Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.11 
 EXCEL TRUST, INC. 
 2010 EQUITY INCENTIVE AWARD PLAN 

RESTRICTED STOCK AWARD GRANT NOTICE AND 
 RESTRICTED STOCK AWARD AGREEMENT 
 Excel Trust, Inc., a Maryland
corporation (the “Company”), pursuant to its 2010 Equity Incentive Award Plan (the “Plan”), hereby grants to the individual listed below (“Participant”) the number of shares of
the Company’s Stock (the “Shares”) set forth below. This Restricted Stock award (the “Award”) is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award
Agreement attached hereto as Exhibit A (the “Restricted Stock Agreement”) and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same
defined meanings in this Grant Notice and the Restricted Stock Agreement. 
  

			
	Participant:	  	  

		
	Grant Date:	  	  

		
	Grant Number:	  	  

		
	 Total Number of Shares of

Restricted Stock:
	  	  

 

		
	Vesting Schedule:	  	This Award shall vest in accordance with the vesting schedule set forth on Exhibit C attached hereto.

By his or her signature, Participant agrees to be bound by the terms and conditions of the Plan, the Restricted Stock Agreement and this
Grant Notice. Participant has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions
of this Grant Notice, the Restricted Stock Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan, this
Grant Notice or the Restricted Stock Agreement. 
  

															
	EXCEL TRUST, INC.	 	PARTICIPANT
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	  	  
	 		 	Print Name:	 	  

	Title:	 	  
	 		 		 		 		 	
	Address:	  	 17140 Bernardo Center Drive,

Suite 300
	 		 	Address:	 	
		 		  	San Diego, CA 92128	 		 		 		 	  

		 		  		 		 		 		 	  

 EXHIBIT A 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 RESTRICTED STOCK AWARD AGREEMENT

 Pursuant to the Restricted Stock Award Grant Notice (“Grant Notice”) to which this Restricted
Stock Award Agreement (this “Agreement”) is attached, Excel Trust, Inc., a Maryland corporation (the “Company”), has granted to Participant the right to purchase the number of shares of Restricted
Stock under the Company’s 2010 Equity Incentive Award Plan (the “Plan”) indicated in the Grant Notice. The Shares are subject to the terms and conditions of the Plan which are incorporated herein by reference.
Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 

ARTICLE I 

ISSUANCE OF SHARES 
 1.1 Issuance of Shares. Pursuant to the Plan and subject to the terms and conditions of this Agreement, effective on the Grant Date, the Company irrevocably grants to Participant the number of
shares of Stock set forth in the Grant Notice (the “Shares”), in consideration of Participant’s employment with or service to the Company, the Partnership or one of their Subsidiaries on or before the Grant Date, for
which the Administrator has determined Participant has not been fully compensated, and the Administrator has determined that the benefit received by the Company as a result of such employment or service has a value that exceeds the aggregate par
value of the Shares, which Shares, when issued in accordance with the terms hereof, shall be fully paid and nonassessable. 

1.2 Issuance Mechanics. On the Grant Date, the Company shall issue the Shares to Participant and shall (a) cause a stock
certificate or certificates representing the Shares to be registered in the name of Participant, or (b) cause such Shares to be held in book entry form. If a stock certificate is issued, it shall be delivered to and held in custody by the
Company and shall bear the restrictive legends required by Section 4.1 below. If the Shares are held in book entry form, then such entry will reflect that the Shares are subject to the restrictions of this Agreement. Participant’s
execution of a stock assignment in the form attached as Exhibit B to the Grant Notice (the “Stock Assignment”) shall be a condition to the issuance of the Shares. 

ARTICLE II 

FORFEITURE AND TRANSFER RESTRICTIONS 
 2.1 Forfeiture Restriction. Subject to the provisions of Section 2.2 below, in the event of Participant’s cessation of Service for any reason, including as a result of Participant’s
death or Disability, all of the Unreleased Shares (as defined below) shall thereupon be forfeited immediately and without any further action by the Company (the “Forfeiture Restriction”). Upon the occurrence of such
forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of
Unreleased Shares being forfeited by Participant. The Unreleased Shares and Participant’s executed stock assignment in the form attached as Exhibit B to the Grant Notice shall be held by the Company in accordance with Section 2.4
until the Shares are forfeited as provided in this Section 2.1, until such Unreleased Shares are fully released from the Forfeiture Restriction, or until such time as this Agreement no longer is in effect. Participant hereby authorizes and
directs the Secretary of the Company, or such other person designated by the Committee, to transfer the Unreleased Shares which have been forfeited pursuant to this Section 2.1 from Participant to the Company. 

  
 A-1

 2.2 Release of Shares from Forfeiture Restriction. The Shares shall be released from
the Forfeiture Restriction in accordance with the vesting schedule set forth in Exhibit C attached to the Grant Notice. Any of the Shares which, from time to time, have not yet been released from the Forfeiture Restriction are referred to
herein as “Unreleased Shares.” As soon as administratively practicable following the release of any Shares from the Forfeiture Restriction, the Company shall, as applicable, either deliver to Participant the certificate or
certificates representing such Shares in the Company’s possession belonging to Participant, or, if the Shares are held in book entry form, then the Company shall remove the notations on the book form. Participant (or the beneficiary or personal
representative of Participant in the event of Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances as the Company or its representatives deem necessary or
advisable in connection with any such delivery. 
 2.3 Transfer Restriction. No Unreleased Shares or any interest or
right therein or part thereof shall be liable for the debts, contracts or engagements of the Participant or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be
null and void and of no effect. 
 2.4 Escrow. The Unreleased Shares and Participant’s executed Stock Assignment
shall be held by the Company until the Shares are forfeited as provided in Section 2.1, until such Unreleased Shares are fully released from the Forfeiture Restriction, or until such time as this Agreement no longer is in effect. In such event,
Participant shall not retain physical custody of any certificates representing Unreleased Shares issued to Participant. Participant, by acceptance of this Award, shall be deemed to appoint, and does so appoint, the Company and each of its authorized
representatives as Participant’s attorney(s)-in-fact to effect any transfer of forfeited Unreleased Shares to the Company as may be required pursuant to the Plan or this Agreement, and to execute such representations or other documents or
assurances as the Company or such representatives deem necessary or advisable in connection with any such transfer. The Company, or its designee, shall not be liable for any act it may do or omit to do with respect to holding the Shares in escrow
and while acting in good faith and in the exercise of its judgment. 
 2.5 Rights as Stockholder. Except as otherwise
provided herein, upon issuance of the Shares by the Company, Participant shall have all the rights of a stockholder with respect to said Shares, subject to the restrictions herein, including the right to vote the Shares and to receive all dividends
or other distributions paid or made with respect to the Shares. 
 2.6 Ownership Limit and REIT Status. The Forfeiture
Restriction on the Shares shall not lapse if the lapsing of such restrictions would likely result in any of the following: 

(a) a violation of the restrictions or limitations on ownership provided for from time to time under the terms of the organizational
documents of the Company; or 
 (b) income to the Company that could impair the Company’s status as a real estate
investment trust, within the meaning of Section 856 through 860 of the Code. 

  
 A-2

 ARTICLE III 
 TAXATION REPRESENTATIONS 
 3.1 Tax Representations. Participant
represents to the Company that Participant has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. Participant is relying solely on
such advisors and not on any statements or representations of the Company or any of its agents. Participant understands that Participant (and not the Company) shall be responsible for his or her own tax liability that may arise as a result of the
transactions contemplated by this Agreement. 
 3.2 Tax Withholding. Notwithstanding anything to the contrary in this
Agreement: 
 (a) The Company or the Partnership shall be entitled to require payment of any sums required by federal, state and
local income tax and payroll tax law to be withheld with respect to the issuance, lapsing of restrictions on or sale of the Shares. The Company may permit, but shall not be obligated to allow, Participant to make such payment in one or more of the
forms specified below: 
 (i) by cash or check made payable to the Company or the Partnership; 

(ii) by the deduction of such amount from other compensation payable to Participant; 

(iii) by requesting that the Company withhold a net number of vested Shares otherwise deliverable pursuant to this Agreement having a
then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company and its Affiliates based on the minimum applicable statutory withholding rates for federal, state and local income tax and payroll
tax purposes; 
 (iv) by tendering vested shares of Stock owned by Participant having a then current Fair Market Value not
exceeding the amount necessary to satisfy the withholding obligation of the Company and its Affiliates based on the minimum applicable statutory withholding rates for federal, state and local income tax and payroll tax purposes; or 

(v) in any combination of the foregoing. 
 (b) In the event Participant fails to provide timely payment of all sums required pursuant to Section 3.2(a), the Company shall have the right and option, but not the obligation, to treat such
failure as an election by Participant to satisfy all or any portion of Participant’s required payment obligation pursuant to Section 3.2(a)(iii) above. 
 (c) The Company shall not be obligated to deliver any stock certificate representing vested Shares to Participant or Participant’s legal representative, or, if the Shares are held in book entry form,
to remove the notations on the book form, unless and until Participant or Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of
Participant resulting from the issuance, lapsing of restrictions on or sale of the Shares. 
 3.3 Section 83(b)
Election. Participant covenants that he or she will not make an election under Section 83(b) of the Code with respect to the receipt of any of the Shares without the consent of the Administrator, which the Administrator may grant or
withhold in its sole discretion. 

  
 A-3

 ARTICLE IV 
 RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS 
 4.1 Legends. The
certificate or certificates representing the Shares, if any, shall bear the following legend (as well as any legends required by the Company’s charter and applicable state and federal corporate and securities laws): 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE IN FAVOR OF THE COMPANY AND MAY BE TRANSFERRED ONLY IN ACCORDANCE
WITH THE TERMS OF A RESTRICTED STOCK AWARD AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 4.2 Refusal to Transfer; Stop-Transfer Notices. The Company shall not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of
the provisions of this Agreement or (b) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. Participant agrees that, in order
to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records. 
 4.3 Removal of Legend. After such time as the Forfeiture Restriction
shall have lapsed with respect to the Shares, and upon Participant’s request, a new certificate or certificates representing such Shares shall be issued without the legend referred to in Section 4.1, and delivered to Participant. If the
Shares are held in book entry form, the Company shall cause any restrictions noted on the book form to be removed. 
 ARTICLE
V 
 MISCELLANEOUS 
 5.1 Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with
the laws of the State of California, without giving effect to principles of conflicts of law. 
 5.2 Entire Agreement;
Enforcement of Rights. This Agreement, the Grant Notice and the Plan set forth the entire agreement and understanding of the parties relating to the subject matter herein and merge all prior discussions between them. No modification of or
amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement.  
 5.3 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the
parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so
excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 

  
 A-4

 5.4 Notices. Any notice required or permitted by this Agreement shall be in
writing and shall be deemed sufficient when delivered personally or sent by electronic mail (with return receipt requested and received) or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail,
with postage prepaid, and addressed to the party to be notified, if to the Company, at its principal offices, and if to Participant, at Participant’s address, electronic mail address or fax number in the Company’s employee records or as
subsequently modified by written notice. 
 5.5 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

5.6 Successors and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by
the Company’s successors and assigns. The Company may assign its rights under this Agreement to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company without the prior written consent of Participant. The rights and obligations of Participant under this Agreement may only be assigned with the prior written consent of the Company. 

