Document:

EX-4.3

 Exhibit 4.3 
  

HARLEY-DAVIDSON, INC. 

to 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A. 
 Trustee 
  

 
 INDENTURE

 Dated as of [            ] 

 
  

Debt Securities 

 TABLE OF CONTENTS* 

 

					
					Page
	Parties				1
	Recitals				1
			
	ARTICLE ONE.		DEFINITIONS		1
			
	 SECTION 1.01
		DEFINITIONS		1
			
	ARTICLE TWO.		DEBT SECURITY FORMS		11
			
	 SECTION 2.01
		FORMS GENERALLY		11
	 SECTION 2.02
		FORMS OF DEBT SECURITIES		11
	 SECTION 2.03
		FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION		12
	 SECTION 2.04
		DEBT SECURITIES IN GLOBAL FORM		12
			
	ARTICLE THREE.		THE DEBT SECURITIES		15
			
	 SECTION 3.01
		TITLE AND TERMS		15
	 SECTION 3.02
		DENOMINATIONS		17
	 SECTION 3.03
		PAYMENT OF PRINCIPAL AND INTEREST		17
	 SECTION 3.04
		EXECUTION OF DEBT SECURITIES		17
	 SECTION 3.05
		TEMPORARY DEBT SECURITIES		19
	 SECTION 3.06
		EXCHANGE AND REGISTRATION OF TRANSFER OF DEBT SECURITIES		19
	 SECTION 3.07
		MUTILATED, DESTROYED, LOST OR STOLEN DEBT SECURITIES		21
	 SECTION 3.08
		PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED		22
	 SECTION 3.09
		PERSONS DEEMED OWNERS		23
	 SECTION 3.10
		CANCELLATION OF DEBT SECURITIES PAID, ETC.		23
	 SECTION 3.11
		CURRENCY AND MANNER OF PAYMENTS		23
	 SECTION 3.12
		CUSIP NUMBERS		25
			
	ARTICLE FOUR.		REDEMPTION OF DEBT SECURITIES; SINKING FUNDS		25
			
	 SECTION 4.01
		APPLICABILITY OF ARTICLE		25
	 SECTION 4.02
		NOTICE OF REDEMPTION; SELECTION OF DEBT SECURITIES		25
	 SECTION 4.03
		PAYMENT OF DEBT SECURITIES CALLED FOR REDEMPTION		27
	 SECTION 4.04
		EXCLUSION OF CERTAIN SECURITIES FROM ELIGIBILITY FOR SELECTION FOR
REDEMPTION		27
	 SECTION 4.05
		PROVISIONS WITH RESPECT TO ANY SINKING FUNDS		27
			
	ARTICLE FIVE.		PARTICULAR COVENANTS OF THE COMPANY		29
			
	 SECTION 5.01
		PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST		29
	 SECTION 5.02
		OFFICES FOR NOTICES AND PAYMENTS, ETC.		29
	 SECTION 5.03
		APPOINTMENTS TO FILL VACANCIES IN TRUSTEE’S OFFICE		30
	 SECTION 5.04
		PROVISIONS AS TO PAYING AGENT		30
	 SECTION 5.05
		LIMITATION ON SECURED DEBT		31
	 SECTION 5.06
		SALE AND LEASEBACK TRANSACTIONS		33
	 SECTION 5.07
		RESTRICTIONS ON TRANSFER OF PRINCIPAL PROPERTY TO UNRESTRICTED SUBSIDIARIES		34
	 SECTION 5.08
		CERTIFICATE TO TRUSTEE		34
	 SECTION 5.09
		WAIVERS OF COVENANTS		34
			
	ARTICLE SIX.		HOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE		35
			
	 SECTION 6.01
		HOLDERS’ LISTS		35

  
  

	*	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 i 

					
	 SECTION 6.02
		PRESERVATION AND DISCLOSURE OF LISTS		35
	 SECTION 6.03
		REPORTS BY THE COMPANY		35
	 SECTION 6.04
		REPORTS BY THE TRUSTEE		36
	 SECTION 6.05
		STATEMENT BY OFFICERS AS TO DEFAULT		36
			
	ARTICLE SEVEN.		REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT		36
			
	 SECTION 7.01
		EVENTS OF DEFAULT		36
	 SECTION 7.02
		PAYMENT OF DEBT SECURITIES UPON DEFAULT; SUIT THEREFOR		39
	 SECTION 7.03
		APPLICATION OF MONEYS COLLECTED BY TRUSTEE		41
	 SECTION 7.04
		PROCEEDINGS BY HOLDERS		42
	 SECTION 7.05
		PROCEEDINGS BY TRUSTEE		42
	 SECTION 7.06
		REMEDIES CUMULATIVE AND CONTINUING		43
	 SECTION 7.07
		DIRECTION OF PROCEEDINGS AND WAIVER OF DEFAULTS BY MAJORITY OF
HOLDERS		43
	 SECTION 7.08
		NOTICE OF DEFAULTS		44
	 SECTION 7.09
		UNDERTAKING TO PAY COSTS		44
	 SECTION 7.10
		UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND
INTEREST		44
			
	ARTICLE EIGHT.		CONCERNING THE TRUSTEE		44
			
	 SECTION 8.01
		DUTIES AND RESPONSIBILITIES OF TRUSTEE		44
	 SECTION 8.02
		RELIANCE ON DOCUMENTS, OPINIONS, ETC.		45
	 SECTION 8.03
		NO RESPONSIBILITY FOR RECITALS, ETC.		47
	 SECTION 8.04
		TRUSTEE AND AGENTS MAY OWN DEBT SECURITIES		47
	 SECTION 8.05
		MONEYS TO BE HELD IN TRUST		47
	 SECTION 8.06
		COMPENSATION AND EXPENSES OF TRUSTEE		48
	 SECTION 8.07
		OFFICERS’ CERTIFICATE AS EVIDENCE		48
	 SECTION 8.08
		CONFLICTING INTEREST OF TRUSTEE		48
	 SECTION 8.09
		ELIGIBILITY OF TRUSTEE		48
	 SECTION 8.10
		RESIGNATION OR REMOVAL OF TRUSTEE		49
	 SECTION 8.11
		ACCEPTANCE BY SUCCESSOR TRUSTEE		50
	 SECTION 8.12
		SUCCESSION BY MERGER, ETC.		51
	 SECTION 8.13
		LIMITATION ON RIGHTS OF TRUSTEE AS A CREDITOR		52
	 SECTION 8.14
		AUTHENTICATING AGENTS		52
			
	ARTICLE NINE.		CONCERNING THE HOLDERS		54
			
	 SECTION 9.01
		ACTION BY HOLDERS		54
	 SECTION 9.02
		PROOF OF EXECUTION BY HOLDERS		55
	 SECTION 9.03
		WHO ARE DEEMED ABSOLUTE OWNERS		55
	 SECTION 9.04
		COMPANY-OWNED DEBT SECURITIES DISREGARDED		55
	 SECTION 9.05
		REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND		56
			
	ARTICLE TEN.		HOLDERS’ MEETINGS		56
			
	 SECTION 10.01
		PURPOSES OF MEETINGS		56
	 SECTION 10.02
		CALL OF MEETINGS BY TRUSTEE		57
	 SECTION 10.03
		CALL OF MEETINGS BY COMPANY OR HOLDERS		57
	 SECTION 10.04
		QUALIFICATIONS FOR VOTING		57
	 SECTION 10.05
		REGULATIONS		57
	 SECTION 10.06
		VOTING		58
	 SECTION 10.07
		NO DELAY OF RIGHTS BY MEETING		59
			
	ARTICLE ELEVEN.		SUPPLEMENTAL INDENTURES		59
			
	 SECTION 11.01
		SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS		59
	 SECTION 11.02
		SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS		60
	 SECTION 11.03
		EFFECT OF SUPPLEMENTAL INDENTURES		61
	 SECTION 11.04
		NOTATION ON DEBT SECURITIES		61
	 SECTION 11.05
		EVIDENCE OF COMPLIANCE OF SUPPLEMENTAL INDENTURE TO BE FURNISHED
TRUSTEE		62

  
 ii 

					
	ARTICLE TWELVE.		CONSOLIDATION, MERGER, SALE AND CONVEYANCE		62
			
	 SECTION 12.01
		COMPANY MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.		62
	 SECTION 12.02
		SUCCESSOR ENTITY TO BE SUBSTITUTED		62
	 SECTION 12.03
		OPINION OF COUNSEL TO BE GIVEN TRUSTEE		63
			
	ARTICLE THIRTEEN.		SATISFACTION AND DISCHARGE OF INDENTURE		63
			
	 SECTION 13.01
		SATISFACTION, DISCHARGE AND DEFEASANCE OF DEBT SECURITIES OF ANY
SERIES		63
	 SECTION 13.02
		DEFEASANCE OF DEBT SECURITIES OF ANY SERIES		64
	 SECTION 13.03
		APPLICATION OF TRUST FUNDS; INDEMNIFICATION		65
	 SECTION 13.04
		RETURN OF UNCLAIMED MONEYS		66
			
	ARTICLE FOURTEEN.		IMMUNITY OF INCORPORATORS, STOCKHOLDERS, ETC.		67
			
	 SECTION 14.01
		INDENTURE AND DEBT SECURITIES SOLELY OBLIGATIONS OF THE COMPANY		67
			
	ARTICLE FIFTEEN.		MISCELLANEOUS PROVISIONS		67
			
	 SECTION 15.01
		PROVISIONS BINDING ON SUCCESSORS OF THE COMPANY		67
	 SECTION 15.02
		INDENTURE FOR SOLE BENEFIT OF PARTIES AND HOLDERS OF
DEBTSECURITIES		67
	 SECTION 15.03
		ADDRESSES FOR NOTICES, ETC.		68
	 SECTION 15.04
		NEW YORK CONTRACT		68
	 SECTION 15.05
		SUBMISSION TO JURISDICTION		68
	 SECTION 15.06
		EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT		69
	 SECTION 15.07
		LEGAL HOLIDAYS		69
	 SECTION 15.08
		TRUST INDENTURE ACT OF 1939 TO CONTROL		69
	 SECTION 15.09
		TABLE OF CONTENTS, HEADINGS, ETC		70
	 SECTION 15.10
		DETERMINATION OF PRINCIPAL AMOUNT		70
	 SECTION 15.11
		EXECUTION IN COUNTERPARTS		70
	 SECTION 15.12
		WAIVER OF JURY TRIAL		70
	 SECTION 15.13
		FORCE MAJEURE		70
	 SECTION 15.14
		FATCA		71
		
	Signatures		

  
 iii 

 CROSS REFERENCE SHEET 

Between 
 Provisions of
Sections 310 through 318(a) inclusive of Trust Indenture Act of 1939 and the Indenture dated as of [                ] between Harley-Davidson, Inc. and The Bank of New
York Mellon Trust Company, N.A., as Trustee. 
  

			
	 Section of Act
		Section of Indenture
	310(a)(1) and (2)		8.09
	310(a)(3) and (4)		*
	310(b)		8.08 and 8.10
	310(c)		*
	311(a)		8.13
	311(b)		8.13
	311(c)		*
	312(a)		6.01 and 6.02(a)
	312(b)		6.02(b)
	312(c)		6.02(c)
	313(a)(1), (2), (3), (4), (6) and (7)		6.04(a)
	313(a)(5)		*
	313(b)(1)		*
	313(b)(2)		6.04(a)
	313(c)		6.04(a)
	313(d)		6.04(b)
	314(a)(1)		6.03
	314(a)(2)		6.03
	314(a)(3)		6.03
	314(a)(4)		6.03
	314(b)		*
	314(c)(1)		15.05
	314(c)(2)		15.05
	314(c)(3)		*
	314(d)		*
	314(e)		15.05
	314(f)		*
	315(a), (c) and (d)		8.01
	315(b)		7.08
	315(e)		7.09
	316(a)(1)		7.07
	316(a)(2)		*
	316(a) last para		9.04
	316(b)		7.10
	317(a)		7.02
	317(b)		5.04
	318(a)		15.07

  

	*	Not applicable. 

  

	**	This cross reference sheet shall not, for any purpose, be deemed to be part of the Indenture. 

  
 iv 

 THIS INDENTURE, dated as of
[                ], is between Harley-Davidson, Inc., a Wisconsin corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as
trustee (the “Trustee”). 
 RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issue from time to time of its unsecured
debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series as in this Indenture provided, up to such principal amount or amounts as may from time to time be authorized in or pursuant to one or more resolutions of
the Board of Directors. 
 All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have
been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase or acceptance of the Debt Securities by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of the respective Holders from time to time of the Debt Securities or of any series thereof as follows: 

ARTICLE ONE. DEFINITIONS 

SECTION 1.01 Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this Indenture which are
defined in the Trust Indenture Act of 1939 or which are by reference therein defined in the Securities Act of 1933, as amended, shall have (except as herein otherwise expressly provided or unless the context otherwise requires) the meanings assigned
to such terms in said Trust Indenture Act of 1939 and in said Securities Act as in force at the date of the execution of this Indenture. All accounting terms not otherwise defined herein have the meanings assigned to them in accordance with
generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder or under any Board Resolution
or Officers’ Certificate establishing a series of Debt Securities, any indenture supplemental hereto or any Debt Security shall mean such accounting principles as are generally accepted in the United States for domestic companies at the date of
such computation as reasonably determined by the Company. All references to such terms herein shall be both to the singular or the plural, as the context so requires. 

Affiliate: 
 The term
“Affiliate”, when used with respect to 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. 

Authenticating Agent: 
 The term
“Authenticating Agent” shall mean the agent of the Trustee, if any, which at the time shall be appointed and acting pursuant to Section 8.14. 

Board of Directors: 
 The term “Board
of Directors” shall mean the Board of Directors of the Company or any authorized committee of such Board of Directors designated by such Board of Directors or the by-laws or the articles of incorporation of the Company to act for such Board of
Directors for purposes of this Indenture. 
 Board Resolution: 

The term “Board Resolution” means a copy of a resolution certified by a Vice President, 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: 
 The term “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 to close. 

Capitalized Rent: 
 The term
“Capitalized Rent” means the total net amount of rent payable for the remaining term as of the date of determination thereof under a lease of Principal Property by the Company or any of its Restricted Subsidiaries, discounted from the
respective due dates thereof to such date at the rate per annum equal to the weighted average interest rate borne by the Debt Securities. The weighted average interest rate borne by the Debt Securities shall be calculated by dividing the aggregate
of the annual interest payments required on the Debt Securities, based on the amount Outstanding at the latest date any Debt Securities were issued hereunder, by the aggregate principal amount of the Debt Securities Outstanding at such date. The
total net amount of rent payable under any such lease for any period shall be the total amount of the rent payable by the lessee with respect to such period but shall not include amounts required to be paid on account of maintenance and repairs,
insurance, taxes, assessments, water rates, sewer rents and similar charges and contingent rents such as those based on sales. The remaining term under any lease shall be calculated without giving effect to any unexercised option of the lessee for
the renewal or extension of any term. In the case of any lease which is terminable by the 

  
 2 

 lessee upon the payment of a penalty, such net amount shall also include the amount of such penalty, but no rent
shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. 
 Company: 

The term “Company” shall mean Harley-Davidson, Inc., a Wisconsin corporation, and, subject to Article Twelve, shall include
its successors and assigns. 
 Company Request and Company Order: 

The terms “Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the
Company by its Chairman of the Board, Vice Chairman of the Board, President or a Vice President, and by its Treasurer, Secretary, Assistant Secretary or Assistant Treasurer, and delivered to the Trustee. 

Consolidated Subsidiary 
 The term
“Consolidated Subsidiary” shall mean, as to any Person, each Subsidiary of such Person (whether now existing or hereafter created or acquired) the financial statements of which shall be (or should have been) consolidated with the financial
statements of such Person in accordance with generally accepted accounting principles. 
 Conversion Date: 

The term “Conversion Date” shall have the meaning set forth in Section 3.11. 

Corporate Trust Office: 
 The term
“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 2 N. LaSalle Street, Suite 1020, Chicago, Illinois
60602, Attention: Corporate Trust Unit, Fax: 312-827-8542, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 
 Currency Determination Agent: 

The term “Currency Determination Agent” shall mean the financial institution, if any, from time to time selected by the Company for
purposes of Section 3.11. In no event shall the Trustee be Currency Determination Agent. 

  
 3 

 Debt Security or Debt Securities: 

The terms “Debt Security” or “Debt Securities” shall mean any unsecured notes, debentures or other indebtedness of any
series, as the case may be, issued by the Company from time to time, and authenticated and delivered under this Indenture. 
 Debt Security Register:

 The term “Debt Security Register” shall have the meaning set forth in Section 3.06. 

Depository: 
 The term
“Depository” shall mean, unless otherwise specified by the Company pursuant to Section 3.01, with respect to Debt Securities of any series issuable or issued as a Global Debt Security, The Depository Trust Company, New York,
New York, or any successor thereto registered as a clearing agency pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation. 

Dollar: 
 The term “Dollar”
shall mean the coin or currency of the United States of America which as of the time of payment is legal tender for the payment of public and private debts. 

Dollar Equivalent of the Foreign Currency: 

The term “Dollar Equivalent of the Foreign Currency” shall have the meaning set forth in Section 3.11. 

Event of Default: 
 The term “Event
of Default” shall mean any event specified in Section 7.01, continued for the period of time, if any, and after the giving of the notice, if any, therein designated. 

Foreign Currency: 
 The term “Foreign
Currency” shall mean a currency issued by the government of any country other than the United States of America. 
 Foreign Subsidiary: 

The term “Foreign Subsidiary” shall mean any Subsidiary of the Company that is not organized under the laws of the United States of
America, any state thereof or the District of Columbia. 

  
 4 

 Funded Debt: 

The term “Funded Debt” means all indebtedness for money borrowed having a maturity of more than twelve months from the date of the
most recent consolidated balance sheet of the Company and its Consolidated Subsidiaries or renewable and extendible beyond twelve months at the option of the borrower and all obligations in respect of lease rentals which under generally accepted
accounting principles would be shown on a consolidated balance sheet of the Company as a liability item other than a current liability; provided, however, that Funded Debt shall not include any of the foregoing to the extent that such
indebtedness or obligations are not required by generally accepted accounting principles to be shown on the consolidated balance sheet of the Company. 

Global Debt Security: 
 The term
“Global Debt Security” means a Debt Security issued to evidence all or part of a series of Debt Securities. 
 Government Obligations: 

The term “Government Obligations” means securities which are (i) direct obligations of the government which issued the currency
in which the Debt Securities of a series are denominated or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the government which issued the currency in which the Debt Securities of such
series are denominated, the payment of which obligations is unconditionally guaranteed by such government, and which, in either case, are full faith and credit obligations of such government, are denominated in the currency in which the Debt
Securities of such series are denominated and which are not callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government
Obligation or a specific payment of interest on or principal of or other amount with respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or
principal of or other amount with respect to the Government Obligation evidenced by such depository receipt. 
 Holder: 

The term “Holder” means any Person in whose name a Debt Security of any series is registered in the Debt Security Register applicable
to Debt Securities of such series. 
 Indenture: 

The term “Indenture” shall mean this instrument as originally executed or, if amended or supplemented as herein provided, as so
amended or supplemented, pursuant to the applicable provisions hereof. 

  
 5 

 Indexed Debt Security 

The term “Indexed Debt Security” means a Debt Security the terms of which provide that the principal amount thereof payable at Stated
Maturity may be more or less than the principal face amount thereof at original issuance. 
 Interest: 

The term “interest”, when used with respect to an Original Issue Discount Debt Security which by its terms bears interest only after
maturity, means interest payable after maturity. 
 Interest Payment Date: 

The term “Interest Payment Date”, when used with respect to any series of Debt Securities, means the Stated Maturity of an
installment of interest on such Debt Securities. 
 Market Exchange Rate: 

The term “Market Exchange Rate” shall have the meaning set forth in Section 3.11. 

Officers’ Certificate: 
 The term
“Officers’ Certificate”, when used with respect to the Company, shall mean a certificate signed by its Chairman of the Board, Vice Chairman of the Board, President, or a Vice President and by its Treasurer, Secretary, Assistant
Secretary or Assistant Treasurer and delivered to the Trustee. Each such certificate shall include the statements provided for in Section 15.06 to the extent required by the provisions of such Section. 

Opinion of Counsel: 
 The term
“Opinion of Counsel” shall mean an opinion in writing signed by legal counsel who may be an employee of or counsel to the Company. Each such opinion shall be reasonably acceptable to the Trustee and shall include the statements provided
for in Section 3.04 and Section 15.06 to the extent required by the provisions of such Sections. 
 Original Issue Discount Debt
Security: 
 The term “Original Issue Discount Debt Security” means any Debt 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 7.01. 

  
 6 

 Outstanding: 

The term “Outstanding”, when used with respect to Debt Securities or Debt Securities of any series, means, as of the date of
determination, all such Debt Securities theretofore authenticated and delivered under this Indenture, except: 
  

	 	(i)	such Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

  

	 	(ii)	such Debt Securities for whose payment or redemption money in the necessary amount and in the specified currency has been theretofore deposited with the Trustee or any paying agent (other than the Company) in trust or
set aside and segregated in trust by the Company (if the Company shall act as its own paying agent) for the Holders of such Debt Securities, provided, however, that if such Debt Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

  

	 	(iii)	such Debt Securities in exchange for or in lieu of which other such Debt Securities have been authenticated and delivered pursuant to this Indenture, or such Debt Securities which have been paid, pursuant to this
Indenture, unless proof satisfactory to the Trustee is presented that any such Debt Securities are held by Persons in whose hands any of such Debt Securities are a legal, valid and binding obligation of the Company; and 

 

	 	(iv)	such Debt Securities the indebtedness in respect to which has been discharged in accordance with Section 13.01; 

provided, however, that in determining whether the Holders of the requisite principal amount of such Outstanding Debt Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, such Debt Securities owned by the Company or any other obligor upon such Debt Securities or any Affiliate of the Company or such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only such Debt Securities which a Responsible Officer of
the Trustee actually knows to be so owned shall be so disregarded. Such Debt 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 the pledgee’s
right so to act with respect to such Debt Securities and that the pledgee is not the Company or any other such obligor upon such Debt Securities or any Affiliate of the Company or such other obligor. In case of a dispute as to such right, the
decision of the Trustee upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all such Debt
Securities, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to the provisions of Section 8.01, the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the fact that all such Debt Securities not listed therein are Outstanding for the purpose of any such determination. 

  
 7 

 Permitted Receivables Financing: 

The term “Permitted Receivables Financing” means any financing pursuant to which the Company or any Subsidiary or Subsidiaries of the
Company may sell, convey or otherwise transfer, directly or indirectly, to a Receivables Subsidiary or any other Person, or grant a Security Interest in, any accounts receivable, general intangibles, chattel paper or other financial assets (and
related rights and assets) of the Company or such Subsidiary or Subsidiaries, provided that such financing shall be with limited or no recourse to the Company and its Subsidiaries (other than the Receivables Subsidiary) except to the extent
customary (in the reasonable judgment of the Company) for such transactions. 
 Person: 

The term “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. 
 Place of Payment: 

The term “Place of Payment”, when used with respect to the Debt Securities of any series, means the place or places where the
principal of (and premium, if any) and interest on the Debt Securities of that series are payable as specified in accordance with Section 3.01. 

Predecessor Debt Security: 
 The term
“Predecessor Debt Security” of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same debt as that evidenced by such particular Debt Security, and for the purposes of this definition, any
Debt Security authenticated and delivered under Section 3.07 in lieu of a mutilated, lost, destroyed or stolen Debt Security shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Debt Security. 

Principal Property: 
 The term
“Principal Property” means any manufacturing plant or similar facility (including associated fixtures but excluding leases and other contract rights which might otherwise be deemed real property) owned by the Company or any Restricted
Subsidiary, whether owned on the date hereof or thereafter, provided each such plant or similar facility has a gross book value (without deduction for any depreciation reserves) at the date as of which the determination is being made of in excess of
one percent of the Company’s consolidated total assets and is located in the United States of America, Canada or the Commonwealth of Puerto Rico, other than any such plant or similar facility or portion thereof which, in the opinion of the
Board of Directors (evidenced by a certified Board Resolution thereof delivered to the Trustee), is not of material importance to the business conducted by the Company and its Consolidated Subsidiaries taken as a whole. 

  
 8 

 Receivables Subsidiary: 

The term “Receivables Subsidiary” means a bankruptcy remote, special purpose wholly owned Subsidiary of the Company (or another
wholly-owned Subsidiary of the Company) formed in connection with a Permitted Receivables Financing. 
 Redemption Date: 

The term “Redemption Date”, when used with respect to any Debt Security to be redeemed, means the date fixed for such redemption by
or pursuant to this Indenture. 
 Redemption Price: 

The term “Redemption Price”, when used with respect to any Debt Security to be redeemed, means the price specified in such Debt
Security at which it is to be redeemed pursuant to this Indenture. 
 Regular Record Date: 

The term “Regular Record Date” for the interest payable on any Debt Security on any Interest Payment Date means the date specified in
such Debt Security as the “Regular Record Date” as contemplated by Section 3.01. 
 Responsible Officer: 

The term “Responsible Officer”, when used with respect to the Trustee, means any vice president, assistant vice president, any
assistant treasurer, any trust officer or assistant trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers or, with respect to a particular trust matter,
to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

Restricted Subsidiary: 
 The term
“Restricted Subsidiary” means any Subsidiary of the Company that is not an Unrestricted Subsidiary. 
 Secured Debt: 

The term “Secured Debt” means indebtedness for money borrowed which is secured by a Security Interest in (a) any Principal
Property or (b) any shares of capital stock or indebtedness of any Restricted Subsidiary that owns a Principal Property. 

  
 9 

 Security Interest: 

The term “Security Interest” shall mean any mortgage, pledge, lien, encumbrance, conditional sale agreement, title retention
agreement (excluding an operating lease) or other security interest which secures payment or performance of an obligation. 
 Special Record Date:

 The term “Special Record Date” for the payment of any Defaulted Interest (as defined in Section 3.08) means a
date fixed by the Trustee pursuant to Section 3.08. 
 Stated Maturity: 

The term “Stated Maturity” when used with respect to any Debt Security or any installment of principal thereof or of interest
thereon, means the date specified in such Debt Security as the fixed date on which the principal of such Debt Security, or such installment of interest, is due and payable. 

Subsidiary: 
 The term
“Subsidiary” means any Person of which the Company, or the Company and one or more Subsidiaries, or any one or more Subsidiaries, directly or indirectly own more than 50% of the Voting Stock. 

Trustee: 
 The term “Trustee”
shall mean The Bank of New York Mellon Trust Company, N.A. and, subject to the provisions of Article Eight hereof, shall also include its successors and assigns as Trustee hereunder. 

Trust Indenture Act of 1939: 
 The term
“Trust Indenture Act of 1939” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended
after such date, “Trust Indenture Act of 1939” means to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

Unrestricted Subsidiary: 
 The term
“Unrestricted Subsidiary” means (a) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors (provided, however, that any Subsidiary of the
Company having, as of the end of the Company’s most recently completed fiscal year, (i) assets with a gross book value in excess of 10% of the total gross book value of the assets of the Company and its Subsidiaries taken as a whole, or
(ii) gross revenue in excess of 10% of the total gross revenue of the Company and its Subsidiaries taken as a whole, may not be designated as an Unrestricted Subsidiary hereunder); and (b) any Subsidiary of an Unrestricted Subsidiary. 

  
 10 

 Valuation Date: 

The term “Valuation Date” shall have the meaning set forth in Section 3.11. 

Voting Stock: 
 The term “Voting
Stock” means outstanding shares of capital stock or similar equity interests having under ordinary circumstances voting power for the election of directors, managers or the substantial equivalent thereof whether at all times or only so long as
no senior class of stock or similar equity interest has such voting power by reason of the happening of any contingency. 
 ARTICLE TWO.
DEBT SECURITY FORMS 
 SECTION 2.01 Forms Generally. The Debt Securities of each series and the certificates of
authentication thereon shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture (the provisions of which shall be appropriate to reflect the terms of each series of Debt
Securities, including the currency or denomination, which may be Dollars or Foreign Currency), 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 as may, consistently herewith, be determined by the officers executing such Debt Securities, as evidenced by their signing of such Debt Securities. Any portion of the text of any Debt Security may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the Debt Security. The definitive Debt Securities shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other
manner permitted by the rules of any securities exchange, all as determined by the officers executing such Debt Securities, as evidenced by their signing of such Debt Securities. 

SECTION 2.02 Forms of Debt Securities. The Debt Securities of each series shall be in such form or forms (including global form)
as shall be established by or pursuant to a Board Resolution. Prior to the delivery of a Debt Security of any series in any such form to the Trustee for the Debt Securities of such series for authentication, the Company shall deliver to the Trustee
the following: 
 (a) The Board Resolution by or pursuant to which such form of Debt Security has been approved; 

(b) An Officers’ Certificate dated the date such Certificate is delivered to the Trustee stating that all conditions
precedent provided for in this Indenture relating to the authentication and delivery of Debt Securities in such form have been complied with; and 

  
 11 

 (c) An Opinion of Counsel stating that Debt Securities in such form, together
with any coupons appertaining thereto, when (a) completed by appropriate insertions and executed and delivered by the Company to the Trustee for authentication in accordance with this Indenture, (b) authenticated and delivered by such
Trustee in accordance with this Indenture within the authorization as to aggregate principal amount established from time to time by the Board of Directors, and (c) sold in the manner specified in such Opinion of Counsel, will be legal, valid
and binding obligations enforceable against the Company, subject to applicable bankruptcy, reorganization, insolvency and other similar laws generally affecting creditors’ rights, to general equitable principles and to such other qualifications
as such counsel shall conclude do not materially affect the rights of Holders of such Debt Securities. 
 The definitive Debt Securities and coupons, if
any, shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner, all as determined by the officers executing such Debt Securities or coupons, as evidenced by their execution
thereof. 
 SECTION 2.03 Form of Trustee’s Certificate of Authentication. The following is the form of the Certificate of
Authentication of the Trustee to be endorsed on the face of all Debt Securities substantially as follows: 
 This is one of the Debt
Securities of the series designated herein issued under the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	Dated:		
		
	By		 
			Authorized Signatory

 SECTION 2.04 Debt Securities in Global Form. 

