Document:

First Supplemental Indenture to the Senior Subordinated Debt Securities

 Exhibit 4.5 
  

  
 PILGRIM’S PRIDE CORPORATION,

 as Issuer 
 AND

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 
  

 8 3/8% SENIOR SUBORDINATED NOTES DUE 2017 
 FIRST SUPPLEMENTAL INDENTURE 
 DATED
AS OF 
 January 24, 2007 
  

  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	ARTICLE 1      ESTABLISHMENT	  	1
				
		 	SECTION 1.01.	  	Establishment	  	1
		
	ARTICLE 2      DEFINITIONS AND INCORPORATION BY REFERENCE	  	2
				
		 	SECTION 2.01.	  	Definitions	  	2
				
		 	SECTION 2.02.	  	Other Definitions	  	26
		
	ARTICLE 3      THE NOTES	  	27
				
		 	SECTION 3.01.	  	Form and Dating	  	27
				
		 	SECTION 3.02.	  	Execution and Authentication	  	28
				
		 	SECTION 3.03.	  	Registrar and Paying Agent	  	28
				
		 	SECTION 3.04.	  	Paying Agent to Hold Money in Trust	  	29
				
		 	SECTION 3.05.	  	Holder Lists	  	29
				
		 	SECTION 3.06.	  	Transfer and Exchange	  	29
				
		 	SECTION 3.07.	  	Replacement Notes	  	32
				
		 	SECTION 3.08.	  	Outstanding Notes	  	33
				
		 	SECTION 3.09.	  	Treasury Notes	  	33
				
		 	SECTION 3.10.	  	Temporary Notes	  	33
				
		 	SECTION 3.11.	  	Cancellation	  	34
				
		 	SECTION 3.12.	  	CUSIP or ISIN Numbers	  	34
				
		 	SECTION 3.13.	  	Additional Notes	  	34
		
	ARTICLE 4      REDEMPTION AND PREPAYMENT	  	35
				
		 	SECTION 4.01.	  	Notices to Trustee	  	35
				
		 	SECTION 4.02.	  	Selection of Notes to be Redeemed	  	35
				
		 	SECTION 4.03.	  	Notice of Redemption	  	35
				
		 	SECTION 4.04.	  	Effect of Notice Upon Redemption	  	36
				
		 	SECTION 4.05.	  	Deposit of Redemption Price	  	36
				
		 	SECTION 4.06.	  	Notes Redeemed in Part	  	37
				
		 	SECTION 4.07.	  	Optional Redemption	  	37
				
		 	SECTION 4.08.	  	Offer to Purchase by Application of Excess Proceeds	  	38

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	 	  	Page
	ARTICLE 5      COVENANTS	  	40
				
		 	SECTION 5.01.	  	Payment of Notes	  	40
				
		 	SECTION 5.02.	  	Maintenance of Office or Agency	  	40
				
		 	SECTION 5.03.	  	Reports	  	41
				
		 	SECTION 5.04.	  	Compliance Certificate	  	41
				
		 	SECTION 5.05.	  	Taxes	  	42
				
		 	SECTION 5.06.	  	Stay, Extension and Usury Laws	  	42
				
		 	SECTION 5.07.	  	Corporate Existence	  	42
				
		 	SECTION 5.08.	  	Payments for Consent	  	43
				
		 	SECTION 5.09.	  	Incurrence of Indebtedness and Issuance of Preferred Stock	  	43
				
		 	SECTION 5.10.	  	Liens	  	47
				
		 	SECTION 5.11.	  	Restricted Payments	  	47
				
		 	SECTION 5.12.	  	Asset Sales	  	51
				
		 	SECTION 5.13.	  	Dividend And Other Payment Restrictions Affecting Restricted Subsidiaries	  	53
				
		 	SECTION 5.14.	  	Affiliate Transactions	  	55
				
		 	SECTION 5.15.	  	Designation of Restricted and Unrestricted Subsidiaries	  	57
				
		 	SECTION 5.16.	  	Offer To Repurchase Upon Change Of Control Triggering Event	  	57
				
		 	SECTION 5.17.	  	Issuance of Guarantees by Domestic Restricted Subsidiaries	  	59
				
		 	SECTION 5.18.	  	Suspension of Covenants	  	59
				
		 	SECTION 5.19.	  	Limitation on Layered Debt	  	59
				
		 	SECTION 5.20.	  	Further Instruments and Acts	  	60
		
	ARTICLE 6      CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	60
				
		 	SECTION 6.01.	  	Merger, Consolidation, or Sale of Assets	  	60
				
		 	SECTION 6.02.	  	Successor Corporation Substituted	  	61
		
	ARTICLE 7      DEFAULTS AND REMEDIES	  	62
				
		 	SECTION 7.01.	  	Events of Default	  	62

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	 	  	Page
		 	SECTION 7.02.	  	Acceleration	  	63
				
		 	SECTION 7.03.	  	Other Remedies	  	64
				
		 	SECTION 7.04.	  	Waiver of Past Defaults	  	64
				
		 	SECTION 7.05.	  	Control by Majority	  	65
				
		 	SECTION 7.06.	  	Limitation on Suits	  	65
				
		 	SECTION 7.07.	  	Rights of Holders of Notes to Receive Payment	  	65
				
		 	SECTION 7.08.	  	Collection Suit by Trustee	  	65
				
		 	SECTION 7.09.	  	Trustee May File Proofs of Claim	  	66
				
		 	SECTION 7.10.	  	Priorities	  	66
				
		 	SECTION 7.11.	  	Undertaking for Costs	  	67
		
	ARTICLE 8      LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	67
				
		 	SECTION 8.01.	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	67
				
		 	SECTION 8.02.	  	Legal Defeasance and Discharge	  	67
				
		 	SECTION 8.03.	  	Covenant Defeasance	  	68
				
		 	SECTION 8.04.	  	Conditions to Legal Defeasance or Covenant Defeasance	  	68
				
		 	SECTION 8.05.	  	Deposited Cash and U.S. Government Obligations To Be Held In Trust; Other Miscellaneous Provisions	  	70
				
		 	SECTION 8.06.	  	Repayment to Company	  	70
				
		 	SECTION 8.07.	  	Reinstatement	  	71
		
	ARTICLE 9      AMENDMENT, SUPPLEMENT AND WAIVER	  	71
				
		 	SECTION 9.01.	  	Without the Consent of Holders	  	71
				
		 	SECTION 9.02.	  	With Consent of Holders of Notes	  	72
				
		 	SECTION 9.03.	  	Compliance with Trust Indenture Act	  	74
				
		 	SECTION 9.04.	  	Revocation and Effect of Consents	  	74
				
		 	SECTION 9.05.	  	Notation on or Exchange of Notes	  	74
				
		 	SECTION 9.06.	  	Trustee to Sign Amendments	  	74
		
	ARTICLE 10      SUBSIDIARY GUARANTEES	  	75
				
		 	SECTION 10.01.	  	Subsidiary Guarantee	  	75
				
		 	SECTION 10.02.	  	Additional Guarantees	  	77
				
		 	SECTION 10.03.	  	Limitation on Guarantor Liability	  	77

  

 iv 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	 	  	Page
		 	SECTION 10.04.	  	Guarantors May Merge, Consolidate, Etc., On Certain Terms	  	77
				
		 	SECTION 10.05.	  	Releases of Subsidiary Guarantees	  	78
		
	ARTICLE 11      SATISFACTION AND DISCHARGE	  	79
				
		 	SECTION 11.01.	  	Satisfaction and Discharge	  	79
				
		 	SECTION 11.02.	  	Deposited Cash and U.S. Government Obligations To Be Held In Trust; Other Miscellaneous Provisions	  	80
				
		 	SECTION 11.03.	  	Repayment to Company	  	80
		
	ARTICLE 12      SUBORDINATION	  	80
				
		 	SECTION 12.01.	  	Agreement to Subordinate	  	81
				
		 	SECTION 12.02.	  	Liquidation, Dissolution, Bankruptcy	  	81
				
		 	SECTION 12.03.	  	Default On Senior Indebtedness	  	81
				
		 	SECTION 12.04.	  	Acceleration Of Payment Of Securities	  	82
				
		 	SECTION 12.05.	  	When Distribution Must Be Paid Over	  	83
				
		 	SECTION 12.06.	  	Subrogation	  	83
				
		 	SECTION 12.07.	  	Relative Rights	  	83
				
		 	SECTION 12.08.	  	Subordination May Not Be Impaired By Company	  	83
				
		 	SECTION 12.09.	  	Rights Of Trustee And Paying Agent	  	83
				
		 	SECTION 12.10.	  	Distribution Or Notice To Representative	  	84
				
		 	SECTION 12.11.	  	Article 12 Not To Prevent Events Of Default Or Limit Right To Accelerate	  	84
				
		 	SECTION 12.12.	  	Trust Moneys Not Subordinated	  	84
				
		 	SECTION 12.13.	  	Trustee Entitled To Rely	  	84
				
		 	SECTION 12.14.	  	Trustee To Effectuate Subordination	  	85
				
		 	SECTION 12.15.	  	Trustee Not Fiduciary For Holders Of Senior Indebtedness	  	85
				
		 	SECTION 12.16.	  	Reliance By Holders Of Senior Indebtedness On Subordination Provisions	  	85
		
	ARTICLE 13      SUBORDINATION OF GUARANTEES	  	85
				
		 	SECTION 13.01.	  	Agreement To Subordinate	  	85
				
		 	SECTION 13.02.	  	Liquidation, Dissolution, Bankruptcy	  	86

  

 v 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	 	  	Page
		 	SECTION 13.03.	  	Default On Senior Indebtedness Of Guarantor	  	86
				
		 	SECTION 13.04.	  	Demand For Payment	  	86
				
		 	SECTION 13.05.	  	When Distribution Must Be Paid Over	  	87
				
		 	SECTION 13.06.	  	Subrogation	  	87
				
		 	SECTION 13.07.	  	Relative Rights	  	87
				
		 	SECTION 13.08.	  	Subordination May Not Be Impaired By Guarantor	  	87
				
		 	SECTION 13.09.	  	Rights Of Trustee And Paying Agent	  	87
				
		 	SECTION 13.10.	  	Distribution Or Notice To Representative	  	88
				
		 	SECTION 13.11.	  	Article 13 Not To Prevent Events Of Default Under A Guarantee Or Limit Right To Demand Payment	  	88
				
		 	SECTION 13.12.	  	Trustee Entitled To Rely	  	88
				
		 	SECTION 13.13.	  	Trustee To Effectuate Subordination	  	89
				
		 	SECTION 13.14.	  	Trustee Not Fiduciary For Holders Of Senior Indebtedness Of Guarantor	  	89
				
		 	SECTION 13.15.	  	Reliance By Holders Of Senior Indebtedness Of A Guarantor On Subordination Provisions	  	89
		
	ARTICLE 14      MISCELLANEOUS	  	89
				
		 	SECTION 14.01.	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	89
				
		 	SECTION 14.02.	  	Governing Law	  	90
				
		 	SECTION 14.03.	  	No Adverse Interpretation of Other Agreements	  	90
				
		 	SECTION 14.04.	  	Successors	  	90
				
		 	SECTION 14.05.	  	Severability	  	90
				
		 	SECTION 14.06.	  	Counterpart Originals	  	90
				
		 	SECTION 14.07.	  	Table of Contents, Headings, Etc	  	90

  

 vi 

 This FIRST SUPPLEMENTAL INDENTURE, dated as of January 24, 2007 (this “Supplemental
Indenture”), is by and between Pilgrim’s Pride Corporation, a Delaware corporation (such corporation and any successor as defined in the Base Indenture, the “Company”), and Wells Fargo Bank, National
Association, as trustee (such institution and any successor as defined in the Base Indenture, the “Trustee”). 
 WITNESSETH: 
 WHEREAS, the Company has previously executed and delivered an Indenture, dated as of January 24, 2007 (the
“Base Indenture”), with the Trustee providing for the issuance from time to time of one or more series of the Company’s senior subordinated debt securities; 
 WHEREAS, Section 301 of the Base Indenture provides that the Company and the Trustee may enter into an indenture supplemental to the Base Indenture
to establish the form or terms of Securities of any series as permitted by Section 301 and Section 901 of the Base Indenture; and 
 WHEREAS, the Company is entering into this First Supplemental Indenture to establish the form and terms of its 8 3/8% Senior Subordinated Notes due May 1, 2017 (the “Notes”); 
 WHEREAS, the Base Indenture
is incorporated herein by reference and the Base Indenture, as supplemented by this Supplemental Indenture is herein called the “Indenture” as that term is defined in the Base Indenture; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding obligation of
the Company have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which is hereby acknowledged, the Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes. 
 ARTICLE 1 
 ESTABLISHMENT 
 SECTION 1.01. Establishment. 
 (a)
There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Company’s 8 3/8% Senior Subordinated Notes due 2017. 
 (b) There are to be authenticated and delivered on
the date hereof Two Hundred Fifty Million Dollars ($250,000,000) aggregate principal amount of the Notes. 
 (c) The Notes
shall be issued in the form of one or more permanent Global Notes in substantially the form set out in Exhibit A hereto. 
  

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 (d) Each Note shall be dated the date of authentication thereof and shall bear interest
from the date of original issuance thereof or from the most recent date to which interest has been paid or duly provided for. 
 (e) If and to the extent that the provisions of the Base Indenture are duplicative of, or in contradiction with, the provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern the terms of the
Notes. 
 (f) The Notes shall rank pari passu with the Company’s Existing Subordinated Notes and shall be
“Senior Subordinated Indebtedness” within the meaning of that definition in the Existing Subordinated Notes Indenture. 
 ARTICLE 2

 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 2.01. Definitions. 
 (a) All capitalized terms used herein and not otherwise defined below shall have
the meaning ascribed thereto in the Base Indenture. 
 (b) The following are definitions used in this Supplemental Indenture
and to the extent that a term is defined both herein and in the Base Indenture, the definitions in this Supplemental Indenture shall govern with respect to the Notes: 
 “Acquired Debt” means, with respect to any specified Person: 
 (i) Indebtedness of
any other Person existing at the time such other Person is merged with or into, or became a Subsidiary of, such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with
or into, or becoming a Subsidiary of, such specified Person; and 
 (ii) Indebtedness secured by a Lien encumbering any asset acquired by
such specified Person. 
 “Additional Notes” means any Notes (other than Initial Notes) issued under this Indenture
in accordance with Sections 3.01, 3.02 and 3.13 of this Supplemental Indenture, as part of the same series as the Initial Notes or as an additional series. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided, that beneficial ownership of 10% or more of the total voting power of the Voting Stock of a Person shall be deemed to be control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” shall have correlative meanings. 
  

 2 

 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying
agent. 
 “Applicable Procedures” means, with respect to any transfer, redemption or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer, redemption or exchange. 
 “Asset Sale” means: 
 (a) the sale, lease, conveyance or other disposition of any assets or
rights, other than sales of inventory in the ordinary course of business; provided, that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be
governed by the provisions of Section 5.16 hereof and/or the provisions of Article 6 hereof and not by the provisions of Section 5.12 hereof; and 
 (b) the issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries. 
 Notwithstanding the preceding, the following items shall not be deemed to be Asset Sales: 
 (i) any single transaction or series of related transactions that involves assets having a fair market value of less than $5.0 million; 
 (ii) a transfer of assets between or among the Company and its Restricted Subsidiaries; 
 (iii) an issuance of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary; 
 (iv) the sale, lease or transfer, as applicable, of equipment, inventory, accounts receivable (or interests therein) or other assets in the ordinary
course of business or pursuant to a Permitted Securitization Program; 
 (v) the sale or other disposition of cash or Cash Equivalents and
Investment Securities; and 
 (vi) the sale, lease or other disposition of any assets or rights to the extent constituting a Restricted
Payment or Permitted Investment that is permitted by Section 5.11 hereof; 
 (vii) any sale or other disposition of damaged, worn-out,
obsolete or no longer useful assets or properties in the ordinary course of business; 
 (viii) the sale or discounting of accounts
receivable in the ordinary course of business; 
 (ix) any sale of assets received (x) in compromise of (1) obligations of trade
creditors or customers owing to the Company or a Restricted Subsidiary incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the 
  

 3 

 bankruptcy or insolvency of any trade creditor or customer or (2) litigation, arbitration or other disputes; or
(y) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 
 (x) the sale or lease of inventory, products or services or the lease, assignment or sub-lease of any real or personal property in the ordinary course of
business; 
 (xi) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 
 (xii) the granting of Liens not otherwise prohibited by this Indenture; and 
 (xiii) the surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims. 
 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of the
obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended.
Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal, state or foreign law for the relief of debtors. 
 “Board of Directors” means (i) with respect to a corporation, the board of directors or a duly authorized committee of the board of directors of the corporation, (ii) with respect to
a partnership, the board of directors or a duly authorized committee of the board of directors of the general partner of the partnership or, in the case of a general partner other than a corporation, the Person or the board or committee of such
person serving a similar function; and (iii) with respect to any other Person, the board or committee of such Person serving a similar function. 
 “Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP. 
 “Capital Stock” means: 
 (i) in the case of a corporation, corporate stock; 
 (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 
  

 4 

 (iv) any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person, but in any event excluding interests in pools of accounts receivable or inventory sold by a Securitization Subsidiary pursuant to a Permitted Securitization Program.

 “Cash Equivalents” means: 
 (i) United States dollars; 
 (ii) securities issued or directly and fully guaranteed or insured by the
United States government or any agency or instrumentality thereof (provided, that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than six months from the date of acquisition; 

(iii) certificates of deposit and Eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’
acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better;

 (iv) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(ii) and (iii) of this definition entered into with any financial institution meeting the qualifications specified in clause (iii) of this definition; 
 (v) commercial paper having the highest rating obtainable from Moody’s or S&P and in each case maturing within six months after the date of acquisition; and 
 (vi) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (i) through (v) of
this definition. 
 “Change of Control” means the occurrence of any of the following: 
 (i) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” or “group” (as such terms are used in Section 13(d)(3) of the Exchange Act) other
than a Restricted Subsidiary; 
 (ii) any “person” or “group” (as such terms are used in Section 13(d)(3) of the
Exchange Act), other than the Pilgrim Family, becomes the ultimate “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of more than 50% of the total voting power of the Voting Stock of the Company on a fully-diluted basis;

 (iii) the adoption of a plan relating to the liquidation or dissolution of the Company; 
 (iv) the consummation of any transaction (including, without limitation, any merger, consolidation or recapitalization) to which the Company is a party
the result of which is that, immediately after such transaction, the holders of all of the outstanding Voting Stock of the Company immediately prior to such transaction hold less than 50.1% of the Voting Stock of the Person surviving such
transaction, measured by voting power rather than number of shares; or 
  

 5 

 (v) the first day on which a majority of the members of the Board of Directors of the Company are not
Continuing Directors. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Ratings Decline. 
 “Consolidated Cash Flow” means, with respect to any specified Person for any period, the
Consolidated Net Income of such Person for such period plus: 
 (i) an amount equal to any extraordinary loss plus any net loss realized by
such Person or any of its Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 
 (ii) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for
taxes was deducted in computing such Consolidated Net Income; plus 
 (iii) consolidated interest expense of such Person and its Restricted
Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the
interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance
financings, and net of the effect of all payments made or received pursuant to Hedging Obligations), to the extent that any such expense was deducted in computing such Consolidated Net Income; plus 
 (iv) depreciation, amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were
paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a
prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 
 (v) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business, in each
case, on a consolidated basis and determined in accordance with GAAP. 
 Notwithstanding the preceding, the provision for taxes based on the
income or profits of, and the depreciation and amortization and other non-cash expenses of, a Restricted Subsidiary of the Company, unless such Restricted Subsidiary is a Guarantor and its Subsidiary Guarantee remains in full force and effect, shall
be added to Consolidated Net Income to compute Consolidated Cash Flow of the Company only to the extent that a corresponding amount would be permitted at the date of determination to be dividended or distributed to the Company or a 
  

 6 

 Restricted Subsidiary by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and
without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders.

 “Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net
Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided, that: 
 (i) the Net Income of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid in cash to the specified
Person or a Restricted Subsidiary thereof; 
 (ii) the Net Income of any Restricted Subsidiary, unless such Restricted Subsidiary is a
Guarantor and its Subsidiary Guarantee remains in full force and effect, shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of
determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, provided that the aggregate amount of such Net Income that could be paid to the Company or a Restricted Subsidiary by loans or advances or repayments of loans or advances,
intercompany transfer or otherwise will be included in Consolidated Net Income; 
 (iii) the cumulative effect of a change in accounting
principles shall be excluded; 
 (iv) any unrealized non-cash gains or losses or charges in respect of hedge or non-hedge derivatives
(including those resulting from the application of Statements of Financial Accounting Standards No. 133) shall be excluded; 
 (v) any
non-cash impairment charges resulting from the application of Statements of Financial Accounting Standards No. 142 and No. 144 and the amortization of intangibles pursuant to Statement of Financial Accounting Standards No. 141 shall
be excluded; and 
 (vi) any non-cash charges associated with any premium or penalty paid, write-off of deferred financing costs or other
financial recapitalization charges in connection with redeeming or retiring any Indebtedness prior to its Stated Maturity to the extent deducted in the calculation of Net Income shall be excluded. 
 “Consolidated Net Worth” means the total of the amounts shown on the balance sheet of the Company and its consolidated Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP, as of the end of the most recent fiscal quarter for which the Company either (i) has filed financial statements with the Commission or (ii) if the Company does not
file reports with the Commission, has internal financial statements available prior to the taking of any action for the purpose of which the determination is being made, as the sum of: (i) the par or stated value of all outstanding Capital
Stock of the Company, plus (ii) paid-in capital or capital surplus relating to such Capital Stock plus (iii) any retained earnings or earned surplus less (a) any accumulated deficit and (b) any amounts attributable to
Disqualified Stock. 
  

 7 

 “Continuing Directors” means, as of any date of determination, any member of the
board of directors of the Company who: 
 (i) was a member of such board of directors on the Issue Date; or 
 (ii) was nominated for election or elected to such board of directors with the approval of a majority of the Continuing Directors who were members of
such board at the time of such nomination or election. 
 “Credit Facilities” means, one or more debt facilities
(including, without limitation, the Existing Credit Facilities) or commercial paper facilities or Debt Issuances, in each case with banks, investment banks, insurance companies, mutual funds and/or other institutional lenders or institutional
investors providing for revolving credit loans, term loans, receivables or inventory financing (including through the sale of receivables or inventory to such lenders or investors or to special purpose entities formed to borrow from (or sell
receivables to) such lenders or investors against such receivables or inventory), letters of credit or Debt Issuances, in each case, as amended, extended, renewed, restated, refinanced (including refinancing with Debt Issuances), supplemented or
otherwise modified (in whole or in part, and without limitation as to amounts, terms, conditions, covenants and other provisions) from time to time. 
 “Custodian” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 3.03 hereof as Custodian with respect to the Notes, any
and all successors thereto appointed as custodian hereunder and having become such pursuant to the applicable provisions of this Indenture. 
 “Debt Issuances” means, with respect to the Company or any of its Restricted Subsidiaries, one or more issuances of Indebtedness evidenced by notes, debentures, bonds or other similar securities or instruments after
the Issue Date. 
 “Debt Rating” means the rating assigned to the Notes by Moody’s or S&P, as the case may
be. 
 “Default” means any event, act or condition that is, or after notice or with the passage of time or both would
be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof
and issued in accordance with Section 3.06 hereof, in substantially the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part
in global form, the Person specified in Section 3.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provisions of this
Indenture. 
  

 8 

 “Designated Senior Indebtedness” means: 
 (i) any Senior Indebtedness of the Company or a Guarantor that has, at the time of determination, an aggregate principal amount outstanding of at least
$25.0 million (including the amount of all undrawn commitments and matured and contingent reimbursement obligations pursuant to letters of credit thereunder) that is specifically designated in the instrument evidencing such Senior Indebtedness and
in an Officers’ Certificate delivered to the Trustee as “Designated Senior Indebtedness” of the Company for purposes of this Indenture; and 
 (ii) any Senior Indebtedness of the Company or a Guarantor outstanding under the Existing Credit Facilities, the Existing Senior Notes Indenture, the Senior Notes Indenture or otherwise under clause (1) of
Section 5.09(b), as the same may be amended, supplemented or otherwise modified from time to time, including amendments, supplements or modifications and any renewal, extension, refunding, restructuring, replacement or refinancing thereof
(whether with the original agent and lenders or another administrative agent or agents or one or more other lenders and whether provided under the original Existing Credit Facilities or one or more other credit or other agreements or indentures).

 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because
the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control or an Asset Sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the
Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 5.11 hereof. 
 “Domestic Borrowing Base” means, as of a date of determination, the sum of (i) 85% of the book value of the outstanding accounts receivable of the Company and its Domestic Restricted
Subsidiaries (as such accounts receivable would be shown on a consolidated balance sheet of the Company and its Domestic Restricted Subsidiaries prepared in accordance with GAAP), less allowance for doubtful accounts, plus (ii) 80% of the
inventory of the Company and its Domestic Restricted Subsidiaries (as such inventory would be shown on a consolidated balance sheet of the Company and its Domestic Restricted Subsidiaries prepared in accordance with GAAP); provided, that for
purposes of determining the Domestic Borrowing Base as of a date of determination, any accounts receivable or inventory that has been sold or otherwise transferred to a Securitization Subsidiary pursuant to a Permitted Securitization Program shall
not be included in the Domestic Borrowing Base for purposes of the calculation thereof. 
 “Domestic Restricted
Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state thereof or the District of Columbia. 
  

 9 

 “Equity Interests” means Capital Stock and all warrants, options or other rights
to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or private sale of the Company’s Equity Interests (other than Disqualified Stock) (but excluding in any event any issuance pursuant to employee benefit plans or otherwise in
connection with the compensation of officers, directors or employees). 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Existing Credit
Facilities” means, collectively, the Existing U.S. Credit Facilities and the Existing Foreign Credit Facility. 
 “Existing Foreign Credit Facility” means the facility evidenced by the Credit Agreement, by and among Avicola Pilgrim’s Pride de Mexico, S. de R.L. de C.V., the Company, certain subsidiaries of Avicola
Pilgrim’s Pride de Mexico, S. de R.L. de C.V., ING Capital LLC, ING Bank (Mexico), S.A. Institucion de Banca Multiple, ING Grupo Financiero, BBVA Bancomer, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer, Bank of America
N.A., Comerica Bank and the several lenders from time to time party thereto, dated as of September 25, 2006, and the related notes, collateral documents, guarantees and agreements, each as amended through the Issue Date. 
 “Existing Senior Guarantee” means a Subsidiary’s Guarantee of the Existing Senior Notes. 
 “Existing Senior Notes” means the 9 5/8 % Senior Notes due 2011 of the Company issued under the Existing Senior Notes Indenture. 
 “Existing Senior Notes Indenture” means the Indenture dated as August 9, 2001, by and between the Company and JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank, as trustee, governing the Existing
Senior Notes, as amended or supplemented from time to time. 
 “Existing Subordinated Guarantee” means a
Subsidiary’s Guarantee of the Existing Subordinated Notes. 
 “Existing Subordinated Notes” means the 9 1/4% Senior Subordinated Notes due 2013 of the Company issued under the Existing Subordinated Notes Indenture.

 “Existing Subordinated Notes Indenture” means the Subordinated Indenture dated as November 21, 2003,
by and between the Company and The Bank of New York, as trustee, governing the Existing Subordinated Notes, as amended or supplemented from time to time. 
  

 10 

 “Existing U.S. Credit Facilities” means: 
 (i) the facility evidenced by the 2006 Amended and Restated Credit Agreement by and among the Company, CoBank, ACB, Agriland, FCS, and other syndication
parties named therein, dated as of September 21, 2006, and the related notes, collateral documents, guarantees and agreements, each as amended through the Issue Date; and 
 (ii) the facility evidenced by the Third Amended and Restated Secured Credit Agreement, by and among the Company and Harris N.A., SunTrust Bank, U.S.
Bank National Association, Wells Fargo Bank, National Association and the lenders from time to time party thereto, dated as of April 7, 2004, and the related notes, collateral documents, guarantees and agreements, each as amended through the
Issue Date. 
 “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of
the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases or redeems
any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the
date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption,
Guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Preferred Stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of the applicable eight-quarter
reference period. 
 In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 
 (i) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations and
including any related financing transactions, during the eight-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date shall be given pro forma effect as if they had occurred on the first day of the
eight-quarter reference period and Consolidated Cash Flow for such reference period shall be calculated on a pro forma basis, including any pro forma expense and cost reductions and other operating improvements that have occurred or are reasonably
expected to occur in the next twelve months, in the reasonable judgment of the Company’s chief financial officer (regardless of whether these costs savings or operating improvements could then be reflected in pro forma financial statements in
accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the Commission related thereto), but without giving effect to clause (iii) of the proviso set forth in the definition of Consolidated Net
Income; 
 (ii) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses disposed of prior to the Calculation Date, shall be excluded; and 
  

 11 

 (iii) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP,
and operations or businesses disposed of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted
Subsidiaries following the Calculation Date. 
 “Fixed Charges” means, with respect to any specified Person for any
period, the sum, without duplication, of: 
 (i) the consolidated interest expense of such Person and its Restricted Subsidiaries for such
period, whether paid or accrued, including, without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with
Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments
made or received pursuant to Hedging Obligations; plus 
 (ii) any interest expense on Indebtedness of another Person that is guaranteed by
such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 
 (iii) the product of (a) all dividends, whether paid or accrued, whether or not in cash, on any series of Preferred Stock of such Person or any of
its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of such Person (other than Disqualified Stock) or to such Person or a Restricted Subsidiary of such Person, times (b) a fraction, the
numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP.

 “Foreign Borrowing Base” means, as of a date of determination, the sum of (i) 85% of the book value of the
outstanding accounts receivable of the Company’s Foreign Restricted Subsidiaries (as such accounts receivable would be shown on a combined balance sheet of the Company’s Foreign Restricted Subsidiaries prepared in accordance with GAAP),
less allowance for doubtful accounts, plus (ii) 80% of the inventory of the Company’s Foreign Restricted Subsidiaries (as such inventory would be shown on a combined balance sheet of the Company’s Foreign Restricted Subsidiaries
prepared in accordance with GAAP); provided, that for purposes of determining the Foreign Borrowing Base as of a date of determination, any accounts receivable or inventory that has been sold or otherwise transferred to a Securitization Subsidiary
pursuant to a Permitted Securitization Program shall not be included in the Foreign Borrowing Base for purposes of the calculation thereof. 
 “Foreign Restricted Subsidiary” means any Restricted Subsidiary that is not a Domestic Restricted Subsidiary and with respect to which more than 80% of its assets (determined on a consolidated basis in accordance
with GAAP) are located in territories and jurisdictions outside of the United States of America. 
  

 12 

 “GAAP” means generally accepted accounting principles set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have
been approved by a significant segment of the accounting profession, which are in effect on the Issue Date. 
 “Global Note
Legend” means the legend set forth on Exhibit A hereto, which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means the global Notes in the form of Exhibit A hereto issued in accordance with Article 3 hereof. 
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of
business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness. 
 “Guarantors” means any Domestic Restricted Subsidiary that executes a Subsidiary Guarantee in accordance with the provisions of
this Indenture and their respective successors and assigns. 
 “Hedging Obligations” means, with respect to any
specified Person, the obligations of such Person under: 
 (i) interest rate swap agreements, interest rate cap agreements and interest rate
collar agreements and other agreements or arrangements designed to protect such Person against fluctuations in interest rates; 
 (ii) any
foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect such Person against fluctuations in currency values; and 
 (iii) any commodity futures or option contract or other similar commodity hedging contract designed to protect such person against fluctuations in commodity prices. 
 “Holder” means a Person in whose name a Note is registered. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent, in
respect of: 
 (i) borrowed money; 
 (ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) (other than obligations with respect to letters of credit securing obligations (other than obligations
described in clause (i), (ii) and (iv) of this definition) entered into in the ordinary course of business of such Person to the extent that such letters of credit are not drawn upon); 
  

 13 

 (iii) banker’s acceptances; 
 (iv) representing Capital Lease Obligations; 
 (v) the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable incurred in the ordinary course of business; or 
 (vi) representing any Hedging Obligations, 
 if and to the
extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any
indebtedness of any other Person. 
 The amount of any Indebtedness outstanding as of any date shall be: 
 (i) the accreted value thereof, in the case of any Indebtedness issued with original issue discount; and 
 (ii) the principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness.

 “Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons
of nationally recognized standing that is, in the judgment of the Company’s Board of Directors, qualified to perform the task for which it has been engaged. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means $400,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof. 
 “Intercompany Bonds” means an Investment by the Company or a Restricted Subsidiary in, and Indebtedness of the Company or another
Restricted Subsidiary incurred in connection with, bonds, notes, debentures or similar instruments issued by any federal, state or local government of the United States or any state, territory, municipality, regulatory or administrative authority or
instrumentality or agency thereof in which such bonds, notes, debentures or instruments are fully secured as to payment of both principal and interest by a requisition, loan, lease or similar payment agreement with the Company or a Restricted
Subsidiary. 
 “Interest Payment Date” shall have the meaning set forth in paragraph 1 of the Note. 
 “Investment Grade Status” exists as of a date if at such date (i) the Debt Rating of Moody’s is at least Baa3 (or the
equivalent) or higher and (ii) the Debt Rating of S&P is at least BBB- (or the equivalent) or higher, or if either such entity ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade
credit rating from any other Rating Agency. 
  

 14 

 “Investments” means, with respect to any Person, all investments by such Person
in other Persons (including Affiliates) in the forms of direct or indirect loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the
ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance
with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition,
such Person is no longer a Restricted Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Equity Interests of such Restricted Subsidiary
not sold or disposed of in an amount determined as provided in Section 5.11(d) hereof. The acquisition by the Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person shall be deemed to be an
Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the fair market value of the Investment held by the acquired Person in such third Person in an amount determined as provided in Section 5.11(d)
hereof. In addition, the fair market value of the net assets of any Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary shall be deemed to be an “Investment” made by the Company in
such Unrestricted Subsidiary. 
 “Investment Securities” means: 
 (i) securities or obligations issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other
than Cash Equivalents) and, in each case, with maturities not exceeding ten years from the date of acquisition; 
 (ii) Investments in any
fund that invests exclusively in Investments of the type described in clause (i), which fund may also hold immaterial amounts of cash pending investment and/or distribution; 
 (iii) repurchase agreements fully collateralized by U.S. government and/or agency securities with a maximum maturity of seven days; 
 (iv) Investments in (a) direct obligations and securities issued by any state of the U.S. or any political subdivision of any such state or public
instrumentality thereof, (b) debt securities of a corporation, including, corporate notes, medium term notes and Rule 144A private placement notes, (c) asset-backed securities, (d) mortgage-backed securities and commercial mortgage
backed securities, (e) collateralized mortgage obligations, (f) obligations of sovereign and supranational entities and other municipal debt obligations, (g) remarketed or auction rate preferred shares of closed end mutual funds,
(h) money market mutual funds with a minimum $1.0 billion average asset size for the previous 12 months, (i) common stock listed on a U.S. national stock exchange or traded in the over-the-counter market and (j) debt obligations of
non-U.S. governments, sovereign entities or supranational agencies, so long as, in each case, at the 
  

 15 

 time of purchase or acquisition of any such Investment, (A) other than Investments described in sub-clauses
(h) and (i) of this clause (iv), the Investment had a long-term senior unsecured debt rating of not less than Baa3 by Moody’s and not less than BBB- by S&P and an effective maturity not exceeding ten years from the date of
acquisition and (B) with respect to Investments described in sub-clause (i) of this clause (iv), the aggregate amount of such Investments held by the Company at the time of acquisition of any such Investment does not exceed 10% of the
total amount of Investment Securities then held by the Company; and 
 (v) Investments in commercial paper rated P1 by Moody’s or A1 by
S&P, which matures within one year of issuance thereof, or in any fund that invests exclusively in such commercial paper. 
 “Issue Date” means the date of the original issuance of the first Note under this Indenture. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under
applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, and any option or other agreement to sell or give a security interest in having substantially the same economic effect as any of the
foregoing. 
 “Maturity Date” means May 1, 2017. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with
GAAP and before any reduction in respect of Preferred Stock dividends, excluding, however: 
 (i) any gain (or loss), together with any
related provision for taxes on such gain (or loss), realized in connection with: (a) any Asset Sale (including, without limitation, dispositions pursuant to sale and leaseback transactions); or (b) the disposition of any securities by such
Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and 
 (ii) any extraordinary gain (or loss) or non-recurring gain (or loss), together with any related provision for taxes on such extraordinary gain (or loss) or non-recurring gain (or loss). 
 “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any
Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal,
accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof, in each case, after taking into account any available tax credits or deductions and
any tax sharing arrangements and amounts required to be applied to the repayment of Indebtedness, including any Indebtedness secured by a Lien on the asset or assets that were the subject of such Asset Sale, and any reserve 
  

 16 

 for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP, including
without limitation, pension and post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 
 “Non-Recourse Indebtedness” means Indebtedness: 
 (i) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness),
(b) is directly or indirectly liable as a guarantor or otherwise or (c) constitutes the lender; and 
 (ii) no default with respect
to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the
Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness. 
 “Officer” means the Chief Executive Officer, the
President, the Chief Financial Officer, any Vice President, the Treasurer, the Controller, the Secretary or an Assistant Treasurer, Assistant Controller or Assistant Secretary of the Company. 
 “Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 
 “Permitted Acquisition Indebtedness” means Indebtedness or Disqualified Stock of the Company or any of the Company’s
Restricted Subsidiaries to the extent such Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock of: 
 (i) a Subsidiary
(other than an Unrestricted Subsidiary) prior to the date on which such Subsidiary became a Restricted Subsidiary; or 
 (ii) a Person that
was merged or amalgamated into the Company or a Restricted Subsidiary, provided that on the date such Subsidiary became a Restricted Subsidiary or the date such Person was merged and amalgamated into the Company or a Restricted Subsidiary, as
applicable, after giving pro forma effect thereto, (a) the Restricted Subsidiary or the Company, as applicable, would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test in
Section 5.09(a) or (b) the Fixed Charge Coverage Ratio for the Restricted Subsidiary or the Company, as applicable, would be greater than the Fixed Charge Coverage Ratio for such Restricted Subsidiary or the Company immediately prior to
such transaction. 
  