5.7 Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with all
provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary,
the Plan shall be administered, and the Shares are to be issued, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent
necessary to conform to such laws, rules and regulations. 
 5.8 Recoupment. To the extent required by applicable
law or any applicable securities exchange listing standards, any amounts paid or payable under this Agreement (including, without limitation, amounts paid prior to the effectiveness of such law or listing standards) shall be subject to forfeiture,
repayment or recapture as determined by the Company in its discretion. 
 5.9 NO RIGHT TO CONTINUED SERVICE. THE
PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE LAPSING OF THE FORFEITURE RESTRICTION PURSUANT TO SECTION 2.1 HEREOF IS EARNED ONLY BY CONTINUING SERVICE TO THE COMPANY, THE PARTNERSHIP OR ONE OF THEIR SUBSIDIARIES AS AN “AT WILL” EMPLOYEE OR
CONSULTANT OF THE COMPANY, THE PARTNERSHIP OR ONE OF THEIR SUBSIDIARIES OR AN INDEPENDENT DIRECTOR OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED OR ACQUIRING SHARES HEREUNDER). THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE FORFEITURE RESTRICTION SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, CONSULTANT OR INDEPENDENT DIRECTOR FOR SUCH PERIOD,
FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH THE COMPANY’S, THE PARTNERSHIP’S OR ANY OF THEIR SUBSIDIARIES’ RIGHT TO TERMINATE THE PARTICIPANT’S EMPLOYMENT OR SERVICE TO THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE.

  
 A-5

 EXHIBIT B 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 STOCK ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned, [Name of Participant], hereby sells, assigns and transfers unto EXCEL TRUST, INC., a Maryland
corporation,      shares of the Common Stock of EXCEL TRUST, INC., a Maryland corporation, standing in its name of the books of said corporation represented by Certificate
No.          herewith and do hereby irrevocably constitute and appoint
                     to transfer the said stock on the books of the within named corporation with full power of substitution in the premises.

 This Stock Assignment may be used only in accordance with the Restricted Stock Award Grant Notice and Restricted Stock Award
Agreement between EXCEL TRUST, INC. and the undersigned dated             , 20__. 
  

					
	Dated:             ,         	 		 	                             
                                       

		 		 	[Name of Participant]

 INSTRUCTIONS: Please do not
fill in the blanks other than the signature line. The purpose of this assignment is to enable the Company to enforce the Forfeiture Restriction as set forth in the Stock Award Grant Notice and Restricted Stock Award Agreement, without requiring
additional signatures on the part of the stockholder. 

  
 B-1

 EXHIBIT C 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 VESTING SCHEDULE 

1. Vesting. The Shares subject to this Award shall be released from the Forfeiture Restriction and vest pursuant to Sections 2, 3
and 4 below, in each case provided that the Participant continues to be an Employee, Independent Director or Consultant on the applicable vesting date. 
 2. 2011 Performance Period. Up to [            ] of the Shares subject to this Award shall vest pursuant to this Section 2 as
follows: 
 2.1. If the Company achieves a compounded annualized TSR (as defined below) with respect to the period beginning on
January 1, 2011 and ending on December 31, 2011 (the “2011 Performance Period”) that equals 8%, then [            ] of the Shares
subject to this Award shall vest on the First Vesting Date (as defined below); or 
 2.2. If the Company achieves a compounded
annualized TSR with respect to the 2011 Performance Period that equals 11%, then [            ] of the Shares subject to this Award shall vest on the First Vesting Date; or

 2.3. If the Company achieves a compounded annualized TSR with respect to the 2011 Performance Period that equals 14%, then
[            ] of the Shares subject to this Award shall vest on the First Vesting Date; or 
 2.4. If the Company achieves a compounded annualized TSR with respect to the 2011 Performance Period that is less than 8%, then none of the Shares subject to this Award shall vest as of the First Vesting
Date. However, any Shares that fail to vest pursuant to Sections 2.1, 2.2 or 2.3 as a result of the TSR targets for the 2011 Performance Period not being achieved shall be eligible to vest on the Third Vesting Date (as defined below) to the extent
the TSR targets are achieved for the Three-Year Performance Period (as defined below). The number of Shares that will vest pursuant to the preceding sentence shall equal (a) the number of Shares which would vest pursuant to this Section 2
if the “Three-Year Performance Period” is substituted herein for the “2011 Performance Period,” less (b) such number of Shares as vested pursuant to this Section 2 on the First Vesting Date. 

3. 2012 Performance Period. Up to [            ] of the Shares
subject to this Award shall vest pursuant to this Section 3 as follows: 
 3.1. If the Company achieves a compounded
annualized TSR with respect to the one-year period beginning on January 1, 2012 and ending on December 31, 2012 (the “2012 Performance Period”) that equals 8%, then
[            ] of the Shares subject to this Award shall vest on the Second Vesting Date (as defined below); or 

3.2. If the Company achieves a compounded annualized TSR with respect to the 2012 Performance Period that equals 11%, then
[            ] of the Shares subject to this Award shall vest on the Second Vesting Date; or 
 3.3. If the Company achieves a compounded annualized TSR with respect to the 2012 Performance Period that equals 14%, then [            ]
of the Shares subject to this Award shall vest on the Second Vesting Date; or 

  
 C-1

 3.4. If the Company achieves a compounded annualized TSR with respect to the 2012
Performance Period that is less than 8%, then none of the Shares subject to this Award shall vest as of the Second Vesting Date. However, any Shares that fail to vest pursuant to Sections 3.1, 3.2 or 3.3 as a result of the TSR targets for the 2012
Performance Period not being achieved shall be eligible to vest on the Third Vesting Date to the extent the TSR targets are achieved for the Three-Year Performance Period. The number of Shares that will vest pursuant to the preceding sentence shall
equal (a) the number of Shares which would vest pursuant to this Section 3 if the “Three-Year Performance Period” is substituted herein for the “2012 Performance Period,” less (b) such number of Shares as vested
pursuant to this Section 3 on the Second Vesting Date. 
 4. 2013 Performance Period. Up to
[            ] of the Shares subject to this Award shall vest pursuant to this Section 4 as follows: 
 4.1. If the Company achieves a compounded annualized TSR with respect to the one-year period beginning on January 1, 2013 and ending on December 31, 2013 (the “2013 Performance
Period”) that equals 8%, then [            ] of the Shares subject to this Award shall vest on the Third Vesting Date; or 

4.2. If the Company achieves a compounded annualized TSR with respect to the 2013 Performance Period that equals 11%, then
[            ] of the Shares subject to this Award shall vest on the Third Vesting Date; or 
 4.3. If the Company achieves a compounded annualized TSR with respect to the 2013 Performance Period that equals 14%, then [            ]
of the Shares subject to this Award shall vest on the Third Vesting Date; or 
 4.4. Any Shares that fail to vest pursuant to
Sections 4.1, 4.2 or 4.3 as a result of the TSR targets for the 2013 Performance Period not being achieved shall nonetheless be eligible to vest on the Third Vesting Date to the extent the TSR targets are achieved for the Three-Year Performance
Period. The number of Shares that will vest pursuant to the preceding sentence shall equal (a) the number of Shares which would vest pursuant to this Section 4 if the “Three-Year Performance Period” is substituted herein for the
“2013 Performance Period,” less (b) such number of Shares as vested pursuant to this Section 4 on the Third Vesting Date without regard to the application of this Section 4.4. 

5. Linear Interpolation Between Achievement Levels. If the Company achieves a compounded annualized TSR with respect to the 2011
Performance Period, the 2012 Performance Period, the 2013 Performance Period or the Three-Year Performance Period that falls between the foregoing levels, the number of Shares subject to this Award that shall become available for vesting will be
determined by linear interpolation between the applicable levels. 
 6. Definitions. 

6.1 For purposes of this Exhibit C, “First Vesting Date” means the date on which the
Administrator certifies in writing the Company’s TSR for the 2011 Performance Period, which certification shall occur no later than March 31, 2012. 
 6.2 For purposes of this Exhibit C, “Second Vesting Date” means the date on which the Administrator certifies in writing the Company’s TSR for the 2012
Performance Period, which certification shall occur no later than March 31, 2013. 

 6.3 For purposes of this Exhibit C, “Third Vesting
Date” means the date on which the Administrator certifies the Company’s TSR for the 2013 Performance Period and the Three-Year Performance Period, which certification shall occur no later than March 31, 2014.

 6.4 For purposes of this Exhibit C, “Three-Year Performance Period” means the
period beginning on January 1, 2011 and ending on December 31, 2013 (the “Three-Year Performance Period”). 
 6.5 For purposes of this Exhibit C, “TSR” means the Company’s compound annual total shareholder return for each Performance Period calculated in
accordance with the total shareholder return calculation methodology used in the MSCI US REIT Index (and, for the avoidance of doubt, assuming the reinvestment of all dividends paid on Common Stock). 

