October 15 of each year (each an “Interest Payment Date”), beginning October 15,
2016. If an Interest Payment Date falls on a day that is not a Business Day, interest will be payable on the next succeeding Business Day with the same force and effect as if made on such interest payment date and no interest shall accrue thereon on
account of such delay. 
 The day count convention for the purpose of calculating interest on the Notes is “Actual/Actual (ICMA)”:

 (1) if interest is required to be calculated for an Accrual Period that is equal to or shorter than the Determination Period in which it
falls, interest shall be calculated on the basis of the actual number of days in the Accrual Period divided by the actual number of days in the Determination Period; or 

(2) if interest is required to be calculated for an Accrual Period that is longer than one Determination Period, it shall be calculated on the
basis of the sum of (a) the actual number of days in such Accrual Period falling in the Determination Period in which it begins divided by the number of days in such Determination Period; and (b) the actual number of days in such Accrual
Period falling in the next Determination Period, divided by the number of days in such Determination Period, with any modifications that may be needed from time to time to fully conform with the actual/actual interest calculation basis recognized by
the International Capital Market Association. 
 For these purposes, “Accrual Period” means the relevant period for which interest
is to be calculated (from and including the first such day to but excluding the last); and 

 “Determination Period” means the period from and including the immediately preceding
Interest Payment Date, or, for the first Determination Period, July 25, 2016, as the case may be, to but excluding the next Interest Payment Date. 

A Holder of any Note at the close of business on a Regular Record Date shall be entitled to receive interest on such Note on the corresponding
Interest Payment Date. 
  

	2.	Method of Payment. 

 Interest on any Note which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the relevant Regular Record Date for such interest. 

Payments on the Global Notes will be made through the Principal Paying Agent. Payments on the Notes of this series will be made in Euros at
the specified office or agency of the Principal Paying Agent; provided that all such payments with respect to Notes represented by one or more Global Notes deposited with and registered in the name of the Common Depositary or its nominee for the
accounts of Euroclear and Clearstream, will be by wire transfer of immediately available funds to the account specified in writing by the holder or holders thereof to the Common Depositary. 

 

	3.	Paying Agent and Registrar. 

 Initially, The Bank of New York Mellon, the Trustee under
the Supplemental Indenture, will act as Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without notice to any Holder. The Issuer has appointed The Bank of New York Mellon, London Branch, at One Canada Square, Canary
Wharf, London E14 5AL, United Kingdom as Principal Paying Agent. 
  

	4.	Supplemental Indenture and Indenture. 

 The Issuer issued this Note under a Supplemental
Indenture dated July 25, 2016 and a Base Indenture dated March 31, 2015 (respectively, the “Supplemental Indenture” and the “Base Indenture” and together, the “Indenture”), among the
Issuer, the Guarantor, The Bank of New York Mellon, as trustee (the “Trustee”) and The Bank of New York Mellon, London Branch, as principal paying agent (the “Principal Paying Agent”). To the extent permitted by
applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 
  

	5.	Optional Redemption. 

 This Note may be redeemed in whole at any time or in part from
time to time, at the option of the Issuer, on any date prior to Maturity, upon notice as set forth in Section 4.2 of the Supplemental Indenture, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to
be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments discounted, on an annual basis on the basis of “Actual/Actual (ICMA)” day count convention as defined in Section 2.1(c) of the Supplemental
Indenture, at the Reinvestment Rate, plus any interest accrued and unpaid to, but excluding, the Redemption Date. 

 On and after the Redemption Date, interest shall cease to accrue on Notes or portions of Notes
called for redemption, unless the Issuer defaults in the payment of the Redemption Price. 
 Notice of redemption will be given by the
Issuer to the Holders as provided in the Supplemental Indenture. 
  

	6.	Tax Redemption. 

 The Notes may be redeemed as a whole but not in part, at the option of
the Issuer or the Guarantor (or its successor), as the case may be, at any time prior to Stated Maturity, upon the giving of a notice of tax redemption to the Holders, at a Redemption Price equal to 100% of the principal amount of the Notes plus
accrued and unpaid interest and any Additional Tax Amounts which would be otherwise payable if, as a result of any change in or amendment in the laws of any Taxing Jurisdiction, or any change in official position regarding the application or
interpretation of the laws, which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issuance of the Notes, the Issuer or the Guarantor (or its successor) will be obligated to pay
Additional Tax Amounts with respect to the Notes; and if such obligation cannot be avoided by the Issuer or the Guarantor (or its successor), taking measures it considers reasonable to avoid it. 

 

	7.	Special Mandatory Redemption. 

 In the event that (i) the closing of the Actavis
Generics Acquisition does not occur on or prior to October 26, 2016, or (ii) the Master Purchase Agreement is terminated at any time prior thereto, the Issuer will be required to redeem the Securities on the Special Redemption Date at the
Special Redemption Price in accordance with the Supplemental Indenture. 
  

	8.	Denominations; Transfer; Exchange. 

 The Notes of are issuable in registered form,
without coupons, in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Issuer or the Trustee
may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay any taxes or other governmental charges that may be imposed in connection with any exchange or
registration of transfer of Notes. 
 The Issuer shall not be required to exchange or register a transfer of (a) any Note for a period
of 15 days next preceding the first mailing of notice of redemption of Notes to be redeemed, (b) any Notes selected, called or being called for redemption except, in the case of any Note where notice has been given that such Note is to be
redeemed in part, the portion thereof not so to be redeemed or (c) any Notes between a record date and the next succeeding payment date. 

 In the event of redemption of the Notes in part only, a new Note or Notes for the unredeemed
portion thereof will be issued in the name of the Holder hereof. 
  

	9.	Holders to be Treated as Owners. 

 The registered Holder of this Note shall be treated as
its owner for all purposes. 
  

	10.	Unclaimed Money. 

 Any moneys deposited with or paid to the Trustee or any Paying Agent
for the payment of the principal of or interest on any Note and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer
and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee or such Paying Agent, and the Holder of such Note shall, unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to
such moneys shall thereupon cease. 
  

	11.	Satisfaction and Discharge. 

 The Issuer and the Guarantor may satisfy and discharge
their obligations under the Indenture while the Notes remain outstanding, if (a) all Outstanding Notes have become due and payable at their scheduled Maturity, or (b) all Outstanding Notes have been called for redemption, and in either
case, the Issuer has deposited with the Trustee an amount sufficient to pay and discharge all Outstanding Notes on the date of their scheduled Maturity or the scheduled Redemption Date. 

 

	12.	Supplement; Waiver. 

 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Outstanding Notes (or such lesser amount as shall have acted at a meeting pursuant to the provisions of the Indenture). The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Notes at the time Outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note or such other Note. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein
prescribed. 

	13.	Defaults and Remedies. 

 The Indenture provides that an Event of Default with respect to
the Notes of this series occurs when any of the following occurs: 
 (a) the Issuer defaults in the payment of the principal
and premium, if any, of any of the Notes of this series when it becomes due and payable at Maturity, upon redemption or otherwise; 

(b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if any) on any of the Notes of this
series when it becomes due and payable and such default continues for a period of 30 days; 
 (c) the Guarantor fails to
perform under the Guarantee relating to the Notes of this series; 
 (d) except as otherwise permitted by the Indenture, the
Guarantee is held in any final, non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any person acting on behalf of the Guarantor, shall deny or disaffirm
its obligations under the Guarantee; 
 (e) either the Issuer or the Guarantor fails to perform or observe any other term,
covenant or agreement contained in the Notes of this series or the Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, respectively, to remedy the same, shall have
been given to the Issuer or the Guarantor, respectively, by the Trustee or to the Issuer or the Guarantor, respectively, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of this series; 

(f) (i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal
or interest due in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $250,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount
in excess of $250,000,000 because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such non-payment or acceleration having been cured, waived, rescinded or annulled, in the case of either (i) or
(ii) above, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of this series; 

(g) the occurrence of certain events of bankruptcy, insolvency or reorganization of the Issuer or Guarantor as specified in the
Indenture; or 
 (h) failure to comply with the conditions set forth in Section 4.5 of the Supplemental Indenture. 

 If an Event of Default shall occur and be continuing, the principal of all the Notes of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. 
  

	14.	Authentication. 

 This Note shall not be valid until the Trustee (or authenticating
agent) executes the certificate of authentication on the other side of this Note. 
  

	15.	ISIN Numbers and common codes. 

 The Issuer has caused ISIN numbers and common codes to
be printed on this Note and, therefore, the Trustee shall use ISIN numbers and common codes in notices of redemption as a convenience to Holders. Any such notice may state that no representation is made as to the correctness of such numbers either
as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such
numbers. 
  

	16.	Governing Law. 

 The Supplemental Indenture, the Base Indenture and this Note shall be
governed by, and construed in accordance with, the laws of the State of New York. 
  

	17.	Successor Corporation. 

 In the event a successor corporation legal entity assumes all
the obligations of the Issuer or the Guarantor under this Note, pursuant to the terms hereof and of the Indenture, the Issuer or Guarantor, as the case may be, will be released from all such obligations. 

 ASSIGNMENT FORM 

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

 
  

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

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                   to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

							
	Dated:                     	 		 	Your Name:	 	  

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

							
				
		 		 	Your Signature:	 	  

		 		 	(Sign exactly as your name appears on the face of this Note)
			
		 		 	Signature Guarantees*:

  

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

 EXHIBIT A-3 

[FORM OF FACE OF NOTE] 
 THIS IS A GLOBAL NOTE
WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 
 UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
DEPOSITARY (AS DEFINED IN THE INDENTURE), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN CERTAIN TRANSACTIONS
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND SHALL CEASE TO APPLY UPON THE EXPIRY OF THE PERIOD OF 40 DAYS AFTER THE COMPLETION OF THE DISTRIBUTION OF ALL THE NOTES OF THE TRANCHE OF WHICH THIS NOTE FORMS PART. 

			
	No.     	  	€             

  

			
	ISIN No.	  	XS1439749364
	Common Code:	  	143974936

 GLOBAL NOTE 

Teva Pharmaceutical Finance Netherlands II B.V. 

1.625% Senior Notes due 2028 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 This Global Note is in respect of an issue of 1.625% Senior Notes due 2028 (the
“Notes”) of Teva Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”, which
term includes any successor corporation under the Supplemental Indenture and Indenture hereinafter referred to), and issued pursuant to a base indenture dated March 31, 2015 (the “Base Indenture”) and a supplemental indenture
dated July 25, 2016 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) among the Issuer, Teva Pharmaceutical Industries Limited, as guarantor (the
“Guarantor”), The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”) and The Bank of New York Mellon, London Branch, as principal paying agent (the “Principal Paying
Agent”). Unless the context otherwise requires, the terms used herein shall have the meanings specified in the Supplemental Indenture and the Base Indenture. 

The Issuer, for value received, hereby promises to pay to The Bank Of New York Depositary (Nominees) Limited, or its registered assigns, the
principal amount of €            on October 15, 2028, and to pay interest on such principal amount in Euros at the rate of 1.625% per annum from the date hereof until the
principal thereof is paid or made available for payment. Interest shall be payable annually in arrear on each October 15 of each year beginning October 15, 2016 to the holders of record at the close of business on the Business Day next
preceding October 15. The day count convention for the purpose of calculating interest on the Notes is “Actual/Actual (ICMA)”: 

(1) if interest is required to be calculated for an Accrual Period that is equal to or shorter than the Determination Period in which it falls,
it shall be calculated on the basis of the actual number of days in the Accrual Period divided by the actual number of days in the Determination Period; or 

(2) if interest is required to be calculated for an Accrual Period that is longer than one Determination Period, it shall be calculated on the
basis of the sum of (i) the actual number of days in such Accrual Period falling in the Determination Period in which it begins divided by the number of days in such Determination Period; and (ii) the actual number of days in such Accrual
Period falling in the next Determination Period, divided by the number of days in such Determination Period, with any modifications that may be needed from time to time to fully conform with the actual/actual interest calculation basis recognized by
the International Capital Market Association. 