 17 

 “Permitted Investments” means: 
 (i) any Investment in the Company or in a Restricted Subsidiary of the Company; 
 (ii) any Investment of receivables owing to the Company or any of its Restricted Subsidiaries, if created or acquired in the ordinary course of business
and payable or dischargeable in accordance with customary trade terms (provided, that nothing in this clause (ii) shall prevent the Company or any Restricted Subsidiary from offering such concessionary trade terms as management deems reasonable
in the circumstances); 
 (iii) any Investment in cash, Cash Equivalents or Investment Securities; 
 (iv) any Investment of Capital Stock, Obligations or other securities of any Person received by the Company or any of its Restricted Subsidiaries in
settlement of Obligations created in the ordinary course of business and owing to the Company or such Restricted Subsidiary; 
 (v) any
Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment: 
 (a) such Person
becomes a Restricted Subsidiary of the Company; or 
 (b) such Person is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (vi) any
Investment made as a result of the receipt of non-cash consideration in the sale of assets or property that does not constitute an Asset Sale or from an Asset Sale that was made pursuant to and in compliance with Section 5.12 hereof;

 (vii) any acquisition of assets solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company;

 (viii) Hedging Obligations, provided, that such Hedging Obligations constitute Permitted Debt permitted by Section 5.09(b)(7) hereof;

 (ix) Investments in a Person arising from the sale or transfer of assets primarily used in or related to, or Equity Interests of a
Subsidiary of the Company whose assets primarily consist of those used in or related to, the Turkey Operations in connection with a joint venture including such Turkey Operations with a third party; 
 (x) Investments in Intercompany Bonds; 
 (xi) Investments made in bonds, debentures and notes issued by any corporation organized under the laws of any State of the United States having Investment Grade Status from the aggregate proceeds of insurance premiums paid by the Company
or a Restricted Subsidiary under a captive insurance arrangement and any earnings on such Investments; 
  

 18 

 (xii) repurchases of the Notes; 
 (xiii) Loans or advances to officers, directors, consultants and employees made in the ordinary course of the Company’s business or the business of
any Restricted Subsidiary in an aggregate principal amount not to exceed $5.0 million at any one time outstanding; 
 (xiv) any Investments
received (x) in compromise of (1) obligations of any Person that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any such Person
or (2) litigation, arbitration or other disputes; or (y) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default; 
 (xv) Guarantees issued in accordance with Section 5.09 and Section 5.17; 
 (xvi) any Investment (x) existing on the Issue Date or (y) made pursuant to binding commitments in effect on the Issue Date and (z) that
replaces, refinances or refunds any Investment described under either of the immediately preceding sub-clauses (x) or (y); provided that the new Investment is in an amount that does not exceed the amount replaced, refinanced or refunded and is
not materially less favorable to the Company or any of its Restricted Subsidiaries than the Investment replaced, refinanced or refunded as determined in good faith by the Company; 
 (xvii) Investments consisting of purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights or licenses
or leases of intellectual property, in each case in the ordinary course of business; 
 (xviii) loans and advances to contract growers in an
aggregate amount at any time not to exceed $50.0 million; and 
 (xix) other Investments made after the Issue Date in any Person having an
aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (xix) that are at the time
outstanding, not to exceed the greater of (A) $100.0 million or (B) 2.5% of Total Assets. 
 “Permitted
Liens” means: 
 (i) Liens on the assets of the Company and its Restricted Subsidiaries securing Indebtedness and other
Obligations (in addition to those referred to in clauses (ii) through (xxiv) of this definition) to the extent that such Indebtedness (a) was outstanding on the date of this Indenture or was, or after a Fall-Away Event would have
been, permitted to be incurred by Section 5.09 hereof at the time of such incurrence and (b) at the time of such incurrence did not exceed an aggregate principal amount outstanding at any one time of the greater of (x) $1.5 billion
less the aggregate amount of all Net Proceeds of Asset Sales (other than a sale of all or a substantial portion of the assets used in the Turkey Operations), applied by the Company or any of its Subsidiaries to repay Indebtedness incurred pursuant
to Section 5.09(b)(1) hereof pursuant to Section 5.12 hereof and (y) 75% of the fair market value of property, plant, equipment and intangibles of the Company and its consolidated Restricted Subsidiaries; 
  

 19 

 (ii) Liens on the assets of the Company and any Restricted Subsidiary securing Indebtedness and other
Obligations to the extent that such Indebtedness is or, after a Fall-Away Event would have been, permitted to be incurred by Section 5.09(b)(1), (2), (3) and (13)(b) hereof; 
 (iii) Liens on the assets of the Company and any Restricted Subsidiary securing Permitted Refinancing Indebtedness to the extent that (a) such
Permitted Refinancing Indebtedness is, or after a Fall-Away Event would have been, permitted to be incurred by Section 5.09(b)(10) hereof and (b) such Permitted Refinancing Indebtedness was, or after a Fall-Away Event would have been,
incurred to refinance Indebtedness outstanding under Section 5.09(b)(1), (2), (3) or (13)(b) hereof; 
 (iv) Liens in favor of
the Company or its Restricted Subsidiaries; 
 (v) Liens on property of a Person existing at the time such Person is acquired by, merged with
or into or consolidated with the Company or any Restricted Subsidiary of the Company; provided, that such Liens were in existence prior to the contemplation of such acquisition, merger or consolidation and do not extend to any assets other than
those of the Person acquired by, merged into or consolidated with the Company or the Restricted Subsidiary; 
 (vi) Liens on property
(including Capital Stock) existing at the time of acquisition thereof by the Company or any Restricted Subsidiary of the Company; provided, that such Liens were in existence prior to the contemplation of such acquisition; 
 (vii) Liens to secure the performance of statutory or regulatory obligations, surety or appeal bonds, performance bonds, indemnity or performance bonds,
warranty and contractual requirements or other obligations of a like nature incurred in the ordinary course of business; 
 (viii) Liens to
secure Indebtedness that is, or after a Fall-Away Event would have been, permitted by Section 5.09(b)(5), (6) and (8) hereof (or Permitted Refinancing Indebtedness relating thereto, provided that the principal amount of the
Indebtedness secured does not increase and the Liens do not extend to other property or assets) covering only the assets acquired with such Indebtedness; 
 (ix) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded;
provided, that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 
 (x) Liens on accounts receivable or inventory of a Securitization Subsidiary or rights with respect thereto in connection with a Permitted Securitization Program; 
 (xi) Liens encumbering customary initial deposits and margin deposits, and other Liens that are within the general parameters customary in the industry
and incurred in the ordinary course of business, in each case, securing Indebtedness under Hedging Obligations designed solely to protect the Company or any of its Restricted Subsidiaries from fluctuations in interest rates, currencies or the price
of commodities; 
  

 20 

 (xii) Liens on the property of Foreign Restricted Subsidiaries and on intercompany Indebtedness to the
Company to secure Indebtedness that is, or after a Fall-Away Event would have been, permitted by Section 5.09(b)(12) hereof; 
 (xiii)
upon the occurrence of a Fall-Away Event, Liens securing Indebtedness in an amount that does not exceed 10% of the Company’s Consolidated Net Worth; 
 (xiv) Liens to secure a defeasance trust; 
 (xv) licenses of intellectual property in the ordinary course of
business; 
 (xvi) easements, rights of way zoning and similar restrictions, reservations (including severances, leases or reservations of
oil, gas, coal, minerals or water rights), restriction or encumbrances in respect of real property or title defects that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said
properties (as such properties are used by the Company or its Subsidiaries) or materially impair their use in the operation of the Company’s and its Subsidiaries’ business; 
 (xvii) Liens arising from precautionary Uniform Commercial Code financing statements filings regarding operating leases entered into by the Company or
any of its Restricted Subsidiaries in the ordinary course of business; 
 (xviii) Leases and subleases of real property which do not
materially interfere with the ordinary conduct of the business of the Company and its Restricted Subsidiaries; 
 (xix) prior to a Fall-Away
Event, Liens on Capital Stock of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary; 
 (xx) judgment Liens not giving rise to an Event of Default so long as any appropriate legal proceedings that may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such
legal proceedings may be initiated shall not have expired; 
 (xxi) Liens imposed by law, such as carriers’, warehousemen’s,
landlord’s, lessor’s, suppliers, banks, repairmen’s and mechanics’ Liens, and Liens of landlords securing obligations to pay lease payments that are not yet due and payable or in default, in each case, incurred in the ordinary
course of business; 
 (xxii) Liens incurred or deposits made in the ordinary course of business to secure payment of workers’
compensation or to participate in any fund in connection with workmen’s compensation, unemployment insurance, old-age pensions or other social security programs; 
 (xxiii) after a Fall-Away Event, Liens on assets or Capital Stock of any Subsidiary that was, immediately prior to such Fall-Away Event, an Unrestricted Subsidiary and that were incurred or created prior to the date
of such Fall-Away Event; and 
  

 21 

 (xxiv) Liens incurred in the ordinary course of business of the Company or any Restricted Subsidiary of
the Company with respect to Obligations that do not exceed $40.0 million at any one time outstanding. 
 “Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other
Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided, that: 
 (i) the principal
amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable), of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus
all accrued interest thereon and the amount of all customary expenses and premiums incurred in connection therewith); provided, however, that with respect to Indebtedness denominated in currency other than United States dollars, if the principal
amount of such Indebtedness is extended, refinanced, renewed, replaced, defeased or refunded with Indebtedness denominated in the same foreign currency and not exceeding the principal amount (or accreted value, if applicable) thereof in such
denomination of foreign currency, then it shall not be deemed to have exceeded the principal amount (or accreted value, if applicable) of the refinanced Indebtedness solely as a result of fluctuations in the exchange rate of such foreign currency;

 (ii) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 
 (iii) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is Subordinated Indebtedness, such Permitted Refinancing Indebtedness has a final maturity date later than the final
maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased
or refunded; and 
 (iv) such Indebtedness is incurred either by the Company or a Guarantor or by the Restricted Subsidiary who is the
obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded. 
 “Permitted Securitization
Program” means a transaction or series of transactions (including amendments, supplements, extensions, renewals, replacements, refinancings or modifications thereof) pursuant to which a Securitization Subsidiary purchases accounts
receivable or inventory from the Company or any Restricted Subsidiary and finances or sells such accounts receivable or inventory or fractional interests therein; provided, that (i) the Board of Directors shall have determined in good faith
that such Permitted Securitization Program is economically fair and reasonable to the Company and the Securitization Subsidiary, (ii) all sales of accounts receivable or inventory by the Securitization Subsidiary are made at fair market value
(as determined in good faith by the Board of Directors), (iii) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined 

  

 22 

 
in good faith by the Board of Directors), (iv) no portion of the Indebtedness of a Securitization Subsidiary shall be Guaranteed Indebtedness or is
recourse to the Company or any Restricted Subsidiary (other than to such Securitization Subsidiary and other than recourse for customary representations, warranties, covenants and indemnities) and (v) neither the Company nor any Subsidiary
(other than the Securitization Subsidiary) has any obligation to maintain or preserve the Securitization Subsidiary’s financial condition. 
 “Pilgrim Family” means Lonnie A. “Bo” Pilgrim, his spouse, his issue, his estate and any trust, partnership or other entity primarily for the benefit of him, his spouse and/or issue, including any direct or
indirect trustee, managing partner or such other Person serving a similar function. 
 “Preferred Stock” means, with
respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person’s preferred or preference stock, whether now outstanding or hereafter issued, including,
without limitation, all series and classes of such preferred or preference stock. 
 “Rating Agency” means each of
S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a
resolution of the Company’s Board of Directors) which shall be substituted for S&P or Moody’s, or both, as the case may be. 
 “Ratings Decline” means: (x) a decrease of one or more gradations (including gradations within rating categories as well as between rating categories) in the rating of the Notes by either Rating Agency; or
(y) a withdrawal of the rating of the Notes by either Rating Agency, provided, however, that such decrease or withdrawal occurs on, or within 60 days following, the date of public notice of the occurrence of a Change of Control or of the
intention by the Company to effect a Change of Control, which period shall be extended so long as the rating of the Notes is under publicly announced consideration for downgrade by either Rating Agency. 
 “Regular Record Date” for the interest payable on any Interest Payment Date means the date specified on the face of the Note.

 “Representative” means the trustee, agent or representative expressly authorized to act in such capacity, if any,
for an issue of Senior Indebtedness. 
 “Restricted Investment” means an Investment other than a Permitted
Investment. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary; provided, that after a Fall-Away Event, a Restricted Subsidiary shall mean any Subsidiary of the referent Person. 
 “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, or any successor to the rating agency business thereof. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
  

 23 

 “Securitization Subsidiary” means a Restricted Subsidiary or an Unrestricted
Subsidiary of the Company that is established for the limited purpose of acquiring and financing or selling (including, without limitation, interests therein) accounts receivable or inventory and engaging in activities ancillary thereto. 

“Senior Indebtedness” of the Company means all of its Obligations with respect to Indebtedness, whether outstanding on the
date the Notes are first issued or thereafter incurred, and shall include (i) all obligations for interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company whether or not such
post-filing interest is allowed in such proceeding, (ii) all fees, expenses and indemnities and all other amounts payable with respect to Indebtedness and (iii) all Obligations in respect of the Existing Credit Facilities; provided,
however, that Senior Indebtedness shall not include: (a) any obligation of the Company to any Subsidiary of the Company; (b) any obligation in respect of the Subordinated Notes or other Indebtedness of the Company that is by its terms
expressly subordinate, junior or pari passu in right of payment to the Subordinated Notes; or (c) any obligations with respect to any Capital Stock. To the extent that any payment of Senior Indebtedness (whether by or on behalf of the Company
as proceeds of security or enforcement or any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to a trustee, receiver or other similar party under any Bankruptcy Law, then if such payment
is recovered by, or paid over to, such trustee, receiver or other similar party, the Senior Indebtedness or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred.
“Senior Indebtedness” of any Guarantor has a correlative meaning and shall not include any obligation of such Guarantor to the Company or any other Subsidiary of the Company. 
 “Senior Notes” means the 7 5/8% Senior Notes due 2015 of the Company issued under the Senior Notes Indenture. 
 “Senior Notes Indenture” means the Indenture, dated as of the Issue Date, by and between the Company and Wells Fargo Bank, National Association, as trustee, as supplemented by the First Supplemental Indenture dated
as of the Issue Date, governing the Senior Notes, as further amended or supplemented from time to time. 
 “Senior Subordinated
Indebtedness” of the Company means the Notes and any other Subordinated Indebtedness of the Company that specifically provides that such Indebtedness is to rank pari passu with the Subordinated Notes and is not subordinated by its terms
to any other Subordinated Indebtedness or other obligation of the Company which is not Senior Indebtedness. “Senior Subordinated Indebtedness” of any Guarantor has a correlative meaning. 
 “Senior Subsidiary Guarantee” means a Subsidiary’s Guarantee of the Senior Notes. 
 “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule
1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof. 
 “Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to 

  

 24 

 
be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such
interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subordinated Indebtedness”
means any Indebtedness of the Company or a Restricted Subsidiary if the instrument creating or evidencing such Indebtedness or pursuant to which such Indebtedness is outstanding expressly provides that such Indebtedness is subordinated or junior in
right of payment to the Notes or the Subsidiary Guarantee of such Restricted Subsidiary, as the case may be. 
 “Subsidiary
Guarantee” means a Guarantor’s guarantee of the Notes pursuant to Article 10 and in the form of the Subsidiary Guarantee attached as Exhibit B and any additional Subsidiary Guarantee of the Notes to be executed by any
Subsidiary of the Company pursuant to Section 5.17. 
 “TIA” means the Trust Indenture Act of 1939, as amended.

 “Total Assets” means, with respect to any Person, the total consolidated assets of such Person and its Restricted
Subsidiaries, as determined in accordance with GAAP, and shown on the most recent balance sheet of such Person in financial statements either (i) filed with the SEC or (ii) if such Person does not file reports with the SEC, internally
available. 
 “Turkey Operations” means the Company’s and/or its Restricted Subsidiaries’ turkey operations
as substantially constituted on the Issue Date. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company that
is designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the extent that such Subsidiary: 
 (i) has no Indebtedness other than Non-Recourse Indebtedness; 
 (ii) is not party to any agreement, contract, arrangement or
understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be
obtained at the time from Persons who are not Affiliates of the Company; 
 (iii) is a Person with respect to which neither the Company nor
any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any
specified levels of operating results; and 
 (iv) has not Guaranteed or otherwise directly or indirectly provided credit support for any
Indebtedness of the Company or any of its Restricted Subsidiaries. 
 Any designation of a Subsidiary of the Company as an Unrestricted
Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation 

  

 25 

 
complied with the preceding conditions and was permitted by Section 5.11 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the
preceding requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the
Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 5.09 hereof, the Company shall be in Default of such covenant. The Board of Directors of the Company may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided, that such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and
such designation shall only be permitted if (i) such Indebtedness is permitted under Section 5.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the eight-quarter reference period, and
(ii) no Default or Event of Default would be in existence following such designation. 
 After a Fall-Away Event, an Unrestricted
Subsidiary shall mean any Subsidiary of the Company. 
 “Voting Stock” of any Person as of any date means the Capital
Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (i)
the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the
number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 
 (ii) the
then outstanding principal amount of such Indebtedness. 
 “Wholly-Owned Restricted Subsidiary” of any specified
Person means a Restricted Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares and shares issued to other Persons to comply with local law that
collectively do not constitute more than 5% of all of the Capital Stock ordinarily having the power to vote for the election of directors of such Restricted Subsidiary) shall at the time be owned by such Person or by one or more Wholly-Owned
Restricted Subsidiaries of such Person and one or more Wholly-Owned Restricted Subsidiaries of such Person. 
 SECTION 2.02. Other Definitions.

  

			
	 Term
	  	Defined in Section
	 Affiliate Transaction
	  	5.14
	 Asset Sale Offer
	  	4.08
	 Authentication Order
	  	3.02
	 Benefited Party
	  	10.01
	 Change of Control Offer
	  	5.16
	 Change of Control Payment
	  	5.16

  

 26 

			
	 Term
	  	Defined in Section
	 Change of Control Payment Date
	  	5.16
	 Company
	  	Preamble
	 Covenant Defeasance
	  	8.03
	 DTC
	  	3.03
	 Event of Default
	  	7.01
	 Excess Proceeds
	  	5.12
	 Fall-Away Event
	  	5.18
	 Guaranteed Indebtedness
	  	5.17
	 incur
	  	5.09
	 Legal Defeasance
	  	8.02
	 Notes
	  	Preamble
	 Offer Amount
	  	4.08
	 Offer Period
	  	4.08
	 Paying Agent
	  	3.03
	 Payment Default
	  	7.01
	 Permitted Debt
	  	5.09
	 Purchase Date
	  	4.08
	 Registrar
	  	3.03
	 Restricted Payment
	  	5.11
	 Trustee
	  	Preamble

 ARTICLE 3 
 THE NOTES 
 Pursuant to Section 201 of the Base Indenture, the provisions of this Article 3 establish
the form of the Notes under this Supplemental Indenture, and to the extent that any provisions of this Article 3 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 3 shall govern the Notes. 
 SECTION 3.01. Form and Dating. 
 (a)
General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made part of this Indenture. The Notes may have notations,
legends or endorsements required by law, stock exchange rule or usage in addition to those set forth on Exhibit A. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples
thereof. The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
  

 27 

 (b) Book-Entry Provisions. This Section 3.01(b) shall only apply to Global
Notes deposited with the Trustee, as custodian for the Depositary. Participants and Indirect Participants shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary or by the Trustee as the
custodian for the Depositary or under such Global Note, and the Depositary shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as
between the Depositary and its Participants or Indirect Participants, the Applicable Procedures or the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Note.

 (c) Certificated Notes. Except as otherwise provided herein, owners of beneficial interests in Global Notes will not
be entitled to receive physical delivery of certificated Notes. 
 For greater certainty, the provisions of this Section 3.01(c) are
subject to the requirements relating to notations, legends or endorsements on Notes required by law, stock exchange rule, or agreements to which any the Company is subject, if any. 
 SECTION 3.02. Execution and Authentication. 
 (a) One Officer shall sign the Notes for
the Company by manual or facsimile signature. 
 (b) If an Officer whose signature is on a Note no longer holds that office at
the time a Note is authenticated, the Note shall nevertheless be valid. 
 (c) A Note shall not be valid until authenticated
by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 (d) The Trustee shall, upon a written order of the Company signed by an Officer (an “Authentication Order”), authenticate Notes for original issue. 
 (e) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. Unless otherwise provided in the
appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an
Agent to deal with Holders or an Affiliate of the Company or any of their respective Subsidiaries. 
 SECTION 3.03. Registrar and Paying Agent.

 (a) The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for
exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall 

  

 28 

 
keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents.
The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company shall notify the
Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may
act as Paying Agent or Registrar. 
 (b) The Company initially appoints The Depository Trust Company
(“DTC”) to act as Depositary with respect to the Global Notes. 
 (c) The Company initially appoints
the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes, and the Trustee hereby initially agrees so to act. 
 SECTION 3.04. Paying Agent to Hold Money in Trust. 
 The Company shall require each Paying Agent other than the Trustee to
agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee of any
default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to
the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 
 SECTION 3.05. Holder Lists. 
 The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date or such shorter time as the Trustee may allow, as the
Trustee may reasonably require of the names and addresses of the Holders, and the Company shall otherwise comply with TIA Section 312(a). 
 SECTION
3.06. Transfer and Exchange. 
 (a) Transfer and Exchange of Definitive Notes. When Definitive Notes are
presented to the Registrar or a co-registrar with a request: 
 (1) to register the transfer of such Definitive Notes; or

  

 29 

 (2) to exchange such Definitive Notes for an equal principal amount of Definitive Notes
of other authorized denominations, 
 the Registrar or co-registrar shall register the transfer or make the exchange as requested if its reasonable
requirements for such transaction are met; provided, however, that the Definitive Notes surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to
the Company and the Registrar or co-registrar, duly executed by the Noteholder thereof or his attorney duly authorized in writing; 
 (b) Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth
below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with written instructions directing the Trustee to make, or to direct the
Custodian to make, an adjustment on its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, then the Trustee shall cancel such Definitive Note and
cause, or direct the Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased
accordingly. If no Global Notes are then outstanding, the Company shall issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officers’ Certificate from the Company, a new Global Note in the appropriate
principal amount. 
 (c) Transfer and Exchange of Global Notes. The transfer and exchange of Global Notes or beneficial
interests therein shall be effected through the Depositary, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. 
 (d) Restrictions on Transfer and Exchange of Global Notes. Notwithstanding any other provisions of this Indenture (other than the
provisions set forth in subsection (e) of this Section 3.06), a Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of
the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
 (e) Authentication of Definitive Notes in Absence of Depositary. If at any time: 
 (1) the Depositary for the
Notes notifies the Company that the Depositary is unwilling or unable to continue as Depositary for the Global Notes and a successor Depositary for the Global Notes is not appointed by the Company within 90 days after delivery of such notice; or

 (2) the Company, in its sole discretion, notifies the Trustee in writing that the Company elects to cause the issuance of
Definitive Notes under this Indenture, 
  

 30 

 then the Company will execute, and the Trustee, upon receipt of an Officers’ Certificate requesting the
authentication and delivery of Definitive Notes to the Persons designated by the Company, will authenticate and deliver Definitive Notes, in an aggregate principal amount equal to the principal amount of Global Notes, in exchange for such Global
Notes. 
 (f) Cancellation and/or Adjustment of Global Note. At such time as all beneficial interests in a Global Note
have either been exchanged for Definitive Notes, redeemed, repurchased or canceled, such Global Note shall be returned to the Depositary for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any
beneficial interest in a Global Note is exchanged for Definitive Notes, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the
Trustee (if it is then the Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Custodian, to reflect such reduction. 
 (g) Obligations with Respect to Transfers and Exchanges of Notes. 
 (1) To permit
registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s or co-registrar’s request. 
 (2) No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith. 
 (3) The Registrar
or co-registrar shall not be required to register the transfer of or exchange of (a) any Note selected for redemption in whole or in part pursuant to Article 4, except the unredeemed portion of any Note being redeemed in part, or (b) any
Note for a period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redeem Notes or 15 Business Days before an Interest Payment Date (whether or not an Interest Payment Date or other date determined for the
payment of interest), and ending on such mailing date or Interest Payment Date, as the case may be. 
 (4) Prior to the due
presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose
of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by
notice to the contrary. 
 (5) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
  

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 (h) No Obligation of the Trustee. 
 (1) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the
Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant,
member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Noteholders
and all payments to be made to Noteholders under the Notes shall be given or made only to or upon the order of the registered Noteholders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in
any Global Note in global form shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary
with respect to its members, participants and any beneficial owners. 
 (2) The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including without limitation any transfers between or
among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the
terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 3.07.
Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the
Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
 In case any such mutilated, destroyed, lost or
stolen Note had become or is about to become due and payable, the Company, in its discretion, may, instead of issuing a new Note, pay such Note, upon satisfaction of the conditions set forth in the preceding paragraph. 
 Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
  

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 The provisions of this Section 3.07 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies of any Holder with respect to the replacement or payment of mutilated, destroyed, lost or stolen Note. 
 SECTION 3.08.
Outstanding Notes. 
 (a) The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 3.08 as not outstanding.
Except as set forth in Section 3.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be
outstanding for purposes of Section 3.07(b) hereof. 
 (b) If a Note is replaced pursuant to Section 3.07 hereof, it
ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced note is held by a bona fide purchaser. 
 (c) If the principal amount of any Note is considered paid under Section 5.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 (d) If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) segregates and holds in trust, in accordance
with this Indenture, on a redemption date or maturity date, money sufficient to pay all principal, premium, if any, and interest payable on that date with respect to the Notes payable on that date, then on and after that date such Notes shall be
deemed to be no longer outstanding and shall cease to accrue interest. 
 SECTION 3.09. Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, amendment, supplement, waiver or consent,
Notes owned by the Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, amendment,
supplement, waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded. 
 SECTION 3.10. Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary Notes. 
  

 33 

 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 
 SECTION 3.11. Cancellation. 
 The Company at any time
may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the
Registrar or the Paying Agent, upon direction by the Company and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes in accordance with
its customary procedures (subject to the record retention requirements of the Exchange Act). Certification of the destruction of all cancelled Notes shall be delivered to the Company from time to time upon written request. The Company may not issue
new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 SECTION 3.12. CUSIP or ISIN Numbers.

 The Company in issuing the Notes may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on
the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The
Company will promptly notify the Trustee of any change in the “CUSIP” or “ISIN” numbers. 
 SECTION 3.13. Additional Notes.

 The Company shall be entitled, subject to its compliance with Section 5.09 hereof, to issue Additional Notes under this Indenture in
an unlimited aggregate principal amount which shall have identical terms as the Initial Notes, other than with respect to the date of issuance and issue price and first payment of interest. The Initial Notes and any Additional Notes shall be treated
as a single class for all purposes under this Indenture, including without limitation, waivers, amendments, redemptions and offers to purchase. 
 With respect to any Additional Notes, the Company shall set forth in a resolution of its Board of Directors and an Officers’ Certificate, a copy of each which shall be delivered to the Trustee, the following information: 
 (a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and 

(b) the issue price, the issue date and the CUSIP number(s) of such Additional Notes; provided, however, that no Additional Notes may
be issued at a price that would cause such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the Internal Revenue Code of 1986, as amended. 
  

 34 

 ARTICLE 4 
 REDEMPTION AND PREPAYMENT 
 The provisions of this Article 4 apply to the Notes and shall preempt Sections
1101, 1102, 1103, 1104, 1105, 1106 and 1107 of the Base Indenture in its entirety, and to the extent that any provisions of this Article 4 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 4 shall govern
the Notes. 
 SECTION 4.01. Notices to Trustee. 
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 4.07 hereof and paragraph 5 of the Notes, it shall furnish to the Trustee an Officers’ Certificate setting forth (i) the Section
of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed, and (iv) the redemption price. If the Company elects to redeem Notes pursuant to the
provisions of Section 4.07 hereof and paragraph 5 of the Notes, it shall furnish such Officers’ Certificate to the Trustee at least 30 days but not more than 60 days before a redemption date unless a shorter notice shall be reasonably
satisfactory to the Trustee. Each Officers’ Certificate shall be accompanied by an Opinion of Counsel from the Company to the effect that such redemption will comply with the conditions herein. Any such notice may be cancelled at any time prior
to notice of such redemption being mailed to any Holder and shall, therefore, be void and of no effect. 
 SECTION 4.02. Selection of Notes to be
Redeemed. 
 If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed, (i) if
the Notes are listed, in compliance with the requirements of the principal national securities exchange on which the Notes are listed, or (ii) if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee shall
deem fair and appropriate. In the event of partial redemption, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the
outstanding Notes not previously called for redemption. 
 The Trustee shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $2,000; except that if all of the Notes of
a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $2,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption. 
 SECTION 4.03. Notice of Redemption. 
 At least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of
redemption to each Holder whose Notes are to be redeemed at its registered address. 
  

 35 

 The notice shall identify the Notes to be redeemed (including the CUSIP or ISIN number) and shall state:

 (a) the redemption date; 
 (b) the redemption price; 
 (c) if any Note is being redeemed in part, the portion of the
principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note; 

(d) the name and address of the Paying Agent; 
 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date; 
 (g) the paragraph of the Notes and Section of this Indenture pursuant to which the Notes called
for redemption are being redeemed; and 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes. 
 At the Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense. Any redemption and notice thereof may, in the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. 
 SECTION 4.04. Effect of Notice Upon Redemption. 
 Once
notice of redemption is mailed in accordance with Section 4.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price stated in the notice. Upon surrender to the Paying Agent, such
Notes shall be paid at the redemption price stated in the notice, plus accrued interest to the redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the related Interest Payment
Date). Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
 SECTION 4.05.
Deposit of Redemption Price. 
 On or before 11:00 a.m. Eastern Time on any redemption date, the Company shall deposit with the Trustee
or with the Paying Agent money sufficient to pay the redemption price of and accrued interest on all Notes (or portions of Notes) to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited
with the 

  

 36 

 
Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be
redeemed. 
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease
to accrue on the Notes or the portions of Notes called for redemption, whether or not such Notes are presented for payment. If a Note is redeemed on or after a Regular Record Date but on or prior to the related Interest Payment Date, then any
accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such Regular Record Date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the
failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 5.01 hereof. 
 SECTION 4.06. Notes Redeemed in Part. 
 Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the Trustee shall authenticate
for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
 SECTION 4.07.
Optional Redemption. 
 (a) Except as set forth in subparagraph (b) of this Section 4.07, the Company shall not have the
option to redeem the Notes prior to May 1, 2012. On or after May 1, 2012, the Company may redeem all or a part of the Notes, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid
interest, if any, thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on May 1 of the years indicated below: 
  

				
	 Year
	  	Percentage	 
	 2012
	  	104.188	%
	 2013
	  	102.792	%
	 2014
	  	101.396	%
	 2015 and thereafter
	  	100.000	%

 (b) Notwithstanding the provisions of subparagraph (a) of this Section 4.07, at any
time prior to May 1, 2010, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture (which includes the Additional Notes, if any) at a redemption price of 108.375% of
the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date, with the net cash proceeds of one or more Equity Offerings; provided, that: 
 (1) at least 65% of the aggregate principal amount of Notes issued under this Indenture (which includes the Additional Notes, if any)
remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company and its Subsidiaries); and 
  

 37 

 (2) the redemption must occur within 90 days of the date of the closing of any such
Equity Offering. 
 Notice of any redemption upon an Equity Offering may be given prior to the completion of the related Equity Offering, and
any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to completion of the related Equity Offering. 
 (c) Any prepayment pursuant to this Section 4.07 shall be made pursuant to the provisions of Sections 4.01 through 4.06 hereof. 
 SECTION 4.08. Offer to Purchase by Application of Excess Proceeds. 
 (a) In the event that, pursuant to Section 5.12 hereof, the Company shall be required to commence an offer to all Holders to purchase Notes and, at the Company’s option, holders of other pari passu
Indebtedness (an “Asset Sale Offer”), it shall follow the procedures specified below. 
 (b) The Asset
Sale Offer for the Notes shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than
five Business Days after the termination of the Offer Period (the “Purchase Date”), the Company shall purchase the principal amount of Notes required to be purchased pursuant to Section 5.12 hereof (the “Offer
Amount”) or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 
 If the Purchase Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest shall be
paid to the Person in whose name a Note is registered at the close of business on such Regular Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 
 Upon the commencement of the Asset Sale Offer, the Company shall send, by first class mail, a notice to each of the Holders, which shall not be later
than 10 days after the Company becomes obligated to make an Asset Sale Offer for the Notes with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset
Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 
 (1) that the Asset Sale Offer is being made pursuant to this Section 4.08 and Section 5.12 hereof and the length of time the Asset Sale Offer shall remain open; 
 (2) the Offer Amount (including information as to any other pari passu Indebtedness included in the Asset Sale Offer), the purchase
price and the Purchase Date; 
 (3) that any Note not tendered or accepted for payment shall continue to accrete or accrue
interest; 
  

 38 

 (4) that, unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; 
 (5) that Holders electing
to have a Note purchased pursuant to an Asset Sale Offer may only elect to have all of such Note purchased and may not elect to have only a portion of such Note purchased; 
 (6) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at
least three days before the Purchase Date; 
 (7) that Holders shall be entitled to withdraw their election if the Company,
the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the
Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (8)
that, if the aggregate principal amount of Notes tendered by Holders into an Asset Sale Offer exceeds the Offer Amount, the Trustee shall select the Notes to be purchased (1) if the Notes are listed, in compliance with the requirements of the
principal national securities exchange on which the Notes are then listed or (2) if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate (with such adjustments as may be
deemed appropriate by the Company so that only Notes in denominations of $2,000, or integral multiples thereof, shall be purchased); and 
 (9) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided above, the Company shall deliver to the
Trustee an Officers’ Certificate as to the allocation of the Net Proceeds from the Asset Sale pursuant to which such Asset Sale Offer is being made and the compliance of such allocation with the provisions of Section 5.12. On such date,
the Company shall deposit with the Trustee or with the Paying Agent an amount equal to the Offer Amount to be held for payment in accordance with the provisions of this Section. 
 On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, in accordance with clause (8) above, the Offer Amount
of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions
thereof were accepted for payment by the Company in accordance with the terms of this 

  

 39 

 
Section 4.08. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the
Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon
written request from the Company shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by
the Company to the Holder thereof. The Company shall publicly announce the results of the Asset Sale Offer on the Purchase Date. 
 Other
than as specifically provided in this Section 4.08, any purchase pursuant to this Section 4.08 shall be made pursuant to the provisions of Section 4.01 through 4.06 hereof. 
 ARTICLE 5 
 COVENANTS 
 The following covenants shall apply to the Notes and shall preempt Article Ten of the Base Indenture in its entirety, and to the extent that any
provisions of this Article 5 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 5 shall govern the Notes. 
 SECTION 5.01. Payment of Notes. 
 The Company shall pay or cause to be paid the principal of, premium, if any, interest on,
the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as
of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due and the Paying Agent is not prohibited from
paying such money to the Holders on that date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 5.02.
Maintenance of Office or Agency. 
 (a) The Company shall maintain an office or agency (which may be an office or drop
facility of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be presented or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to
receive all such presentations, surrenders, notices and demands. 
  

 40 

 (b) The Company may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. 
 (c) The Company hereby designates the Corporate Trust Office of
the Trustee, as one such office, drop facility or agency of the Company in accordance with Section 3.03. 
 SECTION 5.03. Reports. 
 (a) To the extent not required to be filed with the Commission, so long as any Notes are outstanding, the Company will furnish to the
Holders, if not filed electronically with the Commission or otherwise publicly available, within the time periods specified in the Commission’s rules and regulations: 
 (1) all quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q
and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual
financial statements by the Company’s certified independent accountants; and 
 (2) all current reports that would be
required to be filed with the Commission on Form 8-K if the Company were required to file such reports. 
 (b) For so long as
any Notes remain outstanding and the Company does not have or shall cease to have a class of equity securities registered under Section 12(g) of the Exchange Act or is not or shall cease to be subject to Section 15(d) of the Exchange Act,
the Company shall furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. The Company shall also comply with the other provisions of TIA
Section 314(a). 
 (c) Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 5.04. Compliance Certificate. 
 (a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and
fulfilled its obligations under this Indenture, and further 

  

 41 

 
stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled
each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all
such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by
reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. The
Company shall also comply with TIA Section 314(a)(4). 
 (b) The Company shall, so long as any of the Notes are
outstanding, deliver to the Trustee, forthwith and in any event within five Business Days upon any Officer becoming aware of any Default or Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of
Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 SECTION 5.05. Taxes. 
 The Company shall pay or discharge, and shall cause each of its Restricted Subsidiaries to pay or
discharge, prior to delinquency, all material taxes, assessments, and governmental levies; provided that neither the Company nor any such Restricted Subsidiary shall be required to pay or discharge, or cause to be paid or discharged, any such tax,
assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP or where the failure to effect such
payment is not adverse in any material respect to the Holders. 
 SECTION 5.06. Stay, Extension and Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law has been enacted. 
 SECTION 5.07. Corporate Existence. 
 Subject to Article 6 hereof, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence. 
  

 42 

 SECTION 5.08. Payments for Consent. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to or for the benefit
of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders that consent, waive or agree to
amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 SECTION 5.09. Incurrence of Indebtedness
and Issuance of Preferred Stock. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, Guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the
Company will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Company may incur Indebtedness (including Acquired Debt) or issue
Disqualified Stock, and the Domestic Restricted Subsidiaries and any other Guarantors may incur Indebtedness or issue Preferred Stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended eight full fiscal quarters for which
internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Preferred Stock or Disqualified Stock is issued would have been at least 2.0 to 1.0, determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Preferred Stock or Disqualified Stock had been issued, as the case may be, at the beginning of such eight-quarter period.

 (b) Notwithstanding the foregoing, clause (a) of this Section 5.09 will not prohibit the incurrence or issuance
of any of the following items of Indebtedness or Preferred Stock (collectively, “Permitted Debt”): 
 (1) the incurrence by the Company or any Guarantor of Indebtedness (and any replacements, renewals, refinancings, extensions or amendments thereof) in an aggregate principal amount at any one time outstanding as of the date of any such
incurrence under this clause (1) not to exceed an amount equal to the greater of (x) $1.5 billion, less the aggregate amount of all Net Proceeds of Asset Sales (other than a sale of all or a substantial portion of the assets used in or
related to the Turkey Operations) applied by the Company or any of its Subsidiaries to repay Indebtedness incurred under this clause (1) pursuant to Section 5.12 and (y) 75% of the fair market value of property, plant, equipment and
intangibles of the Company and its consolidated Restricted Subsidiaries; 
 (2) the incurrence by the Company or any
Restricted Subsidiary of Indebtedness pursuant to a revolving credit facility under the Existing U.S. Credit Facilities (and any replacements, renewals, refinancings, extensions or amendments of any thereof) in an aggregate principal amount at any
one time outstanding as of the date of any such incurrence under this clause (2) not to exceed the Domestic Borrowing Base; 
  

 43 

 (3) the incurrence of Indebtedness by the Foreign Restricted Subsidiaries pursuant to the
Existing Foreign Credit Facility (and any replacements, renewals, refinancings, extensions or amendments thereof) in an aggregate principal amount outstanding at any one time as of the date of any such incurrence under this clause (3) not to
exceed the greater of (x) $100.0 million and (y) the Foreign Borrowing Base; 
 (4) the incurrence by the Company
and the Guarantors (including any future Guarantor) of Indebtedness represented by the Notes and the Senior Notes (including, in each case, any Subsidiary Guarantees and Senior Subsidiary Guarantees); 
 (5) the incurrence by the Company or any of its Restricted Subsidiaries of purchase money obligations incurred in the ordinary course of
business in an amount outstanding at any one time (including any Permitted Refinancing Indebtedness of such purchase money obligations incurred pursuant to clause (10) below) as of the date of any such incurrence not to exceed 75% of the
purchase price or fair market value of the asset purchased, acquired or constructed; 
 (6) the incurrence by the Company or
any of its Restricted Subsidiaries of Capital Lease Obligations incurred in the ordinary course of business in an amount outstanding at any one time (including any Permitted Refinancing Indebtedness of such Capital Lease Obligations incurred
pursuant to clause (10) below) as of the date of any such incurrence not to exceed 5% of the Company’s Consolidated Net Worth; 
 (7) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations pursuant to which the Company or the Restricted Subsidiary has hedged against its actual exposure to fluctuations in
interest rates, currency values or commodity prices; 
 (8) the incurrence by the Company or any Restricted Subsidiary of up
to $25.0 million aggregate principal amount of Indebtedness to the Camp County Industrial Development Corporation pursuant to that certain Loan Agreement (the “Camp County Loan Agreement”), dated as of June 15, 1999,
between the Company and the Camp County Industrial Development Corporation, including the incurrence by the Company or any Restricted Subsidiary to Harris N.A. pursuant to the Reimbursement Agreement dated June 15, 1999 between the Company and
Harris N.A., or under any irrevocable letter of credit, surety bond, insurance policy or other similar instrument issued by any Person to support the Company’s or any Restricted Subsidiary’s Obligations pursuant to the Camp County Loan
Agreement or in connection with the related bonds issued by the Camp County Industrial Development Corporation (and reimbursement and similar agreements in respect thereof) and any Permitted Refinancing Indebtedness relating thereto; provided, that
such $25.0 million and any corresponding credit enhancement or reimbursement obligation with respect thereto shall be reduced by any prepayments or scheduled payments under the Camp County Loan Agreement; 
 (9) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount (or
accreted value, as applicable) at any time outstanding (including any Permitted Refinancing Indebtedness 

  

 44 

 
incurred pursuant to clause (10) below) under this clause (9) not to exceed, immediately after giving effect to any such incurrence, the greater of
(x) $175.0 million and (y) 5.0% of Total Assets; 
 (10) the incurrence by the Company or any of its Restricted
Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge Indebtedness (other than intercompany Indebtedness) under the Senior Notes, the
Senior Indenture, the Existing Senior Notes, the Existing Senior Notes Indenture, the Existing Subordinated Notes or the Existing Subordinated Notes Indenture or that was permitted by this Indenture to be incurred under paragraph (a) of this
Section 5.09 or clauses (4), (5), (6), (9), (13) or (20) of this paragraph (b); 
 (11) the incurrence by the
Company or any of its Restricted Subsidiaries of intercompany Indebtedness and Intercompany Bonds between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 
 (A) except in the case of Intercompany Bonds, if the Company or any Guarantor is the obligor on such Indebtedness, such Indebtedness must
be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Note, in the case of the Company, or the Subsidiary Guarantee, in the case of a Guarantor; and 
 (B) (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other
than the Company or a Restricted Subsidiary thereof and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary thereof shall be deemed, in each case, to constitute an
incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (11); 
 (12) the Existing Senior Guarantee, the Existing Subordinated Guarantee and the Guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary that was
permitted to be incurred by another provision of this covenant and, in the case of a Domestic Restricted Subsidiary, the provisions of Section 5.17; 
 (13) Indebtedness of the Company to the extent the net proceeds thereof are promptly (a) used to purchase the Notes tendered in a Change of Control Offer made as a result of a Change of Control Triggering Event
in accordance with this Indenture, or (b) deposited to defease the Notes in accordance with Section 8.04 hereof; 
 (14) the accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified
Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this covenant; provided, in each such case, that the amount
thereof is included in Fixed Charges of the Company as accrued; 
  

 45 

 (15) the issuance of Preferred Stock to the Company or a Wholly-Owned Restricted
Subsidiary; 
 (16) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of
workers’ compensation claims, payment obligations in connection with health or other types of social security benefits, unemployment or other insurance or self-insurance obligations, reclamation, statutory obligations, bankers’
acceptances, performance, surety or similar bonds and letters of credit or completion or performance guarantees or equipment leases, or other similar obligations in the ordinary course of business and consistent with past practice; 
 (17) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds; 
 (18)
Indebtedness constituted of obligations in respect of purchase price adjustments, Guarantees or indemnities in connection with the acquisition or disposition of any business, assets or a Subsidiary in accordance with the terms of this Indenture;

 (19) accounts payable or other obligations of the Company or any of its Restricted Subsidiaries to trade creditors created
or assumed by the Company or such Restricted Subsidiary in the ordinary course of business in connection with the obtaining of goods and services; and 
 (20) Permitted Acquisition Indebtedness. 
 For purposes of determining compliance with this
Section 5.09, in the event that an item of proposed Indebtedness, including Acquired Debt, Disqualified Stock or Preferred Stock, meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through
(20) above, or is entitled to be incurred pursuant to paragraph (a) of this Section 5.09, the Company will be permitted to divide and classify such item of Indebtedness on the date of its incurrence, or re-divide and reclassify all or
a portion of such item of Indebtedness, in any manner that complies with this covenant; provided, that (x) Indebtedness outstanding under the Existing U.S. Credit Facilities on the date of this Indenture will be deemed to have been incurred on
such date in reliance on the exception provided in clauses (1) and (2), as applicable, of paragraph (b) of this Section 5.09 and (y) Indebtedness outstanding under Existing Foreign Credit Facility on the date of this Indenture
will be deemed to have been incurred on such date in reliance on the exception provided in clause (3) of paragraph (b) of this Section 5.09. 
 (c) The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of
dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 5.09; provided, in
each such case, that the amount thereof is included in Fixed Charges of the Company as accrued. 
  