7. Forfeiture. Any portion of the Award and any Shares which do not vest on the Third Vesting Date as a result of the TSR targets
not being achieved shall automatically and without further action be cancelled and forfeited by Participant on the Third Vesting Date, and Participant shall have no further right or interest in or with respect to such portion of the Award or Shares.Indenture, dated as of February 11, 2011

 Exhibit 4.1 
 FLORIDA EAST COAST HOLDINGS CORP., 
 as Company 

and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Trustee 
 INDENTURE 
 Dated as of February 11, 2011 

 
  

10 
1/2% / 11 1/4% Senior PIK Toggle Notes due 2017 

 Florida East Coast Holdings Corp.* 

Reconciliation and tie between Trust Indenture Act 
 of 1939 and Indenture, dated as of February 11, 2011 
  

					
	 Trust Indenture
 Act Section
	 	  	  	Indenture Section
	§ 310 (a)(1)	 		  	608
	          (a)(2)	 		  	608
	          (a)(5)	 		  	608
	          (b)	 		  	609
	§ 311	 		  	101, 605
	§ 312 (a)	 		  	701
	          (b)	 		  	702
	          (c)	 		  	702
	§ 313 (a)	 		  	703
	          (b)(1)	 		  	1402
	          (b)(2)	 		  	1402
	          (c)	 		  	602, 703
	          (c)(1)	 		  	703
	          (c)(2)	 		  	703
	§ 314 (a)	 		  	102, 105, 106, 1009
	          (a)(4)	 		  	1008
	          (b)	 		  	1402, 1403, 1404
	          (c)(1)	 		  	102
	          (c)(2)	 		  	102
	          (c)(3)	 		  	N/A
	          (d)	 		  	1402
	          (e)	 		  	102
	          (f)	 		  	N/A
	§ 315 (a)	 		  	601, 603
	          (b)	 		  	106, 602, 603
	          (c)	 		  	601, 603
	          (d)	 		  	601, 603
	          (e)	 		  	603, 609
	§ 316 (a)(last sentence)	 		  	101 (“Outstanding”)
	          (a)(1)(A)	 		  	502, 512
	          (a)(1)(B)	 		  	513
	          (b)	 		  	508
	          (c)	 		  	104(d)
	§ 317 (a)(1)	 		  	503
	          (a)(2)	 		  	504
	          (b)	 		  	1003
	§ 318 (a)	 		  	111

  

	*	This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Indenture. 

 TABLE OF CONTENTS1 
  

							
	 	 	 	  	Page	 
	ARTICLE ONE	  
	
	 DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION
	   

  

			
	 SECTION 101.
	 	Definitions	  	 	1	  
	 SECTION 102.
	 	Compliance Certificates and Opinions	  	 	29	  
	 SECTION 103.
	 	Form of Documents Delivered to Trustee	  	 	29	  
	 SECTION 104.
	 	Acts of Holders	  	 	30	  
	 SECTION 105.
	 	Notices, Etc., to Trustee, Company and Agent	  	 	30	  
	 SECTION 106.
	 	Notice to Holders; Waiver	  	 	31	  
	 SECTION 107.
	 	Effect of Headings and Table of Contents	  	 	31	  
	 SECTION 108.
	 	Successors and Assigns	  	 	31	  
	 SECTION 109.
	 	Separability Clause	  	 	31	  
	 SECTION 110.
	 	Benefits of Indenture	  	 	31	  
	 SECTION 111.
	 	Governing Law	  	 	32	  
	 SECTION 112.
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	32	  
	 SECTION 113.
	 	Legal Holidays	  	 	32	  
	 SECTION 114.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	32	  
	 SECTION 115.
	 	Trust Indenture Act Controls	  	 	32	  
	 SECTION 116.
	 	Counterparts	  	 	32	  
	 SECTION 117.
	 	USA Patriot Act	  	 	32	  
	 SECTION 118.
	 	[Intentionally Deleted]	  	 	33	  
	 SECTION 119.
	 	Waiver of Jury Trial	  	 	33	  
	 SECTION 120.
	 	[Intentionally Deleted]	  	 	33	  
	 SECTION 121.
	 	No Adverse Interpretation of Other Agreements	  	 	33	  
	
	ARTICLE TWO	  
	
	NOTE FORMS	  
			
	 SECTION 201.
	 	Forms Generally	  	 	33	  
	 SECTION 202.
	 	Form of Trustee’s Certificate of Authentication	  	 	34	  
	 SECTION 203.
	 	Restrictive Legends	  	 	34	  
	 SECTION 204.
	 	Unrestricted Global Notes	  	 	35	  
	
	ARTICLE THREE	  
	
	THE NOTES	  
			
	 SECTION 301.
	 	Title and Terms	  	 	36	  
	 SECTION 302.
	 	Denominations	  	 	36	  
	 SECTION 303.
	 	Execution, Authentication, Delivery and Dating	  	 	36	  
	 SECTION 304.
	 	Temporary Notes	  	 	38	  
	 SECTION 305.
	 	Registration, Paying Agent, Registration of Transfer and Exchange	  	 	38	  
	 SECTION 306.
	 	Mutilated, Destroyed, Lost and Stolen Notes	  	 	39	  

  

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

							
	 	 	 	  	Page	 
	 SECTION 307.
	 	Payment of Interest; Interest Rights Preserved	  	 	39	  
	 SECTION 308.
	 	Persons Deemed Owners	  	 	41	  
	 SECTION 309.
	 	Cancellation	  	 	41	  
	 SECTION 310.
	 	Computation of Interest	  	 	41	  
	 SECTION 311.
	 	[Intentionally Deleted]	  	 	41	  
	 SECTION 312.
	 	Book-Entry and Transfer Provisions	  	 	41	  
	 SECTION 313.
	 	[Intentionally Deleted]	  	 	49	  
	 SECTION 314.
	 	[Intentionally Deleted]	  	 	49	  
	 SECTION 315.
	 	CUSIP Numbers	  	 	49	  
	 SECTION 316.
	 	Issuance of Additional Notes	  	 	50	  
	
	ARTICLE FOUR	  
	
	SATISFACTION AND DISCHARGE	  
			
	 SECTION 401.
	 	Satisfaction and Discharge of Indenture	  	 	50	  
	 SECTION 402.
	 	Application of Trust Money	  	 	51	  
	
	ARTICLE FIVE	  
	
	REMEDIES	  
			
	 SECTION 501.
	 	Events of Default	  	 	52	  
	 SECTION 502.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	53	  
	 SECTION 503.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	54	  
	 SECTION 504.
	 	Trustee May File Proofs of Claim	  	 	54	  
	 SECTION 505.
	 	Trustee May Enforce Claims Without Possession of Notes	  	 	55	  
	 SECTION 506.
	 	Application of Money Collected	  	 	55	  
	 SECTION 507.
	 	Limitation on Suits	  	 	55	  
	 SECTION 508.
	 	Unconditional Right of Holders To Receive Principal, Premium and Interest	  	 	56	  
	 SECTION 509.
	 	Restoration of Rights and Remedies	  	 	56	  
	 SECTION 510.
	 	Rights and Remedies Cumulative	  	 	56	  
	 SECTION 511.
	 	Delay or Omission Not Waiver	  	 	56	  
	 SECTION 512.
	 	Control by Holders	  	 	56	  
	 SECTION 513.
	 	Waiver of Past Defaults	  	 	57	  
	 SECTION 514.
	 	Waiver of Stay or Extension Laws	  	 	57	  
	
	ARTICLE SIX	  
	
	THE TRUSTEE	  
			
	 SECTION 601.
	 	Duties of the Trustee	  	 	57	  
	 SECTION 602.
	 	Notice of Defaults	  	 	58	  
	 SECTION 603.
	 	Certain Rights of Trustee	  	 	58	  
	 SECTION 604.
	 	Trustee Not Responsible for Recitals or Issuance of Notes	  	 	59	  
	 SECTION 605.
	 	May Hold Notes	  	 	60	  
	 SECTION 606.
	 	Money Held in Trust	  	 	60	  
	 SECTION 607.
	 	Compensation and Reimbursement	  	 	60	  
	 SECTION 608.
	 	Corporate Trustee Required; Eligibility	  	 	61	  
	 SECTION 609.
	 	Resignation and Removal; Appointment of Successor	  	 	61	  
	 SECTION 610.
	 	Acceptance of Appointment by Successor	  	 	62	  
	 SECTION 611.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	62	  
	 SECTION 612.
	 	Appointment of Authenticating Agent	  	 	62	  
	 SECTION 613.
	 	Force Majeure	  	 	64	  

  
 -ii-

							
	 	 	 	  	Page	 
	ARTICLE SEVEN	  
	
	HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	  
			
	 SECTION 701.
	 	Company To Furnish Trustee Names and Addresses	  	 	64	  
	 SECTION 702.
	 	Disclosure of Names and Addresses of Holders	  	 	64	  
	 SECTION 703.
	 	Reports by Trustee	  	 	64	  
	
	ARTICLE EIGHT	  
	
	MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS	  
			
	 SECTION 801.
	 	Company May Consolidate, Etc., Only on Certain Terms	  	 	64	  
	 SECTION 802.
	 	Guarantors May Consolidate, Etc. Only on Certain Terms	  	 	65	  
	 SECTION 803.
	 	Successor Substituted	  	 	66	  
	
	ARTICLE NINE	  
	
	SUPPLEMENTAL INDENTURES	  
			
	 SECTION 901.
	 	Amendments or Supplements Without Consent of Holders	  	 	66	  
	 SECTION 902.
	 	Amendments, Supplements or Waivers with Consent of Holders	  	 	67	  
	 SECTION 903.
	 	Execution of Amendments, Supplements or Waivers	  	 	68	  
	 SECTION 904.
	 	Effect of Amendments, Supplements or Waivers	  	 	68	  
	 SECTION 905.
	 	Conformity with Trust Indenture Act	  	 	68	  
	 SECTION 906.
	 	Reference in Notes to Supplemental Indentures	  	 	68	  
	 SECTION 907.
	 	Notice of Supplemental Indentures	  	 	68	  
	
	ARTICLE TEN	  
	
	COVENANTS	  
			
	 SECTION 1001.
	 	Payment of Principal, Premium, if Any, and Interest	  	 	69	  
	 SECTION 1002.
	 	Maintenance of Office or Agency	  	 	69	  
	 SECTION 1003.
	 	Money for Notes Payments To Be Held in Trust	  	 	69	  
	 SECTION 1004.
	 	Corporate Existence	  	 	70	  
	 SECTION 1005.
	 	Payment of Taxes and Other Claims	  	 	70	  
	 SECTION 1006.
	 	Maintenance of Properties	  	 	70	  
	 SECTION 1007.
	 	Insurance	  	 	71	  
	 SECTION 1008.
	 	Statement by Officers as to Default	  	 	71	  
	 SECTION 1009.
	 	Reports and Other Information	  	 	71	  
	 SECTION 1010.
	 	Limitation on Restricted Payments	  	 	73	  
	 SECTION 1011.
	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	78	  
	 SECTION 1012.
	 	Limitation on Liens	  	 	82	  
	 SECTION 1013.
	 	Limitations on Transactions with Affiliates	  	 	83	  
	 SECTION 1014.
	 	Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	85	  
	 SECTION 1015.
	 	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	  	 	86	  
	 SECTION 1016.
	 	Special Interest Notice	  	 	87	  
	 SECTION 1017.
	 	Change of Control	  	 	87	  
	 SECTION 1018.
	 	Asset Sales	  	 	88	  
	 SECTION 1019.
	 	Waiver of Certain Covenants	  	 	90	  
	 SECTION 1020.
	 	[Intentionally Deleted]	  	 	90	  
	 SECTION 1021.
	 	[Intentionally Deleted]	  	 	90	  