 For these purposes, “Accrual Period” means the relevant period for which interest is to
be calculated (from and including the first such day to but excluding the last); 
 “Business Day” means any day on which
commercial banks and foreign exchange markets are open for business in New York and London; provided that, for purposes of payments to be made under the Indenture, a “Business Day” must be a day on which the Trans-European Automated
Real-Time Gross Settlement Express Transfer System (TARGET) is operating; and 
 “Determination Period” means the period from and
including the immediately preceding Interest Payment Date, or, for the first Determination Period, July 25, 2016, as the case may be, to but excluding the next Interest Payment Date. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been manually signed by the Trustee. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed manually or by facsimile
by its duly authorized officers. 

Dated:                     

 

			
	 TEVA PHARMACEUTICAL FINANCE
NETHERLANDS II B.V.

 
			
		
	By:	 	     

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	
	 Trustee’s Certificate of Authentication

	
	 This is one of the 1.625% Senior Notes due 2028

described in the within-named

	 Supplemental Indenture and Indenture.

	
	 THE BANK OF NEW YORK
MELLON,
 as Trustee

 

							
	By:	 	  
	 		 	
		 	 Authorized Signatory
	 		 	

			
		
	 Dated:
	 	

  

 Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally
and irrevocably guarantees to the Holder of this Note the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same shall become due and payable, whether at Maturity or
upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such principal or interest (including
Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of the time for payment of this Note,
any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the Issuer with respect thereto by the
Holder of this Note or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a
court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness evidenced hereby and all demands whatsoever, and
covenants that this Guarantee will not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

The Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid by the Guarantor pursuant to
the provisions of the Guarantee or the Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder (i) to be
subrogated to the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or (ii) to receive any payment in the nature of contribution or for
any other reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this Note shall have been paid in full. 

The Guarantee shall not be valid or become obligatory for any purpose with respect to this Note until the certificate of authentication on
this Note shall have been manually signed by the Trustee. 
 The Guarantee shall be governed by and construed in accordance with the laws of
the State of New York. 

 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantees to be signed
manually or by facsimile by its duly authorized officers. 
  

					
		 		 	TEVA PHARMACEUTICAL INDUSTRIES LIMITED

							
				
	Dated:	 		 		 	
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 [FORM OF REVERSE OF NOTE] 

Teva Pharmaceutical Finance Netherlands II B.V. 

1.625% Senior Note due 2028 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
  

	1.	Principal and Interest. 

 Teva Pharmaceutical Finance Netherlands II B.V., a private
company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”), promises to pay interest on the principal amount of this Note at the Interest Rate from
July 25, 2016 until the principal thereof is paid or made available for payment. Interest shall be payable annually in arrear on each October 15 of each year (each an “Interest Payment Date”), beginning October 15,
2016. If an Interest Payment Date falls on a day that is not a Business Day, interest will be payable on the next succeeding Business Day with the same force and effect as if made on such interest payment date and no interest shall accrue thereon on
account of such delay. 
 The day count convention for the purpose of calculating interest on the Notes is “Actual/Actual (ICMA)”:

 (1) if interest is required to be calculated for an Accrual Period that is equal to or shorter than the Determination Period in which it
falls, interest shall be calculated on the basis of the actual number of days in the Accrual Period divided by the actual number of days in the Determination Period; or 

(2) if interest is required to be calculated for an Accrual Period that is longer than one Determination Period, it shall be calculated on the
basis of the sum of (a) the actual number of days in such Accrual Period falling in the Determination Period in which it begins divided by the number of days in such Determination Period; and (b) the actual number of days in such Accrual
Period falling in the next Determination Period, divided by the number of days in such Determination Period, with any modifications that may be needed from time to time to fully conform with the actual/actual interest calculation basis recognized by
the International Capital Market Association. 
 For these purposes, “Accrual Period” means the relevant period for which interest
is to be calculated (from and including the first such day to but excluding the last); and 

 “Determination Period” means the period from and including the immediately preceding
Interest Payment Date, or, for the first Determination Period, July 25, 2016, as the case may be, to but excluding the next Interest Payment Date. 

A Holder of any Note at the close of business on a Regular Record Date shall be entitled to receive interest on such Note on the corresponding
Interest Payment Date. 
  

	2.	Method of Payment. 

 Interest on any Note which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the relevant Regular Record Date for such interest. 

Payments on the Global Notes will be made through the Principal Paying Agent. Payments on the Notes of this series will be made in Euros at
the specified office or agency of the Principal Paying Agent; provided that all such payments with respect to Notes represented by one or more Global Notes deposited with and registered in the name of the Common Depositary or its nominee for the
accounts of Euroclear and Clearstream, will be by wire transfer of immediately available funds to the account specified in writing by the holder or holders thereof to the Common Depositary. 

 

	3.	Paying Agent and Registrar. 

 Initially, The Bank of New York Mellon, the Trustee under
the Supplemental Indenture, will act as Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without notice to any Holder. The Issuer has appointed The Bank of New York Mellon, London Branch, at One Canada Square, Canary
Wharf, London E14 5AL, United Kingdom as Principal Paying Agent. 
  

	4.	Supplemental Indenture and Indenture. 

 The Issuer issued this Note under a Supplemental
Indenture dated July 25, 2016 and a Base Indenture dated March 31, 2015 (respectively, the “Supplemental Indenture” and the “Base Indenture” and together, the “Indenture”), among the
Issuer, the Guarantor, The Bank of New York Mellon, as trustee (the “Trustee”) and The Bank of New York Mellon, London Branch, as principal paying agent (the “Principal Paying Agent”). To the extent permitted by
applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 
  

	5.	Optional Redemption. 

 This Note may be redeemed in whole at any time or in part from
time to time, at the option of the Issuer, on any date prior to Maturity, upon notice as set forth in Section 4.2 of the Supplemental Indenture, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to
be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments discounted, on an annual basis on the basis of “Actual/Actual (ICMA)” day count convention as defined in Section 2.1(c) of the Supplemental
Indenture, at the Reinvestment Rate, plus any interest accrued and unpaid to, but excluding, the Redemption Date. 

 On and after the Redemption Date, interest shall cease to accrue on Notes or portions of Notes
called for redemption, unless the Issuer defaults in the payment of the Redemption Price. 
 Notice of redemption will be given by the
Issuer to the Holders as provided in the Supplemental Indenture. 
  

	6.	Tax Redemption. 

 The Notes may be redeemed as a whole but not in part, at the option of
the Issuer or the Guarantor (or its successor), as the case may be, at any time prior to Stated Maturity, upon the giving of a notice of tax redemption to the Holders, at a Redemption Price equal to 100% of the principal amount of the Notes plus
accrued and unpaid interest and any Additional Tax Amounts which would be otherwise payable if, as a result of any change in or amendment in the laws of any Taxing Jurisdiction, or any change in official position regarding the application or
interpretation of the laws, which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the issuance of the Notes, the Issuer or the Guarantor (or its successor) will be obligated to pay
Additional Tax Amounts with respect to the Notes; and if such obligation cannot be avoided by the Issuer or the Guarantor (or its successor), taking measures it considers reasonable to avoid it. 

 

	7.	Special Mandatory Redemption. 

 In the event that (i) the closing of the Actavis
Generics Acquisition does not occur on or prior to October 26, 2016, or (ii) the Master Purchase Agreement is terminated at any time prior thereto, the Issuer will be required to redeem the Securities on the Special Redemption Date at the
Special Redemption Price in accordance with the Supplemental Indenture. 
  

	8.	Denominations; Transfer; Exchange. 

 The Notes of are issuable in registered form,
without coupons, in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Issuer or the Trustee
may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay any taxes or other governmental charges that may be imposed in connection with any exchange or
registration of transfer of Notes. 
 The Issuer shall not be required to exchange or register a transfer of (a) any Note for a period
of 15 days next preceding the first mailing of notice of redemption of Notes to be redeemed, (b) any Notes selected, called or being called for redemption except, in the case of any Note where notice has been given that such Note is to be
redeemed in part, the portion thereof not so to be redeemed or (c) any Notes between a record date and the next succeeding payment date. 

 In the event of redemption of the Notes in part only, a new Note or Notes for the unredeemed
portion thereof will be issued in the name of the Holder hereof. 
  

	9.	Holders to be Treated as Owners. 

 The registered Holder of this Note shall be treated as
its owner for all purposes. 
  

	10.	Unclaimed Money. 

 Any moneys deposited with or paid to the Trustee or any Paying Agent
for the payment of the principal of or interest on any Note and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer
and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee or such Paying Agent, and the Holder of such Note shall, unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to
such moneys shall thereupon cease. 
  

	11.	Satisfaction and Discharge. 

 The Issuer and the Guarantor may satisfy and discharge
their obligations under the Indenture while the Notes remain outstanding, if (a) all Outstanding Notes have become due and payable at their scheduled Maturity, or (b) all Outstanding Notes have been called for redemption, and in either
case, the Issuer has deposited with the Trustee an amount sufficient to pay and discharge all Outstanding Notes on the date of their scheduled Maturity or the scheduled Redemption Date. 

 

	12.	Supplement; Waiver. 

 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Outstanding Notes (or such lesser amount as shall have acted at a meeting pursuant to the provisions of the Indenture). The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Notes at the time Outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note or such other Note. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein
prescribed. 

	13.	Defaults and Remedies. 

 The Indenture provides that an Event of Default with respect to
the Notes of this series occurs when any of the following occurs: 
 (a) the Issuer defaults in the payment of the principal
and premium, if any, of any of the Notes of this series when it becomes due and payable at Maturity, upon redemption or otherwise; 

(b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if any) on any of the Notes of this
series when it becomes due and payable and such default continues for a period of 30 days; 
 (c) the Guarantor fails to
perform under the Guarantee relating to the Notes of this series; 
 (d) except as otherwise permitted by the Indenture, the
Guarantee is held in any final, non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any person acting on behalf of the Guarantor, shall deny or disaffirm
its obligations under the Guarantee; 
 (e) either the Issuer or the Guarantor fails to perform or observe any other term,
covenant or agreement contained in the Notes of this series or the Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, respectively, to remedy the same, shall have
been given to the Issuer or the Guarantor, respectively, by the Trustee or to the Issuer or the Guarantor, respectively, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of this series; 

(f) (i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal
or interest due in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $250,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount
in excess of $250,000,000 because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such non-payment or acceleration having been cured, waived, rescinded or annulled, in the case of either (i) or
(ii) above, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of this series; 

(g) the occurrence of certain events of bankruptcy, insolvency or reorganization of the Issuer or Guarantor as specified in the
Indenture; or 
 (h) failure to comply with the conditions set forth in Section 4.5 of the Supplemental Indenture. 

 If an Event of Default shall occur and be continuing, the principal of all the Notes of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. 
  

	14.	Authentication. 

 This Note shall not be valid until the Trustee (or authenticating
agent) executes the certificate of authentication on the other side of this Note. 
  

	15.	ISIN Numbers and common codes. 

 The Issuer has caused ISIN numbers and common codes to
be printed on this Note and, therefore, the Trustee shall use ISIN numbers and common codes in notices of redemption as a convenience to Holders. Any such notice may state that no representation is made as to the correctness of such numbers either
as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such
numbers. 
  