 46 

 (d) With respect to Indebtedness denominated in a currency other than United States
dollars, the Company or any of its Restricted Subsidiaries shall not have been deemed to incur Indebtedness solely as a result of fluctuations in the exchange rates of currencies. 
 SECTION 5.10. Liens. 
 The Company shall not, and shall not permit any Restricted Subsidiary to,
directly or indirectly, incur or suffer to exist any Lien (other than Permitted Liens or Liens securing Senior Indebtedness) upon any of its assets (including Capital Stock of a Restricted Subsidiary), whether owned at the date the Notes are first
issued or thereafter acquired, or any interest therein or any income or profits therefrom, unless, 
 (a) if such Lien secures
Senior Subordinated Indebtedness, the Notes or the Subsidiary Guarantees are secured on an equal and ratable basis with such Indebtedness for so long as such Senior Subordinated Indebtedness is secured by such Lien; and 
 (b) if such Lien secures Subordinated Indebtedness, the Lien securing such Subordinated Indebtedness will be subordinated and junior to a
Lien securing the Notes or the Subsidiary Guarantees, as the case may be, with the same relative priority as such Indebtedness has with respect to the Notes or the Subsidiary Guarantees. 
 SECTION 5.11. Restricted Payments. 
 (a) The Company will not, and will not permit any
of its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any other payment or
distribution on account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted
Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable (x) in Equity Interests (other than
Disqualified Stock) of the Company or (y) to the Company or a Restricted Subsidiary of the Company); 
 (2) purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company or any
Restricted Subsidiary of the Company (other than any such Equity Interests owned by the Company or any Restricted Subsidiary of the Company); 
 (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated Indebtedness (excluding (i) any 

  

 47 

 
intercompany Indebtedness between or among the Company and any Restricted Subsidiary of the Company or (ii) the purchase, redemption or other
acquisition of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition) except at the
Stated Maturity thereof; or 
 (4) make any Restricted Investment (all such payments and other actions set forth in this
clause (4) and clauses (1) through (3) above being collectively referred to as “Restricted Payments”). 
 (b) Notwithstanding paragraph (a) of this Section 5.11, the Company shall be permitted to engage in, and to cause or allow any of its Restricted Subsidiaries to engage in, a Restricted Payment, so long as,
at the time of and after giving effect to such Restricted Payment: 
 (1) no Default or Event of Default shall have occurred
and be continuing or would occur as a consequence thereof; and 
 (2) the Company would, at the time of such Restricted
Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable eight-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed
Charge Coverage Ratio test set forth in Section 5.09(a) hereof; and 
 (3) such Restricted Payment, together with the
aggregate amount of all other Restricted Payments made by the Company and its Subsidiaries after August 9, 2001 (excluding Restricted Payments permitted by clauses (2), (3), (4), (9) and (10) of paragraph (c) of this
Section 5.11) is less than the sum, without duplication, of 
 (A) 50% of the Consolidated Net Income of the Company for
the period (taken as one accounting period) from July 1, 2001 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such
Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus 
 (B) 100% of the aggregate net
proceeds, including cash and fair market value of property other than cash, received by the Company since August 9, 2001 as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than
Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity
Interests (or Disqualified Stock or debt securities) sold to a Restricted Subsidiary of the Company), plus 
 (C) to
the extent that any Restricted Investment that was made after the Issue Date is sold for cash or otherwise liquidated or repaid for cash, 100% of the aggregate amount received in cash and the fair market value of property other than cash received,
plus 
  

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 (D) if any Unrestricted Subsidiary is redesignated as a Restricted Subsidiary, the fair
market value of such redesignated Subsidiary (as determined in good faith by the Board of Directors) as of the date of its redesignation (other than to the extent that the Investment originally made in such Unrestricted Subsidiary was a Permitted
Investment). 
 (c) Notwithstanding paragraphs (a) and (b) of this Section 5.11, the Company shall be permitted
to effect, and to cause or allow any of its Restricted Subsidiaries to effect: 
 (1) the payment of any dividend or
distribution or the consummation of any redemption of any Subordinated Indebtedness within 60 days after the date of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at said date of declaration
or notice such dividend, distribution or redemption payment would have complied with the provisions of this Indenture; 
 (2)
the redemption, repurchase, retirement, defeasance or other acquisition of any Subordinated Indebtedness of the Company or any Restricted Subsidiary or of any Equity Interests of the Company in exchange for, or out of the net cash proceeds of the
substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or Subordinated Indebtedness of the Company that has a Weighted Average Life to Maturity no less than that
of the Subordinated Indebtedness being refinanced; provided, that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or other acquisition shall be excluded from clause (b)(3)(B) of
this Section 5.11; 
 (3) the defeasance, redemption, repurchase or other acquisition of Subordinated Indebtedness of the
Company or any Restricted Subsidiary with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness; provided, that the amount of any such net cash proceeds that are utilized for any such defeasance, redemption, repurchase or
other acquisition shall be excluded from clause (b)(3)(B) of this Section 5.11; 
 (4) Investments made out of the net
proceeds of a substantially concurrent issue and sale (other than to a Subsidiary of the Company) of Equity Interests (other than Disqualified Stock) of the Company; provided, that the amount of any such net proceeds that are utilized for any such
Investment shall be excluded from clause (b)(3)(B) of this Section 5.11; 
 (5) the payment of any dividend or
distribution by a Restricted Subsidiary of the Company to the holders of its common Equity Interests on a pro rata basis so long as the Company or one of its Restricted Subsidiaries receives at least a pro rata share (and in like form) of the
dividend or distribution in accordance with its common Equity Interests; 
  

 49 

 (6) the payment by the Company of cash dividends on its common stock in an aggregate
amount up to $30.0 million per year; 
 (7) the repurchase, redemption or other acquisition or retirement for value of any
Equity Interests of the Company or any Restricted Subsidiary of the Company held by any member of the management or the Board of Directors of the Company or any Restricted Subsidiary pursuant to any equity subscription agreement, stock option
agreement or similar agreement approved by the Board of Directors of the Company; provided, that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests shall not exceed $10.0 million in any twelve-month
period (with any unused amount in any 12-month period being permitted to be carried over into succeeding 12-month periods); provided, further, that the amounts in any 12-month period may be increased by an amount not to exceed the cash proceeds
received by the Company or any of its Restricted Subsidiaries from the sale of the Company’s Equity Interests (other than Disqualified Stock) to any member of the management or the Board of Directors of the Company or any Restricted Subsidiary
(provided that the amount of such cash proceeds utilized for any such repurchase, retirement or other acquisition or retirement will not increase the amount available for Restricted Payments under clause (b)(3)(B) of this Section 5.11 and
to the extent such proceeds have not otherwise been applied to the payment of Restricted Payments); and provided further that no Default or Event of Default shall have occurred and be continuing immediately after such transaction; 
 (8) the payment of obligations arising in connection with a Change of Control, provided that the Company has first satisfied its
obligations pursuant to Section 5.16 with respect to a Change of Control Triggering Event; 
 (9) the repayment,
refinancing, replacement, repurchase or redemption of subordinated capital certificates or other Subordinated Indebtedness originally issued by Gold Kist Inc. or any successor company; and 
 (10) other Restricted Payments in an aggregate amount not to exceed $100.0 million, 
 provided, however, that, with respect to clauses (2) through (10) above, no Default or Event of Default shall have occurred and is
continuing at the time of such Restricted Payment or would be caused thereby. 
 (d) The amount of all Restricted Payments
(other than cash and Cash Equivalents) shall be the fair market value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued to or by the Company or such Subsidiary, as the case may be, pursuant to
the Restricted Payment. The fair market value of any assets or securities that are required to be valued by this covenant shall be determined by the Board of Directors and set forth in a resolution. The Board of Directors’ determination (other
than in the case of Investment Securities) must be based upon an opinion or appraisal issued by an Independent Financial Advisor if the fair market value exceeds $100.0 million. Not later than the date of making any Restricted Payment with a 

  

 50 

 
fair market value in excess of $100.0 million, the Company shall deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is
permitted and setting forth the basis upon which the calculations required by this Section 5.11 were computed, together with a description and amounts of all Restricted Payments made by the Company pursuant to this Section 5.11 since the
date of the most recently delivered Officers’ Certificate pursuant to this paragraph (or, if none, since August 9, 2001), together with a copy of any fairness opinion or appraisal required by this Indenture. For purposes of determining
compliance with this covenant, in the event that a Restricted Payment meets the criteria of more than one of the types of Restricted Payments described in this Section 5.11, the Company, in its sole discretion, may order and classify such
Restricted Payment in any manner in compliance with this Section 5.11 
 (e) Any dividend which is declared but not paid
shall not be included in the calculation of the amount of Restricted Payments for purposes of clause (b) of this Section 5.11, and any dividend which is declared and paid shall be included only once in the calculation of the amount of
Restricted Payments for purposes of clause (b) of this Section 5.11. 
 SECTION 5.12. Asset Sales. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
 (1) the Company (or the Restricted Subsidiary, as the case may be) receives consideration (including by way of relief from, or by any
Person assuming responsibility for, any liabilities, contingent or otherwise) at the time of such Asset Sale at least equal to the fair market value of the assets or Equity Interests issued or sold or otherwise disposed of; 
 (2) such fair market value is determined by the Company’s Board of Directors and evidenced by a resolution of the Board of Directors
and, if such fair market value exceeds $50.0 million, is set forth in an Officers’ Certificate delivered to the Trustee; and 
 (3) at least 75% of the consideration received by the Company or such Restricted Subsidiary is in the form of cash, Cash Equivalents or assets or Voting Stock of a type referred to in clauses (2), (3) or (4) of paragraph
(b) of this Section 5.12. For purposes of this Section 5.12, each of the following shall be deemed to be cash: 
 (A) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms
subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such Restricted Subsidiary from further liability; and 

(B) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are
converted by the 

  

 51 

 
Company or such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received in that conversion) within 180
days of the related Asset Sale. 
 (b) Within 360 days after the receipt of any Net Proceeds from an Asset Sale, the Company
(or the applicable Restricted Subsidiary, as the case may be) may, at its option: 
 (1) apply such Net Proceeds to
permanently repay, purchase or retire unsubordinated Indebtedness of the Company or any Restricted Subsidiary; 
 (2) apply
such Net Proceeds to acquire all or substantially all of the assets of, or a majority of the Voting Stock of, another business reasonably related to the business of the Company; 
 (3) apply such Net Proceeds to make a capital expenditure used or useful in the Company’s business; 
 (4) apply such Net Proceeds to acquire other long-term assets that are used or useful in the Company’s business; or 
 (5) enter into a binding agreement with respect to the application of such Net Proceeds described in clauses (2), (3) or (4) of
this paragraph (b); provided that such binding agreement shall be treated as a permitted application of the Net Proceeds from the date of such commitment until the earliest of (x) the date on which such acquisition or expenditure is
consummated, and (y) the 180th day following the expiration of the aforementioned 360-day period. 
 Pending the final application of any such Net
Proceeds, the Company or any Restricted Subsidiary may temporarily reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture. 
 (c) Any Net Proceeds from Asset Sales that are not applied or invested as provided in paragraph (b) of this Section 5.12 will
constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $40.0 million, then within 45 Business Days after the later of the application of Net Proceeds in accordance with paragraph (b) of this
Section 5.12 and the date that is 360 days following the receipt of the Net Proceeds, to the extent of the balance of Net Proceeds after application in accordance with paragraph (b) of this Section 5.12, the Company will make an Asset
Sale Offer to all Holders of Notes and, to the extent required or permitted under the terms of the instrument governing such Indebtedness, all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets, to purchase the maximum principal amount of Notes and, to the extent required or permitted under the terms of the instrument
governing such Indebtedness, such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of principal amount plus accrued and unpaid interest, if any, to,
but not including, the date of purchase, 

  

 52 

 
and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use such Excess Proceeds for any
purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and, to the extent required or permitted under the terms of the instrument governing such Indebtedness, such other pari passu Indebtedness tendered
into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and any such other pari passu Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and any such other
pari passu Indebtedness tendered. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 (d) The Company will make the Asset Sale Offer in accordance with the procedures set forth in Section 4.08 hereof and will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations
conflict with the Asset Sale provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 4.08 hereof and this Section 5.12
by virtue of such conflict. 
 SECTION 5.13. Dividend And Other Payment Restrictions Affecting Restricted Subsidiaries. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or
become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company
or any of its Restricted Subsidiaries; provided that the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction
on the ability to make distributions on Capital Stock; 
 (2) make loans or advances to the Company or any of its Restricted
Subsidiaries; or 
 (3) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted
Subsidiaries. 
 (b) The provisions of paragraph (a) of this Section 5.13 will not apply to encumbrances or
restrictions existing under or by reason of: 
 (1) agreements governing Indebtedness outstanding on the Issue Date, the
Credit Facilities as in effect on the Issue Date and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof, provided that such amendments, modifications, restatements,
renewals, increases, 

  

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supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment
restrictions than those contained in such agreements, as in effect on the Issue Date; 
 (2) the Senior Notes, the Senior
Indenture, the Senior Subsidiary Guarantees, the Existing Senior Notes, the Existing Senior Notes Indenture, the Existing Senior Guarantees, the Existing Subordinated Notes, the Existing Subordinated Notes Indenture, the Existing Subordinated
Guarantees and the Notes (and Additional Notes, if any) that are issued under this Indenture and the Subsidiary Guarantees; 
 (3) applicable law, rule, regulation, order, approval, license, permit or similar restriction; 
 (4) any instrument
governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred in connection with or in
contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired, provided, that, in the case
of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred; 
 (5) customary
non-assignment provisions in contracts, licenses and leases entered into in the ordinary course of business and consistent with past practices; 
 (6) purchase money obligations for property (including Capital Stock) acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions on the property so acquired of the nature
described in clause (a)(3) of this Section 5.13; 
 (7) any agreement for the sale or other disposition of assets or
Capital Stock of a Restricted Subsidiary that restricts distributions by that Subsidiary pending its sale or other disposition; 
 (8) Permitted Refinancing Indebtedness, provided, that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, with respect to such dividend and
other payment restrictions than those contained in the agreements governing the Indebtedness being refinanced; 
 (9) Liens
permitted to be incurred under Section 5.10 that limit the right of the debtor to dispose of the assets subject to such Lien; 
 (10) provisions with respect to the disposition or distribution of assets or property in joint venture agreements, assets sale agreements, sale and leaseback agreements, stock sale agreements and other similar agreements entered into in the
ordinary course of business; 
  

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 (11) restrictions on cash, Cash Equivalents or other deposits or net worth imposed by
customers or lessors under contracts or leases entered into in the ordinary course of business; 
 (12) customary restrictions
imposed on any Securitization Subsidiary in connection with a Permitted Securitization Program, including, without limitation, those imposed on Pilgrim’s Pride Funding Corporation on the Issue Date; and 
 (13) encumbrances on property that exist at the time the property was acquired by the Company or a Restricted Subsidiary; 
 (14) Hedging Obligations incurred from time to time; and 
 (15) contractual encumbrances or restrictions in effect on the Issue Date, and any amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more
restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements in effect on the Issue Date. 
 SECTION 5.14. Affiliate Transactions. 
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding,
loan, advance or Guarantee with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”), involving aggregate consideration in excess of $5.0 million, unless: 
 (1) such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person or is approved by a majority of the disinterested members of the Board of Directors; and 
 (2)(A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess
of $20.0 million, such determination shall be set forth in a resolution adopted by the Board of Directors stating that such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the
disinterested members of the Board of Directors; and 
 (B) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $50.0 million, the Board of Directors has received an opinion as to the fairness to the Holders of such Affiliate Transaction from a financial point of view issued by an
Independent Financial Advisor. 
  

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 (b) The following items shall not be deemed to be Affiliate Transactions and, therefore,
will not be subject to the provisions of paragraph (a) of this Section 5.14: 
 (1) any transaction entered into by
the Company or any of its Restricted Subsidiaries in the ordinary course of business and consistent with past practices; 
 (2) any transaction entered into by the Company and any of its Restricted Subsidiaries or between any of the Restricted Subsidiaries; 
 (3) transactions with a Person that is an Affiliate of the Company solely because the Company owns an Equity Interest in such Person; 
 (4) payment of reasonable directors fees to Persons who are not otherwise Affiliates of the Company and reasonable indemnification
arrangements; 
 (5) Restricted Payments that are permitted by the provisions of Section 5.11 hereof; 
 (6) loans or advances to officers, directors, employees or consultants in the ordinary course of business and consistent with past
practice not to exceed $5.0 million in the aggregate at any one time outstanding; 
 (7) transactions with Unrestricted
Subsidiaries, customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, or lessors or lessees of property, in each case in the ordinary course of business and otherwise in compliance with the terms of this
Indenture which are, in the aggregate, (taking into account all the costs and benefits associated with such transactions), materially no less favorable to the Company or its Restricted Subsidiaries than those that would have been obtained in a
comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person, in the good faith determination of the Company’s Board of Directors, or are on terms at least as favorable as might reasonably have been obtained at
such time from a party that is not an Affiliate of the Company; 
 (8) if such Affiliate Transaction is with a Person in its
capacity as a holder of Indebtedness or Capital Stock of the Company or any Restricted Subsidiary where such Person is treated no more favorably than the holders of Indebtedness or Capital Stock of the Company or any Restricted Subsidiary; and

 (9) transactions effected pursuant to agreements in effect on the Issue Date and any amendment, modification or replacement
of such agreement (so long as such amendment or replacement is not in the good faith determination of the Company’s Board of Directors materially more disadvantageous to the Holders, taken as a whole, than the original agreement as in effect on
the Issue Date). 
  

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 SECTION 5.15. Designation of Restricted and Unrestricted Subsidiaries. 
 The Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default. If a
Restricted Subsidiary is designated an Unrestricted Subsidiary, all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary so designated will be deemed to be an Investment made as of the time of such
designation and either will reduce the amount available for Restricted Payments under Section 5.11(a) hereof or will at the time of such designation qualify as a Permitted Investment, as the Company shall determine. All such outstanding
Investments will be valued at their fair market value at the time of such designation. That designation will only be permitted if such Investment would be permitted at that time and if such Restricted Subsidiary otherwise meets the definition of an
Unrestricted Subsidiary. The Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if the redesignation would not cause a Default and such redesignation will increase the amount available for Restricted
Payments under Section 5.11(a) hereof as provided therein or Permitted Investments, as applicable. 
 SECTION 5.16. Offer To Repurchase Upon Change
Of Control Triggering Event. 
 (a) Upon the occurrence of a Change of Control Triggering Event, the Company shall make an
offer (a “Change of Control Offer”) to each Holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple thereof) of such Holder’s Notes at an offer price in cash equal to 101% of the aggregate
principal amount of Notes repurchased plus accrued and unpaid interest thereon to the date of purchase (the “Change of Control Payment”). Within ninety (90) days following any Change of Control Triggering Event, unless
the Company has mailed a redemption notice with respect to all of the outstanding Notes in accordance with Section 4.07, the Company shall mail a notice to each Holder stating: (i) that the Change of Control Offer is being made pursuant to
this Section 5.16 and that all Notes tendered will be accepted for payment; (ii) the purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the
“Change of Control Payment Date”); (iii) that any Note not tendered will continue to accrue interest; (iv) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for
payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; (v) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender
the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the
Change of Control Payment Date; (vi) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a
telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and
(vii) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an
integral multiple thereof. 
  

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 (b) On the Change of Control Payment Date, the Company will, to the extent lawful,
(i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof
so tendered and (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. The
Paying Agent will promptly mail to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate (upon a written order of the Company) and mail (or cause to be transferred by book entry) to
each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided, that each such new Note will be in a principal amount of $2,000 or an integral multiple thereof. The Company will publicly
announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (c) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of
Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any applicable securities laws or regulations conflict with provisions of this Section 5.16, the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under this Section 5.16 by virtue thereof. 
 (d) Notwithstanding the foregoing provisions of this Section 5.16, the Company will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (i) a third party makes the Change of Control Offer
in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 5.16 and purchases all Notes validly tendered and not withdrawn pursuant to such Change of Control Offer in accordance with the terms
hereof; or (ii) notice of redemption has been given pursuant to Section 4.07, unless and until there is a default in payment of the applicable redemption price. 
 (e) A Change of Control Offer may be made in advance of a Change of Control Triggering Event, and conditioned upon the occurrence of such
Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. Notes repurchased by the Company pursuant to a Change of Control Offer will have the status of
Notes issued but not outstanding or will be retired and canceled, at the option of the Company. Notes purchased by an unaffiliated third party pursuant to the preceding paragraph will have the status of Notes issued and outstanding. 
 (f) If the Change of Control Payment Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any
accrued and unpaid interest will be paid to the Person in whose name a Note is registered, at the close of business on such Regular Record Date, and no additional interest will be payable to Holders who tender pursuant to the Change of Control
Offer. 
  

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 SECTION 5.17. Issuance of Guarantees by Domestic Restricted Subsidiaries. 
 (a) The Company will not permit any Domestic Restricted Subsidiary, directly or indirectly, to Guarantee, assume or in any other manner
become liable with respect to any Indebtedness of the Company which is pari passu with or subordinate in right of payment to the Notes (“Guaranteed Indebtedness”), unless (i) such Domestic Restricted Subsidiary
simultaneously executes and delivers a supplemental indenture to this Indenture providing for a guarantee of payment of the Notes by such Domestic Restricted Subsidiary and (ii) such Domestic Restricted Subsidiary waives and will not in any
manner whatsoever claim, or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary as a result of any payment by such Domestic Restricted
Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full. If the Guaranteed Indebtedness is (A) pari passu with the Notes, then the guarantee of such Guaranteed Indebtedness shall be pari passu with, or
subordinated to, the Subsidiary Guarantee, or (B) subordinated to the Notes, then the guarantee of such Guaranteed Indebtedness shall be subordinated to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is
subordinated to the Notes. 
 (b) Notwithstanding the foregoing, any such Subsidiary Guarantee by a Domestic Restricted
Subsidiary of the Notes shall provide by its terms that it shall be automatically and unconditionally released and discharged if such Guarantor sells or otherwise disposes of all or substantially all of its assets to, or consolidates with or merges
with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor, in compliance with the terms described of Section 10.05 hereof. 
 SECTION 5.18. Suspension of Covenants. 
 From and
after the date that the Notes have achieved Investment Grade Status (a “Fall-Away Event”) and no Default or Event of Default (other than Defaults or Events of Default with respect to those covenants referred to below in this
Section 5.18) has occurred and is continuing, the covenants contained in Sections 5.09, 5.11, 5.13, 5.14, 5.15, 5.16 and 5.17 hereof and the requirements contained in Section 6.01(a)(4) hereof shall terminate and the Company and its
Restricted Subsidiaries shall no longer be obligated to comply with the provisions and requirements of such sections in this Indenture with respect to the Notes. 
 SECTION 5.19. Limitation on Layered Debt. 
 The Company shall not, and shall not permit any Restricted Subsidiary, to incur,
directly or indirectly, any Indebtedness that is subordinate or junior in right of payment of any Senior Indebtedness unless such Indebtedness is Senior Subordinated Indebtedness or is expressly subordinated in right of payment to, or ranks pari
passu with, the Notes or Subsidiary Guarantees, as the case may be. In addition, no Guarantor shall Guarantee, directly or indirectly, any Indebtedness of the Company that is subordinate or junior in right of payment to any Senior Indebtedness
unless such Guarantee is expressly subordinated in right of payment to, or ranks pari passu, with, the Subsidiary Guarantee of such Guarantor. 
  

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 SECTION 5.20. Further Instruments and Acts. 
 Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of this Indenture. 
 ARTICLE 6 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 The following covenants shall
apply to the Notes and shall preempt Article Eight of the Base Indenture in its entirety, and to the extent that any provisions of this Article 6 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 6 shall
govern the Notes. 
 SECTION 6.01. Merger, Consolidation, or Sale of Assets. 
 (a) The Company shall not, directly or indirectly, in any transaction or series of related transactions: (1) consolidate or merge
with or into another Person (whether or not the Company is the surviving corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries taken
as a whole, in one or more related transactions, to another Person; unless: 
 (1) either: (A) the Company is the
surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made is a corporation,
limited liability company, business trust or limited partnership organized or existing under the laws of the United States, any state thereof or the District of Columbia; 
 (2) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale,
assignment, transfer, conveyance or other disposition shall have been made assumes all the obligations of the Company under the Notes and this Indenture, in each case pursuant to agreements reasonably satisfactory to the Trustee; provided that if
the Person formed by or surviving any such consolidation or merger (if other than the Company) is a limited liability company, business trust or limited partnership, a corporation of which all of the Equity Interests are owned by such Person shall
be added to the Indenture as a co-issuer of the Notes by a supplemental indenture pursuant to which such corporation shall act as joint and several obligor with respect to the Notes; 
 (3) immediately after such transaction no Default or Event of Default exists; 
 (4)(i) the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such
sale, assignment, transfer, conveyance or other disposition shall have been made will, on the date of such 

  

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transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable
eight-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 5.09(a) hereof or (ii) the Fixed Charge Ratio for the Company or the Person formed
by or surviving any such consolidation or merger (if other than the Company) and its Restricted Subsidiaries, on the date of and after giving pro forma effect to such acquisition and such incurrence or issuance, would not be less than such ratio for
the Company and its Restricted Subsidiaries immediately prior to such transaction; and 
 (5) the Company shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such merger, consolidation or sale of assets and such supplemental indenture, if any, comply with this Indenture. 
 (b) The Company shall not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related
transactions, to any other Person. 
 (c) Notwithstanding the foregoing, this Section 6.01 shall not apply to a sale,
assignment, transfer, conveyance or other disposition of assets between or among the Company and any of its Restricted Subsidiaries or a merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another
jurisdiction. 
 (d) For all purposes under this Indenture and the Notes, including the provisions described in this
Section 6.01 and Sections 5.09 and 5.15, any surviving entity will, upon such transaction or series of transactions, become Restricted Subsidiaries or Unrestricted Subsidiaries as provided pursuant to Section 5.15 and all Indebtedness of
the surviving entity and its Subsidiaries that was not Indebtedness of the Company and its Subsidiaries immediately prior to such transaction or series of transactions shall be deemed to have been incurred upon such transaction or series of
transactions. 
 SECTION 6.02. Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 6.01 hereof, the
successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and
after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor corporation and not to the Company), and may
exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the
obligation to pay the principal of and interest on the Notes except in the case of a sale of all of the Company’s assets that meets the requirements of Section 6.01 hereof. 
  

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 ARTICLE 7 
 DEFAULTS AND REMEDIES 
 The following provisions shall apply to the Notes and shall preempt Article Five of
the Base Indenture in its entirety, and to the extent that any provisions of this Article 7 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 7 shall govern the Notes. 
 SECTION 7.01. Events of Default. 
 An “Event of
Default” occurs if: 
 (a) the Company defaults in the payment when due of interest on the Notes and such default
continues for a period of 30 days; 
 (b) the Company defaults in the payment when due of principal of, or premium, if any, on
the Notes; 
 (c) the Company or any of the Guarantors fail to comply with any of the provisions of Sections 5.16 or 6.01
hereof; 
 (d) the Company or any Restricted Subsidiary fails to comply with any of the provisions of Sections 5.09, 5.11 or
5.12 hereof for 30 days after written notice to the Company stating that such notice is a notice of Default by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class is
received by the Company; 
 (e) the Company or any Restricted Subsidiary fails to comply with (A) the provisions of
Section 5.03 for 90 days or (B) any other covenant, representation, warranty or other agreement in this Indenture or the Notes for 60 days, in each case after written notice to the Company stating that such notice is a notice of Default by
the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class is received by the Company; 
 (f) the Company or any Restricted Subsidiary defaults under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by
the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries) whether such Indebtedness or guarantee now exists, or is created after the Issue Date, if that default:

 (1) is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
 (2) results in the acceleration of such Indebtedness prior to its express maturity, 
  

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 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $30.0 million or more; 
 (g) a final nonappealable judgment or final nonappealable judgments for the payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Restricted Subsidiaries and
such judgment or judgments are not paid, discharged or stayed for a period (during which execution shall not be effectively stayed) of 60 days, provided that the aggregate of all such undischarged judgments exceeds $30.0 million; 
 (h) except as permitted by this Indenture, any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or
shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; and 
 (i) the Company or any Restricted Subsidiary, pursuant to or within the meaning of Bankruptcy Law: 
 (1) commences a voluntary case, 
 (2) consents to the entry of an order for relief against it in an involuntary case, 
 (3)
consents to the appointment of a custodian of it or for all or substantially all of its property, 
 (4) makes a general
assignment for the benefit of its creditors, or 
 (5) generally is not paying its debts as they become due; 
 (j) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (1) is for relief against the Company or any Restricted Subsidiary in an involuntary case; 
 (2) appoints a custodian of the Company or any Restricted Subsidiary or for all or substantially all of the property of the Company or any
Restricted Subsidiary; or 
 (3) orders the liquidation of the Company or any Restricted Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 consecutive days.; 
 SECTION 7.02. Acceleration. 
 If any Event of Default (other than an Event of Default specified in
clause (i) or (j) of Section 7.01 hereof with respect to the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a 

  

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Significant Subsidiary) occurs and is continuing, either the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in clause (i) or (j) of
Section 7.01 hereof occurs with respect to the Company or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes
shall become due and payable without further action or notice. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may rescind an acceleration and its consequences if the rescission would
not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal that has become due solely because of acceleration. No such rescission shall extend to any subsequent Default or
impair any right consequent thereon. 
 SECTION 7.03. Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any
provision of the Notes or this Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising
any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 SECTION 7.04. Waiver of Past Defaults. 
 (a) Holders
of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences hereunder, except (i) a
continuing Default, (ii) an Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an offer to purchase), (iii) a Default arising from the failure to redeem or purchase
any Note when required pursuant to this Indenture, or (iv) a Default in respect of a provision that under Section 9.02 hereof cannot be amended without the consent of each Holder affected. Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 (b) In the event of any Event of Default specified in Section 7.01(f), such Event of Default and all consequences thereof (excluding, however, any
resulting payment Default) will be annulled, waived and rescinded, automatically and without action by the Trustee or the Holders, if, within 30 days after such Event of Default arose, the Company delivers an Officers’ Certificate to the
Trustee stating that (x) the Indebtedness or Guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action, as the case may be, giving rise
to such Event of Default or (z) the default that is the basis for such Event of Default has been cured. 
  

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 SECTION 7.05. Control by Majority. 
 Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or
power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in
personal liability. 
 SECTION 7.06. Limitation on Suits. 
 A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 
 (a) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default; 
 (b) the Holders of
at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the
provision of indemnity; and 
 (e) during such 60-day period the Holders of a majority in principal amount of the then
outstanding Notes do not give the Trustee a direction inconsistent with the request. 
 A Holder of a Note may not use this Indenture to prejudice the rights
of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 SECTION 7.07. Rights of Holders of Notes to Receive
Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal,
premium, if any, interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall
not be impaired or affected without the consent of such Holder. 
 SECTION 7.08. Collection Suit by Trustee. 
 If an Event of Default specified in Section 7.01(a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Company for the whole amount of principal of, premium on, if any, and interest 

  

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remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 7.09. Trustee May File Proofs of Claim 
 The Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes
allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or
deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607 of the Base Indenture. To
the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607 of the Base Indenture out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such
proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 7.10. Priorities. 
 If the Trustee collects
any money pursuant to this Article, it shall pay out the money in the following order: 
 First: to the Trustee, its agents and attorneys for
amounts due under Section 607 of the Base Indenture, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 
 Third:
to the Company or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for
any payment to Holders of Notes pursuant to this Section 7.10. 
  

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 SECTION 7.11. Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 7.07 hereof, or a suit by Holders of more than 10%
in principal amount of the then outstanding Notes. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 The following provisions shall apply to the Notes and shall
preempt Sections 402, 403, 403, 405, 406, 407 and 408 of the Base Indenture in their entirety, and to the extent that any provisions of this Article 8 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 8
shall govern the Notes. 
 SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 
 The Company may, at its option and at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance
with the conditions set forth below in this Article 8. 
 SECTION 8.02. Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”) and each Guarantor shall be released from all of its obligations under its Subsidiary Guarantee. For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a), (b), (c) and
(d) below, and to have satisfied all its other obligations under the Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such
Section, payments in respect of the principal of, premium, if any, or interest on such Notes when such payments are due, (b) the Company’s obligations with respect to such Notes under Sections 3.06, 3.07 and 

  

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3.10 and Sections 5.01 and 5.02 hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
obligations in connection therewith and (d) this Article 8. If the Company exercises under Section 8.01 hereof the option applicable to this Section 9.02, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, payment of the Notes may not be accelerated because of an Event of Default. Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03 hereof. 
 SECTION 8.03. Covenant Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and its Restricted Subsidiaries shall, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 5.08 through 5.19 hereof, and the operation of Section 6.01 hereof, with respect to the outstanding Notes on and after the date the
conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”) and each Guarantor shall be released from all of its obligations under its Subsidiary Guarantee with respect to such covenants in
connection with such outstanding Notes and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with
such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that,
with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 7.01
hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03
hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 7.01(d) through 7.01(f) hereof shall not constitute Events of Default. 
 SECTION 8.04. Conditions to Legal Defeasance or Covenant Defeasance. 
 The following shall be the
conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes. 
 The Legal Defeasance or Covenant
Defeasance may be exercised only if: 
 (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit
of the Holders of the Notes, cash in United States dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of an Independent Financial Advisor, to pay the principal of, premium, if any,
and interest on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 
  

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 (b) in the case of Legal Defeasance, the Company delivers to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date, there has been a change in the applicable
federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such
Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of Covenant Defeasance, the Company delivers to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Default or Event of
Default shall have occurred and be continuing either: (i) on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); or (ii) insofar as Events of Default from
bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of
deposit; 
 (e) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a
default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound; 
 (f) the Company delivers to the Trustee an Opinion of Counsel, subject to customary exceptions and assuming no intervening bankruptcy of
the Company or any Guarantor between the date of deposit and the 91st day following the deposit and assuming that no Holder is an “insider” of the Company under applicable bankruptcy law, to the effect that on the 91st day following the deposit, the defeasance trust funds will not be subject to the effect of any applicable bankruptcy,
insolvency, reorganization or similar laws generally affecting creditors’ rights; 
 (g) the Company must deliver to the
Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding
creditors of the Company or others; and 
 (h) the Company delivers to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  

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 SECTION 8.05. Deposited Cash and U.S. Government Obligations To Be Held In Trust; Other Miscellaneous Provisions.

 Subject to Section 8.06 hereof, all cash and non-callable U.S. Government Obligations (including the proceeds thereof) deposited with
the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become
due thereon in respect of principal, premium, if any, and interest, but such cash and securities need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government
Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the
Company any cash or non-callable U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent certified public accountants of recognized international standing
expressed in a written certification thereof delivered to the Trustee (which may be the certification delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
 SECTION 8.06. Repayment to Company. 
 Any cash or non-callable U.S. Government Obligations deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment
of the principal, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and securities,
and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in
The New York Times and The Wall Street Journal (national edition), notice that such cash and securities remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such cash and securities then remaining shall be repaid to the Company. 
  

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 SECTION 8.07. Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any cash or non-callable U.S. Government Obligations in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such cash and securities in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes
any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders to receive such payment from the cash and securities held by the
Trustee or Paying Agent. 
 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 The following provisions shall apply to the Notes and shall preempt Article Nine of the Base
Indenture in its entirety, and to the extent that any provisions of this Article 9 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 9 shall govern the Notes. 
 SECTION 9.01. Without the Consent of Holders. 
 Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder of a Note: 
 (a) to cure any ambiguity, defect or inconsistency; 
 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (c) to provide for the assumption of the Company’s or any Guarantor’s obligations to the Holders of the Notes by a successor to
the Company pursuant to Article 6; 
 (d) to make any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights hereunder of any such Holder; 
 (e) to comply with
requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act; 
 (f) to add a Guarantor pursuant to Section 10.02; 
 (g) to evidence and provide the acceptance of the
appointment of a successor Trustee pursuant to Sections 610 and 611 of the Base Indenture; 
  

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 (h) to conform the text of this Indenture, the Subsidiary Guarantee or the Notes to any
provision of the “Description of Notes” contained in the final offering document relating to the original offering of the Notes, to the extent that such provision was intended to be a verbatim recitation of a provision of this Indenture,
the Subsidiary Guarantees or the Notes; 
 (i) to provide for the issuance of Additional Notes and related Guarantees in
accordance with the limitations in this Indenture; and 
 (j) to comply with the rules of any applicable securities
Depositary. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such
amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 603 of the Base Indenture, the Trustee shall join with the Company in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own
rights, duties or immunities under this Indenture or otherwise. 
 After an amendment or supplement under this Section becomes effective, the
Company shall mail to the Holders a notice briefly describing the amendment or supplement. Any failure of the Company to mail such notice to all Holders, or any defect therein, shall not, however, in any way impair or affect the validity of such
amended or supplemental indenture. 
 SECTION 9.02. With Consent of Holders of Notes. 
 Except as provided in Section 9.01 and below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including
Sections 4.08, 5.12 and 5.16 hereof) and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount at maturity of the Notes then outstanding voting as a single class (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 7.04 and 7.07 hereof, any existing Default or Event of Default or compliance with any provision of this
Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes voting as a single class (including without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, the Notes). 
 Upon the request of the Company accompanied by a Board Resolution
authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the
documents described in Section 603 of the Base Indenture, the Trustee shall join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly 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 amended or supplemental indenture. 
  

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 It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve
the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After
an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 7.04 and 7.07 hereof, the Holders of a majority in aggregate principal amount at
maturity of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes. However, without the consent of each Holder affected, an amendment
or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (a) reduce the
principal amount of the then outstanding Notes whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce
the principal of or change the fixed maturity of any Note or alter any of the provisions with respect to the redemption of the Notes except as provided above with respect to Sections 4.08, 5.12 and 5.16 hereof; 
 (c) reduce the rate of or change the time for payment of interest on any Note; 
 (d) waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes (except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 
 (e) make any Note payable in money other than that stated in the Notes; 
 (f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium, if any, on the Notes; 
 (g) waive a redemption payment with respect to any
Note (other than a payment required by Sections 4.08, 5.12 and 5.16 hereof); 
 (h) cause the Notes to become subordinated in
right of payment to any other Indebtedness; 
 (i) release any Guarantor from any of its obligations under its Subsidiary
Guarantee or this Indenture, except in accordance with the terms of Section 10.05 hereof; or 
  

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 (j) make any change in Sections 7.04 or 7.07 or the foregoing amendment and waiver
provisions. 
 SECTION 9.03. Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes shall be set forth in a amended or supplemental indenture that complies with the TIA as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the
consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation
before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 SECTION 9.05. Notation on or Exchange of Notes. 
 The
Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of a written order from the Company to
authenticate such Notes, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation
or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
 SECTION 9.06. Trustee to Sign Amendments.

 The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the
Trustee shall be entitled to receive and (subject to Section 601 of the Base Indenture) shall be fully protected in relying upon, in addition to the documents required by Section 603 of the Base Indenture, an Officer’s Certificate and
an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  

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 ARTICLE 10 
 SUBSIDIARY GUARANTEES 
 SECTION 10.01. Subsidiary Guarantee. 
 (a) Subject to this Article 10, in the event that any Restricted Subsidiary of the Company shall execute and deliver a supplemental
indenture to this Indenture with respect to a Subsidiary Guarantee (as required by Section 10.02 hereof or otherwise), any such Guarantor shall, jointly and severally, unconditionally guarantee to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (i) the principal of
premium, if any, and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other
obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of
any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration pursuant to Section 7.02 hereof or
otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, any Guarantor shall be jointly and severally obligated to pay the same immediately. Any Guarantor also agrees that this is a
guarantee of payment and not a guarantee of collection. 
 (b) Any Guarantor agrees that its obligations with regard to such
Subsidiary Guarantee shall be joint and several, unconditional, irrespective of the validity or enforceability of the Notes or the obligations of the Company under this Indenture, the absence of any action to enforce the same, the recovery of any
judgment against the Company or any other obligor with respect to this Indenture, the Notes or the obligations of the Company under this Indenture or the Notes, any action to enforce the same or any other circumstances (other than complete
performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Any Guarantor further, to the extent permitted by law, waives and relinquishes all claims, rights and remedies accorded by applicable law to
guarantors and agrees not to assert or take advantage of any such claims, rights or remedies, including but not limited to: (i) any right to require any of the Trustee, the Holders or the Company (each a “Benefited
Party”), as a condition of payment or performance by such Guarantor, to (A) proceed against the Company, any other guarantor (including any other Guarantor) of the obligations under the Subsidiary Guarantees or any other person,
(B) proceed against or exhaust any security held from the Company, any such other guarantor or any other person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any Benefited Party in
favor of the Company or any other person, or (D) pursue any other remedy in the power of any Benefited Party whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the
Company including any defense based on or arising out of the lack of validity or the unenforceability of the obligations under the Subsidiary 

  

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Guarantees or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Company from any cause other than payment in
full of the obligations under the Subsidiary Guarantees; (iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of
the principal; (iv) any defense based upon any Benefited Party’s errors or omissions in the administration of the obligations under the Subsidiary Guarantees, except behavior which amounts to bad faith; (v)(A) any principles or provisions
of law, statutory or otherwise, which are or might be in conflict with the terms of the Subsidiary Guarantees and any legal or equitable discharge of such Guarantor’s obligations hereunder, (B) the benefit of any statute of limitations
affecting such Guarantor’s liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and counterclaims and (D) promptness, diligence and any requirement that any Benefited Party protect, secure, perfect or
insure any security interest or lien or any property subject thereto; (vi) notices, demands, presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of the Subsidiary
Guarantees, notices of default under the Notes or any agreement or instrument related thereto, notices of any renewal, extension or modification of the obligations under the Subsidiary Guarantees or any agreement related thereto, and notices of any
extension of credit to the Company and any right to consent to any thereof; (vii) to the extent permitted under applicable law, the benefits of any “One Action” rule and (viii) any defenses or benefits that may be derived from or
afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms of the Subsidiary Guarantees. Except to the extent expressly provided herein, including Section 8.02, 8.03 and 10.05, any
Guarantor covenants that its Subsidiary Guarantee will not be discharged except by complete performance of the obligations contained in its Guarantee and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, any Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or any Guarantors, any amount paid by either to the Trustee or such Holder, any Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect. 
 (d) Any Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the
Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Any Guarantor further agrees that, as between any Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 7.02 hereof for the purposes of any Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby and (ii) in the event of any declaration of acceleration of such obligations as provided in Section 7.02 hereof, such obligations (whether or not due and payable) shall forthwith
become due and payable by any Guarantors for the purpose of any such Subsidiary Guarantee. Any Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the applicable Subsidiary Guarantee. 
  

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 SECTION 10.02. Additional Guarantees. 
 Prior to a Fall-Away Event, if any Domestic Restricted Subsidiary (other than any Securitization Subsidiary that has entered into or established a
Permitted Securitization Program), whether existing on the date of this Indenture or hereafter acquired or formed by the Company, incurs any Indebtedness (other than intercompany Indebtedness and Intercompany Bonds between or among such Domestic
Restricted Subsidiary and the Company or any of its Restricted Subsidiaries), including without limitation, any Guaranteed Indebtedness contemplated by Section 5.17 hereof, then the Company shall cause any such Domestic Restricted Subsidiary
to, within ten Business Days of the date on which any such Domestic Restricted Subsidiary became so obligated, (a) execute and deliver to the Trustee a supplemental indenture in form and substance reasonably satisfactory to the Trustee pursuant
to which such Domestic Restricted Subsidiary shall unconditionally guarantee, on a senior unsecured basis, all of the Company’s obligations under the Notes and this Indenture (including the payment of principal, premium, if any, and interest on
the Notes) on the terms set forth herein and therein and (b) deliver to the Trustee an Opinion of Counsel that, subject to customary assumptions and exclusions, such supplemental indenture has been duly executed and delivered by such Restricted
Subsidiary. Any Domestic Restricted Subsidiary that becomes a Guarantor shall remain a Guarantor unless (i) designated an Unrestricted Subsidiary by the Company in accordance with this Indenture; (ii) otherwise released from its
obligations as a Guarantor pursuant to Section 10.05 hereof; or (iii) the circumstances giving rise to the obligation to provide a Subsidiary Guarantee under Section 5.17 or otherwise pursuant to this Section no longer exist.

 SECTION 10.03. Limitation on Guarantor Liability. 
 Any Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of any such Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing intention,
the Trustee, the Holders and any Guarantors hereby irrevocably agree that the obligations of such Guarantor under this Article 10 shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and
fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of any
such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. 
 SECTION 10.04. Guarantors May Merge, Consolidate, Etc., On Certain Terms. 
 Except as otherwise
provided in Section 10.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other
than the Company or another Guarantor, unless: 
 (a) immediately after giving effect to such transaction, no Default or Event
of Default exists; and 
  

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 (b) either (i) the Person acquiring the property in any such sale or disposition, or
the Person formed by or surviving any such consolidation or merger (if such surviving Person is not the Guarantor), assumes all the obligations of that Guarantor under this Indenture and the Subsidiary Guarantee of such Guarantor pursuant to a
supplemental indenture reasonably satisfactory to the Trustee, or (ii) in the case of a sale or other disposition of all or substantially all of the assets of such Guarantor, the Net Proceeds of such sale of other disposition are applied in
accordance with Section 5.12. 
 In case of any such sale or other disposition, consolidation, merger, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the Subsidiary Guarantee and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein or in any supplemental indenture to this Indenture as a
Guarantor. All the Subsidiary Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Subsidiary Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as
though all of such Subsidiary Guarantees had been issued at the date of the execution hereof. 
 Except as set forth in Articles 5 and 6
hereof, and notwithstanding clauses (a) and (b) of this Section 10.04, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor,
or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 
 SECTION 10.05. Releases of Subsidiary Guarantees. 
 (a) The Subsidiary Guarantee of a Guarantor will be
released and such Person shall no longer be deemed a Guarantor for purposes of this Indenture: 
 (1) in connection with any
sale, disposition or other transfer of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a
Subsidiary of the Company, if the Net Proceeds of that sale or other disposition are applied in accordance with Section 5.12 hereof; 
 (2) in connection with any sale, disposition or other transfer of all of the Capital Stock of a Guarantor to a Person (including by way of merger or consolidation) that is not (either before or after giving effect to
such transaction) the Company or a Subsidiary of the Company, if the Net Proceeds of that sale are applied (or the Company certifies in an Officer’s Certificate delivered to the Trustee that such Net Proceeds will be applied) in accordance with
Section 5.12 hereof; 
 (3) if the Company properly designates the Guarantor as an Unrestricted Subsidiary in accordance
with Section 5.15 hereof; 
  

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 (4) if all Indebtedness and Guaranteed Indebtedness of such Guarantor has been paid in
full or otherwise discharged. 
 (b) Upon delivery by the Company to the Trustee of an Officers’ Certificate and an
Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation that the application of Net Proceeds were applied (or, in the case of
clause (a)(ii) of this Section 10.05, will be applied) in accordance with Section 5.12 hereof, or such designation was made in accordance with Section 5.15 hereof, as the case may be, the Trustee shall execute any documents reasonably
required in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. 
 (c) Any
Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this
Article 10. 
 ARTICLE 11 
 SATISFACTION AND DISCHARGE 
 The following provisions shall apply to the Notes and shall preempt Sections 401, 406 and 407 of the
Base Indenture in their entirety, and to the extent that any provisions of this Article 11 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 11 shall govern the Notes. 
 SECTION 11.01. Satisfaction and Discharge. 
 This
Indenture will be discharged and will cease to be of further effect, except as to surviving rights of registration of transfer or exchange of the Notes, as to all Notes issued hereunder, when: 
 (a) either: 
 (1) all Notes that have been previously authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has previously been deposited in trust or segregated and held in trust by the
Company and is thereafter repaid to the Company or discharged from the trust) have been delivered to the Trustee for cancellation; or 
 (2) all Notes that have not been previously delivered to the Trustee for cancellation (A) have become due and payable or (B) will become due and payable at their maturity within one year or (C) are to
be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of a notice of redemption by the Trustee, and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay 

  

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and discharge the entire Indebtedness on the Notes not previously delivered to the Trustee for cancellation for principal, premium, if any, and interest on
the Notes to the date of deposit, in the case of Notes that have become due and payable, or to the Stated Maturity or redemption date, as the case may be; 
 (b) the Company has paid or caused to be paid all other sums payable by it under this Indenture; and 
 (c) the Company delivers to the Trustee an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been satisfied.