  
 -iii-

							
	 	 	 	  	Page	 
	 SECTION 1022.
	 	[Intentionally Deleted]	  	 	90	  
	 SECTION 1023.
	 	Discharge and Suspension of Covenants	  	 	91	  
	 SECTION 1024.
	 	Certain Equity Issuances	  	 	91	  
	 SECTION 1025.
	 	Anti-Layering	  	 	92	  
	
	ARTICLE ELEVEN	  
	
	REDEMPTION OF NOTES	  
			
	 SECTION 1101.
	 	Right of Redemption	  	 	93	  
	 SECTION 1102.
	 	Applicability of Article	  	 	93	  
	 SECTION 1103.
	 	Election To Redeem; Notice to Trustee	  	 	93	  
	 SECTION 1104.
	 	Selection by Trustee of Notes To Be Redeemed	  	 	93	  
	 SECTION 1105.
	 	Notice of Redemption	  	 	94	  
	 SECTION 1106.
	 	Deposit of Redemption Price	  	 	95	  
	 SECTION 1107.
	 	Notes Payable on Redemption Date	  	 	95	  
	 SECTION 1108.
	 	Notes Redeemed in Part	  	 	95	  
	 SECTION 1109.
	 	Mandatory Principal Redemption	  	 	95	  
	
	ARTICLE TWELVE	  
	
	GUARANTEES	  
			
	 SECTION 1201.
	 	Restricted Subsidiaries	  	 	96	  
	 SECTION 1202.
	 	Reinstatement	  	 	96	  
	 SECTION 1203.
	 	Release of a Guarantor	  	 	96	  
	
	ARTICLE THIRTEEN	  
	
	DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 SECTION 1301.
	 	Company’s Option To Effect Legal Defeasance or Covenant Defeasance	  	 	96	  
	 SECTION 1302.
	 	Legal Defeasance and Discharge	  	 	96	  
	 SECTION 1303.
	 	Covenant Defeasance	  	 	97	  
	 SECTION 1304.
	 	Conditions to Legal Defeasance or Covenant Defeasance	  	 	97	  
	 SECTION 1305.
	 	Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions	  	 	98	  
	 SECTION 1306.
	 	Reinstatement	  	 	99	  

 EXHIBITS 

 

	
	 EXHIBIT A – Form of Note

	 EXHIBIT B – Form of Certificate of Transfer

	 EXHIBIT C – Form of Certificate of Exchange

	 EXHIBIT D – Form of Supplemental Indenture

	 EXHIBIT E – Form of Incumbency Certificate

  
 -iv-

 INDENTURE, dated as of February 11, 2011 (this “Indenture”), among FLORIDA
EAST COAST HOLDINGS CORP., a Florida corporation (the “Company”), having its principal office at 7411 Fullerton Street, Suite 300, Jacksonville, Florida 32256 and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as
trustee (in such capacity, the “Trustee”). 
 RECITALS OF THE COMPANY 

The Company has duly authorized the creation of an issue of 10 1/2% / 11 1/4% Senior PIK Toggle Notes due 2017 issued on the date hereof (the
“Initial Notes”) and (ii) if and when issued pursuant to the Registration Rights Agreement, dated the date hereof, among the Company and the Initial Purchaser (as defined therein), 10 1/2% / 11 1/4% Senior PIK Toggle Exchange Notes due 2017 issued in an Exchange
Offer in exchange for any Initial Notes (the “Exchange Notes,” and collectively with the Initial Notes, the “Notes”), of substantially the tenor and amount hereinafter set forth, and to provide therefor the Company has duly
authorized the execution and delivery of this Indenture. As used herein, (i) “Notes” shall include any PIK Notes and Additional Notes that are issued pursuant to this Indenture unless the context otherwise requires and
(ii) references to “principal amount” of notes includes any increase in the principal amount of outstanding notes (including PIK Notes) as a result of a PIK Payment. 

Upon the issuance of the Exchange Notes, if any, or the effectiveness of a Shelf Registration Statement, this Indenture shall be subject
to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows:

 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 

SECTION 101. Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(a) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well
as the singular; 
 (b) all other terms used herein which are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein, and the terms “cash transaction” and “self-liquidating paper,” as used in TIA Section 311, shall have the meanings assigned to them in the rules of the
Commission adopted under the Trust Indenture Act; 
 (c) all accounting terms not otherwise defined herein have
the meanings assigned to them in accordance with GAAP (as herein defined); 
 (d) the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

 (e) “or” is not exclusive; 

(f) “including” means including without limitation; 

(g) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; 
 (h) secured Indebtedness shall not be deemed to be subordinate or junior to
any other secured Indebtedness merely because it has a junior priority with respect to the same collateral; and 

(i) Indebtedness that is not guaranteed shall not be deemed to be subordinate or junior to Indebtedness that is guaranteed
merely because of such guarantee. 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A
hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount
of the Notes sold in reliance on Rule 144A. 
 “Acquired Indebtedness” means, with respect to any specified Person,

 (1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a
Restricted Subsidiary of such specified Person, including, without limitation, Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Restricted Subsidiary of such specified Person, and

 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Act,” when used with respect to any Holder, has the meaning specified in Section 104 of this Indenture. 

“Additional Notes” means additional notes issued under this Indenture, to the extent permitted by Sections 316 and 1011.

 “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” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management of such Person, whether through the ownership of voting securities, by
agreement or otherwise. 
 “Affiliate Transaction” has the meaning specified in Section 1013 of this Indenture.

 “Agent” means any Note Registrar, co-registrar, Paying Agent or additional paying agent. 

“Applicable Premium” means, with respect to any Note on any Redemption Date, the greater of: 

(1) 1.0% of the principal amount of the Note; or 

(2) the excess, if any, of: 
 (a) the present value at such Redemption Date of (i) the redemption price of the Note at August 1, 2012 (such redemption price being set forth in the table appearing in Section 1101),
plus (ii) all required interest payments due on the Note through August 1, 2012 (excluding 

  
 -2-

 
accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over 

(b) the principal amount of the Note. 
 “Applicable Premium Deficit” has the meaning specified in Section 1304 of this Indenture. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream
that apply to such transfer or exchange. 
 “Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related
transactions, of property or assets (including by way of a sale and leaseback) of the Company or any Restricted Subsidiary (each referred to in this definition as a “disposition”), or 

(2) the issuance or sale of Equity Interests of any Restricted Subsidiary, whether in a single transaction or a series of
related transactions (other than preferred stock of Restricted Subsidiaries issued in compliance with Section 1011), 
 in each case, other
than: 
 (a) a disposition of cash or Cash Equivalents or dispositions of any obsolete, damaged or worn out
equipment in the ordinary course of business, a disposition of inventory or goods held for sale in the ordinary course of business or any disposition of any abandoned rail lines or property; 

(b) the disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to Article
Eight or any disposition that constitutes a Change of Control pursuant to this Indenture; 
 (c) the making of
any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 1010; 
 (d) any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of transactions with an aggregate Fair Market Value of less than $2.5
million; 
 (e) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the
Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary; 
 (f) to the extent allowable
under Section 1031 of the Internal Revenue Code of 1986, as amended, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

(g) the lease, assignment, sub-lease or license of any real or personal property; 

(h) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary (with the
exception of Investments in Unrestricted Subsidiaries acquired pursuant to clause (j) of the definition of “Permitted Investments”); 
 (i) foreclosures on assets; 
 (j) (i) sales of accounts
receivable, or participations therein, in connection with the Credit Agreement or any Receivables Facility and (ii) the sale or discount of accounts receivable arising in the 

  
 -3-

 
ordinary course of business in connection with the compromise or collection thereof or in bankruptcy or similar proceeding; 

(k) the surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claim of
any kind, in each case, in the ordinary course of business; 
 (l) the creation of a Lien; 

(m) the sale of land pursuant to the Flagler Option or the termination of the lease with respect to the Hialeah yard in
accordance with the terms of Article XII of such lease as in effect on the Issue Date; and 
 (n) any financing
transaction with respect to property built or acquired by the Company or any Restricted Subsidiary after the Issue Date, including, without limitation, sale leasebacks and asset securitizations permitted by this Indenture. 

“Asset Sale Offer” has the meaning specified in Section 1018 of this Indenture. 

“Authenticating Agent” has the meaning specified in Section 612 of this Indenture. 

“Bank Lenders” means the lenders under the Credit Agreement. 

“Bankruptcy Law” means Title 11, United States Bankruptcy Code of 1978, as amended, or any similar United States federal or
state law for the relief of debtors. 
 “Board of Directors” means, with respect to any Person, either the board of
directors or managing members, as applicable, of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee of such board. 

“Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant
Secretary of such Person to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and, if required by this Indenture, delivered to the Trustee. 

“Borrowing Base” means, as of any date, an amount equal to 85% of the book value of the accounts receivable and 30% of the net
book value of locomotives, transportation, and other equipment, in each case, of the Company and the Restricted Subsidiaries on a consolidated basis as of the end of the most recently completed fiscal quarter preceding such date for which internal
financial statements are available. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which
is not a day on which banking institutions in The City of New York or the city in which the Trustee’s designated corporate trust office is located are authorized or obligated by law, regulation or executive order to close. 