(a) If the Company shall establish pursuant to Section 3.01 that the Debt Securities of a particular series are to be issued in
whole or in part in the form of one or more Global Debt Securities, then the Company shall execute and the Trustee or its agent shall, in accordance with Section 3.04 and the Company Order delivered to the Trustee or its agent
thereunder, authenticate and deliver such Global Debt Security or Global Debt Securities, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Debt Securities of such
series to be represented by such Global Debt Security or Global Debt Securities, or such portion thereof as the Company shall specify in a Company Order, (ii) shall be registered in the name of the Depository for such Global Debt Security or
Global Debt Securities or its nominee, (iii) shall be delivered by the Trustee or its agent to the Depository or pursuant to the Depository’s instruction and (iv) shall bear a legend substantially to the following effect: 

  
 12 

 “Unless this certificate is presented by an authorized representative of the Depository to the Company or
its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of the nominee of the Depository or in such other name as is requested by an authorized representative of the Depository (and any
payment is made to the nominee of the Depository or to such other entity as is requested by an authorized representative of the Depository), 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 nominee of the Depository, has an interest herein.” 
 (b) Notwithstanding any other
provision of this Section 2.04 or of Section 3.06, and subject to the provisions of paragraph (c) below, unless the terms of a Global Debt Security expressly permit such Global Debt Security to be exchanged in
whole or in part for individual certificates representing Debt Securities, a Global Debt Security may be transferred, in whole but not in part and in the manner provided in Section 3.06, only to a nominee of the Depository for such
Global Debt Security, or to the Depository, or a successor Depository for such Global Debt Security selected or approved by the Company, or to a nominee of such successor Depository. 

(c) (1) If at any time the Depository for a Global Debt Security notifies the Company that it is unwilling or unable to
continue as Depository for such Global Debt Security or if at any time the Depository for the Global Debt Securities for such series shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other
applicable statute or regulation, the Company shall appoint a successor Depository with respect to such Global Debt Security. If a successor Depository for such Global Debt Security is not appointed by the Company within 90 days after the Company
receives notice or becomes aware of such ineligibility, the Company will execute, and the Trustee or its agent, upon receipt of a Company Request for the authentication and delivery of certificates representing Debt Securities of such series in
exchange for such Global Debt Security, will authenticate and deliver, certificates representing Debt Securities of such series of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Debt Security in
exchange for such Global Debt Security. 
 (2) The Company may at any time and in its sole discretion determine that the Debt
Securities of any series or portion thereof issued or issuable in the form of one or more Global Debt Securities shall no longer be represented by such Global Debt Security or Global Debt Securities. In such event the Company will execute, and the
Trustee, upon receipt of a Company Request for the authentication and delivery of certificates representing Debt Securities of such series in exchange in whole or in part for such Global Debt Security, will authenticate and deliver certificates
representing Debt Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Debt Security or Global Debt Securities representing such series or portion thereof
in exchange for such Global Debt Security or Global Debt Securities. 

  
 13 

 (3) If specified by the Company pursuant to Section 3.01 with respect
to Debt Securities issued or issuable in the form of a Global Debt Security, the Depository for such Global Debt Security may surrender such Global Debt Security in exchange in whole or in part for certificates representing Debt Securities of such
series of like tenor and terms in definitive form on such terms as are acceptable to the Company and such Depository. Thereupon the Company shall execute, and the Trustee or its agent shall authenticate and deliver, without a service charge,
(1) to each Holder specified by the Debt Security registrar (as defined in Section 3.06) or the Depository a certificate or certificates representing Debt Securities of the same series of like tenor and terms and of any authorized
denomination as requested by such person in an aggregate principal amount equal to and in exchange for such Holder’s beneficial interest as specified by the Debt Security registrar or the Depository in the Global Debt Security; and (2) to
such Depository a new Global Debt Security of like tenor and terms and in an authorized denomination equal to the difference, if any, between the principal amount of the surrendered Global Debt Security and the aggregate principal amount of
certificates representing Debt Securities delivered to Holders thereof. 
 (4) In any exchange provided for in any of the
preceding three paragraphs, the Company will execute and the Trustee or its agent will authenticate and deliver certificates representing Debt Securities in definitive registered form in authorized denominations for Debt Securities of the same
series or any integral multiple thereof. Upon the exchange of the entire principal amount of a Global Debt Security for certificates representing Debt Securities, such Global Debt Security shall be cancelled by the Trustee or its agent. Except as
provided in the preceding paragraph, certificates representing Debt Securities issued in exchange for a Global Debt Security pursuant to this Section shall be registered in such names and in such authorized denominations for Debt Securities of that
series or any integral multiple thereof, as the Debt Security registrar (as defined in Section 3.06) or Depository shall instruct the Trustee or its agent. The Trustee or the Debt Security registrar shall deliver at its trust office such
certificates representing Debt Securities to the Holders in whose names such Debt Securities are so registered. 
 ARTICLE THREE. THE DEBT
SECURITIES 
 SECTION 3.01 Title and Terms. The aggregate principal amount of Debt Securities which may be authenticated and
delivered under this Indenture is unlimited. The Debt Securities may be issued up to the aggregate principal amount of Debt Securities from time to time authorized by or pursuant to a Board Resolution. The Debt Securities may be issued in one or
more series. All Debt Securities of each series issued under this Indenture shall in all respects be equally and ratably entitled to the benefits hereof with respect to such series without preference, priority or distinction on account of the actual
time or times of the authentication and delivery or maturity of the Debt Securities of such series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate to the extent not established in a
Board Resolution, or established in one or more indentures supplemental hereto, prior to the issuance of Debt Securities of any series: 

  
 14 

 (a) the title of the Debt Securities of the series (which shall distinguish the
Debt Securities of the series from all other series of Debt Securities); 
 (b) any limit upon the aggregate principal amount
of the Debt Securities of the series which may be authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt Securities of
that series pursuant to this Article Three, the second paragraph of Section 4.03, or Section 11.04); 

(c) the date or dates (or the manner of calculation thereof) on which the principal of the Debt Securities of the series is
payable; 
 (d) the rate or rates (or the manner of calculation thereof) at which the Debt Securities of the series shall
bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on any Interest Payment Date; 

(e) the Place of Payment; 

(f) the period or periods within which, the price or prices at which, the currency or currency units in which, and the terms
and conditions upon which Debt Securities of the series may be redeemed, in whole or in part, at the option of the Company; 

(g) the obligation, if any, of the Company to redeem or purchase Debt Securities of the series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices in the currency at which, the currency or currency units in which, and the terms and conditions upon which Debt Securities of the
series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (h) the denominations in which
the Debt Securities of such series shall be issuable if other than denominations of $1,000 and any integral multiple thereof; 

(i) if other than Dollars, the currencies in which payments of interest or principal of (and premium, if any, with respect to)
the Debt Securities of the series are to be made; 
 (j) if the interest on or principal of (or premium, if any, with respect
to) the Debt Securities of the series are to be payable, at the election of the Company or a Holder thereof or otherwise, in a currency other than that in which such Debt Securities are payable, the period or periods within which, and the other
terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the currency in such Debt Securities are denominated or stated to be payable and the currency in which such Debt Securities
or any of them are to be so payable; 

  
 15 

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

(l) the extent to which any Debt Securities will be issuable in permanent global form, the manner in which any payments on a
permanent global Debt Security will be made, and the appointment of any Depository relating thereto; 
 (m) any deletions
from, modifications of or additions to the Events of Default or covenants with respect to the Debt Securities of such series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;

 (n) if any of the Debt Securities of such series are to be issuable upon the exercise of warrants, this shall be so
established as well as the time, manner and place for such Debt Securities to be authenticated and delivered; 
 (o) if
applicable, the terms of any right to convert the Debt Securities of such series into, or exchange such Debt Securities for, shares of common stock of the Company or other securities or property or cash in lieu of such common stock or other
securities or property, or any combination thereof, and any corresponding changes to the provisions of this Indenture as then in effect with respect to such series; and 

(p) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 

All Debt Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
such Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental hereto. 
 SECTION 3.02
Denominations. The Debt Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated in Section 3.01. In the absence of any specification with respect
to the Debt Securities of any series, the Debt Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof, which may be in Dollars or any Foreign Currency. 

SECTION 3.03 Payment of Principal and Interest. The principal of, premium, if any, and interest on the Debt Securities shall be
payable at the office or agency of the Company designated for that purpose in the Place of Payment, as provided in Section 5.02; provided, however, that interest may be payable at the option of the Company by check mailed
to the address of the Person entitled thereto as such address shall appear on the Debt Security Register on the Regular Record Date for such interest payment. 

  
 16 

 SECTION 3.04 Execution of Debt Securities. The Debt Securities shall be executed
manually or by facsimile in the name and on behalf of the Company by its Chairman of the Board of Directors, its President, one of its Vice Presidents or its Treasurer and by its Secretary or one of its Assistant Secretaries. Only such Debt
Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, manually executed by the Trustee, shall be entitled to the benefits of this Indenture or be valid or become obligatory for any purpose.
Such certificate by the Trustee upon any Debt Security executed by the Company shall be conclusive evidence that the Debt Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits
of this Indenture. Unless otherwise provided in the form of Debt Security for any series, all Debt Securities shall be dated the date of their authentication. 

In case any officer of the Company who shall have executed any of the Debt Securities shall cease to be such officer before the Debt
Securities so executed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Debt Securities nevertheless shall be valid and binding and may be authenticated and delivered or disposed of as though the Person
who executed such Debt Securities had not ceased to be such officer of the Company; and any Debt Securities may be executed on behalf of the Company by such Persons as, at the actual date of the execution of such Debt Security, shall be the proper
officers of the Company, although at the date of such Debt Security or of the execution of this Indenture any such Person was not such an officer. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Debt Securities of any series,
properly created in accordance with Section 3.01 and executed by the Company, to the Trustee for authentication; and the Trustee shall authenticate and deliver such Debt Securities upon Company Order. In the event that any other Person
performs the Trustee’s duties as Authenticating Agent pursuant to a duly executed agreement, the Company shall notify the Trustee in writing of the issuance of any Debt Securities hereunder, such notice to be delivered in accordance with the
provisions of Section 15.03 on the date such Debt Securities are delivered by the Company for authentication to such other Person. 

Prior to any such authentication and delivery, the Trustee shall be provided with, and shall be fully protected in relying upon, in addition
to the Opinion of Counsel to be furnished to the Trustee pursuant to Section 15.06 and the Officers’ Certificate relating to the issuance of any series of Debt Securities pursuant to Sections 15.06 and 3.01,
Opinions of Counsel stating that: 
 (1) all instruments furnished to the Trustee conform to the requirements of this
Indenture and constitute sufficient authority hereunder for the Trustee to authenticate and deliver such Debt Securities; 

(2) all laws and requirements with respect to the form and execution by the Company of the supplemental indenture, if any, have
been complied with, the execution and delivery of the supplemental indenture, if any, will not violate the terms of this 

  
 17 

 Indenture, the supplemental indenture has been duly qualified under the Trust Indenture Act of
1939, the Company has legal power to execute and deliver any such supplemental indenture and has taken all necessary entity action for those purposes and any such supplemental indenture has been executed and delivered and constitutes the legal,
valid and binding obligation of the Company enforceable in accordance with its terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally
from time to time in effect); 
 (3) the form and terms of such Debt Securities have been established in conformity with the
provisions of this Indenture; 
 (4) all laws and requirements with respect to the execution and delivery by the Company of
such Debt Securities have been complied with, the authentication and delivery of the Debt Securities by the Trustee will not violate the terms of this Indenture, the Company has the legal power to issue such Debt Securities and such Debt Securities,
assuming due authentication and delivery by the Trustee, constitute legal, valid and binding obligations of the Company in accordance with their terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium or other laws affecting creditors’ rights generally from time to time in effect) and are entitled to the benefits of this Indenture, equally and ratably with all other Outstanding Debt Securities, if any, of such series; and 

(5) such other matters as the Trustee may reasonably request. 

The Trustee shall not be required to authenticate such Debt Securities if the issue thereof will adversely affect the Trustee’s own
rights, duties or immunities under the Debt Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee or such action would expose the Trustee to personal liability to existing Holders. 

No Debt Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such
Debt Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Debt Security shall be conclusive evidence, and the only evidence, that such Debt
Security has been duly authenticated and delivered hereunder. 
 SECTION 3.05 Temporary Debt Securities. Pending the preparation
of definitive Debt Securities of any series, the Company may execute, and upon receipt of the documents required by Sections 2.02, 3.01 and 3.04, together with a Company Order, the Trustee shall authenticate and deliver, such
temporary Debt Securities which may be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denominations, substantially of the tenor of such definitive Debt Securities in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the officers executing such temporary Debt Securities may determine, as evidenced by their execution of such temporary Debt Securities. 

  
 18 

 If temporary Debt Securities of any series are issued, the Company will cause definitive Debt
Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of any series, the temporary Debt Securities of such series shall be exchangeable for definitive Debt Securities of such series,
upon surrender of the temporary Debt Securities of such series at any office or agency maintained by the Company for such purposes as provided in Section 5.02, without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Debt Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefore a like principal amount of definitive Debt Securities of such series having the same interest rate and
Stated Maturity and bearing interest from the same date of any authorized denominations. Until so exchanged the temporary Debt Securities of such series shall in all respects be entitled to the same benefits under this Indenture as definitive Debt
Securities of such series. 
 SECTION 3.06 Exchange and Registration of Transfer of Debt Securities. Debt Securities may be
exchanged for a like aggregate principal amount of Debt Securities of such series that are of other authorized denominations. Debt Securities to be exchanged shall be surrendered at any office or agency to be maintained for such purpose by the
Company, as provided in Section 5.02, and the Company shall execute and the Trustee shall authenticate and deliver in exchange therefore the Debt Security or Debt Securities of authorized denominations which the Debt Security Holder
making the exchange shall be entitled to receive. Each agent of the Company appointed pursuant to Section 5.02 as a person authorized to register, and register transfer of, Debt Securities is sometimes herein referred to as a
“Debt Security registrar.” 
 The Company shall keep, at each such office or agency of the Company maintained for such
purpose, as provided in Section 5.02, a register for each series of Debt Securities hereunder (the registers of all Debt Security registrars being herein sometimes collectively referred to as the “Debt Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Debt Securities and shall register the transfer of Debt Securities as in this Article Three provided.
At all reasonable times, such Debt Security Register shall be open for inspection by the Trustee and any Debt Security registrar other than the Trustee. Upon due presentment for registration of transfer of any Debt Security at any such office or
agency, the Company shall execute and register and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Debt Security or Debt Securities of authorized denominations for an equal aggregate principal amount.
Registration or registration of transfer of any Debt Security by any Debt Security registrar in the registry books maintained by such Debt Security registrar, and delivery of such Debt Security, duly authenticated, shall be deemed to complete the
registration or registration of transfer of such Debt Security. 
 The Trustee shall act as the repository of a master list of names and
addresses of Holders of the Debt Securities unless and until some other Person is, by written notice from the Company to the Trustee and each Debt Security registrar, designated by the Company to act as such. The Company shall cause each Debt
Security registrar to furnish to such repository, on a current basis, such information as such repository may reasonably request as to registrations, transfers, exchanges and other transactions effected by such registrar, as may be necessary or
advisable to enable such repository to maintain such master list on as current a basis as is reasonably practicable. 

  
 19 

 No Person shall at any time be appointed as or act as a Debt Security registrar unless such
Person is at such time empowered under applicable law to act as such and duly registered to act as such under and to the extent required by applicable law and regulations. 

All Debt Securities presented to a Debt Security registrar for registration of transfer shall be duly endorsed by, or be accompanied by a
written instrument or instruments of transfer in form satisfactory to the Company and such Debt Security registrar duly executed by, the registered Holder or such Holder’s attorney duly authorized in writing. 

No service charge shall be made for any exchange or registration of transfer of Debt Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The Company shall not be required
to issue, exchange or register a transfer of (a) any Debt Securities of any series for a period of 15 days next preceding a notice of redemption of Debt Securities of such series and ending at the close of business on the day of the notice of
redemption of Debt Securities of such series so selected for redemption, or (b) any Debt Securities selected, called or being called for redemption except, in the case of any Debt Security to be redeemed in part, the portion thereof not so to
be redeemed. 
 All Debt Securities issued in exchange for or upon registration of transfer of Debt Securities shall be valid obligations of
the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Debt Securities surrendered for such exchange or registration of transfer. 

None of the Trustee, any agent of the Trustee, any paying agent or the Company will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests of a Global Debt Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

SECTION 3.07 Mutilated, Destroyed, Lost or Stolen Debt Securities. In case any temporary or definitive Debt Security shall become
mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its request the Trustee shall authenticate and deliver, a new Debt Security, bearing a number, letter or other distinguishing mark not contemporaneously
Outstanding, in exchange and substitution for the mutilated Debt Security, or in lieu of and in substitution for the Debt Security so destroyed, lost or stolen. In every case the applicant for a substituted Debt Security shall furnish to the Company
and to the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and to the Trustee evidence to their
satisfaction of the destruction, loss or theft, of such Debt Security and of the ownership thereof. 

  
 20 

 In the absence of notice to the Trustee or the Company that such Debt Security has been acquired
by a bona fide purchaser, the Trustee shall authenticate any such substituted Debt Security and deliver the same upon any Company Request. Upon the issuance of any substituted Debt Security, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Debt Security which has matured or is about to mature shall become mutilated or be destroyed, lost or stolen,
the Company may, instead of issuing a substituted Debt Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Debt Security) if the applicant for such payment shall furnish to the Company and
to the Trustee such security or indemnity as may be required by them to save each of them harmless and, in case of destruction, loss or theft, evidence satisfactory to the Company and to the Trustee of the destruction, loss or theft of such Debt
Security and of the ownership thereof. 
 Every substituted Debt Security issued pursuant to the provisions of this Section 3.07
by virtue of the fact that any Debt Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt Security shall be found at any time, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Debt Securities duly issued hereunder. All Debt Securities shall be held and owned upon the express condition that the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities and shall preclude (to the extent permitted by law) any and all other rights or remedies with respect to the replacement or payment of
negotiable instruments or other securities without their surrender. 
 SECTION 3.08 Payment of Interest; Interest Rights
Preserved. Interest which is payable, and is punctually paid or duly provided for, on any Interest Payment Date, on any Debt Security, shall unless otherwise provided in such Debt Security be paid to the Person in whose name the Debt Security
(or one or more Predecessor Debt Securities) is registered at the close of business on the Regular Record Date for such interest. Unless otherwise stated in the form of Debt Security of a series, interest on the Debt Securities of any series shall
be computed on the basis of a 360 day year comprised of twelve 30 day months. 
 Any interest on any Debt Security 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 registered 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 (1) or (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names any such Debt Securities (or
their respective Predecessor Debt Securities) 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 in writing
of the amount of Defaulted Interest proposed to be paid on each Debt Security and the date of the proposed payment, and at the same 

  
 21 

 time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit 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 Trustee 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 of the notice of the proposed payment. The Trustee shall promptly notify the Company 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 therefore to be given to each Holder of such Debt Securities 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 therefore having been given as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Debt Securities (or their respective Predecessor Debt Securities) are registered on
such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 
 (2) The Company may
make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debt Securities of that series may be listed, and upon such notice as may be required by such exchange,
if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee. 

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

SECTION 3.09 Persons Deemed Owners. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name any Debt Security is registered as the owner of such Debt Security for the purpose of receiving payment of principal of, premium, if any, and (subject to Section 3.08) interest on, such Debt Security and for all other purposes
whatsoever whether or not such Debt Security be overdue, and neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

SECTION 3.10 Cancellation of Debt Securities Paid, etc. All Debt Securities surrendered for the purpose of payment, redemption,
exchange or registration of transfer or delivered in satisfaction in whole or in part of any sinking fund obligation shall, if surrendered to the Company or any agent of the Trustee or the Company under this Indenture, be delivered to the Trustee
and promptly cancelled by it, or, if surrendered to the Trustee, shall be promptly cancelled by it, and no Debt Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall
dispose of cancelled Debt Securities in accordance with its customary procedures. 

  
 22 

 SECTION 3.11 Currency and Manner of Payments. 

(a) With respect to Debt Securities denominated in Dollars or a Foreign Currency, the following payment provisions shall
apply: Except as provided in paragraph (c) of this Section 3.11, payment of principal of and premium, if any, on any Debt Securities will be made in U.S. Dollars at the offices established pursuant to Section 5.02
by wire transfer, CHIPS or the SWIFT system. 
 (b) Not later than the fourth Business Day after the Regular Record Date for
such Interest Payment Date, the paying agent will deliver to the Company a written notice specifying, in the currency in which each series of the Debt Securities are denominated, the respective aggregate amounts of principal of and premium, if any,
and interest on the Debt Securities to be made on such payment date, specifying the amounts so payable in respect of the Debt Securities. The failure of the paying agent to deliver such notice shall not relieve the Company from its obligation to
make all payments with respect to any Debt Security when due. 
 (c) If the Foreign Currency in which any of the Debt
Securities are denominated ceases to be used both by the government of the country which issued such currency and for the settlement of transactions by public institutions of or within the international banking community, then with respect to each
date for the payment of Foreign Currency occurring after the last date on which the Foreign Currency was so used (the “Conversion Date”), the Dollar shall be the currency of payment for use on each such date. The Dollar amount to be
paid by the Company to the Trustee and by the Trustee or any paying agent to the Holder of such Debt Securities with respect to such payment date shall be the Dollar Equivalent of the Foreign Currency as determined by the Currency Determination
Agent as of the second Business Day preceding the applicable payment date (the “Valuation Date”) in the manner provided in paragraph (d). 

(d) The “Dollar Equivalent of the Foreign Currency” shall be determined by the Currency Determination Agent as
of each Valuation Date and shall be obtained by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Valuation Date. 

(e) The “Market Exchange Rate” shall mean, for any currency, the noon Dollar buying rate for that currency for
cable transfers quoted in New York City on the Valuation Date as certified for customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York. If such rates are not available for any reason with respect
to one or more currencies for which an exchange rate is required, the Currency Determination Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent
available date, or, with the Company’s approval, quotations from one or more major banks in New York City or in the country of issue of the currency in question, or such other 

  
 23 

 quotations as the Currency Determination Agent shall deem appropriate and the Company shall
approve. Unless otherwise specified by the Currency Determination Agent, if there is more than one market for dealing in any currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency shall be
that upon which a nonresident issuer of securities designated in such currency would purchase such currency in order to make payments in respect of such securities. 

All decisions and determinations of the Currency Determination Agent regarding the Dollar Equivalent of the Foreign Currency and the Market
Exchange Rate shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company and all Holders of the Debt Securities. In the event that the Foreign Currency ceases
to be used both by the government of the country which issued such currency and for the settlement of transactions by public institutions of or within the international banking community, the Company, after learning thereof, will promptly give
notice thereof to the Trustee (and the Trustee will promptly thereafter give notice in the manner provided in Section 15.03 to the Holders) specifying the Conversion Date. 

The Trustee shall be fully justified and protected in relying on and acting upon the information so received by it from the Company or the
Currency Determination Agent and shall not otherwise have any duty or obligation to determine such information independently. 
 If the
principal of (and premium, if any) and interest on any Debt Securities is payable in a Foreign Currency and such Foreign Currency is not available for payment due to the imposition of exchange controls or other circumstances beyond the control of
the Company, then the Company shall be entitled to satisfy its obligations to Holders under this Indenture by making such payment in Dollars on the basis of the Market Exchange Rate for such Foreign Currency on the latest date for which such rate
was established on or before the date on which payment is due. Any payment made pursuant to this Section 3.11 in Dollars where the required payment is in a Foreign Currency shall not constitute a default or Event of Default under this
Indenture. 
 SECTION 3.12 CUSIP Numbers. The Company in issuing the Debt Securities may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Debt Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Debt Securities, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

ARTICLE FOUR. REDEMPTION OF DEBT SECURITIES; SINKING FUNDS 

SECTION 4.01 Applicability of Article. The Company may reserve the right to redeem and pay before Stated Maturity all or any part
of the Debt Securities of any series, either by optional redemption, sinking fund (mandatory or optional) or otherwise, by provision therefor in the form of Debt Security for such series on such terms as are specified in such form or the Board
Resolution or Officers’ Certificate delivered pursuant to Section 3.01 or the indenture 

  
 24 

 supplemental hereto as provided in Section 3.01 with respect to Debt Securities of such series.
Redemption of Debt Securities of any series shall be made in accordance with the terms of such Debt Securities and, to the extent that this Article does not conflict with such terms, in accordance with this Article. 

SECTION 4.02 Notice of Redemption; Selection of Debt Securities. In case the Company shall desire to exercise the right to redeem
all, or, as the case may be, any part of a series of Debt Securities pursuant to Section 4.01, the Company shall fix a date for redemption and the Company, or, at the Company’s request, the Trustee in the name of and at the expense
of the Company, shall give notice of such redemption at least 30 and not more than 60 days prior to the date fixed for redemption to the Holders of Debt Securities so to be redeemed as a whole or in part, except that a notice of redemption may
be given more than 60 days prior to the redemption date if the notice is given in connection with the defeasance or satisfaction and discharge of the applicable series of Debt Securities and/or this Indenture. The notice if given in accordance
with Section 15.03 shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to so give such notice or any defect in the notice to the Holder of any Debt Security
designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security. 

Notice of redemption shall be given in the name of the Company and shall specify the date fixed for redemption, the Redemption Price at which
Debt Securities of any series are to be redeemed, the place of payment (which shall be at the offices or agencies to be maintained by the Company pursuant to Section 5.02), that payment of the Redemption Price will be made upon
presentation and surrender of such Debt Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that on and after said date interest thereon or on the portions thereof to be redeemed will cease to
accrue, and the Section of this Indenture pursuant to which Debt Securities will be redeemed. In case less than all Debt Securities of any series are to be redeemed, the notice of redemption shall also state that the redemption is for the sinking
fund, if such is the case. In case any Debt Security is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption,
upon surrender of such Debt Security, a new Debt Security or Debt Securities of such series in aggregate principal amount equal to the unredeemed portion thereof will be issued without charge to the Holder. 

If the Debt Securities of any series are to be redeemed, the Company shall give the Trustee notice, at least fifteen (15) days (or such
shorter period acceptable to the Trustee) in advance of the date notice of the redemption is to be given, as to the aggregate principal amount of Debt Securities to be redeemed. Unless otherwise provided in the form of Debt Security of any series,
Debt Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Debt Securities of such series or any multiple thereof. Thereupon the Debt Securities or portions thereof to be redeemed shall be selected in
accordance with the procedures of the Depository. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Debt Securities of any series shall relate, in the case of any Debt Security
redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt Security which has been or is to be redeemed. 

  
 25 

 On or prior to the date fixed for redemption specified in the notice of redemption given as
provided in this Section 4.02, the Company will deposit with the Trustee or with the paying agent an amount of money in the currency in which the Debt Securities of such series are payable sufficient to redeem on the date fixed for
redemption all the Debt Securities so called for redemption at the appropriate Redemption Price, together with accrued interest to the date fixed for redemption. 

The Trustee shall not give any notice of redemption of any series of Debt Securities during the continuation of any default in payment of
interest on any series of Debt Securities when due or of any Event of Default, except that where notice of redemption with respect to any series of Debt Securities shall have been given prior to the occurrence of such default or Event of Default,
the Trustee shall redeem such Debt Securities provided funds are deposited with it for such purpose. 
 Notwithstanding any provision hereof
to the contrary, notice of any redemption to the Holders of Debt Securities may, in the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of
redemption shall describe each such condition and, if applicable, shall state that, in the Company’s discretion, the date of redemption may be delayed until such time as any or all such conditions shall be satisfied or waived, or such
redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the date of redemption, or by the date of redemption as so delayed. 