	16.	Governing Law. 

 The Supplemental Indenture, the Base Indenture and this Note shall be
governed by, and construed in accordance with, the laws of the State of New York. 
  

	17.	Successor Corporation. 

 In the event a successor corporation legal entity assumes all
the obligations of the Issuer or the Guarantor under this Note, pursuant to the terms hereof and of the Indenture, the Issuer or Guarantor, as the case may be, will be released from all such obligations. 

 ASSIGNMENT FORM 

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

 
  

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

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                   to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

							
	Dated:                     	 		 	Your Name:	 	  

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

							
				
		 		 	Your Signature:	 	  

		 		 	(Sign exactly as your name appears on the face of this Note)
			
		 		 	Signature Guarantees*:

  

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

Exhibit 4.1

OM ASSET MANAGEMENT PLC, as Issuer,
WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
AND
CITIBANK, N.A., as Securities Administrator
INDENTURE
DATED AS OF July 25, 2016

TABLE OF CONTENTS
Page

	
					
	ARTICLE ONE
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	1
	

	 
	 
	 
	 

	 
	Section 1.01.
	Definitions
	1
	

	 
	Section 1.02.
	Compliance Certificates and Opinions
	10
	

	 
	Section 1.03.
	Form of Documents Delivered to Trustee
	10
	

	 
	Section 1.04.
	Acts of Holders; Record Dates
	11
	

	 
	Section 1.05.
	Notices, Etc., to Trustee, Securities Administrator and Company 12
	 

	 
	Section 1.06.
	Notice to Holders; Waiver
	13
	

	 
	Section 1.07.
	Conflict with Trust Indenture Act
	13
	

	 
	Section 1.08.
	Effect of Headings and Table of Contents
	13
	

	 
	Section 1.09.
	Successors and Assigns
	13
	

	 
	Section 1.10.
	Separability Clause
	14
	

	 
	Section 1.11.
	Benefits of Indenture
	14
	

	 
	Section 1.12.
	Governing Law
	14
	

	 
	Section 1.13.
	Legal Holidays
	14
	

	 
	Section 1.14.
	Waiver of Jury Trial
	14
	

	 
	Section 1.15.
	Force Majeure
	14
	

	 
	Section 1.16.
	USA PATRIOT Act
	15
	

	 
	 
	 
	 

	ARTICLE TWO
	SECURITY FORMS
	15
	

	 
	 
	 
	 

	 
	Section 2.01.
	Forms Generally
	15
	

	 
	Section 2.02.
	Form of Face of Security
	15
	

	 
	Section 2.03.
	Form of Reverse of Security
	17
	

	 
	Section 2.04.
	Form of Legend for Global Securities
	20
	

	 
	Section 2.05.
	Form of Securities Administrator’s Certificate of Authentication 21
	 

	 
	 
	 
	 

	ARTICLE THREE
	THE SECURITIES
	21
	

	 
	 
	 
	 

	 
	Section 3.01.
	Amount Unlimited; Issuable in Series
	21
	

	 
	Section 3.02.
	Denominations
	24
	

	 
	Section 3.03.
	Execution, Authentication, Delivery and Dating
	24
	

	 
	Section 3.04.
	Temporary Securities
	25
	

	 
	Section 3.05.
	Registration, Registration of Transfer and Exchange
	26
	

	 
	Section 3.06.
	Mutilated, Destroyed, Lost and Stolen Securities
	27
	

	 
	Section 3.07.
	Payment of Interest; Interest Rights Preserved
	28
	

	 
	Section 3.08.
	Persons Deemed Owners
	29
	

	 
	Section 3.09.
	Cancellation
	30
	

i

TABLE OF CONTENTS 
(continued)
Page

	
					
	 
	Section 3.10.
	Computation of Interest
	30
	

	 
	Section 3.11.
	CUSIP Numbers
	30
	

	 
	 
	 
	 

	ARTICLE FOUR
	SATISFACTION AND DISCHARGE
	30
	

	 
	 
	 
	 

	 
	Section 4.01.
	Satisfaction and Discharge of Indenture
	30
	

	 
	Section 4.02.
	Application of Trust Money
	31
	

	 
	 
	 
	 

	ARTICLE FIVE
	REMEDIES
	32
	

	 
	 
	 
	 

	 
	Section 5.01.
	Events of Default
	32
	

	 
	Section 5.02.
	Acceleration of Maturity; Rescission and Annulment
	33
	

	 
	Section 5.03.
	Collection of Indebtedness and Suits for Enforcement by Trustee 34
	 

	 
	Section 5.04.
	Trustee May File Proofs of Claim
	34
	

	 
	Section 5.05.
	Trustee May Enforce Claims Without Possession of Securities
	35
	

	 
	Section 5.06.
	Application of Money Collected
	35
	

	 
	Section 5.07.
	Limitation on Suits
	35
	

	 
	Section 5.08.
	Unconditional Right of Holders to Receive Principal, Premium and Interest
	36
	

	 
	Section 5.09.
	Restoration of Rights and Remedies
	36
	

	 
	Section 5.10.
	Rights and Remedies Cumulative
	36
	

	 
	Section 5.11.
	Delay or Omission Not Waiver
	37
	

	 
	Section 5.12.
	Control by Holders
	37
	

	 
	Section 5.13.
	Waiver of Past Defaults
	37
	

	 
	Section 5.14.
	Undertaking for Costs
	37
	

	 
	Section 5.15.
	Waiver of Usury, Stay or Extension Laws
	38
	

	 
	 
	 
	 

	ARTICLE SIX
	THE TRUSTEE AND THE SECURITIES ADMINISTRATOR
	38
	

	 
	 
	 
	 

	 
	Section 6.01.
	Certain Duties and Responsibilities
	38
	

	 
	Section 6.02.
	Notice of Defaults
	39
	

	 
	Section 6.03.
	Certain Rights of Trustee
	39
	

	 
	Section 6.04.
	Not Responsible for Recitals or Issuance of Securities
	42
	

	 
	Section 6.05.
	May Hold Securities
	42
	

	 
	Section 6.06.
	Money Held in Trust
	42
	

	 
	Section 6.07.
	Compensation and Reimbursement
	43
	

	 
	Section 6.08.
	Conflicting Interests
	43
	

	 
	Section 6.09.
	Corporate Trustee Required; Eligibility
	44
	

	 
	Section 6.10.
	Resignation and Removal; Appointment of Successor
	44
	

ii

TABLE OF CONTENTS 
(continued)
Page

	
					
	 
	Section 6.11.
	Acceptance of Appointment by Successor
	45
	

	 
	Section 6.12.
	Merger, Conversion, Consolidation or Succession to Business
	46
	

	 
	Section 6.13.
	Preferential Collection of Claims Against Company
	47
	

	 
	Section 6.14.
	Appointment of Authenticating Agent
	47
	

	 
	Section 6.15.
	Regarding the Securities Administrator
	48
	

	 
	 
	 
	 

	ARTICLE SEVEN
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 48
	 

	 
	 
	 
	 

	 
	Section 7.01.
	Company to Furnish Trustee Names and Addresses of Holders
	48
	

	 
	Section 7.02.
	Preservation of Information; Communications to Holders
	49
	

	 
	Section 7.03.
	Reports by Trustee
	49
	

	 
	Section 7.04.
	Reports by Company
	49
	

	 
	 
	 
	 

	ARTICLE EIGHT
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	50
	

	 
	 
	 
	 

	 
	Section 8.01.
	Company May Consolidate, Etc., Only on Certain Terms
	50
	

	 
	Section 8.02.
	Successor Substituted
	50
	

	 
	 
	 
	 

	ARTICLE NINE
	SUPPLEMENTAL INDENTURES
	51
	

	 
	 
	 
	 

	 
	Section 9.01.
	Supplemental Indentures Without Consent of Holders
	51
	

	 
	Section 9.02.
	Supplemental Indentures With Consent of Holders
	52
	

	 
	Section 9.03.
	Execution of Supplemental Indentures
	53
	

	 
	Section 9.04.
	Effect of Supplemental Indentures
	53
	

	 
	Section 9.05.
	Conformity with Trust Indenture Act
	53
	

	 
	Section 9.06.
	Reference in Securities to Supplemental Indentures
	53
	

	 
	 
	 
	 

	ARTICLE TEN
	COVENANTS
	54
	

	 
	 
	 
	 

	 
	Section 10.01.
	Payment of Principal, Premium and Interest
	54
	

	 
	Section 10.02.
	Maintenance of Office or Agency
	54
	

	 
	Section 10.03.
	Money for Securities Payments to Be Held in Trust
	55
	

	 
	Section 10.04.
	Statement by Officers as to Default
	56
	

	 
	Section 10.05.
	Existence
	56
	

	 
	Section 10.06.
	Maintenance of Properties
	56
	

	 
	Section 10.07.
	Payment of Taxes and Other Claims
	56
	

	 
	Section 10.08.
	Waiver of Certain Covenants
	57
	

	 
	 
	 
	 

	ARTICLE ELEVEN
	OPTIONAL REDEMPTION OF SECURITIES
	57
	

iii

TABLE OF CONTENTS 
(continued)
Page

	
					
	 
	 
	 
	 

	 
	Section 11.01.
	Applicability of Article
	57
	

	 
	Section 11.02.
	Election to Redeem; Notice to Trustee and the Securities Administrator 57
	 

	 
	Section 11.03.
	Selection by Securities Administrator of Securities to Be Redeemed
	57
	

	 
	Section 11.04.
	Notice of Redemption
	58
	

	 
	Section 11.05.
	Deposit of Redemption Price
	59
	

	 
	Section 11.06.
	Securities Payable on Redemption Date
	59
	

	 
	Section 11.07.
	Securities Redeemed in Part
	60
	

	 
	 
	 
	 

	ARTICLE TWELVE
	SINKING FUNDS
	60
	

	 
	 
	 
	 

	 
	Section 12.01.
	Applicability of Article
	60
	

	 
	Section 12.02.
	Satisfaction of Sinking Fund Payments with Securities
	60
	

	 
	Section 12.03.
	Redemption of Securities for Sinking Fund
	60
	

	 
	 
	 
	 

	ARTICLE THIRTEEN
	DEFEASANCE AND COVENANT DEFEASANCE
	61
	

	 
	 
	 
	 

	 
	Section 13.01.
	Company’s Option to Effect Defeasance or Covenant Defeasance 61
	 

	 
	Section 13.02.
	Defeasance and Discharge
	61
	

	 
	Section 13.03.
	Covenant Defeasance
	62
	

	 
	Section 13.04.
	Conditions to Defeasance or Covenant Defeasance
	62
	

	 
	Section 13.05.
	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions
	64
	

	 
	Section 13.06.
	Reinstatement
	64
	

iv

Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust Indenture Act of 1939:	
		
	Trust Indenture Act Section
	Indenture Section

	ss.310(a)(1)
	6.09

	(a)(2)
	6.09

	(a)(3)
	Not Applicable

	(a)(4)
	Not Applicable

	(b)
	6.08

	ss.311(a)
	6.13

	(b)
	6.13

	ss.312(a)
	7.01

	(b)
	7.02

	(c)
	7.02

	ss.313(a)
	7.03

	(b)
	7.03

	(c)
	7.03

	(d)
	7.03

	ss.314(a)
	7.04

	(a)(4)
	1.01

	(b)
	Not Applicable

	(c)(1)
	1.02

	(c)(2)
	1.02

	(c)(3)
	Not Applicable

	(d)
	Not Applicable

	(e)
	1.02

	ss.315(a)
	6.01

	(b)
	6.02

	(c)
	6.01

	(d)
	6.01

	(e)
	5.14

	ss.316(a)
	1.01

	(a)(1)(A)
	5.02

	(a)(1)(B)
	5.13

	(a)(2)
	Not Applicable

	(b)
	5.08

	(c)
	1.04

	ss.317(a)(1)
	5.03

	(a)(2)
	5.04

	(b)
	10.03

	ss.318(a)
	1.07

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

v

INDENTURE, dated as of July 25, 2016, between OM Asset Management plc, a public limited company formed and existing under the laws of England and Wales (herein called the “Company”), having its principal office at 5th Floor, Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom EC4V 4GG, Wilmington Trust, National Association, a national banking association duly organized and existing under the laws of United States of America, as Trustee (herein called the “Trustee”) and Citibank, N.A., a national banking association duly organized and existing under the laws of the United States of America (herein called the “Securities Administrator”).
RECITALS OF THE COMPANY
The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided.
All things necessary to make this Indenture a legal, valid, binding and enforceable agreement of the Company, in accordance with its terms, have been done.
NOW, THEREFORE, for and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows:
ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
		
	Section 1.01.
	Definitions.

