Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

$250,000,000 Fixed Rate Secured Railcar Equipment Notes, Class A-1 

$375,487,000 Fixed Rate Secured Railcar Equipment Notes, Class A-2 

Longtrain Leasing III, LLC 

NOTE PURCHASE AGREEMENT 

January 23, 2015 
 Credit Suisse Securities
(USA) LLC 
 Eleven Madison Avenue 
 New York, NY 10010

 Credit Agricole Securities (USA) Inc. 
 1301 Avenue of the
Americas 
 New York, NY 10019 
 Merrill Lynch, Pierce,
Fenner & Smith Incorporated 
 One Bryant Park 
 New
York, NY 10036 
 DVB Capital Markets LLC 
 609 Fifth Avenue

 New York, New York 10017 
 Dear Sirs: 

1. Introductory. Longtrain Leasing III, LLC, a Delaware limited liability company (the “Issuer”),
established as a direct wholly-owned subsidiary of American Railcar Industries, Inc. (“ARI”), proposes, subject to the terms and conditions stated in this agreement (the “Agreement”), to issue and sell to Credit
Suisse Securities (USA) LLC, Credit Agricole Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and DVB Capital Markets LLC (each, an “Initial Purchaser” and collectively, the “Initial
Purchasers”) U.S.$250,000,000 principal amount of its Fixed Rate Secured Railcar Equipment Notes, Class A-1 (the “Class A-1 Notes”) and U.S.$375,487,000 principal amount of its Fixed Rate Secured Railcar Equipment
Notes, Class A-2 (the “Class A-2 Notes”, and together with the Class A-1 Notes, the “Offered Notes”) to be issued pursuant to an Indenture (the “Indenture”) to be dated as of the Closing
Date (as defined herein), between the Issuer and U.S. Bank National Association, as indenture trustee (in such capacity, the “Trustee”). The United States Securities Act of 1933, as amended, is herein referred to as the
“Securities Act.” Capitalized terms used but not defined herein shall have the meanings given to such terms in the Offering Memorandum (as defined below). 

 2. Representations and Warranties of the Issuer and ARI. Each of the Issuer and
ARI, jointly and severally, represents and warrants to, and agrees with, the Initial Purchasers that, as of the date hereof (unless otherwise indicated below): 

(a) The Issuer has prepared a preliminary offering memorandum dated January 14, 2015 (the “Preliminary Offering
Memorandum”), and the Issuer will prepare a final offering memorandum dated the date hereof (the “Offering Memorandum”), in each case relating to the Offered Notes to be offered by the Issuer. The Preliminary Offering
Memorandum and the Offering Memorandum, and all amendments and supplements to such documents, are hereinafter collectively referred to as the “Offering Document”. 

The Offering Document at a particular time means the Offering Document in the form actually amended or supplemented and issued at that time.
“Final Offering Document” means the Offering Document that discloses the offering price and other final terms of the Offered Notes and is dated as of the date of this Agreement (even if finalized and issued subsequent to the date of
this Agreement). “General Disclosure Package” means (i) the Offering Document at the Applicable Time (as hereinafter defined) considered together with the offering price on the cover page of the Offering Memorandum,
(ii) the Investor Presentation attached as Schedule B hereto and (iii) the quantitative data regarding the Railcars and the Leases distributed to potential investors that was approved by the Issuer and ARI and is listed on
Schedule C hereto. “Applicable Time” means 3:00 p.m. (New York time) on the date of this Agreement. As of the date of this Agreement, the Final Offering Document does not, and as of the Closing Date will not, include any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. At the
Applicable Time the General Disclosure Package does not include, nor as of the Closing Date will it include, any untrue statement of a material fact, and does not omit nor will it omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding two sentences do not apply to statements in or omissions from the Offering Document or the General
Disclosure Package based upon written information furnished to the Issuer or ARI by the Initial Purchasers specifically for use therein, it being understood and agreed that the only such information is that described as such in Sections 8(a) and
8(b) hereof. 
 (b) The Issuer has been duly formed and is a validly existing limited liability company in good standing under the laws of
the State of Delaware, with power and authority (as a limited liability company and otherwise) to own its properties and conduct its business as described in the General Disclosure Package or Additional Issuer Information (as defined in
Section 5(b) herein); and the Issuer is duly qualified to do business as a foreign limited liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such
qualification. 
 (c) ARI has been duly formed and is a validly existing corporation in good standing under the laws of the State of North
Dakota. Each of American Railcar Leasing LLC (“ARL”) and ARL Lease Administrators LLC (“Administrators”) has been duly formed and is a validly existing limited liability company in good standing under the laws of
the State of Delaware. Each of ARI, ARL and Administrators (i) has power and authority (as a corporation or limited liability company, as applicable, and otherwise) to own its properties and conduct its business as described in the General
Disclosure Package; and (ii) is duly qualified to do business as a foreign corporation or limited liability company, as applicable, in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its
business requires 

  
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such qualification, except with respect to clause (ii) as would not, individually or in the aggregate, have a material adverse effect on the condition (financial or other), business,
properties or results of operations of the Issuer, ARI, ARL or Administrators, as applicable, taken as a whole (a “Material Adverse Effect”). 

(d) As of the date hereof, this Agreement, and as of the Closing Date, the Indenture and each other Operative Agreement (collectively with this
Agreement, the “Transaction Agreements”) will have been duly authorized, executed and delivered by the Issuer, ARI, ARL or Administrators, as the case may be, party thereto; the Offered Notes will have been duly authorized by the
Issuer, and when the Offered Notes are duly authenticated by the Trustee in accordance with the Indenture and delivered and paid for pursuant to this Agreement, the Offered Notes will have been duly executed, authenticated, issued and delivered and
each of the Transaction Agreements will conform to the description thereof contained in the Final Offering Document and each of the Transaction Agreements (assuming the valid execution and delivery thereof by the other parties thereto) and the
Offered Notes will constitute valid and legally binding direct recourse obligations of the Issuer, ARI, ARL or Administrators, as the case may be, party thereto, enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

(e) Except as contemplated by the Transaction Agreements, no consent, approval, authorization, or order of, or filing with, or any other action
by any governmental agency or body or any court is required for the consummation of the transactions contemplated by this Agreement or any other Transaction Agreement in connection with the issuance and sale of the Offered Notes. 

(f) The execution, delivery and performance of the Indenture, this Agreement and each other Transaction Agreement and the issuance and sale of
the Offered Notes and compliance with the terms and provisions thereof by the Issuer, ARI, ARL or Administrators, as the case may be, will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, or
conflict with, (i) any statute, any rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Issuer, ARI, ARL or Administrators or any of their respective properties, or
(ii) any agreement or instrument to which the Issuer, ARI, ARL or Administrators is a party or by which the Issuer, ARI, ARL or Administrators is bound or to which any of the properties of the Issuer, ARI, ARL or Administrators are subject, or
the by-laws or articles of incorporation of ARI or the limited liability company agreement or certificate of formation of the Issuer, ARL or Administrators, as applicable. 

(g) Reserved.  
 (h)
Except as disclosed in the General Disclosure Package, the Issuer has good and marketable title to all real properties and all other properties and assets owned by it, free from liens, encumbrances and defects that would materially affect the value
thereof or materially interfere with the use made or to be made thereof by it; except as disclosed in the General Disclosure Package, the Issuer holds any leased real or personal property held by it under valid and enforceable leases with no
exceptions that would materially interfere with the use made or to be made thereof by it. 

  
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 (i) Each of the Issuer, ARI, ARL and Administrators possesses all material certificates,
authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by it and has not received any notice of proceedings relating to the revocation or modification of any such certificate,
authority or permit that, if determined adversely to the Issuer, ARI, ARL or Administrators, as applicable, would individually or in the aggregate have a Material Adverse Effect. 

(j) Except as disclosed in the General Disclosure Package, none of the Issuer, ARI, ARL or Administrators is in violation of any statute, any
rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or
human exposure to hazardous or toxic substances (collectively, “environmental laws”), nor owns or operates any real property contaminated with any substance that is subject to any environmental laws, is liable for any off-site
disposal or contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws, which violation, contamination, liability or claim would individually or in the aggregate have a Material Adverse Effect;
and none of the Issuer, ARI, ARL or Administrators is aware of any pending investigation which might lead to such a claim. 
 (k) Except as
disclosed in the General Disclosure Package, there are no pending actions, suits, proceedings or investigations against or affecting the Issuer, ARI, ARL, Administrators or their respective properties that, if determined adversely to the Issuer,
ARI, ARL or Administrators, would individually or in the aggregate have a Material Adverse Effect, or would materially and adversely affect the ability of the Issuer, ARI, ARL or Administrators to perform their respective obligations under the
Indenture, this Agreement, or any other Transaction Agreement to which it is a party, or would seek to materially and adversely affect the federal income tax attributes of the Offered Notes, or which are otherwise material in the context of the sale
of the Offered Notes; and no such actions, suits, proceedings or investigations are threatened or, to the Issuer’s, ARI’s, ARL’s or the Administrator’s knowledge, contemplated. 

(l) Except as disclosed in the General Disclosure Package or, with respect to ARI, in public filings made by ARI with the Securities and
Exchange Commission (the “Commission”), since December 31, 2013, there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the condition (financial or other),
business, properties or results of operations of ARI, ARL or Administrators or their subsidiaries, taken as a whole. 
 (m) The Issuer is not
and, after giving effect to the offering and sale of the Offered Notes and the application of the proceeds thereof as described in the General Disclosure Package will not be, an “investment company” or an “affiliated person” of,
or a “promoter” or “principal underwriter” for, an “investment company”, as such terms are defined in the United States Investment Company Act of 1940, as amended (the “Investment Company Act”) without
reliance on the exemptions provided under Sections 3(c)(1) or 3(c)(7) of the Investment Company Act. Further, neither the Issuer nor anyone acting on its behalf has taken any action such that the Issuer would constitute a “covered fund”
for purposes of Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

  
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 (n) The Offered Notes meet the eligibility requirements of Rule 144A(d)(3) of the Securities Act.
No securities of the same class (within the meaning of Rule 144A(d)(3) under the Securities Act) as the Offered Notes are listed on any national securities exchange registered under Section 6 of the United States Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”) or quoted in a U.S. automated inter-dealer quotation system. 

(o) Neither the Issuer nor any of its affiliates has purchased, or is purchasing in the initial offering thereof, any Offered Notes. 

(p) The Offered Notes are eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”). The General
Disclosure Package contains, and the Offering Document will contain, all the information specified in and meeting the requirements of Rule 144A. 

(q) Assuming the representations of the Initial Purchasers set forth in Section 4(a), 4(b), 4(c), 4(d), 4(h) and 4(i) are true and
accurate, the offer, sale and delivery of the Offered Notes to the Initial Purchasers and to subsequent purchasers in the manner contemplated by this Agreement and the Offering Document will be exempt from the registration requirements of the
Securities Act, and it is not necessary to qualify an indenture in respect of the Offered Notes under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). 

(r) None of the Issuer or ARI, or any of their respective affiliates, or any person acting on its or their behalf (other than the Initial
Purchasers, as to whom no such representation is made) (i) has, within the six-month period prior to the date hereof, offered or sold in the United States or to any U.S. person (as such terms are defined in Regulation S under the Securities
Act) the Offered Notes or any security of the same class or series as the Offered Notes, or (ii) has offered or will offer or sell the Offered Notes (A) in the United States by means of any form of general solicitation or general
advertising within the meaning of Rule 502(c) under the Securities Act or (B) with respect to any such securities sold in reliance on Rule 903 of Regulation S (“Regulation S”) under the Securities Act, by means of any directed
selling efforts within the meaning of Rule 902(c) of Regulation S. The Issuer and ARI and their respective affiliates and any person acting on its or their behalf (other than the Initial Purchasers, as to whom no such representation is made) have
complied and will comply with the offering restrictions requirement of Regulation S. None of the Issuer or ARI or any affiliate thereof has entered and none will enter into any contractual arrangement with respect to the distribution of the Offered
Notes except for this Agreement. 
 (s) The Issuer does not own any “margin security”, as that term is defined in Regulation U of
the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). None of the proceeds to the Issuer of the Offered Notes will be used, directly or indirectly, for the purpose of purchasing or carrying any margin
security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Offered Notes to be

  
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considered a “purpose credit” within the meaning of Regulations T, U and X of the Federal Reserve Board. The Issuer will not take or permit any agent acting on its behalf to take any
action which might cause the Offered Notes or any document or instrument delivered by the Issuer pursuant to any Transaction Agreement to violate any regulation of the Federal Reserve Board. 

(t) There is no “substantial U.S. market interest” as defined in Rule 902(j) of Regulation S in the Issuer’s debt securities.

 (u) Except as contemplated in any engagement letter or similar agreement (including as described in Section 3(b)) between or among
ARI and any Initial Purchaser and except as disclosed in the General Disclosure Package, there are no contracts, agreements or understandings between the Issuer or ARI and any person that would give rise to a valid claim against the Issuer or ARI,
or any Initial Purchaser, for a brokerage commission, finder’s fee or other like payment. 
 (v) At the time of execution and delivery
of the Contribution and Sale Agreement, (1) ARI will own all right, title and interest in and to the initial Railcars to be acquired by the Issuer from it pursuant thereto, together with the related Leases thereon and certain other related
assets specified therein free and clear of any lien, mortgage, pledge, charge, encumbrance, adverse claim or other security interest (collectively, “Liens”), except to the extent permitted in the Contribution and Sale Agreement or
the Indenture, as applicable, and except for security interests being released upon transfer to the Issuer; and ARI will not have assigned to any person other than the Issuer any of its right, title or interest in such Railcars and Leases,
(2) ARI will have the power and authority to transfer such Railcars, Leases and related assets to the Issuer; and (3) upon execution and delivery of the Contribution and Sale Agreement and the consummation of the transactions contemplated
thereby, the Issuer will own such Railcars, Leases and related assets free of Liens other than Liens permitted by the Contribution and Sale Agreement or the Indenture, as applicable. 

(w) As of the Closing Date, each of the representations and warranties of the Issuer, ARI, ARL or Administrators, respectively, set forth in
each of the Transaction Agreements to which any of them is a party will be true and correct in all material respects (except those representations and warranties that address matters only as of a specified date, which shall be true and correct in
all material respects as of that specified date). 
 (x) Any taxes, fees and other governmental charges that would be incurred by reason of
the execution and delivery of the Transaction Agreements or the execution, delivery and sale of the Offered Notes and that would be due and payable as of the Closing Date have been or will be paid prior to the Closing Date. 

(y) None of the Issuer, ARI, ARL or Administrators, nor any of their respective subsidiaries, nor any of their respective directors or
officers, nor, to the knowledge of the Issuer or ARI, any non-officer employee, agent or representative of the Issuer, ARI, ARL or Administrators or any of their respective subsidiaries, has taken or will take any action in furtherance of an offer,
payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any 

  
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“government official” (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an
official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper advantage; and each of the Issuer, ARI, ARL and Administrators
and their respective subsidiaries have conducted their businesses in compliance in all material respects with applicable anti-corruption laws and have instituted and maintain and will continue to maintain policies and procedures designed to promote
and achieve compliance in all material respects with such laws. 
 (z) The operations of the Issuer, ARI, ARL and Administrators and their
respective subsidiaries are and have been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer, ARI, ARL or Administrators or any of their respective subsidiaries with respect to the Money
Laundering Laws is pending or, to the knowledge of the Issuer or ARI, threatened. 
 (aa) None of the Issuer, ARI, ARL or Administrators nor
any of its respective subsidiaries or, to the knowledge of the Issuer or ARI, any director, officer, employee, agent, affiliate or representative of the Issuer, ARI, ARL or Administrators or any such subsidiary is an individual or entity
(“Person”) that is, or is owned or controlled by a Person that is: (A) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the United Nations
Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor (B) located, organized or resident in a country or territory that is the subject of
Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria), and (y) neither the Issuer, ARI, ARL or Administrators will, directly or indirectly, use the proceeds of the offering, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or
facilitation, is the subject of Sanctions; or (B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as Initial Purchaser, advisor, investor or otherwise).

 (bb) The operations of the Issuer, ARI, ARL and Administrators and their respective subsidiaries are and have been conducted at all times
in material compliance with the USA Patriot Act of 2001, as amended, and the rules and regulations thereunder. 
 (cc) The Issuer and, prior
to the formation of the Issuer, ARI, have complied, and as of the Closing Date, the Issuer and ARI will have complied, in all material respects, with the representations, certifications and covenants made by ARI to Standard & Poor’s
Ratings Services, a Standard & Poor’s Financial Services LLC business (the “Hired NRSRO”) in connection with the engagement of the Hired NRSRO to issue and monitor a credit rating on the Offered Notes, including any
representation provided to the Hired NRSRO by the Issuer or ARI 

  
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in connection with Rule 17g-5(a)(3)(iii) of the Exchange Act (“Rule 17g-5”), and have made accessible, via a password-protected internet website established and maintained by
ARI, to any non-hired nationally recognized statistical rating organization, as contemplated by Rule 17g-5, all information provided to the Hired NRSRO in connection with the issuance and monitoring of the credit ratings on the Offered Notes in
accordance with Rule 17g-5. The Issuer and ARI shall be solely responsible for compliance with Rule 17g-5 in connection with the issuance, monitoring and maintenance of the credit rating on the Offered Notes. The Initial Purchasers are not
responsible for compliance with any aspect of Rule 17g-5 in connection with the Offered Notes. 
 3. Purchase, Sale and Delivery of
Offered Notes. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Issuer agrees to sell to the Initial Purchasers, severally and not jointly, and each
Initial Purchaser agrees severally and not jointly to purchase from the Issuer, at a purchase price of 99.99379% (in the case of the Class A-1 Notes) and 99.95588% (in the case of the Class A-2 Notes) of the principal amount thereof, the
principal amounts of Offered Notes set forth opposite the name of such Initial Purchaser in Schedule A hereto. 
 (a) The
Issuer will deliver against payment of the purchase price the Offered Notes to be offered and sold by the Initial Purchasers in reliance on Regulation S (the “Regulation S Notes”) each in the form of one or more permanent global
notes in registered form without interest coupons (the “Regulation S Global Notes”) which will be deposited with the Trustee as custodian for Cede & Co., as nominee of The Depository Trust Company (“DTC”)
for the respective accounts of the DTC participants for Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and Clearstream Banking, société anonyme (“Clearstream, Luxembourg”)
and registered in the name of Cede & Co., as nominee for DTC. The Issuer will deliver against payment of the purchase price the Offered Notes to be purchased by the Initial Purchasers hereunder and to be offered and sold by the Initial
Purchasers in reliance on Rule 144A under the Securities Act (the “144A Notes”) each in the form of one permanent global note in definitive form without interest coupons (the “Restricted Global Note”) deposited with
the Trustee as custodian for DTC and registered in the name of Cede & Co., as nominee for DTC. The Regulation S Global Notes and the Restricted Global Note shall be assigned separate CUSIP numbers. The Global Notes shall include the legend
regarding restrictions on transfer set forth under “Transfer Restrictions” in the Final Offering Document. Until the termination of the distribution compliance period (as defined in Regulation S) with respect to the offering of the Offered
Notes, interests in the Regulation S Global Notes may only be held by the DTC participants for Euroclear and Clearstream, Luxembourg. Interests in any permanent Global Notes will be held only in book-entry form through Euroclear, Clearstream,
Luxembourg or DTC, as the case may be, except in the limited circumstances described in the Final Offering Document. 