SECTION 4.03 Payment of Debt Securities Called for Redemption. If notice of redemption has been given as herein provided, the Debt
Securities or portions of Debt Securities with respect to which such notice has been given shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, together with interest accrued to the date
fixed for redemption, and on and after said date (unless the Company shall default in the payment of such Debt Securities or portions thereof at the Redemption Price, together with interest accrued to said date) interest on the Debt Securities or
portions of Debt Securities so called for redemption shall cease to accrue, and such Debt Securities and portions of Debt Securities shall be deemed not to be Outstanding hereunder and shall not be entitled to any benefit under this Indenture except
to receive payment of the Redemption Price, together with accrued interest to the date fixed for redemption. On presentation and surrender of such Debt Securities at the place of payment in said notice specified, the said Debt Securities or the
specified portions thereof shall be paid and redeemed by the Company at the applicable Redemption Price, together with interest accrued thereon to the date fixed for redemption; provided, however, that any installments of interest becoming
due on the date fixed for redemption shall be payable to the Holders of such Debt Securities, or one or more previous Debt Securities evidencing all or a portion of the same debt as that evidenced by such particular Debt Securities, registered as
such on the relevant record dates according to their terms and the provisions of Section 3.08. 
 Upon presentation and
surrender of any Debt Security redeemed in part only, with, if the Company or the Trustee so required, due endorsement by, or a written instrument of 

  
 26 

 transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
Holder’s attorney duly authorized in writing, the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at the expense of the Company, a new Debt Security or Debt Securities of the same series having the
same interest rate and Stated Maturity and bearing interest from the same date, of any authorized denominations as requested by such Holder, in aggregate principal amount equal to the unredeemed portion of the Debt Security so presented and
surrendered. 
 SECTION 4.04 Exclusion of Certain Securities from Eligibility for Selection for Redemption. Debt Securities
shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Company and delivered to the Trustee at least 45 days prior
to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Company or (b) an entity specifically identified in such written statement
directly or indirectly controlling or controlled by or under direct or indirect common control with the Company. 
 SECTION 4.05
Provisions with Respect to any Sinking Funds. Unless the form or terms of any series of Debt Securities shall provide otherwise, in lieu of making all or any part of any mandatory sinking fund payment with respect to such series of Debt
Securities in cash, the Company may at its option (1) deliver to the Trustee for cancellation any Debt Securities of such series theretofore acquired by the Company, or (2) receive credit for any Debt Securities of such series (not
previously so credited) acquired by the Company and theretofore delivered to the Trustee for cancellation. Debt Securities so delivered or credited shall be credited at the applicable sinking fund Redemption Price with respect to the Debt Securities
of such series. 
 On or before the 45th day next preceding each sinking fund Redemption Date, the Company will deliver to the Trustee a
certificate signed by the Chief Financial Officer, any Vice President, the Treasurer or any Assistant Treasurer of the Company specifying (i) the portion of the mandatory sinking fund payment to be satisfied by deposit of cash in the currency
in which the Debt Securities of such series are payable, by delivery of Debt Securities theretofore purchased or otherwise acquired by the Company (which Debt Securities shall accompany such certificate) and by credit for Debt Securities acquired by
the Company and theretofore delivered to the Trustee for cancellation redeemed by the Company and stating that the credit to be applied has not theretofore been so applied or applied in lieu of retiring Funded Debt pursuant to Section 5.06
and (ii) whether the Company intends to exercise its right, if any, to make an optional sinking fund payment, and, if so, the amount thereof. Such certificate shall also state that no Event of Default has occurred and is continuing. Such
certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the payment or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. In case of the failure of the Company on
or before the 45th day next preceding each sinking fund Redemption Date to deliver such certificate (or to deliver the Debt Securities specified in this paragraph), the sinking fund payment due on the next succeeding sinking fund payment date shall
be paid entirely in cash (in the currency described above) and shall be sufficient to redeem the principal amount of Debt Securities as a mandatory sinking fund payment, without the option to deliver or credit Debt Securities as provided in the
first paragraph of this Section 4.05 and without the right to make an optional sinking fund payment as provided herein. 

  
 27 

 If the sinking fund payment or payments (mandatory or optional) with respect to any series of
Debt Securities made in cash (in the currency described above) shall exceed the minimum authorized denomination set forth in an Officers’ Certificate pursuant to Section 3.01 or the equivalent in the currency in which the Debt
Securities of such series are payable (or a lesser sum if the Company shall so request), unless otherwise provided by the terms of such series of Debt Securities, said cash shall be applied by the Trustee on the sinking fund Redemption Date with
respect to Debt Securities of such series at the applicable sinking fund Redemption Price with respect to Debt Securities of such series, together with accrued interest, if any, to the date fixed for redemption, with the effect provided in
Section 4.03. The Trustee shall select, in the manner provided in Section 4.02, for redemption on such sinking fund Redemption Date a sufficient principal amount of Debt Securities of such series to utilize said cash and
shall thereupon cause notice of redemption of the Debt Securities of such series for the sinking fund to be given in the manner provided in Section 4.02 (and with the effect provided in Section 4.03) for the redemption of
Debt Securities in part at the option of the Company. Debt Securities of any series which are identified by registration and certificate number in an Officers’ Certificate at least 45 days prior to the sinking fund Redemption Date as being
beneficially owned by, and not pledged or hypothecated by, the Company or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be excluded from Debt Securities of such series
eligible for selection for redemption. Any sinking fund moneys not so applied or allocated by the Trustee to the redemption of Debt Securities of such series shall be added to the next cash sinking fund payment with respect to Debt Securities of
such series received by the Trustee and, together with such payment, shall be applied in accordance with the provisions of this Section 4.05. Any and all sinking fund moneys with respect to Debt Securities of any series held by the
Trustee at the maturity of Debt Securities of such series, and not held for the payment or redemption of particular Debt Securities of such series, shall be applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient
for the purpose, to the payment of the principal of the Debt Securities of such series at maturity. 
 The Trustee shall not convert any
currency in which the Debt Securities of such series are payable for the purposes of such sinking fund application unless a Company Request is made, and any such conversion agreed to in writing by the Trustee in response to such request shall be for
the account and at the expense of the Company and shall not affect the Company’s obligation to pay the Holders in the currency to which such Holders are entitled. 

On or before each sinking fund Redemption Date provided with respect to Debt Securities of any series, the Company shall pay to the Trustee in
cash in the currency described above a sum equal to all accrued interest, if any, to the date fixed for redemption on Debt Securities to be redeemed on such sinking fund Redemption Date pursuant to this Section 4.05. 

  
 28 

 ARTICLE FIVE. PARTICULAR COVENANTS OF THE COMPANY 

SECTION 5.01 Payment of Principal, Premium and Interest. The Company will duly and punctually pay or cause to be paid (in the
currency in which the Debt Securities of such series are payable) the principal of and premium, if any, and interest on each of the Debt Securities at the place (subject to Section 3.03), at the respective times and in the manner
provided in each series of Debt Securities and in this Indenture. 
 SECTION 5.02 Offices for Notices and Payments, etc. 

(a) So long as the Debt Securities of any series remain Outstanding, the Company will maintain at the Place of Payment, an
office or agency where the Debt Securities may be presented for payment, an office or agency where the Debt Securities may be presented for registration of transfer and for exchange as in this Indenture provided, and an office or agency where
notices and demands to or upon the Company in respect of the Debt Securities or of this Indenture may be served and shall give the Trustee written notice thereof and any changes in the location thereof. In case the Company shall at any time fail to
maintain any such office or agency, or shall fail to give notice to the Trustee of any change in the location thereof, presentation and demand may be made and notice may be served in respect of the Debt Securities or of this Indenture at said office
of the Trustee. 
 (b) In addition to the office or agency maintained by the Company pursuant to Section 5.02(a),
the Company may from time to time designate one or more other offices or agencies where the Debt Securities may be presented for payment and presented for registration of transfer and for exchange in the manner provided in this Indenture, and the
Company may from time to time rescind such designations, as the Company may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain such
office and agency at the Place of Payment, for the purposes abovementioned. The Company will give to the Trustee prompt written notice of (i) any such designation or rescission thereof, and (ii) the location of any such office or agency
outside the Place of Payment and of any change of location thereof. 
 SECTION 5.03 Appointments to Fill Vacancies in Trustee’s
Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 8.10, a Trustee, so that there shall at all times be a Trustee hereunder. 

SECTION 5.04 Provisions as to Paying Agent. 

(a) (1) Whenever the Company shall have one or more paying agents for any series of Debt Securities other than the Trustee, it
will, on or before each due date of the principal of (and premium, if any) or interest on any Debt Securities of such series, deposit with a paying agent a sum sufficient to pay such amount becoming due, such sum to be held as provided by the Trust
Indenture Act of 1939, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

  
 29 

 (2) The Company will cause each paying agent other than the Trustee to execute
and deliver to the Trustee an instrument in which such paying agent shall agree with the Trustee, subject to the provisions of this Section, that such paying agent will: (i) comply with the provisions of the Trust Indenture Act of 1939
applicable to it as a paying agent and (ii) during the continuance of any default by the Company (or any other obligor upon any series of Debt Securities) in the making of any payment in respect of the Debt Securities of such series, upon the
written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such paying agent as such. 
 (b) If
the Company shall act as its own paying agent, it will, on or prior to each due date of the principal of and premium, if any, or interest on Debt Securities of any series, set aside, segregate and hold in trust for the benefit of the Holders of such
Debt Securities a sum sufficient to pay such principal and premium, if any, or interest so becoming due and will notify the Trustee of any failure to take such action and of any failure by the Company (or by any other obligor on such series of Debt
Securities) to make any payment of the principal of and premium, if any, or interest on the Debt Securities when the same shall become due and payable. 

(c) Anything in this Section 5.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture with respect to any or all series of Debt Securities then Outstanding, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company, or any paying
agent hereunder, as required by this Section 5.04, such sums to be held by the Trustee upon the trusts herein contained. 

(d) Anything in this Section 5.04 to the contrary notwithstanding, the agreement to hold sums in trust provided in
this Section 5.04 is subject to Section 13.04. 
 SECTION 5.05 Limitation on Secured Debt. 

(a) So long as the Debt Securities shall remain Outstanding, the Company will not at any time create, assume or guarantee, and
will not cause, suffer or permit a Restricted Subsidiary to create, assume or guarantee, any Secured Debt without making effective provision (and the Company covenants that in such case it will make or cause to be made effective provision) whereby
the Debt Securities then Outstanding subject to applicable priorities of payment shall be secured by such Security Interest equally and ratably with any and all other obligations and indebtedness which shall be so secured; provided,
however, that the foregoing covenants shall not be applicable to the following: 
 (i)(a) any Security Interest
in property of the Company or a Restricted Subsidiary securing indebtedness incurred by the Company or a Restricted Subsidiary prior to, at the time of, or within 180 days after the later of the acquisition, the completion of construction (including
any improvements on an existing property) or the commencement of commercial operation of such property, which indebtedness is incurred for the purpose of financing all or any part of the purchase price thereof or construction or improvements
thereon; or (b) the 

  
 30 

 acquisition of property subject to any Security Interest upon such property existing at the time
of acquisition thereof, whether or not assumed by the Company or such Restricted Subsidiary; or (c) any Security Interest existing on the property or on the outstanding shares of capital stock or indebtedness of a Person at the time such Person
shall become a Restricted Subsidiary; or (d) a Security Interest on property or shares of capital stock or indebtedness of a Person existing at the time such Person is merged into or consolidated with the Company or a Restricted Subsidiary or
at the time of a sale, lease or other disposition of the properties of a Person or firm as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary, provided, however, that no such Security Interest shall
extend to any other Principal Property of the Company or such Restricted Subsidiary prior to such acquisition or to any other Principal Property thereafter acquired other than additions to such acquired property; 

(ii) Security Interests in property of the Company or a Restricted Subsidiary in favor of the United States of America or any
State thereof, or any department, agency or instrumentality or political subdivision of the United States of America or any State thereof, or in favor of any other country, or any department, agency or instrumentality or political subdivision
thereof (including, without limitation, Security Interests to secure indebtedness of the pollution control or industrial revenue bond type), in order to permit the Company or a Restricted Subsidiary to perform any contract or subcontract made by it
with or at the request of any of the foregoing, or to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price
or the cost of constructing or improving the property subject to such Security Interests; 
 (iii) Any Security Interest on
any property or assets of any Restricted Subsidiary to secure indebtedness owing by it to the Company or to a Restricted Subsidiary; 

(iv) Mechanics’, materialmen’s, carriers’ or other like liens arising in the ordinary course of business
(including construction of facilities) in respect of obligations which are not due or which are being contested in good faith; 

(v) Any Security Interest arising by reason of deposits with, or the giving of any form of security to, any governmental agency
or any body created or approved by law or governmental regulations, which is required by law or governmental regulation as a condition to the transaction of any business, or the exercise of any privilege, franchise or license and any Security
Interest to secure public or statutory obligations; 
 (vi) Security Interests for taxes, assessments or governmental charges
or levies not yet delinquent, or the Security Interests for taxes, assessments or government charges or levies already delinquent but the validity of which is being contested in good faith; 

  
 31 

 (vii) Security Interests (including judgment liens) arising in connection with
legal proceedings so long as such proceedings are being contested in good faith and, in the case of judgment liens, execution thereon is stayed; 

(viii) Landlords’ liens on fixtures located on premises leased by the Company or a Restricted Subsidiary in the ordinary
course of business; 
 (ix) Security Interests in connection with a Permitted Receivables Financing; 

(x) Any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any
Security Interest permitted by subsection (a) of this Section 5.05; or 
 (xi) Any Security Interest
on assets of a Foreign Subsidiary that only secures obligations of one or more Foreign Subsidiaries. 
 (b) Notwithstanding
the provisions of subsection (a) of this Section 5.05, the Company and any one or more Restricted Subsidiaries may without securing the Debt Securities issue, assume or guarantee Secured Debt which would otherwise be subject
to the foregoing restrictions in an aggregate amount which, together with all other Secured Debt of the Company and its Restricted Subsidiaries which would otherwise be subject to the foregoing restrictions (not including Secured Debt permitted to
be secured under subsection (a) above) and the aggregate value of the Sale and Leaseback Transactions (as defined in Section 5.06) in existence at such time (not including Sale and Leaseback Transactions the proceeds of which
have been or will be applied in accordance with Section 5.06(b)), does not exceed 10% of the Company’s consolidated total assets, determined as of a date not more than 90 days prior thereto. 

(c) In the event that the Company shall hereafter secure the Debt Securities of each series equally and ratably with any other
obligation or indebtedness pursuant to the provisions of this Section 5.05, the Trustee is hereby authorized to enter into an indenture or agreement supplemental hereto and to take such action, if any, as it may deem advisable to enable
it to enforce effectively the rights of the Holders of the Debt Securities so secured, equally and ratably with such other obligation or indebtedness. 

SECTION 5.06 Sale and Leaseback Transactions. So long as the Debt Securities shall remain Outstanding, the Company will not, and
will not permit any Restricted Subsidiary to, sell or transfer (except to the Company or one or more Restricted Subsidiaries, or both) any Principal Property owned by it and in full operation for more than 180 days with the intention of taking back
a lease on such property (except a lease for a term of no more than three years entered into with the intent that the use by the Company or such Restricted Subsidiary of such property will be discontinued on or before the expiration of such term)
(herein referred to as a 

  
 32 

 “Sale and Leaseback Transaction”) unless either (a) the Company or such Restricted
Subsidiary would be entitled, pursuant to the provisions of Section 5.05 hereof, to incur Secured Debt equal in amount to the amount realized or to be realized upon such sale or transfer secured by a Security Interest on the property to
be leased without equally and ratably securing the Debt Securities, or (b) the Company or a Restricted Subsidiary shall apply an amount equal to the value of the property so leased to the retirement (other than any mandatory retirement), within
120 days of the effective date of any such arrangement, of Funded Debt as shown on the most recent consolidated balance sheet of the Company and which, in the case of such Funded Debt of the Company, is not subordinate and junior in right of payment
to the prior payment of the Debt Securities; provided, however, that in lieu of applying all or any part of such amount to such retirement, the Company may at its option (x) deliver to the Trustee Debt Securities theretofore
purchased or otherwise acquired by the Company, or (y) receive credit for the Debt Securities theretofore redeemed at its option. If the Company shall so deliver the Debt Securities to the Trustee (or receive credit for Debt Securities so
delivered), the amount which the Company shall be required to apply to the retirement of indebtedness pursuant to this Section 5.06 shall be reduced by an amount equal to the aggregate principal amount of such Debt Securities. The term
“value” shall mean, with respect to a Sale and Leaseback Transaction, as of any particular time, the amount equal to the greater of (i) the Capitalized Rent with respect thereto, or (ii) the fair value of such property at
the time of entering into such Sale and Leaseback Transaction as determined by the Board of Directors. 
 SECTION 5.07 Restrictions
on Transfer of Principal Property to Unrestricted Subsidiaries. So long as the Debt Securities of any series remain Outstanding, the Company will not itself, and will not cause, suffer or permit any Restricted Subsidiary to, transfer (whether by
merger, consolidation or otherwise) any Principal Property to any Unrestricted Subsidiary, unless it shall apply, within 180 days after the effective date of such transaction, or shall have committed within 180 days after such effective date to
apply, an amount equal to the fair value of such Principal Property at the time of such transfer, as determined by the Board of Directors, to (a) the acquisition, construction, development or improvement of properties or facilities which are,
or, upon such acquisition, construction, development or improvement will be, a Principal Property or Principal Properties or a part thereof, (b) the redemption of Debt Securities of any series in accordance with the provisions of Article Four
or (c) the repayment of Funded Debt of the Company or of any Restricted Subsidiary (other than any Funded Debt owed to any Restricted Subsidiary or any Funded Debt that is subordinate and junior in right of payment to the prior payment of the
Debt Securities), or in part to such acquisition, construction, development or improvement and in part to such redemption and/or repayment; provided that, in lieu of applying an amount equivalent to all or any part of such fair value to such
redemption, the Company may, within 180 days after such transfer, deliver to the Trustee Debt Securities (other than Debt Securities made the basis of a reduction in a mandatory sinking fund payment pursuant to Section 4.05) for
cancellation and thereby reduce the amount to be applied to the redemption of the Debt Securities of that series pursuant to clause (b) or clause (c) above, as the case may be, by an amount equivalent to the aggregate
principal amount of the Debt Securities so delivered. Redemption of Debt Securities pursuant to this Section 5.07 shall not be used as credits against mandatory sinking fund payments. 

  
 33 

 SECTION 5.08 Certificate to Trustee. So long as the Debt Securities of any series
remain Outstanding, the Company will deliver to the Trustee on or before the thirtieth (30th) day after May 15 of each year an Officers’ Certificate stating that in the course of
the performance by the signers of their duties as officers of the Company, they would normally have knowledge of any default by the Company in the performance or fulfillment or observance of any covenants or agreements contained herein during the
preceding fiscal year, stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and the nature thereof. The Officers’ Certificate need not comply with
Section 15.06. 
 SECTION 5.09 Waivers of Covenants. Anything in this Indenture to the contrary notwithstanding, the
Company may fail or omit, in respect of any series of Debt Securities, and in any particular instance, to comply with a covenant, agreement or condition contained in Sections 5.02, 5.04 (other than in 5.04(a)(1) and
(2)) to 5.08, inclusive, or with any additional covenant, agreement or condition contained in a Board Resolution or Officers’ Certificate establishing such series of Debt Securities, any indenture supplemental hereto
applicable to such series or any Debt Security of such series if the Company shall have obtained and filed with the Trustee before or after the time for such compliance the consent in writing of the Holders of more than 50% in aggregate principal
amount of the Debt Securities of the series affected by such waiver at the time Outstanding, either waiving such compliance in such instance or generally waiving compliance with such covenant or condition, but no such waiver shall extend to or
affect any obligation not expressly waived nor impair any right consequent thereon and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain
in full force and effect. 
 ARTICLE SIX. HOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

SECTION 6.01 Holders’ Lists. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee,
not more than 15 days after each Regular Record Date with respect to the Debt Securities of any series, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request, a list in such
form as the Trustee may reasonably require of the names and addresses of the Holders of Debt Securities of such series as of a date not more than 15 days prior to the time such information is furnished; provided, however, that no such list
with respect to any particular series of Debt Securities need be furnished at any such time if the Trustee is in possession thereof by reason of its acting as the Debt Security registrar for such series designated under Section 3.06 or
otherwise. 
 SECTION 6.02 Preservation and Disclosure of Lists. 

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and
addresses of the Holders of Debt Securities contained in the most recent list furnished to it as provided in Section 6.01 or received by the Trustee in the capacity of the Debt Security registrar (if so acting) under
Section 3.06. The Trustee may destroy any list furnished to it as provided in Section 6.01 upon receipt of a new list so furnished. 

  
 34 

 (b) The rights of Holders to communicate with other Holders with respect to their
rights under this Indenture or under the Debt Securities of any series or of all Debt Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act of 1939. 

(c) Every Holder of Debt Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither
the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act of 1939. 

SECTION 6.03 Reports by the Company. The Company agrees to file with the Trustee 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 of 1939 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 or 15(d) of the Securities Exchange Act of 1934, as amended, shall be filed with the Trustee within 15 days after the same are filed with the Commission. The Company
shall be deemed to have so filed and transmitted such information, documentation, reports and summaries upon the filing thereof via the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or any successor system). Delivery of
such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

SECTION 6.04 Reports by the Trustee. 

(a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be
required pursuant to the Trust Indenture Act of 1939 at the times and in the manner provided pursuant thereto. The interval between transmissions of reports to be transmitted at intervals shall be twelve months or such shorter time required by the
Trust Indenture Act of 1939. If the Trust Indenture Act of 1939 does not specify the date on which a report is due, the such report shall be due on May 15 of each year following the first issuance of Debt Securities. 

(b) 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 Debt Securities of any series are listed, with the Commission and with the Company. The Company will notify the Trustee, in writing, when the Debt Securities of any series are listed on any stock exchange. 

SECTION 6.05 Statement by Officers as to Default. The Company shall deliver to the Trustee, promptly after and in any event within five
business days after one or more of the 

  
 35 

 officers of the Company described in the definition of “Officers’ Certificate” becomes aware of
the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default and the action
which the Company proposes to take with respect thereto. 
 ARTICLE SEVEN. REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT

 SECTION 7.01 Events of Default. “Event of Default”, with respect to any series of Debt Securities,
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body), unless such event is either inapplicable to such series or it is specifically deleted or modified in the Board Resolution, Officers’ Certificate or supplemental
indenture under which such series of Debt Securities is issued or in the form of Debt Security for such series: 
 (a)
default in the payment of any installment of interest upon any Debt Security of such series as and when the same shall become due and payable, and continuance of such default for a period of 30 days; or 

(b) default in the payment of the principal of and premium, if any, on any Debt Security of such series as and when the same
shall become due and payable either at maturity, upon redemption, by declaration of acceleration or otherwise; or 
 (c)
default in the payment or satisfaction of any sinking fund payment or analogous obligation, if any, with respect to the Debt Securities of such series as and when the same shall become due and payable by the terms of the Debt Securities of such
series, and continuance of such default for a period of 30 days; or 
 (d) failure on the part of the Company duly to observe
or perform any of the covenants, warranties or agreements on the part of the Company in respect of the Debt Securities of such series in this Indenture (other than a covenant, warranty or agreement a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with) continued for a period of 60 days after the date on which written notice of such failure, specifying such failure and requiring the same to be remedied, shall have been given to the Company by the
Trustee, by registered mail, or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Debt Securities of such series; or 

(e) the uncured or unwaived failure on the part of the Company to make payment of principal of or interest on any other
obligation for borrowed money of the Company, including with respect to any other series of Debt Securities, beyond any period of grace with respect thereto if the aggregate principal amount (or, in the case of Original Issue Discount Debt
Securities, such portion of the principal amount as may be specified in 

  
 36 

 the terms of such indebtedness as due and payable upon acceleration) of any such obligation in
respect of which principal or interest is and remains in default is in excess of $125,000,000; provided, however, that subject to the provisions of Section 7.08 and Section 8.01 the Trustee shall not be charged with
knowledge of any such default unless written notice thereof shall have been given to the Trustee by the Company, by the holders or an agent of the holders of any such indebtedness, by the trustee then acting under any indenture or other instrument
under which such default shall have occurred, or by the Holders of not less than 25% in aggregate principal amount of such series of Debt Securities at the time Outstanding; or 

(f) a decree or order by a court having jurisdiction in the premises shall have been entered adjudging the Company a bankrupt
or insolvent, or approving as properly filed a petition seeking reorganization of the Company under the Federal bankruptcy laws or any other similar applicable Federal or state law, and such decree or order shall have continued undischarged and
unstayed for a period of 60 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver or liquidator or trustee or assignee or other similar official in bankruptcy or insolvency of the Company or of
all or substantially all of its property, or for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have continued undischarged and unstayed for a period of 60 days; or 

(g) the Company shall institute proceedings to be adjudicated a voluntary bankrupt, or shall consent to the filing of a
bankruptcy proceeding against it, or shall file a petition or answer or consent seeking an arrangement or a reorganization under the Federal bankruptcy laws or any other similar applicable Federal or state law, or shall consent to the filing of any
such petition, or shall consent to the appointment of a receiver or liquidator or trustee or assignee or other similar official in bankruptcy or insolvency of it or of all or substantially all of its property, or shall make an assignment for the
benefit of creditors generally, or shall admit in writing its inability to pay its debts generally as they become due; or 

(h) any other Event of Default provided in the Board Resolution, Officers’ Certificate or supplemental indenture under
which such series of Debt Securities is issued or in the form of Debt Security for such series. 
 In the case of each and every Event of Default, so long
as such Event of Default with respect to any series of Debt Securities for which there are Debt Securities Outstanding occurs and is continuing (other than an Event of Default specified in clause (f) or (g) of
Section 7.01) and shall not have been remedied or waived to the extent permitted by the terms of this Indenture, unless the principal of all of the Debt Securities of such series shall have already become due and payable, either the
Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Debt Securities of such series, by notice in writing to the Company (and to the Trustee if given by Holders), may declare the principal (or, if the Debt
Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms of that series) of all the Debt Securities of such series and the interest 

  
 37 

 accrued thereon to be due and payable immediately, and upon any such declaration the same shall become and shall
be immediately due and payable, anything in this Indenture or in the Debt Securities of such series contained to the contrary notwithstanding. If an Event of Default specified in clause (f) or (g) of Section 7.01
occurs and is continuing, then the principal amount of (or, if the Debt Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms thereof as due and payable upon
acceleration) and any accrued and unpaid interest on that series shall immediately become due and payable without any declaration or other act on the part of the Trustee or any Holder. This provision, however, is subject to the condition that if, at
any time after the principal of the Debt Securities of such series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the
Company shall pay or shall deposit with the Trustee a sum sufficient to pay in the currency in which the Debt Securities of such series are payable all matured installments of interest upon all of the Debt Securities and the principal of and
premium, if any, on any and all Debt Securities of such series which shall have become due otherwise than by such declaration (with interest on overdue installments of interest to the extent that payment of such interest is enforceable under
applicable law and on such principal and premium, if any, at the rate borne by the Debt Securities of such series or as otherwise provided in the form of Debt Security for such series, to the date of such payment or deposit) and the expenses of the
Trustee (subject to Section 8.06), and any and all defaults under this Indenture, other than the nonpayment of principal of and accrued interest on Debt Securities of such series which shall have become due by such declaration, shall
have been cured or shall have been waived in accordance with Section 7.07 or provision deemed by the Trustee to be adequate shall have been made therefor—then and in every such case the Holders of at least a majority in aggregate
principal amount of the Debt Securities of such series then Outstanding, by written notice to the Company and to the Trustee, may rescind and annul such declaration and its consequences; but no such rescission and annulment shall extend to or shall
affect any subsequent default, or shall impair any right consequent thereon. 
 In case the Trustee or any Holders shall have proceeded to
enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Company, the Trustee and the Holders shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the Holders shall continue as though no such proceeding
had been taken. 
 SECTION 7.02 Payment of Debt Securities Upon Default; Suit Therefor. The Company covenants that (a) in
case default shall be made in the payment of any installment of interest upon any Debt Security of any series as and when the same shall become due and payable, and such default shall have continued for a period of 30 days, or (b) in case
default shall be made in the payment of the principal of and premium, if any, on any Debt Security of any series as and when the same shall have become due and payable, whether at maturity of the Debt Security or upon redemption or by declaration or
otherwise or (c) in case default shall be made in the making or satisfaction of any sinking fund payment or analogous obligation with respect to 

  
 38 

 the Debt Securities of any series when the same becomes due by the terms of the Debt Securities of any
series—then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the Holders (or Holders of Debt Securities of any such series in the case of clause (c) above), the whole amount that then shall have
become due and payable on any such Debt Security (or Debt Securities of any such series in the case of clause (c) above) for principal and premium, if any, or interest, or both, as the case may be, with interest upon the overdue
principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue installments of interest at the rate borne by the Debt Securities of such series or as otherwise provided in the
form of Debt Security of such series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel, and any
expenses or liabilities incurred and advances made by the Trustee, except compensation or advances arising, or expenses or liabilities incurred, as a result of the Trustee’s negligence or bad faith. 

Until such demand is made by the Trustee, the Company may pay the principal of and premium, if any, and interest on the Debt Securities of any
series to the Persons entitled thereto, whether or not the principal of and premium, if any, and interest on the Debt Securities of such series are overdue. 