 SECTION 11.02. Deposited Cash and U.S. Government Obligations To Be Held In Trust; Other Miscellaneous Provisions. 
 Subject to Section 11.03 hereof, all cash and non-callable U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee
(or other qualifying trustee, collectively for purposes of this Section 11.02, the “Trustee”) pursuant to Section 11.01 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become
due thereon in respect of principal, premium, if any, and interest, but such cash and securities need not be segregated from other funds except to the extent required by law. 
 SECTION 11.03. Repayment to Company. 
 Any cash or non-callable U.S. Government Obligations deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest
has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such cash and securities, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such cash and securities remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such cash and securities then remaining will be repaid to the Company. 
 ARTICLE 12 
 SUBORDINATION 
 The following provisions shall apply to the Notes and shall preempt Article Fourteen of the Base Indenture in its entirety, and to the extent that any
provisions of this Article 12 are duplicative, or in contradiction with, the Base Indenture, the provisions of this Article 12 shall govern the Notes. 
  

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 SECTION 12.01. Agreement to Subordinate. 
 The Company agrees, and each Holder by accepting a Note agrees, that the payment of principal of, premium, if any, and interest, including Additional
Interest, if any, on, and all other amounts payable in respect of, the Notes is subordinated in right of payment, to the extent and in the manner provided in this Article 12 and subject to the provisions of Article 8 hereof, to the payment when due
in cash of all Senior Indebtedness of the Company and that the subordination is for the benefit of and enforceable by the holders of such Senior Indebtedness. The Notes shall in all respects rank pari passu with any future Senior Subordinated
Indebtedness and senior to all existing and future Subordinated Indebtedness of the Company, and only Senior Indebtedness shall rank senior to the Notes in accordance with the provisions set forth herein. All provisions of this Article 12 shall be
subject to Section 12.12. All references to “Senior Indebtedness” in this Article 12 are to Senior Indebtedness of the Company. 
 SECTION
12.02. Liquidation, Dissolution, Bankruptcy.  
 (a) Upon any payment or distribution of the assets of the Company to
creditors upon a liquidation, dissolution or winding up of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property or upon an assignment for the benefit of the
Company’s creditors or the marshaling of its assets and liabilities, the holders of Senior Indebtedness will be entitled to receive payment in full in cash before the Holders of the Notes are entitled to receive any payment of principal of,
premium, if any, or interest, including Additional Interest, if any, on, the Notes, except that Holders of Notes may receive and retain such payments from the trust described in Article 8 hereof; and 
 (b) Until the Senior Indebtedness is paid in full in cash, any distribution to which Holders of the Notes would be entitled but for this
Article 12 will be made to holders of the Senior Indebtedness as their interests may appear (except that Holders of Notes may receive and retain payments and other distributions made from the trust described in Article 8 hereof. 
 SECTION 12.03. Default On Senior Indebtedness. 
 The
Company may not pay (except from the trust described in Article 8 hereof) principal of, or premium, if any, or interest on, the Notes, or make any deposit pursuant to Section 8.04, and may not repurchase, redeem or otherwise retire any Notes
(collectively, “pay the Notes”) if (a) any principal, premium, interest or any other amount payable in respect of any Senior Indebtedness is not paid within any applicable grace period (including at maturity) or (b) any other
default on Senior Indebtedness occurs and the maturity of such Senior Indebtedness is accelerated in accordance with its terms unless, in either case, (1) the default has been cured or waived and any such acceleration has been rescinded or
(2) such Senior Indebtedness has been paid in full in cash or otherwise satisfied in accordance with the terms thereof; provided, 

  

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however, that the Company may pay the Notes without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from
the Representative of the holders of such Senior Indebtedness or, if there is no Representative, from the holders of such Senior Indebtedness. 
 During the continuance of any default (other than a default described in clause (a) or a default and acceleration described in clause (b) of the preceding paragraph) with respect to any Designated Senior Indebtedness pursuant to
which the maturity thereof may be accelerated immediately without further notice (except any notice required to effect the acceleration) or the expiration of any applicable grace period, the Company may not pay the Notes for a period (a
“Payment Blockage Period”) commencing upon the receipt by the Company and the Trustee of written notice of such default from the Representative of the holders of such Designated Senior Indebtedness or, if there is no Representative, from
the holders of such Designated Senior Indebtedness, specifying an election to effect a Payment Blockage Period (a “Payment Blockage Notice”) and ending 179 days thereafter (unless such Payment Blockage Period is earlier terminated
(a) by written notice to the Trustee and the Company from the Representative of the holders of such Designated Senior Indebtedness or, if there is no Representative, from the holders of such Designated Senior Indebtedness that gave such Payment
Blockage Notice, (b) because such default is no longer continuing or (c) because such Designated Senior Indebtedness has been repaid in full in paid or otherwise satisfied in accordance with the terms thereof). Not more than one Payment
Blockage Notice with respect to all issues of Designated Senior Indebtedness may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to one or more issues of Designated Senior Indebtedness during such
period. No non-payment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be the basis for a subsequent Payment Blockage Notice. Following the expiration of any period during which the
Company is prohibited from making payments on the Notes pursuant to a Payment Blockage Notice, the Company shall (unless otherwise prohibited as described in the first two sentences of this paragraph) resume making any and all required payments in
respect of the Notes, including, without limitation, any missed payments, unless the maturity of any Designated Senior Indebtedness has been accelerated, and such acceleration remains in full force and effect. 
 The Company shall give prompt written notice to the Trustee of any default in the payment of any Senior Indebtedness or any acceleration under any Senior
Indebtedness or under any agreement pursuant to which Senior Indebtedness may have been issued. Failure to give such notice shall not effect the subordination of the Notes to the Senior Indebtedness or the application of the other provisions
provided in this Article 12. 
 SECTION 12.04. Acceleration Of Payment Of Securities. 
 If payment of the Notes is accelerated when Designated Senior Indebtedness is outstanding, the Company may not pay the Notes until three Business Days
after the Representative of the holders of such Designated Senior Indebtedness or, if there is no Representative, the holders of such Designated Senior Indebtedness receive notice of such acceleration and, thereafter, may pay the Notes only if this
Indenture otherwise permits payment at that time. 
  

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 SECTION 12.05. When Distribution Must Be Paid Over. 
 If a payment or distribution is made to Holders that because of this Article 12 should not have been made to them, the Trustee or the Holders who receive
the distribution shall hold it in trust for holders of Senior Indebtedness (pro rata as to each of such holders of Senior Indebtedness on the basis of the respective amounts of Senior Indebtedness paid to them) and pay it over to them or their
Representative as their interests may appear. 
 SECTION 12.06. Subrogation. 
 After all Senior Indebtedness is paid in full and until the Notes are paid in full, Holders shall be subrogated (equally and ratably with all other
Indebtedness that is pari passu with the Notes) to the rights of holders of Senior Indebtedness to receive distributions applicable to Senior Indebtedness to the extent that distributions otherwise payable to the Holders have been applied to the
payment of Senior Indebtedness. A distribution made under this Article 12 to holders of Senior Indebtedness that otherwise would have been made to Holders is not, as between the Company and Holders, a payment by the Company on such Senior
Indebtedness. 
 SECTION 12.07. Relative Rights. 
 This Article 12 defines the relative rights of Holders and holders of Senior Indebtedness. Nothing in this Indenture shall: 
 (a) impair, as between the Company and Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of, premium, if any, and interest, including Additional Interest, if any, on, the Notes in accordance with
their terms; 
 (b) affect the relative rights of Holders and creditors of the Company other then their rights in relation to
holders of Senior Indebtedness; or 
 (c) prevent the Trustee or any Holder from exercising its available remedies upon a
Default or an Event of Default, subject to the rights of holders of Senior Indebtedness to receive distributions otherwise payable to Holders. 
 SECTION
12.08. Subordination May Not Be Impaired By Company. 
 No right of any holder of Senior Indebtedness to enforce the subordination of
the Indebtedness evidenced by the Notes shall be impaired by any act or failure to act by the Company or by its failure to comply with this Indenture. 
 SECTION 12.09. Rights Of Trustee And Paying Agent. 
 Notwithstanding Section 12.03, the Trustee or Paying Agent may
continue to make payments on the Notes and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less than two Business Days prior to the date of such payment, an Officer
receives notice satisfactory to it that payments may not be made under this Article 12. The Company, the Registrar or co-registrar, the Paying Agent, a Representative or a holder of Senior Indebtedness may give the notice; provided, however, that,
if an issue of Senior Indebtedness has a Representative, only the Representative may give the notice. 
  

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 The Trustee in its individual or any other capacity may hold Senior Indebtedness with the same rights it
would have if it were not Trustee. The Registrar and co-registrar and the Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 11 with respect to any Senior Indebtedness that may at
any time be held by it, to the same extent as any other holder of such Senior Indebtedness; and nothing in Article Six of the Base Indenture shall deprive the Trustee of any of its rights as such holder. Nothing in this Article 12 shall apply to
claims of, or payments to, the Trustee under or pursuant to Section 607 of the Base Indenture. 
 SECTION 12.10. Distribution Or Notice To
Representative. 
 Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness, the distribution may be made
and the notice given to their Representative (if any). 
 SECTION 12.11. Article 12 Not To Prevent Events Of Default Or Limit Right To Accelerate.

 Nothing in this Article 12 shall prevent an Event of Default in accordance with Article 7 or have any effect on the right of the Holders or
the Trustee to accelerate the maturity of the Notes or to exercise the rights and remedies in Article 7. 
 SECTION 12.12. Trust Moneys Not
Subordinated. 
 Notwithstanding anything contained herein to the contrary, payments from cash or the proceeds of non-callable U.S.
Government Obligations held in trust under Article 8 by the Trustee for the payment of principal of and interest on the Notes shall not be subordinated to the prior payment of any Senior Indebtedness or subject to the restrictions set forth in this
Article 12, and none of the Holders shall be obligated to pay over any such amount to the Company or any holder of Senior Indebtedness or any other creditor of the Company. 
 SECTION 12.13. Trustee Entitled To Rely. 
 Upon any payment or distribution pursuant to this Article
12, the Trustee and the Holders shall be entitled to rely (a) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 12.02 are pending, (b) upon a certificate of the
liquidating trustee or agent or other Person making such payment or distribution to the Trustee or to the Holders or (c) upon a certificate of the Representative of the holders of Senior Indebtedness or, if there is no Representative, the
holders of Senior Indebtedness for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 12. In the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of
Senior Indebtedness to participate in any payment or distribution pursuant to this Article 12, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such Senior 

  

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Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts pertinent to the
rights of such Person under this Article 11, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. The provisions of
Section 601 and 603 of the Base Indenture shall be applicable to all actions or omissions of actions by the Trustee pursuant to this Article 12. 
 SECTION 12.14. Trustee To Effectuate Subordination. 
 Each Holder by accepting a Note authorizes and directs the Trustee on
his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Holders and the holders of Senior Indebtedness as provided in this Article 12 and appoints the Trustee as attorney-in-fact
for any and all such purposes. 
 SECTION 12.15. Trustee Not Fiduciary For Holders Of Senior Indebtedness. 
 The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall
mistakenly pay over or distribute to Holders or the Company or any other Person, money or assets to which any holders of Senior Indebtedness shall be entitled by virtue of this Article 12 or otherwise, except if such mistake was the result of the
Trustee’s gross negligence or willful misconduct. 
 SECTION 12.16. Reliance By Holders Of Senior Indebtedness On Subordination Provisions.

 Each Holder by accepting a Note acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an
inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Notes, to acquire and continue to hold, or to continue to hold, such Senior
Indebtedness and such holder of such Senior Indebtedness shall be deemed conclusively to have relied on, and is a third party beneficiary of, such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Senior
Indebtedness. 
 ARTICLE 13 
 SUBORDINATION OF GUARANTEES 
 SECTION 13.01. Agreement To Subordinate. 
 Each Guarantor agrees, and each Holder by accepting a Note agrees, that the Obligations of such Guarantor are subordinated in right of payment, to the
extent and in the manner provided in this Article 13 and subject to the provisions of Article 8 hereof, to the payment when due in cash of all Senior Indebtedness of such Guarantor and that the subordination is for the benefit of and enforceable by
the holders of such Senior Indebtedness. The Obligations of a Guarantor shall in all respects rank pari passu with any future Senior Subordinated Indebtedness of such Guarantor and senior to all existing and future Subordinated Indebtedness
of such Guarantor, and only Senior Indebtedness of the Guarantor shall rank senior to the Obligations of such Guarantor in accordance with the provisions set forth herein. All references to “Obligations” in this Article 13are to
Obligations of the Guarantors under the Subsidiary Guarantees. 
  

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 SECTION 13.02. Liquidation, Dissolution, Bankruptcy. 
 (a) Upon any payment or distribution of the assets of any Guarantor to creditors upon a liquidation, dissolution or winding up of such
Guarantor or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to such Guarantor or its property or upon an assignment for the benefit of the Guarantor’s creditors or the marshaling of its assets and
liabilities, holders of Senior Indebtedness of such Guarantor shall be entitled to receive payment in full in cash of such Senior Indebtedness before Holders shall be entitled to receive any payment pursuant to any Obligations of such Guarantor.

 (b) Until the Senior Indebtedness of any Guarantor is paid in full in cash, any distribution made by or on behalf of such
Guarantor to which Holders would be entitled but for this Article 13 shall be made to holders of such Senior Indebtedness as their interests may appear. 
 SECTION 13.03. Default On Senior Indebtedness Of Guarantor. 
 No Guarantor may make any payment pursuant to any of its
Obligations (collectively, “pay its guarantee”) if (a) any principal, premium, interest or other amount payable in respect of any Senior Indebtedness of such Guarantor is not paid within any applicable grace period (including at
maturity) or (b) any other default on Senior Indebtedness of such Guarantor occurs and the maturity of such Senior Indebtedness is accelerated in accordance with its terms unless, in either case, (1) the default has been cured or waived
and any such acceleration has been rescinded or (2) such Senior Indebtedness has been paid in full in cash; provided, however, that any Guarantor may pay its Subsidiary Guarantee without regard to the foregoing if such Guarantor and the Trustee
receive written notice approving such payment from the Representative of the holders of such issue of Senior Indebtedness of such Guarantor or, if there is no Representative, from the holders of such Senior Indebtedness of such Guarantor. No
Guarantor may pay its Subsidiary Guarantee during the continuance of any Payment Blockage Period after receipt by the Company and the Trustee of a Payment Blockage Notice under Section 12.03. Unless the Representative of the holders of such
issue of Designated Senior Indebtedness giving such Payment Blockage Notice or, if there is no Representative, the holders of such Designated Senior Indebtedness shall have accelerated the maturity of such Designated Senior Indebtedness and not
rescinded such acceleration, any Guarantor shall resume (unless otherwise prohibited as described in the first two sentences of this paragraph) payments pursuant to its Subsidiary Guarantee after the end of such Payment Blockage Period. 

SECTION 13.04. Demand For Payment. 
 If a demand
for payment is made on a Guarantor pursuant to Article 10, such Guarantor may not pay its Subsidiary Guarantee until three Business Days after the Representative of the holders of all issues of Designated Senior Indebtedness or, if there is no
Representative, the holders of such Designated Senior Indebtedness, receive notice of such acceleration and, thereafter, may pay its Subsidiary Guarantee only if this Indenture otherwise permits payment at that time. 
  

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 SECTION 13.05. When Distribution Must Be Paid Over. 
 If a payment or distribution is made to Holders that because of this Article 13 should not have been made to them, the Trustee or the Holders who receive
the distribution shall hold it in trust for holders of the relevant Senior Indebtedness (pro rata as to each of such holders on the basis of the respective amounts of Senior Indebtedness of the Guarantors held by them) and pay it over to them or
their Representatives as their interests may appear. 
 SECTION 13.06. Subrogation. 
 After all Senior Indebtedness of a Guarantor is paid in full and until the Notes are paid in full, Holders shall be subrogated (equally and ratably with
all other Indebtedness that is pari passu with the Guarantors) to the rights of holders of Senior Indebtedness of such Guarantor to receive distributions applicable to Senior Indebtedness of such Guarantor to the extent that distributions
otherwise payable to the Holders have been applied to the payment of Senior Indebtedness of the Guarantor. A distribution made under this Article 13 to holders of such Senior Indebtedness that otherwise would have been made to Holders is not, as
between the relevant Guarantor and Holders, a payment by such Guarantor on such Senior Indebtedness. 
 SECTION 13.07. Relative Rights. 
 This Article 13 defines the relative rights of Holders and holders of Senior Indebtedness of a Guarantor. Nothing in this Indenture shall: 
 (a) impair, as between a Guarantor and Holders, the obligation of such Guarantor, which is absolute and unconditional, to pay the
Obligations to the extent set forth in Article 10; 
 (b) affect the relative rights of Holders and creditors of the Company
other then their rights in relation to holders of Senior Indebtedness of a Guarantor; or 
 (c) prevent the Trustee or any
Holder from exercising its available remedies upon a default by such Guarantor under the Obligations, subject to the rights of holders of Senior Indebtedness of such Guarantor to receive distributions otherwise payable to Holders. 
 SECTION 13.08. Subordination May Not Be Impaired By Guarantor. 
 No right of any holder of Senior Indebtedness of any Guarantor to enforce the subordination of the Obligation of such Guarantor shall be impaired by any act or failure to act by such Guarantor or by its failure to
comply with this Indenture. 
 SECTION 13.09. Rights Of Trustee And Paying Agent. 
 Notwithstanding Section 13.03, the Trustee or Paying Agent may continue to make 

  

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payments on any Guarantee and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not
less than two Business Days prior to the date of such payment, a Responsible Officer receives written notice satisfactory to it that payments may not be made under this Article 13. The Company, the relevant Guarantor, the Registrar or co-registrar,
the Paying Agent, a Representative or a holder of Senior Indebtedness of any Guarantor may give the notice; provided, however, that, if an issue of Senior Indebtedness of any Guarantor has a Representative, only the Representative may give the
notice. 
 The Trustee in its individual or any other capacity may hold Senior Indebtedness of a Guarantor with the same rights it would have
if it were not Trustee. The Registrar and co registrar and the Paying Agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 13 with respect to any Senior Indebtedness of any Guarantor that
may at any time be held by it, to the same extent as any other holder of Senior Indebtedness of a Guarantor; and nothing in Article Six of the Base Indenture shall deprive the Trustee of any of its rights as such holder. Nothing in this Article 13
shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607 of the Base Indenture. 
 SECTION 13.10. Distribution Or
Notice To Representative. 
 Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness of any Guarantor,
the distribution may be made and the notice given to their Representative (if any). 
 SECTION 13.11. Article 13 Not To Prevent Events Of Default Under A
Guarantee Or Limit Right To Demand Payment. 
 Nothing in this Article 13 shall prevent a default under any Subsidiary Guarantee or have
any effect on the right of the Holders or the Trustee to make a demand for payment on any Guarantor pursuant to Article 10. 
 SECTION 13.12. Trustee
Entitled To Rely. 
 Upon any payment or distribution pursuant to this Article 13, the Trustee and the Holders shall be entitled to rely
(i) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 13.02 are pending, (ii) upon a certificate of the liquidating trustee or agent or other Person making such
payment or distribution to the Trustee or to the Holders or (iii) upon a certificate of the Representative of the holders of Senior Indebtedness of any Guarantor or, if there is no Representative, the holders of such Senior Indebtedness for the
purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness of any Guarantor and other Indebtedness of such Guarantor, the amount thereof or payable thereon, the amount or amounts
paid or distributed thereon and all other facts pertinent thereto or to this Article 13. In the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness of
any Guarantor to participate in any payment or distribution pursuant to this Article 13, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness of such Guarantor
held by such Person, the extent to which such Person is entitled to participate in such 

  

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payment or distribution and other facts pertinent to the rights of such Person under this Article 13, and, if such evidence is not furnished, the Trustee may
defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. The provisions of Sections 601 and 603 of the Base Indenture shall be applicable to all actions or omissions of actions by the
Trustee pursuant to this Article 13. 
 SECTION 13.13. Trustee To Effectuate Subordination. 
 Each Holder by accepting a Note authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination between the Holders and the holders of Senior Indebtedness of any Guarantor as provided in this Article 13 and appoints the Trustee as attorney-in-fact for any and all such purposes. 
 SECTION 13.14. Trustee Not Fiduciary For Holders Of Senior Indebtedness Of Guarantor. 
 The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of any Guarantor and shall not be liable to any such
holders if it shall mistakenly pay over or distribute to Holders or the Company or any other Person, money or assets to which any holders of such Senior Indebtedness shall be entitled by virtue of this Article 13 or otherwise, except if such mistake
was the result of the Trustee’s gross negligence or willful misconduct. 
 SECTION 13.15. Reliance By Holders Of Senior Indebtedness Of A Guarantor
On Subordination Provisions. 
 Each Holder by accepting a Note acknowledges and agrees that the foregoing subordination provisions are,
and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness of any Guarantor, whether such Senior Indebtedness was created or acquired before or after the issuance of the Notes, to acquire and continue to
hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on, and is a third party beneficiary of, such subordination provisions in acquiring and continuing to hold, or
in continuing to hold, such Senior Indebtedness. 
 ARTICLE 14 
 MISCELLANEOUS 
 SECTION 14.01. No Personal Liability of Directors, Officers, Employees and Stockholders. 

No past, present or future director, officer, employee, incorporator or stockholder of the Company, any Guarantor or the Trustee, as such, shall have
any liability for any obligations of the Company or of the Guarantors under the Notes, this Indenture, the Subsidiary Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

 89 

 SECTION 14.02. Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 SECTION 14.03. No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 14.04. Successors. 
 All covenants and agreements of the Company in this Indenture and the Notes shall bind its successors. All covenants and agreements of the Trustee in this
Indenture shall bind its successors. 
 SECTION 14.05. Severability. 
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 SECTION 14.06. Counterpart Originals. 
 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 SECTION 14.07. Table of Contents, Headings, Etc. 
 The Table of Contents and Headings in this
Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

 90 

 SIGNATURES 
 Dated as of January 24, 2007 
 ISSUER: 
 PILGRIM’S PRIDE CORPORATION 
  

			
	By:	 	 /s/ Richard A. Cogdill

	Name:	 	Richard A. Cogdill
	Title:	 	Executive Vice President, Chief Financial Officer, Secretary and Treasurer

 TRUSTEE: 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
  

			
	By:	 	 /s/ Patrick T. Giordano

	Name:	 	Patrick T. Giordano
	Title:	 	Vice President

 EXHIBIT A 
 [FORM OF FACE OF NOTE] 
  

				
	 No.
	  	$	    

 CUSIP No. 721467 AF 5 
 8 3/8% Senior Subordinated Notes Due May 1, 2017

 Pilgrim’s Pride Corporation, a Delaware corporation, promises to pay to
[            ], or registered assigns, the principal sum of [            ] Dollars
($             ) on May 1, 2017. 
 Interest Payment Dates: May 1 and
November 1. 
 Record Dates: April 15 and October 15. 
 Additional provisions of this Note are set forth on the other side of this Note. 
  

			
	PILGRIM’S PRIDE CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated: January 24, 2007 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	     as Trustee, certifies that this is one of
     the [Global] Notes referred to in the within     mentioned Indenture.

			
		 	By:	 	  

		 		 	Authorized Signatory

 [GLOBAL NOTE LEGEND] 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER
ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.06(a) OF THE
INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 [FORM OF REVERSE SIDE OF NOTE] 
 8 3/8% Senior Subordinated Notes Due May 1,
2017 
 1. Interest 
 Pilgrim’s Pride Corporation, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on
the principal amount of this Note at the rate per annum shown above. The Company will pay interest semi-annually in arrears on May 1 and November 1 of each year, or, if such date is not a Business Day, on the next succeeding Business Day
(each, an “Interest Payment Date”), commencing November 1, 2007. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance of
this Note. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Company will pay interest on overdue principal at the rate borne by this Note plus 2.0% per annum, and it will pay interest on overdue installments
of interest at the same rate to the extent lawful. 
 2. Method of Payment 
 The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered holders of Notes at the close of business on the
April 15 or October 15 next preceding the Interest Payment Date even if Notes are canceled after the Regular Record Date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal
payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including
principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depositary. The Company will make all payments in respect of a certificated Note (including principal, premium and
interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on a certificated Note will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or
such other date as the Trustee may accept in its discretion). 
 3. Paying Agent and Registrar 
 Initially, Wells Fargo Bank, National Association (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint
and change any Paying Agent or Registrar without notice. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 4. Indenture

 The Company issued the Notes under an Indenture dated as of January 24, 2007, as supplemented by that First Supplemental Indenture
dated as of January 24, 2007 (collectively, the “Indenture”), each among the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the
Trust 

 
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms
defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Company shall be entitled, subject to its compliance with Section 5.09 of the Indenture, to issue Additional Notes pursuant to Section 3.13 of the Indenture. The Initial Notes issued on the date hereof and any Additional Notes
will be treated as a single class for all purposes under the Indenture. 
 5. Optional Redemption 
 Except as set forth below, the Company shall not be entitled to redeem the Notes. 
 On and after May 1, 2012, the Company shall be entitled at its option to redeem all or a portion of the Notes upon not less than 30 nor more than
60 days’ notice, at the redemption prices (expressed in percentages of principal amount on the redemption date) plus accrued interest to the redemption date, if redeemed during the 12-month period commencing on May 1 of the years set
forth below: 
  

				
	 Year
	  	Redemption
Price	 
	 2012
	  	104.188	%
	 2013
	  	102.792	%
	 2014
	  	101.396	%
	 2015 and thereafter
	  	100.000	%

 In addition, prior to May 1, 2010, the Company shall be entitled at its option on one or more
occasions to redeem Notes in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Notes issued (which includes the Additional Notes, if any) at a redemption price (expressed as a percentage of principal amount) of
108.375%, plus accrued and unpaid interest to the redemption date, with the net cash proceeds from one or more Equity Offerings; provided, however, that (1) at least 65% of such aggregate principal amount of Notes (which includes
the Additional Notes, if any) remains outstanding immediately after the occurrence of each such redemption (other than Notes held by the Company or its Subsidiaries); and (2) each such redemption occurs within 90 days after the date of the
closing of such Equity Offering. 
 6. Notice of Redemption 
 Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at his registered address. 

 7. Put Provisions 
 Upon a Change of Control Triggering Event, any Holder of Notes will have the right to cause the Company to repurchase all or any part of the Notes of such Holder at a repurchase price equal to 101% of the principal
amount of the Notes to be repurchased plus accrued interest to the date of repurchase as provided in, and subject to the terms of, the Indenture. 
 In the event the amount of Excess Proceeds from Asset Dispositions consummated by the Company exceeds $40 million, any Holder of Notes will have the right to cause the Company to repurchase all or any part of the Notes of such Holder at a
repurchase price equal to 100% of the principal amount of the Notes to be repurchased plus accrued interest to the date of repurchase as provided in, and subject to the terms of, the Indenture. 
 8. Subordination 
 The Notes are subordinated to
Senior Indebtedness of the Company on the terms and subject to the conditions set forth in the Indenture. To the extent provided in the Indenture, Senior Indebtedness must be paid before the Notes may be paid. Each Holder by accepting a Note
authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Holders and the holders of Senior Indebtedness as provided in the Indenture and
appoints the Trustee as attorney-in-fact for any and all such purposes. 
 9. Denominations; Transfer; Exchange 
 The Notes are in registered form without coupons in denominations of $2,000 principal amount and whole multiples of $2,000. A Holder may transfer or
exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The
Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of 15 days before a selection
of Notes to be redeemed or 15 days before an Interest Payment Date. 
 10. Persons Deemed Owners 
 The registered Holder of this Note may be treated as the owner of it for all purposes. 
 11. Discharge and Defeasance 
 Subject to certain conditions, the Company at any time shall be
entitled to terminate some or all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as
the case may be. 

 12. Amendment, Waiver 
 Subject to certain exceptions set forth in the Indenture, (a) the Indenture and the Notes may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Notes
and (b) any default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount outstanding of the Notes. Subject to certain exceptions set forth in the Indenture, without the
consent of any Holder, the Company and the Trustee shall be entitled to amend the Indenture or the Notes to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide
for the assumption of the Company’s or any Guarantor’s obligations to the Holders of the Notes by a successor to the Company in case of a merger, consolidation or sale of substantially all of the Company’s assets, to make any change
that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any such Holder, to comply with requirements of the Commission in order to effect or maintain the
qualification of this Indenture under the TIA, to add a Guarantor, or to appoint a successor Trustee. 
 13. Defaults and Remedies 
 Under the Indenture, Events of Default include (a) default for 30 days in payment of interest on the Notes; (b) default in payment of
principal on the Notes when due; (c) failure by the Company or any Guarantor to comply with other agreements in the Indenture or the Notes, in certain cases subject to notice and lapse of time; (d) certain accelerations of other
Indebtedness of the Company if the amount accelerated (or so unpaid) exceeds $30.0 million; (e) certain events of bankruptcy or insolvency with respect to the Company and any Restricted Subsidiaries; (f) certain judgments or decrees
for the payment of money in excess of $30.0 million; and (g) certain defaults with respect to Guarantees. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may
declare all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes
unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the interest of the Holders. 
 14. Trustee Dealings with the Company 
 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture,
in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same
rights it would have if it were not Trustee. 

 15. No Recourse Against Others 
 A director, officer, employee or stockholder, as such, of the Company or the Trustee shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 
 16. Authentication 
 This Note shall not be valid
until an authorized signatory of the Trustee (or an authenticating agent) signs the certificate of authentication on the other side of this Note. 
 17.
Abbreviations 
 Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN
ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
 18. CUSIP Numbers 
 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 19. Governing Law 
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The Company will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture. Requests may be made to:

 Pilgrim’s Pride Corporation 
 4845 U.S. Highway 271 North 
 Pittsburg, Texas 75686 
 Attention: Corporate Secretary 
 * * * * * 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 
 (Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint
                     agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
                                       
                                        
                                        
                                        
                 
 Date:
                     Your Signature:
                                        
                                        
                                     
                                       
                                        
                                        
                                        
                 
 Sign exactly as your name appears on the other side of
this Note. 
  

			
		  	  

		  	Signature

 Signature Guarantee: 
  

			
	  
	  	  

	Signature must be guaranteed	  	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases
in this Global Note have been made: 
  

									
	 Date of
 Exchange
	 	 Amount of
 decrease in
 Principal
 amount of this
 Global
Note
	 	 Amount of
 increase in
 Principal
 amount of this
 Global
Note
	 	 Principal
 amount of this
 Global Note
 following such
 decrease
or
 increase
	 	 Signature of
 authorized
 officer of
 Trustee or
 Securities

Custodian

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to Section 5.12 or 5.16 of the Indenture, check the box: 
  ̈ 
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 5.12 or 5.16 of the Indenture, state the amount in
principal amount: $                     
  

							
	Dated:	 	                     	  	Your Signature:	  	  

		 		  		  	(Sign exactly as your name appears on the other side of this Note.)

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 EXHIBIT B 
 FORM OF NOTATION OF GUARANTEE 
 For value received, each Guarantor (which term includes any successor Person under
the Indenture), jointly and severally, unconditionally guarantees, to the extent set forth in the Indenture and subject to the provisions in the Indenture, dated as of January 24, 2007, as amended and supplemented by the First Supplemental
Indenture, date as of January 24, 2007, (the “Indenture”), between Pilgrim’s Pride Corporation, as issuer (the “Company”), and Wells Fargo Bank, National Association, as trustee (the
“Trustee”), (a) the due and punctual payment of the principal of, premium, if any, and interest on the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on
overdue principal and premium, if any, and, to the extent permitted by law, interest, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and
(b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth in Article 10 and Article 13 of the Indenture
and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantee. This Subsidiary Guarantee is subject to release as and to the extent set forth in Sections 8.02, 8.03 and 10.05 of the Indenture. Each Holder of a Note,
by accepting the same agrees to and shall be bound by such provisions. Capitalized terms used herein and not defined are used herein as so defined in the Indenture. 
 [GUARANTOR] 
  

			
	By:	 	  

	Name:	 	
	Title:Credit Agreement

 EXHIBIT 10.1 
 EXECUTION COPY 
  

 PUBLISHED CUSIP NUMBER: 91359FAA0 (Deal) 
 91359FAB8 (Revolver) 
 CREDIT AGREEMENT 
 Dated as of
January 19, 2007 
 by and among 
 UNIVERSAL HEALTH REALTY INCOME TRUST, 
 THE BANKS PARTY HERETO 
 and 
 WACHOVIA BANK, NATIONAL ASSOCIATION,

 as Administrative Agent 
 BANK OF AMERICA, N.A., 
 as Syndication Agent 
 JPMORGAN CHASE BANK, N.A. 
 and 
 SUNTRUST BANK N.A., 
 as Co-Documentation Agents 
 WACHOVIA CAPITAL MARKETS, LLC, 
 as
Arranger 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 BACKGROUND
	  	1
		
	 ARTICLE I DEFINITIONS
	  	1
	 Section 1.1
	  	Defined Terms.	  	1
	 Section 1.2
	  	Other Definitional Provisions.	  	16
	 Section 1.3
	  	Accounting Terms.	  	16
	 Section 1.4
	  	Execution of Documents.	  	17
		
	 ARTICLE II LOANS; AMOUNTS AND TERMS
	  	17
	 Section 2.1
	  	Revolving Commitment.	  	17
	 Section 2.2
	  	Revolving Loan Borrowings.	  	17
	 Section 2.3
	  	Repayment.	  	18
	 Section 2.4
	  	Interest.	  	18
	 Section 2.5
	  	Notes.	  	19
	 Section 2.6
	  	Increase Of Revolving Committed Amount; Additional Banks.	  	19
	 Section 2.7
	  	Letters of Credit.	  	20
	 Section 2.8
	  	Fees.	  	23
	 Section 2.9
	  	Commitment Reductions.	  	24
	 Section 2.10
	  	Prepayments.	  	25
	 Section 2.11
	  	Minimum Principal Amount of Tranches; Lending Offices.	  	25
	 Section 2.12
	  	Default Rate and Payment Dates.	  	26
	 Section 2.13
	  	Conversion Options.	  	26
	 Section 2.14
	  	Swingline Loan Subfacility.	  	26
	 Section 2.15
	  	Incremental Term Loans.	  	28
		
	 ARTICLE III TAXES; PAYMENTS AND COMPUTATIONS, FEES.
	  	30
	 Section 3.1
	  	Computation of Interest and Fees.	  	30
	 Section 3.2
	  	Pro Rata Treatment and Payments.	  	31
	 Section 3.3
	  	Non-Receipt of Funds by the Agent.	  	32
	 Section 3.4
	  	Inability to Determine Interest Rate.	  	33
	 Section 3.5
	  	Illegality.	  	34
	 Section 3.6
	  	Requirements of Law.	  	34
	 Section 3.7
	  	Indemnity.	  	35
	 Section 3.8
	  	Taxes.	  	36
	 Section 3.9
	  	Indemnification; Nature of Issuing Bank’s Duties.	  	38
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	39
	 Section 4.1
	  	Corporate Existence.	  	39
	 Section 4.2
	  	Subsidiaries.	  	39
	 Section 4.3
	  	Authority, Etc.	  	40
	 Section 4.4
	  	Binding Effect Of Documents, Etc.	  	40
	 Section 4.5
	  	No Events Of Default, Etc.	  	40
	 Section 4.6
	  	Title To Properties; Leases.	  	41
	 Section 4.7
	  	Financial Statements.	  	41

  

 i 

					
	 Section 4.8
	  	No Material Changes; No Internal Control Event, Full Disclosure, Etc.	  	41
	 Section 4.9
	  	Permits; Patents; Copyrights.	  	41
	 Section 4.10
	  	Litigation.	  	42
	 Section 4.11
	  	Compliance With Other Instruments, Laws, Etc.	  	42
	 Section 4.12
	  	Tax Status.	  	42
	 Section 4.13
	  	Investment Company Act.	  	42
	 Section 4.14
	  	Absence Of Financing Statements, Etc.	  	42
	 Section 4.15
	  	Certain Transactions.	  	43
	 Section 4.16
	  	Pension Plans.	  	43
	 Section 4.17
	  	Margin Regulations.	  	43
	 Section 4.18
	  	Environmental Matters.	  	43
	 Section 4.19
	  	Use of Proceeds.	  	44
	 Section 4.20
	  	Indebtedness.	  	45
	 Section 4.21
	  	Solvency.	  	45
	 Section 4.22
	  	Investments.	  	45
	 Section 4.23
	  	Labor Matters.	  	45
	 Section 4.24
	  	Accuracy and Completeness of Information.	  	45
	 Section 4.25
	  	Material Contracts.	  	46
	 Section 4.26
	  	Insurance.	  	46
	 Section 4.27
	  	Anti-Terrorism Laws.	  	46
	 Section 4.28
	  	Compliance with OFAC Rules and Regulations.	  	46
	 Section 4.29
	  	Compliance with FCPA.	  	46
		
	ARTICLE V EFFECTIVE DATE	  	47
		
	ARTICLE VI CONDITIONS TO EXTENSIONS OF CREDIT	  	50
	 Section 6.1
	  	Conditions To Loans.	  	50
		
	ARTICLE VII COVENANTS OF THE COMPANY	  	52
	 Section 7.1
	  	Punctual Payment.	  	52
	 Section 7.2
	  	Legal Existence, Etc.	  	52
	 Section 7.3
	  	Financial Statements, Etc.	  	52
	 Section 7.4
	  	Health Care Facilities - Financial Statements, Etc.	  	54
	 Section 7.5
	  	Tangible Net Worth.	  	55
	 Section 7.6
	  	Ratio Of Debt To Total Capital.	  	55
	 Section 7.7
	  	Debt Service Coverage Ratio.	  	55
	 Section 7.8
	  	Debt To Cash Flow Available For Debt Service.	  	55
	 Section 7.9
	  	Indebtedness.	  	55
	 Section 7.10
	  	Security Interests And Liens; Negative Pledge.	  	56
	 Section 7.11
	  	No Further Negative Pledge.	  	57
	 Section 7.12
	  	Guarantees.	  	57
	 Section 7.13
	  	Notice Of Litigation And Judgments.	  	58
	 Section 7.14
	  	Notice Of Defaults; Material Adverse Effect.	  	58
	 Section 7.15
	  	Notices With Regard To Health Care Operators.	  	58
	 Section 7.16
	  	Books And Records.	  	58
	 Section 7.17
	  	Maintenance Of Properties.	  	58
	 Section 7.18
	  	Insurance.	  	59

  

 ii 

					
	 Section 7.19
	  	Taxes.	  	59
	 Section 7.20
	  	Compliance With Laws, Contracts, And Licenses.	  	59
	 Section 7.21
	  	Access.	  	60
	 Section 7.22
	  	ERISA Compliance.	  	60
	 Section 7.23
	  	Reserves.	  	60
	 Section 7.24
	  	Distributions.	  	60
	 Section 7.25
	  	Investments.	  	61
	 Section 7.26
	  	Mortgage Loans.	  	61
	 Section 7.27
	  	Construction Loans.	  	62
	 Section 7.28
	  	Environmental Audits.	  	62
	 Section 7.29
	  	Merger, Consolidation And Disposition Of Assets.	  	62
	 Section 7.30
	  	Sale And Leaseback.	  	63
	 Section 7.31
	  	Use Of Proceeds.	  	63
	 Section 7.32
	  	Fiscal Year; Organizational Documents; Material Contracts.	  	63
	 Section 7.33
	  	Subsidiary Guarantors.	  	63
	 Section 7.34
	  	Further Assurances.	  	64
	 Section 7.35
	  	Joinder of Sheffield Properties, L.L.C. as a Guarantor	  	64
		
	ARTICLE VIII EVENTS OF DEFAULT; ACCELERATION	  	64
		
	ARTICLE IX SETOFF; SHARING	  	67
		
	ARTICLE X THE AGENT	  	67
	 Section 10.1
	  	Appointment.	  	67
	 Section 10.2
	  	Delegation of Duties.	  	68
	 Section 10.3
	  	Exculpatory Provisions.	  	68
	 Section 10.4
	  	Reliance by Agent.	  	68
	 Section 10.5
	  	Notice of Default.	  	69
	 Section 10.6
	  	Non-Reliance on Agent and Other Banks.	  	69
	 Section 10.7
	  	Indemnification.	  	70
	 Section 10.8
	  	Agent in Its Individual Capacity.	  	70
	 Section 10.9
	  	Successor Agent.	  	70
	 Section 10.10
	  	Other Agents.	  	71
		
	ARTICLE XI MISCELLANEOUS	  	71
	 Section 11.1
	  	Expenses.	  	71
	 Section 11.2
	  	Indemnification.	  	71
	 Section 11.3
	  	Survival of Covenants.	  	72
	 Section 11.4
	  	Parties in Interest.	  	72
	 Section 11.5
	  	Notices.	  	72
	 Section 11.6
	  	Governing Law.	  	74
	 Section 11.7
	  	Entirety of Agreement, Etc.	  	74
	 Section 11.8
	  	Waiver of Jury Trial; Damages.	  	74
	 Section 11.9
	  	Consents, Waivers, Amendments, Etc.	  	74
	 Section 11.10
	  	Severability.	  	76
	 Section 11.11
	  	Confidentiality.	  	76
	 Section 11.12
	  	Acknowledgments.	  	77

  

 iii 

					
	 Section 11.13
	  	Successors and Assigns; Participations; Purchasing Banks.	  	77
	 Section 11.14
	  	Compliance with Usury Laws.	  	80
	 Section 11.15
	  	Patriot Act Notice.	  	81

  

			
	 EXHIBITS AND SCHEDULES

		
	 EXHIBIT 1.1-1
	 	Notice of Account Designation
	 EXHIBIT 1.1-2
	 	Subsidiary Guaranty
	 EXHIBIT 2.2
	 	Notice of Borrowing
	 EXHIBIT 2.5(a)
	 	Form of Revolving Note
	 EXHIBIT 2.14(d)
	 	Form of Swingline Note
	 EXHIBIT 2.6
	 	New Commitment Agreement
	 EXHIBIT 2.10
	 	Notice of Prepayment
	 EXHIBIT 2.13
	 	Notice of Conversion/Extension
	 EXHIBIT 5.1(b)
	 	Form of Opinion of Company Counsel
	 EXHIBIT 5.1(n)
	 	Solvency Certificate
	 EXHIBIT 6.1(t)
	 	Form of Patriot Act Certificate
	 EXHIBIT 7.3(d)
	 	Compliance Certificate
	 EXHIBIT 11.13(c)
	 	Commitment Transfer Supplement
		
	 SCHEDULE 1.1
	 	Existing Letters of Credit
	 SCHEDULE 2.1(a)
	 	Banks; Commitments; Commitment Percentages
	 SCHEDULE 4.2
	 	Subsidiaries; Capital Structure
	 SCHEDULE 4.6
	 	Title to Properties; Leases
	 SCHEDULE 4.18
	 	Environmental Matters
	 SCHEDULE 4.25
	 	Material Contracts
	 SCHEDULE 4.26
	 	Insurance
	 SCHEDULE 7.9
	 	Indebtedness
	 SCHEDULE 7.11(e)
	 	Liens
	 SCHEDULE 7.25(e)
	 	Existing Investments
	 SCHEDULE 11.5
	 	Notice Addresses for Banks

  

 iv 

 CREDIT AGREEMENT 
 This CREDIT AGREEMENT is made as of January 19, 2007 among UNIVERSAL HEALTH REALTY INCOME TRUST, a real estate investment trust organized under the laws of the State of Maryland and having its
principal place of business at 367 South Gulph Road, King of Prussia, Pennsylvania 19406 (the “Company”), the financial institutions from time to time party hereto (individually, a “Bank” and collectively, the
“Banks”) and WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent for the Banks (the “Agent”). 
 BACKGROUND 
 A. The Company has requested that the Banks provide a $100 million revolving credit facility for the
purposes hereinafter set forth; 
 B. The Banks have agreed to make the requested revolving credit facility available to the Company on the
terms and conditions hereinafter set forth; 
 NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 DEFINITIONS 
 Section 1.1 Defined Terms. 
 The following terms shall have the meanings set forth in this Article I or elsewhere
in the provisions of this Agreement referred to below: 
 “Account Designation Letter” shall mean the Notice of Account
Designation Letter dated the Closing Date from the Company to the Agent substantially in the form of Exhibit 1.1-1. 
 “Additional Bank” shall have the meaning set forth in Section 2.6. 
 “Administrative
Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the Agent. 
 “Affiliate” shall
mean as to any Person, any other Person (excluding any Subsidiary) which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, a Person shall be deemed to be
“controlled by” a Person if such Person possesses, directly or indirectly, power either (a) to vote 10% or more of the securities having ordinary voting power for the election of directors of such Person or (b) to direct or cause
the direction of the management and policies of such Person whether by contract or otherwise. Notwithstanding the foregoing, neither the Agent nor any Bank shall be deemed an affiliate of the Company solely by reason of the relationship created by
the Loan Documents. 