  
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 Payment for the Regulation S Notes and the 144A Notes shall be made by each Initial
Purchaser in Federal (same day) funds by or wire transfer to an account at a bank acceptable to it (which may be the Trustee), on January 29, 2015, or at such other time not later than seven full business days thereafter as the Initial
Purchasers and the Issuer determine, such time being herein referred to as the “Closing Date”, against delivery to the Trustee as custodian for DTC of (i) the Regulation S Global Notes representing all of the Regulation S Notes
for the respective accounts of the DTC participants for Euroclear and Clearstream, Luxembourg and (ii) the Restricted Global Note representing all of the 144A Notes. The Regulation S Global Notes and the Restricted Global Note will be made
available for checking at the office of Brown Rudnick LLP, Seven Times Square, New York, New York 10036, or in the event that the same are to be delivered directly to the Trustee, then facsimile images of the executed versions of the same will be
made available for review, in either case at least twenty-four (24) hours prior to the Closing Date (or as the parties hereto may otherwise agree). 

(b) The Issuer agrees to pay each Initial Purchaser for its own respective account on the Closing Date the fees and/or other compensation for
acting as an Initial Purchaser in each case in accordance with a separate fee letter (if any) between the Issuer and such Initial Purchaser, or as otherwise may be separately agreed between the Issuer and such Initial Purchaser. 

4. Representations by Initial Purchasers; Resale by Initial Purchasers. 

(a) Each Initial Purchaser severally but not jointly represents and warrants to the Issuer that it is an “accredited investor” within
the meaning of Regulation D under the Securities Act. 
 (b) Each Initial Purchaser severally but not jointly acknowledges that the Offered
Notes have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S or pursuant to an exemption from the
registration requirements of the Securities Act. Each Initial Purchaser severally but not jointly represents and agrees that it has offered and sold the Offered Notes, and will offer and sell the Offered Notes (i) as part of its distribution at
any time and (ii) otherwise until 40 days after the later of the commencement of the offering and the Closing Date, only in accordance with Rule 903 or Rule 144A. Accordingly, none of the Initial Purchasers nor their affiliates, nor any persons
acting on its or their behalf, has engaged or will engage in any directed selling efforts with respect to the Offered Notes, and each such Initial Purchaser, its affiliates and all persons acting on its or their behalf have complied and will comply
with the offering restrictions requirement of Regulation S. Each Initial Purchaser severally but not jointly agrees that, at or prior to confirmation of sale of the Offered Notes, other than a sale pursuant to Rule 144A, it will have sent to each
distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases the Offered Notes from it during the restricted period a confirmation or notice to substantially the following effect: 

“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not
be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the date of the

  
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commencement of the offering and the closing date, except in either case in accordance with Regulation S (or Rule 144A if available) under the Securities Act. Terms used above have the meanings
given to them by Regulation S.” 
 Terms used in this subsection (b) have the meanings given to them by Regulation S. 

(c) Each Initial Purchaser severally but not jointly agrees that it and each of its affiliates has not entered and will not enter into any
contractual arrangement (other than any agreement among the Initial Purchasers) with respect to the distribution of the Offered Notes except with the prior written consent of the Issuer. 

(d) Each Initial Purchaser severally but not jointly agrees that it and each of its affiliates will not offer or sell the Offered Notes in the
United States by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act, including, but not limited to (i) any advertisement, article, notice or other communication published
in any newspaper, magazine or similar media or broadcast over television or radio, or (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. Each Initial Purchaser severally but not
jointly agrees, with respect to resales made in reliance on Rule 144A of any of the Offered Notes, to deliver either with the confirmation of such resale or otherwise prior to settlement of such resale a notice to the effect that the resale of such
Offered Notes has been made in reliance upon the exemption from the registration requirements of the Securities Act provided by Rule 144A. 

(e) Each Initial Purchaser, severally but not jointly, represents and agrees that any communication or delivery of information to the Hired
NRSRO, if any, in connection with the issuance or monitoring of a credit rating on the Offered Notes has been and will be disclosed to the Issuer for the purpose of allowing the Issuer to make accessible to any non-hired nationally recognized
statistical rating organization all information provided to the Hired NRSRO in connection with the issuance and monitoring of the credit rating on the Offered Notes in accordance with Rule 17g-5. 

(f) Each Initial Purchaser severally but not jointly represents and agrees that (i) it has only communicated or caused to be
communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (the “FSMA”)) received
by it in connection with the issue or sale of any Offered Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and (ii) it has complied and will comply with all applicable provisions of the FSMA with respect
to anything done by it in relation to the Offered Notes in, from or otherwise involving the United Kingdom. 
 (g) In relation
to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), each Initial Purchaser represents and agrees, that with effect from and including the date on which
the Prospectus Directive (as defined below) is implemented in that Relevant Member State, it has not made and will not make an offer of any Offered Notes to the public in that Relevant Member State, other than (i) at any time to any legal
entity which is a qualified investor as defined in the  

  
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Prospectus Directive; (ii) at any time to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal
persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of the Initial Purchasers nominated by the Issuer for any such offer; or (iii) at any time in any other circumstances
falling within Article 3(2) of the Prospectus Directive, provided that no such offer of the Offered Notes will require the Issuer or any Initial Purchaser to publish a prospectus pursuant to Article 3 of the Prospectus Directive. 

For the purposes of this provision, the expression “offer of Offered Notes to the public” in relation to any Offered Notes in
any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe the Offered Notes,
as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing
measure in each Relevant Member State. 
 (h) No Initial Purchaser shall give any information or make any representation not contained
in the Offering Document or the General Disclosure Package, and any amendment or supplement thereto, in connection with the offer and sale of the Offered Notes. 

(i) At or prior to the settlement of any sale of any Offered Notes, the Initial Purchasers shall have provided each offeree with a copy of the
Offering Memorandum and any supplement and amendments thereof or thereto, in the form supplied to the Initial Purchasers by the Issuer. 

(j) Each Initial Purchaser acknowledges that purchases and resales of the Offered Notes are restricted as described under “Restriction on
Transfer and Notice to Investors” in the Offering Memorandum. 
 5. Certain Agreements of the Issuer and ARI. Each of the
Issuer and ARI jointly and severally agrees with the Initial Purchasers that: 
 (a) The Issuer will advise the Initial Purchasers
promptly of any proposal to amend or supplement the Offering Document and will not effect such amendment or supplementation without consent of the Initial Purchasers. If, at any time following delivery of any document included in the General
Disclosure Package and prior to the completion of the resale of the Offered Notes by the Initial Purchasers, there occurs an event or development as a result of which such document included or would include an untrue statement of a material fact or
omitted or would omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, or if it is necessary at any such time to amend or supplement
the Offering Document to comply with any applicable law, ARI promptly will notify the Initial Purchasers of such event and promptly will prepare, at its own expense, an amendment or supplement which will correct such statement or omission. Neither
the Initial Purchasers’ consent to, nor the delivery by the Initial Purchasers to offerees or investors of, any such amendment or supplement shall constitute a waiver of any of the conditions set forth in Section 7. The first sentence of
this subsection does not apply to 

  
 11 

 
statements in or omissions from any document in the General Disclosure Package in reliance upon and in conformity with written information furnished to the Issuer or ARI by the Initial Purchasers
specifically for use therein, it being understood and agreed that the only such information is that described as such in Sections 8(a) and 8(b) hereof. 

(b) The Issuer will furnish to each Initial Purchaser copies of each document comprising a part of the Offering Document, in each case
as soon as available and in such quantities as such Initial Purchaser requests. At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, the Issuer will promptly furnish or cause to be furnished to each Initial
Purchaser and, upon request of holders and prospective purchasers of the Offered Notes, to such holders and prospective purchasers, copies of the information (the “Additional Issuer Information”) required to be delivered to holders
and prospective purchasers of the Offered Notes in accordance with Rule 144A(d)(4) under the Securities Act (or any successor provision thereto) in order to permit compliance with Rule 144A in connection with resales by such holders of the Offered
Notes. Any Additional Issuer Information delivered to any holders and prospective purchasers of the Offered Notes will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading. 
 (c) The Issuer or ARI, on its behalf, will
arrange for the qualification of the Offered Notes for sale and the determination of their eligibility for investment under the laws of such jurisdictions in the United States as the Initial Purchasers designate and will continue such qualifications
in effect so long as required for the resale of the Offered Notes by the Initial Purchasers, provided that the Issuer will not be required to qualify as a foreign corporation or to file a general consent to service of process in any such
jurisdiction. 
 (d) So long as the Offered Notes are outstanding, if not filed electronically with the Securities and Exchange
Commission (the “Commission”) or posted on the website of ARI, the Issuer or ARI will furnish to each Initial Purchaser (i) copies of each report furnished to ARI or any of its subsidiaries, in the case of the Issuer, and to
its shareholders, in the case of ARI, in either case pursuant to any Operative Agreement, by first class mail as soon as practicable, (ii) copies of each amendment to any of the Operative Agreements, (iii) copies of all reports and other
communications (financial or other) furnished to the Trustee under the Indenture or to holders of the Offered Notes, and copies of any reports and financial statements, if any, furnished to or filed with the Commission, any governmental or
regulatory authority or any national securities exchange, and (iv) from time to time such other information as the Initial Purchasers may reasonably request relating to the Issuer, ARI, ARL, Administrators or any of their respective
subsidiaries, the Offered Notes and the Transaction Agreements. Each of the Issuer and ARI shall make their officers, employees, independent accountants and legal counsel reasonably available upon request by the Initial Purchasers. 

(e) During the period of two years after the Closing Date neither the Issuer nor ARI will, nor will permit any of its respective subsidiaries
to, resell any of the Offered Notes that have been acquired by any of them. Neither the Issuer nor ARI will, nor will permit any of such subsidiaries to, contact or solicit potential investors to purchase any Offered Notes, nor engage any Person to
assist in the placement or sale of the Offered Notes or sell any Offered Notes to any Person, in the case of each of the foregoing, other than the Initial Purchasers except as consented to in writing by the Initial Purchasers. 

  
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 (f) The Issuer or ARI will pay all expenses incidental to the performance of their respective
obligations under this Agreement, including but not limited to: (i) all expenses in connection with the execution, issue, authentication, packaging and initial delivery of the Offered Notes, the preparation of this Agreement, the Offered Notes,
the documents comprising any part of the Offering Document and any other document relating to the issuance, offer, sale and delivery of the Offered Notes; (ii) the cost of any advertising approved by the Issuer or ARI in connection with the
issue of the Offered Notes; (iii) any expenses (including fees and disbursements of counsel) incurred in connection with qualification of the Offered Notes for sale under the laws of such jurisdictions in the United States as the Initial
Purchasers designate and the printing of memoranda relating thereto; (iv) any fees charged by the Hired NRSRO for the rating of the Offered Notes; and (v) expenses incurred in distributing the documents comprising any part of the Offering
Document (including any amendments and supplements thereto) or to prospective purchasers of the Offered Notes. The Issuer or ARI will also pay or reimburse the Initial Purchasers (to the extent incurred by them) for all travel expenses of the
Initial Purchasers’, the Issuer’s and ARI’s officers and employees and any other expenses of the Initial Purchasers, the Issuer or ARI in connection with attending or hosting meetings with prospective purchasers of the Offered Notes
from the Initial Purchasers. The payment or reimbursement obligations described in this clause (f) in respect of any particular Initial Purchaser will be subject to any applicable limitations thereon set forth in any engagement letter or
similar agreement between ARI and such Initial Purchaser or as otherwise may be separately agreed with the applicable Initial Purchaser. 

(g) In connection with the offering and the sale of the Offered Notes, until the Initial Purchasers shall have notified the Issuer and ARI of
the completion of the resale of the Offered Notes, none of the Issuer, ARI or any of their respective affiliates has or will, either alone or with one or more other persons, bid for or purchase for any account in which it or any of its affiliates
has a beneficial interest any Offered Notes or attempt to induce any person to purchase any Offered Notes; and none of the Issuer, ARI or any of their respective affiliates will make bids or purchases for the purpose of creating actual, or apparent,
active trading in, or of raising the price of, the Offered Notes. 
 (h) For a period of ninety (90) days, with respect to the Issuer,
and forty-five (45) days, with respect to ARI, after the date of the Offering Memorandum, none of the Issuer or ARI will offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or file with the Commission a
registration statement under the Securities Act relating to, any United States dollar-denominated asset-backed securities issued, sponsored or guaranteed by the Issuer, ARI or any of their respective subsidiaries and having a maturity of more than
one year from the date of issue, or publicly disclose the intention to make any such offer, sale, pledge, disposition or filing, without the prior written consent of the Initial Purchasers. None of the Issuer or ARI will at any time offer, sell,
contract to sell, pledge or otherwise dispose of, directly or indirectly, any securities under circumstances where such offer, sale, pledge, contract or disposition would cause the exemption afforded by Section 4(a)(2) of the Securities Act or
the safe harbor of Regulation S thereunder to cease to be applicable to the offer and sale of the Offered Notes. 

  
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 (i) The Issuer, ARI or any of their respective affiliates, or any person acting on its or their
behalf, shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security that would be integrated with the offer or sale of the Offered Notes in a manner that would require the registration under the
Securities Act of the sale of the Offered Notes or that would be integrated with the offer or sale of the Offered Notes for purposes of the rules and regulations of any trading market. 

(j) The Issuer and ARI (the “Indemnitors”) jointly and severally will indemnify and hold harmless the Initial
Purchasers against any documentary, stamp or similar issuance tax, including any interest and penalties, on the creation, issuance and sale of the Offered Notes and on the execution and delivery of this Agreement. All payments to be made by the
Issuer or ARI hereunder shall be made without withholding or deduction for or on account of any present or future taxes, duties or governmental charges whatsoever unless the Issuer or ARI is compelled by law to deduct or withhold such taxes, duties
or charges. In that event, the Issuer or ARI, as applicable, shall pay such additional amounts as may be necessary in order that the net amounts received after such withholding or deduction shall equal the amounts that would have been received if no
withholding or deduction had been made; provided that the Indemnitors will not be required to indemnify or gross-up for such taxes and withholdings to the extent imposed as a result of a failure of such Initial Purchaser to
provide any duly executed form or document described in the last sentence of this paragraph upon the execution of this Agreement or to be delivered thereafter upon the reasonable request of its Indemnitors the provision of which would evidence such
Initial Purchaser’s entitlement to an exemption for such taxes and withholdings. Furthermore, the Indemnitors hereby request that each Initial Purchaser hereby provide to them IRS Form W-9 or IRS Form W-8BEN, W-8IMI or W-8ECI, whichever is
applicable.  
 (k) To the extent, if any, that the rating provided with respect to the Offered Notes by the Hired NRSRO is
conditional upon the furnishing of documents or the taking of any other action by the Issuer, ARI, ARL or Administrators, as the case may be, the Issuer or ARI shall use its reasonable best efforts to furnish or cause to be furnished such documents
and take any other such action on or prior to the Closing Date. 
 6. [Section Reserved].  

7. Conditions of the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to purchase and pay for the
Offered Notes will be subject to the accuracy of the representations and warranties on the part of the Issuer and ARI herein, to the accuracy of the statements of officers of the Issuer and ARI made pursuant to the provisions hereof, to the
performance by each of the Issuer and ARI of its obligations hereunder and to the following additional conditions precedent on or prior to the Closing Date: 

(a) The Initial Purchasers shall have received from KPMG LLP a letter or letters, dated as of the date of the Preliminary Offering Memorandum
and as of the Applicable Time, in form and substance satisfactory to the Initial Purchasers and their counsel, stating in effect that they have performed certain specified procedures, all of which have been agreed to by the Initial Purchasers, as a
result of which they determined that certain information of an accounting, financial or statistical nature set forth in the Preliminary Offering Memorandum and the Offering Memorandum agrees with the corresponding information included on or derived
from a certain computer-generated railroad car lease data file and related record layout, excluding any questions of legal interpretation. 

  
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 (b) Subsequent to the execution and delivery of this Agreement, there shall not have
occurred: (i) any change, or any development or event involving a prospective change, in the condition (financial or other), business, properties or results of operations of the Issuer or ARI or ARL and their respective subsidiaries taken as
one enterprise which, in the judgment of Initial Purchasers whose combined respective purchase obligations represent a majority of all such purchase obligations hereunder (a “Majority In Interest”), is material and adverse and makes
it impractical or inadvisable to proceed with completion of the offering or the sale of and payment for the Offered Notes; (ii) any change in U.S. or international financial, political or economic conditions or currency exchange rates or
exchange controls as would, in the judgment of a Majority In Interest of the Initial Purchasers or any of their affiliates, be likely to prejudice materially the success of the proposed issue, sale or distribution of the Offered Notes, whether in
the primary market or in respect of dealings in the secondary market; (iii) any material suspension or material limitation of trading in securities generally on the New York Stock Exchange, or any setting of minimum prices for trading on such
exchange; (iv) any banking moratorium declared by U.S. Federal or New York authorities; (v) any major disruption of settlements of securities or clearance services in the United States; or (vi) any attack on, outbreak or escalation of
hostilities or act of terrorism involving the United States, any declaration of war by Congress or any other national or international calamity or emergency if, in the judgment of a Majority In Interest of the Initial Purchasers or any of their
affiliates, the effect of any such attack, outbreak, escalation, act, declaration, calamity or emergency makes it impractical or inadvisable to proceed with completion of the offering or sale of and payment for the Offered Notes. 