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:
(a)    the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;
(b)    all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;
(c)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States at the Issue Date;
(d)    unless otherwise specifically set forth herein, all calculations or determinations of a Person shall be performed or made on a consolidated basis in accordance with generally accepted accounting principles;
(e)    unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; and

(f)    the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
Certain terms, used principally in Article 14, are defined in that Article.
“Act”, when used with respect to any Holder, has the meaning specified in Section 1.04.
“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.  For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
“Applicable Procedures” means, with respect to any selection of Securities, a transfer or exchange of or for the beneficial interest in any Global Securities, the rules and procedures of the Depositary that apply to such action.
“Authenticating Agent” means any Person authorized by the Securities Administrator pursuant to Section 6.14 to act on behalf of the Securities Administrator to authenticate Securities of one or more series.
“Bankruptcy Code” means Title 11, United States Bankruptcy Code of 1978, as amended, or any similar United States federal or state law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any amendment to, succession to or change in any such law.
“Board of Directors” means either the board of directors of the Company or any duly authorized committee of that board.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.
“Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close and shall otherwise mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions at the place where any specified act pursuant to this Indenture is to occur are authorized or obligated by or pursuant to law, regulation or executive order to close at the location of each applicable Corporate Trust Office.
“Capital Lease Obligation” means, at any time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized on the balance sheet in accordance with GAAP.
 “Change of Control” means the occurrence of any of the following:

DB1/88479535.4
2

(i)    the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Restricted Subsidiaries, taken as a whole to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act);
(ii)    the adoption of a plan relating to the liquidation or dissolution of the Company;
(iii)    the acquisition, directly or indirectly, by any Person or group (as such term is used in Section 13(d)(3) of the Exchange Act) of 50% or more of the voting power of the voting stock of the Company by way of merger or consolidation or otherwise; or
(iv)    the Continuing Directors cease for any reason to constitute a majority of the directors of the Company then in office.
For purposes of this definition, any transfer of an Equity Interest of an entity that was formed for the purpose of acquiring voting stock of the Company shall be deemed to be a transfer of such portion of such voting stock as corresponds to the portion of the equity of such entity that has been so transferred.
“Commission” means the U.S. Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.
“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.
“Continuing Directors” means, as of any date of determination, any member of the Board of Directors who (i) was a member of such Board of Directors on the Issue Date, or (ii) was appointed or nominated for election by the Permitted Holder or nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board at the time of such appointment, nomination or election.
“Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Operating Officer, its Chief Financial Officer, its President, and, without duplication, by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.
“Corporate Trust Office” means (i) with respect to the Trustee, Wilmington Trust, National Association, Corporate Capital Markets, 1100 North Market Street, Wilmington, Delaware 199890, Attention:  OM Asset Management plc and (ii) with respect to the Securities Administrator, (A) solely for the purpose of transfer, surrender, exchange or presentment of Securities for final payment, 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention:  Citibank Agency & Trust - OM Asset Management plc and (B) for all other purposes, 388 Greenwich Street, 14th Floor, New York, NY 10013, Attention Citibank Agency & Trust - OM Asset Management plc.

DB1/88479535.4
3

“Corporation” means a corporation, association, company, joint-stock company or business trust.
“Covenant Defeasance” has the meaning specified in Section 13.03.
“Default” means any event that is, or after the giving of notice or the passage of time or both would be, an Event of Default.
“Defaulted Interest” has the meaning specified in Section 3.07.
“Defeasance” has the meaning specified in Section 13.02.
“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.01.
“Disqualified Stock” means any Share Capital that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than upon a Change of Control of the Company in circumstances where the holders of the Securities would have similar rights), in whole or in part on or prior to one year after the Stated Maturity of the Securities.
“Equity Interests” means Share Capital and all warrants, options or other rights to acquire Share Capital (including any Indebtedness or Disqualified Stock that is convertible into, or exchangeable for, Share Capital).
“Event of Default” has the meaning specified in Section 5.01.
“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.
“Expiration Date” has the meaning specified in Section 1.04.
“GAAP” means generally accepted accounting principles in the United States.
“Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.04 (or such legend as may be specified as contemplated by Section 3.01 for such Securities).
“Guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection or deposit in the ordinary course of business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit and or reimbursement agreements in respect thereof), of all or any part of any Indebtedness.
“Hedging Obligations” means, with respect to any Person, the Obligations of such Person under (i) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements, and (ii) other agreements or arrangements designed to protect such Person against fluctuations in interest rates.

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“Holder” means a Person in whose name a Security is registered in the Security Register.
“Incur” means, with respect to any obligation of any Person, to create, issue, incur, assume or directly or indirectly guarantee or in any other manner become directly or indirectly liable for any Indebtedness (and “incurrence” , “incurred” , “incurable” and “incurring” shall have meanings correlative to the foregoing).
“Indebtedness” means, with respect to any Person, whether or not contingent, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices) or which is evidenced by a note, bond, debenture or similar instrument, (ii) all Capital Lease Obligations of such Person, (iii) all obligations of such Person in respect of letters of credit or bankers’ acceptances issued or created for the account of such Person, (iv) all Hedging Obligations of such Person, (v) all liabilities secured by any Lien on any property owned by such Person even if such Person has not assumed or otherwise become liable for the payment thereof to the extent of the value of the property subject to such Lien, and (vi) to the extent not otherwise included, any guarantee by such person of any other Person’s indebtedness or other obligations described in clauses (i) through (v) above.
“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively.  The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 3.01.
“Interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
“Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.
“Investment Company Act” means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.
“Issue Date” means the date of initial issuance of the Securities pursuant to this Indenture.
“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in any asset and any filing of, or agreement to give, any financing statement under the “Uniform Commercial Code” (or equivalent statutes) of any jurisdiction).

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“Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.
“Notice of Default” means a written notice of the kind specified in Section 5.01(d).
“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person.
“Officers’ Certificate” means a certificate signed by two Officers or by an Officer and either an Assistant Treasurer or an Assistant Secretary, of the Company.
“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee and/or the Securities Administrator, as applicable.  The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company.
“Ordinary Shares” of any Person means Share Capital of such Person that does not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to shares of Share Capital of any other class of such Person.
“Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.
“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore executed by the Company and authenticated and delivered under this Indenture, except:
(i)    Securities theretofore cancelled by the Securities Administrator or delivered to the Securities Administrator for cancellation;
(ii)    Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Securities Administrator or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Securities Administrator has been made;
(iii)    Securities as to which Defeasance has been effected pursuant to Section 13.02; and

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(iv)    Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been executed, authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Securities Administrator proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;
provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.02, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.01, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 3.01, of the principal amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined as provided in such Clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee and/or the Securities Administrator shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible Officer of the Trustee and/or the Securities Administrator has been notified in writing by the Company to be so owned shall be so disregarded.  Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee and/or the Securities Administrator the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.
“Paying Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.
“Permitted Holder” means Old Mutual plc and any Affiliate of Old Mutual plc.
“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity, subdivision or business).
“Place of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 3.01.
“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or 

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in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.
“Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.
“Redemption Price”, when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.
“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 3.01.
“Responsible Officer”, when used with respect to the Trustee or the Securities Administrator, as applicable, means any officer within the corporate trust administration (or any successor group), including any vice president, assistant vice president, trust officer, assistant trust officer or any other officer of the Trustee or the Securities Administrator, as applicable, customarily performing functions similar to those performed by any of the above designated officers; in each case having direct responsibility for the administration of this Indenture.
“Restricted Subsidiary” means a Subsidiary of the Company other than an Unrestricted Subsidiary.
“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.
“Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.
“Securities Administrator” means the Person named as the “Securities Administrator” in the first paragraph of this instrument until a successor Securities Administrator shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Securities Administrator” shall mean or include each Person who is then a Securities Administrator hereunder, and if at any time there is more than one such Person, “Securities Administrator” as used with respect to the Securities of any series shall mean the Securities Administrator with respect to Securities of that series.
“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.05.
“Share Capital” means (i) in the case of a company or corporation, share capital or capital stock, (ii) in the case of any association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated), share capital or capital stock and (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership.

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“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Company pursuant to Section 3.07.
“Stated Maturity” means with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.
“Subsidiary” means with respect to any Person, (i) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Share Capital entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof) and (ii) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof).
“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.
“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.
“Unrestricted Subsidiary” means any Subsidiary of the Company that at the time of determination shall be an Unrestricted Subsidiary (as designated by the Board of Directors of the Company, as provided below) and any Subsidiary of an Unrestricted Subsidiary.  The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary if all of the following conditions apply:  (a) neither the Company nor any of its Restricted Subsidiaries provides credit support for any Indebtedness of such Subsidiary (including any undertaking, agreement or instrument evidencing such Indebtedness), (b) such Subsidiary is not liable, directly or indirectly, with respect to any Indebtedness other than Unrestricted Subsidiary Indebtedness, and (c) such Unrestricted Subsidiary does not own any Share Capital of any Subsidiary of the Company that has not theretofore been or is not simultaneously being designated an Unrestricted Subsidiary.  Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a board resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complies with the foregoing conditions.  The Board of Directors of the Company may designate any Unrestricted Subsidiary as a Restricted Subsidiary.

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“U.S. Government Obligation” has the meaning specified in Section 13.04.
“Vice President”, when used with respect to the Company or the Trustee or the Securities Administrator, as applicable, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president”.
		
	Section 1.02.
	Compliance Certificates and Opinions.

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act.  Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.
Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided for in Section 10.04) shall include:
(1)    statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;
(2)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(3)    a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(4)    a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.
		
	Section    1.03.
	Form of Documents Delivered to Trustee.

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.
Any certificate or opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.  Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, 

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unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.
Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.
		
	Section 1.04.
	Acts of Holders; Record Dates.

Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and/or the Securities Administrator, as applicable, and, where it is hereby expressly required, to the Company.  Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and/or the Securities Administrator, as applicable, and the Company, if made in the manner provided in this Section.
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof.  Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority.  The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee and/or the Securities Administrator, as applicable, deems sufficient.
The ownership of Securities shall be proved by the Security Register.
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee and/or the Securities Administrator, as applicable, or the Company in reliance thereon, whether or not notation of such action is made upon such Security.
The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series; provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.02, (iii) any request to institute proceedings referred to in Section 5.07(b) or (iv) any direction referred to in Section 5.12.  If any record date is set pursuant to this paragraph, 

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the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date.  Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken.  Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06.
With respect to any record date set pursuant to this Section, the Company may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the Trustee in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06, on or prior to the existing Expiration Date.  If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the Company shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph.
Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount.
		