“Capital Stock” means: 
 (1) in the case of a corporation, corporate stock, 
 (2) in the
case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, 
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and 

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

  
 -4-

 “Capitalized 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 such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Cash Equivalents” means: 
 (1) United States dollars, 
 (2) pounds sterling, 

(3) (a) euro, or any national currency of any participating member state in the European Union, (b) Canadian
dollars, or (c) in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by them from time to time in the ordinary course of business, 

(4) securities issued or directly and fully and unconditionally guaranteed or insured by the United States or Canadian
government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition, 

(5) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $500.0 million, 

(6) repurchase obligations for underlying securities of the types described in clauses (4) and (5) above,
entered into with any financial institution meeting the qualifications specified in clause (5) above, 
 (7)
commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 12 months after the date of creation thereof, 
 (8) investment funds investing 95% of their assets in securities of the types described in clauses (1) through (7) above, 

(9) readily marketable direct obligations issued by any state of the United States of America or any political subdivision
thereof or any Province of Canada having one of the three highest rating categories obtainable from either Moody’s or S&P with maturities of 24 months or less from the date of acquisition, and 

(10) Indebtedness or preferred stock issued by Persons with a rating of “A” or higher from S&P or
“A2” or higher from Moody’s with maturities of 12 months or less from the date of acquisition. 
 Notwithstanding
the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1) through (3) above; provided that such amounts are converted into any currency listed in clauses
(1) through (3) above, as promptly as practicable and in any event within ten Business Days following the receipt of such amounts. 
 “Change of Control” means: 
 (1) any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of Voting Stock representing 50% or more of the voting power of the total outstanding Voting Stock of the Company; 

  
 -5-

 (2) (a) all or substantially all of the assets of the Company and the
Restricted Subsidiaries, taken as a whole, are sold or otherwise transferred to any Person other than a Wholly-Owned Restricted Subsidiary or one or more Permitted Holders or (b) the Company consolidates or merges with or into another Person or
any Person consolidates or merges with or into the Company, in either case under this clause (2), in one transaction or a series of related transactions in which immediately after the consummation thereof Persons beneficially owning (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act) Voting Stock representing in the aggregate a majority of the total voting power of the Voting Stock of the Company, immediately prior to such consummation do not beneficially own (as defined in Rules
13d-3 and 13d-5 under the Exchange Act) Voting Stock representing a majority of the total voting power of the Voting Stock of the Company, or the applicable surviving or transferee Person, provided that this clause shall not apply (i) in
the case where immediately after the consummation of the transactions Permitted Holders beneficially own Voting Stock representing in the aggregate a majority of the total voting power of the Company, or the applicable surviving or transferee Person
or (ii) to a merger of the Company with or into (x) a corporation, limited liability company or partnership or (y) a wholly-owned subsidiary of a corporation, limited liability company or partnership that, in either case, immediately
following the transaction or series of transactions, has no Person or group (other than Permitted Holders), which beneficially owns Voting Stock representing 50% or more of the voting power of the total outstanding Voting Stock of such entity and,
in the case of clause (y), the parent of such wholly-owned subsidiary guarantees the Company’s obligations under the notes, this Indenture; 
 (3) the Company shall adopt a plan of liquidation or dissolution or any such plan shall be approved by the stockholders of the Company; or 

(4) the Company ceases to beneficially own (as defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act) directly or
indirectly 100% of the issued and outstanding Capital Stock of FECR Opco (except to the extent FECR Opco is merged with or into the Issuer in accordance with the terms of this Indenture). 

“Change of Control Offer” has the meaning specified in Section 1017 of this Indenture. 

“Change of Control Payment” has the meaning specified in Section 1017 of this Indenture. 

“Change of Control Payment Date” has the meaning specified in Section 1017 of this Indenture. 

“Clearstream” means Clearstream Banking, Société Anonyme, and its successors. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act,
or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Common Stock” means, with respect to any Person, any and all shares, interests, participations and other equivalents (however
designated, whether voting or non-voting) of such Person’s common stock, whether now outstanding or issued after the date of this Indenture, and includes, without limitation, all series and classes of such common stock. 

“Company” means the Person named as the “Company” in the first paragraph of this Indenture, until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman, its President, any Vice President, its Treasurer or an
Assistant Treasurer, and delivered to the Trustee. 

  
 -6-

 “consolidated” or “Consolidated” means, with respect to any Person, such
Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary. 
 “Consolidated
Depreciation and Amortization Expense” means with respect to any Person for any period, the total amount of depreciation and amortization expense, including any amortization of deferred financing fees, amortization in relation to terminated
Hedging Obligations and amortization of net lease discounts and lease incentives, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum, without duplication, of: 

(a) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such
expense was deducted in computing Consolidated Net Income (including amortization of original issue discount resulting from the issuance of Indebtedness at less than par, non-cash interest payments (but excluding any non-cash interest expense
attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to the Derivatives and Hedging Topic and excluding non-cash interest expense attributable to the amortization of gains or
losses resulting from the termination prior to or reasonably contemporaneously with the issue date of Hedging Obligations), the interest component of Capitalized Lease Obligations and net payments, if any, pursuant to interest rate Hedging
Obligations, and excluding amortization of deferred financing fees and any expensing of bridge or other financing fees), and 
 (b) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, less 

(c) interest income for such period. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income, of such Person and its Restricted Subsidiaries for such period, on a consolidated
basis, and otherwise determined in accordance with GAAP; provided, however, that: 
 (1) any net
after-tax extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including, without limitation, relating to severance, relocation and new product introductions) shall be excluded,

 (2) the Net Income for such period shall not include the cumulative effect of a change in accounting
principles during such period, 
 (3) any net after-tax income (loss) from disposed or discontinued operations
and any net after-tax gains or losses on disposal of disposed or discontinued operations shall be excluded, 

(4) any net after-tax gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions
other than in the ordinary course of business, as determined in good faith by the Board of Directors of the Company, shall be excluded, 
 (5) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be excluded; provided
that Consolidated Net Income of the Company shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary
thereof in respect of such period, 
 (6) solely for the purpose of determining the amount available for
Restricted Payments under Section 1010(a)(4)(C), the Net Income for such period of any Restricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of

  
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its Net Income is not at the date of determination wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms
of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to such Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or in
similar distributions has been legally waived, provided that Consolidated Net Income of the Company shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into
cash) to the Company or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein, 
 (7) the effects of the adjustments resulting from the application of purchase accounting in relation to any acquisition that is consummated after the Issue Date, net of taxes, shall be excluded,

 (8) any net after-tax income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or
other derivative instruments shall be excluded, 
 (9) any impairment charge or asset write-off pursuant to the
Goodwill and Other Topic and the amortization of intangibles arising pursuant to the Business and Combinations Topic shall be excluded, and 
 (10) any non-cash compensation pursuant to the Share-Based Payment Topic shall be excluded. 
 Notwithstanding the foregoing, for the purpose of Section 1010 only (other than clause (a)(4)(C)(4) thereof), there shall be excluded from Consolidated Net Income any income arising from any sale or
other disposition of Restricted Investments made by the Company and the Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the Company and the Restricted Subsidiaries, any repayments of loans and advances which
constitute Restricted Investments by the Company or any Restricted Subsidiary, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts increase
the amount of Restricted Payments permitted under such covenant pursuant to clause (a)(4)(C)(4) thereof. 
 “Consolidated
Senior Secured Debt Ratio” means, as of any date of determination, the ratio of (1) the aggregate principal amount of Indebtedness of the Company and/or the Restricted Subsidiaries that is secured by any Lien to (2) the Company’s
EBITDA for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro
forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness
(“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, 

(1) to purchase any such primary obligation or any property constituting direct or indirect security therefor, 

(2) to advance or supply funds: 
 (A) for the purchase or payment of any such primary obligation, or 

(B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, or 

  
 -8-

 (3) to purchase property, securities or services primarily for the purpose
of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 
 “Corporate Trust Office” means the principal corporate trust office of the Trustee, at which at any particular time its corporate trust business shall be administered, which office at the date
of execution of this Indenture is located at Wells Fargo Bank, National Association, 625 Marquette Avenue, 11th Floor, Minneapolis, MN 55479, except that with respect to presentation of the Notes for payment or for registration of transfer or
exchange, such term shall mean the office or agency of the Trustee at which, at any particular time, its corporate agency business shall be conducted. 
 “corporation” includes corporations, associations, companies and business trusts. 
 “Covenant Defeasance” has the meaning specified in Section 1303 of this Indenture. 
 “Covenant Suspension Event” has the meaning specified in 1023 of this Indenture. 
 “Credit Agreement” means the Credit Agreement dated as of the Issue Date among FECR Opco, the guarantors party thereto, the various lenders and agents party thereto and Bank of America, N.A., as
administrative agent, together with any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders
or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable
thereunder, alters the maturity thereof or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders. 

“Credit Facilities” means, with respect to the Company, one or more debt facilities, including, without limitation, the Credit
Agreement, or commercial paper facilities with banks or other institutional lenders or investors or any federal, state or local government entity or agency or indentures providing for revolving credit loans, term loans, receivables financing,
including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against receivables, letters of credit or other long-term indebtedness, including any guarantees, collateral documents,
instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities with banks
or other institutional lenders or investors or any federal, state or local government entity or agency that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement,
refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof. 

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event
of Default. 
 “Defaulted Interest” has the meaning specified in Section 307 of this Indenture. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 312 hereof, substantially in 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 The Depository Trust Company (“DTC”), its nominees and their respective successors. 

  
 -9-

 “Designated Non-cash Consideration” means the Fair Market Value of non-cash
consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation,
executed by a senior vice president or the principal financial officer of the Company, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 

“Designated Preferred Stock” means preferred stock of the Company or any parent thereof (in each case other than Disqualified
Stock) that is issued for cash (other than to a Restricted Subsidiary) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate executed by a senior vice president or the principal financial officer of the
Company or the applicable parent thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (a)(4)(C) of Section 1010. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms
of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable, other than as a result of a change of control or asset sale, pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each case prior to the date 91 days after the earlier of the maturity date of
the Notes or the date the Notes are no longer outstanding; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such
Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Domestic Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person other than a Foreign
Subsidiary. 
 “EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person
for such period plus (without duplication): 
 (a) provision for taxes based on income or profits, plus franchise
or similar taxes, of such Person for such period deducted in computing Consolidated Net Income, plus 

(b) Consolidated Interest Expense (and other components of Fixed Charges to the extent changes in GAAP after the Issue
Date result in such components reducing Consolidated Net Income) of such Person for such period to the extent the same was deducted in calculating such Consolidated Net Income, plus 

(c) Consolidated Depreciation and Amortization Expense of such Person for such period to the extent such depreciation and
amortization were deducted in computing Consolidated Net Income, plus 
 (d) any expenses or charges
related to any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or Indebtedness permitted to be incurred by this Indenture (whether or not successful), including such fees, expenses or charges related to the offering
of the Notes and the Credit Facilities, and deducted in computing Consolidated Net Income, plus 
 (e) the
amount of any restructuring charge deducted in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions after the Issue Date, plus 

(f) any other non-cash charges reducing Consolidated Net Income for such period, excluding any such charge that represents
an accrual or reserve for a cash expenditure for a future period, plus 
 (g) the amount of any
non-controlling interest expense deducted in calculating Consolidated Net Income (less the amount of any cash dividends paid to the holders of such minority interests), plus 

  
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 (h) any net loss (or minus any gain) resulting from currency exchange risk
Hedging Obligations, plus 
 (i) foreign exchange loss (or minus any gain) on debt, plus

 (j) the amount of management, monitoring, consulting and advisory fees and related expenses paid to Sponsor or
any of its Affiliates, plus 
 (k) expenses related to the implementation of enterprise resource planning
system, plus 
 (l) expenses related to the implementation of new accounting pronouncements and other regulatory
requirements, less 
 (m) non-cash items increasing Consolidated Net Income of such Person for such
period, excluding any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period. 
 “EMU” means economic and monetary union as contemplated in the Treaty on European Union. 
 “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 Common Stock or preferred stock of the Company or any
of its direct or indirect parents (excluding Disqualified Stock), other than 
 (1) public offerings with respect
to the Company’s or any direct or indirect parent’s Common Stock registered on Form S-8; 
 (2) any
such public or private sale that constitutes an Excluded Contribution; and 
 (3) any sales to the Company or any
of its Subsidiaries. 
 “euro” means the single currency of participating member states of the EMU. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Event of Default” has the meaning specified in Section 501 of this Indenture. 