(c) The Initial Purchasers shall have received opinions, dated the Closing Date, of (i) Brown Rudnick LLP, counsel for the Issuer and
(ii) such other law firms acceptable to the Initial Purchasers and their counsel, in form and substance reasonably satisfactory to the Initial Purchasers or such counsel, to the effect that: 

(i) Based on a good standing certificate from the Secretary of State of the State of Delaware the Issuer has been duly formed
and is a validly existing limited liability company in good standing under the laws of the State of Delaware, with power and authority to execute and deliver each Transaction Agreement to which it is a party and to perform its obligations
thereunder; 
 (ii) (A) Based on a good standing certificate from the Secretary of State of the State of North Dakota, ARI
has been duly formed and is an existing corporation in good standing under the laws of the State of North Dakota, with power and authority (as a corporation and otherwise) to execute and deliver each Transaction Agreement to which it is a party and
to perform its obligations thereunder; and (B) based on a good standing certificate from the Secretary of State of the State of Delaware, each of ARL and Administrators has been duly formed and is an existing limited liability company in good
standing under the laws of the State of Delaware, with power and authority (as a limited liability company and otherwise) to execute and deliver each Transaction Agreement to which it is a party and to perform its obligations thereunder; 

  
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 (iii) The Indenture and the other Transaction Agreements have been duly
authorized, executed and delivered by the Issuer, ARI, ARL or Administrators party thereto, as applicable; the Offered Notes have been duly authorized, executed, authenticated, issued and delivered by the Issuer; and each Transaction Agreement
constitutes a valid and legally binding agreement under the laws of the State of New York, enforceable thereunder in accordance with its terms against the Issuer, ARI, ARL or Administrators, as applicable, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 

(iv) The Contribution and Sale Agreement, in the event that the conveyances contemplated thereunder are interpreted to
constitute the mere grant of a security interest to secure a borrowing by the Issuer from ARI rather than an absolute sale and assignment of ownership by ARI to the Issuer, creates a valid security interest upon all of the Railcars, Leases and
related assets and property conveyed by ARI thereunder on the Closing Date, and the Issuer (or the Trustee as assignee of the Issuer) will have, upon the filing of certain UCC financing statements, a perfected security interest in such assets and
property to the extent that a security interest may be perfected therein by filing of UCC financing statements; 
 (v) The
Indenture creates a valid security interest in all of the Collateral (as defined in the Indenture) as granted under the Indenture on the Closing Date, and the Trustee for the benefit of the holders of the Offered Notes from time to time will have,
upon the filing of certain financing statements, a perfected security interest in such Collateral to the extent that a security interest may be perfected therein by filing of UCC financing statements; 

(vi) The Issuer is not and, after giving effect to the offering and sale of the Offered Notes and the application of the
proceeds thereof as described in the General Disclosure Package, will not be an “investment company” as defined in the Investment Company Act, without reliance on the exemptions provided under Sections 3(c)(1) or 3(c)(7) of the Investment
Company Act. 
 (vii) No consent, approval, authorization or order of, or filing with, any governmental agency or body or any
court is required for the consummation of the transactions contemplated by this Agreement in connection with the issuance or sale of the Offered Notes, except for security interest filings contemplated by the Transaction Agreements and except such
as may be required under state securities laws; 
 (viii) To such counsel’s knowledge, after inquiry to officers of ARI
and ARL and after review of customary litigation filing and judgment lien records in the relevant jurisdiction of organization of ARI, ARL and Administrators, there are no pending actions, suits or proceedings against or affecting the Issuer, ARI,
ARL or Administrators, or any of their respective subsidiaries, or any of their respective 

  
 16 

 
properties that, if determined adversely to the Issuer, ARI, ARL or Administrators or any of their respective subsidiaries, would impair materially its ability to perform its obligations under
any of the Transaction Agreements; and no such actions, suits or proceedings are threatened or, to such counsel’s knowledge, contemplated; 

(ix) The execution, delivery and performance of the Indenture, this Agreement and the other Transaction Agreements to which the
Issuer, ARI, ARL or Administrators is a party, and the issuance and sale of the Offered Notes and compliance with the terms and provisions thereof will not result in a breach or violation of any United States federal or State of New York law or
regulation, or result in a breach or violation of the terms and provisions of, or constitute a default under, any order of any United States federal or State of New York court, agency or other governmental body or any material agreement (as
identified by an officer of ARI or ARL and provided by ARI or ARL to the opining counsel for review) by which the Issuer, ARI, ARL or Administrators or any of their respective subsidiaries is bound or to which any of the properties of the Issuer,
ARI, ARL or Administrators or any of their respective subsidiaries is subject, or the organizational or formation documents of the Issuer, ARI, ARL or Administrators; 

(x) Such counsel have no reason to believe that the Final Offering Document, or any amendment or supplement thereto, as of its
date and as of the Closing Date, contained any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein not misleading; or the Preliminary Offering Memorandum, as of January 14, 2015,
contain any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein not misleading; provided, however, that such counsel need not express any belief with respect to the financial
statements or other financial, statistical, numerical or accounting data contained in or omitted from the Final Offering Document. 

(xi) This Agreement has been duly authorized, executed and delivered by each of the Issuer and ARI; 

(xii) It is not necessary in connection with (i) the offer, sale and delivery of the Offered Notes by the Issuer to the
Initial Purchasers pursuant to this Agreement, or (ii) the resales of the Offered Notes by the Initial Purchasers in the manner contemplated by this Agreement, to register the Offered Notes under the Securities Act or to qualify the Indenture
under the Trust Indenture Act; 
 (xiii) The statements in the Preliminary Offering Memorandum and the Offering Memorandum
under the captions “The Issuer”, “Description of the Management Agreement”, “Description of the Contribution and Sale Agreement”, “Description of the Lease Administration Agreement”, “Description of the
Administrative Services Agreement” and “Description of the Offered Notes and the Indenture”, insofar as they purport to summarize certain terms of the Offered Notes and the applicable Operative Agreements, constitute a fair summary of
the provisions purported to be summarized; 

  
 17 

 (xiv) The statements contained in the Preliminary Offering Memorandum and the
Offering Memorandum under the captions “Material U.S. Federal Income Tax Consequences” and “ERISA Considerations”, to the extent that they constitute matters of federal law or legal conclusions with respect thereto, while not
purporting to discuss all possible consequences of investment in the Offered Notes, are correct in all material respects with respect to those consequences or matters that are discussed therein; 

(xv) In the event of a United States federal bankruptcy case involving ARI as debtor under the Bankruptcy Code, a court
properly presented with the facts would hold that the transfer on the Closing Date of the Railcars and Leases from ARI to the Issuer and as contemplated by the Transaction Agreements prior to such event would constitute sales, and not secured loans,
and that, accordingly, the Railcars and Leases so transferred and the proceeds thereof would not constitute “property of the estate” of the seller for purposes of Section 541 of the Bankruptcy Code and would not as a result of such
proceeding be subject to the automatic stay of Section 362(a) of the Bankruptcy Code; 
 (xvi) In the event of a United
States federal bankruptcy case involving ARI as debtor under the Bankruptcy Code, a court properly presented with the facts would not grant an order substantively consolidating the assets and liabilities of the Issuer with those of ARI; and 

(xvii) The Offered Notes will constitute indebtedness for United States federal income tax purposes. 

(d) The Initial Purchasers shall have received the opinion or opinions of Chapman & Cutler LLP, special counsel to the Trustee, dated
the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers. 
 (e) The Initial Purchasers shall have received
the agreed execution version (in draft form) of the opinion of Alvord & Alvord, special STB counsel to the Issuer, dated the Closing Date and with such opinion to be delivered in executed form on such Closing Date or the next following
date, but reflecting the lien status described in such opinion as of the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers. 

(f) The Initial Purchasers shall have received the agreed execution version (in draft form) of the opinion of Aird & Berlis LLP,
special Canadian counsel to the Issuer, and with such opinion to be delivered in executed form on such Closing Date or the next following date, but reflecting the lien status described in such opinion as of the Closing Date, in form and substance
reasonably satisfactory to the Initial Purchasers. 
 (g) The Initial Purchasers shall have received a copy of each opinion provided to the
Hired NRSRO in connection with its rating of the Offered Notes, each of which shall state therein that the Initial Purchasers may rely thereon, in form and substance reasonably satisfactory to the Initial Purchasers. 

  
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 (h) (1) The Initial Purchasers shall have received a certificate, dated the
Closing Date, of the President or any Vice President or a principal financial or accounting officer of each of the Issuer and ARI (it being understood that a certificate of ARI on its own behalf and in its capacity as sole equity member of the
Issuer shall be sufficient for purposes of the Issuer’s and ARI’s compliance with this requirement) in which such officer shall state that, to the best of such officer’s knowledge, after reasonable investigation, (i) the
representations and warranties of the Issuer and ARI, as the case may be, in this Agreement are true and correct, that each of the Issuer and ARI has complied with all agreements and satisfied all conditions on its part to be performed or satisfied
hereunder at or prior to the Closing Date, (ii) nothing has come to such officer’s attention that would lead such officer to conclude that the General Disclosure Package included any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary to make the statements therein, under the circumstances in which they were made, not misleading and (iii) since the date of the Offering Memorandum there shall not have been any change
in the membership interests of the Issuer. 
 (2) The Initial Purchasers shall have received a certificate, dated the Closing
Date, of the President or any Vice President or a principal financial or accounting officer of ARL in which such officer shall state that, to the best of such officer’s knowledge, after reasonable investigation, (i) ARL has complied with
all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date, and that, subsequent to the date of the most recent financial statements of each of ARL and its consolidated
subsidiaries, there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the condition (financial or other), business, properties or results of operations of each of ARL and its
subsidiaries, taken as a whole, (ii) nothing has come to such officer’s attention that would lead such officer to conclude that the General Disclosure Package included any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein, under the circumstances in which they were made, not misleading and (iii) since the date of the Offering Memorandum there shall not have been any change in the
capital stock of ARL or the long term debt of ARL. 
 (i) The Initial Purchasers shall have received a letter, dated the date of this
Agreement, of KPMG LLP which meets the requirements of subsection (a) of this Section, except that the specified date referred to in such subsection will be a date not more than three days prior to the Closing Date for the purposes of this
subsection. 
 (j) On or before the Closing Date, this Agreement, the Offering Document and each other Transaction Agreement shall be
satisfactory in form and substance to the Initial Purchasers, shall have been duly executed and delivered by the parties thereto (except that the execution and delivery of the documents referred to above (other than this Agreement) by a party hereto
or thereto shall not be a condition precedent to such party’s obligations hereunder), shall each be in full force and effect and executed counterparts of each shall have been delivered to the Initial Purchasers or their counsel on or before the
Closing Date. 
 (k) Each of the Issuer, ARI and ARL shall have delivered to the Initial Purchasers a certificate, dated the Closing Date, of
its secretary certifying its articles of incorporation or certificate of formation, limited liability company agreement, bylaws or other 

  
 19 

 
organizational documents, as applicable; board or similar resolutions authorizing the execution, delivery and performance of the Transaction Agreements to which it is a party, as applicable; and
the incumbency of all officers that signed any of the Transaction Agreements (it being understood that a certificate of a secretary of ARI on its own behalf and in its capacity as sole equity member of the Issuer shall be sufficient for purposes of
the Issuer’s and ARI’s compliance with this requirement). 
 (l) The Issuer and the Trustee shall have received a certificate from
a nationally recognized insurance broker with respect to the insurance required by Section 5.04(f) of the Indenture, and the Initial Purchasers shall have received evidence of such receipt. 

(m) Any Transaction Agreements which are required to be executed on or prior to the Closing Date that have not been executed by the date of
this Agreement will be subject to a condition precedent that requires such agreements to be in form and substance satisfactory to the Initial Purchasers. 

(n) (i) The Hired NRSRO shall have delivered to the Issuer and the Initial Purchasers a final rating letter setting forth a rating with respect
to the Offered Notes of at least “A (sf)” and (ii) subsequent to the execution and delivery of this Agreement the Hired NRSRO shall not have announced in writing (which shall include, without limitation, any press release by such
organization) that it has under surveillance or review, with negative implications, its rating of any of the Offered Notes (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading,
of such rating). 
 (o) On or prior to the Closing Date, DTC shall have approved as to form the “Regulation S Temporary Book-Entry
Note” and the “144A Book-Entry Note” as those terms are defined in the Indenture. 
 (p) On or prior to the Closing Date
(i) the Issuer or ARI shall have caused each lender or lenders, or any agent, trustee or similar authorized representative thereof, in any such case that is the named grantee or beneficiary of a consensual security interest in the Railcars,
related Leases and/or other related assets and property being conveyed by ARI to the Issuer on the Closing Date, to have executed and delivered to ARI for the benefit of ARI and its assignees, each of (A) a written contractual release of such
security interest, in a form recordable with the STB and in Canada and otherwise satisfactory to the Initial Purchasers, conditioned in each case solely upon ARI’s delivering or causing to be delivered a wire transfer of immediately available
funds to a specified payment account of such lender or lenders or agent, trustee or similar authorized representative of a specified payoff amount and authorizing, upon delivery of such payoff amount, the filing in any relevant lien records of the
release described in the next clause (i)(B) hereof and (B) a separate written contractual release to substantially the same effect as the release document in clause (i)(A) but without a payoff condition and (ii) the Issuer or ARI on or
prior to the Closing Date shall have (A) delivered or caused to be delivered each such specified payoff amount in such immediately available funds to the specified payment account so as to effect the release of security interest described in
such applicable contractual release, and which delivery of funds may be made or caused to be made from funds paid by the Issuer to ARI as consideration for the conveyance of such Railcars, related Leases and other related assets and property on the
Closing Date and (B) shall file in the applicable STB and, if applicable, Canadian filing records the release instrument described in clause (i)(B) above. 

  
 20 

 (q) On or before the Closing Date the Issuer or ARI shall have caused the relevant Bills of Sale
and Assignment and Assumption Agreements (as such terms are defined in the Indenture) as well as the Indenture, or a memorandum thereof in form suitable for filing, in each case executed and delivered as of the Closing Date, to be duly filed,
recorded and deposited with the STB in conformity with 49 U.S.C. §11301 and with the Registrar General of Canada pursuant to Section 90 of the Railway Act of Canada, and the Issuer shall furnish the Initial Purchasers with proof thereof.

 (r) On or before the Closing Date, the Issuer shall have funded the Liquidity Reserve Account in the amount required by the Transaction
Agreements. 
 (s) On or before the Closing Date, the Issuer or ARI shall have paid or caused to be paid the compensation and expense amounts
and reimbursements described in Sections 3(b) and 5(f), as directed by the Initial Purchasers in writing. 
 Documents described as being
“in the agreed form” or words to similar effect are documents which are in a form reasonably satisfactory to the Initial Purchasers and their special counsel, Kaye Scholer LLP. 

The Issuer and ARI will furnish the Initial Purchasers with such conformed copies of such opinions, certificates, letters and documents as the
Initial Purchasers reasonably request. 
 8. Indemnification and Contribution.  

(a) The Issuer and ARI will jointly and severally indemnify and hold harmless each Initial Purchaser, their respective officers, partners,
members, directors and affiliates and each person, if any, who controls any such Initial Purchaser, within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (any, a “Purchaser Indemnified
Person”), against any losses, claims, damages or liabilities, joint or several, to which such Purchaser Indemnified Person may become subject, under the Securities Act or the Exchange Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any breach of any of the representations, warranties and covenants of the Issuer or ARI contained herein or (ii) any untrue statement or alleged
untrue statement of any material fact contained in any document comprising a part of the Offering Memorandum or any amendment or supplement thereto, or the Preliminary Offering Memorandum or General Disclosure Package, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (to the extent
that such information was not superseded or corrected by the delivery to the Initial Purchasers, prior to the Applicable Time, of corrected written or electronic information), including, without limitation, any losses, claims, damages or liabilities
arising out of or based upon the Issuer’s or ARI’s failure to perform its obligations under Section 5(a) of this Agreement, and will reimburse such Purchaser Indemnified Person for any legal or other expenses that it reasonably incurs
in connection with investigating or defending any such loss, 

  
 21 

 
claim, damage, liability or action as such expenses are incurred; provided, however, that none of the Issuer or ARI will be liable in any such case to the extent that any such loss, claim,
damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity with written information furnished to the Issuer or
ARI by such Initial Purchaser specifically for use therein, it being understood and agreed that the only such information consists of the information described as such in subsection (b) below. 

(b) Each Initial Purchaser, severally and not jointly, will indemnify and hold harmless the Issuer and ARI, their respective directors and
officers and each person, if any, who controls the Issuer or ARI within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (any, an “Issuer Indemnified Person”), against any losses, claims,
damages or liabilities to which such Issuer Indemnified Person may become subject, under the Securities Act or the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon any untrue statement or alleged untrue statement of any material fact contained in any document comprising a part of the Offering Document, or any amendment or supplement thereto, or any related preliminary offering circular, or arise out
of or are based upon the omission or the alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Issuer or ARI by such Initial Purchaser specifically
for use therein (to the extent that such information was not superseded or corrected by the delivery to the Issuer and ARI by the Initial Purchasers, prior to the Applicable Time, of corrected written or electronic information), and will reimburse
any legal or other expenses that it reasonably incurs in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred, it being understood and agreed that the only such information
furnished by the Initial Purchasers consists of the following information in the Offering Document furnished on behalf of the Initial Purchasers: in each case under the caption “Plan of Distribution” the second sentence of the second
paragraph, the second, third, fifth and sixth sentences of the third paragraph, and the second sentence of the tenth paragraph thereunder; provided, however, that the Initial Purchasers shall not be liable for any losses, claims, damages or
liabilities arising out of or based upon the Issuer’s or ARI’s failure to perform its obligations under Section 5(a) of this Agreement. 