In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or any other obligor on such Debt Securities and collect, in the manner provided by law out of the property of the Company or any other obligor on such Debt Securities wherever situated, the moneys
adjudged or decreed to be payable. If any Event of Default with respect to any series of Debt Securities occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Debt
Securities of such series by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy. 
 In case there shall be pending proceedings for the
bankruptcy or for the reorganization of the Company or any other obligor on the Debt Securities of any series under the Federal bankruptcy laws or any other applicable law, or in case a receiver or trustee shall have been appointed for the property
of the Company or such other obligor, or in the case of any other similar judicial proceedings relative to the Company or other obligor upon the Debt Securities of any series, or to the creditors or property of the Company or such other obligor, the
Trustee, irrespective of whether the principal of the Debt Securities of such series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the
provisions of this Section 7.02, shall be entitled and empowered by intervention in such proceedings or otherwise, (a) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of
the 

  
 39 

 Debt Securities of such series, and, in case of any judicial proceedings, to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee and of the Holders of the Debt Securities of such series allowed in such judicial proceedings relative to the Company or any other obligor on such Debt
Securities, its or their creditors, or its or their property, (b) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of any Debt Securities of any series in any election of a trustee or a standby trustee in
arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and (c) to collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute the same after the deduction of its charges and expenses; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Holders of the Debt Securities of such series to make
such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Holders, to pay to the Trustee such amount as shall be sufficient to cover reasonable compensation to the Trustee, its
agents, attorneys and counsel, and all other expenses and liabilities incurred and advances made by the Trustee except compensation or advances arising, or expenses or liabilities incurred, as a result of the Trustee’s own negligence or willful
misconduct. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept, or adopt on behalf of
any Holder any plan or reorganization, arrangement, adjustment or composition affecting the Debt Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder (except, as aforesaid, for the
election of a trustee in bankruptcy or other Person performing similar functions) in any such proceeding. 
 All rights of action and of
asserting claims under this Indenture, or under any of the Debt Securities of any series, may be enforced by the Trustee without the possession of any of such Debt Securities, or the production thereof on any trial or other proceeding relative
thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the Debt Securities of such series in
respect of which such judgment has been recovered. 
 In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Debt Securities in respect to which such action was taken, and it shall not be necessary to make
any Holders of such Debt Securities parties to any such proceedings. 
 SECTION 7.03 Application of Moneys Collected by Trustee.
Any moneys collected by the Trustee pursuant to Section 7.02 shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys, upon presentation of the Debt Securities of such series,
and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

  
 40 

 FIRST: To the payment of costs and expenses of collection and reasonable
compensation to the Trustee, its agents, attorneys and counsel, and of all other expenses and liabilities incurred, and all advances made, by the Trustee except compensation or advances arising, or expenses or liabilities incurred, as determined by
a court of competent jurisdiction to have been caused by its own negligence or willful misconduct, and any other amounts owing the Trustee under Section 8.06; 

SECOND: In case the principal of the Debt Securities of such series shall not have become due and be unpaid, to the payment of
interest on such Debt Securities, in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the rate borne by
such Debt Securities, such payments to be made ratably to the Persons entitled thereto; 
 THIRD: In case the principal of
the Debt Securities of such series shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon such Debt Securities for principal and premium, if any, and interest, with interest on the overdue
principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate borne by such Debt Securities; and in case such moneys shall be insufficient to pay in full the
whole amounts so due and unpaid upon such Debt Securities, then, to the payment of such principal and premium, if any, and interest without preference or priority of principal and premium, if any, over interest, or of interest over principal and
premium, if any, or of any installment of interest over any other installment of interest, or of any Debt Security of such series over any other such Debt Security, such payments to be made ratably to the Persons entitled thereto; 

FOURTH: To the payment of any surplus then remaining to the Company, its successors or assigns, or as a court of competent
jurisdiction shall direct. 
 SECTION 7.04 Proceedings by Holders. No Holder of any Debt Security of any series shall have any
right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law or in bankruptcy or otherwise upon or under or with respect to this Indenture or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in
aggregate principal amount of the Debt Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to
institute any such action, suit or proceeding (and no direction inconsistent with such written request shall have been given to the Trustee pursuant to 

  
 41 

 Section 7.07), it being understood and intended, and being expressly covenanted by the taker and
Holder of every Debt Security of every series with every other taker and Holder and the Trustee, that no one or more Holders of Debt Securities 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 Holder of such Debt Securities, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner
herein provided and for the equal, ratable and common benefit of all Holders of Debt Securities. 
 SECTION 7.05 Proceedings by
Trustee. In case of an Event of Default hereunder the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise
of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 

SECTION 7.06 Remedies Cumulative and Continuing. All powers and remedies given by this Article Seven to the Trustee or to
the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any default occurring and continuing as aforesaid shall impair any such
right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 7.04, every power and remedy given by this Article Seven or by law to the Trustee or to
the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders. 

SECTION 7.07 Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority in aggregate
principal amount of the Outstanding Debt 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 Debt Securities by this Indenture; provided, however, that (subject to the provisions of Section 8.01) the Trustee shall have the right to decline to follow any such direction if the Trustee shall
determine upon advice of counsel that the action or proceeding so directed may not lawfully be taken or would be materially and unjustly prejudicial to the rights of Holders not joining in such direction or if the Trustee in good faith by a trust
committee of directors or trustees and/or Responsible Officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or
forebearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Debt Securities of all series not joining in the giving of said direction, it being understood that (subject to
Section 8.01) the Trustee shall have no duty to ascertain whether or not such actions or 

  
 42 

 forebearances are duly prejudicial to such Holders. The Trustee may take any other action deemed proper by the
Trustee not inconsistent with such direction. The Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of any series may on behalf of the Holders of all the Debt Securities of such series waive any past default or
Event of Default hereunder and its consequences except a default in the payment of principal of or premium, if any, or interest on such Debt Securities, or a default in the making of any sinking fund payment with respect to such Debt Securities.
Upon any such waiver the Company, the Trustee and the Holders of such Debt 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 Event of
Default or impair any right consequent thereon. Whenever any default or Event of Default shall have been waived as permitted by this Section 7.07, said default or Event of Default shall for all purposes of the Debt Securities and this
Indenture be deemed to have been cured and to be not continuing. 
 This Section 7.07 shall be in lieu of Sections 316(a)(1)(A)
and 316(a)(1)(B) of the Trust Indenture Act of 1939 and such Sections 316(a)(1)(A) and Section 316(a)(1)(B) are hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act of 1939. 

SECTION 7.08 Notice of Defaults. The Trustee shall give the Holders notice of any default hereunder as and to the extent provided
by the Trust Indenture Act of 1939; provided, however, that in the case of any default of the character specified in Section 7.01(d), no such notice to Holders shall be given until at least 60 days after the occurrence
thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default. 

SECTION 7.09 Undertaking to Pay Costs. In any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, 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 of 1939; provided that neither this Section nor the Trust Indenture Act of 1939 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, and any provision of the Trust Indenture Act of 1939 to such effect is hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act of 1939. This Section does not apply to a suit by
the Trustee, a suit by a Holder pursuant to Section 7.10 hereof or a suit by Holders of more than 10% in principal amount of the then Outstanding Debt Securities. 

SECTION 7.10 Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in
this Indenture, the Holder of any Debt Security shall have the rights, which are absolute and unconditional, to receive payment of the principal of, premium, if any, and (subject to Section 3.08) interest on such Debt Security on the
respective Stated Maturities expressed in such Debt Security (or in the case of redemption or repayment, on the date for redemption or repayment, as the case may be) and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder. 

  
 43 

 ARTICLE EIGHT. CONCERNING THE TRUSTEE 

SECTION 8.01 Duties and Responsibilities of Trustee. The duties and responsibilities of the Trustee shall be as provided by the
Trust Indenture Act of 1939. Notwithstanding the foregoing, no implied covenants or obligations, except as provided by the Trust Indenture Act of 1939, shall be read into this Indenture against the Trustee, and 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. 
 (a) Except during the
continuance of an Event of Default, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

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

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

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

  
 44 

 SECTION 8.02 Reliance on Documents, Opinions, etc. Subject to the provisions of
Section 8.01, 
 (a) the Trustee may conclusively rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper document believed by it to be genuine and to have been signed or presented by the proper party
or parties; 
 (b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by
an Officers’ Certificate (unless otherwise evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant
Secretary of the Company; 
 (c) the Trustee may consult with counsel of its selection and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Holders, pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities
which may be incurred therein or thereby; 
 (e) 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; 

(f) prior to the occurrence of an Event of Default with respect to the Debt Securities of any series and after the curing or
waiving of all Events of Default with respect to such Debt Securities, 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,
consent, order, approval, bond, debenture, note, or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation 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 at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys, and the Trustee shall not be liable or responsible for any willful misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

  
 45 

 (h) the Trustee shall not be deemed to have knowledge of any default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Debt Securities and this Indenture; 
 (i) 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; 
 (j) in no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action; 
 (k) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and 

(l) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture. 
 SECTION 8.03 No Responsibility for
Recitals, etc. The recitals contained herein and in the Debt Securities (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness
of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Debt Securities of any series. The Trustee represents that it is duly authorized to execute and deliver this Indenture and perform its
obligations hereunder. Neither the Trustee nor the Authenticating Agent shall be accountable for the use or application by the Company or any Debt Securities or the proceeds of any Debt Securities authenticated and delivered by the Trustee in
conformity with the provisions of this Indenture. 
 SECTION 8.04 Trustee and Agents May Own Debt Securities. The Trustee, any
paying agent, or any agent of the Trustee or the Company under this Indenture, in its individual or any other capacity, may become the owner or pledgee of Debt Securities of any series with the same rights it would have if it were not Trustee or
such agent and, subject to Sections 8.08 and 8.13, if operative, may otherwise deal with the Company and receive, collect, hold, and retain collections from the Company with the same rights it would have if it were not the Trustee
or such agent. 

  
 46 

 SECTION 8.05 Moneys to be Held in Trust. Subject to the provisions of
Section 13.04, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required
by law. Neither the Trustee nor any paying agent shall be under any liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon. So long as no Event of Default with respect to the Debt
Securities of any series shall have occurred and be continuing, all interest allowed on any such moneys shall be paid from time to time upon the written order of the Company, signed by its President, its Chief Financial Officer, any Vice President,
its Treasurer or an Assistant Treasurer. 
 SECTION 8.06 Compensation and Expenses of Trustee. The Company covenants and agrees
to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), and the Company will pay or
reimburse the Trustee upon its request for all expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements
of its counsel and all persons not regularly in its employ and any amounts paid by the Trustee to any Authenticating Agent pursuant to Section 8.14) except any such expense, disbursement or advance as shall be determined to have been
caused by its own negligence or willful misconduct. The Company also covenants to indemnify the Trustee for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence or willful misconduct on the part
of the Trustee and arising out of or in connection with the acceptance or administration of this trust, or the performance of its duties hereunder, including the current payment of all costs and expenses of defending itself against any claim of
liability in the premises. The obligations of the Company under this Section 8.06 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional
indebtedness hereunder and shall survive the termination and discharge of this Indenture. Such additional indebtedness shall be secured by a lien prior to that of the Debt Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the benefit of the Holders of particular Debt Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default, the expenses (including the reasonable charges and expenses
of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law. 

SECTION 8.07 Officers’ Certificate as Evidence. Subject to the provisions of Section 8.01, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee, and such
Officers’ Certificate, in the absence of negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 

  
 47 

 SECTION 8.08 Conflicting Interest of Trustee. If the Trustee has or shall acquire any
conflicting interest within the meaning of the Trust Indenture Act of 1939, the Trustee shall either eliminate such conflicting interest or resign in the manner provided by, and subject to the provisions of, the Trust Indenture Act of 1939 and this
Indenture. 
 SECTION 8.09 Eligibility of Trustee. There shall at all times be a Trustee with respect to each series of Debt
Securities hereunder which shall be a Person organized and doing business under the laws of the United States or any state or territory thereof or of the District of Columbia authorized under such laws to exercise trust powers, having a combined
capital and surplus of at least $50,000,000, subject to supervision or examination by Federal, state, territorial, or District of Columbia authority and willing to act as Trustee hereunder. If such Person publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.09, the combined capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee with respect to any series of Debt Securities shall cease to be eligible in accordance with the provisions of this
Section 8.09, such Trustee shall resign immediately in the manner and with the effect specified in Section 8.10. 

SECTION 8.10 Resignation or Removal of Trustee. 

(a) The Trustee may at any time resign with respect to any series of Debt Securities by giving written notice by first class
mail of such resignation to the Company and by giving notice thereof to the Holders of such series of Debt Securities in accordance with Section 15.03. Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee with respect to such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no
successor trustee with respect to such series shall have been so appointed and have accepted appointment within 60 days after such notice of resignation to the Holders, the resigning Trustee may petition at the expense of the Company any court of
competent jurisdiction for the appointment of a successor trustee, or any Holder of such series of Debt Securities who has been a bona fide Holder of a Debt Security or Debt Securities of such series for at least six months may, subject to the
provisions of Section 7.09, on behalf of such Holder and all others similarly situated, petition any such court for the appointment of a successor trustee with respect to such series. Such court may thereupon, after such notice, if any,
as it may deem proper and prescribe, appoint such successor trustee. 
 (b) In case at any time any of the following shall
occur— 
 (i) the Trustee shall fail to comply with the provisions of Section 8.08 after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Debt Security or Debt Securities of such series for at least six months, unless the Trustee’s duty to resign is stayed in accordance with the provisions of
Section 310(b) of the Trust Indenture Act of 1939, or 

  
 48 

 (ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section 8.09 and shall fail to resign after written request therefor by the Company or by any such Holder of a note of such series, or 

(iii) the Trustee shall become incapable of acting with respect to any series of Debt Securities, or shall be adjudged a
bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, 
 then, in any such case, the Company may remove the Trustee with respect to such series and appoint a successor trustee for such series by
written instrument, in duplicate, executed on instruction of the President, the Chief Financial Officer, the Treasurer, any Vice President or the General Counsel of the Company, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee, or, subject to the provisions of Section 7.09, any Holder who has been a bona fide Holder of a Debt Security or Debt Securities of such series for at least six months may, on behalf of such
Holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove such Trustee and appoint such successor trustee. 
 (c) The Holders of a majority in
aggregate principal amount of the Outstanding Debt Securities of any series may at any time remove the Trustee with respect to such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Company the evidence
provided for in Section 9.01 of the action in that regard taken by the Holders, and nominate a successor Trustee which shall be deemed appointed as successor Trustee unless within ten days after such nomination the Company objects
thereto, in which case the Trustee so removed or any Holder of a Debt Security or Debt Securities of such series, upon the terms and conditions and otherwise as in subsection (a) of this Section 8.10 provided, may petition
any court of competent jurisdiction for an appointment of a successor Trustee with respect to such series. 
 (d) Any
resignation or removal of the Trustee with respect to all or any series of Debt Securities and any appointment of a successor Trustee pursuant to any of the provisions of this Section 8.10 shall become effective upon acceptance of
appointment by the successor Trustee as provided in Section 8.11. 
 SECTION 8.11 Acceptance by Successor Trustee.
Any successor Trustee appointed as provided in Section 8.10 shall execute, acknowledge and deliver to the Company and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal
of the predecessor Trustee shall become effective with respect to all or any series as to which it is resigning as Trustee, and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
duties and obligations of its predecessor hereunder with respect to all or any such series, with like effect as if originally named as Trustee herein with respect to all or any such series; 

  
 49 

 nevertheless, on the written request of the Company or of the successor Trustee, the Trustee ceasing to act
shall, upon payment of any amounts then due it pursuant to the provisions of Section 8.06, execute and deliver an instrument transferring to such successor Trustee all the rights and powers of the Trustee with respect to all or any such
series so ceasing to act. Upon request of any such successor Trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor Trustee all such rights and powers. Any
Trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such Trustee with respect to all or any series as to which it is resigning as Trustee, to secure any amounts and shall be entitled to any
indemnities then due it pursuant to the provisions of Section 8.06. 
 No successor Trustee shall accept appointment as provided
in this Section 8.11 unless at the time of such acceptance such successor Trustee shall be qualified under the provisions of Section 8.08 and eligible under the provisions of Section 8.09. 

Upon acceptance of appointment by a successor Trustee with respect to all or any series of Debt Securities as provided in this
Section 8.11, the Company shall give notice of the succession of such Trustee hereunder to the Holders of Debt Securities of such series. If the Company fails to give such notice within ten days after acceptance of appointment by the
successor Trustee, the successor Trustee shall cause such notice to be given at the expense of the Company. 
 In case the appointment
hereunder of a successor Trustee with respect to the Debt Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Debt Securities of any applicable series shall execute and
deliver an indenture supplemental hereto which 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 Debt Securities of any
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and 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. 
 SECTION 8.12 Succession
by Merger, etc. Subject to Sections 8.08 and 8.09, any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any Person succeeding to the trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

In case at the time any successor to the Trustee shall succeed to the trusts created by this Indenture any of the Debt Securities shall have
been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor 

  
 50 

 Trustee, and deliver such Debt Securities so authenticated; and in case at that time any of the Debt Securities
shall not have been authenticated, any successor to the Trustee may authenticate such Debt Securities either in the name of such successor Trustee or, if such successor Trustee is a successor by merger, conversion or consolidation, the name of any
predecessor hereunder; and in all such cases such a certificate of authentication shall have the same force and effect as any other certificate of authentication of the Trustee made in accordance with this Indenture. 

SECTION 8.13 Limitation on Rights of Trustee as a Creditor. If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Debt Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act of 1939 regarding the collection of claims against the Company (or any such other obligor). 

SECTION 8.14 Authenticating Agents. There may be an Authenticating Agent or Authenticating Agents appointed by the Trustee from
time to time with power to act on its behalf and subject to its direction in the authentication and delivery of any series of Debt Securities issued upon original issuance, exchange, transfer or redemption thereof as fully to all intents and
purposes as though such Authenticating Agent (or Authenticating Agents) had been expressly authorized to authenticate and deliver such Debt Securities, and Debt Securities so authenticated shall be entitled to the benefits of this Indenture and
shall be valid and obligatory for all purposes as though authenticated by the Trustee hereunder. For all purposes of this Indenture, the authentication and delivery of Debt Securities by any Authenticating Agent pursuant to this
Section 8.14 shall be deemed to be the authentication and delivery of such Debt Securities “by the Trustee”, and whenever this Indenture provides that “the Trustee shall authenticate and deliver” Debt Securities or
that Debt Securities “shall have been authenticated and delivered by the Trustee”, such authentication and delivery by any Authenticating Agent shall be deemed to be authentication and delivery by the Trustee. Any such Authenticating Agent
shall at all times be a Person organized and doing business under the laws of the United States of America or of any State or Territory or the District of Columbia, with a combined capital and surplus of at least $50,000,000 and authorized under
such laws to act as an authenticating agent, duly registered to act as such, if and to the extent required by applicable law and subject to supervision or examination by Federal or State authority. If such Person publishes reports of its condition
at least annually pursuant to law or the requirements of such authority, then for the purposes of this Section 8.14 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 an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 8.14, or to be duly registered if and to the extent required by
applicable law and regulations, it shall resign immediately in the manner and with the effect herein specified in this Section 8.14. 

Whenever reference is made in this Indenture to the authentication and delivery of Debt Securities of any series by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by its Authenticating Agent appointed with respect to the Debt Securities of such series and a certificate
of authentication executed on behalf of the Trustee by its Authenticating Agent appointed with respect to the Debt Securities of such series. 

  
 51 

 Any Person into which any Authenticating Agent may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the authenticating agency business of any Authenticating Agent, shall be the successor
of such Authenticating Agent hereunder, if such successor Person is otherwise eligible under this Section 8.14, without the execution or filing of any paper or any further act on the part of the parties hereto or such Authenticating
Agent or such successor Person. 
 In case at the time such successor to any such agency shall succeed to such agency any of the Debt
Securities shall have been authenticated but not delivered, any such successor to such Authenticating Agent may adopt the certificate of authentication of any predecessor Authenticating Agent and deliver such Debt Securities so authenticated; and in
case at that time any of the Debt Securities shall not have been authenticated, any successor to any Authenticating Agent may authenticate such Debt Securities either in the name of any predecessor hereunder or in the name of the successor
Authenticating Agent; and in all cases such certificate shall have the full force which it has anywhere in the Debt Securities or in this Indenture provided that the certificate of the predecessor Authenticating Agent shall have had such force;
provided, however, that the right to adopt the certificate of authentication of any predecessor Authenticating Agent or to authenticate Debt Securities in the name of any predecessor Authenticating Agent shall apply only to its successor or
successors by merger, conversion or consolidation. 
 Any Authenticating Agent may at any time resign as Authenticating Agent with respect
to any series of Debt Securities by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating Agent with respect to any series of Debt Securities by giving written
notice of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time Authenticating Agent shall cease to be eligible under this
Section 8.14, the Trustee may, and shall, upon written request of the Company, promptly use its reasonable best efforts to appoint a successor Authenticating Agent. 

Upon the appointment, at any time after the original issuance of any of the Debt Securities, of any successor, additional or new
Authenticating Agent, the Trustee shall give written notice of such appointment to the Company and shall at the expense of the Company give notice of such appointment to all Holders of Debt Securities of such series. 

Any successor Authenticating Agent with respect to any series of Debt Securities upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as though originally named as an Authenticating Agent herein with respect to such series. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 8.14 and duly registered if and to the extent required under applicable law and regulations. 

Any Authenticating Agent by the acceptance of its appointment with respect to any series of Debt Securities shall be deemed to have agreed
with the Trustee that: it will 

  
 52 

 perform and carry out the duties of an Authenticating Agent as herein set forth with respect to such series,
including among other things the duties to authenticate and deliver Debt Securities when presented to it in connection with exchanges, registrations of transfer or redemptions thereof; it will keep and maintain, and furnish to the Trustee from time
to time as requested by the Trustee appropriate records of all transactions carried out by it as Authenticating Agent and will furnish the Trustee such other information and reports as the Trustee may reasonably require; it is eligible for
appointment as Authenticating Agent under this Section 8.14 and will notify the Trustee promptly if it shall cease to be so qualified; and it will indemnify the Trustee against any loss, liability or expense incurred by the Trustee and
will defend any claim asserted against the Trustee by reason of any acts or failures to act of the Authenticating Agent with respect to such series but it shall have no liability for any action taken by it at the specific written direction of the
Trustee. 
 The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation and expenses for its services,
and the Trustee shall have no liability for such payments. 
 The provisions of Sections 8.02(a), (b), (c),
(e) and (f), 8.03, 8.04, 8.06 (insofar as it pertains to indemnification), 9.01, 9.02 and 9.03 shall bind and inure to the benefit of each Authenticating Agent to the same extent that they
bind and inure to the benefit of the Trustee. 
 If an appointment with respect to one or more series is made pursuant to this
Section 8.14, the Debt Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

This is one of the Debt Securities of the series designated herein issued under the within-mentioned Indenture. 

 

									
	 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., as Trustee
		 		 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., as Trustee

					
	By:		  
				By:		  

			Authorized Signatory						As Authenticating Agent
					OR				
					
	Dated:						By:		  

									Authorized Signatory
					
							 Dated:
  
		

 ARTICLE NINE. CONCERNING THE HOLDERS 

SECTION 9.01 Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified
percentage in aggregate principal amount of the Debt Securities of any 

  
 53 

 series may take any action (including the making of any demand or request, the giving of any notice, consent or
waiver or the taking of any other action) the fact that at the time of taking any such action the Holders of such specified percentage of such series have joined therein may be evidenced (a) by any instrument or any number of instruments of
similar tenor executed by Holders of such series in person or by agent or proxy appointed in writing, or (b) by the record of the Holders of such series voting in favor thereof at any meeting of such Holders duly called and held in accordance
with the provisions of Article Ten, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders of such series. 

SECTION 9.02 Proof of Execution by Holders. Subject to the provisions of Sections 8.01, 8.02 and 10.05, proof
of the execution of any instrument by a Holder or such Holder’s agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory
to the Trustee. The ownership of Debt Securities shall be provided by the Debt Security Register or by a certificate of the Debt Security registrar with respect to a series of Debt Securities. The record of any Holders’ meeting shall be proved
in the manner provided in Section 10.06. 
 SECTION 9.03 Who Are Deemed Absolute Owners. The Company, the Trustee
with respect to a series of Debt Securities, and any agent of the Trustee or the Company under this Indenture may deem the Person in whose name such Debt Security shall be registered upon the Debt Security Register to be, and may treat such Person
as, the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue and notwithstanding any notation of ownership or other writing thereon made by anyone other than the Company, the Trustee or any such agent) for the
purpose of receiving payment of or on account of the principal of and premium, if any, and interest on such Debt Security and for all other purposes; and neither the Company nor the Trustee nor any such agent shall be affected by any notice to the
contrary. All such payments so made to any Holder for the time being or upon such Holder’s order shall, to the extent of the sum or sums so paid, be effectual to satisfy and discharge the liability for moneys payable upon any such Debt
Security. 
 SECTION 9.04 Company-Owned Debt Securities Disregarded. In determining whether the Holders of the requisite
aggregate principal amount of Debt Securities of any series have concurred in any direction or consent under this Indenture, Debt Securities of such series which are owned by the Company or any other obligor on the Debt Securities of such series or
by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on such Debt Securities shall be disregarded and deemed not to be Outstanding for the purpose of any
such determinations; provided, however, that for the purposes of determining whether the Trustee shall be protected in relying on any such direction or consent only such Debt Securities which a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding notwithstanding this Section 9.04 if the pledgee shall establish to the satisfaction of the Trustee
the right of the pledgee to vote such Debt Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. Upon request of the
Trustee, the Company shall furnish to the Trustee 

  
 54 

 promptly an Officers’ Certificate listing and identifying all Debt Securities of a series, if any, known by
the Company to be owned or held by or for the account of the Company or any other obligor on such Debt Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any
other obligor on such Debt Securities; and, subject to the provisions of Section 8.01, the Trustee shall be entitled to accept such Officers’ Certificates as conclusive evidence of the facts therein set forth and of the fact that
all such Debt Securities not listed therein are Outstanding for the purpose of any such determination. 
 SECTION 9.05 Revocation of
Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 9.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Debt
Securities of any series specified in this Indenture in connection with such action, any Holder of a Debt Security which is shown by the evidence to be included in the Debt Securities the Holders of which have consented to or are bound by consents
to such action, may, by filing written notice with the Trustee at the Corporate Trust Office and upon proof of holding as provided in Section 9.02, revoke such action so far as concerns such Debt Security. Except as aforesaid any such
action taken by the Holder of any Debt Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Debt Security and of any Debt Security issued on transfer thereof or in exchange or substitution
therefor, irrespective of whether or not any notation in regard thereto is made upon any such Debt Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Debt Securities specified in this Indenture in
connection with such action shall be conclusively binding upon the Company, the Trustee and the Holders of all of the Debt Securities affected by such action. 

ARTICLE TEN. HOLDERS’ MEETINGS 

SECTION 10.01 Purposes of Meetings. A meeting of Holders of the Debt Securities of all or any series may be called at any time and
from time to time pursuant to the provisions of this Article Ten for any of the following purposes: 
 (a) to give any notice
to the Company or to the Trustee with respect to such series, or to give any directions to the Trustee, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to be taken by Holders
pursuant to any of the provisions of Article Seven; 
 (b) to remove the Trustee and nominate a successor trustee
pursuant to the provisions of Article Eight; 
 (c) to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of Section 11.02; or 
 (d) to take any other action authorized to
be taken by or on behalf of the Holders of any specified aggregate principal amount of the Debt Securities of all or any series, as the case may be, under any other provision of this Indenture or under applicable law. 

  
 55 

 SECTION 10.02 Call of Meetings by Trustee. The Trustee may at any time call a meeting
of Holders of Debt Securities of all or any series to take any action specified in Section 10.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders of Debt Securities of all
or any series, setting forth the time and place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given by the Trustee to Holders of Debt Securities of each series that may be affected by the action
proposed to be taken at such meeting. Such notice shall be given not less than 20 nor more than 90 days prior to the date fixed for the meeting. 

SECTION 10.03 Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a resolution by the Board of
Directors, or the Holders of at least 10% in aggregate principal amount of the Debt Securities then Outstanding of each series that may be affected by the action proposed to be taken shall have requested the Trustee to call a meeting of such
Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have given the notice of such meeting within 20 days after receipt of such request, then the Company or such
Holders may determine the time and place for such meeting and may call such meeting to take any action authorized in Section 10.01, by giving notice thereof as provided in Section 10.02. 

SECTION 10.04 Qualifications for Voting. To be entitled to vote at any meeting of Holders of Debt Securities a person shall
(a) be a Holder of one or more Debt Securities of a series affected by the action proposed to be taken or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more such Debt Securities. The rights of Holders
of Debt Securities to have their votes counted shall be subject to the provisions in the definition of “Outstanding” in Section 1.01. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of
Debt Securities shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

SECTION 10.05 Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders of Debt Securities, in regard to proof of the holding of Debt Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. Except as otherwise permitted or required by any such regulation, the
holding of Debt Securities shall be proved in the manner specified in Section 9.02 and the appointment of any proxy shall be proved in the manner specified in said Section 9.02 or by having the signature of the Person
executing the proxy witnessed or guaranteed by any bank, broker or trust company. 
 The Trustee shall, by an instrument in writing, appoint
a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Debt Securities as provided in Section 10.03, in which case the Company or the Holders of Debt Securities calling the meeting,
as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Debt Securities represented at the
meeting and entitled to vote. 

  
 56 

 Subject to the provisions of Section 9.04, at any meeting each Holder of a Debt
Security of a series entitled to vote at such meeting or proxy shall be entitled to one vote for each $1,000 principal amount of Debt Securities of such series held or represented by such Holder; provided, however, that no vote shall be cast
or counted at any meeting in respect of any Debt Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote except as a Holder of Debt Securities of
such series or proxy therefor. Any meeting of Holders of Debt Securities duly called pursuant to the provisions of Section 10.02 or 10.03 may be adjourned from time to time and the meeting may be held as so adjourned without
further notice. 
 At any meeting of Holders of Debt Securities, the presence of Persons holding or representing Debt Securities in an
aggregate principal amount sufficient to take action upon the business for the transaction of which such meeting was called shall be necessary to constitute a quorum; but, if less than quorum be present, the Persons holding or representing a
majority of the Debt Securities represented at the meeting may adjourn such meeting with the same effect, for all intents and purposes, as though a quorum had been present. 

SECTION 10.06 Voting. The vote upon any resolution submitted to any meeting of Holders of Debt Securities shall be by written
ballots on which shall be subscribed the signatures of the Holders of Debt Securities entitled to vote at such meeting or of their representatives by proxy, and the letter or letters, serial number or numbers or other distinguishing marks of the
Debt Securities held or represented by each such Holder. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders of Debt Securities shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing
that said notice was given as provided in Section 10.02. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the
other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

SECTION 10.07 No Delay of Rights by Meeting. Nothing in this Article Ten contained shall be deemed or construed to
authorize or permit, by reason of any call of a meeting of Holders of Debt Securities of any or all series or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights
conferred upon or reserved to the Trustee or to the Holders of Debt Securities under any of the provisions of this Indenture or of the Debt Securities. 