 “Agent” shall have the meaning set forth in the preamble hereto. 
 “Agreement” shall mean this Credit Agreement, including the Exhibits and Schedules hereto, as originally executed, or if this Agreement
is amended, restated, modified, varied or supplemented from time to time, as so amended, restated, modified, varied or supplemented. 
 “Applicable Margin” shall mean, for any day, the rate per annum set forth below opposite the applicable Level then in effect, it being understood that the Applicable Margin for (a) Loans that are Base Rate Loans shall
be the percentage set forth under the column “Base Rate Margin for Loans”, (b) Loans that are LIBO Rate Loans or Swingline Loans shall be the percentage set forth under the column “LIBO Rate Margin for Loans”, (c) the
Letter of Credit Fee shall be the percentage set forth under the column “Letter of Credit Fee” and (d) the Commitment Fee shall be the percentage set forth under the column “Commitment Fee”: 
  

											
	 Level
	  	 Ratio of Debt to Total Capital
	  	 Base Rate
 Margin
	  	 LIBO Rate
 Margin
	  	 Letter of
 Credit Fee
	  	 Commitment
 Fee

	I	  	less than 35%	  	0.0 bps	  	75.0 bps	  	75.0 bps	  	15.0 bps
	II	  	 greater than or equal to 35%
 but less than
45%
	  	0.0 bps	  	87.5 bps	  	87.5 bps	  	17.5 bps
	III	  	 greater than or equal to 45%
 but less than
50%
	  	0.0 bps	  	100.0 bps	  	100.0 bps	  	20.0 bps
	IV	  	greater than or equal to 50%	  	12.5 bps	  	112.5 bps	  	112.5 bps	  	22.5 bps

 The Applicable Margin shall, in each case, be determined and adjusted quarterly on the date
five (5) Business Days after the date on which the Agent has received from the Company the financial information and certifications required to be delivered to the Agent and the Banks in accordance with the provisions of Sections 7.3 (each
an “Interest Rate Determination Date”). Such Applicable Margin shall be effective from such Interest Rate Determination Date until the next such Interest Rate Determination Date. The initial Applicable Margins shall be based on
Level I (which corresponds to the ratio of Debt to Total Capital of the Company calculated based on the unaudited quarterly financial statements of the Company dated as of September 30, 2006) and shall remain at such level until the first
Interest Rate Determination Date occurring after the delivery of the officer’s compliance certificate pursuant to Section 7.3 for the quarter ended December 31, 2006. After the Closing Date, if the Company shall fail to provide the
quarterly financial information and certifications in accordance with the provisions of Section 7.3, the Applicable Margins from such Interest Rate Determination Date shall, on the date five (5) Business Days after the date by which the
Company was so required to provide such financial information and certifications to the Agent and the Banks, be based on Level IV until such time as such information and certifications are provided, whereupon the Level shall be determined by
the then current Debt to Total Capital Ratio. In the event that any financial information or certification provided to the Agent in accordance with the provisions of Sections 7.3, 7.3(d) and 7.4, is shown to be inaccurate (regardless of whether
this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the
Applicable Margin applied for such Applicable Period, then (i) the Company shall immediately deliver to the Agent a corrected Compliance Certificate for such Applicable Period, (ii) the 

  

 2 

 
Applicable Margin shall be determined as if the correctly determined higher Level was applicable for such Applicable Period, and (iii) the Company shall
immediately pay to the Agent the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Period. 
 “Arranger” shall mean Wachovia Capital Markets, LLC. 
 “Bankruptcy Event” shall mean any of the
events described in clause (f) of Article VIII. 
 “Banks” shall have the meaning set forth in the preamble of
this Agreement and shall include the Issuing Bank and the Swingline Lender. 
 “Base Rate” shall mean, for any day, a rate
per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. For purposes hereof: “Prime Rate” shall mean, at any time, the rate
of interest per annum publicly announced from time to time by Wachovia at its principal office in Charlotte, North Carolina as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in
the Prime Rate occurs. The parties hereto acknowledge that the rate announced publicly by Wachovia as its Prime Rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks; and
“Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published on the next succeeding Business Day, the average of the quotations for the day of such transactions received by the Agent from three federal funds
brokers of recognized standing selected by it. If for any reason the Agent shall have determined (which determination shall be conclusive in the absence of manifest error) that it is unable to ascertain the Federal Funds Effective Rate, for any
reason, including the inability or failure of the Agent to obtain sufficient quotations in accordance with the terms thereof, the Alternate Base Rate shall be determined without regard to clause (b) of the first sentence of this definition, as
appropriate, until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective on the opening of business on the date
of such change. 
 “Base Rate Loans” shall mean Revolving Loans that bear interest based on the Base Rate. 
 “Business” shall have the meaning set forth in Section 4.18(b). 
 “Business Day” shall mean any day on which commercial banks in Charlotte, North Carolina or New York, New York are authorized or
required by law to close, it being recognized that a Business Day relating to interest calculated or payable by reference to the LIBO Rate shall also exclude any day on which banks in London, England are not open for dealings in Dollar deposits in
the London interbank market. 
  

 3 

 “Cash Available For Distributions” shall mean with respect to any fiscal period of the
Company, (i) Net Income of the Company and its Subsidiaries, plus (ii) depreciation and amortization, plus (iii) provision for investment losses, plus (iv) any loss on marketable securities, minus (v) any gain on marketable
securities, in each case determined for such period and in accordance with GAAP. 
 “Cash Flow Available For Debt Service”
shall mean for any fiscal period of a Person, Net Income for such period plus (i) expenses for interest on Indebtedness and for Commitment Fees, Letter of Credit Fees and any other fees in connection with the borrowing of money or the
maintenance of letters of credit by such Person, plus (ii) depreciation and amortization plus (iii) losses on the sale of real estate, less (iv) gains on the sale of real estate, in each case determined for such period and in
accordance with GAAP. 
 “CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of
1980. 
 “Closing Date” shall mean the date of this Agreement. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 “Commitment” shall mean the Revolving Commitment, the LOC Commitment and the Swingline Commitment, individually or collectively, as
appropriate. 
 “Commitment Fee” shall have the meaning set forth in Section 2.8. 
 “Commitment Percentage” shall mean the Revolving Commitment Percentage and the LOC Commitment Percentage, individually or collectively,
as appropriate. 
 “Commitment Transfer Supplement” shall mean a Commitment Transfer Supplement, substantially in the form
of Exhibit 11.13(c). 
 “Company” shall have the meaning set forth in the preamble hereto. 
 “Consolidated Subsidiary” shall mean any Subsidiary or other entity the results of whose operations are, for financial accounting
purposes, consolidated with the results of the operations of the Company and its other Consolidated Subsidiaries in accordance with GAAP. 
 “Construction Loans” shall mean secured loans from time to time made by the Company to various borrowers the proceeds of which are designated for the construction of Health Care Facilities or for the acquisition of real
estate and the construction thereon of Health Care Facilities. 
 “Contractual Obligation” shall mean, as to any Person, any
provision of any security issued by such person or of any agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound. 
  

 4 

 “Debt” shall mean with respect to any Person, all Indebtedness of such Person for
borrowed money other than Non-Recourse Debt of such Person. 
 “Debt Service Charges” shall mean for any fiscal period of
the Company, the sum of (i) the expenses of the Company and its Subsidiaries for such period for interest on Indebtedness and for Commitment Fees, Letter of Credit Fees and any other fees in connection with the borrowing of money by the Company
or its Subsidiaries or the maintenance of Letters of Credit for the account of the Company or its Subsidiaries plus (ii) required principal payments to be made by the Company or its Subsidiaries for such period on Indebtedness of the Company or
its Subsidiaries (excluding any principal payments made by the Company pursuant to Section 2.10 hereof), in each case determined in accordance with GAAP plus (iii) fifteen percent (15%) of the sum of the amount of the Extensions of
Credit outstanding as of the end of such period. 
 “Debt Service Coverage Ratio” shall mean, at any date of determination
thereof, the ratio of Cash Flow Available for Debt Service of the Company and its Subsidiaries for the period of the four most recently ended fiscal quarters of the Company to Debt Service Charges for such period. 
 “Default” shall mean any event which but for the giving of notice or the lapse of time or both would constitute an Event of Default.

 “Distribution” shall mean (i) the declaration or payment of any dividend on or in respect of any shares of any class
of capital stock of the Company or any Subsidiary other than dividends payable solely in shares of common stock of the Company or such Subsidiary; (ii) the purchase, redemption, or other retirement of any shares of any class of capital stock of
the Company or any Subsidiary directly or indirectly or otherwise; (iii) the return of capital by the Company or any Subsidiary to its shareholders as such; or (iv) any other distribution on or in respect of any shares of any class of
capital stock of the Company or any Subsidiary. 
 “Dollars” or “$” shall mean dollars in lawful currency
of the United States of America. 
 “Domestic Lending Office” shall mean, initially, the office of each Bank designated
as such Bank’s Domestic Lending Office shown in such Bank’s Administrative Questionnaire; and thereafter, such other office of such Bank as such Bank may from time to time specify to the Agent and the Company as the office of such Bank at
which Base Rate Loans of such Bank are to be made. 
 “Drawdown Date” shall mean (i) with respect to a Loan, the date
on which any Loan is made or is to be made and (ii) with respect to a Letter of Credit, the date any Letter of Credit is issued or extended. 
 “Environmental Laws” shall mean any and all applicable foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other
Requirement of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time be in effect during the term of this Agreement.

  

 5 

 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, and regulations
thereunder, as amended from time to time. 
 “ERISA Affiliate” shall mean any Person which is treated as a single employer
with the Company under Section 414 of the Code. 
 “Eurodollar Reserve Percentage” shall mean for any day, the
percentage (expressed as a decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) which is in effect for such day as prescribed by the Federal Reserve Board (or any successor) for determining the maximum reserve requirement
(including without limitation any basic, supplemental or emergency reserves) in respect of Eurocurrency liabilities, as defined in Regulation D of such Board as in effect from time to time, or any similar category of liabilities for a member
bank of the Federal Reserve System in New York City. 
 “Event Of Default” shall mean any event described in Article
VIII hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Existing Letters of Credit” shall mean those certain letters of credit set forth on Schedule 1.01 attached hereto. 
 “Extension of Credit” shall mean, as to any Bank, the making of a Loan by such Bank or the issuance of, or participation in, a Letter of
Credit by such Bank. 
 “Facility Cash Flow Available For Debt Service” shall mean for any fiscal period of an owner or
operator of a Health Care Facility, the Net Income of such Person plus (i) expenses for interest on Indebtedness and for Commitment Fees, Letter of Credit Fees and any other fees in connection with the borrowing of money by such person plus
(ii) depreciation and amortization plus (iii) rental expenses plus (iv) management fees plus (v) intercompany interest expenses, in each case to the extent attributable to such Health Care Facility and determined for such period
and in accordance with GAAP. 
 “Facility Coverage Ratio” shall mean for any fiscal period of an owner or operator of a
Health Care Facility, the ratio of (a) Cash Flow Available for Debt Service attributable to such Health Care Facility to (b) interest expense plus current maturities of long-term Indebtedness plus rental expense, in each case to the extent
attributable to such Health Care Facility and determined for such period and in accordance with GAAP. 
 “Federal Funds Effective
Rate” shall have the meanings set forth in the definition of Base Rate. 
 “Fee Letter” shall mean that certain fee
letter agreement dated November 30, 2006 by and among the Agent, the Arranger and the Company, as amended, modified or otherwise supplemented. 
  

 6 

 “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP” shall mean generally accepted accounting principles as in effect from time to time in the United States, consistently applied, subject, however, in the case of determination with the financial covenants set
forth in Sections 7.5, 7.6, 7.7, 7.8 and 7.9 to the provisions of Section 1.3. 
 “Government Acts” shall have the
meaning set forth in Section 3.9(a). 
 “Government Authority” shall mean any nation or government, any state or other
political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Guarantor” shall mean each Subsidiary of the Company that executes the Subsidiary Guaranty on the Closing Date and any Significant Subsidiary that executes and/or joins the Subsidiary Guaranty from
time to time. 
 “Health Care Facility” or “Health Care Facilities” shall mean, individually or
collectively as appropriate, real estate and improvements thereon used exclusively or primarily for the delivery of health or human services, including but not limited to hospitals, clinics, long term care facilities, custodial care facilities
(including but not limited to childcare centers), congregate care facilities, assisted living facilities, surgery centers and medical office buildings. 
 “Hedging Agreements” means, with respect to any Person, any agreement entered into to protect such Person against fluctuations in interest rates, or currency or raw materials values, including,
without limitation, any interest rate swap, cap or collar agreement, or similar arrangement between such Person and one or more counterparties, any foreign currency exchange agreement, currency protection agreements, commodity purchase or option
agreements, or other interest or exchange rate or commodity price hedging agreements. 
 “Incremental Term Loan” shall have
the meaning set forth in Section 2.15(a). 
 “Indebtedness” shall mean, without duplication, with respect to any
Person, all indebtedness, liabilities and other obligations of such Person which would, in accordance with GAAP, be classified upon a balance sheet of such Person as liabilities but in any event including: 
 (a) all debt and similar monetary obligations, whether direct or indirect; 
 (b) all guaranties of such Person, endorsements and other contingent liabilities and other obligations of such Person, whether direct or
indirect in respect of indebtedness of others, to purchase indebtedness, or to assure the owner of indebtedness against loss, through an agreement to purchase goods, supplies or services for the purpose of enabling the debtor to make payment of the
indebtedness held by such owner or otherwise, and any obligations to reimburse the issuer in respect of any letters of credit; 
  

 7 

 (c) all liabilities and other obligations to the extent not, included in (a) secured
by any mortgage, lien, pledge, charge, security interest or other encumbrance in respect of property owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligations; 
 (d) all indebtedness, liabilities and other obligations of such Person arising under any conditional sale or other title retention
agreement, whether or not the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property; 
 (e) all indebtedness, liabilities and other obligations of such Person in respect of leases of real and personal property (whether or not
required to be capitalized); 
 (f) all cash obligations of such Person then due under Hedging Agreements; and 
 (g) the principal balance outstanding under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar
off-balance sheet financing product plus any accrued interest thereon (excluding operating leases). 
 “Interest Rate Determination
Date” shall have the meaning assigned thereto in the definition of Applicable Margin. 
 “Interest Payment Date”
shall mean (a) as to any Base Rate Loan or any Swingline Loan, the last Business Day of each March, June, September and December during the term of this Agreement and on the applicable Maturity Date, (b) as to any LIBO Rate Loan having an
Interest Period of three months or less, the last day of such Interest Period, (c) as to any LIBO Rate Loan having an Interest Period longer than three months, each day which is three months after the first day of such Interest Period and the
last day of such Interest Period and (d) as to any Loan which is the subject of a mandatory prepayment required pursuant to Section 2.10(b), the date of such prepayment. 
 “Interest Period” shall mean, with respect to any LIBO Rate Loan, 
 (i) initially, the period commencing on the Drawdown Date or conversion date, as the case may be, with respect to such LIBO Rate Loan and
ending one, two, three or six months thereafter, as selected by the Company in the notice of borrowing or notice of conversion given with respect thereto; and 
 (ii) thereafter, each period commencing on the last day of the immediately preceding Interest Period applicable to such LIBO Rate Loan and
ending one, two, three or six months and, if available, nine or twelve months thereafter, as selected by the Company by irrevocable notice to the Agent not less than three Business Days prior to the last day of the then current Interest Period with
respect thereto; 
  

 8 

 provided that the foregoing provisions are subject to the following: 

(A) if any Interest Period pertaining to a LIBO Rate Loan would otherwise end on a day that is not a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

 (B) any Interest Period pertaining to a LIBO Rate Loan that begins on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month; 
 (C) if the Company shall fail to give notice as provided above, the Company shall be deemed to have selected a Base Rate Loan to replace
the affected LIBO Rate Loan; 
 (D) no Interest Period in respect of any Loan shall extend beyond the applicable Maturity Date
for such Loan; and 
 (E) no more than ten (10) LIBO Rate Loans may be in effect at any time; provided that, for
purposes hereof, LIBO Rate Loans with different Interest Periods shall be considered as separate LIBO Rate Loans, even if they shall begin on the same date and have the same duration, although borrowings, extensions and conversions may, in
accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new LIBO Rate Loan with a single Interest Period. 
 “Internal Control Event” shall mean a material weakness in, or fraud that involves management or other employees who have a significant role in the Company’s internal controls over financial
reporting, in each case as described in the Securities Laws. 
 “Investments” shall mean all expenditures made and all
liabilities incurred (contingently or otherwise) for the acquisition of stock, partnership or limited liability company interests or Indebtedness of, or for loans, advances, capital contributions or transfers of property to, or in respect of any
guaranties (or other commitments as described under Indebtedness), or obligations of, any Person, or for the acquisition of real estate or interests therein. In determining the aggregate amount of Investments outstanding at any particular time:
(a) the amount of any Investment represented by a guaranty shall be taken at not less than the principal amount of the obligations guaranteed; (b) there shall be included as an Investment all interest accrued with respect to Indebtedness
constituting an Investment unless and until such interest is paid; (c) there shall be deducted in respect of each such investment any amount received as a return of capital (but only by repurchase, redemption, retirement, repayment, liquidating
dividend or liquidating distribution); (d) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends, interest or otherwise, except that interest included as provided in
the foregoing clause (b) may be deducted when paid; and (e) there shall not be deducted from the aggregate amount of Investments any decrease in the value thereof. 
  

 9 

 “ISP” shall mean, with respect to any standby Letter of Credit, the “International
Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 
 “Issuing Bank” shall mean Wachovia. 
 “Letters Of Credit” shall mean any letter of credit issued by the Issuing Bank for the account of the Company pursuant to this Agreement and the LOC Documents, as such Letters of Credit may be
amended, modified, extended, renewed or replaced from time to time. 
 “Letter of Credit Fee” shall have the meaning set
forth in Section 2.8(b). 
 “LIBO” shall mean, for any LIBO Rate Loan for any Interest Period therefor, the rate per
annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two Business Days prior
to the first day of such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not available, the term “LIBO” shall mean, for any LIBO Rate Loan for any Interest Period therefor, the rate per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such
Interest Period for a term comparable to such Interest Period; provided, however, if more than one rate is specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates (rounded upwards, if
necessary, to the nearest 1/100 of 1%). If, for any reason, neither of such rates is available, then “LIBO” shall mean the rate per annum at which, as determined by the Agent, Dollars in an amount comparable to the Loans then requested are
being offered to leading banks at approximately 11:00 A.M. London time, two (2) Business Days prior to the commencement of the applicable Interest Period for settlement in immediately available funds by leading banks in the London interbank market
for a period equal to the Interest Period selected. 
 “LIBO Lending Office” shall mean, initially, the office of each Bank
designated as such Bank’s LIBO Lending Office shown on such Bank’s Administrative Questionnaire; and thereafter, such other office of such Bank as such Bank may from time to time specify to the Agent and the Company as the office of such
Bank at which the LIBO Rate Loans of such Bank are to be made. 
 “LIBO Rate” shall mean a rate per annum (rounded upwards,
if necessary, to the next higher 1/100th of 1%) determined by the Agent pursuant to the following formula:

  

					
	LIBO Rate =  	 	LIBO	 	
		 	1.00 – Eurodollar Reserve Percentage	 	

  

 10 

 “LIBO Rate Loans” shall mean Revolving Loans that bear interest at an interest rate
based on the LIBO Rate. 
 “LIBO Reference Rate” shall mean a rate determined by reference to the LIBO Rate for a one
(1) month interest period that would be applicable for a Loan at the LIBO Rate, as such rate may fluctuate in accordance with changes in the LIBO Rate on a daily basis. If such rate is not available at such time for any reason, then the rate
for that interest period will be determined by an alternate method as reasonably selected by the Bank. 
 “Loans” shall mean
the Revolving Loans and/or the Swingline Loans, as appropriate, and “Loan” shall mean any one of them. 
 “Loan
Documents” shall mean collectively, this Agreement, the Notes, the Subsidiary Guaranty, the LOC Documents and any document or instrument delivered pursuant to or in connection with this Agreement or the LOC Documents (including, without
limitation, any guaranty delivered in connection with this Agreement), each as amended and in effect from time to time. 
 “LOC
Commitment” shall mean the commitment of the Issuing Bank to issue Letters of Credit and with respect to each Bank, the commitment of such Bank to purchase participation interests in the Letters of Credit up to such Bank’s LOC
Committed Amount as specified in Schedule 2.1(a), as such amount may be reduced from time to time in accordance with the provisions hereof. 
 “LOC Commitment Percentage” shall mean, for each Bank, the percentage identified as its LOC Commitment Percentage on Schedule 2.1(a), as such percentage may be modified in connection with
any assignment made in accordance with the provisions of Section 11.13(c). 
 “LOC Committed Amount” shall mean,
collectively, the aggregate amount of all of the LOC Commitments of the Banks to issue and participate in Letters of Credit as referenced in Section 2.5 and, individually, the amount of each Bank’s LOC Commitment as specified in
Schedule 2.1(a). 
 “LOC Documents” shall mean, with respect to any Letter of Credit, such Letter of Credit, any
amendments thereto, any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or
providing for (i) the rights and obligations of the parties concerned or (ii) any collateral security for such obligations. 
 “LOC Obligations” shall mean, at any time, the sum of (i) the maximum amount which is, or at any time thereafter may become, available to be drawn under Letters of Credit then outstanding, assuming compliance with all
requirements for drawings referred to in such Letters of Credit plus (ii) the aggregate amount of all drawings under Letters of Credit honored by the Issuing Bank but not theretofore reimbursed. 
 “Mandatory LOC Borrowing” shall have the meaning set forth in Section 2.7(d). 
  

 11 

 “Material Adverse Effect” shall mean a material adverse effect on (a) the business,
operations, properties, operations or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform its obligations, when such obligations are required to be performed, under
this Agreement, any of the Notes or any other Loan Document or (c) the validity or enforceability of this Agreement, any of the Notes or any of the other Loan Documents or the rights or remedies of the Agent or the Banks hereunder or
thereunder. 
 “Material Contract” shall mean any contract or other arrangement, whether written or oral, to which the
Company or any of its Subsidiaries is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect. 
 “Materials of Environmental Concern” shall mean any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum
products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 
 “Majority Banks” shall mean, as of any date, the Banks holding in the aggregate at least two-thirds (66.66%) of (i) the
Commitments (and Participation Interests therein) or (ii) if the Commitments have been terminated, the outstanding Loans and Participation Interests (including the Participation Interests of the Issuing Bank in any Letters of Credit.

 “Maturity Date” shall mean January 19, 2012. 
 “Mortgage Loans” shall mean loans from time to time made by the Company, in each case secured by a first mortgage lien on a Health Care
Facility. 
 “Net Income” shall mean for any fiscal period of a Person, the net income (or loss), after income taxes, of
such Person determined in accordance with GAAP. 
 “Non-Recourse Debt” shall mean Indebtedness of the Company or its
Subsidiaries which is at all times non-recourse in nature to the Company or any of its wholly-owned Subsidiaries, except to the extent of any recourse to an asset of the Company or a Subsidiary purchased or otherwise financed by such Indebtedness
including, without limitation, Indebtedness of multi-member limited liability companies in which the Company or any of its Subsidiaries has an ownership interest, but only to the extent that such Indebtedness remains non-recourse to the Company or
any of its wholly-owned Subsidiaries. 
 “Notes” shall mean the Revolving Notes and/or the Swingline Notes, as applicable.

 “Obligations” shall mean all Indebtedness, obligations and liabilities to the Agent and the Banks, existing on the date
of this Agreement or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise of the Company arising
or incurred under this Agreement, the LOC Documents or in respect of any Loans, Notes or Letters of Credit or other instruments at any time evidencing any of the foregoing. 
  

 12 

 “Participant” has the meaning assigned to such term in clause (b) of
Section 11.13. 
 “Participation Interest” shall mean the purchase by a Bank of a participation interest in either
(i) Letters of Credit as provided in Section 2.7 or (ii) Swingline Loans as provided in Section 2.14, as applicable. 
 “Patriot Act” shall mean the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001. 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation and any successor entity or entities having similar responsibilities. 
 “Pension Plan” shall mean pension plan shall include (a) any multi employer plan within the meaning of Section 3(37) of ERISA, (b) any employee benefit plan within the meaning of
Section 3(3) of ERISA, other than plans described in (a) above and (c) any employee pension benefit plan within the meaning of Section 3(2) of ERISA the benefits of which are guaranteed on termination in full or in part by PBGC
pursuant to Title IV of ERISA, other than plans described in (a) above, each as maintained or contributed to by the Company or any ERISA Affiliate. 
 “Person” shall mean any corporation, unincorporated association, partnership, trust, organization, business, individual or other legal entity and any government or any governmental agency or political
subdivision thereof. 
 “Purchasing Bank” has the meaning assigned to such term in clause (c) of Section 11.13.

 “Related Fund” shall mean, with respect to any Bank, any Fund that is advised or managed by (i) such Bank,
(ii) an Affiliate of a Bank, (iii) any other Bank or Affiliate thereof or (iv) the same investment advisor as any Person described in clauses (i)-(iii). 
 “Requirement of Law” shall mean, as to any Person, the certificate of incorporation, trust documents and by-laws or other organizational or governing documents of such Person, and each law, treaty,
rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible Officer” shall mean, for the Company, any duly authorized officer thereof and in which the Agent has an incumbency
certificate indicating such officer is a duly authorized officer thereof. 
 “Revolving Commitment” shall mean, with respect
to each Bank, the commitment of such Bank to make Loans in an aggregate principal amount at any time outstanding up to such Bank’s Revolving Committed Amount. 
  

 13 

 “Revolving Commitment Percentage” shall mean, for each Bank, the percentage identified
as its Revolving Commitment Percentage on Schedule 2.1(a), as such percentage may be increased pursuant to Section 2.6 or modified in connection with any assignment made in accordance with the provisions of Section 11.13(c).

 “Revolving Committed Amount” shall mean the amount of each Bank’s Revolving Commitment as specified on
Schedule 2.1(a), as such amount may be reduced or increased from time to time in accordance with the provisions hereof. 
 “Revolving Loan” shall have the meaning set forth in Section 2.1. 
 “Revolving Note” or
“Revolving Notes” shall mean the promissory notes of the Company provided pursuant to Section 2.5 in favor of any of the Banks evidencing the Revolving Loans provided by any such Bank pursuant to Section 2.1, individually
or collectively, as appropriate, as such promissory notes may be amended, modified, extended, restated, replaced, or supplemented from time to time. 
 “Sanctioned Country” shall mean a country subject to a sanctions program identified on the list maintained by OFAC and available at
http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published from time to time. 
 “Sanctioned
Person” shall mean (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise
published from time to time, or (b) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a
sanctions program administered by OFAC. 
 “Sarbanes-Oxley” shall mean the Sarbanes-Oxley Act of 2002. 
 “SEC” shall mean the Securities and Exchange Commission or any successor Governmental Authority. 
 “Securities Act” shall mean the Securities Act of 1933, together with any amendment thereto or replacement thereof and any rules or
regulations promulgated thereunder. 
 “Securities Laws” shall mean the Securities Act, the Exchange Act, Sarbanes-Oxley and
the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect on any
applicable date hereunder. 
 “Significant Subsidiary” shall mean any Subsidiary of the Company with assets totaling more
than 3.5% of the total assets of the Company and its Subsidiaries taken as a whole. Notwithstanding the foregoing, the Guarantors that execute the Subsidiary Guaranty as of the Closing Date shall be deemed to be Significant Subsidiaries. 

 

 14 

 “Subsidiary” shall mean with respect to any Person, any corporation, association, trust
or other business entity with respect to which such Person owns directly, or indirectly through a subsidiary, at least a majority of voting interest entitling such Person to direct the management and policies of such entity. 
 “Subsidiary Guaranty” shall mean the guaranty executed by the Guarantors in substantially the form of Exhibit 1.1-2. 
 “Swingline Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an aggregate principal amount at any
time outstanding up to the Swingline Committed Amount, and the commitment of the Banks to purchase participation interests in the Swingline Loans as provided in Section 2.14(b)(ii), as such amounts may be reduced from time to time in accordance
with the provisions hereof. 
 “Swingline Committed Amount” shall have the meaning set forth in Section 2.14(a).

 “Swingline Lender” shall mean Wachovia and any successor swingline lender. 
 “Swingline Loan” shall have the meaning set forth in Section 2.14(a). 
 “Swingline Note” shall mean the promissory note of the Company provided pursuant to Section 2.14 in favor of the Swingline Lender
evidencing the Swingline Loans provided by such Swingline Lender pursuant to Section 2.14, as such promissory note may be amended, modified, extended, restated, replaced, or supplemented from time to time. 
 “Tangible Net Worth” shall mean the aggregate of the capital stock (but excluding treasury stock and capital stock subscribed and
unissued) and surplus (including earned surplus, capital surplus and the balance of the current profit and loss account not transferred to surplus) of the Company and its Subsidiaries as the same properly appears on a balance sheet of the Company
prepared in accordance with GAAP, less the sum of the total book value of all assets of the Company and its Subsidiaries which would be treated as intangibles under GAAP including without limitation, such items as good will, leasehold improvements,
trademarks, trade names, service marks, brand names, copyrights, patents and licenses, and rights with respect to the foregoing. 
 “Total Capital” shall mean the aggregate of the capital stock (but excluding treasury stock and capital stock that is subscribed and unissued) and surplus (including earned surplus, capital surplus and the balance of the
current profit and loss account not transferred to surplus) of the Company and its Subsidiaries as the same properly appears on a balance sheet of the Company prepared in accordance with GAAP, plus all Debt of the Company and its Subsidiaries.

 “UHS” Universal Health Services, Inc., a Delaware corporation. 
  

 15 

 “UHS Subsidiaries” shall mean, as of any date of determination, any Subsidiary or other
entity the accounts of which would be consolidated with those of Universal Health Services, Inc. in its consolidated financial statements if such statements were prepared as of such date. 
 “Unencumbered Property” shall mean any property owned or held under capital lease by the Company which is not subject to any form of
mortgage, deed of trust, or other lien or encumbrance; provided that for purposes of this definition, leases shall not be deemed to be encumbrances. 
 “Wachovia” shall mean Wachovia Bank, National Association and its successors and assigns. 
 Section 1.2 Other Definitional Provisions. 
 (a) Unless otherwise specified therein, all terms defined in this Agreement
shall have the defined meanings when used in the Notes or other Loan Documents or any certificate or other document made or delivered pursuant hereto. 
 (b) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section, subsection, Schedule and Exhibit references are to this Agreement unless otherwise specified. 
 (c) Any
reference to a “Bank party to a Hedging Agreement” or similar phrase shall include any Person (or affiliate of such Person) that was a Bank at the time it entered into a Hedging Agreement permitted pursuant to Section 7.9 and has
ceased to be a Bank under this Agreement. 
 (d) The meanings given to terms defined herein shall be equally applicable to both the singular
and plural forms of such terms. 
 (e) Unless otherwise expressly indicated, each time reference in any Loan Document shall be to Charlotte,
North Carolina time. 
 Section 1.3 Accounting Terms. 
 Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all
financial statements required to be delivered hereunder shall be prepared in accordance with GAAP applied on a basis consistent with the most recent audited consolidated financial statements of the Company delivered to the Banks; provided
that, if the Company notifies the Agent that it wishes to amend any covenant in Sections 7.5, 7.6, 7.7, 7.8 and 7.9 to eliminate the effect of any change in GAAP on the operation of such covenant (or if the Agent notifies the Company that the
Majority Banks wish to amend any of Sections 7.5, 7.6, 7.7, 7.8 and 7.9 for such purpose), then the Company’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP
became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Company’s and the Majority Banks. 
  

 16 

 The Company shall deliver to the Agent and each Bank at the same time as the delivery of any annual or
quarterly financial statements given in accordance with the provisions of Section 7.3, (a) a description in reasonable detail of any material change in the application of accounting principles employed in the preparation of such financial
statements from those applied in the most recently preceding quarterly or annual financial statements as to which no objection shall have been made in accordance with the provisions above and (b) a reasonable estimate of the effect on the
financial statements on account of such changes in application. 
 Section 1.4 Execution of Documents. 
 Unless otherwise specified, all Loan Documents and all other certificates executed in connection therewith must be signed by a Responsible Officer.

 ARTICLE II 
 LOANS;
AMOUNTS AND TERMS 
 Section 2.1 Revolving Commitment. 
 From the Closing Date through the Maturity Date, or such earlier date on which the Revolving Commitments hereunder are terminated, subject to the terms
and conditions hereof, each Bank severally, but not jointly, agrees to make revolving credit loans (“Revolving Loans”) to the Company from time to time in an aggregate principal amount of up to ONE HUNDRED MILLION DOLLARS
($100,000,000) (as such aggregate maximum amount may be reduced from time to time as provided in Section 2.9 and/or increased pursuant to Section 2.6) for the purposes hereinafter set forth; provided, however, that (i) with regard
to each Bank individually, the sum of such Bank’s Revolving Commitment Percentage of outstanding Loans plus such Bank’s Revolving Commitment Percentage of outstanding Swingline Loans plus such Bank’s LOC Commitment
Percentage of LOC Obligations shall not exceed such Bank’s Committed Amount, and (ii) with regard to the Banks collectively, the sum of the outstanding Loans plus the outstanding Swingline Loans plus outstanding LOC Obligations
shall not exceed the aggregate Revolving Committed Amount of all of the Banks. Loans may consist of Base Rate Loans or LIBO Rate Loans, or a combination thereof, as the Company may request, and may be repaid and reborrowed in accordance with the
provisions hereof. LIBO Rate Loans shall be made by each Bank at its LIBO Lending Office and Alternate Base Rate Loans at its Domestic Lending Office. 
 Section 2.2 Revolving Loan Borrowings. 
 (a) Notice of Borrowing. The Company shall
request a Revolving Loan borrowing by written notice (or telephone notice promptly confirmed in writing which confirmation may be by fax or electronic mail) to the Agent not later than 11:00 A.M. (Charlotte, North Carolina time) on the Business
Day of the requested borrowing in the case of Base Rate Loans, and on the third 

  

 17 

 
Business Day prior to the date of the requested borrowing in the case of LIBO Rate Loans. Each such request for borrowing shall be irrevocable and shall
specify (A) that a Revolving Loan is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount to be borrowed, (D) whether the borrowing shall be comprised of Base Rate
Loans, LIBO Rate Loans or a combination thereof, and if LIBO Rate Loans are requested, the Interest Period(s) therefor. A form of Notice of Borrowing (a “Notice of Borrowing”) is attached as Exhibit 2.2. If the Company
shall fail to specify in any such Notice of Borrowing (I) an applicable Interest Period in the case of a LIBO Rate Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (II) whether such Revolving
Loan is to be a Base Rate Loan or a LIBO Rate Loan, then such notice shall be deemed to be a request for an Base Rate Loan hereunder. The Agent shall give notice to each Bank promptly upon receipt of each Notice of Borrowing, the contents thereof
and each such Bank’s share thereof. All Revolving Loans made on the Closing Date and on any of the three (3) Business Days following the Closing Date shall bear interest at the Base Rate. 
 (b) Minimum Amounts. Each Revolving Loan which is a Base Rate Loan shall be in a minimum aggregate amount of $100,000 and in integral multiples of
$100,000 in excess thereof (or the remaining amount of the Committed Amount, if less). Each Revolving Loan which is a LIBO Rate Loan shall be in a minimum aggregate amount of $100,000 and in integral multiples of $100,000 in excess thereof.

 (c) Advances. Each Bank will make its Revolving Commitment Percentage of each Revolving Loan borrowing available to the Agent for
the account of the Company at the office of the Agent specified in Section 11.5, or at such other office as the Agent may designate in writing, by 1:00 P.M. (Charlotte, North Carolina time) on the date specified in the applicable Notice of
Borrowing in Dollars and in funds immediately available to the Agent. Such borrowing will then be made available to the Company by the Agent by crediting the account of the Company on the books of such office with the aggregate of the amounts made
available to the Agent by the Banks and in like funds as received by the Agent. 
 Section 2.3 Repayment. 
 The principal amount of all Revolving Loans shall be due and payable in full on the Maturity Date, unless accelerated sooner pursuant to Article
VIII. 
 Section 2.4 Interest. 
 Subject to the provisions of Section 2.12, Revolving Loans shall bear interest as follows: 
 (i) Base Rate Loans. During such periods as Revolving Loans shall be comprised of Base Rate Loans, each such Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Base Rate plus the Applicable Margin;
and 
 (ii) LIBO Rate Loans. During such periods as Revolving Loans shall be comprised of LIBO Rate Loans, each such
LIBO Rate Loan shall bear interest at a per annum rate equal to the sum of the LIBO Rate plus the Applicable Margin. 
  

 18 

 Interest on Revolving Loans shall be payable in arrears on each Interest Payment Date. 
 Section 2.5 Notes. 
 The
Company’s obligation to pay each Bank’s Revolving Loans shall be evidenced by this Agreement and, upon such Bank’s request, by a duly executed promissory note of the Company to such Bank in substantially the form of Exhibit
2.5(a). 
 Section 2.6 Increase Of Revolving Committed Amount; Additional Banks. 
 (a) From time to time (but no more than two times, including the frequency of the request for any Incremental Term Loan), the Company may, upon notice to
the Agent (which shall promptly provide a copy of such notice to the Banks), propose to increase the aggregate Revolving Committed Amount (the “Revolver Increase”). Each Bank party to this Agreement at such time shall have the right
(but no obligation), for a period of 15 days following receipt of such notice, to elect by notice to the Company and the Agent to increase its Revolving Commitment by a principal amount which bears the same ratio to the Revolver Increase as its
then Revolving Commitment bears to the aggregate Revolving Commitment then existing. Any Bank not responding within fifteen (15) days of receipt of such notice shall be deemed to have declined to increase its Revolving Commitment. 