(c) Promptly after receipt by an indemnified party under this Section of notice of the commencement of any action, such indemnified party will,
if a claim in respect thereof is to be made against the indemnifying party under subsection (a) or (b) above, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it
from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the
failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party
and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the
defense thereof, with 

  
 22 

 
counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred by such indemnified party
in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of
which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement includes (i) an unconditional release of such indemnified party from all liability on any
claims that are the subject matter of such action and (ii) does not include a statement as to or an admission of fault, culpability or failure to act by or on behalf of any indemnified party. 

(d) If the indemnification provided for in this Section is unavailable or insufficient to hold harmless an indemnified party under subsection
(a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above
(i) in such proportion as is appropriate to reflect the relative benefits received by the Issuer and ARI on the one hand and the Initial Purchasers on the other from the offering of the Offered Notes or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Issuer or ARI on the one hand and the
Initial Purchasers on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by the Issuer and ARI
on the one hand and the Initial Purchasers on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Issuer bear to the total discounts, commissions and fees
received by the Initial Purchasers from the Issuer or ARI under this Agreement. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Issuer, ARI or the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or
omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Initial Purchaser shall be required to contribute any
amount in excess of the total discounts, commissions and fees received by such Initial Purchasers from the Issuer or ARI. The obligations of the Initial Purchasers in this subsection (d) to contribute are several in proportion to their
respective purchase obligations and not joint. 
 (e) The obligations of the Issuer and ARI under this Section shall be in addition to any
liability which the Issuer or ARI may otherwise have in law or equity. 

  
 23 

 9. Termination; Default of Initial Purchasers.  

(a) This Agreement may be terminated in the sole discretion of the Initial Purchasers by notice to the Issuer and ARI given on or prior to the
Closing Date in the event that (i) the Issuer or ARI shall have, in any material respect, failed, refused or been unable to perform, all obligations on its part to be performed hereunder at or prior thereto or (ii) if, on or prior to the
Closing Date, there shall have occurred any of the events or conditions set forth in Section 7(b) hereof. Termination of this Agreement pursuant to this Section 9 shall be without liability of any party to any other party except as
provided in Section 10. 
 (b) If any one or more Initial Purchasers shall fail to purchase and pay for the Offered Notes agreed to be
purchased by such Initial Purchasers (the “Defaulting Initial Purchasers”) hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the non-Defaulting
Initial Purchasers (the “Non-Defaulting Initial Purchasers”) may make arrangements satisfactory to the Issuer for the purchase of the Offered Notes by other persons, including any of the Non-Defaulting Initial Purchasers, but if no
such arrangements are made by the Closing Date, the Non-Defaulting Initial Purchasers shall be obligated severally and not jointly to take up and pay for (in the respective proportions that the amount of Offered Notes set forth opposite their names
in Schedule A bears to the aggregate amount of Offered Notes set forth opposite the names of all the Non-Defaulting Initial Purchasers) the Offered Notes which the Defaulting Initial Purchasers agreed but failed to purchase; provided,
however, that in the event that the aggregate amount of Offered Notes which the Defaulting Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate amount of the Offered Notes set forth in Schedule A, the
Non-Defaulting Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Offered Notes. If the Non-Defaulting Initial Purchasers do not purchase all the Offered Notes, this Agreement will
terminate without liability on the part of any Non-Defaulting Initial Purchaser, the Issuer or ARI, except as provided in Section 10. As used in this Agreement, the term “Initial Purchaser” includes any person substituted for an
Initial Purchaser under this Section. Nothing herein will relieve the defaulting Initial Purchaser from liability for its default. 
 10.
Survival of Certain Representations and Obligations. The respective indemnities, agreements, representations, warranties and other statements of the Issuer, ARI or their respective officers and of the Initial Purchasers set forth in or made
pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of the Initial Purchasers, the Issuer, ARI or any of their respective representatives,
officers or directors or any controlling person, and will survive delivery of and payment for the Offered Notes. If this Agreement is terminated pursuant to Section 9 or if for any reason the purchase of the Offered Notes by the Initial
Purchasers is not consummated, the Issuer and ARI shall remain responsible for the expenses to be paid or reimbursed by them pursuant to Section 5 and the respective obligations of the Issuer, ARI and the Initial Purchasers pursuant to
Section 8 shall remain in effect. 
 11. Notices. All communications hereunder will be in writing and (a) if sent to the
Initial Purchasers will be effective when received at the address for the respective Initial Purchaser set forth as follows: if sent to Credit Suisse Securities (USA) LLC, to Eleven Madison Avenue, New York, NY 10010-3629, attention: Asset Finance
Group; if to Credit Agricole Securities (USA) Inc., to 1301 Avenue of the Americas, New York, NY 10019, attention: DCM 

  
 24 

 
Securitization; if to Merrill Lynch, Pierce, Fenner & Smith Incorporated, to One Bryant Park, New York, NY 10036, attention: Bill Heskett; and if to DVB Capital Markets LLC, to 609 Fifth
Avenue, New York, New York 10017, attention Mark S. Johnson; and (b) if sent to the Issuer or ARI, as the case may be, will be either delivered by hand, by mail or by facsimile, and any notice shall be effective when received at the address or
facsimile number (as applicable) specified below for the Issuer or ARI, as the case may be, i.e., at c/o American Railcar Industries, Inc., 100 Clark Street, St. Charles, Missouri 63301, Attention: Treasurer, Facsimile: (636) 940-6044.

 12. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors
and the controlling persons referred to in Section 8, and no other person will have or acquire any right or obligation hereunder, except that holders of Offered Notes shall be entitled to enforce the agreements for their benefit contained in
the second and third sentences of Section 5(b) hereof against the Issuer as if such holders were parties thereto. No purchaser of any of the Offered Notes from any Initial Purchaser shall be deemed a successor (within the meaning of such term
used herein above) by reason merely of such purchase. 
 13. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same Agreement. 

14. Absence of Fiduciary Relationship. Each of the Issuer and ARI acknowledges and agrees that: 

(a) Each Initial Purchaser has been retained solely to act as an initial purchaser in connection with the initial purchase, offering and resale
of the Offered Notes and that no fiduciary, advisory or agency relationship between any of the Issuer, ARI, ARL, Administrators or their respective affiliates, stockholders, creditors or employees, on the one hand, and the Initial Purchaser, on the
other hand, has been created in respect of any of the transactions contemplated by this Agreement or the Offering Document, irrespective of whether such Initial Purchaser or any affiliate thereof has advised or is advising the Issuer, ARI, ARL or
Administrators on other matters; 
 (b) the purchase and sale of the Offered Notes pursuant to this Agreement, including the determination of
the offering price of the Offered Notes and any related discount and commissions, is an arm’s-length commercial transaction among the Initial Purchasers, the Issuer and ARI and each of the Issuer and ARI is capable of evaluating and
understanding, and does understand and hereby accept, the terms, risks and conditions of the transactions contemplated by this Agreement; 

(c) the Issuer and ARI have been advised that the Initial Purchasers and their affiliates are engaged in a broad range of transactions which
may involve interests that differ from those of the Issuer, ARI, ARL or Administrators, and that the Initial Purchasers have no obligation to disclose such interests and transactions to any of the Issuer, ARI, ARL or Administrators by virtue of any
fiduciary, advisory, agency or similar relationship; 

  
 25 

 (d) each of the Issuer and ARI waive, to the fullest extent permitted by law, any claims it may
have against any Initial Purchaser for breach of fiduciary or similar duty or alleged breach of fiduciary or similar duty and agrees that no Initial Purchaser shall have any liability (whether direct or indirect) to any of the Issuer, ARI, ARL or
Administrators in respect of such a fiduciary or similar duty claim or to any person asserting a fiduciary or similar duty claim on behalf of or in right of any of the Issuer, ARI, ARL or Administrators, including stockholders, employees or
creditors of the Issuer, ARI, ARL or Administrators; and 
 (e) none of the Initial Purchasers has provided any legal, regulatory,
accounting, tax or insurance advice in any jurisdiction and the Issuer and ARI each shall consult its own advisors with respect thereto. 

15. Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS
5-1401 OF THE GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

16. Submission to Jurisdiction. EACH PARTY HERETO HEREBY (A) IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY
NEW YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE COUNTY OF NEW YORK, NEW YORK OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, (B) IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE OR FEDERAL COURT, AND (C) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. EACH
PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OF COPIES OF THE PROCESS TO SUCH PARTY AT ITS ADDRESS SPECIFIED HEREIN. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY
HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST ANY OR ALL OF THE OTHER PARTIES HERETO OR ANY OF THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY
OTHER JURISDICTION. 
 17. Waiver of Jury Trial. EACH PARTY HERETO WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENTS OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION THEREWITH OR ARISING
FROM ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), ACTIONS OF ANY OF THE PARTIES HERETO OR ANY OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENTS, AND AGREES THAT ANY
SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

  
 26 

 18. Negotiations. This Agreement and the other Transaction Agreements are the
result of negotiations among the parties hereto, and have been reviewed by the respective counsel to the parties hereto, and are the products of all parties hereto. Accordingly, this Agreement and the other Transaction Agreements shall not be
construed against the Initial Purchasers merely because of the Initial Purchasers’ involvement in the preparation of this Agreement and the other Transaction Agreements. 

19. Amendments, Etc. This Agreement may be amended, restated or otherwise modified or waived at any time but only upon the
written consent of each of the parties hereto. 
 20. Severability of Provisions. If any one or more of the agreements,
provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then the unenforceable agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other agreements, provisions or terms of this Agreement. 
 21. No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. Except as otherwise provided in this Agreement, the rights, remedies, powers and privileges
herein provided are cumulative and are not exhaustive of any rights, remedies, powers and privileges provided by law. 
 22.
Integration. This Agreement (including, for the avoidance of doubt, references to and incorporations of provisions from any referenced engagement or other similar agreement contained herein) and the other Transaction Agreements contain a
final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and thereof and shall constitute the entire agreement between or among the parties hereto and thereto with respect to the subject
matter hereof and thereof, superseding all prior oral or written understandings. 
 23. Nonpetition Covenant.
Notwithstanding any prior termination of this Agreement, each Initial Purchaser and ARI agrees that it shall not, with respect to the Issuer, institute or join any other Person in instituting any proceeding of the type referred to in the
definition of “Bankruptcy Event” below against or with respect to the Issuer or so long as any Offered Notes issued by the Issuer shall be outstanding and there shall not have elapsed one year plus one day since the last day on which any
such Offered Notes shall have been Outstanding and all other obligations of the Issuer under the Transaction Agreements have been paid in full. The foregoing shall not limit the right of any Initial Purchaser or ARI, as applicable, to file any claim
in or otherwise take any action with respect to any such proceeding that was instituted against the Issuer by any Person other than any Initial Purchaser or ARI, respectively. In addition, each Initial Purchaser and ARI agrees that all amounts owed
to it by the Issuer shall be payable by the Issuer solely from amounts that become available for such Issuer payment pursuant to the Transaction Agreements, and no such amounts shall constitute a claim against the Issuer to the extent that they are
in excess of the amounts available for their payment. 

  
 27 

 “Bankruptcy Event” means, for any Person, any of the following events: 

(a) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the
liquidation, reorganization, debt arrangement, dissolution, winding up or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or any
substantial part of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue
undismissed, or unstayed and in effect, for a period of 60 days; or any order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect, or 

(b) such Person shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency,
reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or the like, for such
Person or any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due. 

24. USA Patriot Act. Each of the Issuer and ARI acknowledges that each Initial Purchaser is required by U.S. Federal law, in an
effort to help fight the funding of terrorism and money laundering activities, to obtain, verify and record information that identifies each person or corporation who opens an account or enters into a business relationship with a financial
institution. 

  
 28 

 If the foregoing is in accordance with the Initial Purchasers’ understanding of our
agreement, kindly sign and return to us one of the counterparts hereof, whereupon it will become a binding agreement between the Issuer, ARI and the Initial Purchasers in accordance with its terms. 

 

			
	Very truly yours,
	
	LONGTRAIN LEASING III, LLC
		
	By:	 	 AMERICAN RAILCAR INDUSTRIES, INC.,
 its sole
member

		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN RAILCAR INDUSTRIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

			
	Accepted and agreed to as of
	the date first above written.
	
	 CREDIT SUISSE SECURITIES (USA) LLC,

as Initial Purchaser

		
	By:	 	  

		 	Name:
		 	Title:
	
	 CREDIT AGRICOLE SECURITIES (USA) INC.,

as Initial Purchaser

		
	By:	 	  

		 	Name:
		 	Title:
	
	 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

as Initial Purchaser

		
	By:	 	  

		 	Name:
		 	Title:
	
	 DVB CAPITAL MARKETS LLC,
 as Initial
Purchaser

		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE A 
  

					
	 Purchaser
	  	Principal Amount of
Class A-1 Notes	 
	 Credit Suisse Securities (USA) LLC
	  	$	213,934,000.00	  
	 Credit Agricole Securities (USA) Inc.
	  	$	17,500,000.00	  
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	$	17,500,000.00	  
	 DVB Capital Markets LLC
	  	$	1,066,000.00	  
		
	 	  	Principal Amount of
Class A-2 Notes	 
	 Credit Suisse Securities (USA) LLC
	  	$	321,318,000.00	  
	 Credit Agricole Securities (USA) Inc.
	  	$	26,284,000.00	  
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	$	26,284,000.00	  
	 DVB Capital Markets LLC
	  	$	1,601,000.00	  
		
	 Total
	  	$	625,487,000	  
		  	  
	  
	 

  
 A-1EX-4.5

 EXHIBIT 4.5 

PFSWEB, INC. 
 and

 [                    ] 

Trustee 
 INDENTURE

 Dated as of
[                      ] 

SENIOR DEBT SECURITIES 

 CROSS-REFERENCE TABLE (1) 

 

			
	 Section of

Trust Indenture Act

of 1939, as amended
	  	 Section of

Indenture

	310(a)	  	Section 6.09
	310(b)	  	  
 Section 6.08

Section 6.10

	310(c)	  	  
 Inapplicable

	311(a)	  	  
 Section 6.13

	311(b)	  	  
 Section 6.13

	311(c)	  	  
 Inapplicable

	312(a)	  	  
 Section 4.01

Section 4.04

	312(b)	  	  
 Section 4.04(c)

	312(c)	  	  
 Section 4.04(c)

	313(a)	  	  
 Section 4.03

	313(b)	  	  
 Section 4.03

	313(c)	  	  
 Section 4.03

	313(d)	  	  
 Section 4.03

	314(a)	  	  
 Section 4.02

	314(b)	  	  
 Inapplicable

			
	314(c)	  	 Section 2.04

Section 8.04
 Section 9.01(c)

Section 10.01(b)
 Section
11.05

	314(d)	  	  
 Inapplicable

	314(e)	  	  
 Section 11.05

	314(f)	  	  
 Inapplicable

	315(a)	  	  
 Section 6.01

Section 6.02

	315(b)	  	  
 Section 5.11

	315(c)	  	  
 Section 6.01

	315(d)	  	  
 Section 6.01

Section 6.02

	315(e)	  	  
 Section 5.12

	316(a)	  	  
 Section 5.09

Section 5.10
 Section
7.04

	316(b)	  	  
 Section 5.06

Section 5.10

	316(c)	  	  
 Section 7.02

	317(a)	  	  
 Section 5.04

	317(b)	  	  
 Section 3.04

	318(a)	  	  
 Section 11.07

  

	(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	 	 DEFINITIONS
	  	 	1	  
	Section 1.01	 	 Certain Terms Defined
	  	 	1	  
	ARTICLE 2	 	 SECURITIES
	  	 	5	  
	Section 2.01	 	 Forms Generally
	  	 	5	  
	Section 2.02	 	 Form of Trustee’s Certificate of Authentication
	  	 	5	  
	Section 2.03	 	 Amount Unlimited; Issuable in Series
	  	 	6	  
	Section 2.04	 	 Authentication and Delivery of Securities
	  	 	8	  
	Section 2.05	 	 Execution of Securities
	  	 	9	  
	Section 2.06	 	 Certificate of Authentication
	  	 	9	  
	Section 2.07	 	 Denomination and Date of Securities; Payments of Interest
	  	 	10	  
	Section 2.08	 	 Registration, Transfer and Exchange
	  	 	10	  
	Section 2.09	 	 Mutilated, Defaced, Destroyed, Lost and Stolen Securities
	  	 	12	  
	Section 2.10	 	 Cancellation of Securities; Destruction Thereof
	  	 	13	  
	Section 2.11	 	 Temporary Securities
	  	 	13	  
	ARTICLE 3	 	 COVENANTS OF THE ISSUER
	  	 	14	  
	Section 3.01	 	 Payment of Principal and Interest
	  	 	14	  
	Section 3.02	 	 Offices for Payments, Etc
	  	 	14	  
	Section 3.03	 	 Appointment to Fill a Vacancy in Office of Trustee
	  	 	14	  
	Section 3.04	 	 Paying Agents
	  	 	14	  
	Section 3.05	 	 Written Statement to Trustee
	  	 	15	  
	ARTICLE 4	 	 SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE
	  	 	15	  
	Section 4.01	 	 Issuer to Furnish Trustee Information as to Names and Addresses of Securityholders
	  	 	15	  
	Section 4.02	 	 Reports by the Issuer
	  	 	16	  
	Section 4.03	 	 Reports by the Trustee
	  	 	16	  
	Section 4.04	 	 Preservation of Information; Communication with Securityholders
	  	 	16	  
	ARTICLE 5	 	 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	 	16	  
	Section 5.01	 	 Event of Default Defined; Acceleration of Maturity; Waiver of Default
	  	 	16	  
	Section 5.02	 	 Collection of Debt by Trustee; Trustee May Prove Debt
	  	 	18	  
	Section 5.03	 	 Application of Proceeds
	  	 	20	  
	Section 5.04	 	 Suits for Enforcement
	  	 	20	  
	Section 5.05	 	 Restoration of Rights on Abandonment of Proceedings
	  	 	20	  
	Section 5.06	 	 Limitations on Suits by Securityholders
	  	 	21	  
	Section 5.07	 	 Unconditional Right of Securityholders to Institute Certain Suits
	  	 	21	  
	Section 5.08	 	 Power and Remedies Cumulative; Delay or Omission Not Waiver of Default
	  	 	21	  
	Section 5.09	 	 Control by Holders of Securities
	  	 	22	  
	Section 5.10	 	 Waiver of Past Defaults
	  	 	22	  
	Section 5.11	 	 Trustee to Give Notice of Default
	  	 	22	  
	Section 5.12	 	 Right of Court to Require Filing of Undertaking to Pay Costs
	  	 	23	  
	ARTICLE 6	 	 CONCERNING THE TRUSTEE
	  	 	23	  
	Section 6.01	 	 Duties and Responsibilities of the Trustee; During Default; Prior to Default
	  	 	23	  