	Section 1.05.
	Notices, Etc., to Trustee, Securities Administrator and Company.

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with:
(1)    the Trustee and/or the Securities Administrator, as applicable, by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to the applicable Corporate Trust Office; provided, however, that any such document provided to either of the Trustee or the Securities Administrator shall also be provided to the Securities Administrator or the Trustee, as applicable, regardless of whether or not so explicitly stated in this Agreement; or
(2)    the Company by the Trustee, the Securities Administrator or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at 

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the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company.
		
	Section 1.06.
	Notice to Holders; Waiver.

Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid (or as it relates to the Global Securities, delivered electronically according to the Applicable Procedures of the Depositary), to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice.  In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders.  Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.
In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee and/or the Securities Administrator, as applicable, shall constitute a sufficient notification for every purpose hereunder.
		
	Section 1.07.
	Conflict with Trust Indenture Act.

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part of and govern this Indenture, the latter provision shall control.  If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.
		
	Section 1.08.
	Effect of Headings and Table of Contents.

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.
		
	Section 1.09.
	Successors and Assigns.

All agreements in this Indenture by the Company shall bind its successors and assigns.  All agreements in this Indenture by the Trustee shall bind its successors.  All agreements in this Indenture by the Securities Administrator shall bind its successors and assigns.

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	Section 1.10.
	Separability Clause.

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 to the extent permitted by applicable law.
		
	Section 1.11.
	Benefits of Indenture.

Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.
		
	Section 1.12.
	Governing Law.

This Indenture and the Securities shall be governed by and construed in accordance with the law of the State of New York.
		
	Section 1.13.
	Legal Holidays.

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity and no interest shall accrue during such period on account of such delay.
		
	Section 1.14.
	Waiver of Jury Trial.

EACH OF THE COMPANY, THE TRUSTEE AND THE SECURITIES ADMINISTRATOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
		
	Section 1.15.
	Force Majeure.

In no event shall the Trustee and/or the Securities Administrator, as applicable, 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 and/or the Securities Administrator, as applicable, shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

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	Section 1.16.
	USA PATRIOT Act.

The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Securities Administrator, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Securities Administrator.  The parties to this Indenture agree that they will provide the Securities Administrator with such information as it may request in order for the Securities Administrator to satisfy the requirements of the USA PATRIOT Act.  Such information may include but is not limited to the name, address, U.S. tax identification number (if applicable) of the individual or entity opening the account, formation documents such as articles of incorporation and an offering memorandum.
    ARTICLE TWO
SECURITY FORMS
		
	Section 2.01.
	Forms Generally.

The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the Officers executing such Securities, as evidenced by their execution thereof.  If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Securities Administrator at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities.
The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities.
		
	Section 2.02.
	Form of Face of Security.

[Insert any legend required by the Internal Revenue Code and the regulations thereunder.]
	
		
	                                                               
                                                              
                                                              
	[up to]$__________________

OM Asset Management plc, a public limited company formed and existing under the laws of England and Wales (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [__________], or registered assigns, the principal sum of [__________] Dollars on [if the Security is to bear interest prior to Maturity, insert and to pay interest thereon from      or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually 

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on [__________] and [__________] of each year, commencing [__________ ___, 20__], at the rate of [●]% per annum, until the principal hereof is paid or made available for payment, provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of [●]% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the [__________] or [__________] (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture].  [If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of [●]% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment.  Interest on any overdue principal or premium shall be payable on demand.  Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of [●]% per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment.  Interest on any overdue interest shall be payable on demand.  Interest shall by computed on the basis of a 360 day year consisting of twelve 30 day months.]
[Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Securities Administrator, as Paying Agent, maintained for that purpose in [__________] in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts and, in the case of Global Securities, in accordance with the Applicable Procedures of the Depository.]
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Securities Administrator referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
	
		
	Dated:                                                         
Attest:                                                         
Title:                                                           
	OM Asset Management plc 
By:                                                                   
Title:                                                                

		
	Section 2.03.
	Form of Reverse of Security.

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of July 25, 2016 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company, Wilmington Trust, National Association, as Trustee (herein called the “Trustee” , which term includes any successor securities administrator under the Indenture) and Citibank, N.A., as Securities Administrator (herein called the “Securities Administrator”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Securities Administrator and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof [if applicable, insert — limited in aggregate principal amount to $[__________]].
[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail (or otherwise in accordance of the Applicable Procedures of the Depositary).] [If applicable, insert — (1) on [__________] in any year commencing with the year [__________] and ending with the year through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert on or after    ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount):  If redeemed [if applicable, insert on or before [●]%, and if redeemed] during the 12-month period beginning [__________] of the years indicated,
	
				
	Year
	Redemption Price
	Year
	Redemption Price

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

and thereafter at a Redemption Price equal to [●]% of the principal amount, together in the case of any such redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to but excluding the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]
[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail (or otherwise in accordance of the Applicable Procedures of the Depositary), (1) on [__________] in any year commencing with the year [__________] and ending with the year [__________] through operation of the sinking fund for this series at the Redemption 

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Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert on or after ], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below:  If redeemed during the 12-month period beginning [__________] of the years indicated,
	
				
	Year
	Redemption Price for 
Redemption Through
	Year
	Redemption Otherwise 
Than Through Operation

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

and thereafter at a Redemption Price equal to [●]% of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to but excluding the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]
[If applicable, insert — Notwithstanding the foregoing, the Company may not, prior to [__________], redeem any Securities of this series as contemplated by [if applicable, insert — Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than [__________] per annum.]
[If applicable, insert — The sinking fund for this series provides for the redemption on    in each year beginning with the year    and ending with the year [__________] of [if applicable, insert — not less than $[__________] (“mandatory sinking fund”) and not more than] $[__________] aggregate principal amount of Securities of this series.  Securities of this series acquired or redeemed by the Company otherwise than through [if applicable, insert — mandatory] sinking fund payments may be credited against subsequent [if applicable, insert — mandatory] sinking fund payments otherwise required to be made [if applicable, insert — , in the inverse order in which they become due.]
[If the Security is subject to redemption of any kind, insert — In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.]
 [If applicable, insert — The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.]
[If the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities 

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of this series may be declared due and payable in the manner and with the effect provided in the Indenture.]
[If the Security is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.  Such amount shall be equal to insert formula for determining the amount.  Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.]
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Trustee and the Securities Administrator with the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity or security satisfactory to the Trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity or security.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration 

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of transfer at the applicable Corporate Trust Office, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $[__________] and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company and the Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee, the Securities Administrator and any agent of the Company, the Trustee or the Securities Administrator may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee, the Securities Administrator or any such agent shall be affected by notice to the contrary.
All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
		
	Section 2.04.
	Form of Legend for Global Securities.

Unless otherwise specified as contemplated by Section 3.01 for the Securities evidenced thereby, every Global Security authenticated and delivered 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 a Depositary or a nominee thereof.  This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of any Person other than such Depositary or a nominee thereof, except in the limited circumstances described in the Indenture.

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	Section 2.05.
	Form of Securities Administrator’s Certificate of Authentication.

The Securities Administrator’s certificates of authentication shall be in substantially the following form:
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
CITIBANK, N.A., not in its individual capacity but 
solely as Securities Administrator 
 
 
By:         
    Authorized Signatory
Dated:      
ARTICLE THREE
                     THE SECURITIES
		
	Section 3.01.
	Amount Unlimited; Issuable in Series.

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more series.  There shall be established in or pursuant to a Board Resolution and, subject to Section 3.03, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series;
(a)    the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);
(b)    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 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder);
(c)    the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;
(d)    the date or dates on which the principal of any Securities of the series is payable;

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(e)    the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date;
(f)    the place or places where the principal of and any premium and interest on any Securities of the series shall be payable;
(g)    the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced;
(h)    the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
(i)    if other than denominations of $2,000 and any integral multiples of $1,000 in excess thereof, the denominations in which any Securities of the series shall be issuable;
(j)    if the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined;
(k)    if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose, including for purposes of the definition of Outstanding in Section 1.01;
(l)    if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined);
(m)    if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02;
(n)    if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to 

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be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined);
(o)    if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.02 or Section 13.03 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;
(p)    if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 2.04 and any circumstances in addition to or in lieu of those set forth in Section 3.05(b) in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;
(q)    any addition to 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 5.02;
(r)    any addition to or change in the covenants set forth in Article Ten which applies to Securities of the series;
(s)    if applicable, that the Securities of the series are convertible into or exchangeable for Ordinary Shares or other securities of the Company, the period or periods within which, the price or prices at which and the terms and conditions upon which, and the limitations and restrictions, if any, upon which, any Securities of the series shall be convertible or exchangeable, in whole or in part, into Ordinary Shares or other securities of the Company;
(t)    whether the debt securities will be secured by any collateral and, if so, a general description of the collateral and the terms and provisions of such collateral security, pledge or other agreement;
(u)    the appointment of any Paying Agent for the Securities of such series, if other than the Securities Administrator; and
(v)    any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.01(e)).
All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 3.03) set forth, or determined in the manner provided, in the Officers’ Certificate referred to above or in any such indenture supplemental hereto.
If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series.

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	Section 3.02.
	Denominations.

The Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 3.01.  In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
		
	Section 3.03.
	Execution, Authentication, Delivery and Dating.

The Securities shall be executed on behalf of the Company by its Chairman of the Board, its President or one of its Vice Presidents.  The signature of any of these officers on the Securities may be manual or facsimile.
Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Securities Administrator or any Authenticating Agent for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Securities Administrator or such Authenticating Agent in accordance with the Company Order shall authenticate and deliver such Securities.  If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.01 and 3.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating,
(a)    if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.01, that such form has been established in conformity with the provisions of this Indenture;
(b)    if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.01, that such terms have been established in conformity with the provisions of this Indenture and that conditions precedent to such issuance have been satisfied; and
(c)    that such Securities, when authenticated and delivered by the Securities Administrator or any Authenticating Agent and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
If such form or terms have been so established, the Securities Administrator or any Authenticating Agent shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Securities Administrator’s own rights, duties 

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or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Securities Administrator.
Notwithstanding the provisions of Section 3.01 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.01 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.
Each Security shall be dated the date of its authentication.
No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Securities Administrator or any Authenticating Agent by manual signature upon a Company Order, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder.  Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Securities Administrator for cancellation as provided in Section 3.09, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.
		
	Section 3.04.
	Temporary Securities.

Pending the preparation of definitive Securities or a permanent Global Security of any series, the Company may execute, and upon Company Order the Securities Administrator shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.
If temporary Securities of any series are issued, the Company will cause definitive Securities or permanent Global Securities, as applicable, of that series to be prepared without unreasonable delay.  After the preparation of definitive Securities or permanent Global Securities, as applicable, of such series, the temporary Securities of such series shall be exchangeable for definitive Securities or permanent Global Securities, as applicable, of such series upon surrender of the temporary Securities of such series at the applicable Corporate Trust Office for that series, without charge to the Holder.  Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Securities Administrator, upon receipt of a Company Order, shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.  Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor.

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	Section 3.05.
	Registration, Registration of Transfer and Exchange.

The Company shall cause to be kept at the Corporate Trust Office of the Securities Administrator a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities.  The Securities Administrator is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided.
Upon surrender for registration of transfer of any Security of a series at the applicable Corporate Trust Office for that series, the Company shall execute, and the Securities Administrator or any Authenticating Agent shall, upon receipt of a Company Order, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.
At the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency.  Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Securities Administrator, upon receipt of a Company Order, shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.
All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.
Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Securities Administrator) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing.  Every Security issued pursuant to this Indenture shall be registered pursuant to the Securities Act.  Neither the Trustee nor the Securities Administrator shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
No service charge shall be made for any registration of transfer or exchange of Securities, but the Company and the Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer.