  
 57 

 ARTICLE ELEVEN. SUPPLEMENTAL INDENTURES 

SECTION 11.01 Supplemental Indentures without Consent of Holders. The Company, when authorized by a Board Resolution, and the
Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 

(a) to evidence the succession of another Person to the Company, or successive successions, and the assumption by the successor
Person of the covenants, agreements and obligations of the Company pursuant to Articles Five and Twelve hereof; 

(b) to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Board of
Directors shall consider to be for the protection of the Holders of Debt Securities of any or all series, and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or
provisions a default or an Event of Default with respect to such series permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, however, that in respect of any such additional
covenant, restriction or condition, such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate
enforcement upon such default or may limit the remedies available to the Trustee upon such default; 
 (c) 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 or to make any changes hereto
that are required by law; 
 (d) to secure the Debt Securities of all series in accordance with the provisions of
Section 5.05; 
 (e) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee; 

(f) to make such other provisions in regard to matters or questions arising under this Indenture as shall not adversely affect
the interests of the Holders of the Debt Securities; 
 (g) to evidence and provide for the acceptance of appointment by
another Person as a successor Trustee hereunder with respect to one or more series of Debt Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, pursuant to Section 8.11; 
 (h) to modify, amend or supplement this
Indenture in such a manner as to permit the qualification of any indenture supplemental hereto under the Trust Indenture Act of 

  
 58 

 1939 as then in effect, except that nothing herein contained shall permit or authorize the
inclusion in any indenture supplemental hereto of the provisions referred to in Section 316(a)(2) of the Trust Indenture Act of 1939; 

(i) to provide for the issuance under this Indenture of Debt Securities in coupon form (including Debt Securities registrable
as to principal only) and to provide for exchangeability of such Debt Securities with Debt Securities of the same series issued hereunder in fully registered form and to make all appropriate changes for such purpose; 

(j) to change or eliminate any of the provisions of this Indenture, provided, however, that any such change or
elimination shall become effective only when there is no Debt Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 

(k) to establish any additional form of Debt Security, as permitted by Section 2.02, and to provide for the
issuance of any additional series of Debt Securities, as permitted by Section 3.01, and to set forth the terms thereof. 
 The Trustee is hereby
required to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge
of any property thereunder, but the Trustee 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. Any supplemental indenture
authorized by the provisions of this Section 11.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Debt Securities at the time Outstanding, notwithstanding any of the provisions of
Section 11.02. 
 SECTION 11.02 Supplemental Indentures with Consent of Holders. With the consent (evidenced as
provided in Section 9.01) of the Holders of greater than 50% in aggregate principal amount of the Outstanding Debt Securities of each series affected by such supplemental indenture (all such Holders voting as a single class), by act of
said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Debt Securities of each series under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the Holders of all of the Outstanding Debt Securities of each series affected, (i) extend the fixed maturity of any Debt Security of such series, or
reduce the rate or extend the time of payment of interest thereon, or reduce the principal amount thereof or any premium thereon, or make the principal thereof or interest or premium thereon payable in any coin or currency other than that provided
in the Debt Securities of such series or (ii) reduce the aforesaid percentage of Debt Securities of a series, the Holders of which are required to consent (a) to any such supplemental indenture, (b) to rescind and annul a declaration
that any Debt Securities of such series are due and payable 

  
 59 

 as a result of the occurrence of an Event of Default, (c) to waive any past default under the Indenture and
its consequences or (d) to waive compliance with Sections 5.02, 5.04 (other than 5.04(a)(1) and (2)) to 5.08, inclusive, or with any additional covenant, agreement or condition contained in a Board
Resolution or Officers’ Certificate establishing such series of Debt Securities, any indenture supplemental hereto applicable to such series or any Debt Security of such series. 

Upon the request of the Company, accompanied by a copy of a Board Resolution certified by its Secretary or Assistant Secretary authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders of Debt Securities as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless
such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

It shall not be necessary for the consent of the Holders of Debt Securities under this Section 11.02 to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

SECTION 11.03 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of
this Article Eleven, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the
Company and the Holders of Debt Securities shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 SECTION 11.04 Notation on Debt
Securities. Debt Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article Eleven may bear a notation in form approved by the Trustee as to any matter provided
for in such supplemental indenture. If the Company or the Trustee shall so determine, new Debt Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors to any modification of this Indenture
contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee and delivered in exchange for the Outstanding Debt Securities of such series. 

SECTION 11.05 Evidence of Compliance of Supplemental Indenture to be Furnished Trustee. The Trustee, subject to the provisions of
Sections 8.01 and 8.02, shall receive, and shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies
with the requirements of this Article Eleven and is authorized and permitted by this Indenture. 

  
 60 

 ARTICLE TWELVE. CONSOLIDATION, MERGER, SALE AND CONVEYANCE 

SECTION 12.01 Company May Consolidate, etc., on Certain Terms. Nothing contained in this Indenture or in any of the Debt
Securities shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor or successors shall be a
party or parties, or shall prevent any sale, conveyance or lease of all or substantially all of the property of the Company to any other Person (whether or not affiliated with the Company) authorized to acquire and operate the same; provided,
however, and the Company hereby covenants and agrees, that any such consolidation, merger, sale, conveyance (excluding any pledge) or lease shall be upon the condition that (a) immediately after such consolidation, merger, sale, conveyance
or lease the entity (whether the Company or such other Person) formed by or surviving any such consolidation or merger, or to which such sale, conveyance or lease shall have been made, shall not be in default in the performance or observance of any
of the terms, covenants and conditions of this Indenture to be kept or performed by the Company; (b) the Person (if other than the Company) formed by or surviving any such consolidation or merger or to which such sale, conveyance or lease shall
have been made, shall be a Person organized under the laws of the United States of America or any state thereof; and (c) the due and punctual payment of the principal of and premium, if any, and interest on all of the Debt Securities, according
to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Company, shall be expressly assumed, by supplemental indenture satisfactory in form to
the Trustee, executed and delivered to the Trustee by the Person (if other than the Company) formed by such consolidation, or into which the Company shall have been merged, or by the Person which shall have acquired or leased such property. 

SECTION 12.02 Successor Entity to be Substituted. In case of any such consolidation, merger, sale, conveyance (excluding any
pledge) or lease and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and premium, if any, and
interest on all of the Debt Securities and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to performed or observed by the Company, such successor Person shall succeed to and be substituted
for the Company, with the same effect as if it had been named herein as the party of the first part, and (except in the event of a conveyance by way of lease) the predecessor entity shall be relieved of any further obligation under this Indenture
and the Debt Securities. Such successor Person thereupon may cause to be signed, and may issue either in its own name or in the name of Harley-Davidson, Inc. any or all of the Debt Securities issuable hereunder which theretofore shall not have been
signed by the Company and delivered to the Trustee; and, upon the order of such successor Person instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall
deliver any Debt Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Debt Securities which such successor Person thereafter shall cause to be signed and delivered
to the Trustee for that purpose. All the Debt Securities of each series so issued shall in all respects have the same legal rank and benefit 

  
 61 

 under this Indenture as the Debt Securities of such series theretofore or thereafter issued in accordance with
the terms of this Indenture as though all of such Debt Securities had been issued at the date of the execution hereof. In case of any such consolidation, merger, sale, conveyance or lease such changes in phraseology and form (but not in substance)
may be made in the Debt Securities thereafter to be issued as may be appropriate. 
 SECTION 12.03 Opinion of Counsel to Be Given
Trustee. The Trustee, subject to Sections 8.01 and 8.02, shall be provided with an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale or conveyance and any such assumption complies with the
provisions of this Article Twelve and that all conditions precedent herein provided relating to such transactions have been complied with. 

ARTICLE THIRTEEN. SATISFACTION AND DISCHARGE OF INDENTURE 

SECTION 13.01 Satisfaction, Discharge and Defeasance of Debt Securities of any Series. The Company shall be deemed to have paid
and discharged the entire indebtedness on all the Debt Securities of a series, the provisions of this Indenture (except as to (x) the rights of Holders of Debt Securities of such series to receive, from the money, in the currency required, and
Government Obligations deposited with the Trustee pursuant to Section 13.02(a) or the interest and principal received by the Trustee in respect of such Government Obligations, payment of the principal of (and premium, if any) and any
installment of principal of (and premium, if any) or interest on such Debt Securities on the Stated Maturities thereof or upon the Redemption Dates for Debt Securities required to be redeemed pursuant to any mandatory sinking fund or analogous
provisions relating to Debt Securities of that series or pursuant to any call for redemption relating to Debt Securities of that series, (y) the Company’s rights and obligations with respect to such Debt Securities under
Sections 3.06, 3.07, 13.03 and 13.04, 5.02, 5.04, 6.01, 8.06, 8.10, 8.11 and, to the extent applicable to such series, Article Four, so long as the principal of (and
premium, if any) and interest on the Debt Securities of such series remain unpaid and, thereafter, only the Company’s rights and obligations under Sections 5.04, 8.06, 13.03 and 13.04, and (z) the rights,
powers, trusts, duties and immunities of the Trustee with respect to the Debt Securities of such series) as it relates to such Debt Securities shall no longer be in effect, and the Trustee, at the expense of the Company, shall, upon Company Request,
execute proper instruments acknowledging the same if: 
 (a) (1) all Debt Securities of such series therefore
authenticated and delivered (other than (i) Debt Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.07 and (ii) Debt 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 Company or discharged from such trust, as provided in Sections 13.03 and 13.04) have been delivered to the Trustee for
cancellation; (2) the Company has paid or caused to be paid in the currency required all other sums payable under this Indenture in respect of the Debt Securities of such series; and (3) the Company has delivered to the Trustee an
Officers’ Certificate, an Opinion of Counsel and a written opinion of independent public accountants, each stating that all conditions precedent herein provided for relating to the satisfaction of the entire indebtedness of all Debt Securities
of any such series and the discharge of the Indenture as it relates to such Debt Securities have been complied with; or 

  
 62 

 (b) (1) all Debt Securities of such series not theretofore delivered to the
Trustee for cancellation (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense of the Company; (2) the condition described in paragraph (a) of Section 13.02 has been satisfied; and (3) the conditions
described in paragraphs (a)(2) and (a)(3) of this Section 13.01 have been satisfied; or 
 (c)
(1) the conditions referred to in paragraphs (b)(2) and (b)(3) of this Section 13.01 have been satisfied; (2) no Event of Default or event which with notice or lapse of time would become an Event of Default shall
have occurred and be continuing on the date of the deposit referred to in paragraph (a) of Section 13.02 or on the ninety-first day after the date of such deposit; provided, however, that should that condition fail to
be satisfied on or before such ninety-first day, the Trustee shall promptly, upon satisfactory receipt of evidence of such failure, return such deposit to the Company; (3) the Company has either (i) delivered to the Trustee an opinion of
counsel of a nationally-recognized independent tax counsel to the effect that Holders of the Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and the satisfaction,
discharge and defeasance contemplated by this paragraph (c) of this Section 13.01 and will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such
deposit and defeasance had not occurred or (ii) the Company shall have received from, or there shall have been published by, the United States Internal Revenue Service a ruling to the effect stated in subsection (i) of this
Section 13.01(c)(3); and (4) the Company has received an Opinion of Counsel to the effect that the satisfaction, discharge and defeasance contemplated by this Section 13.01 will not result in the delisting of the Debt
Securities of that series from any nationally-recognized securities exchange on which they are listed. 
 SECTION 13.02 Defeasance
of Debt Securities of any Series. The provisions of this Indenture (except as to (x) the rights of Holders of Debt Securities of any series to receive, from the money, in the currency required, and Government Obligations deposited with the
Trustee pursuant to paragraph (a) below or the interest and principal received by the Trustee in respect of such Government Obligations, payment of the principal of (and premium, if any) and any installment of principal of (and premium,
if any) or interest on such Debt Securities on the Stated Maturities thereof or upon the Redemption Dates for Debt Securities required to be redeemed pursuant to any mandatory sinking or analogous provisions relating to Debt Securities of that
series or pursuant to any call for redemption relating to Debt Securities of that series, (y) the Company’s rights and obligations with respect to such Debt Securities under Sections 3.06, 3.07, 13.03,
13.04, Article Seven (other than subsections (d) and (e) of Section 7.01), Sections 5.01, 5.02, 5.04, 6.01, 8.06, 8.10, 8.11 and, to the extent
applicable to such series, Article Four, so long as the principal of (and premium, if any) and interest on the Debt Securities of such series remain unpaid and, thereafter, only the Company’s rights and obligations under
Sections 5.04, 8.06, 

  
 63 

 13.03 and 13.04, and (z) the rights, powers, trusts, duties and immunities of the Trustee with
respect to the Debt Securities of such series) as it relates to Debt Securities of any series shall no longer be in effect, and the Trustee, at the expense of the Company shall, upon Company Request, execute proper instruments acknowledging the same
if: 
 (a) the Company has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose
(A) the Dollars or Foreign Currency, as applicable, in an amount, or (B) Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide on or before the due date of
any payment in respect of such series of Debt Securities in an amount, or (C) a combination thereof, sufficient, after payment of all Federal, state and local taxes in respect thereof payable by the Trustee, in the opinion of a
nationally-recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge (i) the principal of (and premium, if any) and each installment of principal (and premium,
if any) and interest on the Outstanding Debt Securities of that series on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments or payments pursuant to
any call for redemption applicable to Debt Securities of such series on the day on which such payments are due and payable in accordance with the terms of the Indenture and such Debt Securities; 

(b) no Event of Default or event which with notice or lapse of time would become an Event of Default shall have occurred and be
continuing on the date of such deposit; 
 (c) the interest of the Holders in such deposit shall have been duly perfected
under the applicable provisions of the Uniform Commercial Code; and 
 (d) 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 defeasance contemplated by this Section have been complied with. 

SECTION 13.03 Application of Trust Funds; Indemnification. 

(a) Subject to the provisions of Section 13.04, all money and Government Obligations deposited with the Trustee
pursuant to Section 13.01 or 13.02 and all money received by the Trustee in respect of Government Obligations deposited with the Trustee, shall be held in trust and applied by it, in accordance with the provisions of the Debt
Securities and this Indenture, to the payment, either directly or through any paying agent (including the Company acting as its own paying agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any)
and interest for whose payment such money and Government Obligations have been deposited with or received by the Trustee as contemplated by Section 13.01 or 13.02. 

(b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against
Government Obligations deposited 

  
 64 

 pursuant to Section 13.01 or 13.02 or the interest and principal received in
respect of such obligations, other than any such tax, fee or other charge payable by or on behalf of Holders. The Company shall be entitled to prompt notice of an assessment or the commencement of any proceeding for which indemnification may be
sought hereunder and, at its election, to contest such assessment or to participate in, assume the defense of, or settle such proceeding. 

(c) The Trustee shall deliver or pay to the Company from time to time upon Company Request any Government Obligations or money
held by it as provided in Section 13.01 or 13.02 which, in the opinion of a nationally-recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of
the amount thereof which then would have been required to be deposited for the purpose for which such obligations or money were deposited or received. 

(d) If the Trustee is unable to apply any money or Government Obligations in accordance with this Section 13.03 by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Debt
Securities, if any, of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 13.01 or Section 13.02, as the case may be, until such time as the Trustee is permitted to apply all
such money or Government Obligations in accordance with this Section 13.03; provided, however, that if the Company has made any payment of interest on or principal of (and premium, if any) on any Debt Securities, if any, of such
series because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such series of Debt Securities, if any, to receive such payment from the money or Government Obligations held by the Trustee.

 SECTION 13.04 Return of Unclaimed Moneys. Any moneys deposited with or paid to the Trustee or any paying agent for payment of
the principal of and premium, if any, or interest on Debt Securities and not applied but remaining unclaimed by the Holders of Debt Securities for two years after the date upon which the principal of and premium, if any, or interest on such Debt
Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee or such paying agent on written demand; and the Holder of any of the Debt Securities entitled to receive such payment shall thereafter
look only to the Company for any payment thereof. 
 ARTICLE FOURTEEN. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, ETC. 

SECTION 14.01 Indenture and Debt Securities Solely Obligations of the Company. No recourse under or upon any obligation, covenant
or agreement of this Indenture, any supplemental indenture, or of any Debt Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, organizer, stockholder, member, owner, officer, director,
manager or employee, as such, past, present or future, of the Company or any Subsidiary or of any predecessor or successor Person, either directly or through the Company, 

  
 65 

 whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely obligations of the Company, and that no such personal liability whatever shall attach to, or is or shall be incurred by, any
incorporator, organizer, stockholder, member, owner, officer, director, manager or employee, as such, of the Company or of any predecessor or successor Person, or any of them, because of the creation of the indebtedness hereby authorized, or under
or by reason of the obligations, covenants or agreements contained in this Indenture, or in any of the Debt Securities or implied thereby; and that any and all such personal liability, either at common law or in equity or by constitution or statute
of, and any and all such rights and claims against, every such incorporator, organizer, stockholder, member, owner, officer, director, manager or employee, as such, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Debt Securities or implied thereby, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and
the issue of such Debt Securities. 
 ARTICLE FIFTEEN. MISCELLANEOUS PROVISIONS 

SECTION 15.01 Provisions Binding on Successors of the Company. All of the covenants, stipulations, promises and agreements in this
Indenture contained by the Company shall bind its successors and assigns whether so expressed or not. 
 SECTION 15.02 Indenture for
Sole Benefit of Parties and Holders of Debt Securities. Nothing in this Indenture or in the Debt Securities, expressed or implied, shall give or be construed to give to any Person, firm or corporation, other than the parties hereto, any agent of
the Trustee or the Company under this Indenture and the Holders of the Debt Securities, any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such
covenants, conditions and provisions being, subject to the provisions of Articles Twelve and Fourteen, for the sole benefit of the parties hereto, any agent of the Trustee or the Company under this Indenture and the Holders of the
Debt Securities. 
 SECTION 15.03 Addresses for Notices, etc. Any notice or demand which by any provision of this Indenture is
required or permitted to be given or served by the Trustee or by the Holders of Debt Securities on the Company may be given or served by being deposited, registered or certified mail postage prepaid, in a post office letter box in the United States
or by facsimile transmission addressed (until another address is filed by the Company with the Trustee) to the Company, 3700 West Juneau Avenue, Milwaukee, Wisconsin 53208, Attention: Treasurer, facsimile no. (414) 343-4990, with a copy to the
Company, 3700 West Juneau Avenue, Milwaukee, Wisconsin 53208, Attention: General Counsel, facsimile no. (414) 343-4089. Any notice, direction, request or demand by any Holder of a Debt Security or the Company to or upon the Trustee shall be
deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office. Any notice, report or other instrument required or permitted by any of the provisions of this Indenture to be given by the
Trustee or the Company to the Holders of Debt Securities of any or all series shall be deemed to 

  
 66 

 have been sufficiently given, for all purposes, when delivered to their addresses as they shall appear on the
Debt Security Register or, in the case of Global Debt Securities, when transmitted in accordance with the procedures of the Depository. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile
transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen
signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding that such instructions conflict or are inconsistent with a subsequent written instruction. The Company
agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception
and misuse by third parties. 
 SECTION 15.04 New York Contract. Pursuant to New York General Obligations Law 5–1401, this
Indenture and the Debt Securities shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in such state. 

SECTION 15.05 Submission to Jurisdiction. The parties irrevocably submit to the non-exclusive jurisdiction of any New York State
or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the parties irrevocably waive and agree not
to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought
in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

SECTION 15.06 Evidence of Compliance with Conditions Precedent. Upon any Company request to the Trustee to take any action under
any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any (including any covenant, compliance with which constitutes a condition precedent) provided
for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with, except that in the case of any such
application or demand as to which the furnishing of such document is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

  
 67 

 Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture shall include (1) a statement that the Person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (3) a statement that, in the opinion of such Person, such Person has made such examination or investigation
as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has
been complied with. 
 SECTION 15.07 Legal Holidays. In any case where the date of maturity of interest on or principal of or
premium, if any, on any series of Debt Securities or the date fixed for redemption or other purchase by the Company of any Debt Security or Debt Securities will be a legal holiday or a day on which banking institutions are legally authorized or
obligated to close in New York or any other location where a paying agent appointed pursuant to Section 5.02 is located, then payment of such interest on or principal of and premium, if any, on such Debt Securities, or payment of the
redemption or other purchase price with respect to such Debt Securities, need not be made by such paying agent on such date but may be made by such paying agent on the next succeeding business day that is not a day in such location that is either a
legal holiday or a day on which banking institutions are legally authorized or obligated to close, with the same force and effect as if made on such date of maturity or the date fixed for redemption or other purchase and no interest shall accrue for
the period from and after such prior date. 
 SECTION 15.08 Trust Indenture Act of 1939 to Control. If any provision hereof
limits, qualifies or conflicts with the duties imposed by any of Sections 310 through 317 of the Trust Indenture Act of 1939, by the operation of Section 318(c) thereof, such imposed duties shall control, except as, and to the extent,
expressly excluded from this Indenture, as permitted by the Trust Indenture Act of 1939. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act of 1939 that 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 15.09 Table of
Contents, Headings, etc. The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or
restrict any of the terms or provisions hereof. 
 SECTION 15.10 Determination of Principal Amount. In determining whether the
Holders of the requisite principal amount of Outstanding Debt Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, or whether sufficient funds are available for redemption or for any
other purpose, (i) the principal amount of an Original Issue Discount Debt Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the maturity thereof pursuant to 

  
 68 

 Section 7.01, (ii) the principal amount of any Debt Securities denominated in a Foreign Currency
that shall be deemed to be Outstanding for such purposes shall be determined by converting the Foreign Currency into Dollars at the Market Exchange Rate as of the date of such determination and (iii) the principal amount of any Indexed Debt
Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal face amount of such Indexed Debt Security at original issuance, unless otherwise provided in or pursuant to this Indenture. 

SECTION 15.11 Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original and such counterparts shall together constitute but one and the same instrument. The Bank of New York Mellon Trust Company, N.A. hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions hereinabove
set forth. 
 SECTION 15.12 Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE DEBT SECURITIES. 

SECTION 15.13 Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION 15.14 FATCA.
In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”) that a foreign
financial institution, issuer, trustee, paying agent, holder or other institution is or has agreed to be subject to related to this Indenture, the Company agrees (i) to provide to the Trustee sufficient information about holders, other
applicable parties and transactions (including any modification to the terms of such transactions) so the Trustee can determine whether it has tax related obligations under Applicable Law, (ii) that the Trustee shall be entitled to make any
withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability, and (iii) to hold harmless the Trustee for any losses it may suffer due to the
actions it takes to comply with such Applicable Law. The terms of this section shall survive the termination of this Indenture. 
 [Remainder
of Page Intentionally Left Blank] 

  
 69 

 IN WITNESS WHEREOF, the undersigned have executed this Indenture as of the date first set forth
above. 
  

			
	HARLEY-DAVIDSON, INC.
		
	By:		  

	Name:		
	Title:		
	
	 THE BANK OF NEW YORK MELLON
 TRUST
COMPANY, N.A.

		
	By:		  

	Name:		
	Title:		

  
 70ABCO 12.31.2014 Exhibit 10.34

Exhibit 10.34

	
		
	J.P. MORGAN SECURITIES LLC 
JPMORGAN CHASE BANK, N.A. 
383 Madison Avenue 
New York, New York  10017
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
BANK OF AMERICA, N.A. 
One Bryant Park 
New York, New York 10036

December 10, 2014
Project Ram  
$775 Million Senior Secured Credit Facilities 
Commitment Letter
The Advisory Board Company
2445 M Street, NW
Washington, D.C. 20037
Attention:    Michael T. Kirshbaum, Chief Financial Officer
and Treasurer
Ladies and Gentlemen:
The Advisory Board Company (the “Borrower” or “you”) has advised J.P. Morgan Securities LLC (“JPMorgan”), JPMorgan Chase Bank, N.A. (“JPMorgan Chase Bank”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (together with its designated affiliates, “Merrill Lynch”) and Bank of America, N.A. (“Bank of America”) (JPMorgan Chase Bank and Bank of America, each, a “Bank” and, together, the “Banks”) that you intend to acquire directly or indirectly (the “Acquisition”) all of the issued and outstanding equity interests of a company previously identified to us as “Ram” (the “Target”) pursuant to a stock purchase agreement (the “Purchase Agreement”).  You have further advised us that, in connection with the foregoing, you intend to consummate the other Transactions described in the Transaction Description attached hereto as Exhibit A (the “Transaction Description”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Transaction Description or the Summary of Terms and Conditions attached hereto as Exhibit B (the “Term Sheet”; this commitment letter, the Transaction Description, the Term Sheet and the Summary of Additional Conditions attached hereto as Exhibit C, collectively, the “Commitment Letter”).
1.Commitments.  In connection with the foregoing, (a) JPMorgan Chase Bank is pleased to advise you of its several, but not joint, commitment to provide 57.14% of the principal amount of the Credit Facilities and (b) Bank of America is pleased to advise you of its several, but not joint, commitment to provide 42.86% of the principal amount of the Credit Facilities, in each case upon the terms and subject to the conditions set forth in this Commitment Letter.
You shall have the right, at any time until 5 business days after the date this Commitment Letter and the Fee Letter referred to below are executed and delivered by you, to obtain commitments from additional banks, financial institutions and other entities (the “Additional Commitment Lenders” and, together with the Banks, each, an “Initial Commitment Lender” and, collectively, the “Initial Commitment Lenders”) to assume the rights and obligations of the Banks hereunder in respect of up to 

30% of the commitments under the Credit Facilities (allocated ratably between the Credit Facilities); provided that no Additional Commitment Lender shall receive economics that are greater than the economics allocated to a Bank hereunder; provided, further, that the Additional Commitment Lenders and the assignment and assumption documentation shall be reasonably acceptable to the Banks.  The Banks’ commitments shall be reduced pro rata by the aggregate amount of commitments held by the Additional Commitment Lenders upon the execution by such Additional Commitment Lenders of such documentation.
2.Titles and Roles.  It is agreed that (a) each of JPMorgan and Merrill Lynch will act as a joint bookrunner and a joint lead arranger for the Credit Facilities and (b) JPMorgan Chase Bank will act as sole administrative agent and collateral agent for the Credit Facilities, in each case upon the terms and subject to the conditions set forth or referred to in this Commitment Letter.  Subject to the limitations set forth in the immediately preceding paragraph, you may appoint any Additional Commitment Lender or its affiliate as an additional co-agent and one or more joint bookrunners and joint lead arrangers reasonably acceptable to the Banks (the “Additional Arrangers” and, together with JPMorgan and Merrill Lynch, each, an “Arranger” and, collectively, the “Arrangers” and, together with the Initial Commitment Lenders and their respective affiliates, the “Commitment Parties,” “we” or “us”).  We, in such capacities, will perform the duties and exercise the authority customarily performed and exercised by us in such roles.  You agree that JPMorgan will have “left” placement in any and all marketing materials or other documentation used in connection with the Credit Facilities and the role and responsibilities customarily associated with such placement and Merrill Lynch will appear immediately “on the right” of JPMorgan in any and all marketing materials or other documentation used in connection with the Credit Facilities.  You and we further agree that no other titles will be awarded (other than those expressly contemplated by this Commitment Letter and the Fee Letter referred to below) in connection with the Credit Facilities unless you and we shall agree.
3.Syndication.  We intend to syndicate the Credit Facilities to a group of lenders (together with the Initial Commitment Lenders, the “Lenders”) identified by us in consultation with you and subject to your consent (such consent not to be unreasonably withheld or delayed) and to the provisions set forth below; provided that notwithstanding the right of the Initial Commitment Lenders to syndicate each of the Credit Facilities and receive commitments with respect thereto, it is agreed that any syndication of, or receipt of commitments in respect of, all or any portion of the Initial Commitment Lenders’ commitments hereunder prior to the initial funding under the Credit Facilities shall not be a condition to the Initial Commitment Lenders’ commitments nor reduce the Initial Commitment Lenders’ commitments hereunder with respect to any of the Credit Facilities (provided, further, that, notwithstanding the foregoing, (i) any reduction of the Initial Commitment Lenders’ commitments hereunder as a result of an assignment to any Additional Commitment Lender pursuant to Section 1 and (ii) assignments of any Initial Commitment Lender’s commitments which are effective simultaneously with the funding of such commitments by the assignee thereof, shall be permitted) (the date of such initial funding under the Credit Facilities, the “Closing Date”) and, unless you otherwise agree in writing, (a) except in connection with assignments to any Additional Commitment Lender pursuant to Section 1, no Initial Commitment Lender shall be relieved, released or novated from its obligations hereunder (including its obligation to fund the Credit Facilities on the date of the consummation of the Transactions) until after the Closing Date has occurred and (b) each Initial Commitment Lender shall retain exclusive control over all rights and obligations with respect to its commitments, including all rights with respect to consents, modifications and amendments, until the Closing Date has occurred.
Each Commitment Party agrees not to syndicate any of the commitments with respect to the Credit Facilities to any of the following (collectively, “Disqualified Lenders”):  (a) certain financial 