“Excess Proceeds” has the meaning specified in Section 1018 of this Indenture. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Exchange Notes” has the meaning specified in the first recital of this
Indenture. Unless the context otherwise requires, all references to the Exchange Notes shall include
10 1/2% / 11 1/4% Senior PIK Toggle Exchange Notes due 2017 issued in exchange for
any Additional Notes. 
 “Exchange Offer” means the Registered Exchange Offer as defined in the
Registration Rights Agreement. 
 “Exchange Offer Registration Statement” means the Exchange Offer Registration
Statement as defined in the Registration Rights Agreement. 
 “Exchanging Dealer” has the meaning set forth in the
Registration Rights Agreement. 

  
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 “Excluded Contribution” means net cash proceeds, marketable securities or
Qualified Proceeds received by the Company from: 
 (a) contributions to its common equity capital, and

 (b) the sale (other than to a Subsidiary of the Company or to any management equity plan or stock option plan
or any other management or employee benefit plan or agreement of the Company) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Company, 
 in each case designated as Excluded Contributions pursuant to an Officers’ Certificate executed by a senior vice president or the principal financial officer of the Company on the date such capital
contributions are made or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation set forth in Section 1010(a)(4)(C). 
 “Existing Indebtedness” means Indebtedness of the Company or the Restricted Subsidiaries in existence on the Issue Date, plus interest accruing thereon. 

“Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party, determined in good faith by the chief financial officer, chief accounting officer or controller of the Company or the Restricted Subsidiary with respect to valuations not in excess of $10 million
or determined in good faith by the Board of Directors of the Company or the Restricted Subsidiary with respect to valuations equal to or in excess of $10 million, as applicable, which determination will be conclusive (unless otherwise provided in
this Indenture). 
 “FECR Opco” means Florida East Coast Railway Corp., a Delaware corporation, and its successors.

 “Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person
for such period to the Fixed Charges of such Person for such period. In the event that the Company or any Restricted Subsidiary incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness (other than reductions in amounts
outstanding under revolving facilities unless accompanied by a corresponding termination of commitment) or issues or redeems Disqualified Stock or preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio
is being calculated but prior to 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 or redemption, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or preferred stock, as if the same had occurred at the beginning of the applicable four-quarter period.

 For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, consolidations
and disposed operations (as determined in accordance with GAAP) that have been made by the Company or any Restricted Subsidiary thereof during the four-quarter reference period or subsequent to such reference period and on or prior to or
simultaneously with the Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed operations (and the change in any associated fixed charge
obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or
into the Company or any Restricted Subsidiary thereof since the beginning of such period) shall have made any Investment, acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this
definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the
applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to a transaction,
the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company (including pro forma expense and cost reductions, regardless of whether these cost savings could then be reflected in

  
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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). If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any
Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of
interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed
based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered
rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 
 “Fixed Charges” means, with respect to any Person for any period, the sum of 
 (a) Consolidated Interest Expense, 
 (b) all cash dividend payments
(excluding items eliminated in consolidation) on any series of preferred stock (including any Designated Preferred Stock) or any Refunding Capital Stock of such Person, and 

(c) all cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock.

 “Flagler Option” means the purchase option held by FDG Passenger Row Holdings LLC, a subsidiary of Florida East
Coast Industries, Inc., an Affiliate of the Company, pursuant to the Option Agreement, dated as of December 20, 2007, as amended by that certain First Amendment to Option Agreement dated January 25, 2011 between Florida East Coast Railway,
L.L.C. (a Guarantor) and FDG Passenger Row Holdings LLC, entitling the holder to exercise the option to purchase all or any portion of the Issuer’s main line right-of-way prior to December 20, 2027, the exercise of which is conditioned
upon, among other things, a payment of $10.00, the sale of which Burdened Property (as defined therein) specifically excludes and is subject to Florida East Coast Railway, L.L.C.’s interest in the “Freight Rail Rights” (as defined
therein). 
 “Foreign Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person that is
(i) a controlled foreign corporation within the meaning of Section 957 of the Internal Revenue Code of 1986, as amended (a “CFC”) or (ii) organized in or under the laws of the United States, any state thereof or the District
of Columbia and all of the material assets of such Restricted Subsidiary consist of stock in one or more CFCs. 

“GAAP” means generally accepted accounting principles in the United States which are in effect on the Issue Date. At any time
after the Issue Date, the Company may elect to apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean
IFRS (except as otherwise provided in this Indenture); provided that any calculation or determination in this Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to the Company’s election
to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The Company shall give notice of any such election made in accordance with this definition to the Trustee and the Holders of Notes. 

“Global Note Legend” means the legend set forth in Section 203 hereof, which is required to be placed on all Global Notes
issued under this Indenture. 
 “Global Notes” means individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule
of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Sections 201, 312(b)(3), 312(b)(4), 312(d)(2) or 312(f) hereof. 

  
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 “Government Securities” means securities that are: 

(a) direct obligations of the United States of America for the timely payment of which its full faith and credit is
pledged, or 
 (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt;
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government
Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 
 “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, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 
 “Guarantee” means any guarantee by any Guarantor of the Company’s Obligations under this Indenture. 
 “Guarantor” means any Subsidiary of the Company that provides a Guarantee pursuant to the terms of this Indenture. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 

(1) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap
agreements and currency exchange, interest rate or commodity collar agreements and or combinations thereof and 

(2) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest
rates or commodity prices. 
 “Holder” means a holder of Notes. 

“incur” has the meaning specified in Section 1011 of this Indenture. 

“incurrence” has the meaning specified in Section 1011 of this Indenture. 

“Indebtedness” means, with respect to any Person, 

(a) any indebtedness (including principal and premium) of such Person, whether or not contingent: 

(1) in respect of borrowed money; 
 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without double counting, reimbursement agreements in respect thereof); 

(3) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease
Obligations), except (i) any such balance that constitutes a trade 

  
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payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business and (ii) any earn-out obligations until such obligation becomes a liability on the
balance sheet of such Person in accordance with GAAP; or 
 (4) representing any Hedging Obligations, 

if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a
liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 
 (b) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of another Person, other than by endorsement of
negotiable instruments for collection in the ordinary course of business; and 
 (c) to the extent not otherwise
included, Indebtedness of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; 
 provided, however, that Contingent Obligations shall be deemed not to constitute Indebtedness; and obligations under or in respect of Receivables Facilities shall not be deemed to constitute
Indebtedness. 
 “Indenture” means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this Indenture and any such supplemental indenture, the provisions of the Trust Indenture
Act that are deemed to be part of and govern this instrument and any such supplemental indenture, respectively. 

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons engaged in
Similar Businesses of nationally recognized standing that is, in the good faith judgment of the Company, 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 Lien” has the meaning specified in Section 1012 of this Indenture. 
 “Initial Notes” has the meaning stated in the first recital of this Indenture. 
 “Initial Purchaser” means Merrill Lynch, Pierce, Fenner and Smith Incorporated. 
 “Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating
Agency. 
 “Investments” means, with respect to any Person, all investments by such Person in other Persons (including
Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, moving and similar advances to officers, directors and employees and
deposits, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be
classified on the balance sheet (excluding the footnotes) of the Company in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the
definition of “Unrestricted Subsidiary” and Section 1010, 
 (1) “Investments” shall
include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Company at the time that 

  
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such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to
continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 
 (x) the Company’s “Investment” in such Subsidiary at the time of such redesignation less 
 (y) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 

(2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of
such transfer, in each case as determined in good faith by the Company. 
 “Issue Date” means February 11, 2011.

 “Legal Defeasance” has the meaning specified in Section 1302 of this Indenture. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to constitute a
Lien. 
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders
of the Notes for use by such Holders in connection with the Exchange Offer. 
 “Management Group” means at any time,
the Chairman of the Board, any President, any Executive Vice President or Vice President, any Managing Director, any Treasurer and any Secretary or other executive officer of any of the Company, any direct or indirect parent of the Company or any
Subsidiary of any such company at such time. 
 “Maturity,” when used with respect to any Note, means the date on
which the principal of such Note or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or otherwise. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and
before any reduction in respect of preferred stock dividends. 
 “Net Proceeds” means the aggregate cash proceeds
received by the Company or any Restricted Subsidiary in respect of any Asset Sale, including, without limitation, any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the
direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions, any relocation
expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), distributions to minority interest holders in Restricted
Subsidiaries of such holders proportionate share of such cash proceeds of such Asset Sale, amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness secured by a Lien permitted under this Indenture
required (other than required by clause (1) of the third paragraph of Section 1018(a)) to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by the Company as a reserve in accordance with GAAP
against any liabilities associated with the asset disposed of in such transaction and retained by the Company after such sale or other disposition thereof, including, without limitation, pension and other post-employment

  
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benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Register” and “Note Registrar” have the respective meanings specified in Section 305. 

“Notes” has the meaning stated in the first recital of this Indenture and more particularly means any Notes authenticated and
delivered under this Indenture. The Initial Notes, the Exchange Notes and the Additional Notes shall be treated as a single class for all purposes of this Indenture, and unless the context otherwise requires, all references to the Notes shall
include the Initial Notes, any Additional Notes and the Exchange Notes issued in exchange for the Initial Notes and any Additional Notes. 
 “Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for
in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations
with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under
the documentation governing any Indebtedness. 
 “Offering Memorandum” means the Offering Memorandum dated
February 9, 2011 relating to the Notes. 
 “Officer” means the Chairman of the Board of Directors, the Chief
Executive Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial
officer or the principal accounting officer of the Company that meets the requirements set forth in this Indenture and delivered to the Trustee. 
 “Opco Indenture” means the Indenture dated as of January 25, 2011, by and among FECR Opco, the guarantors party thereto and Wells Fargo Bank, National Association as trustee and collateral
agent, pursuant to which the Opco Notes have been issued, as the same may be amended from time to time. 
 “Opco Issue
Date” means January 25, 2011. 
 “Opco Notes” means the $475,000,000 aggregate principal
amount of 8 1/8% Senior Secured Notes due 2017
issued by FECR Opco pursuant to the Opco Indenture. 
 “Opinion of Counsel” means, with respect to any Person,
a written opinion reasonably acceptable to the Trustee from legal counsel. The counsel may be counsel for such Person, including an employee of such Person or any Subsidiary of such Person. 