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If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, each of the Company and the Securities Administrator shall not be required (a) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 11.03 and ending at the close of business on the day of such mailing, (b) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part or between a Record Date and the related Payment Date.
The provisions of clauses (a), (b), (c) and (d) below shall apply only to Global Securities:
(a)    Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture.
(b)    Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (i) such Depositary (A) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or (B) has ceased to be a clearing agency registered under the Exchange Act, (ii) there shall have occurred and be continuing an Event of Default with respect to such Global Security or (iii) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 3.01.
(c)    Subject to Clause (b) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.
(d)    Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Section 3.04, 3.06, 9.06 or 11.07 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof.
		
	Section 3.06.
	Mutilated, Destroyed, Lost and Stolen Securities.

If any mutilated Security is surrendered to the Securities Administrator, the Company shall execute and the Securities Administrator, upon receipt of a Company Order, 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 Securities Administrator (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity as may be required by them to save each of them, the Trustee, the Securities Registrar, 

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the Paying Agent and any agent of either of them harmless, then, in the absence of notice to the Company or a Responsible Officer of the Securities Administrator that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Securities Administrator, upon receipt of a Company Order shall authenticate and deliver, 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 (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Securities Administrator such security and/or indemnity as may be required by them to save each of them, the Trustee, the Security Registrar, the Paying Agent and any agent of them harmless, and in case of destruction, mutilation beyond clear recognition, loss or theft, evidence satisfactory to the Company and the Securities Administrator and any agent of either of them the destruction, loss, mutilation beyond clear recognition or theft of such Security and the ownership thereof.
Upon the issuance of any new Security under this Section, the Company and the Securities Administrator 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 Securities Administrator) connected therewith.
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 3.07.
	Payment of Interest; Interest Rights Preserved.

Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.
Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below:
(a)    The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) 

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are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee and the Securities Administrator in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Securities Administrator an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Securities Administrator for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided.  Thereupon the Company shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee and the Securities Administrator of the notice of the proposed payment.  The Company shall promptly notify the Trustee and the Securities Administrator of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 1.06, not less than 10 days prior to such Special Record Date.  Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed or delivered, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (b).
(b)    The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee and the Securities Administrator of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Securities Administrator.
Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.
		
	Section 3.08.
	Persons Deemed Owners.

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, the Securities Administrator, the Securities Registrar, any Paying Agent and their respective agents may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 3.07) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and none of the Company, the Trustee, the Securities Administrator, the Securities Registrar, any Paying Agent or any of their respective agents shall be affected by notice to the contrary.

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	Section 3.09.
	Cancellation.

All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Securities Administrator, be delivered to the Securities Administrator and shall be promptly cancelled by it.  The Company may at any time deliver to the Securities Administrator for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Securities Administrator (or to any other Person for delivery to the Securities Administrator) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Securities Administrator pursuant to a Company Order.  No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture.  All cancelled Securities held by the Securities Administrator shall be disposed by the Securities Administrator in accordance with its standard procedures.
		
	Section 3.10.
	Computation of Interest.

Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.
		
	Section 3.11.
	CUSIP Numbers

The Company in issuing any Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee and the Securities Administrator shall as a convenience use “CUSIP” numbers in notices 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 and that reliance may be placed only on the other identification numbers printed on the Securities.  The Company will promptly notify the Trustee and the Securities Administrator of any change in the “CUSIP” numbers.
ARTICLE FOUR
SATISFACTION AND DISCHARGE
		
	Section 4.01.
	Satisfaction and Discharge of Indenture.

This Indenture shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee and the Securities Administrator, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when
(a)    either:
(i)    all Securities theretofore authenticated and delivered (other than (A) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (B) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the 

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Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Securities Administrator for cancellation; or
(ii)    all such Securities not theretofore delivered to the Securities Administrator for cancellation (A) have become due and payable, or (B) will become due and payable at their Stated Maturity within one year, or (C) are to be called for redemption within one year under arrangements satisfactory to the Securities Administrator for the giving of notice of redemption by the Securities Administrator in the name, and at the expense, of the Company, and the Company, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Securities Administrator on behalf of the Trustee as trust funds in trust for the purpose cash in U.S. dollars in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Securities Administrator for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be.
(b)    the Company has paid or caused to be paid all other sums payable hereunder by the Company; and
(c)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and the Securities Administrator under Section 6.07, the obligations of the Securities Administrator to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Securities Administrator pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Securities Administrator under Section 4.02 and the last paragraph of Section 10.03 shall survive.
		
	Section 4.02.
	Application of Trust Money.

Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the Securities Administrator pursuant to Section 4.01 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 Securities Administrator or the Company acting as its own Paying Agent) as the Securities Administrator may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Securities Administrator.

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ARTICLE FIVE
REMEDIES
		
	Section 5.01.
	Events of Default.

“Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):
(a)    default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; or
(b)    default in the payment of the principal of or any premium on any Security of that series at its Maturity; or
(c)    default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or
(d)    default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 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)    the entry by a court having jurisdiction in the premises of
(i)    a decree or order for relief in respect of the Company or any Restricted Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law; or
(ii)    a decree or order adjudging the Company or any such Restricted Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any such Restricted Subsidiary under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any such Restricted Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or
(f)    the commencement by the Company or any Restricted Subsidiary of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Company or any such Restricted Subsidiary to the entry of a decree or 

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order for relief in respect of the Company or any such Restricted Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company or any such Restricted Subsidiary, or the filing by the Company or any such Restricted Subsidiary of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by the Company or any such Restricted Subsidiary to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any such Restricted Subsidiary or of any substantial part of the property of the Company or any such Restricted Subsidiary, or the making by the Company or any such Restricted Subsidiary of an assignment for the benefit of creditors, or the admission by the Company or any such Restricted Subsidiary in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any such Restricted Subsidiary in furtherance of any such action; or
(g)    any other Event of Default provided in the applicable supplemental indenture with respect to Securities of that series.
		
	Section 5.02.
	Acceleration of Maturity; Rescission and Annulment.

If an Event of Default (other than an Event of Default specified in Section 5.01(e) or 5.01(f)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee may, but shall not be required, or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Company and the Securities Administrator (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.  If an Event of Default specified in clause (e) or (f) of Section 5.01 with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable.
At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may waive any existing Event of Default and its consequences under this Indenture except a continuing Event of Default in payment of interest or premium on, or the principal of, the Notes.
No such rescission shall affect any subsequent default or impair any right consequent thereon.

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The Trustee shall not be required to act upon an Event of Default unless a Responsible Officer has actual knowledge of such Event of Default.
		
	Section 5.03.
	Collection of Indebtedness and Suits for Enforcement by Trustee.

The Company covenants that if:
(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 the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will, upon demand of the Trustee, pay to the Trustee (or in accordance with the Trustee’s order), for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on 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, indemnities, liabilities and advances of the Trustee and/or the Securities Administrator, and each of their agents and counsel.
If an Event of Default with respect to Securities of any series occurs and is continuing of which a Responsible Officer of the Trustee has actual knowledge, the Trustee may, but, unless first requested to do so by the Holders of at least a majority in aggregate principal amount of the Outstanding Securities of such series and furnished with security and/or indemnity satisfactory to the Trustee against all costs, expenses and liabilities, shall not be under any obligation to, 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 5.04.
	Trustee May File Proofs of Claim.

In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding.  In particular, the Trustee shall be authorized 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 6.07.

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No provision of this Indenture 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; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee.
		
	Section 5.05.
	Trustee May Enforce Claims Without Possession of Securities.

All rights of action and claims under this Indenture or the Securities 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.
		
	Section 5.06.
	Application of Money Collected.

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium 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 6.07;
SECOND:  To the payment of the amounts then due and unpaid for principal of and any premium 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 any premium and interest, respectively; and
THIRD:  Any surplus then remaining shall be paid to the Company or to such party as a court of competent jurisdiction shall direct.
		
	Section 5.07.
	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;

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(c)    such Holder or Holders have offered to the Trustee security and/or indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred 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 and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, 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 of such Holders.
		
	Section 5.08.
	Unconditional Right of Holders to Receive Principal, Premium 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 (subject to Section 3.07) interest on such Security on the respective Stated Maturities 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 5.09.
	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, the Securities Administrator and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee, the Securities Administrator and the Holders shall continue as though no such proceeding had been instituted.
		
	Section 5.10.
	Rights and Remedies Cumulative.

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, 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 prevent the concurrent assertion or employment of any other appropriate right or remedy.

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	Section 5.11.
	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 Indenture 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.
		
	Section 5.12.
	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; and
(b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
		
	Section 5.13.
	Waiver of Past Defaults.

The Holders of not less than a majority in principal amount of the Outstanding Securities of any series 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
(a)    in the payment of the principal of or any premium or interest on any Security of such series; or
(b)    in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.  Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
		
	Section 5.14.
	Undertaking for Costs.

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee or the Securities Administrator for any action taken, suffered or omitted by the Trustee or Securities Administrator, as applicable, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company.  This Section 5.14 does not apply to a suit by the Trustee or a suit by a Holder pursuant to Section 6.07.

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	Section 5.15.
	Waiver of Usury, Stay or Extension Laws.

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
ARTICLE 6
THE TRUSTEE AND THE SECURITIES ADMINISTRATOR
		
	Section 6.01.
	Certain Duties and Responsibilities.

The duties and responsibilities of the Trustee as set forth herein shall be subject to the terms of the Trust Indenture Act.
(a)    Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.  Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section.
(b)    The Trustee, except during the continuance of an Event of Default of which a Responsible Officer of the Trustee shall have actual knowledge, and the Securities Administrator in respect of the Securities of any series:
(i)    undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Securities Administrator, as applicable; and
(ii)    in the absence of willful misconduct or gross negligence on its part, may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee or the Securities Administrator, as applicable, and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee or the Securities Administrator, as applicable, the Trustee or the Securities Administrator, as applicable, shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).
(c)    In case an Event of Default of which a Responsible Officer of the Trustee shall have actual knowledge has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their 

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exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.
		
	Section 6.02.
	Notice of Defaults.

If a default occurs hereunder with respect to Securities of any series of which a Responsible Officer of the Trustee shall have actual knowledge, the Trustee shall give the Holders of Securities of such series notice of such default as and to the extent provided by Section 313(c) of the Trust Indenture Act to the extent not cured or waived; provided, however, that in the case of any default of the character specified in clause (d) of Section 5.01 with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof; provided further that except in the case of a default in the payment of principal or Interest, the Trustee shall be fully protected from withholding such notice if and so long as a committee of trust officers of the Trustee determines that it is in the interest of the Holders.  For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.
		
	Section 6.03.
	Certain Rights of Trustee.