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	Section 6.02	 	 Certain Rights of the Trustee
	  	 	23	  
	Section 6.03	 	 Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof
	  	 	24	  
	Section 6.04	 	 Trustee and Agents May Hold Securities; Collections, Etc
	  	 	24	  
	Section 6.05	 	 Moneys Held by Trustee
	  	 	25	  
	Section 6.06	 	 Compensation and Indemnification of Trustee and Its Prior Claim
	  	 	25	  
	Section 6.07	 	 Right of Trustee to Rely on Officer’s Certificate, Etc
	  	 	25	  
	Section 6.08	 	 Disqualification; Conflicting Interests
	  	 	25	  
	Section 6.09	 	 Persons Eligible for Appointment as Trustee
	  	 	25	  
	Section 6.10	 	 Resignation and Removal; Appointment of Successor Trustee
	  	 	26	  
	Section 6.11	 	 Acceptance of Appointment by Successor Trustee
	  	 	27	  
	Section 6.12	 	 Merger, Conversion, Consolidation or Succession to Business of Trustee
	  	 	27	  
	Section 6.13	 	 Preferential Collection of Claims Against the Issuer
	  	 	28	  
	ARTICLE 7	 	 CONCERNING THE SECURITYHOLDERS
	  	 	28	  
	Section 7.01	 	 Evidence of Action Taken by Securityholders
	  	 	28	  
	Section 7.02	 	 Proof of Execution of Instruments and of Holding of Securities
	  	 	28	  
	Section 7.03	 	 Holders to Be Treated as Owners
	  	 	28	  
	Section 7.04	 	 Securities Owned by Issuer Deemed Not Outstanding
	  	 	29	  
	Section 7.05	 	 Right of Revocation of Action Taken
	  	 	29	  
	ARTICLE 8	 	 SUPPLEMENTAL INDENTURES
	  	 	29	  
	Section 8.01	 	 Supplemental Indentures Without Consent of Securityholders
	  	 	29	  
	Section 8.02	 	 Supplemental Indentures With Consent of Securityholders
	  	 	30	  
	Section 8.03	 	 Effect of Supplemental Indenture
	  	 	32	  
	Section 8.04	 	 Documents to Be Given to Trustee
	  	 	32	  
	Section 8.05	 	 Notation of Securities in Respect of Supplemental Indentures
	  	 	32	  
	ARTICLE 9	 	 CONSOLIDATION, MERGER, SALE OR CONVEYANCE
	  	 	32	  
	Section 9.01	 	 Issuer May Consolidate, Etc., on Certain Terms
	  	 	32	  
	Section 9.02	 	 Successor Issued Substituted
	  	 	33	  
	ARTICLE 10	 	 SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; UNCLAIMED MONEYS
	  	 	33	  
	Section 10.01	 	 Satisfaction and Discharge of Indenture; Defeasance
	  	 	33	  
	Section 10.02	 	 Application by Trustee of Funds Deposited for Payment of Securities
	  	 	36	  
	Section 10.03	 	 Repayment of Moneys Held by Paying Agent
	  	 	36	  
	Section 10.04	 	 Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years
	  	 	36	  
	Section 10.05	 	 Indemnity for U.S. Government Obligations
	  	 	36	  
	ARTICLE 11	 	 MISCELLANEOUS PROVISIONS
	  	 	37	  
	Section 11.01	 	 No Recourse
	  	 	37	  
	Section 11.02	 	 Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities
	  	 	37	  
	Section 11.03	 	 Successors and Assigns of Issuer Bound by Indenture
	  	 	37	  
	Section 11.04	 	 Notices and Demands on Issuer, Trustee, and Holders of Securities
	  	 	37	  
	Section 11.05	 	 Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein
	  	 	38	  
	Section 11.06	 	 Payments Due on Saturdays, Sundays, and Holidays
	  	 	39	  

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	Section 11.07	 	 Conflict of Any Provision of Indenture With Trust Indenture Act
	  	 	39	  
	Section 11.08	 	 New York Law to Govern
	  	 	39	  
	Section 11.09	 	 Counterparts
	  	 	39	  
	Section 11.10	 	 Effect of Headings
	  	 	39	  
	Section 11.11	 	 Actions by Successor
	  	 	39	  
	Section 11.12	 	 Severability
	  	 	39	  
	ARTICLE 12	 	 REDEMPTION OF SECURITIES AND SINKING FUNDS
	  	 	39	  
	Section 12.01	 	 Applicability of Article
	  	 	39	  
	Section 12.02	 	 Notice of Redemption; Partial Redemptions
	  	 	39	  
	Section 12.03	 	 Payment of Securities Called for Redemption
	  	 	40	  
	Section 12.04	 	 Exclusion of Certain Securities from Eligibility for Selection for Redemption
	  	 	41	  
	Section 12.05	 	 Mandatory and Optional Sinking Funds
	  	 	41	  

 THIS INDENTURE, dated as of
[            ] between PFSweb, Inc., a Delaware corporation (the “Issuer”), and [            ], a
[            ] (the “Trustee”), 
 W I T N E S S E T H: 

WHEREAS, the Issuer may from time to time duly authorize the issue of its debentures, notes or other evidences of indebtedness to be issued in
one or more series (the “ Securities “) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture; 

WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to provide, among other things, for the authentication,
delivery and administration of the Securities; and 
 WHEREAS, all things necessary to make this Indenture a valid indenture and agreement
according to its terms have been done; 
 NOW, THEREFORE: 

In consideration of the premises and the purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant and
agree for the equal and proportionate benefit of the respective holders from time to time of the Securities as follows: 
 ARTICLE 1

 DEFINITIONS

Section 1.01 Certain Terms Defined. The following terms (except as otherwise expressly provided or unless the context otherwise clearly
requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms used in this Indenture that are defined in the Trust Indenture Act, or the
definitions of which in the Securities Act of 1933, as amended, are referred to in the Trust Indenture Act, including terms defined therein by reference to the Securities Act of 1933, as amended (except as herein otherwise expressly provided or
unless the context otherwise clearly requires), shall have the meanings assigned to such terms in said Trust Indenture Act, as amended, and in said Securities Act as in force at the date of this Indenture. All accounting terms used herein and not
expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” means such accounting principles as are generally
accepted in the United States at the time of any computation. The words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section
or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 

“Board of Directors” means either the Board of Directors of the Issuer or any committee of such Board duly authorized to act
on its behalf. 
 “Board Resolution” means a copy of one or more resolutions, certified by the secretary or an assistant
secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect, and delivered to the Trustee. 

“Business Day” means, with respect to any Security, a day that in the city (or in any of the cities, if more than one) in
which amounts are payable, as specified in the form of such Security, is not a day on which banking institutions are authorized or required by law or regulation to close. 

  
 1 

 “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Securities Exchange Act of 1934, as amended, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties on such date. 
 “Common Stock” means shares of common stock, no par value per
share, of the Issuer as the same exists at the date of execution and delivery of this Indenture or as such stock may be reconstituted from time to time. 

“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee shall, at any
particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at [            ]. 

“Debt” of any Person means any debt for money borrowed which is created, assumed, incurred or guaranteed in any manner by
such Person or for which such Person is otherwise responsible or liable, and shall expressly include any such guaranty thereof by such Person. For the purpose of computing the amount of the Debt of any Person there shall be excluded all Debt of such
Person for the payment or redemption or satisfaction of which money or securities (or evidences of such Debt, if permitted under the terms of the instrument creating such Debt) in the necessary amount shall have been deposited in trust with the
proper depositary, whether upon or prior to the maturity or the date fixed for redemption of such Debt; and, in any instance where Debt is so excluded, for the purpose of computing the assets of such Person there shall be excluded the money,
securities or evidences of Debt deposited by such Person in trust for the purpose of paying or satisfying such Debt. 

“Depositary” means, with respect to the Securities of any series issuable or issued in the form of one or more Global
Securities, the Person designated as Depositary by the Issuer pursuant to Section 2.04 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean
or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series shall mean the Depositary with respect to the Global
Securities of that series. 
 “Dollar” means the currency of the United States of America as at the time of payment is
legal tender for the payment of public and private debts. 
 “Event of Default” means any event or condition specified as
such in Section 5.01. 
 “Foreign Currency” means a currency issued by the government of a country other than the
United States. 
 “Global Security”, means a Security evidencing all or a part of a series of Securities, issued to the
Depositary for such series in accordance with Section 2.04, and bearing the legend prescribed in Section 2.04. 

“Holder”, “holder”, “holder of Securities”, “ Securityholder “ or other
similar terms mean the Person in whose name such Security is registered in the Security register kept by the Issuer for that purpose in accordance with the terms hereof. 

  
 2 

 “Indenture” means this instrument as originally executed and delivered or, if
amended or supplemented as herein provided, as so amended or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder. 

“Interest”, unless the context otherwise requires, refers to interest, and when used with respect to non-interest bearing
Securities, refers to interest payable after maturity, if any. 
 “Issuer” means PFSweb, Inc., a Delaware corporation, and,
subject to Article 9, its successors and assigns. 
 “Issuer Order” means a written statement, request or order of the
Issuer signed in its name by the chairman of the Board of Directors, the president or any vice president of the Issuer. 
 “Notice
of Default” shall have the meaning set forth in Section 5.01(c). 
 “Officer’s Certificate” means a
certificate signed by the chairman of the Board of Directors, the president, any vice president, the chief financial officer, the treasurer, the secretary or any assistant secretary of the Issuer and delivered to the Trustee. Each such certificate
shall comply with Section 314 of the Trust Indenture Act, and, except to the extent provided herein, shall include the statements provided for in Section 11.05. 

“Opinion of Counsel” means an opinion in writing signed by the general corporate counsel or such other legal counsel who may
be an employee of or counsel to the Issuer and who shall be reasonably satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, and shall include the statements provided for in Section 11.05,
if and to the extent required hereby. 
 “original issue date” of any Security (or portion thereof) means the earlier of
(a) the date of such Security or (b) the date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 

“Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to
be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 5.01. 

“Outstanding”, when used with reference to Securities, shall, subject to the provisions of Section 7.04, mean, as of any
particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except 
 (a) Securities theretofore
cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Securities, or portions thereof, for the payment or
redemption of which cash or U.S. Government Obligations (as provided for in Section 10.01(a) and Section 10.01(b)) in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Issuer)
or shall have been set aside, segregated and held in trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own paying agent); provided, that if such Securities, or portions thereof, are to be redeemed prior to the
maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and 

(c) Securities in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid,
pursuant to the terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a Person in whose hands such Security is a legal, valid and binding
obligation of the Issuer), Securities converted into Common Stock pursuant hereto and Securities not deemed outstanding pursuant to Section 12.02. 

  
 3 

 In determining whether the Holders of the requisite principal amount of Outstanding Securities of
any or all series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount
of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 5.01. 

“Person” means any individual, corporation, partnership, limited partnership, limited liability company, joint venture,
association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“principal” whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to include
“and premium, if any”. 
 “record date” shall have the meaning set forth in Section 2.07. 

“Responsible Officer”, when used with respect to the Trustee, means the chairman of the board of directors, any vice chairman
of the board of directors, the chairman of the trust committee, the chairman of the executive committee, any vice chairman of the executive committee, the president, any vice president, the cashier, the secretary, the treasurer, any trust officer,
any assistant trust officer, any assistant vice president, any assistant cashier, any assistant secretary, any assistant treasurer, or any other officer or assistant officer of the Trustee customarily performing functions similar to those performed
by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject. 

“Security” or “Securities” has the meaning stated in the first recital of this Indenture, or, as the case
may be, Securities that have been authenticated and delivered under this Indenture. 
 “Security Registrar” shall have the
meaning set forth in Section 4.01(b). 
 “Subsidiary” means, with respect to any specified Person: (1) any
corporation, association or other business entity of which more than 50% of the total voting power entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that
effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the
other Subsidiaries of that Person (or a combination thereof); and (2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners
of which are that Person or one or more Subsidiaries of that Person (or any combination thereof) to the extent such partnership is included in the consolidated financial statements of such Person. 

“Trust Indenture Act” (except as otherwise provided in Sections 8.01 and Section 8.02) means the Trust Indenture Act of
1939, as amended, as in force at the date as of which this Indenture was originally executed. 
 “Trustee” means the Person
identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article 6, shall also include any successor trustee. “Trustee” shall also mean or include each Person who is then a trustee hereunder and if
at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the trustee with respect to the Securities of such series. 

  
 4 

 “U.S. Government Obligation” means (a) a direct obligation of the United
States of America, backed by its full faith and credit, or (b) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America. 
 “vice president”, when used with respect to the
Issuer or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title of “vice president”. 

“Yield to Maturity” means the yield to maturity on a series of securities, calculated at the time of issuance of such series,
or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 

ARTICLE 2 

SECURITIES

Section 2.01 Forms Generally. The Securities of each series shall be substantially in such form (not inconsistent with this Indenture) as
shall be established by or pursuant to one or more Board Resolutions (as set forth in a Board Resolution or, to the extent established pursuant to (rather than set forth in) a Board Resolution, an Officer’s Certificate detailing such
establishment) or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise
reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities
exchange or to conform to general usage, all as may be determined by the officers executing such Securities as evidenced by their execution of such Securities. 

The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as
determined by the officers executing such Securities as evidenced by their execution of such Securities. 
 Section 2.02 Form of
Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication on all Securities shall be in substantially the following form: 

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

 

			
	
                          
                          

[                          
          ] as Trustee

		
	By:	 	  

	Authorized Officer

  
 5 

 Section 2.03 Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more
series. The terms of a series of Securities shall be established prior to the initial issuance thereof in or pursuant to one or more Board Resolutions, or, to the extent established pursuant to (rather than set forth in) a Board Resolution, in an
Officer’s Certificate detailing such establishment and/or established in one or more indentures supplemental hereto. The terms of such series reflected in such Board Resolution, Officer’s Certificate, or supplemental indenture may include
the following or any additional or different terms: 
 (a) the designation of the Securities of the series (which may be
part of a series of Securities previously issued); 
 (b) the terms and conditions, if applicable, upon which conversion
or exchange of the Securities into or for any other securities or property of the Issuer will be effected, including the initial conversion or exchange price or rate and any adjustments thereto, the conversion or exchange period and other provisions
in addition to or in lieu of those described herein; 
 (c) any limit upon the aggregate principal amount of the
Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to
Sections 2.08, 2.09, 2.11, 8.05 or 12.03); 
 (d) if other than Dollars, the Foreign Currency in which the Securities of
that series are denominated; 
 (e) any date on which the principal and interest of the Securities of the series is
payable and the right, if any, to extend such date or dates; 
 (f) the rate or rates at which the Securities of the
series shall bear interest, if any, the record date or dates for the determination of holders to whom interest is payable, the date or dates from which such interest shall accrue and on which such interest shall be payable and/or the method by which
such rate or rates or date or dates shall be determined, and the right, if any, to extend the interest payment periods and the duration of that extension; 

(g) the place or places where the principal of and any interest on Securities of the series shall be payable (if other
than as provided in Section 3.02); 
 (h) the price or prices at which, the period or periods within which and the
terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Issuer, pursuant to any sinking fund or otherwise; 

(i) the terms and conditions, if any, pursuant to which the Securities of or within the series are secured; 

(j) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of the series pursuant to any mandatory
redemption, sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which and any terms and conditions upon which Securities of the series shall be redeemed,
purchased or repaid, in whole or in part, pursuant to such obligation; 

  
 6 

 (k) if other than denominations of $1,000 and any integral multiple thereof,
the denominations in which Securities of the series shall be issuable; 
 (l) if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof; 

(m) if other than the currency in which the Securities of that series are denominated, the currency in which payment of
the principal of or interest on the Securities of such series shall be payable; 
 (n) if the principal of or interest
on the Securities of the series is to be payable, at the election of the Issuer or a Holder thereof, in a currency other than that in which the Securities are denominated, the period or periods within which, and the terms and conditions upon which,
such election may be made; 
 (o) if the amount of payments of principal of and interest on the Securities of the series
may be determined with reference to an index based on a currency other than that in which the Securities of the series are denominated, or by reference to one or more currency exchange rates, securities or baskets of securities, commodity prices or
indices, the manner in which such amounts shall be determined; 
 (p) if Sections 10.01(b) or 10.01(c) are inapplicable
to Securities of such series; 
 (q) whether and under what circumstances the Issuer will pay additional amounts on the
Securities of any series in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such Securities rather than pay such additional amounts; 

(r) if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange
of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such certificates, documents or conditions; 

(s) any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the
Securities of such series; 
 (t) any other events of default or covenants with respect to the Securities of such series
in addition to or in lieu of those contained in this Indenture; 
 (u) if the Securities of the series may be issued in
exchange for surrendered Securities of another series, or for other securities of the Issuer, pursuant to the terms of such Securities or securities or of any agreement entered into by the Issuer, the ratio of the principal amount of the Securities
of the series to be issued to the principal amount of the Securities or securities to be surrendered in exchange, and any other material terms of the exchange; and 

  
 7 

 (v) any other terms of the series. 