(b) If any Bank party to this Agreement shall not elect to increase its Revolving Commitment pursuant to subsection (a) of this Section, the
Company may, within 10 days of the Banks’ response, designate one or more of the existing Banks or other financial institutions acceptable to the Agent and the Company which at the time agree to (i) in the case of any such lender that
is an existing Bank, increase its Revolving Commitment and (ii) in the case of any other such lender (an “Additional Bank”), become a party to this Agreement with a Revolving Commitment of not less than $10,000,000 pursuant to
the terms of a new commitment agreement substantially in the form of Exhibit 2.6 (a “New Commitment Agreement”). The sum of the increases in the Revolving Commitments of the existing Banks pursuant to this
subsection (b) plus the Revolving Commitments of the Additional Banks, plus the amount of any Incremental Term Facility made pursuant to Section 2.15 hereof shall not in the aggregate exceed $50,000,000. 
 (c) Any increase in the Revolving Commitments pursuant to this Section 2.6 shall be subject to satisfaction of the following conditions: 

(i) before and after giving effect to such increase, all representations and warranties contained in Article IV shall be
true; 
 (ii) at the time of such increase, no Default or Event of Default shall have occurred and be continuing or would
result from such increase, and no event shall have occurred and be continuing that with notice or lapse of time or both would constitute a Default or an Event of Default; and 
  

 19 

 (iii) after giving effect to such increase, the aggregate amount of all Revolver
Increases made pursuant to this Section 2.6 plus the amount of any Incremental Term Facility made pursuant to Section 2.15 hereof shall not in the aggregate exceed $50,000,000. 
 (d) An increase in the aggregate amount of the Revolving Commitments pursuant to this Section 2.6 shall become effective upon the receipt by the
Agent of (i) an agreement in form and substance satisfactory to the Agent signed by the Company, by each Additional Bank and by each other Bank whose Revolving Commitments is to be increased, setting forth the new Revolving Commitments of such
Banks and setting forth the agreement of each Additional Bank to become a party to this Agreement and to be bound by all the terms and provisions hereof, (ii) Notes duly executed by the Company, equal in principal amount to the respective
amounts of the Revolving Commitments of the Additional Banks and the Banks that increased their Revolving Commitments (in which event the original Notes held by the latter Banks shall be returned to the Company); (iii) such evidence of
appropriate corporate authorization on the part of the Company with respect to the Revolver Increase and such opinions of counsel for the Company with respect to the Revolver Increase as the Agent may reasonably request and (iv such evidence of the
satisfaction of the conditions set forth in subsection (c) above as the Agent may reasonably request. 
 (e) Upon any increase in the
aggregate amount of the Revolving Commitments pursuant to this Section 2.6, within five Business Days in the case of Base Rate Loans then outstanding and at the end of the then current Interest Period with respect to LIBO Rate Loans then
outstanding, the Company shall prepay or repay such Loans in their entirety and, to the extent the Company elects to do so and subject to the conditions specified in Article II, the Company shall reborrow Loans from the Banks in proportion to
their respective Revolving Commitments after giving effect to such increase, until such time as all outstanding Loans are held by the Banks in such proportion. 
 Section 2.7 Letters of Credit. 
 (a) Issuance. Subject to the terms and conditions hereof
and of the LOC Documents, if any, and any other terms and conditions which the Issuing Bank may reasonably require which are not inconsistent with this Agreement, from the Closing Date through the Maturity Date, the Issuing Bank shall issue, and the
Banks shall participate in, Letters of Credit for the account of the Company from time to time upon request in a form acceptable to the Issuing Bank; provided, however, that (i) the aggregate amount of LOC Obligations shall not at
any time exceed FIFTY MILLION DOLLARS ($50,000,000) (the “LOC Committed Amount”), (ii) the sum of outstanding Loans plus outstanding LOC Obligations shall not at any time exceed the Revolving Committed
Amount, (iii) all Letters of Credit shall be denominated in U.S. Dollars, (iv) Letters of Credit shall be issued for lawful corporate purposes and may be issued as standby letters of credit, including in connection with workers’
compensation and other insurance programs, and trade letters of credit and (v) no Letter of Credit shall be issued after the occurrence and during the continuance of a Default or an Event of Default. Except as otherwise expressly agreed upon by
all the Banks, no Letter of Credit shall have an original expiry date more than two years from the date of issuance; provided, however, so long as no Default or Event of Default has occurred 

  

 20 

 
and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be
extended annually or periodically from time to time on the request of the Company or by operation of the terms of the applicable Letter of Credit to a date not more than one year from the date of extension; provided, further, that no
Letter of Credit, as originally issued or as extended, shall have an expiry date extending beyond the date that is five (5) Business Days prior to the Maturity Date. Each Letter of Credit shall comply with the related LOC Documents. The
issuance and expiry date of each Letter of Credit shall be a Business Day. Any Letters of Credit issued hereunder shall be in a minimum original face amount of $50,000, or such lesser amount as the Company and the Agent shall agree. 
 (b) Notice and Reports. The request for the issuance of a Letter of Credit shall be submitted to the Issuing Bank at least five (5) Business
Days prior to the requested date of issuance. The Issuing Bank will promptly upon request provide to the Agent for dissemination to the Banks a detailed report specifying the Letters of Credit which are then issued and outstanding and any activity
with respect thereto which may have occurred since the date of any prior report, and including therein, among other things, the account party, the beneficiary, the face amount, expiry date as well as any payments or expirations which may have
occurred. The Issuing Bank will further provide to the Agent promptly upon request copies of the Letters of Credit. The Issuing Bank will provide to the Agent promptly upon request a summary report of the nature and extent of LOC Obligations then
outstanding. 
 (c) Participations. Each Bank, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse
a risk participation from the Issuing Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its LOC Commitment Percentage of the obligations under such Letter of
Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Bank therefor and discharge when due, its LOC Commitment Percentage of the obligations arising under
such Letter of Credit. Without limiting the scope and nature of each Bank’s participation in any Letter of Credit, to the extent that the Issuing Bank has not been reimbursed as required hereunder or under any LOC Document, each such Bank shall
pay to the Issuing Bank its LOC Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) hereof. The obligation
of each Bank to so reimburse the Issuing Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise
impair the obligation of the Company to reimburse the Issuing Bank under any Letter of Credit, together with interest as hereinafter provided. 
 (d) Reimbursement. In the event of any drawing under any Letter of Credit, the Issuing Bank will promptly notify the Company and the Agent. The Company shall reimburse the Issuing Bank on the day of drawing under any Letter of Credit
(with the proceeds of a Loan obtained hereunder or otherwise) in same day funds as provided herein or in the LOC Documents. If the Company shall fail to reimburse the Issuing Bank as provided herein, the unreimbursed amount of such drawing shall
bear interest at a per annum rate equal to the Base Rate plus 2% for so long as such amount shall be unreimbursed. Notwithstanding the foregoing, 

  

 21 

 
unless the Company shall immediately notify the Issuing Bank and the Agent of its intent to otherwise reimburse the Issuing Bank, the Company shall be deemed
to have requested a Loan (a “Mandatory LOC Borrowing”) in the amount of the drawing as provided in subsection (e) hereof, the proceeds of which will be used to satisfy the reimbursement obligations. The Company’s
reimbursement obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim or defense to payment the Company may claim or have against the Issuing Bank, the Agent, the Banks,
the beneficiary of the Letter of Credit drawn upon or any other Person, including without limitation any defense based on any failure of the Company to receive consideration or the legality, validity, regularity or unenforceability of the Letter of
Credit. The Issuing Bank will promptly notify the other Banks of the amount of any unreimbursed drawing and each Bank shall promptly pay to the Agent for the account of the Issuing Bank in Dollars and in immediately available funds, the amount of
such Bank’s Commitment Percentage of such unreimbursed drawing. Such payment shall be made on the day such notice is received by such Bank from the Issuing Bank if such notice is received at or before 2:00 P.M. (Charlotte, North Carolina
time), otherwise such payment shall be made at or before 12:00 Noon (Charlotte, North Carolina time) on the Business Day next succeeding the day such notice is received. If such Bank does not pay such amount to the Issuing Bank in full upon
such request, such Bank shall, on demand, pay to the Agent for the account of the Issuing Bank interest on the unpaid amount during the period from the date of such drawing until such Bank pays such amount to the Issuing Bank in full at a rate per
annum equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Effective Rate and thereafter at a rate equal to the Base Rate. Each Bank’s obligation to make such payment to the Issuing Bank, and the right
of the Issuing Bank to receive the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Agreement or the Commitments hereunder, the existence of a Default or
Event of Default or the acceleration of the obligations hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (e) Repayment with Loans. On any day on which the Company shall have requested, or been deemed to have requested, pursuant to subsection (d) hereof, a Mandatory LOC Borrowing to reimburse a drawing under a
Letter of Credit, the Agent shall give notice to the Banks that a Mandatory LOC Borrowing has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Mandatory LOC Borrowing comprised entirely of
Base Rate Loans shall be immediately made (without giving effect to any termination of the Commitments pursuant to Article VIII) pro rata based on each Bank’s respective Revolving Commitment Percentage (determined before giving
effect to any termination of the Commitments pursuant to Article VIII). The proceeds of such Mandatory LOC Borrowing shall be paid by the Agent directly to the Issuing Bank for application to, or otherwise applied by the Agent to, the respective LOC
Obligations. Each Bank hereby irrevocably agrees to make such Loans immediately upon any such request or deemed request on account of each Mandatory LOC Borrowing in the amount and in the manner specified in the preceding sentence and on the same
such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Loans otherwise required hereunder, (ii) whether any conditions specified in Article VI are then satisfied,
(iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Loan to be made by the time otherwise required in Section 2.2(b), (v) the date of such Mandatory LOC Borrowing,
or 

  

 22 

 
(vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in
the event any such Mandatory LOC Borrowing should be less than the minimum amount for borrowings of Loans otherwise provided in Section 2.2(b), the Company shall pay to the Agent for its own account an administrative fee of $500. In the event
that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code), then each such Bank hereby agrees that it
shall forthwith fund (as of the date the Mandatory LOC Borrowing would otherwise have occurred, but adjusted for any payments received from the Company on or after such date and prior to such purchase) its Participation Interests in the outstanding
LOC Obligations; provided, further, that in the event any Bank shall fail to fund its Participation Interest on the day the Mandatory LOC Borrowing would otherwise have occurred, then the amount of such Bank’s unfunded
Participation Interest therein shall bear interest payable by such Bank to the Issuing Bank upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal
to the Base Rate. 
 (f) Modification, Extension. The issuance of any supplement, modification, amendment, renewal, or extension to
any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder. 
 (g) Uniform Customs and Practices. The Issuing Bank shall have any trade or documentary Letters of Credit be subject to The Uniform Customs and Practice for Documentary Credits, as published as of the date of issue by the
International Chamber of Commerce (the “UCP”), in which case the UCP may be incorporated therein and deemed in all respects to be a part thereof. Unless otherwise expressly agreed by the Issuing Bank and the Company when a standby
Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit. 
 Section 2.8 Fees. 
 (a) Commitment Fee. In consideration of the Revolving Commitments, the Company agrees to pay to the Agent for the ratable benefit of the Banks a
commitment fee (the “Commitment Fee”) in an amount equal to the Applicable Margin for the Commitment Fee per annum on the daily amount of the unused portion of the Revolving Committed Amount during the period from and including the
Closing Date to but excluding the date on which the Revolving Commitment terminates. For purposes of computation of the Commitment Fee, LOC Obligations shall be considered usage of the Revolving Committed Amount but Swingline Loans shall not be
considered usage of the Revolving Committed Amount. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Revolving Commitment terminates, commencing on
the first such date to occur after the date hereof; provided that any Revolving Commitment Fee accruing after the date on which the Commitments terminate shall be payable on demand. 
 (b) Letter of Credit Fees. In consideration of the LOC Commitments, the Company agrees to pay to the Issuing Bank a fee (the “Letter of
Credit Fee”) equal to the Applicable Margin per annum for the Letter of Credit Fee on the average daily maximum amount available to be drawn under each Letter of Credit from the date of issuance to the date of expiration. In 

  

 23 

 
addition to such Letter of Credit Fee, the Issuing Bank may charge, and retain for its own account without sharing by the other Banks, an additional facing
fee of one-eighth of one percent (0.125%) per annum on the average daily maximum amount available to be drawn under each such Letter of Credit issued by it. The Issuing Bank shall promptly pay over to the Agent for the ratable benefit of the Banks
(including the Issuing Bank) the Letter of Credit Fee. The Letter of Credit Fee shall be payable quarterly in arrears on the 15th day following the last day of each calendar quarter for the prior calendar quarter. 
 (c) Issuing Bank Fees. In addition to the Letter of Credit Fees payable pursuant to subsection (b) hereof, the Company shall pay to the
Issuing Bank for its own account without sharing by the other Banks the reasonable and customary charges from time to time of the Issuing Bank with respect to the amendment, transfer, administration, cancellation and conversion of, and drawings
under, such Letters of Credit (collectively, the “Issuing Bank Fees”). 
 (d) Administrative Fee. The Company agrees
to pay to the Agent the annual administrative fee as described in the Fee Letter. 
 Section 2.9 Commitment Reductions.

 (a) Voluntary Reductions. The Company shall have the right to terminate or permanently reduce the unused portion of the aggregate
Revolving Committed Amount of all of the Banks at any time or from time to time upon not less than five Business Days’ prior notice to the Agent (which shall notify the Banks thereof as soon as practicable) of each such termination or
reduction, which notice shall specify the effective date thereof and the amount of any such reduction which shall be in a minimum amount of $500,000 or a whole multiple of $250,000 in excess thereof and shall be irrevocable and effective upon
receipt by the Agent, provided that no such reduction or termination of (i) the aggregate Revolving Committed Amount of all of the Banks shall be permitted if after giving effect thereto, and to any prepayments of the Loans made on the
effective date thereof, the sum of the outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations would exceed the aggregate Revolving Committed Amount of all of the Banks. 
 (b) Swingline Committed Amount. If the aggregate Revolving Committed Amount of the Banks is reduced below the then current Swingline Committed
Amount, the Swingline Committed Amount shall automatically be reduced by an amount such that the resulting Swingline Committed Amount equals the Revolving Committed Amount. 
 (c) Mandatory Reductions. The aggregate Revolving Committed Amount of all of the Banks shall be automatically and permanently reduced by an amount
equal to 50% of the net cash proceeds received by the Company or any of its Subsidiaries from the issuance of any equity securities and the Loans shall be prepaid and the LOC Obligations cash collateralized in connection with such reduction if
required under Section 2.10(b). 
 (d) Commitment Termination Date. The Commitment shall automatically terminate on the Maturity
Date. 
  

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 Section 2.10 Prepayments. 
 (a) Optional Prepayments. The Company shall have the right to prepay Loans in whole or in part from time to time; provided, however,
that (i) each partial prepayment of any Base Rate Loan shall be in a minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof, (iii) each partial prepayment of a Swingline Loan shall be in a minimum
principal amount of $100,000 and integral multiples of $100,000 in excess thereof and (iii) each partial prepayment of a LIBO Rate Loan shall be in a minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof. The
Company shall notify the Agent of such prepayment by written notice in the form of Exhibit 2.10 (a “Notice of Prepayment”). The Company shall give three Business Days’ irrevocable notice in the case of LIBO Rate
Loans and one Business Day’s irrevocable notice in the case of Base Rate Loans, to the Agent (which shall notify the Banks thereof as soon as practicable). Amounts prepaid under this Section 2.10(a) shall be applied to the outstanding
Loans as the Company may elect; provided however, each prepayment shall be applied first to Base Rate Loans and then to LIBO Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.10(a)
shall be subject to Section 3.7, but otherwise without premium or penalty. Interest on the principal amount prepaid shall be payable on the next occurring Interest Payment Date that would have occurred had such Loans not been prepaid or, at the
request of the Agent, interest on the principal amount prepaid shall be payable on any date that a prepayment is made hereunder through the date of prepayment. Amounts prepaid on the Loans may be reborrowed in accordance with the terms hereof.

 (b) Mandatory Prepayments Revolving Committed Amount. If at any time after the Closing Date, the sum of the outstanding Loans
plus outstanding LOC Obligations shall exceed the aggregate Revolving Committed Amount of all of the Banks, the Company immediately shall prepay the Loans and/or cash collateralize the LOC Obligations in an amount sufficient to eliminate such
excess. All amounts required to be paid pursuant to this Section 2.10(b) shall be applied as follows: (1) first to the outstanding Swingline Loans, (2) second to the outstanding Revolving Loans and (3) third
to a cash collateral account in respect of outstanding LOC Obligations. Within the parameters of the applications set forth above, prepayments shall be applied first to Base Rate Loans and then to LIBO Rate Loans in direct order of Interest Period
maturities. All prepayments under this Section 2.10(b) shall be subject to Section 3.7 and be accompanied by interest on the principal amount prepaid through the date of prepayment. 
 (c) Hedging Agreements. Any prepayment made pursuant to this Section 2.10 shall not affect the Company’s obligations to continue making
payments under any Hedging Agreement relating to the Loans hereunder between the Company and any Bank, or any Affiliate of a Bank, and any such Hedging Agreement shall remain in full force and effect notwithstanding such prepayment, subject to the
terms of such Hedging Agreement. 
 Section 2.11 Minimum Principal Amount of Tranches; Lending Offices. 
 All borrowings, payments and prepayments (other than amounts required to be paid pursuant to Section 2.10) in respect of Loans herewith shall be in
such amounts and be made 

  

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pursuant to such elections so that after giving effect thereto the aggregate principal amount of the Loans comprising any tranche shall be (a) with
respect to LIBO Rate Loans, $100,000 or a whole multiple of $100,000 in excess thereof and (b) with respect to Base Rate Loans, $100,000 or a whole multiple of $100,000 in excess thereof. 
 Section 2.12 Default Rate and Payment Dates. 
 Upon the occurrence, and during the continuance, of an Event of Default, at the election of the Majority Banks, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing
hereunder or under the other Loan Documents shall bear interest, payable on demand, at a per annum rate 2% greater than the rate which would otherwise be applicable (or if no rate is applicable, the Base Rate plus 2%). 
 Section 2.13 Conversion Options. 
 (a) The Company may, in the case of Revolving Loans, elect from time to time to convert Base Rate Loans to LIBO Rate Loans, by giving the Agent at least three Business Days’ prior irrevocable written notice of such election. The Agent
shall give prompt written notice to each Bank of any notice received by the Agent from the Company pursuant to this Section 2.13. A form of Notice of Conversion/Extension is attached as Exhibit 2.13. If the date upon which an Base
Rate Loan is to be converted to a LIBO Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan
shall bear interest as if it were an Base Rate Loan. All or any part of outstanding Base Rate Loans may be converted as provided herein, provided that (i) no Revolving Loan may be converted into a LIBO Rate Loan when any Default or Event
of Default has occurred and is continuing and (ii) partial conversions shall be in an aggregate principal amount of $100,000 or a whole multiple of $100,000 in excess thereof. 
 (b) Any LIBO Rate Loans may be continued as such upon the expiration of an Interest Period with respect thereto by compliance by the Company with the
notice provisions contained in Section 2.13(a); provided, that no LIBO Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, in which case such Loan shall be automatically converted to an
Base Rate Loan at the end of the applicable Interest Period with respect thereto. If the Company shall fail to give timely notice of an election to continue a LIBO Rate Loan, or the continuation of LIBO Rate Loans is not permitted hereunder, such
LIBO Rate Loans shall be automatically converted to Base Rate Loans at the end of the applicable Interest Period with respect thereto. 
 Section 2.14 Swingline Loan Subfacility. 
 (a) Swingline Commitment. From the Closing Date
through the Maturity Date, subject to the terms and conditions hereof, the Swingline Lender, in its individual capacity, agrees to make certain revolving credit loans to the Company (each a “Swingline Loan” and, collectively, the
“Swingline Loans”) for the purposes hereinafter set forth; provided, however, (i) the aggregate principal amount of Swingline Loans 

  

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outstanding at any time shall not exceed TWENTY MILLION DOLLARS ($20,000,000) (the “Swingline Committed Amount”), and (ii) the
sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the aggregate Revolving Committed Amount of all the Banks then in effect. Swingline
Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof. 
 (b) Swingline Loan
Borrowings. 
 (i) Notice of Borrowing and Disbursement. Upon receiving a Notice of Borrowing from the Company not
later than 3:00 P.M. (Charlotte, North Carolina time) on any Business Day requesting that a Swingline Loan be made, the Swingline Lender will make Swingline Loans available to the Company on the same Business Day such request is received by the
Agent. Swingline Loan borrowings hereunder shall be made in minimum amounts of $100,000 (or the remaining available amount of the Swingline Committed Amount if less) and in integral amounts of $100,000 in excess thereof. 
 (ii) Repayment of Swingline Loans. Each Swingline Loan borrowing shall be due and payable on the earlier of 30 days following the
date such Swingline Loan is made and the Maturity Date. The Swingline Lender may, at any time, in its sole discretion, by written notice to the Company and the Agent, demand repayment of its Swingline Loans by way of a Revolving Loan borrowing, in
which case the Company shall be deemed to have requested a Revolving Loan borrowing comprised entirely of Base Rate Loans in the amount of such Swingline Loans; provided, however, that, in the following circumstances, any such demand
shall also be deemed to have been given one Business Day prior to each of (A) the Maturity Date, (B) the occurrence of any Bankruptcy Event, (C) upon acceleration of the Obligations hereunder, whether on account of a Bankruptcy Event
or any other Event of Default, and (D) the exercise of remedies in accordance with the provisions of Article VIII hereof (each such Revolving Loan borrowing made on account of any such deemed request therefor as provided herein being
hereinafter referred to as “Mandatory Swingline Borrowing”). Each Bank hereby irrevocably agrees to make such Revolving Loans promptly upon any such request or deemed request on account of each Mandatory Swingline Borrowing in the
amount and in the manner specified in the preceding sentence on the date such notice is received by the Banks from the Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 Noon on the
Business Day next succeeding the date such notice is received notwithstanding (1) the amount of Mandatory Swingline Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder,
(2) whether any conditions specified in Section 6.1 are then satisfied, (3) whether a Default or an Event of Default then exists, (4) failure of any such request or deemed request for Revolving Loans to be made by the time
otherwise required in Section 2.2(a), (5) the date of such Mandatory Swingline Borrowing, or (6) any reduction in the 

  

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Revolving Committed Amount or termination of the Revolving Commitments immediately prior to such Mandatory Swingline Borrowing or contemporaneously
therewith. In the event that any Mandatory Swingline Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code), then each
Bank hereby agrees that it shall forthwith purchase (as of the date the Mandatory Swingline Borrowing would otherwise have occurred, but adjusted for any payments received from the Company on or after such date and prior to such purchase) from the
Swingline Lender such Participation Interest in the outstanding Swingline Loans as shall be necessary to cause each such Bank to share in such Swingline Loans ratably based upon its respective Revolving Commitment Percentage (determined before
giving effect to any termination of the Commitments pursuant to the provisions of Article VIII hereof); provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender until the date
as of which the respective Participation Interest is purchased, and (y) at the time any purchase of a Participation Interest pursuant to this sentence is actually made, the purchasing Bank shall be required to pay to the Swingline Lender
interest on the principal amount of such Participation Interest purchased for each day from and including the day upon which the Mandatory Swingline Borrowing would otherwise have occurred to but excluding the date of payment for such Participation
Interest, at the rate equal to, if paid within two (2) Business Days of the date of the Mandatory Swingline Borrowing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Base Rate. The Company shall have the right to repay
the Swingline Loan in whole or in part from time to time; provided, however; that each partial repayment of a Swingline Loan shall be in a minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof (or
the remaining outstanding principal amount). 
 (c) Interest on Swingline Loans. Subject to the provisions of
Section 2.12, Swingline Loans shall bear interest at a per annum rate equal to the sum of the LIBO Reference Rate plus the Applicable Margin. Interest on Swingline Loans shall be payable in arrears on each Interest Payment Date.

 (d) The Swingline Loan shall be evidenced by this Agreement and, upon request of the Swingline Lender, by a duly executed
promissory note of the Company in favor of the Swingline Lender in the original amount of the Swingline Committed Amount and substantially in the form of Exhibit 2.14(d). 
 Section 2.15 Incremental Term Loans. 
 (a) From time to time (but no more than two times, including the frequency of the request for any Revolver Increase), the Company may, upon notice to the Agent (which shall promptly provide a copy of such notice to the Banks), on one or
more occasions during the period from the Closing Date until the date one (1) year prior to the Maturity Date, request term loans (the “Incremental Term Loans”) of up to an aggregate amount of $50,000,000 less the aggregate
amount of Revolver Increases pursuant to Section 2.6; provided that the minimum 

  

 28 

 
amount of each Incremental Term Loan shall be $15,000,000. Each Bank party to this Agreement at such time shall have the right (but no obligation), for a
period of 15 days following receipt of such notice, to elect by notice to the Company and the Agent to provide a portion of any such Incremental Term Loan. Any Bank not responding within fifteen (15) days of receipt of such notice shall be
deemed to have declined to provide a portion of any such Incremental Term Loan. 
 (b) If any Bank party to this Agreement shall not elect to
provide a portion of any such Incremental Term Loan pursuant to subsection (a) of this Section, the Company may, within 10 days of the Banks’ response, designate one or more of the existing Banks or other financial institutions
reasonably acceptable to the Agent and the Company which at the time agree to (i) in the case of any such lender that is an existing Bank, provide a portion of any such Incremental Term Loan and (ii) in the case of any other such lender
(an “Additional Bank”), become a party to this Agreement by providing a portion of any such Incremental Term Loan of not less than $10,000,000 pursuant to the terms set forth in clause (c) below; provided (x) no
existing Banks shall have any obligation to provide all or any portion of any such Incremental Term Loan and (y) such other banks, financial institutions and investment funds that are not existing Banks shall enter into such joinder agreements
to give effect thereto as the Agent and the Company may reasonably request. The Agent is authorized to enter into, on behalf of the Banks, any amendment to this Agreement or any other Loan Document consistent with this Section 2.15 as may be
necessary to incorporate the terms of any Incremental Term Loan. The sum of the aggregate amount of Revolver Increases pursuant to Section 2.6, plus the amount of any Incremental Term Facility made pursuant to this Section 2.15 shall not
in the aggregate exceed $50,000,000. 
 (c) The following terms and conditions shall apply to all Incremental Term Loans: (i) any such
Incremental Term Loans shall constitute Obligations, (ii) such Incremental Term Loans shall have the terms as determined by the Agent and the Company, provided the interest rate shall be the same as the interest rate for Revolving Loans
hereunder, (iii) any such Incremental Term Loan shall be entitled to the same voting rights as the Revolving Commitments and/or Revolving Loans and shall be entitled to receive proceeds of prepayments on the same basis as the existing Revolving
Loans, (iv) any Incremental Term Loan shall mature on the Maturity Date, (v) any such Incremental Term Loan shall be obtained from existing Lenders or from other banks, financial institutions or investment funds, in each case in accordance
with the terms set forth in this Section 2.15, (vi) any such Incremental Term Loan which is an Alternate Base Rate Loan shall be in a minimum principal Dollar Amount of $1,000,000 and integral multiples of $100,000 in excess thereof and
any such Incremental Term Loan which is a LIBO Rate Loan shall be in a minimum principal Dollar of $2,000,000 and in integral multiples of $500,000 in excess thereof, (vii) the proceeds of any Incremental Term Loan will be used in accordance
with Section 4.19, and (viii) the Company shall deliver to the Agent (A) an agreement in form and substance satisfactory to the Agent signed by the Company, by each Additional Bank and by each other Bank who will make such Incremental
Term Loan, setting forth the new Commitments of such Banks and setting forth the agreement of each Additional Bank to become a party to this Agreement and to be bound by all the terms and provisions hereof, (B) a Term Note duly executed by the
Company, equal in principal amount to the respective amounts of the Commitments of the Additional Banks and the Banks that made 

  

 29 

 
such Incremental Term Loan if so requested by such Bank; (C) such evidence of appropriate corporate authorization on the part of the Company with
respect to the Incremental Term Loan and such opinions of counsel for the Company with respect to the Incremental Term Loan as the Agent may reasonably request; (D) payment of any applicable fee related to such Incremental Term Loan (including,
without limitation, any applicable arrangement, upfront and/or administrative fee) and (E) such evidence of the satisfaction of the following conditions set forth in subsection (d) below as the Agent may reasonably request. 
 (d) Any Incremental Term Loan made pursuant to this Section 2.15 shall be subject to satisfaction of the following conditions: 
 (i) before and after giving effect to such Incremental Term Loan, all representations and warranties contained in Article IV
shall be true; 
 (ii) at the time of the making of such Incremental Term Loan, no Default or Event of Default shall have
occurred and be continuing or would result from such increase, and no event shall have occurred and be continuing that with notice or lapse of time or both would constitute a Default or an Event of Default; and 
 (iii) after giving effect to such Incremental Term Loan, the aggregate amount of all Incremental Term Loans made pursuant to this
Section 2.15 and all Revolver Increases made pursuant to this Section 2.6 shall not exceed $50,000,000. 
 ARTICLE III

 TAXES; PAYMENTS AND COMPUTATIONS, FEES. 
 Section 3.1 Computation of Interest and Fees. 
 (a) Interest payable hereunder with respect to
Base Rate Loans based on the Prime Rate shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days elapsed. All other fees, interest and all other amounts payable hereunder shall be calculated on the
basis of a 360-day year for the actual days elapsed. The Agent shall as soon as practicable notify the Company and the Banks of each determination of a LIBO Rate on the Business Day of the determination thereof. Any change in the interest rate on a
Loan resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate shall become effective. The Agent shall as soon as practicable notify the Company and the Banks of
the effective date and the amount of each such change. 
 (b) Each determination of an interest rate by the Agent pursuant to any provision
of this Agreement shall be conclusive and binding on the Company and the Banks in the absence of manifest error. The Agent shall, at the request of the Company, deliver to the Company a statement showing the computations used by the Agent in
determining any interest rate. 
  

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 Section 3.2 Pro Rata Treatment and Payments. 
 (a) Each borrowing of Loans and any reduction of the Commitments shall be made pro rata according to the respective Commitment Percentages
of the Banks. Each payment under this Agreement or any Note shall be applied, first, to any fees then due and owing by the Company pursuant to Section 2.8, second, to interest then due and owing in respect of the Notes of the Company and,
third, to principal then due and owing hereunder and under the Notes of the Company. Each payment on account of any fees pursuant to Section 2.8 shall be made pro rata in accordance with the respective amounts due and owing
(except as to the portion of the Letter of Credit retained by the Issuing Bank and the Issuing Bank Fees). Each payment (other than prepayments) by the Company on account of principal of and interest on the Loans shall be made pro rata
according to the respective amounts due and owing in accordance with Section 2.10. Prepayments made pursuant to Section 3.5 shall be applied in accordance with such section. Each optional prepayment on account of principal of the Loans
shall be applied in accordance with Section 2.10(a) and each mandatory prepayment on account of principal of the Loans shall be applied in accordance with Section 2.10(b). All payments (including prepayments) to be made by the Company on
account of principal, interest and fees shall be made without defense, set-off or counterclaim (except as provided in Article IX) and shall be made to the Agent for the account of the Banks at the Agent’s office specified in Article XV in
Dollars and in immediately available funds not later than 1:00 P.M. (Charlotte, North Carolina time) on the date when due. The Agent shall distribute such payments to the Banks entitled thereto promptly upon receipt in like funds as received. If any
payment hereunder (other than payments on the LIBO Rate Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest
thereon shall be payable at the then applicable rate during such extension. If any payment on a LIBO Rate Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day
unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. 
 (b) Allocation of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the occurrence
and during the continuance of an Event of Default, all amounts collected or received by the Agent or any Bank on account of the obligations of the Company or any other amounts outstanding under any of the Loan Documents shall be paid over or
delivered as follows: 
 FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without
limitation reasonable attorneys’ fees) of the Agent in connection with enforcing the rights of the Banks under the Loan Documents; 
 SECOND, to payment of any fees owed to the Agent; 
 THIRD, to the payment of all reasonable
out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of each of the Banks in connection with enforcing its rights under the Loan Documents or otherwise with respect to the obligations owing by the Company
hereunder to such Bank; 
  

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 FOURTH, to the payment of all of the obligations by the Company hereunder consisting of
accrued fees and interest and including with respect to any Hedging Agreement between the Company and any Bank, or any Affiliate of a Bank, to the extent such Hedging Agreement is permitted by Section 7.9, any fees, premiums and scheduled
periodic payments due under such Hedging Agreement; 
 FIFTH, to the payment of the outstanding principal amount of the
Obligations owing by the Company hereunder and the payment or cash collateralization of the outstanding LOC Obligations and including with respect to any Hedging Agreement between the Company and any Bank or any Affiliate of a Bank, to the extent
such Hedging Agreement is permitted by Section 7.9, any interest accrued thereon and any breakage, termination or other payments due under such Hedging Agreements and any interest accrued thereon; 
 SIXTH, to all other obligations owing by the Company hereunder and other obligations which shall have become due and payable under the
Loan Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; 
 SEVENTH,
to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. 
 In carrying out the foregoing,
(i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Banks shall receive an amount equal to its pro rata share (based on the proportion
that the then outstanding Extension of Credit and obligations outstanding under the Hedging Agreements (if any) permitted by Section 7.9 held by such Bank (and its Affiliates, in the case of Hedging Agreement obligations) bears to the aggregate
then outstanding Extensions of Credit and obligations outstanding under the Hedging Agreements (if any) permitted by Section 7.9) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH”
and “SIXTH”; and (iii) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held
by the Agent in a cash collateral account and applied (A) first, to reimburse the Issuing Bank from time to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other
obligations of the types described in clauses “FIFTH” and “SIXTH” above in the manner provided in this Section 3.2(b). 
 Section 3.3 Non-Receipt of Funds by the Agent. 
 (a) Unless the Agent shall have been notified in writing by a Bank
prior to the date a Loan is to be made by such Bank (which notice shall be effective upon receipt) that such Bank does not intend to make the proceeds of such Loan available to the Agent, the Agent may assume that such Bank has made such proceeds
available to the Agent on such date, and the Agent may in reliance upon such assumption (but shall not be required to) make available to the Company a corresponding amount. If such corresponding amount is not in fact made available to the Agent,

  

 32 

 
the Agent shall be able to recover such corresponding amount from such Bank. If such Bank does not pay such corresponding amount forthwith upon the
Agent’s demand therefor, the Agent will promptly notify the Company, and the Company shall, without in any way waiving any rights it may have against such defaulting Bank as a result of not making such amounts available to the Agent, pay such
corresponding amount to the Agent within two (2) Business Days. The Agent shall also be entitled to recover from the Bank or the Company, as the case may be, interest on such corresponding amount in respect of each day from the date such
corresponding amount was made available by the Agent to the Company to the date such corresponding amount is recovered by the Agent at a per annum rate equal to (i) from the Company at the applicable rate for the applicable borrowing pursuant
to the Notice of Borrowing and (ii) from a Bank at the Federal Funds Effective Rate. 
 (b) Unless the Agent shall have been notified in
writing by the Company, prior to the date on which any payment is due from it hereunder (which notice shall be effective upon receipt) that the Company does not intend to make such payment, the Agent may assume that such Company has made such
payment when due, and the Agent may in reliance upon such assumption (but shall not be required to) make available to each Bank on such payment date an amount equal to the portion of such assumed payment to which such Bank is entitled hereunder, and
if the Company has not in fact made such payment to the Agent, such Bank shall, on demand, repay to the Agent the amount made available to such Bank. If such amount is repaid to the Agent on a date after the date such amount was made available to
such Bank, such Bank shall pay to the Agent on demand interest on such amount in respect of each day from the date such amount was made available by the Agent to such Bank to the date such amount is recovered by the Agent at a per annum rate equal
to the Federal Funds Effective Rate. 
 (c) A certificate of the Agent submitted to the Company or any Bank with respect to any amount owing
under this Section 3.3 shall be conclusive in the absence of manifest error. 
 Section 3.4 Inability to Determine Interest
Rate. 
 Notwithstanding any other provision of this Agreement, if (i) the Agent shall reasonably determine (which determination
shall be conclusive and binding absent manifest error) that, by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist for ascertaining LIBO for such Interest Period, or (ii) the Majority Banks shall
reasonably determine (which determination shall be conclusive and binding absent manifest error) that the LIBO Rate does not adequately and fairly reflect the cost to such Banks of funding LIBO Rate Loans that the Company has requested be
outstanding as a LIBO tranche during such Interest Period, the Agent shall forthwith give telephone notice of such determination, confirmed in writing, to the Company, and the Banks at least two Business Days prior to the first day of such Interest
Period. Unless the Company shall have notified the Agent upon receipt of such telephone notice that it wishes to rescind or modify its request regarding such LIBO Rate Loans, any Loans that were requested to be made as LIBO Rate Loans shall be made
as Base Rate Loans and any Loans that were requested to be converted into or continued as LIBO Rate Loans shall remain as or be converted into Base Rate Loans. Until any such notice has been withdrawn by the Agent, no further Loans shall be made as,
continued as, or converted into, LIBO Rate Loans for the Interest Periods so affected. 
  

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 Section 3.5 Illegality. 
 Notwithstanding any other provision of this Agreement, if the adoption of or any change in any Requirement of Law or in the interpretation or application
thereof by the relevant Governmental Authority to any Bank shall make it unlawful for such Bank or its LIBO Lending Office to make or maintain LIBO Rate Loans as contemplated by this Agreement or to obtain in the interbank eurodollar market through
its LIBO Lending Office the funds with which to make such Loans, (a) such Bank shall promptly notify the Agent and the Company thereof, (b) the commitment of such Bank hereunder to make LIBO Rate Loans or continue LIBO Rate Loans as such
shall forthwith be suspended until the Agent shall give notice that the condition or situation which gave rise to the suspension shall no longer exist, and (c) such Bank’s Loans then outstanding as LIBO Rate Loans, if any, shall be
converted on the last day of the Interest Period for such Loans or within such earlier period as required by law to Base Rate Loans. 
 Section 3.6 Requirements of Law. 
 (a) If the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof or compliance by any Bank with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof, or in the case of any
transferee of a Note, subsequent to the date of transfer: 
 (i) shall subject such Bank to any tax of any kind whatsoever
with respect to any Letter of Credit or any application relating thereto, any LIBO Rate Loan made by it, or change the basis of taxation of payments to such Bank in respect thereof (except for changes in the rate of tax on the overall net income of
such Bank); 
 (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar
requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Bank which is not otherwise included in the
determination of the LIBO Rate hereunder; or 
 (iii) shall impose on such Bank any other similar condition; 
 and the result of any of the foregoing is to increase the cost to such Bank of making or maintaining LIBO Rate Loans or the Letters of Credit or to reduce any amount
receivable hereunder or under any Note, then, in any such case, the Company shall promptly pay such Bank, upon its demand (which decrease shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount
thereof in reasonable detail), any additional amounts necessary to compensate such Bank for such additional cost or reduced amount receivable which such Bank reasonably deems to be material as determined by such Bank with respect to its LIBO Rate
Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section (which certificate shall state that such amounts are being demanded of the Company by such Bank on a nondiscriminatory basis, consistent with

  

 34 

 
other requests being made by such Bank in connection with other similar loans held by such Bank) submitted by such Bank, through the Agent, to the Company
shall be conclusive in the absence of manifest error. Each Bank agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBO Lending Office, as the case may be) to avoid or to minimize any amounts
which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that such efforts shall not cause the imposition on such Bank of any additional costs or legal or regulatory burdens reasonably deemed by
such Bank in its sole discretion to be material. 
 (b) If any Bank shall have reasonably determined that the adoption of or any change in
any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Bank or any corporation controlling such Bank with any request or directive regarding capital adequacy (whether or not having the
force of law) from any central bank or Governmental Authority made subsequent to the date hereof (or in the case of any transferee of a Note, subsequent to the date of transfer) does or shall have the effect of reducing the rate of return on such
Bank’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which such Bank or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such
Bank’s or such corporation’s policies with respect to capital adequacy) by an amount reasonably deemed by such Bank in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Bank
(which demand shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail), the Company shall pay to such Bank such additional amount as shall be certified by such Bank as
being required to compensate it for such reduction (which certificate shall state that such amounts are being demanded of the Company by such Bank on a nondiscriminatory basis, consistent with other requests being made by such Bank in connection
with other similar loans held by such Bank). Such a certificate (which shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail) as to any additional amounts payable
under this Section submitted by a Bank (which certificate shall include a description of the basis for the computation), through the Agent, to the Company shall be conclusive absent manifest error. 
 (c) The agreements in this Section 3.6 shall survive the termination of this Agreement and payment of the Notes and all other amounts payable
hereunder. 
 Section 3.7 Indemnity. 
 The Company hereby agrees to indemnify each Bank and to hold such Bank harmless from any funding loss (excluding any loss of anticipated profits) or reasonable expense which such Bank may sustain or incur as a
consequence of (a) default by the Company in payment of the principal amount of or interest on any Loan by such Bank in accordance with the terms hereof, (b) default by the Company in accepting a borrowing after the Company has given a
notice in accordance with the terms hereof, (c) default by the Company in making any prepayment after the Company has given a notice in accordance with the terms hereof, and/or (d) the making by the Company of a prepayment of a Loan, or
the conversion thereof, on a day which is not the last day of the Interest Period with respect thereto (except if pursuant to Section 

  

 35 

 
3.3(a)), in each case including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Bank or
the termination of any other financial arrangement it may have entered into to fund or maintain or support such Bank’s portion of the Loan through the conclusion of the applicable Interest Period). A certificate as to any additional amounts
payable pursuant to this Section submitted by any Bank, through the Agent, to the Company (which certificate must be delivered to the Agent within thirty (30) days following such default, prepayment or conversion) shall be conclusive in the
absence of manifest error. The agreements in this Section shall survive termination of this Agreement and payment of the Notes and all other amounts payable hereunder. 
 Section 3.8 Taxes. 
 (a) All payments made by the Company hereunder or under any Note will be,
except as provided in Section 3.8(b) or required by applicable law, made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature
now or hereafter imposed by any Governmental Authority or by any political subdivision or taxing authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured by the net income or profits of a Bank pursuant
to the laws of the United States of America, the jurisdiction in which it is organized or the jurisdiction in which the principal office or applicable lending office of such Bank is located, any jurisdiction in which a Bank books as interest in any
Note for tax accounting purposes, any jurisdiction to which the Company is directed to make payments, or, in each preceding case, any subdivision thereof or therein) and all interest, penalties or similar liabilities with respect thereto (all such
non-excluded taxes, levies, imposts, duties, fees, assessments or other charges being referred to collectively as “Taxes”). If any Taxes are required to be deducted or withheld by the Company (i) the sum payable shall be
increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.8(a) such Bank receives an amount equal to the sum it would have received had no
deductions been made, (ii) the Company shall make such deductions, and (iii) the Company shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law. The Company will furnish to
the Agent as soon as practicable after the date the payment of any Taxes is due pursuant to applicable law certified copies (to the extent reasonably available and required by law) of tax receipts evidencing such payment by the Company. The Company
agrees to indemnify and hold harmless each Bank, and reimburse such Bank upon its written request, for the amount of any Taxes that the Company failed to deduct and withhold, and which Taxes are paid by such Bank. 
 (b) Each Bank that is not a United States person (as such term is defined in Section 7701(a)(30)(c) of the Code) agrees to deliver to the Company
and the Agent on or prior to the Closing Date, or in the case of a Bank that is an assignee or transferee of an interest under this Agreement pursuant to Section 11.13(c) (unless the respective Bank was already a Bank hereunder immediately
prior to such assignment or transfer), on the date of such assignment or transfer to such Bank, two accurate and complete original signed copies of Internal Revenue Service Form W-8BEN or W-8ECI (or successor forms) or other applicable form
certifying such Bank’s entitlement to a complete exemption from United States withholding tax with respect to payments to be made under this Agreement and under any Note. In addition, each Bank agrees 

  

 36 

 
that it will deliver upon the Company’s request updated versions of the foregoing, as applicable, whenever the previous certification has become
obsolete or inaccurate in any material respect, together with such other forms as may be required in order to confirm or establish the entitlement of such Bank to a continued exemption from or reduction in United States withholding tax with respect
to payments under this Agreement and any Note. Notwithstanding anything to the contrary contained in Section 3.8(a), but subject to the immediately succeeding sentence, (x) the Company shall be entitled, to the extent it is required to do
so by law, to deduct or withhold Taxes imposed by the United States (or any political subdivision or taxing authority thereof or therein) from interest, fees or other amounts payable hereunder for the account of any Bank which is not a United States
person (as such term is defined in Section 7701(a)(30) of the Code) for U.S. Federal income tax purposes to the extent that such Bank has not provided to the Company U.S. Internal Revenue Service Forms that establish a complete exemption from
such deduction or withholding and (y) the Company shall not be obligated pursuant to Section 3.8(a) hereof to make any payments to such Bank in respect of Taxes imposed by the United States if (I) such Bank has not provided to the
Company the Internal Revenue Service Forms required to be provided to the Company pursuant to this Section 3.8(b) or (II) in the case of a payment, other than interest, to a Bank described in clause (x) above, to the extent that such
Forms do not establish a complete exemption from withholding of such Taxes. Notwithstanding anything to the contrary contained in the preceding sentence, the Company agrees to pay additional amounts and to indemnify each Bank in the manner set forth
in Section 3.8(a) (without regard to the identity of the jurisdiction requiring the deduction or withholding) in respect of any amounts deducted or withheld by it as described in the immediately preceding sentence solely as a result of any
changes after the later of the Closing Date, the date on which such Bank acquires its respective interest in a Note or the date on which such Bank designates a new applicable lending office or principal office, in any applicable law, treaty,
governmental rule or regulation governing the deduction or withholding of Taxes which precludes the affected Bank from providing to the Company U.S. I.R.S. forms establishing exemption therefrom. 
 (c) Each Bank agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBO Lending Office, as the case
may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this Section; provided, however, that such efforts shall not cause the imposition on such Bank of any additional costs or legal or regulatory
burdens reasonably deemed by such Bank in its sole discretion to be material. 
 (d) If the Company pays any additional amount pursuant to
this Section 3.8 with respect to a Bank, such Bank shall use reasonable efforts to obtain a refund of tax or credit against its tax liabilities on account of such payment; provided that such Bank shall have no obligation to use such
reasonable efforts if it believes in good faith that claiming a refund or credit would cause adverse tax consequences to it. In the event that such Bank receives such a refund or credit, such Bank shall pay to the Company an amount that such
Bank reasonably determines is equal to the net tax benefit obtained by such Bank as a result of such payment by the Company. In the event that no refund or credit is obtained with respect to the Company’s payments to such Bank pursuant to this
Section 3.8, then such Bank shall upon request provide a certification that such Bank has not received a refund or credit for such payments. Nothing contained in this Section 3.8 shall require a Bank to disclose or detail the basis of its
calculation of the amount of any tax benefit or any other amount or the basis of its determination referred to in the proviso to the first sentence of this Section 3.8(d) to the Company or any other party. 
  

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 (e) The agreements in this Section 3.8 shall survive the termination of this Agreement and the
payment of the Notes and all other amounts payable hereunder. 
 Section 3.9 Indemnification; Nature of Issuing Bank’s
Duties. 
 (a) In addition to its other obligations under Section 2.7, the Company hereby agrees to protect, indemnify, pay and save
the Issuing Bank harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees) that the Issuing Bank may incur or be subject to as a consequence, direct
or indirect, of (i) the issuance of any Letter of Credit or (ii) the failure of the Issuing Bank to honor a drawing under a Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or future de jure
or de facto government or governmental authority (all such acts or omissions, herein called “Government Acts”). 
 (b)
Subject to Section 3.9(e), as between the Company and the Issuing Bank, the Company shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. The Issuing Bank shall not be responsible for:
(i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all
respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of a Letter of Credit to comply fully with conditions required in order to draw upon a Letter of Credit, so long
as the Issuing Bank acts with reasonable care in connection therewith; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher;
(v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under a Letter of Credit or of the proceeds thereof; and (vii) any
consequences arising from causes beyond the control of the Issuing Bank, including, without limitation, any Government Acts. None of the above shall affect, impair, or prevent the vesting of the Issuing Bank’s rights or powers hereunder.

 (c) Subject to Section 3.9(e), in furtherance and extension and not in limitation of the specific provisions hereinabove set forth,
any action taken or omitted by the Issuing Bank, under or in connection with any Letter of Credit or the related certificates, if taken or omitted in good faith, shall not put such Issuing Bank under any resulting liability to the Company. It is the
intention of the parties that this Agreement shall be construed and applied to protect and indemnify the Issuing Bank against any and all risks involved in the issuance of the Letters of Credit, all of which risks are hereby assumed by the Company,
including, without limitation, any and all risks of the acts or omissions, whether rightful or wrongful, of any Government Authority. The Issuing Bank shall not, in any way, be liable for any failure by the Issuing Bank or anyone else to pay any
drawing under any Letter of Credit as a result of any Government Acts or any other cause beyond the control of the Issuing Bank. 
  

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 (d) Nothing in this Section 3.9 is intended to limit the reimbursement obligation of the Company
contained in Section 2.7(d). The obligations of the Company under this Section 3.9 shall survive the termination of this Agreement. No act or omissions of any current or prior beneficiary of a Letter of Credit shall in any way affect or
impair the rights of the Issuing Bank to enforce any right, power or benefit under this Agreement. 
 (e) Notwithstanding anything to the
contrary contained in this Section 3.9, the Company shall have no obligation to indemnify any Issuing Bank in respect of any liability incurred by such Issuing Bank arising out of the gross negligence or willful misconduct of the Issuing Bank
(including action not taken by an Issuing Bank), as determined by a court of competent jurisdiction or a final arbitration ruling. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 The Company hereby represents and warrants to the Banks and the Agent as follows: 
 Section 4.1 Corporate Existence. 
 (a) The Company (i) is a real estate investment trust duly organized, validly existing and in good standing under the laws of the State of Maryland, (ii) has adequate power and authority and full legal right to own or to hold
under lease its properties and to carry on the business in which it is presently engaged; and (iii) is qualified, licensed, admitted or approved to do business as a foreign business entity in each jurisdiction wherein the character of the
properties owned or held under lease by it, or the nature of the business conducted by it, makes such qualification necessary, except where such failure to qualify could not reasonably be expected to have a Material Adverse Effect. 
 (b) The Company has adequate power and authority and has full legal right to enter into each of the Loan Documents to which it is or is to become a
party, to perform, observe and comply with all of its agreements and obligations under each of such documents, and to make all of the borrowings contemplated by this Agreement. 
 Section 4.2 Subsidiaries. 
 The
Company has no Subsidiaries other than those Subsidiaries listed on Schedule 4.2(a) and such other Subsidiaries established by the Company from time to time subject to the requirements of Section 7.33. As of the applicable date indicated
thereon, the capital structure of the Company is set forth on Schedule 4.2(b). 
  