Subject to the provisions of Section 6.01:
(a)    the Trustee may conclusively rely upon and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;
(b)    any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;
(c)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate and/or an Opinion of Counsel;
(d)    the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
(e)    the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture (including, without limitation, instituting, conducting or defending any litigation) at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities (including the reasonable compensation and the expenses and disbursements of its agents and counsel) which might be incurred by it in compliance with such request or direction;

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(f)    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, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney;
(g)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
(h)    The Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;
(i)    The right of the Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty, and the Trustee shall not be answerable for other than its own gross negligence or willful misconduct in the performance or omission of such act as finally determined in a non-appealable decision by a court of competent jurisdiction;
(j)    The Trustee shall not be required to give any bond or surety in respect of the execution of the trust fund created hereby or the powers granted hereunder;
(k)    In making or disposing of any investment permitted by this Indenture, the Trustee is authorized to deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on standard market terms, whether it or such Affiliate is acting as a subagent of the Trustee or for any third person or dealing as principal for its own account;
(l)    Anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee be liable for special, indirect, incidental, exemplary, punitive or consequential loss, expense or damage of any kind whatsoever (including but not limited to lost profits), whether or not any such losses, expenses or damages were foreseeable or contemplated, even if the Trustee has been advised of the likelihood of such loss, expense or damage and regardless of the form of action;
(m)    Delivery of reports, information and documents to the Trustee shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s or any other entity’s compliance with any covenants under this Indenture, the Securities or any other related documents.  The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s or any other entity’s compliance with the covenants described herein or with respect to any reports or other documents filed under this Indenture, the Securities or any other related document;
(n)    No provision of this Indenture or any other transaction document shall be deemed to impose any duty or obligation on the Trustee to take or omit to take any action, or suffer any 

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action to be taken or omitted, in the performance of its duties or obligations under the transaction documents, or to exercise any right or power thereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or omitted would violate applicable law binding upon it (which determination may be based on the advice or opinion of counsel), or which shall be beyond the corporate powers, authorization or qualification of the Trustee; the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it shall be conclusively determined by the final judgment of a court of competent jurisdiction in the State of New York, no longer subject to appeal or review, that the Trustee was negligent in ascertaining the pertinent facts as finally determined in a non-appealable order by a court of competent jurisdiction;
(o)    The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with this Indenture or at the direction of the Company or the requisite number of Holders, as the case may be, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising or omitting to exercise any trust or power conferred upon the Trustee, under this Indenture;
(p)    The Trustee shall not be required to take notice or be deemed to have notice or knowledge of any default or Event of Default unless a Responsible Officer of the Trustee shall have received written notice or obtained actual knowledge thereof.  In the absence of receipt of such notice or actual knowledge, the Trustee may conclusively assume there is no default or Event of Default;
(q)    The Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability for the performance of any of its duties hereunder or the exercise of any of its rights or powers if it shall have grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability is not assured to it, and none of the provisions contained in this Indenture shall in any event require the Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Securities Administrator under this Indenture except during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of, the Securities Administrator in accordance with the terms of this Indenture;
(r)    The Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Indenture or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to any insurance, (C) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the trust fund;
(s)    Notwithstanding anything to the contrary herein, any and all email communications (both text and attachments) by or from the Securities Administrator that the Securities Administrator deems to contain confidential, proprietary, and/or sensitive information may be encrypted.  The recipient (the “Email Recipient”) of the encrypted email communication will be required to complete a registration process.  Instructions on how to register and/or 

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retrieve an encrypted message will be included in the first secure email sent by the Securities Administrator to the Email Recipient;
(t)    In accordance with the U.S. Unlawful Internet Gambling Act (the “Gambling Act”), accounts or other Citibank, N.A. facilities in the United States may not be used to process “restricted transactions” as such term is defined in U.S. 31 CFR Section 132.2(y); and
(u)    Except as otherwise expressly provided herein, the rights, privileges, protections, exculpations, immunities, indemnities and benefits provided to the Trustee hereunder (including but not limited to its right to be indemnified) are extended to, and shall be enforceable by, the Trustee and Securities Administrator in each of their capacities hereunder and to each of their Responsible Officers and other Persons duly employed by them hereunder as if they were each expressly set forth herein for the benefit of the Trustee and Securities Administrator in each such capacity, Responsible Officers or employees of the Trustee and/or the Securities Administrator mutatis mutandis.
		
	Section 6.04.
	Not Responsible for Recitals or Issuance of Securities.

The recitals contained herein and in the Securities, except the Securities Administrator’s certificates of authentication, shall be taken as the statements of the Company, and none of the Trustee, the Securities Administrator or any Authenticating Agent assumes any responsibility for their correctness.  Neither the Trustee or the Securities Administrator makes any representations as to the validity or sufficiency of this Indenture or of the Securities.  None of the Trustee, the Securities Administrator or any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.
		
	Section 6.05.
	May Hold Securities.

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Section 6.08 and 6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.
		
	Section 6.06.
	Money Held in Trust

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law.  The Trustee shall be under no liability for interest or investment income on any money received by it hereunder except as otherwise agreed with the Company.

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	Section 6.07.
	Compensation and Reimbursement.

The Company agrees
(a)    to pay to the Trustee from time to time reasonable compensation as the Company and the Trustee shall from time to time agree for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(b)    except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final, non-appealable order); and
(c)    to indemnify the Trustee, its agents, directors, employees and officers for, and to hold them harmless against, any loss, liability, expense (including the reasonable fees, expenses and disbursements of its agents and counsel), or taxes (other than taxes based upon, measured by or determined by the income of the Trustee)) incurred without gross negligence or willful misconduct on their part (as determined by a court of competent jurisdiction in a final, non-appealable order), arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.
(d)    When the Trustee incurs expenses or renders services in connection with an Event of Default, the expenses (including reasonable charges and expenses of counsel) and compensation for such services are intended to constitute expenses of administration under any applicable bankruptcy, insolvency or similar laws.
(e)    The Trustee shall have a lien prior to the Securities as to all property and funds held by it or by the Securities Administrator hereunder for any amount owning to it pursuant to Section 6.07 except with respect to funds held in trust for the benefit of the Holders of particular Securities.
(f)    The provisions of this Section 6.07 shall survive the termination of this Indenture, the resignation or removal of the Trustee and the payment of the Securities.
		
	Section 6.08.
	Conflicting Interests.

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign within 90 days of such determination, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.  To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.

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	Section 6.09.
	Corporate Trustee Required; Eligibility.

There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series.  Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at least $50,000,000.  If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
		
	Section 6.10.
	Resignation and Removal; Appointment of Successor.

No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company and the Securities Administrator.  If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.
If at any time:
(a)    the Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months; or
(b)    the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Company or by any such Holder; or
(c)    the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

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If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11.  If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company.  If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to the Securities Administrator and to all Holders of Securities of such series in the manner provided in Section 1.06.  Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.
		
	Section 6.11.
	Acceptance of Appointment by Successor.

In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.
In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the Securities Administrator, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (a) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the 

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appointment of such successor Trustee relates, (b) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (c) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.
Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.
		
	Section 6.12.
	Merger, Conversion, Consolidation or Succession to Business.

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

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	Section 6.13.
	Preferential Collection of Claims Against Company.

If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).
		
	Section 6.14.
	Appointment of Authenticating Agent.

The Securities Administrator may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Securities Administrator to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.  Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Securities Administrator or the Securities Administrator’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.  Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $25 million and subject to supervision or examination by Federal or State authority.  If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.
Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.
An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee, the Securities Administrator and to the Company.  The Securities Administrator may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Trustee and the Company.  Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Securities Administrator may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 1.06 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve 

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and to the Trustee.  Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.  No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.
The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section.
If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Securities Administrator’s certificate of authentication, an alternative certificate of authentication in the following form:
This is one of the Securities of the series designated therein referred to in the within‐mentioned Indenture.
 
not in its individual capacity but solely as Securities 
Administrator 
 
 
By:         
    As Authenticating Agent
		
	Section 6.15.
	Regarding the Securities Administrator.

Anything in this Indenture to the contrary notwithstanding, any notice, Opinion of Counsel, Officer’s Certificate, Company Order, resolutions, or any other document or instrument delivered pursuant to this Indenture which is to be delivered or addressed to the Trustee shall also be delivered or addressed, as applicable, to the Securities Administrator.
ARTICLE SEVEN
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
		
	Section 7.01.
	Company to Furnish Trustee Names and Addresses of Holders.

The Company will furnish or cause to be furnished to the Trustee and the Securities Administrator:
(g)    semi-annually, not later than five days after the Regular Record Date in each year, a list, in such form as the Trustee and the Securities Administrator may reasonably require, of the names and addresses of the Holders of Securities of each series as of the preceding Regular Record Date, as the case may be, and
(h)    at such other times as the Trustee or the Securities Administrator may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
excluding from any such list names and addresses received by the Securities Administrator in its capacity as Security Registrar, if applicable.

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	Section 7.02.
	Preservation of Information; Communications to Holders.

The Securities Administrator shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Securities Administrator as provided in Section 7.01 and the names and addresses of Holders received by the Securities Administrator in its capacity as Security Registrar.  The Securities Administrator may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.
The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.
Every Holder of Securities, by receiving and holding the same, agrees with the Company, the Trustee and the Securities Administrator that neither the Company, the Trustee or the Securities Administrator nor any agent, officer, director or employee of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders.
		
	Section 7.03.
	Reports by Trustee.

The Trustee shall transmit to Holders such reports, if any, concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company.  The Company will notify the Trustee when any Securities are listed on any stock exchange.
		
	Section 7.04.
	Reports by Company.

The Company shall file with the Securities Administrator and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13.01 or 15(d) of the Exchange Act shall be filed with the Securities Administrator within 15 days after the same is so required to be filed with the Commission.

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ARTICLE EIGHT
     CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
		
	Section 8.01.
	Company May Consolidate, Etc., Only on Certain Terms.

The Company shall not consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, and the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer or lease its properties and assets substantially as an entirety to the Company, unless:
(a)    in case the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership, limited liability company or trust, shall be organized and validly existing under the laws of the United States of America, any State thereof, the District of Columbia or England and Wales and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee and the Securities Administrator, in form satisfactory to the Trustee and the Securities Administrator, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant and obligation of this Indenture on the part of the Company to be performed or observed;
(b)    immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing;
(c)    if, as a result of any such consolidation or merger or such conveyance, transfer or lease, properties or assets of the Company would become subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by this Indenture, the Company or such successor Person, as the case may be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably with (or prior to) all indebtedness secured thereby; and
(d)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction been complied with.
		
	Section 8.02.
	Successor Substituted.

Upon any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or 

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lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.
ARTICLE NINE 
SUPPLEMENTAL INDENTURES
		
	Section 9.01.
	Supplemental Indentures Without Consent of Holders.

Without the consent of any Holders, the Company, when authorized by a Board Resolution, the Trustee and the Securities Administrator, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee and the Securities Administrator, for any of the following purposes:
(a)    to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities;
(b)    to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company;
(c)
    to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series);
(d)    to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in uncertificated form;
(e)    to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities; provided that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding;
(f)    to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01;
(g)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee or successor Securities Administrator 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 or more than one Securities Administrator, pursuant to the requirements of Section 6.11;
(h)    to secure the Securities of any series;

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(i)    to qualify an indenture under the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act, or to comply with the requirements of the SEC in order to maintain the qualification of such indenture under the Trust Indenture Act;
(j)    to cure any ambiguity or omission, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein;
(k)    to conform any provision of the Indenture or any debt securities to the description thereof reflected in any prospectus (including this prospectus), prospectus supplement, offering memorandum or similar offering document used in connection with the initial offering or sale of such debt securities to the extent that such description was intended to be verbatim recitation of a provision of the Indenture, the debt securities or any related guarantees or security documents; or
(l)    to make any other provisions with respect to matters or questions arising under this Indenture; provided that such action pursuant to this clause (i) shall not adversely affect the interests of the Holders of Securities of any series in any material respect.
		
	Section 9.02.
	Supplemental Indentures With Consent of Holders.