-2-

 

institutions and other entities (and affiliates of any such financial institution or other entity to the extent such affiliates are clearly identifiable on the basis of such affiliates’ names) that have been specified by you in writing to JPMorgan and Merrill Lynch on or prior to the date hereof; (b) direct competitors of you or your subsidiaries or the Target or its subsidiaries specified by you to JPMorgan and Merrill Lynch in writing on or prior to the date hereof or subsequently updated in writing to the Administrative Agent after the Syndication Date (each such entity, a “Competitor”); provided that the foregoing shall not apply retroactively to disqualify any parties that have previously acquired an assignment or participation interest in the Loans to the extent that any such party was not a Disqualified Lender at the time of the applicable assignment or participation, as the case may be; or (c) affiliates of Competitors to the extent such affiliates are clearly identifiable on the basis of such affiliates’ names; provided that a Competitor or an affiliate of a Competitor shall not include any bona fide debt fund or investment vehicle (other than a person excluded pursuant to clause (a) above) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business which is managed, sponsored or advised by any person controlling, controlled by or under common control with such Competitor or affiliate thereof, as applicable, and for which no personnel involved with the investment of such Competitor or affiliate thereof, as applicable, (i) makes (or has the right to make or participate with others in making) any investment decisions or (ii) has access to any information (other than information that is publicly available), in either case relating to the Target (or, after the Closing Date, the Borrower) or any entity that forms a part of the Target’s business (or, after the Closing Date, the Borrower’s business), including subsidiaries of the Target or, after the Closing Date, the Borrower.  
You agree actively to assist us in completing a timely syndication of the Credit Facilities (it being understood that the syndication of the Credit Facilities will occur after the Closing Date unless otherwise agreed by the Arrangers and the Company) that is reasonably satisfactory to us and you.  Such assistance shall include, without limitation, until the earlier to occur of (a) a Successful Syndication (as defined in the Fee Letter) and (b) ninety (90) days after the Closing Date (such earlier date, the “Syndication Date”), (i) your using commercially reasonable efforts to ensure that any syndication efforts benefit materially from your existing lending and investment banking relationships and, to the extent practical and appropriate and provided for in the Purchase Agreement, those of the Target; (ii) your ensuring direct contact between senior management, representatives and advisors of you, on the one hand, and the proposed Lenders, on the other hand (and your using commercially reasonable efforts to ensure contact between senior management, representatives and advisors of the Target (to the extent provided for in the Purchase Agreement), on the one hand, and the proposed Lenders, on the other hand), in all such cases at times mutually agreed upon; (iii) your assisting and your using commercially reasonable efforts to cause the Target (to the extent provided for in the Purchase Agreement) to assist in the preparation of a customary Confidential Information Memorandum for the Credit Facilities and other customary marketing materials to be used in connection with the syndication (collectively the “Marketing Materials”); (iv) your affording the Arrangers a period of at least ninety (90) days following the Closing Date to syndicate the Credit Facilities; (v) prior to the Closing Date, your using commercially reasonable efforts (which commercially reasonable efforts shall not require you to change the proposed terms of the Credit Facilities) to procure a corporate credit rating and a corporate family rating in respect of the Borrower from Standard & Poor’s Financial Services LLC (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), respectively, and ratings for each of the Credit Facilities from each of S&P and Moody’s; (vi) the hosting, with the Arrangers, of one or more meetings of prospective Lenders at times and locations to be mutually agreed upon; and (vii) from the date hereof through the Syndication Date, your ensuring that, except in connection with any Excluded Financings (as defined below), there shall be no competing issues of debt securities or commercial bank or other credit facilities of the Borrower, the Target or any of their respective subsidiaries being offered, placed or arranged (other than replacements, extensions and renewals of existing indebtedness that matures prior to the Closing Date) if such debt 

-3-

 

securities or commercial bank or other credit facilities would have, in the reasonable judgment of JPMorgan and Merrill Lynch, a detrimental effect upon the syndication of the Credit Facilities.  For purposes of this Commitment Letter, the term “Excluded Financings” means any issuance, offering, placement or arrangement of debt securities or commercial bank or other credit facilities relating to (A) indebtedness to be agreed upon to remain outstanding after the Closing Date, (B) indebtedness incurred by the Target (or any of its subsidiaries) prior to the Closing Date to the extent permitted by the Purchase Agreement, (C) indebtedness incurred by you or any of your subsidiaries pursuant to capital leases and vendor financings, borrowings under the Existing Credit Agreement, and other ordinary course incurrences of indebtedness by you or your subsidiaries (other than pursuant to incremental facilities) permitted by the Existing Credit Agreement, (D) intercompany indebtedness and (E) from and after the Closing Date, borrowings under the Credit Facilities, indebtedness incurred by you or any of your subsidiaries pursuant to capital leases and vendor financings, and other ordinary course incurrences of indebtedness by you or your subsidiaries (other than pursuant to incremental facilities) permitted by the Credit Facilities.  Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, but without limiting your obligations to assist with syndication efforts as set forth herein, it is agreed that none of (a) the commencement nor completion of the syndication of the Credit Facilities, (b) the receipt of any ratings from S&P and/or Moody’s or (c) any of the other agreements, obligations or provisions of this paragraph shall constitute a condition to the availability of the Credit Facilities on the Closing Date.
In consultation with you, the Arrangers will manage all aspects of any syndication of the Credit Facilities, including decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate, the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders.  To assist the Arrangers in their syndication efforts, you agree promptly to prepare and furnish (and, to the extent provided for in the Purchase Agreement, to use commercially reasonable efforts to cause the Target to provide) to the Arrangers all customary information with respect to you, the Target and each of your and its respective subsidiaries and the Transactions, including all projections (including financial estimates, budgets, forecasts and other forward-looking information, the “Projections”) and other financial information, as the Arrangers may reasonably request in connection with the structuring, arrangement and syndication of the Credit Facilities.  For the avoidance of doubt you will not be required to provide any information to the extent that the provision thereof would violate any law, rule or regulation, or any obligation of confidentiality binding upon you, the Target or any of your respective affiliates; provided that, in the event that you do not provide information in reliance on this sentence, you shall provide notice to the Arrangers that such information is being withheld and, with respect to obligations of confidentiality that are contractual in nature, you shall use your commercially reasonable efforts to communicate the information subject to such obligations of confidentiality in a way that would not violate the applicable obligations; provided, further, that none of the foregoing shall be construed to limit any of the Borrower’s representations and warranties or any of the conditions, in any such case, set forth in this Commitment Letter or the Facilities  Documentation.  Notwithstanding anything herein to the contrary, the only financial statements that shall be required to be provided to the Arrangers as part of the Marketing Materials prior to the Closing Date shall be the financial statements required to be delivered pursuant to Exhibit C hereto.
You acknowledge that (a) the Arrangers on your behalf will make available “Information Materials” (which for purposes of this Commitment Letter shall mean the Information (as defined below), together with the Projections, other customary offering and marketing material and any Confidential Information Memorandum, collectively, with the Term Sheet) to the proposed syndicate of Lenders by posting the Information Materials on IntraLinks or another similar electronic system and (b) certain 

-4-

 

prospective Lenders (such Lenders, “Public Lenders”; all other Lenders, “Private Lenders”) may have personnel that do not wish to receive material non-public information (within the meaning of the United States federal securities laws, or in the case of the Target and its subsidiaries, information that would not be required to be disclosed in public filings if the Target was an SEC reporting company, “MNPI”) with respect to you, the Target, and your and its respective affiliates or any other entity, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such entities’ securities.  You will assist us in preparing an additional version of the Information Materials not containing MNPI (the “Public Information Materials”) to be distributed to prospective Public Lenders.
Before distribution of any Information Materials (a) to prospective Private Lenders, you shall provide us with a customary letter authorizing the dissemination of the Information Materials and containing a customary “10b-5” representation and (b) to prospective Public Lenders, you shall provide us with a customary letter authorizing the dissemination of the Public Information Materials, confirming the absence of MNPI therefrom and containing a customary “10b-5” representation.  In addition, at our request, you shall identify Public Information Materials by clearly and conspicuously marking such Public Information Materials as “PUBLIC.”
You agree that the Arrangers on your behalf may distribute the following documents to all prospective Lenders, unless you advise the Arrangers in writing (including by e-mail) within a reasonable time prior to their intended distributions that such material should only be distributed to prospective Private Lenders: (a) administrative materials for prospective Lenders such as lender meeting invitations and funding and closing memoranda; (b) notifications of changes to the previously disclosed terms of the Credit Facilities; and (c) other materials intended for prospective Lenders after the initial distribution of the Information Materials, including drafts and final versions of definitive documents with respect to the Credit Facilities.  If you advise us that any of the foregoing items should be distributed only to prospective Private Lenders, then the Arrangers will not distribute such materials to prospective Public Lenders without your consent.  You agree that Information Materials made available to prospective Public Lenders in accordance with this Commitment Letter shall not contain MNPI.

-5-

 

4.Information.  You hereby represent and warrant that (with respect to the Target and its subsidiaries, to the best of your knowledge), (a) all written information and written data, other than the Projections and information of a general economic or industry-specific nature, that have been or will be made available to the Commitment Parties by or on behalf of you or any of your representatives in connection with the transactions contemplated hereby (the “Information”), are or will be, when furnished, taken as a whole, complete and correct in all material respects and do not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein taken as a whole not materially misleading in the light of the circumstances under which such statements are made and (b) the Projections and information of a general economic or industry-specific nature that have been or will be furnished to the Commitment Parties by or on behalf of you or any of your representatives have been or will be prepared in good faith based upon assumptions that you believe to be reasonable at the time prepared and at the time the related Projections are made available to the Commitment Parties; it being understood that (i) the Projections are not to be viewed as facts and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material and (ii) the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, and no assurance can be given that any projected results will be realized.  You agree that if, at any time prior to the Syndication Date, you become aware that any of the representations in the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement (or prior to the Closing Date with respect to Information and Projections concerning the Target and its subsidiaries you will, subject to any applicable limitations on your rights as set forth in the Purchase Agreement, use commercially reasonable efforts to promptly supplement) the Information and the Projections so that such representations will be true and correct in all material respects under those circumstances.  In arranging and syndicating the Credit Facilities, the Commitment Parties will be entitled to use and rely primarily on the Information and the Projections and information of a general economic or industry-specific nature without responsibility for the independent verification thereof.  Notwithstanding anything to the contrary in this Commitment Letter, the Fee Letter, the Facilities Documentation (as defined in Exhibit B hereto) or any other letter agreement or other undertaking concerning the financing of the Transactions, none of the making of any representation under this numbered paragraph 4 or any supplement thereto or the accuracy of any such representation shall constitute a condition to the availability and initial funding of the Credit Facilities on the Closing Date; provided that the foregoing shall not limit any condition referred to in numbered paragraph 6 of this Commitment Letter.
5.Fees.  As consideration for the commitments of the Commitment Parties hereunder and their agreement to perform the services described herein, you agree to pay (or cause to be paid) the fees set forth in, and in accordance with the respective terms of, the Term Sheet and the Fee Letter dated the date hereof and delivered herewith with respect to the Credit Facilities (the “Fee Letter”).  Once paid, such fees shall not be refundable under any circumstances.
6.Conditions.  The commitments of the Initial Commitment Lenders hereunder to fund the Credit Facilities on the Closing Date and the agreements of the Arrangers to perform the services described herein are subject solely to (a) the conditions set forth in the section entitled “Conditions to Initial Borrowing” in Exhibit B hereto and (b) the conditions set forth in the Summary of Additional Conditions in Exhibit C hereto, and upon satisfaction (or waiver by the Initial Commitment Lenders) of such conditions, the initial funding of the Credit Facilities shall occur; it being understood and agreed that there are no other conditions (implied or otherwise) to the commitments hereunder, including compliance with the other terms of this Commitment Letter, the Fee Letter and the Facilities Documentation.

-6-

 

Notwithstanding anything to the contrary in this Commitment Letter (including each of the exhibits attached hereto), the Fee Letter, the Facilities Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (a) the only representations the accuracy of which shall be a condition to the availability and initial funding of the Credit Facilities on the Closing Date, as set forth in Exhibit C hereto, shall be (i) such of the representations made by, or with respect to, the Target in the Purchase Agreement as are material to the interests of the Lenders, but only to the extent that you (and/or your affiliates party to the Purchase Agreement) have the right (taking into account any applicable cure provisions) to terminate your (and/or their) obligations under the Purchase Agreement or decline to consummate the Acquisition (in each case, in accordance with the terms thereof) as a result of a breach of such representations in the Purchase Agreement (to such extent, the “Specified Purchase Agreement Representations”) and (ii) the Specified Representations (as defined below) and (b) the terms of the Facilities Documentation shall be in a form such that they do not impair the availability of the Credit Facilities on the Closing Date if the conditions set forth in the section entitled “Conditions to Initial Borrowing” in Exhibit B hereto and the conditions set forth in the Summary of Additional Conditions in Exhibit C hereto are satisfied (or waived by the Commitment Parties) (provided that, to the extent any security interest in any Collateral (as defined in Exhibit B hereto) is not or cannot be provided or perfected on the Closing Date (other than the perfection of the security interests (A) in the certificated equity securities of any U.S. domestic subsidiaries of the Borrower (to the extent required by the Term Sheet) and (B) in other assets with respect to which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code) after your use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to the availability of the Credit Facilities on the Closing Date, but instead shall be required to be delivered after the Closing Date pursuant to arrangements and timing to be mutually agreed by the Administrative Agent (as defined in Exhibit B hereto) and the Borrower acting reasonably but (including in the absence of such mutual agreement) no later than ninety (90) days after the Closing Date (or such longer period as the Administrative Agent may determine in its reasonable discretion)).  For purposes hereof, “Specified Representations” means the representations and warranties of the Borrower and the Guarantors (as defined in Exhibit B hereto) to be set forth in the Facilities Documentation relating to organizational existence of the Borrower and its subsidiaries; power and authority, due authorization, execution, delivery and enforceability, in each case, related to the borrowing under, guaranteeing under, performance of, and granting of security interests in the Collateral pursuant to the Facilities Documentation; solvency as of the Closing Date (after giving effect to the Transactions) of the Borrower and its subsidiaries on a consolidated basis (solvency to be defined in a manner consistent with the manner in which solvency is defined in the solvency certificate to be delivered pursuant to Exhibit C hereto); Federal Reserve margin regulations; the PATRIOT Act (as defined below); the use of proceeds of the Credit Facilities not violating the Foreign Corrupt Practices Act (the “FCPA”), regulations promulgated by the Office of Foreign Assets Control (“OFAC”) or anti-money laundering laws; neither the Borrower nor any Guarantor being a “sanctioned person” under OFAC or equivalent statutes in relevant jurisdictions; the Investment Company Act of 1940; the incurrence of the loans and the provision of the guarantees, in each case under the Credit Facilities, and the granting of the security interests in the Collateral to secure the Credit Facilities not conflicting with the organizational documents of the Borrower or any Guarantor; and, subject to the proviso in clause (b) of the immediately preceding sentence, creation, validity and perfection of security interests in the Collateral.  This paragraph, and the provisions herein, shall be referred to as the “Limited Conditionality Provisions.”

-7-

 

7.Indemnification; Expenses.  You agree (a) to indemnify and hold harmless the Commitment Parties, their affiliates and their respective officers, directors, employees, affiliates and agents (each, an “indemnified person”) from and against any and all losses, claims, damages and liabilities to which any such indemnified person may become subject arising out of or in connection with this Commitment Letter, the Credit Facilities, the Transactions or any related transaction or any claim, litigation, investigation or proceeding (any such claim, litigation, investigation or proceeding, a “proceeding”) relating to any of the foregoing, regardless of whether any such indemnified person is a party thereto, whether or not such proceedings are brought by you, your equity holders, affiliates or creditors or any other third person, and to reimburse each indemnified person within thirty (30) days after written demand (which demand shall include reasonably detailed documentation supporting such request) for any reasonable documented out-of-pocket legal expenses incurred in connection with investigating or defending any of the foregoing by one firm of counsel for all indemnified persons, taken as a whole (and, if necessary, by a single firm of local counsel in each appropriate jurisdiction for all indemnified persons, taken as a whole, and, in the case of an actual or perceived conflict of interest, one additional counsel in each relevant jurisdiction), or other reasonable documented out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing, provided that the foregoing indemnity will not apply, as to any indemnified person, to (i) losses, claims, damages, liabilities or related expenses (A) to the extent they are found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct, bad faith or gross negligence of such indemnified person or any of such indemnified person’s controlled or controlling affiliates or any of its or their respective officers, directors, employees, agents, controlling persons, members or representatives (collectively, such indemnified person’s “related persons”), (B) arising out of a material breach by such indemnified person (or any of such indemnified person’s related persons) of its obligations under this Commitment Letter or the Fee Letter (as determined by a court of competent jurisdiction in a final and non-appealable judgment) or (C) arising out of any claim, action, suit, inquiry, litigation, investigation or proceeding that does not involve an act or omission of you or any of your subsidiaries and that is brought by an indemnified person against any other indemnified person (other than any claim, action, suit, inquiry, litigation, investigation or proceeding against any Commitment Party in its capacity or in fulfilling its role as the Administrative Agent or an Arranger under the Credit Facilities) or (ii) any expenses of the type referred to in clause (b) of this sentence except to the extent such expenses would otherwise be of the type referred to in this clause (a), and (b) to reimburse the Commitment Parties from time to time, within thirty (30) days after receipt of a reasonably detailed invoice (or on the Closing Date to the extent invoiced at least three (3) business days prior to the Closing Date), for all reasonable documented out-of-pocket expenses (including, but not limited to, expenses of their due diligence investigation, fees of consultants hired with your prior written consent (such consent not to be unreasonably withheld or delayed), syndication expenses, travel expenses and fees, disbursements and other charges of counsel identified in the Term Sheet and of a single firm of local counsel to the Arrangers in each appropriate jurisdiction and, in the case of an actual or perceived conflict of interest, one additional counsel in each relevant jurisdiction, in each case incurred in connection with the Credit Facilities and the preparation, negotiation and enforcement of this Commitment Letter, the Fee Letter, the Facilities Documentation and any ancillary documents or security arrangements in connection therewith.  You acknowledge that we may receive a benefit, including without limitation, a discount, credit or other accommodation, from any of such counsel based on the fees such counsel may receive on account of their relationship with us, including, without limitation, fees paid pursuant hereto.
You shall not be liable for any settlement of any proceeding (or expenses related thereto) effected without your consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with your written consent, or if there is a final judgment, by a court of competent jurisdiction, for the plaintiff against an indemnified person in any such proceeding, you agree to indemnify and hold 

-8-

 

harmless each indemnified person to the extent and in the manner set forth above.  You shall not, without the prior written consent of an indemnified person (which consent shall not be unreasonably withheld or conditioned or delayed), effect any settlement of any pending or threatened proceeding against an indemnified person in respect of which indemnity could have been sought hereunder by such indemnified person unless (a) such settlement includes an unconditional release of such indemnified person from all liability or claims that are the subject matter of such proceeding and (b) such settlement does not include any statement as to any admission of fault.  
No indemnified person shall be liable for any damages arising from the use by others of any information or other materials obtained through internet, electronic, telecommunications or other information transmission systems except to the extent such damages are found in final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct, bad faith or gross negligence of such indemnified person or any of its related persons.
No indemnified person or (except solely as a result of your indemnification obligations set forth above to the extent an indemnified person is found so liable) you, or any of the affiliates or officers, directors, employees, advisors and agents of such indemnified person or you, shall be liable for any indirect, special, punitive or consequential damages in connection with this Commitment Letter, the Fee Letter, the Facilities or the transactions contemplated hereby.  
8.Sharing of Information; Affiliate Activities.  You acknowledge that each Commitment Party and its affiliates (the term “Commitment Party” as used below in this paragraph being understood to include such affiliates) may be providing debt financing, equity capital or other services (including financial advisory services) to other persons in respect of which you may have conflicting interests regarding the transactions described herein and otherwise.  No Commitment Party will use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or its other relationships with you in connection with the performance by such Commitment Party of services for other persons, and no Commitment Party will furnish any such information to other persons.  You also acknowledge that no Commitment Party has any obligation to use in connection with the transactions contemplated hereby, or to furnish to you, confidential information obtained from other persons.
You further acknowledge that each Commitment Party may from time to time effect transactions, for its own or its affiliates’ account or the account of customers, and hold positions in equity, debt and other securities or financial instruments (including bank loans and other obligations) of the Borrower, the Target and their respective subsidiaries and other persons with which the Borrower, the Target or their respective subsidiaries may have commercial or other relationships.  You acknowledge that JPMorgan Chase Bank, an affiliate of JPMorgan, currently is acting as administrative agent, and JP Morgan Chase Bank and Bank of America, an affiliate of Merrill Lynch, currently are acting as lenders under that certain Credit Agreement, dated as of July 30, 2012 (as amended, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”), and the Borrower’s and its affiliates’ rights and obligations under any other agreement with JPMorgan, Merrill Lynch or any of their respective affiliates (including the Existing Credit Agreement) that currently or hereafter may exist are, and shall be, separate and distinct from the rights and obligations of the parties pursuant to this Commitment Letter, and none of such rights and obligations under such other agreements shall be affected by JPMorgan’s or Merrill Lynch’s  performance or lack of performance of services hereunder.  The Borrower further acknowledges that JPMorgan, Merrill Lynch or any of their respective affiliates may currently or in the future participate in other debt or equity transactions on behalf of or render financial advisory services to the Borrower or other companies that may be involved in a competing transaction.  The Borrower hereby agrees that 

-9-

 

JPMorgan and Merrill Lynch may render its services under this Commitment Letter notwithstanding any actual or potential conflict of interest presented by the foregoing, and the Borrower hereby waives any conflict of interest claims relating to the relationship between JPMorgan, Merrill Lynch and the Borrower and its affiliates in connection with the engagement contemplated hereby, on the one hand, and the exercise by JPMorgan, Merrill Lynch or any of their respective affiliates of any of their rights and duties under any credit or other agreement (including the Existing Credit Agreement), on the other hand.  The terms of this paragraph shall survive the expiration or termination of this Commitment Letter for any reason whatsoever.
Each Commitment Party may employ the services of its affiliates in providing certain services hereunder and, in connection with the provision of such services, may exchange with such affiliates information concerning you and the other persons that may be the subject of the transactions contemplated by this Commitment Letter, and, to the extent so employed, such affiliates shall be entitled to the benefits afforded to, and subject to the confidentiality obligations of, such Commitment Party hereunder.
In connection with all aspects of each transaction contemplated by this Commitment Letter, you acknowledge and agree that:  (a) (i) the arranging and other services described herein regarding the Credit Facilities are arm’s-length commercial transactions between you and your affiliates, on the one hand, and each Arranger, on the other hand, (ii) you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, and (iii) you are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby; (b) (i) each of the Arrangers has been, is and will be acting solely as a principal and, except as otherwise expressly agreed in writing by the relevant parties, has not been, is not and will not be acting as an advisor, agent or fiduciary for you, any of your affiliates or any other person or entity and (ii) none of the Arrangers has any obligation to you or your affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein; and (c) each of the Arrangers and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from yours and those of your affiliates, and any Arranger will have no obligation to disclose any of such interests to you or your affiliates. To the fullest extent permitted by law, you hereby waive and release any claims that you may have against any Lead Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by this Commitment Letter.

-10-

 

9.Confidentiality.  This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter (including the Term Sheet) nor the Fee Letter nor any of their terms or substance shall be disclosed, directly or indirectly, to any other person (including, without limitation, other potential providers or arrangers of financing) except (a) to your subsidiaries and affiliates and your and their respective officers, directors, employees, agents, attorneys, accountants, financial or other advisors and controlling persons who are informed of the confidential nature thereof, on a confidential and need-to-know basis, (b) if the Commitment Parties consent in writing to such proposed disclosure or (c) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process or to the extent requested or required by governmental and/or regulatory authorities, in each case based on the reasonable advice of your legal counsel (in which case you agree, to the extent practicable and not prohibited by applicable law, rule or regulation, to inform us promptly thereof prior to making any such disclosure); provided that (i) you may disclose the Commitment Letter and its contents (but not the Fee Letter or the contents thereof, subject to the foregoing) in any syndication or other marketing materials in connection with the Credit Facilities (including the Information Materials), in a report, registration statement, proxy statement or other document filed by you with the Securities and Exchange Commission (including as an exhibit filed pursuant thereto, subject to the foregoing) or in any offering document used by you in an unregistered offering of your securities if, in your judgment, such disclosure is required by the federal securities laws or the rules and regulations of the Securities and Exchange Commission thereunder, or in connection with any other public or regulatory filing requirement relating to the Credit Facilities and the Transactions, (ii) you may disclose on a confidential basis the Transaction Description, the Term Sheet and Exhibit C hereto, and the contents thereof, to potential Lenders and to credit rating agencies in connection with your seeking to obtain ratings for the Borrower and the Credit Facilities, (iii) you may disclose the aggregate fee amount contained in the Fee Letter as part of the Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee amounts related to the Transactions to the extent customary or required in offering and marketing materials for the Credit Facilities or in any public or regulatory filing requirement (including any filing requirement of the Securities and Exchange Commission) relating to the Transactions (and only to the extent aggregated with all other fees and expenses of the Transactions and not presented as an individual line item unless required by applicable law, rule or regulation in your judgment) and (iv) you may disclose this Commitment Letter and its contents and, if the fee amounts payable pursuant to the Fee Letter, the economic terms of the “Market Flex Provisions” in the Fee Letter, and such other portions as mutually agreed have been redacted in a manner reasonably agreed by us (including the portions thereof addressing fees payable to the Commitment Parties and/or the Lenders), you may disclose the Fee Letter and the contents thereof to the Target, its subsidiaries and its and their respective officers, directors, employees, agents, attorneys, accountants, financial or other advisors, controlling persons and equity holders, on a confidential and need-to-know basis.
Each Commitment Party and its affiliates will use all non-public information provided to any of them or such affiliates by or on behalf of you hereunder or in connection with the Transactions solely for the purpose of providing the services which are the subject of this Commitment Letter and negotiating, evaluating and consummating the transactions contemplated hereby and shall treat confidentially all such information and shall not publish, disclose or otherwise divulge such information; provided that nothing herein shall prevent such Commitment Party and its affiliates from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process based on the reasonable advice of counsel (in which case such Commitment Party agrees (except with respect to any audit or examination conducted by bank accountants or any self-regulatory authority or governmental or regulatory authority exercising examination or regulatory authority), to the 

-11-

 

extent practicable and not prohibited by applicable law, rule or regulation, to inform you promptly thereof prior to making any such disclosure), (b) upon the request or demand of any regulatory authority having jurisdiction, or purporting to have jurisdiction, over such Commitment Party or any of its affiliates (in which case such Commitment Party agrees (except with respect to any audit or examination conducted by bank accountants or any self-regulatory authority or governmental or regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform you promptly thereof prior to making any such disclosure), (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Commitment Party or any of its affiliates or any related parties thereto in violation of any confidentiality obligations owing to you, the Target or any of your or its respective subsidiaries or affiliates or related parties (including those set forth in this paragraph), (d) to the extent that such information is received by such Commitment Party from a third party that is not, to such Commitment Party’s knowledge, subject to contractual or fiduciary confidentiality obligations owing to you, the Target, or any of your or its respective subsidiaries or affiliates or any related parties thereto, (e) to the extent that such information is independently developed by such Commitment Party, (f) to such Commitment Party’s affiliates and to its and their respective employees, legal counsel, independent auditors, rating agencies, professionals and other experts or agents who need to know such information in connection with the Transactions and who are informed of the confidential nature of such information and who are subject to customary confidentiality obligations of professional practice or who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph) (with each such Commitment Party, to the extent within its control, responsible for such person’s compliance with this paragraph), (g) to prospective Additional Commitment Lenders, Lenders, hedge providers, participants or assignees or (h) for purposes of establishing a “due diligence” defense; provided that for purposes of clause (g) above, the disclosure of any such information to any Additional Commitment Lenders, Lenders, hedge providers, participants or assignees or prospective Additional Commitment Lenders, Lenders, hedge providers, participants or assignees referred to above shall be made subject to the acknowledgment and acceptance by each such Additional Commitment Lender, Lender, hedge provider, participant or assignee or prospective Additional Commitment Lender, Lender, hedge provider, participant or assignee that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and such Commitment Party, including, without limitation, as agreed in any Information Materials or other marketing materials) in accordance with the standard syndication processes of such Commitment Party or customary market standards for dissemination of such type of information, which shall in any event require “click through” or other affirmative actions on the part of recipient to access such information.  In the event that the Credit Facilities are funded, the obligations of the Commitment Parties and their respective affiliates, if any, under this paragraph shall terminate automatically and be superseded by the confidentiality provisions in the Facilities Documentation upon the initial funding thereunder to the extent that such provisions are binding on such Commitment Parties.  Otherwise, the confidentiality provisions set forth in this paragraph shall survive the termination of this Commitment Letter and expire and shall be of no further effect after the second anniversary of the date hereof.