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 Section 4.3 Authority, Etc. 
 The execution and delivery by the Company of each of the Loan Documents to which it is or is to become a party, the performance by the Company of all of
its agreements and obligations under each of such documents and the making by the Company of all of the borrowings contemplated by this Agreement as and when such borrowings are made, have been duly authorized by all necessary action on the part of
the Company and its shareholders and do not (i) contravene any provision of its declaration of trust, by-laws or other organizational document, (ii) conflict with, or result in a breach of any material term, condition or provision of, or
constitute a default under or result in the creation of any mortgage, lien, pledge, charge, security interest or other encumbrance upon any of its property under, any agreement, trust deed, indenture, mortgage or other instrument to which it is or
may become a party or by which it or any of its property is or may become bound or affected, (iii) violate or contravene any provision of any law, regulation, order or judgment of any court or governmental or regulatory, bureau, agency or
official except where such violation or contravention could not reasonably be expected to have a Material Adverse Effect, (iv) require any waivers, consents or approvals by any of the creditors of the Company, (v) require any consents or
approvals by any shareholders of the Company (except such as will be duly obtained on or prior to the Closing Date and will be in full force and effect on and as of the Closing Date), or (vi) require any approval, consent, order, authorization
or license by, or giving notice to, or taking any other action with respect to, any governmental or regulatory authority or agency under any provision of any applicable law, except those actions which have been taken or will be taken prior to the
Closing Date or where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 Section 4.4 Binding
Effect Of Documents, Etc. 
 The Company has duly executed and delivered each of the Loan Documents to which it is a party and each of
such documents is in full force and effect. The agreements and obligations of the Company contained in each of the Loan Documents to which it is a party constitute its legal, valid and binding obligations enforceable against it in accordance with
their respective terms except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that the
availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought. 
 Section 4.5 No Events Of Default, Etc. 
 No Event of Default has occurred and is continuing.
Neither the Company nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect which could reasonably be expected to have a Material Adverse Effect. No event has occurred and is continuing,
and no condition exists within the knowledge of the Company which would, with notice or the lapse of time, or both, constitute an Event of Default. 
  

 40 

 Section 4.6 Title To Properties; Leases. 
 Except as indicated on Schedule 4.6 hereto, the Company and its Subsidiaries own all of the assets reflected in the balance sheet of the
Company as at December 31, 2005, or acquired since that date (except property and assets sold or otherwise disposed of in the ordinary course of business since that date), subject to no mortgages, leases, liens or other encumbrances except
those permitted by Section 7.11 hereof. 
 Section 4.7 Financial Statements. 
 The Company has delivered to the Agent and the Banks (a) the balance sheets and related statements of income and of cash flows of the Company and its
Subsidiaries for the fiscal years ended December 31, 2003, December 31, 2004 and December 31, 2005, audited by KPMG, (b) a company-prepared unaudited balance sheet and related statement of income for the three months ending
September 30, 2006, (c) balance sheets and related statements of income for each of the Company’s Health Care Facilities which is leased to UHS, in each case for the year ended December 31, 2005 and (d) the five-year
projections of the Company which have been prepared in good faith based upon reasonable assumptions. The financial statements referred to in clauses (a) and (b) above are complete and correct in all material respects and present fairly the
financial condition of the Company and its Subsidiaries as of such dates. The financial statements referred to in clauses (a) and (b) above, including the related schedules and notes thereto, have been prepared in accordance with GAAP
applied consistently throughout the periods involved (except as disclosed therein). 
 Section 4.8 No Material Changes; No Internal
Control Event, Full Disclosure, Etc. 
 Since December 31, 2005 (and, in addition, after delivery of annual audited financial
statements in accordance with Section 7.3, from the date of the most recently delivered annual audited financial statements), (a) there has been no development or event which has had or could reasonably be expected to have a Material
Adverse Effect and (b) no Internal Control Event has occurred. No representation or warranty made by the Company in this Agreement, the other Loan Documents or in any agreement instrument, document, certificate, statement or letter furnished to
the Banks or the Agent by or on behalf of the Company in connection with any of the transactions contemplated by any of the Loan Documents contains any untrue statement of a material fact or omits to state a material fact necessary in order to make
the statements contained therein not misleading in light of the circumstances in which they are made. Except as disclosed in writing to the Banks and the Agent, there is no fact known to the Company or its Subsidiaries which, in the Company’s
reasonable belief, has had or could be reasonably expected to have a Material Adverse Effect. 
 Section 4.9 Permits; Patents;
Copyrights. 
 The Company and its Subsidiaries possess all franchises, patents, copyrights, trademarks, tradenames, licenses and permits
and rights in respect of the foregoing, adequate for the conduct of their respective businesses substantially as now conducted without known conflict with any rights of others. 
  

 41 

 Section 4.10 Litigation. 
 There are no actions, suits, proceedings or investigations of any kind pending or threatened against the Company or any of its Subsidiaries or against any
of their properties or revenues before any court, tribunal or administrative agency or board which, if adversely determined, could be reasonably expected to have a Material Adverse Effect. 
 Section 4.11 Compliance With Other Instruments, Laws, Etc. 
 Neither the Company nor any of its Subsidiaries is in violation of any provision of its declaration of trust (or corporate charter or similar document) or by-laws or any agreement or instrument by which it or any of
its properties may be bound or any decree, order, judgment, or, to the knowledge of the Company’s officers, any statute, license, rule or regulation, including without limitation, the provisions of the Code and related regulations governing
real estate investment trusts, ERISA and environmental laws, in a manner which could result in the imposition of substantial penalties or could be reasonably expected to have a Material Adverse Effect. 
 Section 4.12 Tax Status. 
 The
Company and its Subsidiaries have made or filed all federal and state income and, all other material tax returns, reports and declarations required by any jurisdiction to which it is subject; and has paid all taxes and other governmental assessments
and charges shown or determined to be due on such returns, reports and declarations, except those being contested in good faith; and has set aside on its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the
periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim.

 Section 4.13 Investment Company Act. 
 Neither the Company nor any of its Subsidiaries is an “investment company”, or an “affiliated company” or a “principal underwriter” of an “investment company”, as such terms are
defined in the Investment Company Act of 1940. Neither the Company nor any of its Subsidiaries is subject to regulation under the Federal Power Act, the Interstate Commerce Act, or any federal or state statute or regulation limiting its ability to
incur the Indebtedness hereunder. 
 Section 4.14 Absence Of Financing Statements, Etc. 
 Except as indicated on Schedule 7.11(e) hereto, there is no financing statement, security agreement, chattel mortgage, real estate mortgage or
other document executed by the Company or any of its Subsidiaries filed or recorded with any filing records, registry, or other public office of any jurisdiction, which purports to cover, affect or give notice of any present or possible future lien
on, or security interest in, any assets or property of the Company or any of its Subsidiaries or rights thereunder. 
  

 42 

 Section 4.15 Certain Transactions. 
 Except for arm’s length transactions pursuant to which the Company or any of its Subsidiaries makes payments in the ordinary course of business upon
terms no less favorable than the Company or such Subsidiary could obtain from third parties, none of the officers, directors, or employees of the Company or any of its Subsidiaries is presently a party to any transaction with the Company or any of
its Subsidiaries having a value in excess of $250,000 (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of
real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer, director, or any
such employee has a substantial interest or is an officer, director, trustee or partner. 
 Section 4.16 Pension Plans.

 Neither the Company nor any of its Subsidiaries maintains nor contributes to any Pension Plan. 
 Section 4.17 Margin Regulations. 
 No part of the proceeds of any Loan hereunder will be used directly or indirectly for any purpose which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal
Reserve System as now and from time to time hereafter in effect. The Company does not own “margin stock” except as identified in the financial statements of the Company delivered to Agent pursuant to Section 7.3 and the aggregate
value of all “margin stock” owned by the Company does not exceed 25% of the value of its assets. 
 Section 4.18
Environmental Matters. 
 (a) To the best knowledge of the Company, the facilities and properties owned, leased or operated by the
Company or any of its Subsidiaries (collectively, the “Properties”) do not contain any Materials of Environmental Concern in amounts or concentrations which (i) constitute a violation of, or (ii) could reasonably be
expected to give rise to liability under, any Environmental Law except to the extent such violation or liability could not reasonably be expected to have a Material Adverse Effect. 
 (b) To the best knowledge of the Company, (i) the Properties and all operations of the Company at the Properties are in compliance, and have in the
last five years been in compliance, in all material respects with all applicable Environmental Laws, and (ii) there is no contamination at, under or about the Properties or violation of any Environmental Laws with respect to the Properties or
the business operated by the Company (the “Business”) except to the extent such noncompliance or violation could not reasonably be expected to have a Material Adverse Effect. 
  

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 (c) Except as set forth on Schedule 4.18, the Company has not received any written or actual
notice of material violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the Business, nor does the Company have
knowledge or reason to believe that any such notice will be received or is being threatened. 
 (d) To the best knowledge of the Company,
Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location which could reasonably be expected to give rise to material liability under any Environmental Law, nor
have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could reasonably be expected to give rise to material liability under, any
applicable Environmental Law. 
 (e) No judicial proceeding or governmental or administrative action is pending or, to the knowledge of the
Company, threatened, under any Environmental Law to which the Company is or will be named as a party with respect to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other
orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business that, in each case, individually or in the aggregate could reasonably be expected to have a Material
Adverse Effect. 
 (f) To the best knowledge of the Company, there has been no release or threat of release of Materials of Environmental
Concern at or from the Properties, or arising from or related to the operations of the Company in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts or in a manner that could reasonably be
expected to give rise to material liability under Environmental Laws. 
 Section 4.19 Use of Proceeds. 
 The proceeds of the Loans and Letters of Credit shall be used solely by the Company as follows: 
 (a) with respect to the Loans, (i) to refinance certain existing indebtedness of the Company, (ii) to pay any fees and expenses,
(iii) to provide for the working capital and general corporate requirements of the Company and its Subsidiaries (including to make Investments permitted by Section 7.25(e) and for acquisitions permitted under this Agreement), (iv) to
provide mortgage and construction financing permitted by Sections 7.26 and 7.27, (v) to make Distributions permitted by Section 7.24, and (vi) for other general corporate purposes; and 
 (b) the Letters of Credit shall be used only for or in connection with appeal bonds, reimbursement obligations arising in connection with
surety and reclamation bonds, 

  

 44 

 
reinsurance, domestic or international trade transactions and obligations not otherwise aforementioned relating to transactions entered into by the
applicable account party in the ordinary course of business. 
 Section 4.20 Indebtedness. 
 Except as otherwise permitted under Sections 7.9, the Company and its Subsidiaries have no Indebtedness. 
 Section 4.21 Solvency. 
 The fair
saleable value of the assets of the Company and its Subsidiaries, measured on a going concern basis, exceeds all probable liabilities, including those to be incurred pursuant to this Agreement. The Company and its Subsidiaries, taken as a whole, do
not (a) have unreasonably small capital in relation to the business in which it is or proposes to be engaged or (b) have incurred, or believes that it will incur after giving effect to the transactions contemplated by this Agreement, debts
beyond its ability to pay such debts as they become due. 
 Section 4.22 Investments. 
 All Investments of the Company and its Subsidiaries are Investments permitted under Section 7.25. 
 Section 4.23 Labor Matters. 
 There are no collective bargaining agreements or multiemployer plans covering the employees of the Company or any of its Subsidiaries as of the Closing Date and neither the Company nor any of its Subsidiaries (i) has suffered any
strikes, walkouts, work stoppages or other material labor difficulty within the last five years, or (ii) has knowledge of any potential or pending strike, walkout or work stoppage. No unfair labor practice complaint is pending against the
Company or any of its Subsidiaries or, to the best knowledge of the Company, before any Governmental Authority. 
 Section 4.24
Accuracy and Completeness of Information. 
 All factual information (which does not include projections) heretofore, contemporaneously
or hereafter furnished by or on behalf of the Company or any of its Subsidiaries or the Agent or any Bank for purposes of or in connection with this Agreement or any other Loan Document, or any transaction contemplated hereby or thereby, is or will
be true and accurate in all material respects and not incomplete by omitting to state any material fact necessary to make such information not misleading. There is no fact now known to the Company which has, or could reasonably be expected to have,
a Material Adverse Effect which fact has not been set forth herein, in the financial statements of the Company furnished to the Agent and/or the Banks, or in any certificate, opinion or other written statement made or furnished by the Company to the
Agent and/or the Banks. 
  

 45 

 Section 4.25 Material Contracts. 
 As of the Closing Date, Schedule 4.25 sets forth a true and correct and complete list of all Material Contracts currently in effect. Except as
permitted by Section 7.32, all of the Material Contracts are in full force and effect and no material defaults currently exist thereunder. 
 Section 4.26 Insurance. 
 The present insurance coverage of the Company and its Subsidiaries and, where available, of
the lessees of each Health Care Facility is outlined as to carrier, policy number, expiration date, type and amount on Schedule 4.26 and such insurance coverage complies with the requirements set forth in Section 7.18. 

Section 4.27 Anti-Terrorism Laws. 
 Neither the Company nor any of its subsidiaries is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§
1 et seq.), as amended. Neither the Company nor any of its subsidiaries is in violation of (a) the Trading with the Enemy Act, as amended, (b) any of the foreign assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, or (c) the Patriot Act. Neither the Company nor any of its subsidiaries (i) is a blocked person described in section 1 of the
Anti-Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked person. 
 Section 4.28 Compliance with OFAC Rules and Regulations. 
 Neither the Company nor any of its
subsidiaries (i) is a Sanctioned Person, (ii) has more than 15% of its assets in Sanctioned Countries, or (iii) derives more than 15% of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned
Countries. No part of the proceeds of any Extension of Credit hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country.

 Section 4.29 Compliance with FCPA. 
 The Company and each of its subsidiaries is in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq., and any foreign counterpart thereto. Neither the Company nor any of its
subsidiaries has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official,
foreign political party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the
recipient to misuse his or her official position to direct business wrongfully to the Company or such subsidiary or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq 
  

 46 

 ARTICLE V 
 EFFECTIVE DATE 
 Section 5.1 Conditions Precedent to Closing. This Agreement shall
be effective as of the date on which all of the conditions set forth below shall have been satisfied or waived in writing by the Agent and each of the Banks: 
 (a) Execution of Agreement. Each Bank, the Agent and the Company shall have executed and delivered this Agreement. 
 (b) Subsidiary Guaranty. The Company shall have caused each 73 Medical Building, L.L.C. and Cypresswood Investments L.P. to execute
and deliver to the Agent the Subsidiary Guaranty. 
 (c) Corporate Documents. The Agents shall have received from the
Company: 
 (i) a certificate of recent date of the Secretary of State of the applicable state of jurisdiction as to the good
standing of the Company and each Guarantor and a certificate of recent date of the Secretary of State of each foreign jurisdiction in which the Company and each Guarantor is qualified as a foreign corporation, unless the failure to be so qualified
could not reasonably be expected to have a Material Adverse Effect; 
 (ii) a certificate from the President, Chief Financial
Officer or Treasurer of the Company certifying that the representations and warranties of the Company set forth herein are true and correct as of the date hereof; 
 (iii) a certificate from the Secretary or an Assistant Secretary of the Company and each Guarantor certifying as to the declaration of
trust ,bylaws and any other organizational documents of the Company and each Guarantor and the resolutions of the Board of Directors of the Company and each Guarantor authorizing the execution, delivery and performance of this Agreement; 

(iv) an incumbency certificate from the Secretary or an Assistant Secretary of the Company and each Guarantor certifying to the
signatures and status of the officers signing this Agreement; 
 (v) Notes, each duly executed by the Company and dated the
Closing Date, equal in principal amount to the respective amounts of the Commitments; and 
  

 47 

 (vi) an opinion of the general counsel for the Company, as to the Company and each
Guarantor, substantially in the form of Exhibit 5.1(b)(vi) hereto and otherwise satisfactory to the Agent and the Banks. 
 (d) Arranger Fee. The Company shall have paid to the Arranger, all structuring and arrangement fees due and payable to such Arranger. 
 (e) Fees. The Company shall have paid to the Banks and the Agent all fees due and payable pursuant to the Fee Letter and Section 2.8 and any other fees required to be paid prior to or on the Closing Date
in connection with the execution and delivery of this Agreement, together with all legal fees and expenses incurred by the Agent in connection with this Agreement. 
 (f) Proceedings And Documents. All corporate, governmental and other proceedings in connection with the transactions contemplated
by the Loan Documents and all instruments and documents incidental thereto shall be in form and substance reasonably satisfactory to the Agent and the Agent shall have received (with copies for each Bank) all such counterpart originals or certified
or other copies of all such instruments and documents as the Agent shall have reasonably requested. 
 (g) Consents.
The Company shall have provided to the Agent evidence satisfactory to the Agent that all governmental, shareholder and third party consents and approvals necessary in connection with the transactions contemplated hereby have been obtained and remain
in effect. 
 (h) Corporate Structure and Other Matters. The corporate, capital and ownership structure of the Company
and its Subsidiaries shall be as described on Schedule 4.2 and shall otherwise be satisfactory to the Agent and the Banks. 
 (i) No Material Adverse Change. No material adverse change shall have occurred in the business, properties, prospects, operations or condition (financial or otherwise) of the Company or any of its Subsidiaries. 
 (j) No Material Litigation. There shall be no material pending or threatened litigation, bankruptcy or insolvency, injunction,
order or claim with respect to the Company or any of its Subsidiaries. 
 (k) Repayment of Existing Indebtedness. All
of the existing indebtedness for borrowed money of the Company and its Subsidiaries shall be repaid in full and all liens relating thereto, if any, extinguished on or prior to the Closing Date (including, without limitation, that certain Credit
Agreement dated as of May 28, 2003 by and among the Company, the lenders party thereto and Wachovia, as administrative agent) other than Non-Recourse Debt and the Indebtedness set forth on Schedule 7.9. 
 (l) Due Diligence. The Agent and Arranger shall have completed in form and scope satisfactory thereto their business, legal,
financial and environmental due diligence 

  

 48 

 
on the Company and its Subsidiaries (including due diligence related to management, strategy, material customers and contracts) and shall be satisfied with
the corporate and capital structure of the Company and its Subsidiaries in all material aspects. 
 (m) Financial
Statements. All financial statements referred to in Section 4.7 shall have been received by the Agent and shall be in form and substance satisfactory to the Agent and the Banks. 
 (n) Insurance. The Agent shall have received a report from an insurance appraiser regarding the insurance status and coverage of
the Company and its Subsidiaries in form, scope and substance satisfactory to the Agent. 
 (o) Solvency. The Agent
shall have received a certificate from the Company executed by the Chief Financial Officer as to the financial condition, solvency and related matters of the Company and its Subsidiaries taken as a whole, in each case after giving effect to the
initial borrowings under the Loan Documents, in substantially the form of Exhibit 5.1(n). 
 (p) Maximum Debt to
Total Capital. The Agent shall have received evidence from the Company that demonstrates that the ratio of Debt to Total Capital as of the Closing Debt after giving effect to the Loans on a pro forma basis does not exceed .55 to 1.0.

 (q) Account Designation Letter. The Agent shall have received the executed Account Designation Letter in the form of
Exhibit 1.1-1 hereto. 
 (r) Compliance with Laws. The financings and other transactions contemplated hereby
shall be in compliance with all applicable laws and regulations (including all applicable securities and banking laws, rules and regulations). 
 (s) Bankruptcy. There shall be no bankruptcy or insolvency proceedings pending or threatened with respect to the Company or any of the Subsidiaries. 
 (t) Officer’s Certificates. The Agent shall have received a certificate executed by a the President, Chief Financial Officer
or Treasurer of the Company as of the Closing Date stating that (i) no action, suit, investigation or proceeding is pending or, to the knowledge of the Company, threatened in any court or before any arbitrator or governmental instrumentality
that purports to affect the Company or any transaction contemplated by the Loan Documents, if such action, suit, investigation or proceeding could reasonably be expected to have a Material Adverse Effect and (ii) immediately after giving effect
to this Agreement (including the initial Loans made and Letters of Credit issued hereunder), the other Loan Documents and all the transactions contemplated herein and therein to occur on such date, (A) no Default or Event of Default exists,
(B) all representations and warranties contained herein and in the other Loan Documents are true and correct in all material respects, and (C) the Company is in compliance with each of the financial covenants set forth in Section 7.5
– 7.8, and demonstrating compliance with such financial covenants. 
  

 49 

 (u) Patriot Act Certificate. The Agent shall have received a certificate
satisfactory thereto, substantially in the form of Exhibit 6.1(t), for benefit of itself and the Banks, provided by the Company that sets forth information required by the Patriot Act including, without limitation, the identity of the Company
and the Guarantors, the name and address of the Company and the Guarantors and other information that will allow the Agent or any Bank, as applicable, to identify the Company and the Guarantors in accordance with the Patriot Act. 
 (v) Additional Matters. All other documents and legal matters in connection with the transactions contemplated by this Agreement
shall be reasonably satisfactory in form and substance to the Agent and its counsel. 
 ARTICLE VI 
 CONDITIONS TO EXTENSIONS OF CREDIT 
 Section 6.1 Conditions To Loans. 
 The obligation of the Banks to make any Extension of Credit hereunder is subject to
the satisfaction of the following conditions precedent: 
 (a) Legality Of Transactions. It shall not be unlawful
(a) for any Bank to perform any of its agreements or obligations under any of the Loan Documents to which such Bank is a party on the Drawdown Date of such Loan or Letter of Credit or (b) for the Company or any Guarantor to perform any of
their material agreements or obligations under any of the Loan Documents to which the Company or such Guarantor is a party on such date. 
 (b) Representations And Warranties. Each of the representations and warranties made by or on behalf of the Company and the Guarantors to the Banks in this Agreement, any other Loan Document or which are
contained in any certificate furnished at any time under or in connection herewith or incorporated by reference herein or therein shall be true and correct in all material respects when made and shall, for all purposes of this Agreement, be deemed
to be repeated on and as of the date of the Company’s Notice of Borrowing for such Loan or request for issuance or extension of such Letter of Credit and on and as of the Drawdown Date of such Loan or Letter of Credit and shall be true and
correct in all material aspects on and as of each of such dates (except for those which express by relate to an earlier date, which shall be true and correct in all material respects as of the date made). 
 (c) Performance, Absence Of Default, Etc. The Company shall have duly and properly performed, complied with and observed in all
material respects each of its covenants, agreements and obligations contained in Section 7 hereof, and each of the 

  

 50 

 
Company and the Guarantors shall have duly and properly performed, complied with and observed in all material respects its covenants, agreements, and
obligations in all other articles of this Agreement and any of the other Loan Documents to which it is a party or by which it is bound on the Drawdown Date for such Loan or Letter of Credit and no Default or an Event of Default shall have occurred
and be continuing on such date after giving effect to the Extension of Credit to be made on the Drawdown Date unless such Default or Event of Default shall have been waived in accordance with this Agreement. 
 (d) Material Adverse Change. There shall have been no material adverse change in the financial condition, assets, nature of the
assets or operations of the Company and its Subsidiaries taken as a whole since the date of the most recent annual audited financial statements of the Company delivered pursuant to Section 7.3(a). 
 (e) Notice Of Borrowing. The Company shall provide the Agent and the Banks with a Notice of Borrowing. 
 (f) Compliance with Commitments. Immediately after giving effect to the making of any such Extension of Credit (and the application
of the proceeds thereof), (i) the sum of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the aggregate Revolving Committed Amount of all of the Banks, (ii) the
outstanding LOC Obligations shall not exceed the LOC Committed Amount and (iii) the outstanding Swingline Loans shall not exceed the Swingline Committed Amount. 
 (g) Additional Conditions to Extensions of Credit. If such Extension of Credit is made pursuant to Article II, all conditions set
forth in such Article shall have been satisfied. 
 (h) Additional Conditions to Revolving Loans. If a Revolving Loan
is requested, all conditions set forth in Section 2.2 shall have been satisfied. 
 (i) Additional Conditions to
Swingline Loans. If a Swingline Loan is requested, all conditions set forth in Section 2.14 shall have been satisfied. 
 (j) Additional Conditions to Letters of Credit. If the issuance of a Letter of Credit is requested, all conditions set forth in Section 2.7 shall have been satisfied. 
 (h) Additional Conditions to Incremental Term Loan. If an Incremental Term Loan is requested, all conditions set forth in
Section 2.15 shall have been satisfied. 
  

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 ARTICLE VII 
 COVENANTS OF THE COMPANY 
 The Company covenants and agrees that, so long as any portion of any Loan
or Note or Letter of Credit is outstanding or the Banks have any obligation to make any Loan or issue any Letter of Credit hereunder, unless the Banks otherwise agree, in writing: 
 Section 7.1 Punctual Payment. 
 The Company will duly and punctually pay or cause to be paid the principal and interest on the Loans, the Commitment Fees, the Letter of Credit Fee, the outstanding LOC Obligations, fees associated with the closing of this Agreement, any
other fees payable in connection herewith and any other amounts payable hereunder, all in accordance with the terms of this Agreement, the Notes, and the LOC Documents. 
 Section 7.2 Legal Existence, Etc. 
 The Company will maintain its legal existence as a real
estate investment trust and qualify as such under the Code and will maintain its good standing under the laws of its jurisdiction of organization, maintain its qualification to do business in each state in which the failure to do so could reasonably
be expected to have a Material Adverse Effect, and maintain all of its rights and franchises reasonably necessary to the conduct of its business. The Company will furnish to the Agent and each Bank copies of all amendments to its declaration of
trust, by-laws or other organizational documents promptly upon their adoption by the Company or its shareholders. The Company and its Subsidiaries taken as a whole will continue to engage in business of the same general type as now conducted by it
on the Closing Date. 
 Section 7.3 Financial Statements, Etc. 
 The Company will deliver to the Agent and each Bank: 
 (a) Annual Financial Statements. Within 90 days (or, if earlier, within 5 days after the required date of delivery to the SEC) after the close of each fiscal year of the Company, a copy of the consolidated and consolidating
balance sheet of the Company and its Consolidated Subsidiaries as of the end of such fiscal year and the related statements of income and retained earnings and of cash flows of the Company and its Consolidated Subsidiaries for such year, including
the notes thereto and audited, except with respect to the consolidating statements, by KPMG, in each case setting forth in comparative form consolidated and consolidating figures for the preceding fiscal year, reported on without a “going
concern” or like qualification or exception, or qualification indicating that the scope of the audit was inadequate to permit such independent certified public accountants to certify such financial statements without qualification and
accompanied by a report and a certificate of KPMG or other firm of independent certified public accountants selected by the Company and acceptable to the Agent or other firm of independent certified public accountants selected by the Company and
acceptable to the Agent, reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate, which report shall be
prepared in accordance with generally accepted auditing standards and applicable Securities Laws; 
  

 52 

 (b) Quarterly Financial Statements. Within 45 days (or, if earlier, within 5 days after the
required date of delivery to the SEC) after the end of each fiscal quarter of the Company, other than the final quarter in a fiscal year, (i) unaudited company-prepared consolidated and consolidating balance sheet of the Company and its
Consolidated Subsidiaries, as of the end of such period and related statements company prepared consolidated and consolidating statements of income and retained earnings and of cash flows for the Company and its Consolidated Subsidiaries for such
quarterly period and for the portion of the fiscal year ending with such period, in each case, setting forth in comparative form consolidated and consolidating figures for the period or periods in the preceding fiscal year (subject to normal
year-end audit adjustments) and including management discussion and analysis of operating results in comparative form; 
 (c) Annual
Budget Plan. As soon as available, but in any event within sixty (60) days of the end of each fiscal year, a copy of the detailed annual operating budget and cash flows or plan of the Company for the then fiscal year on a quarterly basis,
in form and detail reasonably acceptable to the Agent and the Majority Banks, together with a summary of the material assumptions made in the preparation of such annual budget or plan; 
 (d) Compliance Certificate. At the delivery of each quarterly and annual financial statement delivered pursuant to clauses (a) and
(b) above, a compliance certificate, substantially in the form of Exhibit 7.3(d) hereto, showing compliance by the Company with the covenants set forth in Sections 7.5 - 7.8 hereof; 
 (e) Officer’s Certificate. At the time of delivery of each quarterly and annual statement, a certificate, executed by the chief executive
officer or Chief Financial Officer or Treasurer of the Company, stating that such officer has caused this Agreement to be reviewed and has no knowledge of any Default by the Company during such quarter or at the end of such year or, if such officer
has such knowledge, specifying each Default and the nature thereof; 
 (f) Management Letters. Promptly upon receipt thereof, copies
of all management letters and other material reports which are submitted to the Company by its independent accountants in connection with any annual or interim audit of the Company made by such accountants; 
 (g) SEC Reports, Etc. As soon as practicable but, in any event, within ten (10) Business Days after the issuance thereof, copies of such
other financial statements and reports sent by the Company to its shareholders, copies of all press releases, and copies of all regular and periodic reports which the Company may be required to file with the Securities and Exchange Commission
(including any certifications required under Sarbanes-Oxley) or any similar or corresponding governmental commission, department or agency substituted therefor; 
 (h) Prospectus Update. Promptly after the effective date, copies of any new, revised or updated prospectus used by the Company to effect sales of its shares; and 
  

 53 

 (i) Other Matters. With reasonable promptness, such other information related to the Company as
the Agent or any Bank may reasonably request in writing. 
 All such financial statements to be complete and correct in all material respects (subject, in
the case of interim statements, to normal recurring year-end audit adjustments) and to be prepared in reasonable detail and, in the case of the annual and quarterly financial statements provided in accordance with subsections (a) and
(b) above, in accordance with GAAP applied consistently throughout the periods reflected therein and further accompanied by a description of, and an estimation of the effect on the financial statements on account of, a change, if any, in the
application of accounting principles as provided in Section 1.3. 
 Section 7.4 Health Care Facilities - Financial Statements,
Etc. 
 The Company will use commercially reasonable efforts to obtain from each operator of a Health Care Facility leased by the Company
or on which the Company holds a Mortgage Loan, a consent to deliver to the Agent and each Bank copies of the financial statements, notices and information described in (a), (b) and (d) below. The Company will deliver to the Agent and
each Bank: 
 (a) upon the later of receipt by the Company or, in the case of quarterly information, the date the Company delivers its
financial statements pursuant to Section 7.2(b), or in the case of annual information, the date the Company delivers its financial statements pursuant to Section 7.2(a), copies of any quarterly or annual balance sheets and statements of
income of any operator of any Health Care Facility leased by the Company or on which the Company holds a Mortgage Loan and copies of any quarterly or annual balance sheets and statements of income of any Person which is a guarantor of any such lease
or loan, including in each case a calculation by the Chief Financial Officer or Treasurer of the Company of the applicable Facility Coverage Ratio; 
 (b) promptly upon receipt thereof by the Company, any notice of deficiency with respect to any of its Health Care Facilities from any governmental authority, licensing board or agency, or any notice of any inquiry, proceeding,
investigation, or other action with respect to any of its Health Care Facilities, including, without limitation, any notice from any federal, state or local environmental agency or board of potential liability, that could materially affect the
financial condition, properties or business of the Company; 
 (c) upon request, an appraisal, made at the Company’s expense (except as
limited hereby) in form and substance satisfactory to the Agent, of any Health Care Facility of the Company (other than those leased to UHS or a UHS Subsidiary) that has a Facility Coverage Ratio of less than 1.6 to 1.0 for the most recent four
fiscal quarters; provided that the Company shall not be required to pay for more than one appraisal of any single Health Care Facility during any period of twenty-four (24) consecutive months; and 
 (d) with reasonable promptness, such other information related to the operators of such Health Care Facilities as the Agent or any Bank may reasonably
request in writing. 
  

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 Section 7.5 Tangible Net Worth. 
 The Company will maintain at all times (but which shall be calculated only for the last day of each fiscal quarter) Tangible Net Worth of not less than
$125,000,000 plus 50% of the net proceeds received by the Company or any of its Subsidiaries from any issuance of equity securities. 
 Section 7.6 Ratio Of Debt To Total Capital. 
 The Company will not permit the ratio of Debt of the Company and its
Subsidiaries to Total Capital to exceed .55 to 1.0 as of the last day of each fiscal quarter of the Company. 
 Section 7.7 Debt
Service Coverage Ratio. 
 The Company will not permit the Debt Service Coverage Ratio to be less than 1.25 to 1.0 as of the last day of
each fiscal quarter of the Company. 
 Section 7.8 Debt To Cash Flow Available For Debt Service. 
 The Company will not permit the ratio of Debt of the Company and its Subsidiaries to Cash Flow Available for Debt Service of the Company and its
Subsidiaries (for the four most recently ended fiscal quarters) to be greater than 3.5 to 1.0 as of the last day of each fiscal quarter of the Company. 
 Section 7.9 Indebtedness. 
 The Company will not, nor will it permit any Subsidiary to, incur or
permit to exist or remain outstanding any Indebtedness to any Person provided, however, that the Company and its Subsidiaries may incur or permit to exist or remain outstanding: 
 (a) Indebtedness of the Company arising under this Agreement or the other Loan Documents; 
 (b) Indebtedness in respect of taxes, including withholding and payroll taxes, assessments, governmental charges or levies, and claims for
labor, materials and supplies to the extent that payment therefor is not at the time required to be made in accordance with the provisions of Section 7.19; 
 (c) Indebtedness incurred in connection with the acquisition after the date hereof of any real or personal property by the Company or any
of its Subsidiaries provided that the aggregate principal amount of all such Indebtedness shall not exceed the lesser of (i) 100% of the aggregate cost, to the Company or such Subsidiary of the real or personal property so acquired and
(ii) the fair market value of such acquired property, determined on or about the time of such acquisition on the basis of an MAI appraisal or such other valuation method as may from time to time be acceptable to the Majority Banks (it being
understood that an MAI appraisal shall be a valuation method 

  

 55 

 
which is acceptable to the Majority Banks) and further provided that after giving effect to such Indebtedness the Company would (on a pro forma basis,
calculated as of the last day of the immediately preceding fiscal quarter) be in compliance with Sections 7.5 – 7.8; 
 (d) Indebtedness in respect of leases of real and personal property by the Company and its Subsidiaries provided that the aggregate amount due is not greater than $2,000,000 in any one fiscal year; 
 (e) Non-Recourse Debt; 
 (f) Indebtedness and obligations owing under Hedging Agreements entered into to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes; 
 (g) Indebtedness outstanding on the date of this Agreement and described on Schedule 7.9 of such Agreement (and renewals,
refinancings or extensions thereof in a principal amount not in excess of that outstanding as of the date of such renewal, refinancing or extension); and 
 (h) Indebtedness incurred after the date hereof which is secured by a mortgage, pledge, security interest or other lien or encumbrance on any of its property provided that (i) the ratio of unsecured Indebtedness
of the Company and its Subsidiaries including, without limitation, the Loans hereunder, to the sum of the Facility Cash Flow Available for Debt Service generated by the operation of all the Unencumbered Properties for the four fiscal quarters of the
Company then most recently ended shall not exceed 2.5 to 1.0 and (ii) the aggregate amount of all such secured Indebtedness shall not exceed $20,000,000. 
 Section 7.10 Security Interests And Liens; Negative Pledge. 
 The Company will not, nor will it
permit any of its Subsidiaries to, create or permit to exist any mortgage, pledge, security interest or other lien or encumbrance on any of their respective properties except: 
 (a) liens arising from attachments or similar proceedings, pending litigation, judgments or taxes or assessments in any such event whose
validity or amount is being contested in good faith by appropriate proceedings and for which adequate reserves have been established and are maintained in accordance with GAAP, or taxes and assessments which are not due and delinquent; 

(b) liens of carriers, warehousemen, mechanics and materialmen and other like liens; 
 (c) pledges or deposits made in connection with workmen’s compensation, unemployment or other insurance, old age pensions, or other
Social Security benefits, and good faith deposits in connection with tenders, contracts or leases to which it is a party or deposits to secure, or in lieu of, surety, penalty or appeal bonds, performance bonds and other similar obligations;

  

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 (d) such minor defects, irregularities, encumbrances, easements, rights of way, and
clouds on title as normally exist with respect to similar properties which do not materially impair the property affected thereby for the purpose for which it was acquired; 
 (e) liens existing on the date of this Agreement and described on Schedule 7.10(e) of such Agreement and purchase money security
interests in or purchase money mortgages on, or mortgages given in connection with the contemporaneous refinancing of, real property acquired after the date hereof to secure purchase money indebtedness of the type incurred in connection with the
acquisition or refinancing of such property, which security interests or mortgages cover only the real or personal property so acquired or refinanced and proceeds thereof and reasonable attachments and accessions thereto; and 
 (f) liens permitted by Section 7.9. 
 Section 7.11 No Further Negative Pledge. 
 The Company will not, nor will it permit any of its
Subsidiaries to, enter into any commitment or agreement with any other party that limits or impairs the ability of the Company or any of its Subsidiaries to grant security interests, liens or mortgages in favor of the Banks, except that this
Section 7.11 shall not be deemed to prohibit the granting of any lien permitted by Section 7.10. 
 Section 7.12
Guarantees. 
 The Company will not, nor will it permit any of its Subsidiaries to, guarantee or otherwise in any way become or be
responsible for indebtedness or obligations (including working capital maintenance, take-or-pay contracts, etc.) of any other Person, contingently or otherwise, except: 
 (a) the endorsement of negotiable instruments of deposit in the normal course of business; 
 (b) guarantees by the Company or a Subsidiary issued to secure Indebtedness permitted by Sections 7.9; and 
 (c) guarantees (other than those described in (a) and (b) of this Section) made in the ordinary course of business which shall
not at any time exceed $5,000,000 in the aggregate. 
  

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 Section 7.13 Notice Of Litigation And Judgments. 
 The Company will give notice to the Agent and each of the Banks in writing, in form and detail satisfactory to the Banks, within ten (10) Business
Days of becoming aware of any litigation or proceedings threatened in writing or any pending litigation and proceedings affecting the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries is or becomes a party
involving an uninsured or unindemnified claim of more than $500,000 against the Company or any of its Subsidiaries and stating the nature and status of such litigation or proceedings. The Company will give notice, in writing, in form and detail
satisfactory to the Banks, within ten (10) Business Days of any judgment, final or otherwise, against the Company or any of its Subsidiaries in an amount in excess of $500,000. 
 Section 7.14 Notice Of Defaults; Material Adverse Effect. 
 (a) The Company will give notice to the Agent and each of the Banks immediately upon becoming aware of the occurrence of any Default or Event of Default under this Agreement. If any Person shall give any notice or
take any other action in respect of a claimed default (whether or not constituting an Event of Default) under this Agreement or any other note, evidence of Indebtedness, indenture or other obligation to which or with respect to which the Company or
any of its Subsidiaries is a party or obligor, whether as principal or surety, and such claimed default has potential total liability in excess of $500,000 the Company shall forthwith give written notice thereof to each of the Banks, describing the
notice or action and the nature of the claimed default; and 
 (b) The Company will give notice to the Agent and each of the Banks
immediately upon becoming aware, but in any event within five (5) Business Days, of the occurrence of any event that has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 Section 7.15 Notices With Regard To Health Care Operators. 
 The Company will give notice to the Agent and each of the Banks, and will provide information to the Agent and each of the Banks, of the types set forth in Sections 7.13 and 7.14 hereof as to each operator
of Health Care Facilities owned by the Company or on which the Company holds a mortgage, provided, that such operator consents in writing to the release of such information. The Company will use commercially reasonable efforts to acquire the written
consent of each operator for the release of such information. 
 Section 7.16 Books And Records. 
 The books and records relating to the financial affairs of the Company and its Subsidiaries shall at all times be maintained in accordance with GAAP
consistently applied. 
 Section 7.17 Maintenance Of Properties. 
 The Company shall maintain (or cause to be maintained) and shall cause each of its Subsidiaries to maintain (or cause to be maintained) each of its
properties in good physical condition and shall make (or cause to be made) all necessary repairs, replacements and renewals thereon. 
  

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 Section 7.18 Insurance. 
 The Company will require that the lessees of its properties maintain at all times with financially sound and reputable insurers insurance with respect to
their properties and business and against such casualties and contingencies and in such types and such amounts as shall be in accordance with sound business practices and reasonably satisfactory to the Agent. Without limiting the foregoing, the
Company will use commercially reasonable efforts cause such lessees to (i) keep all of its physical property insured against fire and extended coverage risks in amounts and with deductibles equal to those generally maintained by businesses of
similar size engaged in similar activities in similar geographic areas, (ii) maintain all such workers’ compensation or similar insurance as may be required by law, and (iii) maintain, in amounts and with deductibles equal to those
generally maintained by businesses of similar size engaged in similar activities in similar geographic areas, general public liability insurance against claims for bodily injury, death or property damage occurring on, in or about the properties of
the Company and business interruption insurance. In the event that any lessee shall fail to maintain such insurance, the Company will maintain such insurance. The Company will notify the Agent and each Bank of any cancellation of any such insurance.
Evidence of all renewals or replacements of such insurance from time to time in force, satisfactory to the Agent shall be delivered to the Agent before the expiration date of the then current insurance. 
 Section 7.19 Taxes. 
 The Company
will pay all taxes or other assessments or governmental charges or levies imposed upon it or upon its income or profits or upon its property prior to the time when any penalties or interest (except interest during extensions of time for filing of
federal income tax returns not in excess of six months) accrue with respect thereto, as well as all claims for labor, materials or supplies that if unpaid might by law become a lien or charge upon any of its property unless, in any such case, the
amount, applicability or validity of such amounts is contested in good faith by appropriate proceedings and other appropriate action and an adequate reserve therefor has been established and is maintained in accordance with GAAP. The Company will,
and will cause each of its Subsidiaries to, also pay all such taxes, assessments, charges, levies or claims forthwith upon the commencement of proceedings to foreclose any lien that may have attached as security therefor. 
 Section 7.20 Compliance With Laws, Contracts, And Licenses. 
 The Company will, and will cause each of its Subsidiaries to (i) comply with all laws, including CERCLA and Environmental Laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to
which it may be subject, the Company’s or Subsidiary’s noncompliance with which could reasonably be expected to have a Material Adverse Effect, including, without limitation, the provisions of the Code and related regulations governing
real estate investment trusts, as the same may be as amended and in effect from time to time and (ii) promptly obtain, maintain, apply for renewal, and not allow to lapse, any authorization, 

  

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consent, approval, license or order, and accomplish any filing or registration with, any court or judicial, administrative or governmental authority which
may be or may become necessary in order that it perform in all material respects all of its obligations under this Agreement or the other Loan Documents and in order that the same may be valid and binding and effective in accordance with their terms
and in order that the Banks may be able freely to exercise and enforce any and all of their rights under this Agreement or the other Loan Documents, (iii) comply with the provisions of its charter documents and by-laws and (iv) comply with
all agreements and instruments by which it or any of its properties may be bound. 
 Section 7.21 Access. 
 The Company will, and will cause each of its Subsidiaries to, permit any Bank, by its representatives and agents, to inspect any of the properties,
including, without limitation, corporate books, computer files and tapes and financial records of the Company and its Subsidiaries to examine and make copies of the books of accounts and other financial records of the Company and its Subsidiaries,
and to discuss the affairs, finances and accounts of the Company and its Subsidiaries with, and to be advised as to the same by, its officers at such reasonable times and intervals as such Bank may designate. 
 Section 7.22 ERISA Compliance. 
 Neither the Company nor any of its Subsidiaries will permit any employee pension benefit plan (as that term is defined in Section 3 of ERISA) maintained by the Company to (x) engage in any “prohibited transaction” as
such term is defined in Section 4975 of the Internal Revenue Code of 1986, as amended, that is likely to result in a material liability for the Company; or (y) incur any “accumulated funding deficiency”, as such term is defined
in Section 302 of ERISA, whether or not waived; or (z) terminate any such benefit plan in a manner which could result in the imposition of a lien or encumbrance on the assets of the Company pursuant to Section 4068 of ERISA.