“Outstanding,” when used with respect to Notes, means, as of the date of determination, all Notes theretofore authenticated and
delivered under this Indenture, except: 
 (i) Notes theretofore cancelled by the Trustee or delivered to the
Trustee for cancellation; 
 (ii) Notes, or portions thereof, for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Notes; provided that, if such Notes are to be redeemed, notice of such 

  
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redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(iii) Notes, except to the extent provided in Sections 1302 and 1303, with respect to which the Company has effected Legal
Defeasance and/or Covenant Defeasance as provided in Article Thirteen; and 
 (iv) Notes which have been paid
pursuant to Section 306 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Notes are held by a bona fide purchaser in whose hands the Notes are valid obligations of the Company; 

provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding Notes have given any request,
demand, authorization, direction, consent, notice or waiver hereunder, and for the purpose of making the calculations required by TIA Section 313, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or
such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. 

“Pari Passu Indebtedness” means any Additional Notes and any other Indebtedness ranking pari passu with the Notes,
regardless of the presence or absence of any Lien securing such Indebtedness. 
 “Participant” means, with respect to
the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Paying Agent” means any Person (including the Company acting as Paying Agent) authorized by the Company to pay the principal
of (and premium, if any) or interest on any Notes on behalf of the Company. 
 “Permitted Asset Swap” means the
concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash
or Cash Equivalents received must be applied in accordance with Section 1018. 
 “Permitted Holders” means the
collective reference to the Sponsor, its Affiliates and the Management Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the
requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 

“Permitted Investments” means: 
 (a) any Investment in the Company or any Restricted Subsidiary; 

(b) any Investment in cash and Cash Equivalents; 

(c) any Investment by the Company or any Restricted Subsidiary of the Company in a Person if as a result of such
Investment: 
 (1) such Person becomes a Restricted Subsidiary, or 

(2) such Person, in one transaction or a series of related transactions, 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; 

  
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 (d) any Investment in securities or other assets not constituting cash or
Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 1018, or any other disposition of assets not constituting an Asset Sale; 

(e) any Investment existing on the Issue Date; 

(f) advances to employees not in excess of $5.0 million outstanding at any one time, in the aggregate; 

(g) any Investment acquired by the Company or any Restricted Subsidiary 

(1) in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in
connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Company of such other Investment or accounts receivable or 
 (2) as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

 (h) Hedging Obligations permitted under Section 1011(b)(10); 

(i) loans to officers, directors and employees for business-related travel expenses, moving expenses and other similar
expenses, in each case incurred in the ordinary course of business; 
 (j) any Investment in a Similar Business
having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (j) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of
such sale do not consist of cash and/or marketable securities), not to exceed the greater of (x) $25.0 million and (y) 3.0% of Total Assets at the time of such Investment (with the Fair Market Value of each Investment being measured at the
time made and without giving effect to subsequent changes in value); 
 (k) Investments the payment for which
consists of Equity Interests of the Company, or any of its direct or indirect parents or any Unrestricted Subsidiary (exclusive of Disqualified Stock); provided, however, that such Equity Interests shall not increase the amount
available for Restricted Payments under Section 1010(a)(C); 
 (l) guarantees of Indebtedness permitted
under Section 1011; 
 (m) any transaction to the extent it constitutes an Investment that is permitted and
made in accordance with Section 1013(b) (except transactions described in clauses (2), (6), (7), (11), (13) and (15) of such Section 1013(b)); 

(n) Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment or the licensing or
contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 
 (o)
additional Investments having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (o) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the
extent the proceeds of such sale do not consist of cash and/or marketable securities), not to exceed the greater of (x) $12.5 million and (y) 2.0% of Total Assets at the time of such Investment (with the Fair Market Value of each
Investment being measured at the time made and without giving effect to subsequent changes in value); 
 (p)
repurchases of the Notes; 

  
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 (q) any Investments received in compromise or resolution of
(A) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the
bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other disputes with Persons who are not Affiliates; 
 (r) any Investment in a Person (other than the Company or a Restricted Subsidiary) pursuant to the terms of any agreements in effect on the Issue Date and any Investment that replaces, refinances or
refunds an existing Investment; provided that the new Investment is in an amount that does not exceed the amount replaced, refinanced or refunded (after giving effect to write-downs or write-offs with respect to such Investment), and is made
in the same Person as the Investment replaced, refinanced or refunded; 
 (s) endorsements for collection or
deposit in the ordinary course of business; and 
 (t) Investments relating to any special purpose Wholly-Owned
Subsidiary of the Company organized in connection with a Receivables Facility that, in the good faith determination of the Board of Directors of the Company, are necessary or advisable to effect such Receivables Facility. 

“Permitted Liens” means, with respect to any Person: 

(1) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits
of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business;

 (2) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case
for sums not yet overdue for a period of more than 30 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding
with an appeal or other proceedings for review; 
 (3) Liens for taxes, assessments or other governmental charges
not yet overdue for a period of more than 30 days or payable or subject to penalties for nonpayment or which are being contested in good faith by appropriate proceedings; 

(4) Liens in favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory
requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 
 (5) Permitted Senior Easements and minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties which were not incurred in
connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(6) Liens on assets of FECR Opco and its Restricted Subsidiaries securing Indebtedness of FECR Opco and its Restricted
Subsidiaries permitted to be incurred pursuant to Section 1011 hereof; provided that at the time of incurrence and after giving pro forma effect thereto, the Consolidated Senior Secured Debt Ratio would be no greater than 4.0 to 1;

 (7) Liens on assets of FECR Opco and its Restricted Subsidiaries securing Indebtedness of FECR Opco and its
Restricted Subsidiaries permitted to be incurred pursuant to Section 1011; provided that 

  
 -20-

 
the proceeds of such Indebtedness are used solely to finance the purchase or acquisition by FECR Opco and its Restricted Subsidiaries of Railroad Assets or Capital Stock of a Person 90% of whose
assets are Railroad Assets (and/or the repayment of Acquired Indebtedness and/or fees and expenses incurred in connection therewith), and the principal amount of such Indebtedness does not exceed 4.0x pro forma EBITDA of such Railroad Assets or
Person for the most recently ended four full fiscal quarters for which internal statements are available (with such pro forma adjustments for such acquisition or purchase as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of “Fixed Charge Coverage Ratio” (without duplication of the EBITDA of such Railroad Assets or Person included in the calculation of the Consolidated Senior Secured Debt Ratio for purposes of any lien
incurred under the immediately preceding clause (6))); 
 (8) Liens existing on the Issue Date (other than Liens
in favor of secured parties under the Credit Agreement and the secured parties under the Opco Notes); 
 (9)
Liens on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however, such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming
such a subsidiary; provided, further, however, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary; 

(10) Liens on assets or property at the time the Company or a Restricted Subsidiary acquired the assets or property or
within 180 days of such acquisition, including any acquisition by means of a merger or consolidation with or into the Company or any Restricted Subsidiary; provided, however, that such Liens are not created or incurred in connection
with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other property owned by the Company or any Restricted Subsidiary (other than assets on a property affixed or
appurtenant thereto); 
 (11) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing
to the Company or another Restricted Subsidiary permitted to be incurred in accordance with Section 1011; 

(12) Liens on assets of FECR Opco and its Restricted Subsidiaries securing Hedging Obligations of FECR Opco and its
Restricted Subsidiaries and the costs thereof so long as the related Indebtedness is, and is permitted under this Indenture to be, secured by a Lien on the same property securing such Hedging Obligations; 

(13) Liens on specific items of inventory of other goods and proceeds of any Person securing such Person’s
obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(14) leases and subleases of real property granted to others in the ordinary course of business which do not materially
interfere with the ordinary conduct of the business of the Company or any of the Restricted Subsidiaries; 
 (15)
Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 

(16) Liens in favor of the Company; 

(17) Liens on equipment of the Company or any Restricted Subsidiary granted in the ordinary course of business to the
Company’s client at which such equipment is located; 
 (18) Liens on accounts receivable and related assets
incurred in connection with a Receivables Facility; 
 (19) Liens to secure any refinancing, refunding,
extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness 

  
 -21-

 
secured by any Lien referred to in the foregoing clauses (8), (9), (10), (11), (12), (16) and (32); provided, however, that (x) such new Lien shall be limited to all or
part of the same property that secured the original Lien (plus improvements on such property), (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal
amount or, if greater, committed amount of the Indebtedness described under clauses (8), (9), (10), (11), (12), (16), (32) and (38) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount
necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement and (z) the new Lien has no greater priority and the holders of the Indebtedness secured by such Lien have no
greater intercreditor rights relative to the Notes and Holders thereof than the original Liens and the related Indebtedness; 
 (20) other Liens on assets of FECR Opco and its Restricted Subsidiaries securing obligations of FECR Opco and its Restricted Subsidiaries incurred in the ordinary course of business which obligations do
not exceed the greater of $10.0 million and 1.00% of Total Assets at any one time outstanding; 
 (21) Liens on
assets of FECR Opco and its Restricted Subsidiaries securing Indebtedness incurred pursuant to Section 1011(b)(1) hereof; 
 (22) (i) Liens securing the Opco Notes outstanding on the Issue Date, Refinancing Indebtedness with respect to such Opco Notes and the guarantees relating thereto and any obligations with respect to such
Opco Notes, Refinancing Indebtedness and guarantees and (ii) Liens securing the Additional Notes (as defined in the Opco Indenture) issued pursuant to clause (v) of the second paragraph of Section 1011; 

(23) Liens in favor of any collateral agent relating to such collateral agent’s administrative expenses with respect
to the applicable collateral; 
 (24) Liens to secure Indebtedness of any Foreign Subsidiary permitted by
Section 1011(b)(18), covering only the assets of such Foreign Subsidiary; 
 (25) Licenses or sublicenses in
the ordinary course of business; 
 (26) Liens securing judgments for the payment of money not constituting an
Event of Default under Section 501(5) so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within
which such proceedings may be initiated has not expired; 
 (27) Liens in favor of customs and revenue
authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (28) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code, or any comparable or successor provision, on items in the course of collection,
(ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right
of set-off) and which are within the general parameters customary in the banking industry; 
 (29) Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(30) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with
banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the
ordinary course of business of the Company and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Company or any of its Restricted Subsidiaries in the ordinary course of
business; 

  
 -22-

 (31) Liens arising out of conditional sale, title retention, consignment or
similar arrangements for the sale or purchase of goods entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 
 (32) Liens on assets of FECR Opco and its Restricted Subsidiaries securing Indebtedness of FECR Opco and its Restricted Subsidiaries permitted to be incurred pursuant to Section 1011(b)(4);
provided that Liens extend only to the assets so financed, purchased, constructed or improved; 
 (33)
Liens incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of business and Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off
or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution; 
 (34) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