-12-

 

10.Miscellaneous.  This Commitment Letter shall not be assignable by any party hereto without the prior written consent of the other parties hereto (and any purported assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and the indemnified persons to the extent expressly provided for herein).  Notwithstanding the foregoing sentence, (a) each Bank may assign a portion of its commitment hereunder to any Additional Commitment Lender in accordance with, and as contemplated by, this Commitment Letter, and (b) the Commitment Parties may syndicate the Credit Facilities and receive commitments with respect thereto in accordance with, and as contemplated by, this Commitment Letter.
This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and each Commitment Party.  This Commitment Letter may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement.  Delivery of an executed signature page of this Commitment Letter by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.
This Commitment Letter and the Fee Letter supersede all prior understandings, whether written or oral, between us and you with respect to the Credit Facilities.
This Commitment Letter shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without regard to any principle of conflicts of law that could require the application of any other law; provided that for purposes of determining (a) whether a Company Material Adverse Effect (as defined in Exhibit C hereto) shall have occurred, (b) the accuracy of any representation made by, or with respect to, the Target in the Purchase Agreement and whether as a result of any inaccuracy thereof you (and/or your affiliates party to the Purchase Agreement) have the right to terminate your (and/or their) obligations thereunder or decline to consummate the Acquisition and (c) whether the Acquisition has been consummated in accordance with the terms of the Purchase Agreement, the Commitment Letter shall in each case be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under any applicable principles of conflicts of laws thereof.
Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Facilities Documentation by the parties hereto in a manner consistent with this Commitment Letter, it being acknowledged and agreed that the commitment provided hereunder is subject to conditions set forth or referred to in numbered paragraph 6 hereof.
EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.
Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York County, Borough of Manhattan, in the State of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court, (b) 

-13-

 

waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby in any New York State court or in any such Federal court, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Each of the parties hereto agrees that service of process, summons, notice or document by registered mail addressed to you or us at the addresses set forth above shall be effective service of process for any suit, action or proceeding brought in any such court.
We hereby notify you that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), each of us and each of the Lenders may be required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information may include their names, addresses, tax identification numbers and other information that will allow each of us and the Lenders to identify the Borrower and the Guarantors in accordance with the PATRIOT Act.  This notice is given in accordance with the requirements of the PATRIOT Act and is effective for each of the Commitment Parties and the other Lenders.  You hereby agree that the Arranger shall be permitted to share any and all such information with the Lenders.
The compensation, reimbursement, syndication, indemnification and confidentiality provisions contained herein and in the Fee Letter and any other provision herein or therein which by its terms expressly survives the termination of this Commitment Letter shall remain in full force and effect regardless of whether the Facilities Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the commitments hereunder; provided that, notwithstanding the foregoing, your obligations under this Commitment Letter (other than (a) provisions relating to titles awarded in connection with the Credit Facilities and assistance to be provided by you in connection with the syndication thereof and (b) the confidentiality provisions set forth above) shall automatically terminate and be superseded by the provisions of the Facilities Documentation upon the initial funding thereunder, and you shall automatically be released from all liability in connection therewith at such time.
If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letter by returning to Bank on behalf of the Commitment Parties, executed counterparts hereof and of the Fee Letter not later than 11:59 p.m., New York City time, on December 10, 2014.  The Initial Commitment Lenders’ commitments and the obligations of the Commitment Parties hereunder will automatically expire at such time in the event that Bank has not received such executed counterparts in accordance with the immediately preceding sentence.  If you do so execute and deliver to us this Commitment Letter and the Fee Letter, we agree to hold our commitment available for you until the earliest of (a) after execution of the Purchase Agreement, the termination of the Purchase Agreement (other than with respect to ongoing indemnities, confidentiality obligations and similar provisions) without the consummation of the Acquisition having occurred, (b) the consummation of the Acquisition with or without the initial funding of the Credit Facilities and (c) 11:59 p.m., New York City time, on the date that is two business days after March 2, 2015 (such earliest time, the “Expiration Date”).  Upon the occurrence of any of the events referred to in the preceding sentence, this Commitment Letter and the commitments of the Initial Commitment Lenders hereunder and the agreement of the Commitment Parties to provide the services described herein shall automatically terminate.

-14-

 

We are pleased to have been given the opportunity to assist you in connection with this important financing.
	
				
	 
	Very truly yours,

	 
	 

	 
	J.P. MORGAN SECURITIES LLC

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/  Jeffrey Bracchitta
	 

	 
	 
	Name: Jeffrey Bracchitta
	 

	 
	 
	Title: Executive Director
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	JPMORGAN CHASE BANK, N.A.
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/  James A. Knight
	 

	 
	 
	Name: James A. Knight
	 

	 
	 
	Title: Vice President
	 

	
				
	 
	MERRILL LYNCH, PIERCE, FENNER & SMITH

	 
	INCORPORATED

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/  Matt Lynn
	 

	 
	 
	Name: Matt Lynn
	 

	 
	 
	Title: Managing Director
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	BANK OF AMERICA, N.A.
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/  Monica Sevila
	 

	 
	 
	Name: Monica Sevila
	 

	 
	 
	Title: Senior Vice President
	 

	
			
	Accepted and agreed to as of
	 

	the date first above written:
	 

	 
	 
	 

	THE ADVISORY BOARD COMPANY
	 

	 
	 
	 

	 
	 
	 

	By:
	/s/  Michael Kirshbaum
	 

	 
	Name: Michael Kirshbaum
	 

	 
	Title: Chief Financial Officer
	 

EXHIBIT A
 
Transaction Description
Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter.  In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit A shall be determined by reference to the context in which it is used.
The Borrower intends to consummate the Acquisition pursuant to the Purchase Agreement.
In connection with the foregoing, it is intended that:
(a)    Pursuant to the Purchase Agreement, the Borrower will consummate the Acquisition and, if applicable, the other transactions described therein or related thereto.
(b)    The Borrower will obtain $775.0 million in senior secured credit facilities (the “Credit Facilities”) described in Exhibit B to the Commitment Letter consisting of (i) a $725.0 million term loan facility and (ii) a $50.0 million revolving credit facility.
(c)    The Borrower will issue $100 million of its common stock directly to the sellers as a portion of the purchase price in connection with the Acquisition.
(d)    All existing third-party indebtedness for borrowed money of each of the Borrower, the Target and their respective subsidiaries (which may exclude certain indebtedness that the Arrangers reasonably agree may remain outstanding after the Closing Date) will be refinanced, repaid, redeemed, defeased or otherwise discharged and the Existing Credit Agreement will be terminated.
(e)    The proceeds of the Credit Facilities (to the extent borrowed on the Closing Date) will be applied to pay (i) a portion of the purchase price in connection with the Acquisition and (ii) the fees, costs and expenses incurred in connection with the Transactions (such fees and expenses, the “Transaction Costs”).
The transactions described above (including the payment of the Transaction Costs) are collectively referred to herein as the “Transactions.”

Exh. A-1

EXHIBIT B
CREDIT FACILITIES 
Summary of Terms and Conditions
1.    PARTIES
		
	Borrower:
	The Borrower, a Delaware corporation.

		
	Guarantors:
	Each of the Borrower’s direct and indirect, existing and future, material majority-owned domestic subsidiaries, including the Target and the Target’s material majority-owned domestic subsidiaries (collectively, the “Guarantors”; the Borrower and the Guarantors, collectively, the “Loan Parties”), other than a domestic subsidiary (a) that has no material assets other than the equity interests in foreign subsidiaries that are controlled foreign corporations within the meaning of Section 957 of the Internal Revenue Code (a “CFC Holdco”) or (b) that is owned by a foreign subsidiary that is controlled foreign corporation within the meaning of Section 957 of the Internal Revenue Code (a “CFC”); provided that the Guarantors shall not include any domestic subsidiary that is prohibited by applicable law, rule or regulation or by any contractual obligation existing on the Closing Date from guaranteeing any indebtedness.

		
	Arrangers:
	JPMorgan and Merrill Lynch will act as lead arrangers for the Credit Facilities (together with any additional lead arrangers appointed by the Borrower, each in such capacity, a “Lead Arranger” and collectively, the “Lead Arrangers”), and will perform the duties customarily associated with such roles.  Other joint lead arrangers may be appointed by the Borrower as contemplated in the Commitment Letter.

		
	Administrative Agent:
	JPMorgan Chase Bank (in such capacity, the “Administrative Agent”).

		
	Syndication Agent:
	At the option of the Borrower, one or more financial institutions identified by the Borrower (in such capacity, the “Syndication Agent”).

		
	Documentation Agent:
	At the option of the Borrower, one or more financial institutions identified by the Borrower (in such capacity, the “Documentation Agent”).

		
	Lenders:
	A syndicate of banks, financial institutions and other entities, including the Banks, arranged by the Arrangers (collectively, the “Lenders”).

Exh. B-1
 

2.    TYPES AND AMOUNTS OF SENIOR FACILITIES
A.    Term Facility
		
	Type and Amount:
	A seven-year term loan facility, subject to increase at the Borrower’s election to the extent required to account for any original issue discount or upfront fees required pursuant to the “market flex” provisions in the Fee Letter (the “Term Facility”), in the amount of $725.0 million (the loans thereunder, the “Term Loans”).  The Term Loans shall be repayable in equal quarterly installments of 1.00% per year, commencing on the last business day of the first full fiscal quarter ending after the Closing Date, with the balance payable on the date that is seven years after the Closing Date (the “Term Facility Termination Date”).

		
	Maturity:
	The Term Facility Termination Date.

		
	Availability:
	The Term Loans shall be made in a single drawing on the Closing Date (as defined below).

		
	Purpose:
	The proceeds of the Term Loans shall be used to finance a portion of the Transactions.

B.    Revolving Facility
		
	Type and Amount:
	A five-year revolving facility (the “Revolving Facility”; the commitments thereunder, the “Revolving Commitments”) in the amount of $50.0 million (the loans thereunder, the “Revolving Loans”; and together with the Term Loans, the “Loans”).

		
	Availability:
	The Revolving Facility shall be available on a revolving basis during the period commencing on the Closing Date and ending on the date that is five years after the Closing Date (the “Revolving Termination Date”).  The Revolving Facility shall be available in minimum principal amounts and upon notice to be agreed upon but consistent with this Term Sheet; provided that the amount of Revolving Loans that may be borrowed on the Closing Date shall be limited to an amount sufficient (a) to replace or provide credit support for any existing letters of credit (including by “grandfathering” such existing letters of credit into the Revolving Facility) and (b) to fund any ordinary course working capital requirements of the Borrower and its subsidiaries on the Closing Date and additional amounts not to exceed an aggregate amount to be agreed upon.  Amounts repaid or prepaid under the Revolving Facility may be reborrowed.

		
	Maturity:
	The Revolving Termination Date.

		
	Letters of Credit:
	A portion of the Revolving Facility not in excess of an amount to be determined shall be available for the issuance of letters of 

Exh. B-2

credit (the “Letters of Credit”) by JPMorgan Chase Bank and Bank of America, N.A. (each in such capacity, an “Issuing Lender”).  No Letter of Credit shall have an expiration date after the earlier of (a) one year after the date of issuance and (b) five business days prior to the Revolving Termination Date, provided that (i) any Letter of Credit with a one-year tenor may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (b) above), and (ii) if acceptable to the Issuing Lender, Letters of Credit may have expiration dates following the Revolving Termination Date so long as on such Revolving Termination Date any such Letter of Credit is cash collateralized in a manner reasonably satisfactory to the Issuing Lender or such other arrangements as may be acceptable to the Issuing Lender have been put in place.
Drawings under any Letter of Credit shall be reimbursed by the Borrower (whether with its own funds or with the proceeds of Revolving Loans) on the same business day; provided that the Facilities Documentation will provide for conversions of Letter of Credit reimbursement obligations into Revolving Loans upon satisfaction of the “Conditions to All Borrowings” section below.  To the extent that the Borrower does not so reimburse the Issuing Lender and the reimbursement obligations are not converted into Revolving Loans, the Lenders under the Revolving Facility shall be irrevocably and unconditionally obligated to reimburse the Issuing Lender on a pro rata basis.

		
	Purpose:
	The proceeds of the Revolving Loans shall be used from time to time on or after the Closing Date to finance the working capital needs of the Borrower and its subsidiaries and for general corporate purposes (including, without limitation, for capital expenditures, acquisitions, investments, restricted payments and any other transaction not prohibited by the Facilities Documentation); provided that the amount of Revolving Loans permitted to be incurred on the Closing Date shall be subject to the restrictions set forth in the “Availability” section above.

		
	C.          Incremental Facilities:
	The Facilities Documentation will permit the Borrower to add one or more incremental term loan facilities to the Credit Facilities (each, an “Incremental Term Facility”) and/or increase commitments under the Revolving Facility (any such increase, an “Incremental Revolving Facility”; the Incremental Term Facilities and the Incremental Revolving Facilities are collectively referred to as “Incremental Facilities”) in an aggregate amount not to exceed (x) $100.0 million (provided the First Lien Leverage Ratio (to be defined in the Facilities Documentation in a customary manner to be agreed upon) on a pro forma basis on the date of incurrence of any such 

Exh. B-3

Incremental Facility (including any amount thereof proposed to be incurred pursuant to clause (y) below) and after giving effect thereto is no greater than 5.00 to 1.0) plus (y) the amount of any voluntary prepayment of the Term Facility or payment of Revolving Loans accompanied by permanent reductions of the Revolving Commitments not funded with the incurrence of other long-term indebtedness plus (z) any additional amounts so long as such First Lien Leverage Ratio on a pro forma basis on the date of incurrence of any such Incremental Facility and after giving effect thereto is no greater than 4.00 to 1.0; provided that (i) no Lender will be required to participate in any such Incremental Facility, (ii) no event of default or default under the Credit Facilities exists or would exist after giving effect thereto, (iii) the representations and warranties in the Facilities Documentation shall be true and correct in all material respects, (iv) on a pro forma basis on the date of incurrence thereof and after giving effect thereto (assuming, in the case of an Incremental Revolving Facility, the full drawing thereunder), the Financial Covenant would be satisfied, (v) the maturity date of any Incremental Term Facility shall be no earlier than the maturity date for the Term Facility, (vi) the weighted average life to maturity of any Incremental Term Facility shall be no shorter than the weighted average life to maturity of the Term Facility, (vii) the yield for any Incremental Term Facility (each an “Incremental Term Loan”) shall be determined by the Borrower and the lenders of the Incremental Term Facility; provided that, in the event that the “effective yield” for such Incremental Term Facility determined as of the initial funding date for such Incremental Term Facility is greater than the “effective yield” for the then‐existing Term Facility (including any Incremental Term Loans outstanding prior to the incurrence of such additional Incremental Term Loans) by more than 50 basis points, then the “effective yield” for the Term Facility shall be increased to the extent necessary so that the “effective yield” for such Incremental Term Facility is not more than 50 basis points higher than the “effective yield”  for the Term Facility, and the “effective yield” for the Revolving Facility shall be increased by a like amount; provided, further, that in determining the “effective yield” applicable to the Term Facility and the “effective yield” for such Incremental Term Facility, (x) original issue discount (“OID”) or upfront fees (which shall be deemed to constitute like amounts of OID) payable by the Borrower for the account of the Lenders of the Term Facility or such Incremental Term Facility in the primary syndication thereof shall be included (with OID being equated to interest based on an assumed four-year life to maturity), (y) customary arrangement or commitment fees payable to the Arrangers (or their affiliates) in connection with the Term Facility or to one or more arrangers (or their affiliates) of such Incremental Term Facility shall be 

Exh. B-4

excluded, and (z) if the LIBOR or Base Rate floor for such Incremental Term Facility is greater than the LIBOR or Base Rate floor, respectively, for the existing Term Facility, the difference between such floor for such Incremental Term Facility and the existing Term Facility shall be equated to an increase in the “effective yield” for purposes of this clause (vii), (viii) each Incremental Facility will be secured by a pari passu lien on the Collateral (as defined below) securing the Credit Facilities in each case on terms and pursuant to documentation reasonably satisfactory to the Administrative Agent and (ix) any Incremental Revolving Facility shall be on terms and pursuant to documentation applicable to the Revolving Facility and any Incremental Term Facility shall be on terms and pursuant to documentation to be determined, provided that, to the extent such terms and documentation are not consistent with the Term Facility (except to the extent permitted by clause (v) or (vi) above), they shall be reasonably satisfactory to the Administrative Agent. 
3.    CERTAIN PAYMENT PROVISIONS
		
	Fees and Interest Rates:
	As set forth on Annex I.

Optional Prepayments and
		
	Commitment Reductions:
	Loans may be prepaid and commitments under the Revolving Facility may be reduced by the Borrower in minimum amounts to be agreed upon and without premium or penalty, except as set forth below.  Optional prepayments of the Term Loans shall be applied as specified by the Borrower.  Optional prepayments of the Term Loans may not be reborrowed.

		
	Mandatory Prepayments:
	The following amounts shall be applied to prepay the Term Loans:

		
	(a)
	100% of the net cash proceeds of any incurrence of indebtedness after the Closing Date by the Borrower or any of its restricted subsidiaries, other than indebtedness permitted under the Facilities Documentation (except permitted refinancing indebtedness).

		
	(b)
	100% of the net proceeds of any non-ordinary course asset sale or other non-ordinary course disposition of property (including as a result of casualty or condemnation) by the Borrower or any of its subsidiaries in excess of a threshold to be agreed upon, except for (i) net proceeds from sales of obsolete or worn-out property and property no longer useful in such person’s business, and other customary exceptions to be agreed upon, (ii) net cash proceeds that are reinvested (or 

Exh. B-5

committed to be reinvested) in the business of the Borrower or any of its subsidiaries within 12 months after such sale or disposition or, if so committed within such 12-month period, reinvested within six months thereafter, and (iii) certain other customary exceptions to be agreed upon.
		
	(c)
	Beginning for the Borrower’s fiscal year ending December 31, 2015, 50% of excess cash flow (to be defined in a customary manner and subject to a minimum threshold to be agreed upon) minus voluntary repayments of the Loans (excluding repayments of Revolving Loans not accompanied by a permanent reduction in the Revolving Commitments and including the amount of cash used for any repayments of the Loans occurring as a result of below-par purchases thereof by the Borrower or any of its subsidiaries) payable no later than 90 days following the fiscal year end for each fiscal year of the Borrower, subject to step-downs for any fiscal year to 25%, if the First Lien Leverage Ratio is less than or equal to 4.00 to 1.00 and 0%, if the First Lien Leverage Ratio is less than or equal to 3.00 to 1.00.  In addition to including an adjustment for changes in working capital and deducting cash charges that were added back to Consolidated EBITDA or excluded from the calculation of Consolidated Net Income (and corresponding increases for the reverse), excess cash flow shall be reduced by the amount of cash from operations (i) used during the applicable measurement fiscal year for capital expenditures, permitted acquisitions, certain other investments (including investments in joint ventures) and certain restricted payments to be agreed upon and (ii) at the option of the Borrower, committed for the purpose described in clause (i) for use during the period of the first three months following the measurement fiscal year and before the excess cash flow prepayment date for such measurement year (without duplication).

Mandatory prepayments of the Term Loans shall be applied first to scheduled installments thereof occurring within the next 12 months in direct order of maturity and second ratably to the remaining respective installments thereof.  Mandatory prepayments of the Term Loans may not be reborrowed.
The Revolving Loans shall be prepaid and the Letters of Credit shall be cash collateralized or replaced to the extent such extensions of credit exceed the Revolving Commitments.

Exh. B-6

Holders of Loans under the Term Facility may decline to accept any mandatory prepayment described above and, under such circumstances, all amounts that would be otherwise used to prepay loans under the Term Facility may be retained by the Borrower and used for any purpose not prohibited by the Facilities Documentation.
Prepayments from excess cash flow and asset sale proceeds of foreign subsidiaries will be subject to customary limitations under the Facilities Documentation, including to the extent that (i) the repatriation of funds to fund such prepayments is prohibited, restricted or delayed by applicable local laws and (ii) the repatriation of funds to fund such prepayments would result in material adverse tax consequences.
		
	Call Premium:
	Any (a) prepayment of the Term Loans using proceeds of indebtedness incurred by the Borrower or any of its subsidiaries from a substantially concurrent incurrence of indebtedness for which the effective yield (determined on the same basis as provided in the “Incremental Facilities” section above) payable thereon on the date of such prepayment is lower than the effective yield applicable to the Term Loans on the date of such prepayment and (b) repricing of the Term Loans pursuant to an amendment to the Facilities Documentation resulting in the effective yield applicable to the Term Loans thereon on the date of such amendment being lower than the effective yield applicable to the Term Loans on the date immediately prior to such amendment plus the Applicable Margin with respect to the Term Loans on the date immediately prior to such amendment shall be accompanied by a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment (or, in the case of clause (b) above, of the aggregate amount of Term Loans outstanding immediately prior to such amendment) if made following the Closing Date and on or prior to the first anniversary of the Closing Date; provided that no such call premium shall be due and payable to an Initial Commitment Lender pursuant to clause (a) above in respect of Term Loans held since the Closing Date.  

		
	4.         COLLATERAL
	Subject in all respects to the Limited Conditionality Provisions and customary exceptions, including exceptions of the type set forth in the Existing Credit Agreement, the obligations of each Loan Party in respect of the Credit Facilities and any swap agreements and cash management arrangements, in either case provided by any Lender or agent (or any affiliate of a Lender or agent) shall be secured by a perfected first priority security interest in substantially all of its tangible and intangible assets (including, without limitation, intellectual property, fee-owned real property and all of the capital stock of the Borrower and 

Exh. B-7

each of its direct and indirect subsidiaries (limited, in the case of voting capital stock of CFCs and CFC Holdcos, to 65% of the voting capital stock (and 100% of the non-voting capital stock) of such CFCs and CFC Holdcos)), but excluding assets of foreign subsidiaries.  Security interests in all of the Collateral shall be created on terms and pursuant to documentation reasonably satisfactory to the Administrative Agent and subject to customary exceptions to be agreed upon, including exceptions of the type set forth in the Existing Credit Agreement.  Without limiting the foregoing, any lease, license, permit, contract, property right or agreement otherwise constituting the Collateral shall not be subject to pledges, security interests or mortgages in circumstances in which the subjection of such property to a pledge, security interest or mortgage is not permitted by law, regulation or any such lease, license, permit, contract, property right or agreement (after giving effect to the applicable provisions of the Uniform Commercial Code) and excluding proceeds and receivables thereof, as determined by the Borrower in its commercially reasonable judgment acting in good faith and in consultation with its legal and tax advisors.
5.    CERTAIN CONDITIONS
Conditions to Initial
		
	Borrowing:
	The initial borrowing under the Credit Facilities on the Closing Date will be subject to the applicable conditions set forth in numbered paragraph 6 of the Commitment Letter and Exhibit C thereto.  The Facilities Documentation shall not contain (a) any conditions other than the conditions expressly set forth in the “Conditions to All Borrowings” section below, numbered paragraph 6 of the Commitment Letter or Exhibit C thereto or (b) any representation or warranty, affirmative, negative or financial covenant or event of default not set forth in numbered paragraph 6 of the Commitment Letter or Exhibit C thereto, the accuracy, compliance or absence, respectively, of or with which would be a condition to the initial borrowing under the Credit Facilities.  The failure of any representation or warranty (other than the Specified Purchase Agreement Representations and the Specified Representations to the extent set forth in Exhibit C to the Commitment Letter) to be true and correct in all material respects on the Closing Date will not constitute the failure of a condition to funding or a default under the Credit Facilities.

Conditions to All Borrowings 
		
	After the Closing Date:
	The making of each extension of credit after the Closing Date shall be conditioned upon (a) delivery of a customary borrowing/issuance notice, (b) the accuracy in all material respects (or in all respects if qualified by materiality or material adverse effect) of all representations and warranties in the Facilities 

Exh. B-8

Documentation (subject, on the Closing Date, to the Limited Conditionality Provisions) and (c) after the Closing Date there being no default or event of default in existence at the time of, or after giving effect to the making of, such extension of credit (in each case, other than in connection with any Incremental Facility incurred or obtained in connection with an acquisition to the extent the acquisition is not conditioned on the availability of, or on obtaining, third-party financing, in which case and to the extent the foregoing conditions are not required by the applicable incremental assumption agreement, the representations and warranties may be limited to the customary “specified representations” and “acquisition agreement representations,” the “default stopper” may be limited to no payment or bankruptcy default or event of default in existence at the time of, or after giving effect to the making of, such extension of credit, and any such other of the foregoing conditions as are not required by the applicable incremental assumption agreement may be excluded as conditions thereunder).

6.    CERTAIN DOCUMENTATION MATTERS
		
	Facilities Documentation:
	The definitive documentation with respect to the Credit Facilities (the “Facilities Documentation”) will contain only those mandatory prepayments, representations and warranties, affirmative, financial and negative covenants, and events of default expressly set forth in this Term Sheet and conditions expressly set forth in the “Conditions to All Borrowers” section above, numbered paragraph 6 of the Commitment Letter and Exhibit C thereto and will take into account current market conditions, and in any event will contain only customary loan document provisions and other terms and provisions in each case to be mutually reasonably agreed upon, the definitive terms of which will be negotiated in good faith.

Representations and
		
	Warranties:
	Subject to customary exceptions and other exceptions and qualifications to be agreed upon (including Material Adverse Effect (as defined below): accuracy of historical financial statements; no material adverse change; corporate existence; compliance with laws and material agreements; corporate power and authority; enforceability of the Facilities Documentation; no conflicts; no material litigation; ownership of property; intellectual property; taxes; Federal Reserve margin regulations; labor matters; ERISA; Investment Company Act of 1940; subsidiaries; insurance; no default; liens; accuracy of disclosure; use of  proceeds; environmental matters; true written disclosure in all material respects as of the Closing Date; creation and perfection of security interests in the Collateral; consolidated 

Exh. B-9

solvency on the Closing Date; PATRIOT Act; FCPA; OFAC; and anti-money laundering laws.
“Material Adverse Effect” means, any event, circumstance or condition that has had or could reasonably be expected to have a material and adverse effect on (i) the business or financial condition of Borrower and its restricted subsidiaries, taken as a whole, (ii) the ability of the Borrower and the Guarantors, taken as a whole, to perform their payment obligations under the Facilities Documentation, or (iii) the rights and remedies of the Agents and the Lenders thereunder.
		
	Affirmative Covenants:
	Subject to customary exceptions and qualifications to be agreed upon: delivery of financial statements; delivery of the Marketing Materials within 5 business days of the Closing Date; accountants’ letters, officers’ certificates and other information reasonably requested by the Lenders; quarterly Lender calls (which shall be satisfied by inviting Lenders to calls with the Borrower’s securities holders); payment of taxes and other obligations; continuation of business and maintenance of existence and of material rights and privileges; compliance with laws (including environmental laws); ERISA; PATRIOT Act; OFAC FCPA; anti-money laundering laws; maintenance of property (other than ordinary wear and tear, casualty and condemnation) and customary insurance; maintenance of books and records; reasonable right of the Administrative Agent to inspect property and books and records (during an Event of Default and other than in respect of information subject to privilege or confidentiality obligations); use of proceeds; subsidiary guarantors; notices of defaults, material adverse litigation, ERISA events and material adverse changes; guaranty and collateral requirements and further assurances (including, without limitation, with respect to security interests in after-acquired property); Syndication assistance (consistent with the Commitment Letter); and use of commercially reasonable efforts to maintain any ratings obtained from S&P or Moody’s.

		
	Financial Covenants:
	Term Facility:  None.

Revolving Facility:  Maintenance of a maximum First Lien Leverage Ratio of 5.75 to 1.00, subject to (a) a step-down to a maximum First Lien Leverage Ratio of 5.25 to 1.00 on March 31, 2016 through December 31, 2016 and (b) an additional step-down to a maximum First Lien Leverage Ratio of 4.75 to 1.00 on December, 31, 2016 through the Revolving Termination Date (the “Financial Covenant”): 
The Financial Covenant shall be calculated on a consolidated basis and for each consecutive four fiscal quarter period.  

Exh. B-10

Calculations will be made on a pro forma basis for acquisitions and dispositions outside the ordinary course of business (and incurrences and repayments of indebtedness in connection therewith) including the Transactions, as if they had occurred at the beginning of the applicable period.
The Financial Covenant shall be calculated (a) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any indebtedness or other liabilities of the Borrower or any subsidiary at “fair value,” as defined therein and (b) without giving effect to any treatment of indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such indebtedness in a reduced or bifurcated manner as described therein, and such indebtedness shall at all times be valued at the full stated principal amount thereof.
The Borrower may cure any default under the Financial Covenant by prepaying and terminating the Revolving Facility.
“Consolidated EBITDA” shall be defined in a manner to be mutually agreed upon, but in any event shall include, without duplication, add-backs or deductions, as the case may be, to Consolidated Net Income (as defined below) for (a) taxes, depreciation, amortization and interest expense (including fees and expenses paid in connection with the Credit Facilities), (b) other non-cash charges, gains, income, expenses or losses, (c) fees and expenses in connection with the Transactions, (d) pro forma “run rate” cost savings, operating expense reductions, synergies and operating improvements related to acquisitions, dispositions and other specified transactions, restructurings, cost savings initiatives and other initiatives that are reasonably identifiable and projected by the Borrower in good faith to result from actions that have been taken or initiated or are expected to be taken (in the good faith determination of the Borrower) and realized within 18 months after such acquisition, disposition or other specified transaction, restructuring, cost savings initiative or other initiative subject to a cap of 20% of Consolidated EBITDA in any period of four consecutive quarters, prior to giving effect to the pro forma adjustments for such period; (e) other accruals, costs, charges, fees and expenses (including rationalization, legal, tax, structuring and other costs and expenses) related to acquisitions, investments, dividends, dispositions, restructurings, or issuances of debt or equity, in each case, whether or not consummated, permitted under the 

Exh. B-11

Facilities Documentation, including fees, costs and charges in connection with the Transactions and modifications to the Credit Facilities, (f) letter of credit fees, (g) non-controlling or minority interest expense consisting of income attributable to third parties in non-wholly owned subsidiaries, (h) non-cash costs or expenses incurred pursuant to any management equity plan, stock option plan, benefit plans or any other stock subscription or shareholder agreement and (i) other add-backs and deductions to be mutually agreed upon.
“Consolidated Net Income” in a manner to be mutually agreed upon but in any event shall exclude, without duplication, the following:  (a) extraordinary, unusual or non-recurring charges, gains, income, expenses or losses, including restructuring costs, integration costs, retention, recruiting, relocation and signing bonuses, severance costs and post-employment benefit plans, (b) gains or losses from disposed of, abandoned or discontinued operations or fixed assets, (c) after-tax gains or losses attributable to business dispositions and early extinguishment or buy-back of indebtedness, hedging agreements or other derivative instruments, (d) impairment charges or asset write-offs, (e) non-cash gains or losses resulting from fair value accounting required pursuant to GAAP, (f) any negative non-cash impact resulting from expenses due to purchase accounting, (g) gains or losses associated with the valuation of earn-out obligations or hedging obligations, (h) expenses with respect to liability or casualty events, and lost revenues or earnings, in each case to the extent of applicable insurance proceeds received or reasonably expected to be received in respect thereof within 365 days (with a subsequent deduction if not so received) and (i) the cumulative effect of a change in accounting principles to the extent included in net income for the period. 
		
	Unrestricted Subsidiaries:
	The Facilities Documentation will contain provisions pursuant to which the Borrower will be permitted to designate any existing or subsequently acquired or organized subsidiary as an “unrestricted subsidiary” and subsequently re-designate any such unrestricted subsidiary as a restricted subsidiary so long as no default or event of default then exists or would result therefrom; provided that after giving effect to any such designation or re-designation, the Borrower and its restricted subsidiaries shall be in pro forma compliance with a customary leverage test to be agreed upon for the most recent period for which financial statements are available.  Unrestricted subsidiaries shall not be subject to the mandatory prepayment, representations and warranties, affirmative or negative covenant, financial covenant or event of default provisions of the Facilities Documentation.  The results of operations and indebtedness of unrestricted subsidiaries generally will not be taken into account for purposes 

Exh. B-12

of calculating financial ratios contained in the Facilities Documentation.
		