The Issuer may from time to time, without notice to or the consent of the holders of any series of Securities, create and issue further
Securities of any such series ranking equally with the Securities of such series in all respects (or in all respects other than (1) the payment of interest accruing prior to the issue date of such further Securities or (2) the first
payment of interest following the issue date of such further Securities). Such further Securities may be consolidated and form a single series with the Securities of such series and have the same terms as to status, redemption or otherwise as the
Securities of such series. 
 Section 2.04 Authentication and Delivery of Securities. The Issuer may deliver Securities of any series
executed by the Issuer to the Trustee for authentication together with the applicable documents referred to below in this Section, and the Trustee shall thereupon authenticate and deliver such Securities to or upon the order of the Issuer (contained
in the Issuer Order referred to below in this Section) or pursuant to such procedures acceptable to the Trustee and to such recipients as may be specified from time to time by an Issuer Order. If provided for in such procedures, such Issuer Order
may authorize authentication and delivery pursuant to oral instructions from the Issuer or its duly authorized agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon: 

(a) an Issuer Order requesting such authentication and setting forth delivery instructions if the Securities are not to
be delivered to the Issuer; 
 (b) any Board Resolution, Officer’s Certificate and/or executed supplemental
indenture referred to in Sections 2.01 and 2.03 by or pursuant to which the forms and terms of the Securities were established; 

(c) an Officer’s Certificate setting forth the form or forms and terms of the Securities stating that the form or
forms and terms of the Securities have been established pursuant to Sections 2.01 and 2.03 and comply with this Indenture, and covering such other matters as the Trustee may reasonably request; and 

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

(i) the form or forms and terms of such Securities have been established pursuant to Sections 2.01 and 2.03 and comply with
this Indenture, 
 (ii) the authentication and delivery of such Securities by the Trustee are authorized under the
provisions of this Indenture, 
 (iii) such Securities when authenticated and delivered by the Trustee and issued by the
Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Issuer, and 

  
 8 

 (iv) all laws and requirements in respect of the execution and delivery by the
Issuer of the Securities have been complied with, 
 and covering such other matters as the Trustee may reasonably request. 

The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or a trust committee of directors or trustees or Responsible Officers
shall determine that such action would expose the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights, duties or immunities under the Securities, this Indenture or otherwise. 

The Issuer shall execute and the Trustee shall, in accordance with this Section with respect to the Securities of a series, authenticate and
deliver one or more Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Securities of such series issued and not yet cancelled, (ii) shall be registered in
the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend
substantially to the following effect: 
 “Unless and until it is exchanged in whole or in part for Securities in definitive registered
form, this Security may not be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.” 
 Each Depositary designated pursuant to this Section must, at the
time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation. 

Section 2.05 Execution of Securities. The Securities shall be signed on behalf of the Issuer by the chairman of its Board of Directors,
any vice chairman of its Board of Directors, its chief executive officer, its principal financial officer, its president, any vice president or its treasurer. Such signatures may be the manual or facsimile signatures of the present or any future
such officers. Typographical and other minor errors or defects in any such reproduction of any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 

In case any officer of the Issuer who shall have signed any of the Securities shall cease to be such officer before the Security so signed
shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Issuer, although at the date of the execution and delivery of this Indenture
any such person was not such an officer. 
 Section 2.06 Certificate of Authentication. Only such Securities as shall bear thereon a
certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture or be valid or obligatory for any
purpose. The execution of such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to
the benefits of this Indenture. 

  
 9 

 Section 2.07 Denomination and Date of Securities; Payments of Interest. The Securities of
each series shall be issuable in denominations established as contemplated by Section 2.03 or, if not so established, in denominations of $1,000 and any integral multiple thereof. The Securities of each series shall be numbered, lettered or
otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may determine with the approval of the Trustee, as evidenced by the execution and authentication thereof. Unless otherwise
indicated in a Board Resolution, Officer’s Certificate or supplemental indenture for a particular series, interest will be calculated on the basis of a 360-day year of twelve 30-day months. 

Each Security shall be dated the date of its authentication. The Securities of each series shall bear interest, if any, from the date, and
such interest shall be payable on the dates, established as contemplated by Section 2.03. 
 The Person in whose name any Security of
any series is registered at the close of business on any record date applicable to a particular series with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date
notwithstanding any transfer, exchange or conversion of such Security subsequent to the record date and prior to such interest payment date, except if and to the extent the Issuer shall default in the payment of the interest due on such interest
payment date for such series, in which case such defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such series are registered at the close of business on a subsequent record date (which shall be not less than
five Business Days prior to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15 days preceding such subsequent record date. The term
“record date “ as used with respect to any interest payment date (except a date for payment of defaulted interest) for the Securities of any series shall mean the date specified as such in the terms of the Securities of such series
established as contemplated by Section 2.03, or, if no such date is so established, if such interest payment date is the first day of a calendar month, the 15th day of the immediately preceding calendar month or, if such interest payment date
is the 15th day of a calendar month, the first day of such calendar month, whether or not such record date is a Business Day. 

Section 2.08 Registration, Transfer and Exchange. The Issuer will keep at each office or agency to be maintained for the purpose as
provided in Section 3.02 for each series of Securities a register or registers in which, subject to such reasonable regulations as it may prescribe, it will provide for the registration of Securities of such series and the registration of
transfer of Securities of such series. Such register shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such register or registers shall
be open for inspection by the Trustee. 
 Upon due presentation for registration of transfer of any Security of any series at any such
office or agency to be maintained for the purpose as provided in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the same series,
maturity date, interest rate and original issue date in authorized denominations for a like aggregate principal amount. 

  
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 At the option of the Holder thereof, Securities of any series (except a Global Security) may be
exchanged for a Security or Securities of such series having authorized denominations and an equal aggregate principal amount, upon surrender of such Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in
accordance with Section 3.02 and upon payment, if the Issuer shall so require, of the charges hereinafter provided. Whenever any Securities are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to receive. All Securities surrendered upon any exchange or transfer provided for in this Indenture shall be promptly cancelled and disposed of by the Trustee and the Trustee
will deliver a certificate of disposition thereof to the Issuer. 
 All Securities presented for registration of transfer, exchange,
redemption or payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or
his or her attorney duly authorized in writing. 
 The Issuer may require payment of a sum sufficient to cover any stamp or other tax or
other governmental charge that may be imposed in connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction. 

The Issuer shall not be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days
immediately preceding the first mailing of notice of redemption of Securities of such series to be redeemed or (b) any Securities selected, called or for which notice of redemption has been provided to the Trustee, in whole or in part, except,
in the case of any Security to be redeemed in part, the portion thereof not so to be redeemed. 
 Notwithstanding any other provision of
this Section 2.08, unless and until it is exchanged in whole or in part for Securities in definitive registered form, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the
Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee
of such successor Depositary. 
 If at any time the Depositary for the Securities of a series notifies the Issuer that it is unwilling or
unable to continue as Depositary for the Securities of such series or if at any time the Depositary for the Securities of a series shall no longer be eligible under Section 2.04, the Issuer shall appoint a successor Depositary with respect to
the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer’s determination
pursuant to Section 2.03 that the Securities of such series be represented by a Global Security shall no longer be effective and the Issuer will execute, and the Trustee, upon receipt of an Officer’s Certificate for the authentication and
delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive registered form, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global
Security or Securities representing the Securities of such series, in exchange for such Global Security or Securities. 
 The Issuer may at
any time and in its sole discretion determine that the Securities of any series issued in the form of one or more Global Securities shall no longer be represented by a Global Security or Securities. In such event the Issuer will execute, and the
Trustee, upon receipt of an Officer’s Certificate for the authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive registered form, in any authorized
denominations, in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing such series, in exchange for such Global Security or Securities. 

  
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 The Depositary for such Global Security may surrender such Global Security in exchange in whole
or in part for Securities of the same series in definitive registered form in accordance with the two preceding paragraphs or on such other terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the
Trustee shall authenticate and deliver, without service charge, 
 (i) to the Person specified by such Depositary a new
Security or Securities of the same series, of any authorized denominations as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 

(ii) to such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal amount
of the surrendered Global Security and the aggregate principal amount of Securities authenticated and delivered pursuant to clause (i) above. 

Upon the exchange of a Global Security for Securities in definitive registered form, in authorized denominations, such Global Security shall
be cancelled by the Trustee. Securities in definitive registered form issued in exchange for a Global Security pursuant to this Section 2.08 shall be registered in such names and in such authorized denominations as the Depositary for such
Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered.

 All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 Section 2.09
Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request of any
officer of the Issuer, the Trustee shall authenticate and deliver a new Security of the same series, maturity date, interest rate and original issue date, bearing a number or other distinguishing symbol not contemporaneously outstanding, in exchange
and substitution for the mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any agent
of the Issuer or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or
theft of such Security and of the ownership thereof and in the case of mutilation or defacement shall surrender the Security to the Trustee. 

Upon the issuance of any substitute Security, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. In case any Security which has matured or is about to mature or has been called for redemption in full, or is
being surrendered for conversion in full, shall become mutilated or defaced or be destroyed, lost or stolen, the 

  
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Issuer may, instead of issuing a substitute Security (with the Holder’s consent, in the case of convertible Securities), pay or authorize the payment of the same or convert, or authorize
conversion of the same (without surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or
indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their
satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 
 Every substitute Security of any series
issued pursuant to the provisions of this Section by virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security
shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series
duly authenticated and delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment or conversion of
mutilated, defaced or destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender. 
 Section 2.10 Cancellation of Securities; Destruction Thereof.
All Securities surrendered for exchange for Securities of the same series or for payment, redemption, registration of transfer, conversion or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or
any agent of the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it; and no 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 Securities held by it and deliver a certificate of disposition to the Issuer. If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption
or satisfaction of the Debt represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

Section 2.11 Temporary Securities. Pending the preparation of definitive Securities for any series, the Issuer may execute and the
Trustee shall authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable in any
authorized denomination, and substantially in the form of the definitive Securities of such series but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the
concurrence of the Trustee as evidenced by the execution and authentication thereof. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by the Issuer
and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive Securities of
such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02 and the Trustee shall
authenticate and deliver in exchange for such temporary Securities of such series an equal aggregate principal amount of definitive Securities of the same series having authorized denominations. Until so exchanged, the temporary Securities of any
series shall be entitled to the same benefits under this Indenture as definitive Securities of such series, unless the benefits of the temporary Securities are limited pursuant to Section 2.03. 

  
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 ARTICLE 3

COVENANTS OF THE ISSUER

Section 3.01 Payment of Principal and Interest. The Issuer covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series (together with any additional amounts payable pursuant to the terms of such Securities) at the place or places, at the respective
times and in the manner provided in such Securities and in this Indenture. The interest on Securities (together with any additional amounts payable pursuant to the terms of such Securities) shall be payable only to or upon the written order of the
Holders thereof and at the option of the Issuer may be paid by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as they appear on the Security register of the Issuer. 

Section 3.02 Offices for Payments, Etc. The Issuer will maintain (i) in         , an agency
where the Securities of each series may be presented for payment, an agency where the Securities of each series may be presented for exchange and conversion, if applicable, as provided in this Indenture and an agency where the Securities of each
series may be presented for registration of transfer as in this Indenture provided and (ii) such further agencies in such places as may be determined for the Securities of such series pursuant to Section 2.03. 

The Issuer will maintain in         , an agency where notices and demands to or upon the Issuer in
respect of the Securities of any series or this Indenture may be served. 
 The Issuer will give to the Trustee written notice of the
location of each such agency and of any change of location thereof. In case the Issuer shall fail to maintain any agency required by this Section to be located in         , or shall fail to give such notice of
the location or of any change in the location of any of the above agencies, presentations and demands may be made and notices may be served at the Corporate Trust Office of the Trustee. 

The Issuer may from time to time designate one or more additional agencies where the Securities of a series may be presented for payment,
where the Securities of that series may be presented for exchange or conversion, if applicable, as provided in this Indenture and pursuant to Section 2.03 and where the Securities of that series may be presented for registration of transfer as
in this Indenture provided, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain the agencies provided for in this Section. The Issuer will give to the Trustee prompt written notice of any such designation or rescission thereof. 

Section 3.03 Appointment to Fill a Vacancy in Office of Trustee. The Issuer, whenever necessary to avoid or fill a vacancy in the office
of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder. 

Section 3.04 Paying Agents. Whenever the Issuer shall appoint a paying agent other than the Trustee with respect to the Securities of any
series, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section, 

  
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 (a) that it will hold all sums received by it as such agent for the payment of the principal
of or interest on the Securities of such series (whether such sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the Securities of such series or of the
Trustee, 
 (b) that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such
series) to make any payment of the principal of or interest on the Securities of such series when the same shall be due and payable, and 

(c) that at any time during the continuance of any such failure, upon the written request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust by such paying agent. 
 The Issuer will, on or prior to each due date of the principal of or interest on
the Securities of such series, deposit with the paying agent a sum sufficient to pay such principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such
action. 
 If the Issuer shall act as its own paying agent with respect to the Securities of any series, it will, on or before each due date
of the principal of or interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due. The Issuer
will promptly notify the Trustee of any failure to take such action. 
 Anything in this Section to the contrary notwithstanding, but
subject to Section 10.01, the Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee
all sums held in trust for any such series by the Issuer or any paying agent hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein contained. 

Anything in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Sections 10.03 and 10.04. 
 Section 3.05 Written Statement to Trustee. So long as any Securities are Outstanding
hereunder, the Issuer will deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer ending after the date hereof, a written statement covering the previous fiscal year, signed by two of its officers (which need not
comply with Section 11.05), stating that in the course of the performance of their duties as officers of the Issuer they would normally have knowledge of any default by the Issuer in the performance or fulfillment of any covenant, agreement or
condition contained in this Indenture, 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. 

ARTICLE 4

SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

Section 4.01 Issuer to Furnish Trustee Information as to Names and Addresses of Securityholders. The Issuer covenants and agrees that it
will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Securities of each series pursuant to Section 312 of the Trust Indenture Act: 

(a) semiannually and not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove
specified, as of such record date and on dates to be determined pursuant to Section 2.03 for non-interest bearing Securities in each year, and 

  
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 (b) at such other times as the Trustee may request in writing, within 30 days after receipt
by the Issuer of any such request as of a date not more than 15 days prior to the time such information is furnished, provided, that, if and so long as the Trustee shall be the Security registrar (the “ Security Registrar “) for
such series, such list shall not be required to be furnished. 
 Section 4.02 Reports by the Issuer. The Issuer covenants to
comply with Section 314(a) of the Trust Indenture Act, insofar as it relates to information, documentations, and other reports which the Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934. 
 Section 4.03 Reports by the Trustee. Any Trustee’s report required under
Section 313(a) of the Trust Indenture Act, shall be transmitted on or before [            ] in each year following the date hereof, so long as any Securities are Outstanding hereunder,
and shall be dated as of a date convenient to the Trustee but no more than 60 nor less than 45 days prior thereto. The Trustee shall comply with Sections 313(b), 313(c) and 313(d) of the Trust Indenture Act. 

Section 4.04 Preservation of Information; Communication with Securityholders. 

(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 Securities contained in the most recent list furnished to it as provided in Section 4.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such
capacity). 
 (b) The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so
furnished. 
 (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other
Securityholders with respect to their rights under this Indenture or under the Securities. The Issuer, the Trustee, the Security Registrar and any other Person shall have the protection of Section 312(c) of the Trust Indenture Act. 

ARTICLE 5
 REMEDIES OF
THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
 Section 5.01 Event of Default Defined; Acceleration of Maturity; Waiver
of Default. “Event of Default”, with respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) default in the payment of any installment of interest upon any of the Securities of such series as and when the same
shall become due and payable, and continuance of such default for a period of 90 days (or such other period as may be established for the Securities of such series as contemplated by Section 2.03); or 

(b) default in the payment of all or any part of the principal on any of the Securities of such series as and when the
same shall become due and payable either at maturity, upon redemption, by declaration or otherwise (and, if established for the Securities of such series as contemplated by Section 2.03, the continuance of such default for a specified period);
or 

  
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 (c) default in the performance, or breach, of any covenant or agreement of
the Issuer in respect of the Securities of such series (other than a covenant or agreement in respect of the Securities of such series a default in the performance or breach of which is elsewhere in this Section specifically dealt with), and
continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of all series affected thereby, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(d) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an
involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for all or
substantially all of its property and assets or ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or 

(e) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar
official) of the Issuer or for any substantial part of its property and assets, or make any general assignment for the benefit of creditors; or 

(f) any other Event of Default provided for in such series of Securities. 

If an Event of Default described in clauses (a), (b), (c) or (f) occurs and is continuing, then, and in each and every such case,
unless the principal of all of the 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 Securities of such series then Outstanding hereunder
(each such series voting as a separate class) by notice in writing to the Issuer (and also to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of such series) of all Securities of such series and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become
immediately due and payable. If an Event of Default described in clauses (d) or (e) occurs and is continuing, then and in each and every such case, the entire principal (or, if any Securities are Original Issue Discount Securities, such
portion of the principal as may be specified in the terms thereof) of all the Securities then Outstanding and interest accrued thereon, if any, shall become immediately due and payable. 

The foregoing provisions, however, are subject to the condition that if, at any time after the principal of the Securities of any 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 Issuer shall pay or shall deposit with the Trustee a sum sufficient to pay
all matured installments of interest upon all the Securities of such series and the principal of any and all Securities of such series which shall have become due otherwise than by acceleration (with interest upon such principal and, to the extent
that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest specified in the Securities of such series to the date of such payment or deposit) and 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 all advances made, by the Trustee except as a result of negligence or bad faith, and if any
and all Events of Default under the Indenture with respect to such series, other than the non-payment of the principal of Securities of such series which shall have become due by acceleration, shall have been

  
 17 

 
cured, waived or otherwise remedied as provided herein—then and in every such case the Holders of a majority in aggregate principal amount of all the Securities of such series then
Outstanding, by written notice to the Issuer and to the Trustee, may waive all defaults with respect to such series and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall
affect any subsequent default or shall impair any right consequent thereon. 
 Unless otherwise indicated in the Board Resolution,
Officer’s Certificate or supplemental indenture for a series of Original Issue Discount Securities, for all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and
declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for all
purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result of such acceleration, together
with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

Section 5.02 Collection of Debt by Trustee; Trustee May Prove Debt. The Issuer covenants that (a) in case default shall be made
in the payment of any installment of interest on any of the Securities of any series when such interest shall have 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 all or any part of the principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption or by declaration or
otherwise—then, upon demand of the Trustee, the Issuer will pay to the Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become due and payable on all Securities of such series for
principal or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest at the same
rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series); and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including reasonable compensation to the Trustee and each predecessor trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
trustee except as a result of its negligence or bad faith. 
 In case the Issuer shall fail forthwith to pay such amounts upon such demand,
the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or
proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor upon such Securities and collect in the manner provided by law out of the property of the Issuer or other obligor upon
such Securities, wherever situated, the moneys adjudged or decreed to be payable. 
 In case there shall be pending proceedings relative to
the Issuer or any other obligor upon the Securities under Title 11 of the United States Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or its property, or in case of any other comparable judicial proceedings relative to
the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 

  
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 (i) to file and prove a claim or claims for the whole amount of principal
and interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor trustee, except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial
proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, 

(ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the 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 

(iii) to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all
amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Securityholders to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor
trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor trustee except as a result of negligence or bad faith and all other amounts due
to the Trustee or any predecessor trustee pursuant to Section 6.06. 
 Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 

All rights of action and of asserting claims under this Indenture, or under any of the Securities of any series, may be enforced by the
Trustee without the possession of any of the Securities of such series or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Holders of the Securities in respect of which such action was taken. 
 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 Securities in respect to which such action was taken, and it shall not
be necessary to make any Holders of such Securities parties to any such proceedings. 