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, the Trustee and the Securities Administrator may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,
(a)    change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or the rate or manner of calculating interest or any premium payable upon redemption or repayment on a series of debt securities, or change the dates or periods for any redemption or repayment, or reduce the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment, on or after the Redemption Date or the repayment date); or
(b)    reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or

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(c)    modify any of the provisions of this Section, Section 5.13 or Section 10.08, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.08, or the deletion of this proviso, in accordance with the requirements of Section 6.11 and clause (g) of Section 9.01.
A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.
It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.
		
	Section 9.03.
	Execution of Supplemental Indentures.

The Trustee and the Securities Administrator shall sign any supplemental indenture authorized pursuant to this Article if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee or the Securities Administrator, as applicable.  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 and the Securities Administrator shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Officer’s Certificate and Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.  The Trustee and the Securities Administrator may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.
		
	Section 9.04.
	Effect of Supplemental Indentures.

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.
		
	Section 9.05.
	Conformity with Trust Indenture Act.

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.
		
	Section 9.06.
	Reference in Securities to Supplemental Indentures.

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Securities Administrator, bear a notation in form approved by the Securities Administrator as to any matter 

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provided for in such supplemental indenture.  If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Securities Administrator and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Securities Administrator in exchange for Outstanding Securities of such series.
ARTICLE 10 
COVENANTS
		
	Section 10.01.
	Payment of Principal, Premium and Interest.

The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.  Unless otherwise specified in the applicable supplemental indenture, principal of, and premium, if any, and interest on any series of Securities will be considered paid on the date due if the Paying Agent holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.
		
	Section 10.02.
	Maintenance of Office or Agency.

The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange.  The Company will give prompt written notice to the Trustee and the Securities Administrator of the location, and any change in the location, of such office or agency.  If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders 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 and surrenders.
The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
For the purposes of this Section 10.02, the applicable Corporate Trust Office of the Securities Administrator is hereby initially appointed the Company’s Office or agency for the presentment or surrender of the Notes.

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	Section 10.03.
	Money for Securities Payments to Be Held in Trust.

If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Securities Administrator of its action or failure so to act.
Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Securities Administrator) the Company will promptly notify the Securities Administrator of its action or failure so to act.  The Company will cause each Paying Agent for any series of Securities other than the Securities Administrator to execute and deliver to the Trustee and the Securities Administrator an instrument in which such Paying Agent shall agree with the Trustee and Securities Administrator, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, upon the written request of the Securities Administrator, forthwith pay to the Securities Administrator all sums held in trust by such Paying Agent for payment in respect of the Securities of that series.
The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Securities Administrator all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Securities Administrator, such Paying Agent shall be released from all further liability with respect to such money.
Subject to any relevant unclaimed property laws, any money deposited with the Securities Administrator or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Securities Administrator or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Securities Administrator or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York City, notice that such money remains unclaimed and that, after a date specified therein, which 

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shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.
		
	Section 10.04.
	Statement by Officers as to Default.

The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge, and the actions being taken by the Company with respect to such default.
		
	Section 10.05.
	Existence.

Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise 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 that the loss thereof is not disadvantageous in any material respect to the Holders.
		
	Section 10.06.
	Maintenance of Properties.

The Company will cause all properties used or useful in the conduct of its business or the business of any Restricted Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company or any Restricted Subsidiary from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company or such Restricted Subsidiary, desirable in the conduct of its business or the business of any such Restricted Subsidiary and not disadvantageous in any material respect to the Holders.
		
	Section 10.07.
	Payment of Taxes and Other Claims.

The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (a) all taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any of its Restricted Subsidiaries, and (b) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company or any of its Restricted Subsidiaries; provided, however, that the Company or such Restricted Subsidiary shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.

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	Section 10.08.
	Waiver of Certain Covenants.

Except as otherwise specified as contemplated by Section 3.01 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to clause (r) of Section 3.01 or clause (b) or (g) of Section 9.01 for the benefit of the Holders of such series or in any of Sections 10.05 to 10.07, inclusive, if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee or the Securities Administrator in respect of any such term, provision or condition shall remain in full force and effect.
ARTICLE ELEVEN 
OPTIONAL REDEMPTION OF SECURITIES
		
	Section 11.01.
	Applicability of Article.

Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for such Securities) in accordance with this Article.
		
	Section 11.02.
	Election to Redeem; Notice to Trustee and the Securities Administrator.

The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.01 for such Securities.  In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least 45 days prior to but no more than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Securities Administrator), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed.  In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction.
		
	Section 11.03.
	Selection by Securities Administrator of Securities to Be Redeemed.

If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not less than 30 days nor more than 60 days prior to the Redemption Date by the Securities Administrator, from the Outstanding Securities of such series not previously called for redemption, (1) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Securities are listed, (2) if the Securities are not so listed but are in Global form, then by lot or otherwise in accordance with the Applicable 

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Procedures or (3) if the Securities are not so listed and are not in Global form, then on a pro rata basis, by lot or by such other method as the Securities Administrator in its sole discretion shall deem fair and appropriate, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.  If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not less than 30 days nor more than 60 days prior to the Redemption Date by the Securities Administrator, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence.
The Securities Administrator shall promptly notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed.
The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part.  In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.
		
	Section 11.04.
	Notice of Redemption.

Notice of redemption shall be given by first-class mail, postage prepaid, mailed (or otherwise in accordance with the Applicable Procedures) with a copy to the Trustee and the Securities Administrator not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register.  Notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent.
All notices of redemption shall state:
(a)    the Redemption Date;
(b)    the Redemption Price;
(c)    if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed;

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(d)    that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date;
(e)    that on the Redemption Date, if such is the case, the right of the holders of each such Security to convert the Securities shall terminate;
(f)    the place or places where each such Security is to be surrendered for payment of the Redemption Price; and
(g)    that the redemption is for a sinking fund, if such is the case.
Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Securities Administrator in the name and at the expense of the Company.  Any redemption and notice thereof pursuant to this Indenture may, in the Company’s discretion, be subject to the satisfaction of one or more conditions.
		
	Section 11.05.
	Deposit of Redemption Price.

Prior to any Redemption Date, the Company shall deposit with the Securities Administrator or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.
		
	Section 11.06.
	Securities Payable on Redemption Date.

Notice of redemption having been given as aforesaid, unless the notice of redemption is subject to one or more conditions precedent which have not been satisfied, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest.  Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 3.01, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.
If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.
		
	Section 11.07.
	Securities Redeemed in Part.

Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Securities Administrator so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the 

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Securities Administrator duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Securities Administrator, upon receipt of a Company Order, shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.
ARTICLE 12
SINKING FUNDS
		
	Section 12.01.
	Applicability of Article.

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by Section 3.01 for such Securities.
The minimum amount of any sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional sinking fund payment”.  If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02.  Each sinking fund payment shall be applied to the redemption of Securities as provided for by the terms of such Securities.
		
	Section 12.02.
	Satisfaction of Sinking Fund Payments with Securities.

The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been previously so credited.  The Securities to be so credited shall be received and credited for such purpose by the Securities Administrator at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.
		
	Section 12.03.
	Redemption of Securities for Sinking Fund.

Not less than 30 days prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, 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 Securities pursuant to Section 12.02 and will also deliver to the Securities Administrator any Securities to be so delivered.  Not less than 15 days prior to each such sinking fund payment date, the Securities Administrator shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in 

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Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.04.  Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07.
ARTICLE TWELVE 
DEFEASANCE AND COVENANT DEFEASANCE
		
	Section 13.01.
	Company’s Option to Effect Defeasance or Covenant Defeasance.

The Company may elect, at its option at any time, to have Section 13.02 or Section 13.03 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 3.01 as being defeasible pursuant to such Section 13.02 or 13.03, in accordance with any applicable requirements provided pursuant to Section 3.01 and upon compliance with the conditions set forth below in this Article.  Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.01 for such Securities.
		
	Section 13.02.
	Defeasance and Discharge.

Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations, with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Defeasance”).  For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee and the Securities Administrator, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder:  (a) the rights of Holders of such Securities to receive, solely from the trust fund described in and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due, (b) the Company’s obligations with respect to such Securities under Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (c) the rights, powers, trusts, duties, indemnities and immunities of the Trustee and the Securities Administrator hereunder and (d) this Article.  Subject to compliance with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 13.03 applied to such Securities.
		
	Section 13.03.
	Covenant Defeasance.

Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, (a) the Company shall be released from its obligations under clause (c) of Section 8.01, Sections 10.06 through 10.08, inclusive, and any covenants provided pursuant to clause (r) of Section 3.01 or clause (b) or (g) of Section 9.01 for the benefit of the Holders of such Securities; and (b) the occurrence of any event specified in clause (d) of Section 5.01 (with respect to any of clause (c) of Section 8.01, Sections 10.06 through 10.08, inclusive, and any such covenants provided pursuant to clause (r) of Section 3.01 or clause (b) or (g) of Section 9.01 shall be deemed not to be or result in an Event of Default, in 

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each case will respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Covenant Defeasance”).  For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of clause (d) of Section 5.01), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.
		
	Section 13.04.
	Conditions to Defeasance or Covenant Defeasance.

The following shall be the conditions to the application of Section 13.02 or Section 13.03 to any Securities or any series of Securities, as the case may be:
(a)    The Company shall irrevocably have deposited or caused to be deposited with the Securities Administrator (or another securities administrator which satisfies the requirements contemplated by Section 6.09 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient without consideration of reinvestment, in the opinion of a internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Securities Administrator, to pay and discharge, and which shall be applied by the Securities Administrator (or any such other qualifying securities administrator) to pay and discharge, the principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities.  As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, 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 depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

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(b)    In the event of an election to have Section 13.02 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of this instrument, there has been a change in the applicable Federal income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.
(c)    In the event of an election to have Section 13.03 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.
(d)    The Company shall have delivered to the Trustee an Officer’s Certificate to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.
(e)    No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in clause (e) or (f) of Section 5.01, at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day).
(f)    Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act).
(g)    Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument to which the Company or any of its Restricted Subsidiaries is a party or by which it is bound.
(h)    Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.
(i)    [reserved.]
(j)    The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

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	Section 13.05.
	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.

Subject to the provisions of the last paragraph of Section 10.03, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Securities Administrator or other qualifying trustee (solely for purposes of this Section and, the Securities Administrator and any such other securities administrator are referred to collectively as the “Securities Administrator”) pursuant to Section 13.04 in respect of any Securities shall be held in trust and applied by the Securities Administrator, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Securities Administrator may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law.
The Company shall pay and indemnify the Trustee and the Securities Administrator against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 13.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.
Anything in this Article to the contrary notwithstanding, the Securities Administrator shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 13.04 with respect to any Securities which, in the opinion of a internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Securities Administrator, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities.
		
	Section 13.06.
	Reinstatement.

If the Securities Administrator or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 13.02 or 13.03 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Securities Administrator or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.05 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.

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This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.  In proving the existence of this Indenture it shall not be necessary to produce more than one copy.
SIGNATURES
	
		
	Dated:  July 25, 2016                    
	ISSUER: 
 
OM ASSET MANAGEMENT PLC 
 
 
By: /s/ Peter L. Bain                                         
   Name: Peter L. Bain 
   Title:   President and Chief Executive Officer

	 
	TRUSTEE: 
 
WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee 
 
 
By: /s/ John T. Needham, Jr.                               
   Name: John T. Needham, Jr. 
   Title:   Vice President

	 
	SECURITIES ADMINISTRATOR: 
 
CITIBANK, N.A., as Securities Administrator 
 
 
By: /s/ Danny Lee                               
   Name: Danny Lee 
   Title:   Vice President

[Signature Page to Indenture]

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