	Negative Covenants:
	The following negative covenants will apply, subject to (a) customary exceptions and qualifications, (b) other exceptions and qualifications to be agreed upon and (c) the exceptions described below:

		
	1.
	Limitation on non-ordinary course dispositions of assets, with exceptions permitting, among other transactions, (a) the non-ordinary course disposition of assets in an aggregate annual amount not to exceed $50.0 million, (b) unlimited non-ordinary course dispositions of assets subject only to (i) the Borrower’s receipt of fair market value (as determined by the Borrower in good faith), (ii) at least 75% of the proceeds consisting of cash or cash equivalents (including customary designated non-cash consideration), and (iii) net cash proceeds being reinvested or used to repay indebtedness to the extent required by the mandatory prepayment provisions thereof, (c) the disposition of stock or other equity interests of Evolent Health Holdings, Inc. or Evolent Health LLC, (d) permitted sale and leaseback transactions, (e) dispositions of non-core assets acquired in connection with a permitted acquisition or other permitted investment, provided that the fair market value of such non-core assets shall be less than 25% of the purchase price of such acquisition or the value of such investment, and (f) intercompany transfers, subject to a cap on transfers to non-Loan Parties to be agreed upon.

		
	2.
	Limitation on mergers with and acquisitions of any entity that becomes a restricted subsidiary to include only (a) the absence of an event of default under the Credit Facilities on the date the agreement for such acquisition is executed and after giving pro forma effect to such acquisition, (b) customary line of business restrictions and (c) a sublimit for non-Guarantor subsidiaries to be agreed upon.

		
	3.
	Limitations on dividends and other distributions on equity interests, stock repurchases and optional redemptions or optional prepayments of junior indebtedness (collectively, “restricted payments”), with exceptions for, among other restricted payments, (a) permitted refinancings of junior indebtedness, (b) redemption of options and other equity awards issued by the Borrower to any future, present or former directors, officers, employees and consultants (or certain affiliates 

Exh. B-13

of such persons), up to an annual amount to be mutually agreed upon, (c) additional restricted payments in an aggregate amount not to exceed the applicable “Builder Basket,” which shall be a cumulative amount equal to (i) $50.0 million (the “Starter Basket”), plus (ii) the cumulative retained portion of Excess Cash Flow (i.e., Excess Cash Flow not otherwise required to be applied to prepay the Term Loans; provided that the retained portion of Excess Cash Flow for any fiscal year shall not be less than $0), plus (iii) the cash proceeds of new public or private equity issuances by the Borrower (other than of disqualified stock), plus (iv) the net cash proceeds received by the Borrower from debt and disqualified stock issuances that have been issued after the Closing Date and which have been exchanged or converted into qualified equity, plus (v) returns, profits, distributions and similar amounts received in cash or cash equivalents by the Borrower and its restricted subsidiaries on designated permitted investments, plus (vi) additional assets customarily included in builder baskets in connection with such negative covenant, and (d) unlimited restricted payments if the leverage ratio, to be calculated in a customary fashion to be agreed upon (the “Leverage Ratio”), on a pro forma basis is not greater than 4.0 to 1.0 and subject to no continuing event of default under the Credit Facilities.
		
	4.
	Limitation on indebtedness, which shall, among other exceptions, (a) permit the incurrence of indebtedness, including the assumption of indebtedness in connection with permitted acquisitions, if, after giving effect to the incurrence of such indebtedness and the use of proceeds thereof, the Leverage Ratio on a pro forma basis is not greater than 5.00 to 1.0, (b) permit the incurrence of purchase money indebtedness and capital lease obligations in a principal amount outstanding at any time to be mutually agreed upon, (c) include a general basket for indebtedness in a principal amount outstanding at any time not to exceed the greater of $50.0 million and 5.0% of consolidated total assets, to be calculated in a customary manner to be agreed upon (“Consolidated Total Assets”), (d) permit specified refinancings, including of the Credit Facilities, (e) permit other indebtedness existing on the Closing Date (and refinancings thereof), (f) permit indebtedness of joint ventures and/or indebtedness incurred on behalf thereof or representing guarantees of indebtedness of joint ventures in an aggregate outstanding principal amount not to exceed the greater of $25.0 million and 2.5% of 

Exh. B-14

Consolidated Total Assets, (g) permit non-speculative hedging arrangements and (h) permit indebtedness equivalent to, and incurred in lieu of, permitted Incremental Facilities, subject to customary limitations.
		
	5.
	Limitation on loans and other investments (collectively, “investments”), which, among other exceptions, shall (a) include a general basket of $75.0 million for all investments plus the Builder Basket (to the extent not otherwise applied), (b) include a basket of $15.0 million for investments in Evolent Health Holdings, Inc. or Evolent Health LLC, (c) permit unlimited acquisitions of entities that will become restricted subsidiaries and Guarantors, (d) include a basket of $30.0 million for investments in non-Guarantor restricted subsidiaries, (e) permit unlimited investments if the Leverage Ratio on a pro forma basis is not greater than 4.25 to 1.0, (f) include a basket of $15.0 million for investments in unrestricted subsidiaries and (g) include a basket of $25.0 million for investment in the entity or entities that will own the Borrower’s new headquarters building and related real and personal property to be made in connection with the Borrower’s entry into a lease of such headquarters building.

		
	6.
	Limitation on liens, which, among other exceptions, shall (a) permit the incurrence of liens on assets of non-Guarantor subsidiaries so long as such liens secure obligations of non-Guarantor subsidiaries that are otherwise permitted, subject to a cap to be agreed upon, (b) permit liens existing on the Closing Date, (c) include a general basket for liens securing obligations in an amount outstanding at any time not to exceed the greater of $25.0 million and 2.5% of Consolidated Total Assets, (d) permit purchase money indebtedness and capital leases, (e) permit refinancing liens of any liens that were permitted when incurred and (f) permit liens on acquired assets securing indebtedness of any acquired entity that may be assumed in connection with any permitted acquisition; provided that such assumed indebtedness and liens were not incurred in contemplation of the applicable acquisition.

		
	7.
	Limitation on sale and leaseback transactions with exceptions permitting, among other transactions, (a) sale and leaseback transactions in respect of any excluded property to be mutually agreed upon or any property of a non-Guarantor subsidiary, (b) sale and leaseback transactions in respect of any after-acquired property 

Exh. B-15

consummated within 365 days after the acquisition thereof and (c) unlimited sale and leaseback transactions if, after giving effect to any such transaction with aggregate net proceeds exceeding $15.0 million, (i) the transaction is for fair market value (as determined in good faith by the Borrower), (ii) at least 75% of the proceeds thereof consist of cash or cash equivalents and (iii) net cash proceeds are reinvested or used to repay indebtedness to the extent required by the mandatory prepayment provisions.
		
	8.
	Limitation on transactions with affiliates, with exceptions permitting, among other matters, (a) transactions effected on an arm’s-length basis, which may be established through approved by a committee of independent directors and shall not require the receipt of a fairness opinion or other third-party valuation or opinion, and (b) transactions among the Borrower and its subsidiaries or among such subsidiaries not otherwise restricted under the Credit Facilities.

		
	9.
	Limitation on changes in the business of the Borrower and its restricted subsidiaries.

		
	10.
	Limitation on restrictions of subsidiaries to pay dividends or make distributions.

		
	11.
	Limitation on changes to fiscal year (other than to conform to the Borrower’s fiscal year) absent consent of the Administrative Agent, provided that this covenant shall not limit the previously-announced change in the Borrower’s fiscal year-end from March 31 to December 31, resulting in a short fiscal year commencing on April 1, 2014 and ending on December 31, 2014.

		
	12.
	Limitation on modifications to organizational documents.

		
	Events of Default:
	Nonpayment of principal when due; nonpayment of interest, fees or other amounts after a customary grace period to be agreed upon; material inaccuracy of a representation or warranty when made or deemed made; violation of a covenant (subject, in the case of affirmative covenants, other than notices of default, to a 30-day grace period following written notice from the Administrative Agent); cross-acceleration and cross-default to other material indebtedness; bankruptcy events with respect to the Borrower or a material subsidiary (subject, in the case of certain involuntary events, to a customary grace period to be agreed upon); certain ERISA events subject to Material Adverse 

Exh. B-16

Effect; default of obligations under material agreements subject to Material Adverse Effect; material unpaid, final judgments that have not been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof; actual or asserted (by a loan party in writing) invalidity of any material guarantee or material security document; and a change of control of the Borrower (as defined in the Existing Credit Agreement).  Notwithstanding the foregoing, a breach of the Financial Covenant shall not constitute an event of default for purposes of the Term Facility unless Lenders holding more than 50% of the Revolving Commitments have accelerated the Revolving Facility and/or terminated the Revolving Commitments as a result of such breach.
		
	Voting:
	Amendments and waivers with respect to the Facilities Documentation shall require the approval of Lenders holding more than 50% of the aggregate amount of the Term Loans and Revolving Commitments, except that:  (a) the consent of each Lender directly affected thereby shall be required with respect to (i) reductions in the amount or extensions of the scheduled date of amortization or maturity of any Loan, (ii) reductions in the rate of interest (other than a waiver of default interest) or the amount of any fees owed to such Lender (it being understood that any change in the definitions of any ratio used in the calculation of such pricing (or the component definitions) shall not constitute a reduction in any rate of interest or fees, and that Lenders holding more than 50% of the aggregate amount of the Term Loans and Revolving Commitments may waive or amend the Financial Covenant (or the component definitions) or the conditions to borrowing under the Revolving Facility without the consent of any other Lender), and (iii) increases in the amount (other than with respect to any Incremental Facility) or extensions of the expiry date of such Lender’s commitment; and (b) the consent of 100% of the Lenders shall be required with respect to (i) reductions of any of the voting percentages, (ii) modifications of the pro rata payment and payment waterfall provisions, (iii) releases of all or substantially all the Collateral (other than in accordance with the Facilities Documentation) and (iv) releases of all or substantially all of the Guarantors (other than in accordance with the Facilities Documentation); provided that the Facilities Documentation shall include customary provisions for the right of individual Lenders to agree to extend the maturity date of their portion of the Term Loans upon the request of the Borrower and without the consent of any other Lender.  The Credit Documentation shall contain provisions to permit the amendment and extension and/or replacement of the Credit Facilities (including any Incremental Facility), which may be provided by the existing Lenders or, subject to the reasonable consent of the Administrative Agent if required under the 

Exh. B-17

“Assignments and Participations” section below, other persons who become Lenders in connection therewith.
Assignments and
		
	Participations:
	The Lenders shall be permitted to assign all or a portion of their Loans and commitments with the consent, not to be unreasonably withheld or delayed, of:  (a) the Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 10 business days after having received notice thereof), unless (i) the assignee is a Lender, an affiliate of a Lender or an approved fund or (ii) a payment or bankruptcy (with respect to the Borrower) event of default has occurred and is continuing; (b) the Administrative Agent; and (c) the Issuing Lender, unless a Term Loan is being assigned.  Notwithstanding the foregoing, no consent of the Borrower shall be required in connection with assignments of Term Loans in the primary syndication except for a proposed assignment to a Disqualified Lender.  Non-pro rata assignments shall be permitted.  In the case of partial assignments (other than to another Lender, an affiliate of a Lender or an approved fund), the minimum assignment amount shall be $1,000,000 (in the case of the Term Facility) and $1,000,000 (in the case of the Revolving Facility), in each case unless otherwise agreed upon by the Borrower and the Administrative Agent.  The Administrative Agent shall receive from the relevant assignor or assignee a processing and recordation fee of $3,500 in connection with all assignments.  The Lenders shall also be permitted to sell participations in their Loans (other than to any Disqualified Lender; provided that the list of Disqualified Lenders shall have been made available to all Lenders).  Participants shall have the same benefits as the Lenders with respect to yield protection and increased cost provisions subject to customary limitations.  Voting rights of a participant shall be limited to those matters set forth in clause (a) and clause (b) under the “Voting” section above with respect to which the affirmative vote of the Lender from which such participant purchased its participation would be required.  Pledges of Loans in accordance with applicable law shall be permitted without restriction.

The Facilities Documentation shall provide that Term Loans may be purchased by and assigned to the Borrower or any subsidiary (each an “Affiliated Lender”) of the Borrower on a non-pro rata basis through open market purchases or Dutch auctions open to all Lenders on a pro rata basis, in each case subject to customary limitations on such purchases and assignments to be agreed upon and in accordance with customary procedures, including, but not limited to, the 

Exh. B-18

following:  (a) the Borrower and its restricted subsidiaries shall cause any loans or commitments assigned to it or them to be cancelled, (b) Affiliated Lenders may not purchase Revolving Loans or Revolving Commitments except from a defaulting Revolving Lender and (c) the Borrower and its subsidiaries may not purchase any loans so long as any event of default has occurred and is continuing.
		
	Yield Protection:
	The Facilities Documentation shall contain customary provisions (a) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, tax, capital adequacy, liquidity and other requirements of law (including reflecting that both (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III shall, in the case of each of the foregoing clause (x) and clause (y), be deemed to be a change in law regardless of the date enacted, adopted or issued) and from the imposition of or changes in withholding or other taxes and (b) indemnifying the Lenders for “breakage costs” incurred in connection with, among other things, any prepayment of a Eurodollar Loan (as defined in Annex I hereto) on a day other than the last day of an interest period with respect thereto.

Expenses and
		
	Indemnification:
	The Borrower shall pay (a) all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Arrangers associated with the syndication of the Credit Facilities and the preparation, execution, delivery and administration of the Facilities Documentation and any amendment or waiver with respect thereto (including the reasonable fees, disbursements and other charges of one primary counsel and one local counsel in each applicable jurisdiction and, in the case of any actual or perceived conflict of interest, one additional counsel in each relevant jurisdiction); and (b) all out-of-pocket expenses of the Administrative Agent and the Lenders (including the reasonable fees, disbursements and other charges of one primary counsel and of any special and local counsel to the Administrative Agent and one additional counsel for all Lenders other than the Administrative Agent and additional counsel in light of actual or potential conflicts of interest or the availability of different claims or defenses) in connection with the enforcement of the Facilities Documentation.

Exh. B-19

The Administrative Agent, the Arranger and the Lenders (and their affiliates and their respective officers, directors, employees, advisors and agents) will have no liability for, and will be indemnified and held harmless against, any losses, claims, damages, liabilities or expenses incurred in respect of the financing contemplated hereby or the use or the proposed use of proceeds thereof, except to the extent they are found by a final, non-appealable judgment of a court of competent jurisdiction to arise from (1) the (x) bad faith, willful misconduct or gross negligence of the indemnified party, (y) material breach of the Facilities Documentation by the indemnified party pursuant to a claim initiated by the Borrower) or (2) any dispute solely among indemnified parties (not arising as a result of any act or omission by the Borrower or any of its subsidiaries) other than claims against the Administrative Agent, the Issuing Bank, a lead arranger, a bookrunner or any person undertaking a similar role under the Credit Facilities or the Facilities Documentation.
		
	Defaulting Lenders:
	The Facilities Documentation will contain the Administrative Agent’s customary provisions in respect of defaulting lenders.

		
	Replacement of Lenders:
	The Facilities Documentation will contain customary provisions to be mutually agreed upon in respect of replacement of Lenders.

		
	Governing Law and Forum:
	State of New York.

Counsel to the Administrative
		
	Agent and the Arrangers:
	Cahill Gordon & Reindel LLP.

Exh. B-20

Annex I to Exhibit B
INTEREST AND CERTAIN FEES
		
	Interest Rate Options:
	The Borrower may elect that the Loans comprising each borrowing bear interest at a rate per annum equal to (a) the ABR plus the Applicable Margin or (b) the Eurodollar Rate plus the Applicable Margin.

As used herein:
“Applicable Margin” means (a) with respect to Revolving Loans, (i) 2.50%, in the case of ABR Loans and (ii) 3.50%, in the case of Eurodollar Loans, with a step-down to be agreed upon, and (b) with respect to Term Loans, (i) 3.00%, in the case of ABR Loans and (ii) 4.00%, in the case of Eurodollar Loans.  The foregoing margins applicable to Revolving Loans shall be subject to change after financial statements have been delivered for two full fiscal quarters after the Closing Date by amounts to be agreed upon based on the achievement of performance targets to be determined and provided that no event of default is in existence.
“Eurodollar Rate” and “ABR” will have meanings customary and appropriate for financings of this type; provided that, with respect to the Term Facility, the Eurodollar Rate will be deemed to be not less than 1.00% per annum and ABR will be deemed to be not less than 100 basis points higher than one-month Eurodollar Rate.
		
	Interest Payment Dates:
	In the case of Loans bearing interest based upon the ABR (“ABR Loans”), quarterly in arrears.

In the case of Loans bearing interest based upon the Eurodollar Rate (“Eurodollar Loans”) on the last day of each relevant interest period and, in the case of any interest period longer than three months, on each successive date three months after the first day of such interest period.
		
	Commitment Fees:
	The Borrower shall pay a commitment fee calculated at a rate per annum equal to 0.50% on the average daily unused portion of the Revolving Facility, payable quarterly in arrears.  Following delivery of financial statements for the first full fiscal quarter after the Closing Date, the Revolving Facility Commitment Fee rate shall be subject to a step-down to 0.375% per annum at a First Lien Leverage Ratio level to be specified in the Facilities Documentation.

		
	Letter of Credit Fees:
	The Borrower shall pay a fee on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect 

Exh. B-I-1

with respect to Eurodollar Loans under the Revolving Facility on the face amount of each such Letter of Credit.  Such fee shall be shared ratably among the Lenders participating in the Revolving Facility and shall be payable quarterly in arrears.
A fronting fee equal to 0.125% per annum on the face amount of each Letter of Credit shall be payable quarterly in arrears to the Issuing Lender for its own account.  In addition, customary administrative, issuance, amendment, payment and negotiation charges shall be payable to the Issuing Lender for its own account.
		
	Default Rate:
	At any time when the Borrower is in default in the payment of any amount of principal due under the Credit Facilities, all outstanding Loans shall bear interest at 2% above the rate otherwise applicable thereto.  Overdue interest, fees and other amounts shall bear interest at 2% above the rate applicable to the relevant ABR Loans.

		
	Rate and Fee Basis:
	All per annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable on which is then based on the Prime Rate) for actual days elapsed.  “Prime Rate” means the rate of interest publicly announced by Bank as its prime rate in effect at its principal office in New York City.

Exh. B-I-2

EXHIBIT C
CREDIT FACILITIES 
Summary of Additional Conditions
Except as otherwise set forth below, the initial borrowings under the Credit Facilities on the Closing Date shall be subject to the following additional conditions (which shall be satisfied or waived prior to or substantially concurrently with the other Transactions):
(a)    The Acquisition shall have been consummated, or shall be consummated substantially concurrently with the initial borrowings under the Credit Facilities, in all material respects in accordance with the terms of the Purchase Agreement, after giving effect to any modifications, amendments, consents or waivers by you thereto or thereunder, other than any modifications, amendments, consents or waivers that are materially adverse to the interests of the Lenders or the Commitment Parties in their capacities as such, unless consented to in writing by the Initial Commitment Lenders (such consent not to be unreasonably withheld, delayed or conditioned); provided that, (i) a reduction in the Acquisition consideration in excess of 10% of the Acquisition consideration (which, for the avoidance of doubt, shall not include any reduction pursuant to any purchase price or similar adjustment provisions set forth in the Purchase Agreement) pursuant to the Purchase Agreement will be deemed to be materially adverse to the interests of the Lenders and the Commitment Parties and will require the written consent of the Initial Commitment Lenders, (ii) a reduction in the Acquisition consideration (which, for the avoidance of doubt, shall not include any reduction pursuant to any purchase price or similar adjustment provisions set forth in the Purchase Agreement) by not in excess of 10% of the Acquisition consideration pursuant to the Purchase Agreement will not be deemed to be materially adverse to the interests of the Lenders or the Commitment Parties and will not require the written consent of the Initial Commitment Lenders (it being understood that any reduction in the Acquisition consideration by not in excess of 10% shall be applied dollar for dollar to reduce the aggregate principal amount of the Term Facility), and (iii) any increase in the Acquisition consideration will not be deemed to be materially adverse to the interests of the Lenders or the Commitment Parties and will not require the written consent of the Initial Commitment Lenders so long as such increase (A) is not in excess of 10% of the Acquisition consideration pursuant to the Purchase Agreement, or (B) is funded solely by (x) the cash proceeds from an issuance of common stock of the Borrower or (y) consideration in the form of the issuance of common stock of the Borrower, or a combination thereof.  
(b)    The Specified Purchase Agreement Representations shall be true and correct in all material respects to the extent required by the Limited Conditionality Provisions and the Specified Representations shall be true and correct in all material respects (except in the case of any Specified Purchase Agreement Representation or any Specified Representation which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be); provided that to the extent that any Specified Representation is qualified by or subject to a “material adverse effect,” “material adverse change” or similar term or qualification, the definition thereof shall be a “Material Adverse Effect” as defined in Exhibit B above for purposes of any such representation and warranty made or deemed made on, or as of, the Closing Date (or a date prior thereto).

Exh. C-1

(c)    After giving effect to the Transactions, the Borrower and its subsidiaries shall have outstanding no third-party indebtedness for borrowed money, other than the Senior Facilities, Excluded Financings and any other indebtedness that the Arrangers reasonably agree may remain outstanding after the Closing Date.  The Administrative Agent shall have received reasonably satisfactory evidence of repayment of all indebtedness to be repaid on the Closing Date and of the discharge (or the making of arrangements for discharge) of all indebtedness and liens other than indebtedness and liens permitted to remain outstanding under the Facilities Documentation.
(d)    All fees required to be paid on the Closing Date pursuant to the Commitment Letter and the Fee Letter and reasonable and documented out-of-pocket expenses required to be paid on the Closing Date pursuant to the Commitment Letter with respect to expenses, to the extent invoiced at least three business days prior to the Closing Date, shall, upon the initial borrowing under the Credit Facilities, have been paid.
(e)    Except as set forth in the Disclosure Schedules (as defined in the Purchase Agreement), since June 30, 2014, there shall not have occurred a Company Material Adverse Effect with respect to the Target and its subsidiaries.  For purposes of this condition, “Company Material Adverse Effect” shall be defined as defined in the Section 9.01 of the Purchase Agreement as in effect on the date hereof.
(f)    The Arrangers shall have received (i) audited consolidated balance sheets of the Borrower and its consolidated subsidiaries as at the end of, and related statements of income, comprehensive income and cash flows of the Borrower and its consolidated subsidiaries for, the three most recently completed fiscal years of the Borrower and (ii) an unaudited consolidated balance sheet of the Borrower and its consolidated subsidiaries as at the end of, and related statements of income, comprehensive income and cash flows of the Borrower and its consolidated subsidiaries for, each fiscal quarter of the Borrower and its consolidated subsidiaries subsequent to the last fiscal year for which financial statements were prepared pursuant to the preceding clause (i) and ended at least 45 days before the Closing Date, together with financial statements for each corresponding fiscal quarter of the previous year, in each case, prepared in accordance with GAAP (it being agreed that the Arrangers have received the audited financial statements required by clause (i) and the unaudited financial statements required by clause (ii) for the fiscal quarters ended June 30, 2014 and September 30, 2014).  
(g)    The Arrangers shall have received (i) audited consolidated balance sheets of Royall Acquisition Co. and its consolidated Subsidiaries as of June 30, 2014, 2013 and 2012, (ii) audited statements of income, comprehensive income and cash flows of (A) Royall Acquisition Co. and its consolidated Subsidiaries for each of the two years in the period ended June 30, 2014, (B) Royall Acquisition Co. and its consolidated Subsidiaries for the period from December 23, 2011 to June 30, 2012 and (C) the predecessor company of Royall Acquisition Co. and its consolidated Subsidiaries for the period from July 1, 2011 to December 22, 2011, all reported on by PricewaterhouseCoopers LLP (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements have been prepared in accordance with GAAP, consistently applied throughout the periods indicated, and present fairly in all material respects the consolidated financial condition and results of operations , in each case, of the applicable company and its Subsidiaries (taken as a whole) as of the dates and for the periods referred to therein, (iii) in in form satisfying the requirements of PCAOB AU Section 722, Interim Financial 

Exh. C-2

 

Information (SAS 100), (A) unaudited consolidated balance sheets of Royall Acquisition Co. and its consolidated Subsidiaries as of each of September 30, 2014, and September 30, 2013, (B) unaudited consolidated statements of income and comprehensive income of Royall Acquisition Co. and its consolidated Subsidiaries for each of the three-month periods ended September 30, 2014, June 30, 2014 and September 30, 2013 and (C) unaudited consolidated statements of cash flows of Royall Acquisition Co. and its consolidated Subsidiaries for each of the three-month periods then ended September 30, 2014 and September 30, 2013. 
(h)    The Arrangers shall have received a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower as of, and for the twelve-month period ending on, the last day of the most recently completed four-fiscal quarter period ended at least 45 days (or 90 days, if such four-fiscal quarter period is the end of the Borrower’s fiscal year) prior to the Closing Date, prepared in good faith by the Borrower after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such income statement), but need not include adjustments for purchase accounting (including adjustments of the type contemplated by Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R)).   
(i)    Subject in all respects to the Limited Conditionality Provisions, all documents and instruments required to perfect the Administrative Agent’s first priority security interest in the Collateral shall have been executed and delivered and, if applicable, be in proper form for filing.
(j)    The Facilities Documentation shall have been executed and delivered by the signatories party thereto and the Administrative Agent shall have received (i) customary closing certificates, borrowing notices, legal opinions, corporate documents and resolutions or other evidence of authority for the Loan Parties and (ii) a solvency certificate from the chief financial officer of the Borrower, in the form attached as Annex A hereto.
(k)    The Administrative Agent and the Arrangers shall have received, at least three business days prior to the Closing Date, all documentation and other information about the Borrower and the Guarantors that shall have been reasonably requested by the Administrative Agent or the Arrangers in writing at least 10 business days prior to the Closing Date and that the Administrative Agent and the Arrangers reasonably determine is required by United States regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act.
(l)    The closing and initial funding of the Credit Facilities shall have occurred on or before the Expiration Date.

Exh. C-3

 

ANNEX A
Form of Solvency Certificate  
 
[                   ], 201[  ]
This Solvency Certificate (this “Certificate”) is delivered pursuant to Section [ ] of the Credit Agreement, dated as of [    ] (as amended, supplemented or otherwise modified through the date hereof, the “Credit Agreement”), by and among The Advisory Board Company (the “Borrower”), the lending institutions from time to time parties thereto and [                         ], as the Administrative Agent.  Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit Agreement.
I, [                         ], the Chief Financial Officer of the Borrower, in that capacity only and not in my individual capacity (and without personal liability), DO HEREBY CERTIFY on behalf of the Borrower that as of the date hereof, and based upon facts and circumstances as they exist as of the date hereof (and disclaiming any responsibility for changes in such facts and circumstances after the date hereof), that:
1.    For purposes of this certificate, the terms below shall have the following definitions:
(a)    “Fair Value”
The amount at which the assets (both tangible and intangible), in their entirety, of the Borrower and its subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act.
(b)    “Present Fair Salable Value”
The amount that could be obtained by an independent willing seller from an independent willing buyer if the assets of the Borrower and its subsidiaries taken as a whole are sold with reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.
(c)    “Liabilities”
The recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Borrower and its subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied.
(d)    “Will be able to pay their Liabilities as they mature”
For the period from the date hereof through the Maturity Date, the Borrower and its subsidiaries on a consolidated basis taken as a whole will have sufficient assets and cash flow to pay their Liabilities as those liabilities mature or (in the case of contingent Liabilities) otherwise become payable, in light of business conducted or anticipated to be conducted by the Borrower and its subsidiaries as reflected in the projected financial statements and in light of the anticipated credit capacity.

Annex A-1

(e)    “Do not have Unreasonably Small Capital”
The Borrower and its subsidiaries on a consolidated basis taken as a whole after consummation of the Transactions is a going concern and has sufficient capital to reasonably ensure that it will continue to be a going concern for the period from the date hereof through the Maturity Date.  I understand that “unreasonably small capital” depends upon the nature of the particular business or businesses conducted or to be conducted, and I have reached my conclusion based on the needs and anticipated needs for capital of the business conducted or anticipated to be conducted by the Borrower and its subsidiaries on a consolidated basis as reflected in the projected financial statements and in light of the anticipated credit capacity.
2.    Based on and subject to the foregoing, I hereby certify on behalf of the Borrower that after giving effect to the consummation of the Transactions, it is my opinion that (i) the Fair Value of the assets of the Borrower and its subsidiaries on a consolidated basis taken as a whole exceeds their Liabilities; (ii) the Present Fair Salable Value of the assets of the Borrower and its subsidiaries on a consolidated basis taken as a whole exceeds their Liabilities; (iii) the Borrower and its subsidiaries on a consolidated basis taken as a whole do not have Unreasonably Small Capital; and (iv) the Borrower and its subsidiaries taken as a whole will be able to pay their Liabilities as they mature.
3.    In reaching the conclusions set forth in this Certificate, the undersigned has made such investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by the Borrower and the Subsidiaries after consummation of the transactions contemplated by the Credit Agreement.
[Remainder of Page Intentionally Left Blank]

Annex A-2

IN WITNESS WHEREOF, I have executed this Certificate as of the date first written above.

	
			
	 
	The Advisory Board Company

	 
	 
	 

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title: Chief Financial Officer

A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]