  
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 Section 5.03 Application of Proceeds. Any moneys collected by the Trustee pursuant to
this Article in respect of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the several Securities
in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if only partially paid,
or upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due to the Trustee or any predecessor
trustee pursuant to Section 6.06; 
 SECOND: In case the principal of the Securities of such series in respect of
which moneys have been collected shall not have become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the
extent that such interest has been collected by the Trustee) upon the overdue installments of interest, to the extent permitted by applicable law, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in such Securities, such payments to be made ratably to the Persons entitled thereto, without discrimination or preference; 

THIRD: In case the principal of the Securities of such series in respect of which moneys have been collected shall have
become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal, and (to the extent that such interest has
been collected by the Trustee) upon overdue installments of interest, to the extent permitted by applicable law, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the
Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity, without
preference or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of interest, or of any Security of such series over any other
Security of such series, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 

FOURTH: To the payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto. 

Section 5.04 Suits for Enforcement. In case an Event of Default has occurred, has not been waived and is continuing, 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 such rights, either at law or in equity or 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 5.05 Restoration of Rights on Abandonment of Proceedings. In case the Trustee
shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case (subject to any
determination in such proceeding) the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as
though no such proceedings had been taken. 

  
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 Section 5.06 Limitations on Suits by Securityholders. No Holder of any Security of any
series shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture, or for the appointment
of a trustee, receiver, liquidator, custodian or other similar official 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 Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action or proceedings in its own name as
trustee hereunder and shall have offered to the Trustee such reasonable 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 failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 5.09; it being understood and intended, and
being expressly covenanted by the Holder of every Security with every other Holder and the Trustee, that no one or more Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of any other such Holder of 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 Securities of the applicable series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity. 
 Section 5.07 Unconditional Right of Securityholders to
Institute Certain Suits. Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after the respective
due dates expressed in such Security in accordance with the terms hereof and thereof, or to institute suit for the enforcement of any such payment on or after such respective dates, or for the enforcement of such conversion right, shall not be
impaired or affected without the consent of such Holder; it being understood and intended, and being expressly covenanted by the Holder of every Security with every other Holder and the Trustee, that no one or more Holders of Securities of any
series shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of 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 Securities of the applicable series. For the protection and
enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Section 5.08 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default . Except as provided in Section 5.06,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 No delay or omission of the Trustee or of any Holder of Securities to exercise any
right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to
Section 5.06, every power and remedy given by this Indenture or by law to the Trustee or to the Holders of Securities may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders of Securities.

  
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 Section 5.09 Control by Holders of Securities. The Holders of a majority in aggregate
principal amount of the Securities of each series affected (with each series voting as a separate class) at the time Outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by this Indenture; provided, that such direction shall not be otherwise than in accordance with law and the provisions of this Indenture
and provided, further, that (subject to the provisions of Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed
may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee, or a trust committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed would
involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all
series so affected not joining in the giving of said direction, it being understood that (subject to Section 6.01) the Trustee shall have no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders.

 Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and
which is not inconsistent with such direction or directions by Securityholders. 
 Section 5.10 Waiver of Past Defaults. Prior to
the declaration of the acceleration of the maturity of the Securities of any series as provided in Section 5.01, the Holders of a majority in aggregate principal amount of the Securities of such series at the time Outstanding, by notice to the
Trustee, may on behalf of the Holders of all the Securities of such series waive any existing default in the performance of any of the covenants contained herein or established pursuant to Section 2.03 with respect to such series and its
consequences, except a default in the payment of the principal of, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities. In the case of any such waiver, the Issuer, the Trustee
and the Holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 

Section 5.11 Trustee to Give Notice of Default. The Trustee shall, within 90 days after the occurrence of a default with respect to
the Securities of any series, give notice of all defaults with respect to that series known to the Trustee to all Holders of Securities of such series in the manner and to the extent provided in Section 4.03, unless in each case such defaults
shall have been cured before the mailing or publication of such notice (the term “defaults” for the purpose of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become,
an Event of Default); provided, that, except in the case of default in the payment of the principal of or interest on any of the Securities of such series, or in the payment of any sinking fund installment on such series, the Trustee shall be
protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith determines that the withholding of such
notice is in the interests of the Securityholders of such series. 

  
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 Section 5.12 Right of Court to Require Filing of Undertaking to Pay Costs. All parties
to this Indenture agree, and each Holder of any Security by his or her acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or in
any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to
any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or to any suit
instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture. 

ARTICLE 6
 CONCERNING
THE TRUSTEE
 Section 6.01 Duties and Responsibilities of the Trustee; During Default; Prior to Default . With respect to
the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the curing or waiving of all Events of Default which may have
occurred with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred (which has not been
cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct
of his or her own affairs. 
 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct. 
 Section 6.02 Certain Rights of the Trustee. In
furtherance of and subject to the Trust Indenture Act and subject to Section 6.01: 
 (a) in the absence of bad faith on the part
of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but, in the case of any such statements, 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; 
 (b) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders pursuant to Section 5.09 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;

 (d) none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such liability is
not reasonably assured to it; 

  
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 (e) the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, Officer’s Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, security or other paper or document believed by it to be genuine and to have been signed
or presented by the proper party or parties; 
 (f) any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the
secretary or an assistant secretary of the Issuer; 
 (g) the Trustee may consult with counsel and any advice or Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(h) the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order
or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred therein or thereby; 
 (i) the Trustee shall not be liable for any action taken or omitted by it in good faith and believed by
it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 
 (j) prior to the occurrence of an
Event of Default hereunder and after the curing or waiving of all Events of Default, 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, appraisal, bond, debenture, note, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all
series affected then Outstanding; provided, that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such
investigation shall be paid by the Issuer or, if paid by the Trustee or any predecessor trustee, shall be repaid by the Issuer upon demand; and 

(k) 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 not regularly in its employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder. 

Section 6.03 Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof . The recitals
contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representation as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds thereof. 

Section 6.04 Trustee and Agents May Hold Securities; Collections, Etc. The Trustee or any agent of the Issuer or the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may otherwise deal with the Issuer and receive, collect, hold and retain collections from
the Issuer with the same rights it would have if it were not the Trustee or such agent. 

  
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 Section 6.05 Moneys Held by Trustee. Subject to the provisions of Section 10.04
hereof, 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 mandatory
provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any moneys received by it hereunder. 

Section 6.06 Compensation and Indemnification of Trustee and Its Prior Claim. The Issuer covenants and agrees to pay to the Trustee
from time to time, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Issuer and the Trustee may from time to
time agree in writing and, except as otherwise expressly provided herein, the Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor trustee upon its request for all reasonable expenses, disbursements and advances incurred
or made by or on behalf of it in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except
any such expense, disbursement or advance as may arise from its negligence or bad faith. The Issuer also covenants to indemnify the Trustee and each predecessor trustee for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder and its duties hereunder, including the costs and expenses of defending itself against or
investigating any claim of liability in the premises. The obligations of the Issuer under this Section to compensate and indemnify the Trustee and each predecessor trustee and to pay or reimburse the Trustee and each predecessor trustee for
expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior claim to that of the 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 Securities, and the Securities are hereby subordinated to such senior claim. 

Section 6.07 Right of Trustee to Rely on Officer’s Certificate, Etc. Subject to Sections 6.01 and 6.02, whenever in the
administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such
certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof. 

Section 6.08 Disqualification; Conflicting Interests. If the Trustee has or shall acquire any “conflicting interest”
within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Issuer shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 

Section 6.09 Persons Eligible for Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times be
a corporation having a combined capital and surplus of at least $50,000,000 and shall be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of a Federal, State or District of Columbia supervising or examining authority, then, for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. 

  
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 Section 6.10 Resignation and Removal; Appointment of Successor Trustee. (a) The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving written notice of resignation to the Issuer and by mailing notice of such resignation to the Holders of
then Outstanding Securities of each series affected at their addresses as they shall appear on the Security register. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the
applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor
trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning trustee may petition any court of competent jurisdiction for the appointment
of a successor trustee, or any Holder of a Security who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months may, on behalf of himself or herself and all others similarly situated, petition any
such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

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

(i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to
any series of Securities after written request therefor by the Issuer or by any Holder of a Security who has been a bona fide Holder of a Security or Securities of such series for at least six months; or 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the Trust
Indenture Act and shall fail to resign after written request therefor by the Issuer or by any Holder of a Security; or 

(iii) the Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged bankrupt
or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation; 
 then, in any such case, (A) the Issuer may remove the Trustee with respect to the applicable series of Securities and appoint a
successor trustee for 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 Trustee so removed and one copy to the successor trustee, or, (B) subject
to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide Holder of a Security or Securities of such series for at least six months may on behalf of himself or herself 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 the
Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate principal amount of the Securities of each
series at the time Outstanding may at any time remove the Trustee with respect to Securities of such series and, with the consent of the Issuer, appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee
so removed, to the successor trustee so appointed and to the Issuer the evidence provided for in Section 7.01 of the action in that regard taken by the Securityholders. 

(d) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such
series pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.11. 

  
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 Section 6.11 Acceptance of Appointment by Successor Trustee. Any successor trustee
appointed as provided in Section 6.10 shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to
all or any applicable series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor
hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall,
subject to Section 10.04, pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon
request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall,
nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 6.06. 

If a successor trustee is appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor trustee
and each successor trustee with respect to the 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 predecessor trustee with respect to the Securities of any series as to which the predecessor trustee is not retiring shall continue to be vested in the predecessor 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 under separate indentures. 
 No
successor trustee with respect to any series of Securities shall accept appointment as provided in this Section 6.11 unless at the time of such acceptance such successor trustee shall be qualified under the provisions of Section 310(b) of
the Trust Indenture Act and eligible under the provisions of Section 310(a) of the Trust Indenture Act. 
 Upon acceptance of
appointment by any successor trustee as provided in this Section 6.11, the Issuer shall mail notice thereof to the Holders of Securities of each series affected, by mailing such notice to such Holders at their addresses as they shall appear on
the Security register. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 6.10. If the Issuer fails
to mail 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 Issuer. 

Section 6.12 Merger, Conversion, Consolidation or Succession to Business of Trustee. Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder; provided, that such corporation shall be qualified under the provisions of Section 310(b) of the Trust Indenture Act and eligible under the provisions of Section 310(a) of the Trust
Indenture Act, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

  
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 In case, at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture, any of the Securities of any series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Securities so authenticated;
and, in case at that time any of the Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor trustee;
and in all such cases such certificate shall have the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of
authentication of any predecessor trustee or to authenticate Securities of any series in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

Section 6.13 Preferential Collection of Claims Against the Issuer. The Trustee shall comply with Section 311(a) of the Trust
Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included
therein. 
 ARTICLE 7

CONCERNING THE SECURITYHOLDERS

Section 7.01 Evidence of Action Taken by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee.
Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 6.01 and 6.02) conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Article. 
 Section 7.02 Proof of Execution of Instruments and of Holding of Securities. Subject to Sections 6.01 and
6.02, the execution of any instrument by a Holder or his agent or proxy may be proved by the affidavit of a witness to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by an officer of a corporation or a member of a partnership or limited liability company, on behalf of such
corporation, partnership or limited liability company, such certificate or affidavit shall also constitute sufficient proof of his authority. The execution of any such instrument or writing, or the authority of the person executing the same, may
also be proved in any other manner which the Trustee deems sufficient. The holding of Securities shall be proved by the Security register or by a certificate of the registrar thereof. The Issuer may set a record date for purposes of determining the
identity of Holders of any series entitled to vote or consent to any action referred to in Section 7.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any
adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only Holders of such series of record on such record date
shall be entitled to so vote or give such consent or revoke such vote or consent. Notice of such record date may be given before or after any request for any action referred to in Section 7.01 is made by the Issuer. 

Section 7.03 Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or of the Trustee may deem and
treat the Person in whose name any Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other
writing thereon) for the purpose of receiving payment of or on account of the principal of, and, subject to the provisions of this 

  
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Indenture, interest on, such Security and for all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the
contrary. All such payments so made to any such Person, or upon his or her order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable. 

Section 7.04 Securities Owned by Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate
principal amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Issuer or any other obligor on the Securities with respect to which such
determination is being made or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities with respect to which such determination is being made
shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities
which the Trustee knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other
obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. 

Section 7.05 Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in
Section 7.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action, any Holder of a
Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of
holding as provided in this Article, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and
owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the
Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee and the Holders
of all the Securities affected by such action. 
 ARTICLE 8

SUPPLEMENTAL INDENTURES

Section 8.01 Supplemental Indentures Without Consent of Securityholders. The Issuer, when authorized by a resolution of its Board of
Directors, and the Trustee may from time to time and at any time, without the consent of any of the Securityholders, enter into an indenture or indentures supplemental hereto in form satisfactory to the Trustee for one or more of the following
purposes: 
 (a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities of one or
more series any property or assets; 
 (b) to evidence the succession of a corporation, limited liability company,
partnership or trust to the Issuer, or successive successions, and the assumption by such successor of the covenants, agreements and obligations of the Issuer pursuant to Article 9; 

  
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 (c) to add to the covenants of the Issuer such further covenants,
restrictions, conditions or provisions as its Board of Directors shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction,
condition or provision 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 an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of
Default; 
 (d) to cure any ambiguity, defect or inconsistency, or to conform this Indenture or any supplemental
indenture to the description of the Securities set forth in any prospectus or prospectus supplement related to such series of Securities; 

(e) to provide for or add guarantors for the Securities of one or more series; 

(f) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03; 

(g) to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the
Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of
Section 6.11; 
 (h) to add to, delete from or revise the conditions, limitations and restrictions on the
authorized amount, terms, purposes of issue, authentication and delivery of any series of Securities, as herein set forth; 

(i) to make any change to the Securities of any series so long as no Securities of such series are Outstanding; and 

(j) to make any other change that does not adversely affect the interests of the Holders of the Securities in any material
respect. 
 The Trustee shall join with the Issuer 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 may be executed without the consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 8.02. 

Section 8.02 Supplemental Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 7) of the
Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of one or more series affected by such supplemental indenture (voting as separate series), the Issuer, when authorized by a resolution of the
Board of 

  
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Directors, 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 Securities of each such consenting series; provided, that no such supplemental indenture shall,
without the consent of the Holder of each Security so affected, (a) extend the final maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any amount
payable on redemption thereof, or make the principal thereof (including any amount in respect of original issue discount) or interest thereon payable in any currency other than that provided in the Securities or in accordance with the terms thereof,
or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity thereof pursuant to Section 5.01 or the amount thereof provable in bankruptcy pursuant to
Section 5.02, or waive a default in the payment of principal of any Security or interest thereon or change a provision related to the waiver of past defaults or changes or impair the right of any Securityholder to institute suit for the payment
or conversion thereof or, if the Securities provide therefor, any right of repayment at the option of the Securityholder, or (b) modify any of the provisions of this section except to increase any required percentage or to provide that certain
other provisions cannot be modified or waived without the consent of the Holder of each Security so affected, or (c) reduce the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any such
supplemental indenture or the consent of Holders of which is required for any modification, amendment or waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this
Indenture. 
 A supplemental indenture which changes or eliminates any covenant, Event of Default or other provision of this Indenture
(1) that has been expressly included solely for the benefit of one or more particular series of Securities, if any, or (2) which modifies the rights of Holders of Securities of one or more series with respect to any covenant, Event of
Default or provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series with respect to which such covenant, Event of Default or other provision has not be modified. 

Upon the request of the Issuer, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by Section 7.01, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

It shall not be necessary for the consent of the Securityholders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Promptly after the execution by
the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall give a notice thereof to the Holders of then Outstanding Securities of each series affected thereby, by mailing a notice thereof
by first-class mail to such Holders at their addresses as they shall appear on the Security register, and in each case such notice shall set forth in general terms the substance of such supplemental indenture. Any failure of the Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

  
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 Section 8.03 Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the
Trustee, the Issuer and the Holders of Securities of each series affected thereby 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 8.04 Documents to Be Given to Trustee. The Trustee, subject to the provisions of Sections 6.01 and 6.02, may receive an
Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 8 complies with the applicable provisions of this Indenture. 

Section 8.05 Notation on Securities in Respect of Supplemental Indentures. Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series as to any matter provided for by such supplemental indenture or as to any action taken
by Securityholders. If the Issuer or the Trustee shall so determine, new 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 by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 

ARTICLE 9

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

Section 9.01 Issuer May Consolidate, Etc., on Certain Terms. The Issuer shall not consolidate with or merge into any other Person
(in a transaction in which the Issuer is not the surviving corporation) or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to any Person, unless (a) the Person formed by such consolidation or
into which the Issuer is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Issuer as an entirety or substantially as an entirety (i) shall be a corporation, limited liability
company, partnership or trust, (ii) shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and (iii) shall expressly assume, by an indenture supplemental
hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part
of the Issuer to be performed and, if applicable, shall provide for conversion or exchange rights in accordance with the provisions of the Securities, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to the
Trustee, by the Person formed by such consolidation or into which the Issuer shall have been merged or by the Person which shall have acquired the Issuer’s assets; (b) immediately after giving effect to such transaction and treating any
indebtedness which becomes an obligation of the Issuer or any Subsidiary as a result of such transaction as having been incurred by the Issuer or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice
or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and (c) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with. 
 The conditions of (a)(ii) above shall not apply in the case of a corporation or entity not organized
under the laws of the United States of America, any State thereof or the District of Columbia which shall agree, in form satisfactory to the Trustee, (i) to subject itself to the jurisdiction of the United States district court for the Southern
District of New York and (ii) to indemnify and hold harmless the holders of all Securities against (A) any tax, assessment or governmental charge imposed on such holders by a 

  
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jurisdiction other than the United States or any political subdivision or taxing authority thereof or therein with respect to, and withheld on the making of, any payment of principal or interest
on such Securities and which would not have been so imposed and withheld had such consolidation, merger, sale or conveyance not been made and (B) any tax, assessment or governmental charge imposed on or relating to, and any costs or expenses
involved in, such consolidation, merger, sale or conveyance. 
 The restrictions in this Section 9.01 shall not apply to (i) the
merger or consolidation of the Issuer with one of its affiliates, if the Board of Directors determines in good faith that the purpose of such transaction is principally to change the Issuer’s State of incorporation or convert the Issuer’s
form of organization to another form, or (ii) the merger of the Issuer with or into a single direct or indirect wholly owned Subsidiary. 