 Section 7.23 Reserves. 
 The Company will, and will cause each of its Subsidiaries to, maintain reserves, appropriate for the Company and its Subsidiaries, for depreciation, taxes and other expenses or liabilities in accordance with GAAP. 
 Section 7.24 Distributions. 
 Neither the Company nor any of its Subsidiaries will make any Distributions other than (a) Distributions required by the Code and related regulations governing real estate investment trusts, (b) Distributions by a Subsidiary to
the Company and (c) Distributions to shareholders in excess of the amounts permitted by clause (a) above provided that no Default or Event of Default then exists or would result from such payment; provided, however, in no
event may the Company make any Distributions with respect to any fiscal year that exceed ninety-five percent (95%) of the Company’s Cash Available for Distributions for such fiscal year unless and to the extent that such Distributions are
required to be made by the Code and related regulations governing real estate investment trusts. 
  

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 Section 7.25 Investments. 
 Neither the Company nor any of its Subsidiaries will make or maintain any Investment, except for Investments which consist of: 
 (a) obligations having an original maturity of not greater than three years issued or guaranteed as to principal and interest by the
United States of America; 
 (b) certificates of deposit issued by any of the Banks or any other bank organized under the
laws of the United States of America or any state thereof and having capital and unimpaired surplus of at least $50,000,000 or of foreign subsidiaries of such banks; 
 (c) commercial paper or finance company paper which is rated not less than BBB or its equivalent by Standard & Poor’s
Corporation or Moody’s Investor Services, Inc.; 
 (d) repurchase agreements secured by any one or more of the
Investments permitted by paragraphs (a), (b) or (c) above; 
 (e) Direct or indirect Investments in domestic
(United States) Health Care Facilities which Investments either (i) existing on the Closing Date and set forth on Schedule 7.25(e), or (ii) were or are made after such date, provided that no Investment in any one Health Care Facility
made after such date shall be made or maintained with respect to any Health Care Facility the acquisition cost of which exceeds the lesser of $20,000,000 or the fair market value of the acquired property, determined on the basis of an MAI appraisal
or such other valuation method as may from time to time be acceptable to the Majority Banks. Any indirect Investment shall be restricted to an Investment made by the Company in a Person engaged exclusively in the business of owning or operating
domestic Health Care Facilities and in which the Company has an equity interest of at least 25%. 
 (f) Mortgage Loans
permitted by Section 7.26; and 
 (g) Construction Loans permitted by Section 7.27. 
 Section 7.26 Mortgage Loans. 
 The Company will not permit at any time the aggregate outstanding principal amount of the Mortgage Loans held by the Company and its Subsidiaries to exceed $30,000,000 and will not make any Mortgage Loan in an original principal amount in
excess of $20,000,000. In no event may the Company or any of its Subsidiaries provide any Mortgage Loan to any Person except on a full recourse basis to an owner or operator of a domestic (United States) Health Care 

  

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Facility and except upon using the Company’s commercially reasonable efforts to obtain the agreement and consent of such Person to provide its quarterly
and annual balance sheets and income statements to the Company or to the its Subsidiary for delivery to the Agent and each Bank. 
 Section 7.27 Construction Loans. 
 (a) In the event that any portion of the Loans is to be used by the Company to
finance the construction of Health Care Facilities, the Company will monitor such construction to insure that all approvals, consents, waivers, orders, agreements, acknowledgments, authorizations, permits and licenses required under any law,
ordinance, code, order, rule or regulation of any governmental authority, or under the terms of any restriction, covenant or easement affecting the construction project, or otherwise necessary, for the ownership and acquisition of the subject
properties and the improvements thereon, the construction and equipping of the improvements being constructed on the subject properties, and the use, occupancy and operation of the construction project as a Health Care Facility following completion
of construction of the improvements on the subject property, have been obtained, whether from a governmental authority or other Person. Further, the Company will give notice to the Agent and each of the Banks immediately after becoming aware that
any construction project will likely not be completed in a timely manner or on budget. The Company shall from time to time deliver such further information and take such further action as may be reasonably requested by the Agent or any Bank to
effect the purposes of this Section 7.27. 
 (b) The Company will not permit at any time the aggregate outstanding principal amount of
Construction Loans to exceed $15,000,000. In no event may the Company provide any Construction Loans to any Person except on a full recourse basis to an owner or operator of a domestic (United States) Health Care Facility and except upon using
the Company’s commercially reasonable efforts to obtain the agreement and consent of such Person to provide its quarterly and annual balance sheets and income statements to the Company for delivery to the Agent and each Bank. 
 Section 7.28 Environmental Audits. 
 The Company will not make any Investment, Mortgage Loan or Construction Loan otherwise permitted by Section 7.25(e), 7.26 or 7.27, respectively, unless the Company shall have first received a Phase I environmental audit
report with respect to the property involved, which audit shall have been conducted not earlier than twenty-four (24) months prior to the date of the transaction, a copy of such audit shall have been furnished to the Banks, and such audit shall
not have reported or uncovered any environmental matters which could have a material adverse effect on such property or on the financial condition, properties or business of the Company. 
 Section 7.29 Merger, Consolidation And Disposition Of Assets. 
 Neither the Company, nor any of its Subsidiaries, will at any time merge or consolidate with or into any Person or sell or otherwise dispose of any Health Care Facility of the Company 

  

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leased to UHS or to a UHS Subsidiary, except (i) that the Company may sell, if after giving effect to such sale no Default or Event of Default exists or
would result as a consequence thereof, any Health Care Facility of the Company leased to UHS or to a UHS Subsidiary so long as such Health Care Facilities do not in the aggregate account for more than 5% of the total assets of the Company and its
Subsidiaries as determined in accordance with GAAP over the term of this Agreement, (ii) a Subsidiary of the Company may merge with and into any wholly-owned Subsidiary of the Company and (iii) any Subsidiary of the Company may merge with
and into the Company so long as the Company is the surviving corporation. 
 Section 7.30 Sale And Leaseback. 
 Neither the Company, nor any of its Subsidiaries, will enter into any arrangement, directly or indirectly, whereby the Company or a Subsidiary shall sell
or transfer any property owned by it and then or thereafter lease such property or lease other property that the Company or such Subsidiary intends to use for substantially the same purpose as the property being sold or transferred. 
 Section 7.31 Use Of Proceeds. 
 After the date of this Agreement the Company will use the proceeds of the Loans (a) to refinance certain existing indebtedness of the Company, (b) to pay any fees and expenses, (c) to provide for the working capital and
general corporate requirements of the Company and its Subsidiaries (including to make Investments permitted by Section 7.25(e) and for acquisitions permitted under this Agreement), (d) to provide mortgage and construction financing
permitted by Sections 7.26 and 7.27, (e) to make Distributions permitted by Section 7.24, and (f) for other general corporate purposes. The Company will not use the proceeds of any Loan, either directly or indirectly, for the
purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System, as amended from time to time. 
 Section 7.32 Fiscal Year; Organizational Documents; Material Contracts. 
 Neither the Company, nor any of its Subsidiaries, will, upon less than thirty (30) days prior written notice, change its fiscal year or accounting
policies except to comply with changes in GAAP. Neither the Company, nor any of its Subsidiaries, will amend, modify or change its declaration of trust (or corporate charter or other similar document) in any matter materially adverse to the Banks,
without the prior written consent of the Majority Banks. Neither the Company, nor any of its Subsidiaries, will, without the prior written consent of the Agent, amend, modify, cancel or terminate or fail to renew or extend any of the Material
Contracts, except in the event that such amendments, modifications, cancellations, terminations or failure to renew could not reasonably be expected to have a Material Adverse Effect. 
 Section 7.33 Subsidiary Guarantors. 
 Except as set forth in Section 7.35 below, the Company shall promptly upon the formation or acquisition of any additional Significant Subsidiary or upon any Subsidiary 

  

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becoming a Significant Subsidiary, and in any event within 30 days of such formation, acquisition or change to status of a Significant Subsidiary,
(i) cause such Significant Subsidiary to (i) execute a joinder to the Subsidiary Guaranty substantially in the form of the Guarantor Accession (as defined in the Subsidiary Guaranty) and (ii) deliver such organizational documents,
secretary’s certificates and legal opinions in connection therewith as the Agent may reasonably request. 
 Section 7.34 Further
Assurances. 
 The Company shall at any time or from time to time execute and deliver such further instruments and take such further
action as may reasonably be requested by the Agent or any Bank, in each case further and more perfectly to effect the purposes of this Agreement and the other Loan Documents. 
 Section 7.35 Joinder of Sheffield Properties, L.L.C. as a Guarantor 
 The Company shall promptly and in any event within thirty days following the Closing Date (or such later date as agreed upon by the Agent) (a) take
any and all actions necessary to cause Sheffield Properties, L.L.C. (“Sheffield”) to be duly organized, validly existing and in good standing under the laws of the State of Georgia and (b) cause Sheffield to (i) execute a
joinder to the Subsidiary Guaranty substantially in the form of the Guarantor Accession (as defined in the Subsidiary Guaranty) and (ii) deliver such organizational documents, secretary’s certificates and legal opinions in connection
therewith as the Agent may reasonably request. 
 ARTICLE VIII 
 EVENTS OF DEFAULT; ACCELERATION 
 If any of the following events (an “Event
of Default”) has occurred and is continuing: 
 (a) if the Company shall fail to (i) pay any principal on the Loans or any Note
owing hereunder or fail to reimburse the Issuing Bank for any LOC Obligations in each case when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment
in accordance with the terms hereof or thereof or (ii) the Company shall fail to pay any interest on the Loans or any other amount payable hereunder or under the LOC Documents when the same shall become due and payable and such failure shall
continue for three (3) Business Days(or any Guarantor shall fail to pay on the Guaranty in respect of any of the foregoing within the applicable period of time); 
 (b) if the Company shall fail to comply with any of its covenants contained in Sections 7.1, 7.2, 7.5-7.12, or 7.24-7.32; 
 (c) if the Company or any Subsidiary shall fail to perform any term, covenant or agreement contained herein or in any other Loan Document (other than those specified in subsections (a) and (b) above) and the
continuance of such failure shall exist for 30 days after written notice of such failure has been given to the Company by the Agent; 
  

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 (d) if any representation or warranty of the Company in this Agreement or of the Company or any Guarantor
in any other Loan Document shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; 
 (e) if the Company or any of its Significant Subsidiaries shall (i) fail to make any payment due on any Indebtedness (having a total amount outstanding in excess of $1,000,000), or (ii) fail to observe or perform any material
term, covenant or agreement contained in any agreement by which it is bound, evidencing or securing any Indebtedness (having a total amount outstanding in excess of $1,000,000) and the effect of such failure could or would have permitted (assuming
the giving of appropriate notice if required) the holder or holders thereof or a trustee for such holder or holders or of any obligations issued thereunder to accelerate the maturity thereof; 
 (f) if the Company or any of its Significant Subsidiaries shall be involved in financial difficulties as evidenced (i) by its admission in writing
of its inability to pay its debts generally as they become due; (ii) by its commencement of a voluntary case under Title 11 of the United States Code as from time to time in effect, or by its authorizing, by appropriate proceedings of
its board of directors or other governing body, the commencement of such a voluntary case; (iii) by its filing an answer or other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an
involuntary case under Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert or challenge in a timely manner the material allegation of any such petition; (iv) by the entry of an
order for relief against it in any involuntary case commenced under Title 11 which remains undischarged or unstayed for more than sixty (60) days; (v) by its seeking relief as a debtor under any applicable law, other than
Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to or acquiescing in such relief; (vi) by entry of an order by a
court of competent jurisdiction (A) finding it to be bankrupt or insolvent or (B) ordering or approving its liquidation, reorganization or any modification or alteration of the rights of its creditors which remains undischarged or unstayed
for more than sixty (60) days; (vii) by the entry of an order by a court of competent jurisdiction assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property which remains undischarged
or unstayed for more than sixty (60) days; or (viii) by its making an assignment for the benefit of, or entering into a composition with, its creditors, or appointing or consenting to the appointment of a receiver or other custodian for
all or a substantial part of its property (the occurrence of any of the foregoing shall constitute a “Bankruptcy Event”); 
 (g) if there shall remain in force, undischarged, unsatisfied and unstayed, for more than sixty days, whether or not consecutive, any final judgment against the Company or any of its Significant Subsidiaries which, with other outstanding
final judgments which are also undischarged, unsatisfied and unstayed for more than sixty days, against such Person(s) exceeds $1,000,000 in aggregate amount with respect to the Company or any of its Significant Subsidiaries; 
  

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 (h) if UHS of Delaware, Inc., a subsidiary of UHS, shall cease to be the real estate investment trust
advisor to the Company and a new advisor satisfactory to each of the Banks has not been appointed, or a group of managers satisfactory to each of the Banks has not been hired, within ninety (90) days of such cessation; 
 (i) (i) if any Person or group of Persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall
have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Company; or,
(ii) during any period of twelve consecutive calendar months, individuals who were directors of the Company on the first day of such period shall cease to constitute a majority of the board of directors of the Company; 
 (j) if any guarantee by UHS of any lease by the Company to a UHS Subsidiary is disavowed, terminated, or ceases to be in full force and effect, or is
waived or amended without the prior written consent of the Majority Banks (other than the termination of a guarantee of such a lease in connection with the sale of a Health Care Facility permitted by Section 7.29); 
 (k) any lease by the Company to a UHS Subsidiary is terminated prior to its stated term, or is amended or compliance by the lessee is waived, without the
prior written consent of the Majority Banks (other than the termination of a lease of a Health Care Facility in connection with a sale of such Health Care Facility permitted by Section 7.29); or 
 (l) if the Company or any of its Significant Subsidiaries shall fail to make any payment due under any Hedging Agreement or if the Company or any of its
Significant Subsidiaries shall fail to observe or perform any material term, covenant or agreement contained in any Hedging Agreement and the effect of such failure could or would have permitted (assuming the giving of appropriate notice if
required) the counterparty thereof to terminate such Hedging Agreement and demand payment from the Company or such Significant Subsidiary in excess of $1,000,000; or 
 (m) if the Subsidiary Guaranty or any material provision thereof shall cease to be in full force and effect or any Guarantor or any Person acting by or on behalf of any Guarantor shall deny or disaffirm any
Guarantor’s obligations under the Subsidiary Guaranty; 
 then, and in any such event, unless the same shall be cured or waived, the Agent
(i) shall, upon the request of the Majority Banks, or (ii) may, with the consent of the Majority Banks, by notice in writing to the Company, terminate this Agreement and upon such termination the Banks shall have no further obligation to
make Loans to the Company or issue Letters of Credit for the account of the Company, and shall declare all Obligations, including, without limitation the Notes, to be, and they shall thereupon forthwith mature and become, immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company and require that the Company cash collateralize the outstanding LOC Obligations; provided, that in the event of any Event of
Default described in clauses (f) and (g) hereof, all Obligations shall become immediately due and payable automatically, and all obligations of the Banks to make Loans or issue Letters of Credit shall 

  

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automatically terminate and the Company shall be required to cash collateralize the outstanding LOC Obligations, without any requirement of notice from the
Banks. To the extent that the Obligations accelerated hereunder relate to Letters of Credit, the amount becoming due and payable shall be the aggregate outstanding amount of the Letters of Credit, whether or not any drawings or claims have been
presented thereunder, and such amounts will be applied pursuant to Section 3.2(b). No termination of the credit hereunder shall relieve the Company of any Obligations or any of its existing obligations to any of the Banks arising under other
agreements or instruments. No remedy herein conferred upon the Banks is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter
existing at law or in equity or by statute or any other provision of law. 
 ARTICLE IX 
 SETOFF; SHARING 
 Regardless of the
adequacy of any collateral, any deposits or other sums credited by or due from the Banks to the Company and any securities or other property of the Company in the possession of the Banks may be applied to or set-off against the payment when due of
Obligations of the Company hereunder, under the Notes and any and all other liabilities, direct, or indirect, absolute or contingent, now existing or hereafter arising, of the Company to the Banks at any time. Each Bank agrees to promptly notify the
Company, the Agent and the other Banks after any such set-off and application made by such Bank, provided that the failure to give such notice shall not affect the validity of such set-off and application. Each Bank agrees with the other Banks that
if such Bank shall receive from the Company or any other source whatsoever, whether by voluntary payment, exercise of the right of set-off, counterclaim, cross-action or enforcement of any claim evidenced by the Notes or this Agreement, or by proof
thereof in bankruptcy, reorganization, liquidation, receivership or similar proceedings or otherwise, and retain and apply to the payment of the amounts owing with respect to the Notes or to any amounts due to such Bank under this Agreement any
amount which is in excess of its ratable portion of the payments received by all of the Banks, then such Bank will make such dispositions and arrangements with each other Bank with respect to such excess, either by way of distribution until the
amount of such excess has been exhausted, assignment of claims, subrogation or otherwise, as shall result in each such Bank receiving in respect of its Notes and the amounts due such Bank under this Agreement its ratable share of such payments;
provided, however, that if all or any part of such excess payment is thereafter recovered from such Bank, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest. 

ARTICLE X 
 THE AGENT

 Section 10.1 Appointment. 
 Each Bank hereby irrevocably designates and appoints Wachovia Bank, National Association as the Agent of such Bank under this Agreement, and each such Bank irrevocably 

  

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authorizes Wachovia Bank, National Association, as the Agent for such Bank, to take such action on its behalf under the provisions of this Agreement and to
exercise such powers and perform such duties as are expressly delegated to the Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in
this Agreement, the Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Bank, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or otherwise exist against the Agent. 
 Section 10.2 Delegation of Duties. 
 The Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. The Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. Without limiting the foregoing, the Agent may appoint one
of its affiliates as its agent to perform the functions of the Agent hereunder relating to the advancing of funds to the Company and distribution of funds to the Banks and to perform such other related functions of the Agent hereunder as are
reasonably incidental to such functions. 
 Section 10.3 Exculpatory Provisions. 
 Neither the Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully
taken or omitted to be taken by it or such Person under or in connection with this Agreement (except for its or such Person’s own gross negligence, bad faith or willful misconduct) or (ii) responsible in any manner to any of the Banks for
any recitals, statements, representations or warranties made by the Company or any officer thereof contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received by the Agent under
or in connection with, this Agreement or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of any of the Loan Documents or for any failure of the Company to perform its obligations hereunder or thereunder. The Agent
shall not be under any obligation to any Bank to ascertain or to inquire as to the observance or performance by the Company of any of the agreements contained in, or conditions of, this Agreement, or to inspect the properties, books or records of
the Company. 
 Section 10.4 Reliance by Agent. 
 The Agent shall be entitled to rely, and shall be fully protected in relying, upon any Note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype
message, statement, order or other document or conversation believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including,
without limitation, counsel to the Company), independent accountants and other experts selected by the Agent. The Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless (a) a written notice of assignment,
negotiation or transfer thereof shall have been filed with the 

  

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Agent and (b) the Agent shall have received the written agreement of such assignee to be bound hereby as fully and to the same extent as if such
assignee were an original Bank party hereto, in each case in form satisfactory to the Agent. The Agent shall be fully justified in failing or refusing to take any action under this Agreement unless it shall first receive such advice or concurrence
of the Majority Banks as it deems appropriate or it shall first be indemnified to its satisfaction by the Banks against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The
Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Loan Documents in accordance with a request of the Majority Banks or all of the Banks, as may be required under this Agreement, and such request
and any action taken or failure to act pursuant thereto shall be binding upon all the Banks and all future holders of the Notes. 
 Section 10.5 Notice of Default. 
 The Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default hereunder unless the Agent has received notice from a Bank or the Company referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the
event that the Agent receives such a notice, the Agent shall give prompt notice thereof to the Banks. The Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Majority Banks;
provided, however, that unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of
Default as it shall deem advisable in the best interests of the Banks except to the extent that this Agreement expressly requires that such action be taken, or not taken, only with the consent or upon the authorization of the Majority Banks, or all
of the Banks, as the case may be. 
 Section 10.6 Non-Reliance on Agent and Other Banks. 
 Each Bank expressly acknowledges that neither the Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made
any representation or warranty to it and that no act by the Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by the Agent to any Bank. Each Bank represents to
the Agent that it has, independently and without reliance upon the Agent or any other Bank, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations,
property, financial and other condition and creditworthiness of the Company and made its own decision to make its Loans hereunder and enter into this Agreement. Each Bank also represents that it will, independently and without reliance upon the
Agent or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement, and to make such
investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly required to be furnished to
the Banks by the Agent hereunder, the Agent shall not have any duty or responsibility to provide any Bank with any credit or other information concerning the business, operations, property, condition 

  

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(financial or otherwise), prospects or creditworthiness of the Company which may come into the possession of the Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates. 
 Section 10.7 Indemnification. 
 The Banks agree to indemnify the Agent and the Swingline Lender in its capacity hereunder (to the extent not reimbursed by the Company and without
limiting the obligation of the Company to do so), ratably according to their respective Commitment Percentages in effect on the date on which indemnification is sought under this Section, from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Notes) be imposed on, incurred by or
asserted against the Agent in any way relating to or arising out of any Loan Document or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Agent
under or in connection with any of the foregoing; provided, however, that no Bank shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements to the extent resulting from the Agent’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction. The agreements in this Section 10.7 shall survive the termination of this Agreement and
payment of the Notes and all other amounts payable hereunder. 
 Section 10.8 Agent in Its Individual Capacity. 
 The Agent and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Company as though the Agent
were not the Agent hereunder. With respect to its Loans made or renewed by it and any Note issued to it, the Agent shall have the same rights and powers under this Agreement as any Bank and may exercise the same as though it were not the Agent, and
the terms “Bank” and “Banks” shall include the Agent in its individual capacity. 
 Section 10.9 Successor
Agent. 
 The Agent may resign as Agent upon 30 days’ prior notice to the Company and the Banks. If the Agent shall resign as
Agent under this Agreement and the Notes, then the Majority Banks shall appoint from among the Banks a successor agent for the Banks, which successor agent shall be approved by the Company, whereupon such successor agent shall succeed to the rights,
powers and duties of the Agent, and the term “Agent” shall mean such successor agent effective upon such appointment and approval, and the former Agent’s rights, powers and duties as Agent shall be terminated, without any other or
further act or deed on the part of such former Agent or any of the parties to this Agreement or any holders of the Notes. After any retiring Agent’s resignation as Agent, the provisions of this Section 10.9 shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was Agent under this Agreement. 
  

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 Section 10.10 Other Agents. 
 Except as otherwise expressly stated herein, any agent (other than the Agent) listed from time to time on the cover page of this Agreement shall have no
obligations, responsibilities or duties under this Agreement or under any other Loan Document other than obligations, responsibilities and duties applicable to all Banks in their capacity as Banks; provided, however, that such agents and arrangers
shall be entitled to the same rights, protections, exculpations and indemnifications granted to the Agent under this Article X in their capacity as an agent or arranger. 
 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.1 Expenses. 
 Whether
or not the transactions contemplated hereby shall be consummated, the Company will pay (a) the reasonable cost of (i) producing and reproducing this Agreement and other instruments mentioned herein and (ii) any taxes (including any
interest and penalties in respect thereto) or filing fees payable by the Agent and the Banks (other than taxes based upon the Agent’s or any Bank’s net income) on or with respect to the transactions contemplated by this Agreement (the
Company hereby agreeing to indemnify the Agent and the Banks with respect thereto); (b) the reasonable fees, out-of-pocket expenses and disbursements of the Agent and the reasonable fees, expenses and disbursements of the Agent’s special
counsel incurred in connection with the preparation, administration or interpretation of this Agreement and other instruments mentioned herein, each closing hereunder, amendments, modifications, approvals, consents or waivers hereto or hereunder;
(c) all reasonable out-of-pocket expenses (including reasonable attorneys’ fees and costs, which attorneys may be employees of any Bank or the Agent, and reasonable consulting, accounting, appraisal, investment banking and similar
professional fees and charges) incurred by the Agent or any Bank in connection with (i) the enforcement of or preservation of the Agent’s or any Bank’s rights under this Agreement and the other Loan Documents or the administration
thereof after the occurrence of a Default or Event of Default and (ii) in connection with any litigation, proceeding or dispute whether arising hereunder or otherwise, in any way related to the Agent’s or any Banks’ relationship with
the Company hereunder or under any predecessor financing arrangement. The covenants of this Section 11.1 shall survive payment or satisfaction of payment of amounts owing with respect to the Notes. 
 Section 11.2 Indemnification. 
 The Company agrees to indemnify and hold harmless the Agent, the Swingline Lender and the Banks from and against any and all claims, actions and suits whether groundless or otherwise, and from and against any and all liabilities, losses,
damages, penalties, actions, judgments, suits, costs, disbursements and expenses of every nature and character arising out of this Agreement or any of the other Loan Documents or the transactions contemplated hereby including, without limitation,
(a) any actual or proposed use by the Company of the proceeds of 

  

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any of the Loans, and (b) the Company entering into or performing this Agreement or any of the other Loan Documents or in each case including, without
limitation, the reasonable fees and disbursements of counsel and allocated costs of internal counsel incurred in connection with any litigation or other proceeding (“Indemnified Costs”), except that the Company shall not be
obligated for any Indemnified Costs to the extent arising from the indemnitee’s own gross negligence or willful misconduct as determined in a final judgment by a court of competent jurisdiction. In litigation, or the preparation therefor, the
Banks and the Agent shall be entitled to select their own counsel and, in addition to the foregoing indemnity, the Company agrees to pay promptly the reasonable fees and expenses of such counsel. If, and to the extent that the obligations of the
Company under this Section 11.2 are unenforceable for any reason, the Company hereby agrees to make the maximum contribution to the payment in satisfaction of such obligations which is permissible under applicable law. The covenants of this
Section 11.2 shall survive payment or satisfaction of payment of amounts owing with respect to the Notes. 
 Section 11.3
Survival of Covenants. 
 All covenants, agreements, representations and warranties made herein, in the Notes or in any Loan Documents
or other papers delivered by or on behalf of the Company pursuant hereto shall be deemed to have been relied upon by the Banks and the Agent, notwithstanding any investigation heretofore or hereafter made by any of them, and shall survive the making
by the Banks of the Loans as herein contemplated, and shall continue in full force and effect so long as any amount due under this Agreement or the Notes remains outstanding and unpaid or the Banks have any obligation to make any Loans hereunder.

 Section 11.4 Parties in Interest. 
 All the terms of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto and thereto; provided,
that the Company shall not assign or transfer its rights hereunder without the prior written consent of the Banks. 
 Section 11.5
Notices. 
 Except as otherwise expressly provided in this Agreement, all notices and other communications made or required to be given
pursuant to this Agreement or the other Loan Documents shall be in writing and shall be delivered in hand, mailed by United States registered or certified first-class mail, postage prepaid, sent by overnight courier or sent by telegraph,
telecopy, telefax, or telex and confirmed by delivery via courier or postal service, addressed as follows (or at such other address for notices as is furnished in writing in accordance with this Section): 
  

 72 

 Address for notices to the Agent: 
 Wachovia Bank, National Association, as Agent 
 Charlotte Plaza 
 NC 0680 
 201 South College Street

 Charlotte, NC 28244 
 Attention: Tina Thompson, Syndication Agency Services 
 Telecopier: 704-383-0288 
 Telephone: 704-383-9904 
 with a copy to:

 Wachovia Bank, National Association 
 PA 4152 
 One South Broad Street 
 Philadelphia, PA 19107 
 Attention: Jeanette A. Griffin, Private Portfolio Management 
 Telecopier: 267-321-6700 
 Telephone:
267-321-6615 
 Address for notices to the Banks are as set forth in its Administrative Questionnaire. 
 Address for notices to the Company: 
 Cheryl
K. Ramagano 
 Vice President & Treasurer 
 Universal Health Realty Income Trust 
 367 South Gulph Road 
 King of Prussia, PA 19406 
 Telecopier:
610-382-4407 
 Telephone: 610-768-3402 
 Any Bank (including Wachovia in its capacity as Agent) giving any notice to the Company shall simultaneously send a copy thereof to the other Banks. 
 Except as otherwise expressly provided herein with respect to any particular notice or demand to be given or made hereunder, any such notice or demand shall be deemed to have been duly given or made and to have become
effective (a) if delivered by hand, overnight courier or facsimile to a responsible officer of the party to which it is directed, at the time of the receipt thereof by such officer, (b) if sent by registered or certified first-class mail,
postage prepaid, on the earlier of actual receipt thereof or three (3) Business Days after the posting thereof, and (c) if sent by telex or cable, at the time of the dispatch thereof, if in normal business hours in the country of receipt,
or otherwise at the opening of business on the following Business Day. 
  

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 Section 11.6 Governing Law. 
 THIS AGREEMENT AND THE NOTES SHALL BE DEEMED TO BE CONTRACTS UNDER THE LAWS OF THE STATE OF NORTH CAROLINA AND SHALL FOR ALL PURPOSES BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NORTH CAROLINA, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OR CHOICE OF LAW. THE COMPANY AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS
MAY BE BROUGHT IN THE COURTS OF THE STATE OF NORTH CAROLINA OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE COMPANY BY MAIL AT THE
ADDRESS SPECIFIED INSECTION 11.5. THE COMPANY HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT. The rights and remedies herein
expressed are cumulative and not exclusive of any other rights which the Banks would otherwise have. The captions in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. This Agreement and any
amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In proving this
Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. 
 Section 11.7 Entirety of Agreement, Etc. 
 This Agreement, together with the other Loan Documents
and any other documents executed in connection herewith or therewith, express the entire understanding of the parties with respect to the transactions contemplated hereby. Neither this Agreement nor any term hereof may be changed, waived, discharged
or terminated orally or in writing, except as provided in Section 19. 
 Section 11.8 Waiver of Jury Trial; Damages.

 THE COMPANY AND THE BANKS HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY
DISPUTE IN CONNECTION WITH THIS AGREEMENT OR THE NOTES, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. 
 Section 11.9 Consents, Waivers, Amendments, Etc. 
 Neither this Agreement, nor any of the other
Loan Documents, nor any terms hereof or thereof may be amended, supplemented, waived or modified except in accordance with the provisions of this Section. The Majority Banks may, or, with the written consent of the Majority Banks, the Agent may,
from time to time, (a) enter into with the Company written amendments, 

  

 74 

 
supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or
changing in any manner the rights of the Banks or of the Company hereunder or thereunder or (b) waive, on such terms and conditions as the Majority Banks may specify in such instrument, any of the requirements of this Agreement or the other
Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, waiver, supplement, modification or release shall: 
 (i) reduce the amount or extend the scheduled date of maturity of any Loan or Note or any installment thereon, or reduce the stated rate
of any interest or fee payable hereunder (except in connection with a waiver of interest at the increased post-default rate) or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Bank’s
Commitment, in each case without the written consent of each Bank directly affected thereby; or 
 (ii) amend, modify or waive
any provision of this Section 11.9 or reduce the percentage specified in the definition of Majority Banks, without the written consent of all the Banks; or 
 (iii) amend, modify or waive any provision of Article X without the written consent of the then Agent; or 
 (iv) amend, modify or waive any provision of Section 3.2 without the written consent of each Bank directly affected thereby; or

 (v) release the Company from its obligations under the Loan Documents, without the written consent of all of the Banks; or

 (vi) amend, modify or waive any provision of the Loan Documents requiring consent, approval or request of the Majority
Banks or all Banks, without the written consent of all of the Majority Banks or Banks as appropriate; or 
 (vii) release all
or substantially all of the value of the Subsidiary Guaranty or release any Guarantor from its obligations under the Subsidiary Guaranty, in each case without the consent of all Banks. 
 provided, further, that no amendment, waiver or consent affecting the rights or duties of the Agent, the Swingline Lender or the Issuing Bank under any Loan Document shall in any event be effective,
unless in writing and signed by the Agent, the Swingline Lender and/or the Issuing Bank, as applicable, in addition to the Banks required hereinabove to take such action. 
 Any such waiver, amendment, supplement or modification and any such release shall apply equally to each of the Banks and shall be binding upon the Company, the Banks, the Agent and all future holders of the Notes. In
the case of any waiver, the Company, the Banks and the Agent shall be restored to their former position and rights hereunder and under the outstanding Loans and Notes and other Loan Documents, and any Default or Event of Default permanently waived
shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 
  

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 Notwithstanding any of the foregoing to the contrary, the consent of the Company shall not be required
for any amendment, modification or waiver of the provisions of Article X (other than the provisions of Section 10.9); provided, however, that the Agent will provide written notice to the Company of any such amendment,
modification or waiver. In addition, the Company and the Banks hereby authorize the Agent to modify this Agreement by unilaterally amending or supplementing Schedule 2.1(a) from time to time in the manner requested by the Company, the
Agent or any Bank in order to reflect any assignments or transfers of the Loans as provided for hereunder; provided further, however, that the Agent shall promptly deliver a copy of any such modification to the Company and each
Bank. 
 Notwithstanding the fact that the consent of all the Banks is required in certain circumstances as set forth above, (x) each
Bank is entitled to vote as such Bank sees fit on any bankruptcy reorganization plan that affects the Loans, and each Bank acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions
set forth herein and (y) the Majority Banks may consent to allow the Company to use cash collateral in the context of a bankruptcy or insolvency proceeding. 
 Section 11.10 Severability. 
 The provisions of this Agreement are severable and if any one
clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in
any manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. 
 Section 11.11 Confidentiality. 
 Each of the Agent, the Banks and the Issuing Lender agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other
representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any
regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena
or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement, (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its obligations, (iii) to an investor or prospective
investor in an 

  

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Related Fund that is a Lender also agrees that Information shall be used solely for the purpose of evaluating an investment in such Related Fund that is a
Lender, (iv) to a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in a Related Fund that is a Lender in connection with the administration, servicing and reporting on the assets serving as collateral for a
Related Fund that is a Lender, or (v) to a nationally recognized rating agency that requires access to information regarding the Company, the Loans and Loan Documents in connection with ratings issued with respect to a Related Fund that is a
Lender, (g) with the consent of the Company or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Agent, any Bank, the Issuing
Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. 
 For purposes of this
Section, “Information” means all information received from the Company or any of its Subsidiaries relating to the Company or any of its Subsidiaries or any of their respective businesses including any such information received
pursuant to Section 7.3 or 7.21 hereof or otherwise pursuant to the Loan Documents, other than any such information that is available to the Agent, any Bank or the Issuing Lender on a nonconfidential basis prior to disclosure by the Company or
any of its Subsidiaries, provided that, in the case of information received from the Company or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required
to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information. 
 Section 11.12 Acknowledgments. 
 The Company acknowledges that: 
 (a) it has
been advised by counsel in the negotiation, execution and delivery of each Loan Document; 
 (b) neither the Agent nor any Bank has any
fiduciary relationship with or duty to the Company arising out of or in connection with this Agreement and the relationship between Agent and the Banks, on one hand, and the Company, on the other hand, in connection herewith is solely that of debtor
and creditor; and 
 (c) no joint venture exists among the Banks by virtue of the Loan Documents or among the Company and the Banks.

 Section 11.13 Successors and Assigns; Participations; Purchasing Banks. 
 (a) This Agreement shall be binding upon and inure to the benefit of the Company, the Banks, the Agent, all future holders of the Notes and their
respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Agreement or the other Loan Documents without the prior written consent of each Bank. 
  

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 (b) Any Bank may, in the ordinary course of its business and in accordance with applicable law, at any
time sell to one or more banks or other entities (“Participants”) participating interests in any Loan owing to such Bank, any Note held by such Bank, any Commitment of such Bank, or any other interest of such Bank hereunder. In the
event of any such sale by a Bank of participating interests to a Participant, such Bank’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Bank shall remain solely responsible for the
performance thereof, such Bank shall remain the holder of any such Note for all purposes under this Agreement, and the Company and the Agent shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and
obligations under this Agreement. No Bank shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Loan Document except to the extent such amendment
or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in
connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver
of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not
increased as a result thereof), or (ii) consent to the assignment or transfer by the Company of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this
Agreement or any of the other Loan Documents (the Participant’s rights against such Bank in respect of such participation to be those set forth in the agreement executed by such Bank in favor of the Participant relating thereto) and all amounts
payable by the Company hereunder shall be determined as if such Bank had not sold such participation; provided that each Participant shall be entitled to the benefits of Sections 3.6, 3.7, 3.8, 11.1 and 11.2 with respect to its
participation in the Commitments and the Loans outstanding from time to time; provided further, that no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Bank would have been
entitled to receive in respect of the amount of the participation transferred by such transferor Bank to such Participant had no such transfer occurred. 
 (c) Any Bank may, in the ordinary course of its business and in accordance with applicable law, at any time, sell or assign to any Bank or any Affiliate or Related Fund thereof and, with the consent of the Agent and,
so long as no Event of Default has occurred and is continuing, the Company (in each case, which consent shall not be unreasonably withheld or delayed), to one or more additional banks or financial institutions or entities (each a “Purchasing
Bank”), all or any part of its rights and obligations under this Agreement and the Notes in minimum amounts of $2,500,000 (or, if less, the entire amount of such Bank’s obligations), pursuant to a Commitment Transfer Supplement,
substantially in the form of Exhibit 11.13(c), executed by such Purchasing Bank and such transferor Bank (and, to the extent required above, the Agent and the Company), and delivered to the Agent for its acceptance and recording in the Register;
provided, however, that any sale or assignment to an existing Bank shall not require the consent of the Agent or the Company nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein. Upon such
execution, delivery, acceptance and 

  

 78 

 
recording, from and after the Transfer Effective Date specified in such Commitment Transfer Supplement, (x) the Purchasing Bank thereunder shall be a
party hereto and, to the extent provided in such Commitment Transfer Supplement, have the rights and obligations of a Bank hereunder with a Commitment as set forth therein, and (y) the transferor Bank thereunder shall, to the extent provided in
such Commitment Transfer Supplement, be released from its obligations under this Agreement (and, in the case of a Commitment Transfer Supplement covering all or the remaining portion of a transferor Bank’s rights and obligations under this
Agreement, such transferor Bank shall cease to be a party hereto; provided, however, that such Bank shall still be entitled to any indemnification rights that expressly survive hereunder). Such Commitment Transfer Supplement shall be deemed to amend
this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing Bank and the resulting adjustment of Commitment Percentages arising from the purchase by such Purchasing Bank of all or a portion of the
rights and obligations of such transferor Bank under this Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Commitment Transfer Supplement, the Company, at its own expense, shall execute and deliver to the Agent
in exchange for the Notes delivered to the Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Bank in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and,
unless the transferor Bank has not retained a Commitment hereunder, new Notes to the order of the transferor Bank in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in
the form of the Notes replaced thereby. The Notes surrendered by the transferor Bank shall be returned by the Agent to the Company marked “canceled”. 
 (d) The Agent shall maintain at its address referred to in Section 11.5 a copy of each Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the
names and addresses of the Banks and the Commitment of, and principal amount of the Loans owing to, each Bank from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Agent and the
Banks may treat each Person whose name is recorded in the Register as the owner of the Loan recorded therein for all purposes of this Agreement. The Register shall be available for inspection by the Company or any Bank at any reasonable time and
from time to time upon reasonable prior notice. 
 (e) Upon its receipt of a duly executed Commitment Transfer Supplement, together with
payment to the Agent by the transferor Bank or the Purchasing Bank, as agreed between them, of a registration and processing fee of $3,500.00 for each Purchasing Bank listed in such Commitment Transfer Supplement, and the Notes subject to such
Commitment Transfer Supplement, the Agent shall (i) accept such Commitment Transfer Supplement, (ii) record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Banks
and the Company. The Purchasing Bank shall deliver to the Agent an Administrative Questionnaire. 
 (f) The Company authorizes each Bank to
disclose to any Participant or Purchasing Bank (each, a “Transferee”) and any prospective Transferee any and all financial information in such Bank’s possession concerning the Company and its Affiliates which has been delivered
to 

  

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such Bank by or on behalf of the Company pursuant to this Agreement or which has been delivered to such Bank by or on behalf of the Company in connection
with such Bank’s credit evaluation of the Company and its Subsidiaries prior to becoming a party to this Agreement, in each case subject to Section 11.11. 
 (g) At the time of each assignment pursuant to this Section 11.13(c) to a Person which is not already a Bank hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30)
of the Code) for Federal income tax purposes, the respective assignee Bank shall provide to the Company and the Agent the appropriate Internal Revenue Service Forms described in Section 3.8. 
 (h) Nothing herein shall prohibit any Bank from pledging or assigning any of its rights under this Agreement (including, without limitation, any right to
payment of principal and interest under any Note) to any Federal Reserve Bank or any other financial institution in accordance with applicable laws. 
 (i) Notwithstanding the foregoing, the Company shall have no obligation to make payments to a Purchasing Bank hereunder (including, without limitation, Sections 3.6, 3.7 and 3.8 hereof) in excess of the corresponding
amounts the Company would have been allocated to pay to such transferring Bank had such transfer not occurred. 
 Section 11.14
Compliance with Usury Laws. 
 All agreements between the Company and each Bank are hereby expressly limited so that in no contingency
or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to such Bank for the use or the forbearance of the indebtedness evidenced hereby exceed
the maximum permissible under applicable law. As used herein, the term “applicable law” shall mean the law in effect as of the date hereof; provided, however, that in the event there is a change in the law which results in a higher
permissible rate of interest, then this Agreement shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of the Company and each Bank in the execution, delivery and acceptance of this
Agreement to contract in strict compliance with the laws of the State of North Carolina from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the Loan Documents at the time of
performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from
circumstances whatsoever any Bank should ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the principal balance evidenced hereby and not
to the payment of interest. This provision shall control every other provision of all agreements between the Company and each Bank. 
  

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 Section 11.15 Patriot Act Notice. 
 Each Bank and the Agent (for itself and not on behalf of any other party) hereby notifies the Company that, pursuant to the requirements of the Patriot
Act, it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow such Bank or the Agent, as applicable, to identify the
Company in accordance with the Patriot Act. 
  

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 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement under seal as of the date first set
forth above. 
  

			
	UNIVERSAL HEALTH REALTY INCOME TRUST
		
	By:	 	 /s/ Cheryl K. Ramagano

	Name:	 	Cheryl K. Ramagano
	Title:	 	Treasurer & VP
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, individually as a Bank and as Agent
		
	By:	 	 /s/ Jeanette A. Griffin

	Name:	 	Jeanette A. Griffin
	Title:	 	Director
	
	 [Other Lenders]
  
 BANK OF AMERICA, N.A.,
 individually as a Bank and as Syndication
Agent

		
	By:	 	 /s/ Kevin R. Wagley

	Name:	 	Kevin R. Wagley
	Title:	 	Senior Vice President
	
	 JPMORGAN CHASE BANK, N.A.,
 individually as a Bank and as Co-Documentation Agent

		
	By:	 	 /s/ Dawn Lee Lum

	Name:	 	Dawn Lee Lum
	Title:	 	Vice President
	
	 SUNTRUST BANK,

 individually as a Bank and as Co-Documentation Agent

		
	By:	 	 /s/ Helen C. Hartz

	Name:	 	Helen C. Hartz
	Title:	 	Vice President
	
	PNC BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Jeffrey S. DeLay

	Name:	 	Jeffrey S. DeLay
	Title:	 	Vice President
	
	ABN AMRO BANK N.V.
		
	By:	 	 /s/ Kathleen Ross

	Name:	 	Kathleen Ross
	Title:	 	Senior Vice President
		
	By:	 	 /s/ Robert Hart

	Name:	 	Robert Hart
	Title:	 	Senior Vice President
	
	CALYON NEW YORK BRANCH
		
	By:	 	 /s/ Thomas Randolph

	Name:	 	Thomas Randolph
	Title:	 	Managing Director
		
	By:	 	 /s/ Priya Vrat

	Name:	 	Priya Vrat
	Title:	 	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]