Nothing contained in this Article shall apply to, limit or impose any requirements upon the consolidation or merger of any Person into the
Issuer where the Issuer is the survivor of such transaction, or the acquisition by the Issuer, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Issuer). 

Section 9.02 Successor Issuer Substituted. Upon any consolidation of the Issuer with, or merger of the Issuer into, any other Person
or any conveyance, transfer or lease of the properties and assets of the Issuer as an entirety or substantially as an entirety in accordance with Section 9.01, the successor Person formed by such consolidation or into which the Issuer is merged
or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such successor Person had been named as the Issuer
herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made
in the Securities thereafter to be issued as may be appropriate. 
 ARTICLE 10

SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; 

UNCLAIMED MONEYS
 Section 10.01
Satisfaction and Discharge of Indenture; Defeasance. (a) If at any time 
 (i) the Issuer shall have paid or caused to be paid the
principal of and interest on all the Securities of any series Outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09) as and when
the same shall have become due and payable, or 
 (ii) the Issuer shall have delivered to the Trustee for cancellation all Securities of
any series theretofore authenticated (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09), or 

(iii) in the case of any series of Securities the exact amount (including the currency of payment) of principal of and interest due on
which on the dates referred to in clause (B) below can be determined at the time of making the deposit referred to in such clause, 

(A) all the Securities of such series not theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and 

  
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 (B) the Issuer shall have irrevocably deposited or caused to be deposited
with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the Issuer in accordance with Section 10.04) or, in the case of any series of Securities the payments on which may only be
made in Dollars, U.S. Government Obligations maturing as to principal and interest in such amounts and at such times as will insure the availability of cash sufficient to pay on any subsequent interest payment date all interest due on such interest
payment date on the Securities of such series and to pay at maturity or upon redemption all Securities of such series (in each case other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been
replaced or paid as provided in Section 2.09) not theretofore delivered to the Trustee for cancellation, including principal and interest due or to become due to such date of maturity, as the case may be, 

and if, in any such case (i), (ii) or (iii), the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer, including
amounts due the Trustee pursuant to Section 6.06, with respect to Securities of such series, then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (1) rights of registration of
transfer, conversion and exchange of Securities of such series and the Issuer’s right of optional redemption, (2) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (3) rights of Holders of Securities to
receive, solely from the trust fund described in Section 10.01(a)(iii)(B), payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the Holders to
receive, solely from the trust fund described in Section 10.01(a)(iii)(B), sinking fund payments, if any, (4) the rights (including the Trustee’s rights under Section 10.05) and immunities of the Trustee hereunder and the
Trustee’s obligations under Section 10.02 and Section 10.04 and (5) the obligations of the Issuer under Section 3.02), and the Trustee, on demand of the Issuer accompanied by an Officer’s Certificate and an Opinion of
Counsel which complies with Section 11.05 and at the cost and expense of the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series. The Issuer agrees to reimburse
the Trustee for any costs or expenses thereafter reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities of such
series. 
 (b) The following subsection shall apply to the Securities of each series unless specifically otherwise provided in a Board
Resolution, Officer’s Certificate or indenture supplemental hereto provided pursuant to Section 2.03. In addition to the right to discharge of the Indenture pursuant to subsection (a) above, the Issuer, at its option and at any time,
by written notice by an officer delivered to the Trustee, may elect to have all of its obligations discharged with all Outstanding Securities of a series (“ Legal Defeasance “), such discharge to be effective on the date that the
conditions set forth in clauses (i) through (iv) and (vi) of Section 10.01(d) are satisfied, and thereafter the Issuer shall be deemed to have paid and discharged the entire Debt on all the Securities of such a series, and
satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned and this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (1) rights of
registration of transfer, conversion and exchange of Securities of such series, (2) substitution of apparently mutilated, defaced, destroyed, lost or stolen Securities, (3) rights of Holders of Securities to receive, solely from the trust
fund described in Section 10.01(d)(i), payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the Holders to receive, solely from the trust fund
described in Section 10.01(d)(i), sinking fund payments, if any, (4) the rights (including the Trustee’s rights under Section 10.05) and immunities of the Trustee hereunder and the Trustee’s obligations with respect to the
Securities of such series under Sections 10.02 and 10.04 and (5) the obligations of the Issuer under Section 3.02). 

  
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 (c) The following subsection shall apply to the Securities of each series unless
specifically otherwise provided in a Board Resolution, Officer’s Certificate or indenture supplemental hereto provided pursuant to Section 2.03. In addition to the right to discharge of the Indenture pursuant to subsection (a) and to
Legal Defeasance pursuant to subsection (b), above, the Issuer, at its option and at any time, by written notice executed by an officer delivered to the Trustee, may elect to have its obligations under any covenant contained in this Indenture or in
the Board Resolution or supplemental indenture relating to such series pursuant to Section 2.03 discharged with respect to all Outstanding Securities of a series, this Indenture and any indentures supplemental to this Indenture with respect to
such series (“ Covenant Defeasance “), such discharge to be effective on the date the conditions set forth in clauses (i) through (iii) and (v) through (vi) of Section 10.01(d) are satisfied, and such
Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration of Securityholders (and the consequences of any thereof) in connection with such covenants, but shall continue
to be “Outstanding” for all other purposes under this Indenture. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Securities of a series, the Issuer may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not constitute an Event of Default under Section 5.01(c) or otherwise, but except as specified in this Section 10.01(c), the remainder of the Issuer’s obligations under
the Securities of such series, this Indenture, and any indentures supplemental to this Indenture with respect to such series shall be unaffected thereby. 

(d) The following shall be the conditions to the application of Legal Defeasance under subsection (b) or Covenant Defeasance under
subsection (c) to the Securities of the applicable series: 
 (i) the Issuer irrevocably deposits or causes to be
deposited in trust with the Trustee or, at the option of the Trustee, with a trustee satisfactory to the Trustee and the Issuer under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, cash or U.S.
Government Obligations that will generate cash sufficient to pay principal of and interest on the Outstanding Securities of such series to maturity or redemption, as the case may be, and to pay all other amounts payable by it hereunder, provided
that (A) the trustee of the irrevocable trust, if any, shall have been irrevocably instructed to pay such funds or the proceeds of such U.S. Government Obligations to the Trustee and (B) the Trustee shall have been irrevocably instructed
to apply such funds or the proceeds of such U.S. Government Obligations to (x) the principal and interest on all Securities of such series on the date that such principal or interest is due and payable and (y) any mandatory sinking fund
payments on the day on which such payments are due and payable in accordance with the terms of the Indenture and the Securities of such series, and the Issuer shall also pay or cause to be paid all other amounts payable hereunder with respect to
such series; 
 (ii) the Issuer delivers to the Trustee an Officer’s Certificate stating that all conditions
precedent specified herein relating to Legal Defeasance or Covenant Defeasance, as the case may be, have been complied with, and an Opinion of Counsel to the same effect; 

(iii) no Event of Default under subsection (a), (b), (d) or (e) of Section 5.01 shall have occurred and be
continuing, and no event which with notice or lapse of time or both would become such an Event of Default shall have occurred and be continuing, on the date of such deposit; 

  
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 (iv) in the event of an election for Legal Defeasance under subsection (b),
the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there has
been a change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax
purposes as a result of the deposit, defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would be the case if such
deposit, defeasance and discharge were not to occur; 
 (v) in the event of an election for Covenant Defeasance under
subsection (c), the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance
to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur; and 

(vi) notwithstanding any other provisions of this subsection (d), such defeasance shall be effected in compliance with any
additional or substitute terms, conditions or limitations which may be imposed on the Issuer pursuant to Section 2.03. 
 After such
irrevocable deposit made pursuant to this Section 10.01(d) and satisfaction of the other conditions set forth in this subsection (d), the Trustee upon request shall execute proper instruments acknowledging the discharge of the Issuer’s
obligations pursuant to this Section 10.01. 
 Section 10.02 Application by Trustee of Funds Deposited for Payment of
Securities. Subject to Section 10.04, all moneys deposited with the Trustee (or other trustee) pursuant to Section 10.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the
Issuer acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and
interest; but such money need not be segregated from other funds except to the extent required by law. 
 Section 10.03 Repayment
of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series
of Securities shall, upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys. 

Section 10.04 Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the
Trustee or any paying agent for the payment of the principal of, interest on or additional amounts in respect of any Security of any series and not applied but remaining unclaimed for two years after the date upon which such principal, interest or
additional amount shall have become due and payable, shall be repaid to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Securities of such series shall thereafter look only to the Issuer for any payment which
such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease. 

Section 10.05 Indemnity for U.S. Government Obligations. The Issuer shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 10.01 or the principal or interest received in respect of such obligations. 

  
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 ARTICLE 11

MISCELLANEOUS PROVISIONS

Section 11.01 No Recourse. No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or
for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Issuer or of any predecessor or successor corporation, either directly or
through the Issuer or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture
and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Issuer or of
any predecessor or successor corporation, 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 Securities or
implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder,
officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 

Section 11.02 Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities. Nothing in this Indenture or in the
Securities, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Securities any legal or equitable right, remedy or claim under this
Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities. 

Section 11.03 Successors and Assigns of Issuer Bound by Indenture. All the covenants, stipulations, promises and agreements
contained in this Indenture by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 11.04 Notices and Demands on Issuer, Trustee and Holders of Securities. 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 Securities to or on the Issuer may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided
herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to PFSweb, Inc., 505 Millennium Drive, Allen, TX 75013, Attn: Chief Financial Officer. Any notice, direction, request or demand by the Issuer or any
Holder of Securities to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at
                        , Attn:
                    . 
 Where this
Indenture provides for notice to Holders of Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his or her last
address as it appears in the Security register. In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice of any event to Holders of Securities when said notice is required to be
given pursuant to any provision of this Indenture or of the Securities, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 

In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer when
such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 

  
 37 

 Neither the failure to give notice, nor any defect in any notice so given, to any particular
Holder of a Security shall affect the sufficiency of such notice with respect to other Holders of Securities given as provided above. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 
 Section 11.05 Officer’s Certificates and Opinions of Counsel; Statements to Be Contained
Therein. Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officer’s Certificate stating that all conditions 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 documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

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 (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or
her to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

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

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

  
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 Section 11.06 Payments Due on Saturdays, Sundays and Holidays. If the date of maturity of
interest on or principal of the Securities of any series or the date fixed for redemption or repayment of any such Security, or the last day on which a Holder has the right to convert any Security, shall not be a Business Day, then payment of
interest or principal, or any conversion, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or on such last day for
conversion, and no interest shall accrue for the period after such date. 
 Section 11.07 Conflict of Any Provision of Indenture With
Trust Indenture Act. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision included in this Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act, such
incorporated provision shall control. 
 Section 11.08 New York Law to Govern. This Indenture and each Security shall be deemed to be a
contract under the laws of the State of New York, and for all purposes shall be governed by and construed in accordance with the laws of such State without regard to any principle of conflict of laws that would require or permit the application of
the laws of any other jurisdiction, except as may otherwise be required by mandatory provisions of law. 
 Section 11.09 Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 11.10 Effect of Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall
not affect the construction hereof. 
 Section 11.11 Actions by Successor. Any act or proceeding by any provision of this Indenture
authorized or required to be done or performed by any board of directors or its equivalent, committee or officer of the Issuer shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful successor of the Issuer. 
 Section 11.12 Severability. In case any one or more of the
provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of
this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

ARTICLE 12
 REDEMPTION
OF SECURITIES AND SINKING FUNDS
 Section 12.01 Applicability of Article. The provisions of this Article shall be applicable to the
Securities of any series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series, except as otherwise specified, as contemplated by Section 2.03 for Securities of such series. 

Section 12.02 Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed
as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 15 days and not more than 60 days prior to the date fixed for redemption to such Holders of
Securities of such series at their last addresses as they shall appear upon the Security register. Any notice which is given in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the
notice. Failure to give notice or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of such
series. 

  
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 The notice of redemption to each such Holder shall specify the principal amount of each Security
of such series held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption is pursuant to
the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be
redeemed will cease to accrue and shall also specify, if applicable, the conversion price then in effect and the date on which the right to convert such Securities or the portions thereof to be redeemed will expire. In case any Security of a series
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 Security, a new Security or
Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 
 The notice of redemption of
Securities of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer. 

On or before the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit with the
Trustee or with one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.04) an amount of money sufficient to redeem on the redemption date all the
Securities of such series so called for redemption (other than those Securities theretofore surrendered for conversion into Common Stock in accordance with their terms) at the appropriate redemption price, together with accrued interest to the date
fixed for redemption. If any Security called for redemption is converted pursuant hereto and in accordance with the terms thereof, any money deposited with the Trustee or any paying agent or so segregated and held in trust for the redemption of such
Security shall be paid to the Issuer upon the Issuer’s request, or, if then held by the Issuer, shall be discharged from such trust. The Issuer will deliver to the Trustee at least 10 days prior to the date the notice required to be delivered
to the Holders is to be sent (unless a shorter time period shall be acceptable to the Trustee) an Officer’s Certificate (which need not comply with Section 11.05) stating the aggregate principal amount of Securities to be redeemed. In case
of a redemption at the election of the Issuer prior to the expiration of any restriction on such redemption, the Issuer shall deliver to the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section, an
Officer’s Certificate stating that such restriction has been complied with. 
 If less than all the Securities of a series are to be
redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for
Securities of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption,
the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. If any Security selected for partial redemption is surrendered for conversion after such selection, the converted portion of such
Security shall be deemed (so far as may be possible) to be the portion selected for redemption. 
 Section 12.03 Payment of
Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities specified in such notice 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 Issuer shall 

  
 40 

 
default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so called for redemption shall
cease to accrue, and such Securities shall cease from and after the date fixed for redemption to be convertible into Common Stock (to the extent otherwise convertible in accordance with their terms), if applicable, and cease to be entitled to any
benefit or security under this Indenture, and except as provided in the paragraph below, the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date
fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price,
together with interest accrued thereon to the date fixed for redemption; provided, that payment of interest becoming due on or prior to the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the
relevant record date subject to the terms and provisions of Sections 2.03 and 2.07 hereof. 
 If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount
Security) borne by such Security and, if applicable, such Security shall remain convertible into Common Stock until the principal of such Security shall have been paid or duly provided for. 

Upon presentation of any Security redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the
order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 

Section 12.04 Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from
eligibility for selection for redemption if they are identified by registration and certificate number in an Officer’s Certificate delivered to the Trustee at least 40 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 Issuer or (b) an entity specifically identified in such written statement as directly or indirectly controlling or controlled by or under direct
or indirect common control with the Issuer. 
 Section 12.05 Mandatory and Optional Sinking Funds. The minimum amount of any
sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of the Securities of any
series is herein referred to as an “optional sinking fund payment”. The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date”. 

In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may at
its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10 and, if applicable, receive credit for Securities (not previously so
credited) converted into Common Stock and so delivered to the Trustee for cancellation, (b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section, or (c) receive credit for Securities
of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund
redemption price specified in such Securities. 

  
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 On or before the 60th day next preceding each sinking fund payment date for any series, the
Issuer will deliver to the Trustee an Officer’s Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the
portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series for which credit will be taken has theretofore been so credited, (c) stating that no
defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing and (d) stating whether or not the Issuer intends to exercise its right to make an
optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such
series to be credited and required to be delivered to the Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to
Section 2.10 to the Trustee with such Officer’s Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer’s Certificate shall be irrevocable and upon its receipt by the Trustee the Issuer shall become
unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the Issuer, on or before any such 60th day, to deliver such Officer’s
Certificate and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Issuer that the mandatory sinking fund payment for such series due on the
next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof. 

If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date
plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign Currency or a lesser sum in Dollars or in any Foreign Currency if the Issuer shall so request) with respect to
the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed
for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Foreign Currency) or less and the Issuer makes no such request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign
Currency) is available, which delay in accordance with this paragraph shall not be a default or breach of the obligation to make such payment. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking
fund payment date a sufficient principal amount of Securities of such series to which such cash may be applied, as nearly as may be, and shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such
series (or portions thereof) so selected. The Trustee, in the name and at the expense of the Issuer (or the Issuer, if it shall so request the Trustee in writing), shall cause notice of redemption of the Securities of such series to be given in
substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of the Issuer. The amount of any sinking fund payments not so applied
or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section. Any and all sinking
fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series, shall be applied,
together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of, and interest on, the Securities of such series at maturity. The Issuer’s obligation to make a mandatory or optional sinking fund payment
shall automatically be reduced by an amount equal to the sinking fund redemption price allocable to any Securities or portions thereof called for redemption pursuant to the preceding paragraph on any sinking fund payment date and converted into
Common Stock in accordance with the terms of such Securities; provided that, if the Trustee is not the conversion agent for the Securities, the Issuer or such conversion agent shall give the Trustee written notice on or prior to the date fixed for
redemption of the principal amount of Securities or portions thereof so converted. 

  
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 On or before each sinking fund payment date, the Issuer shall pay to the Trustee in cash or shall
otherwise provide for the payment of all interest accrued to the date fixed for redemption on Securities to be redeemed on such sinking fund payment date. 

The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of
Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such
series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article 5 and
held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 5.10, or the default cured on or before the 60th day preceding the sinking fund payment date in any year, such moneys shall
thereafter be applied on such sinking fund payment date in accordance with this Section to the redemption of such Securities. 

[Signature pages follow] 

  
 43 

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

			
		 	PFSWEB, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	[                                      
              ], Trustee
		 	
	By:	 	  

		 	Name:
		 	Title:

  
 44

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