 (35) any amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds
issued for the benefit of the Company or any Restricted Subsidiary; 
 (36) Liens securing reimbursement
obligations with respect to commercial letters of credit which encumber documents and other property relating to such letters of credit and products and proceeds thereof; 

(37) Liens solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in
connection with any letter of intent or purchase agreement; and 
 (38) Liens on assets of FECR Opco and its
Restricted Subsidiaries securing Indebtedness of FECR Opco and its Restricted Subsidiaries permitted to be incurred pursuant to Section 1011(b)(21); provided that such Liens extend only to those assets and property acquired with the
proceeds of such Indebtedness. 
 For purposes of determining compliance with this definition, (A) Permitted Liens need not
be incurred solely by reference to one category of Permitted Liens described above but are permitted to be incurred in part under any combination thereof and (B) in the event that a Lien (or any portion thereof) meets the criteria of one or
more of the categories of Permitted Liens described above, the Company may, in its sole discretion, classify or reclassify such item of Permitted Liens (or any portion thereof) in any manner that complies with this definition and the Company may
divide and classify a Lien in more than one of the types of Permitted Liens in one of the above clauses. 
 “Permitted
Senior Easements” means (a) easements that burden solely an asset which is not used in the operation of a short line railroad, (b) underground easements, (c) access, pedestrian and vehicular crossing, longitudinal driveway,
public and private grade crossing and similar easements, (d) aerial easements or rights (including leases) granted in connection with communications, fiber optic or utility facilities (including easements for installation of cellular towers),
(e) pylon sign and billboard easements and leases, (f) above-ground drainage or slope easements, (g) scenic and clear vision easements, (h) liens and easements given to a public utility or any municipality or governmental or
other public authority when required or requested, or (i) easements, licenses, rights of way or similar encumbrances granted in the ordinary course of business; provided that in any case except clause (h), no material adverse effect on
the fair market value of the property or the use of the property for railroad operations or the operation of the railroad line would result from granting such easement or other right. 

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

  
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 “Predecessor Note” of any particular Note means every previous Note evidencing all
or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 306 in exchange for a mutilated Note or in lieu of a lost, destroyed or stolen
Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “preferred stock”
means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution, or winding up. 

“PIK Notes” has the meaning specified in Section 301 of the Indenture. 

“PIK Payment” has the meaning specified in Section 301 of the Indenture. 

“Private Placement Legend” has the meaning specified in Section 203 of this Indenture. 

“Purchase Agreement” means that certain Purchase Agreement dated February 9, 2011 among the Company and the Initial
Purchaser. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Capital Stock” in any Person means a class of Capital Stock other than Disqualified Stock. 

“Qualified Equity Issuance” means an underwritten public equity offering of Qualified Capital Stock pursuant to an effective
registration statement under the Securities Act that yields gross proceeds to the Company, or any direct or indirect parent company of the Company (which, for the avoidance of doubt, does not include the Sponsor), of at least $25.0 million other
than (x) any such public sale to an entity that is an Affiliate of the Company and (y) any public offerings registered on Form S-8. 
 “Qualified Equity Issuance Net Proceeds” means the aggregate cash proceeds received by the Company in respect of any Qualified Equity Issuance, net of the direct costs relating to such Qualified
Equity Issuance (including legal, accounting, transfer agent, printing and investment banking fees, SEC and Financial Industry Regulatory Authority filing fees, and brokerage and sales commissions), and any taxes paid or payable as a result thereof.

 “Qualified Proceeds” means assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar
Business; provided that the fair market value of any such assets or Capital Stock shall be determined by the Board of Directors in good faith. 
 “Railroad Assets” means assets that are used or useful in the operation of short line or regional railroads and assets reasonably related thereto. 

“Rating Agencies” means Moody’s and S&P or if Moody’s or S&P 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 which shall be substituted for Moody’s or S&P or both, as the case may be. 

“Receivables Facility” means one or more receivables financing facilities, as amended from time to time, the Indebtedness of
which is non-recourse (except for standard representations, warranties, covenants and indemnities made in connection with such facilities) to the Company and the Restricted Subsidiaries pursuant to which the Company and/or any of its Restricted
Subsidiaries sells its accounts receivable to a Person that is not a Restricted Subsidiary. 
 “Receivables Fees”
means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any
Receivables Facility. 

  
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 “Record Date” means either a Regular Record Date or a Special Record Date.

 “Redemption Date” when used with respect to any Note to be redeemed, in whole or in part, means the date fixed for
such redemption by or pursuant to this Indenture. 
 “Redemption Price” when used with respect to any Note to be
redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Refinancing Indebtedness” has
the meaning specified in Section 1011 of this Indenture. 
 “Refunding Capital Stock” has the meaning specified
in Section 1010 of this Indenture. 
 “Registration Rights Agreement” means that certain Registration Rights
Agreement dated February 11, 2011 among the Company and the Initial Purchaser and with respect to any Additional Notes, one or more registration rights agreements, if any, among the Company and the other parties thereto, as such agreement(s)
may be amended, modified or supplemented from time to time, relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities Act 

“Regular Record Date” has the meaning specified in Section 301 of this Indenture. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and
the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of
Regulation S. 
 “Regulation S-X” means Regulation S-X under the Securities Act. 

“Related Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business, provided
that any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless
upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 
 “Responsible
Officer,” when used with respect to the Trustee, means any vice president, any assistant treasurer, any trust officer or assistant trust officer, or any other officer of the Trustee customarily performing functions similar to those performed by
any of the above-designated officers, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture. 
 “Restricted Definitive Note” means a Definitive
Note bearing the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private
Placement Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Payments” has the meaning specified in Section 1010 of this Indenture. 

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company (including any Foreign Subsidiary)
that is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence 

  
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of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.” 

“Retired Capital Stock” has the meaning specified in Section 1010 of this Indenture. 

“Reversion Date” has the meaning specified in Section 1023 of this Indenture. 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard and Poor’s Ratings Group. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations of the Commission promulgated thereunder.

 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights
Agreement. 
 “Significant Subsidiary” means any Restricted 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. 
 “Similar Business” means any business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries on the date of this Indenture or any business that is similar,
reasonably related, incidental or ancillary thereto. 
 “Special Interest” means all Additional Interest (as defined
in the Registration Rights Agreement) then owing pursuant to the Registration Rights Agreement. 
 “Special Interest
Notice” has the meaning specified in Section 1016 of this Indenture. 
 “Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 
 “Sponsor” means
Fortress Investment Group LLC. 
 “Stated Maturity,” when used with respect to any Note or any installment of
principal thereof or interest thereon, means the date specified in such Notes as the fixed date on which the principal of such Notes or such installment of principal or interest is due and payable. 

“Subordinated Indebtedness” means any Indebtedness of the Company which is by its terms subordinated in right of payment to the
Notes. 
 “Subsidiary” means, with respect to any Person, 

(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability
company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time
of determination owned or controlled, directly 

  
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or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof and 

(2) any partnership, joint venture, limited liability company or similar entity of which; 

(x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited
partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited
partnership or otherwise, and 
 (y) such Person or any Restricted Subsidiary of such Person is a controlling
general partner or otherwise controls such entity. 
 “Successor Company” has the meaning specified in
Section 801 of this Indenture. 
 “Successor Person” has the meaning specified in Section 802 of this
Indenture. 
 “Suspended Covenants” has the meaning specified in Section 1023 of this Indenture. 

“Suspension Date” has the meaning specified in Section 1023 of this Indenture. 

“Suspension Period” has the meaning specified in Section 1023 of this Indenture. 

“Total Assets” means the total assets of the Company and the Restricted Subsidiaries, as shown on the most recent balance sheet
of the Company for which internal financial statements are available immediately preceding the date on which any calculation of Total Assets is being made, with such pro forma adjustments for transactions consummated on or prior to or simultaneously
with the date of the calculation as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 

“Transactions” means the issuance of the Notes offered hereby on the Issue Date, the use of proceeds therefrom as described
under the caption “Use of Proceeds” and other transactions in connection therewith or incidental thereto. 

“Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the redemption date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to August 1, 2012; provided, however, that if the period from the redemption date to
August 1, 2012, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force at the date as of which this
Indenture was executed, except as provided in Section 905. 
 “Trustee” means the Person named as the
“Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement
Legend. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private
Placement Legend. 

  
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 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Company which at the time of determination is an Unrestricted Subsidiary (as designated by the
Board of Directors of the Company, as provided below), and 
 (2) any Subsidiary of an Unrestricted Subsidiary.

 The Board of Directors of the Company may designate any Subsidiary of the Company (including any existing Subsidiary and any
newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Company or any Subsidiary
of the Company (other than any Subsidiary of the Subsidiary to be so designated), provided that 
 (a) any
Unrestricted Subsidiary must be an entity of which shares of the Capital Stock or other Equity Interests (including partnership interests) entitled to cast at least a majority of the votes that may be cast by all shares or Equity Interests having
ordinary voting power for the election of directors or other governing body are owned, directly or indirectly, by the Company, 
 (b) such designation complies with Section 1010, and 
 (c)
each of the Subsidiary to be so designated and its Subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness
pursuant to which the lender has recourse to any of the assets of the Company or any Restricted Subsidiary. 
 The Board of
Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation no Default or Event of Default shall have occurred and be continuing and
either: 
 (1) the Company could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test described under Section 1011(a), or 
 (2) the Fixed Charge Coverage Ratio for the
Company and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 

Any such designation by the Board of Directors of the Company shall be notified by the Company to the Trustee by promptly filing with the
Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Vice President,” when used with respect to the Company or the Trustee, means any vice president, whether or not designated by
a number or a word or words added before or after the title “vice president.” 
 “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, Disqualified Stock or preferred stock, as the case may be, at any date, the quotient obtained by dividing:

 (1) the sum of the products of the number of years from the date of determination to the date of each
successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or preferred stock multiplied by the amount of such payment, by 

  
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 (2) the sum of all such payments. 

“Wholly-Owned Restricted Subsidiary” means any Wholly-Owned Subsidiary that is a Restricted Subsidiary. 

“Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

SECTION 102. Compliance Certificates and Opinions. 
 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that
all conditions precedent, if any, provided for in this Indenture (including any covenant compliance with which constitutes a condition precedent) relating to the proposed action have been complied with and an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been complied with (provided that, such Opinion of Counsel shall not be given in connection with the original issuance of the Notes), except that (i) in the case of any
such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished and
(ii) subject to Section 802 hereof, no Opinion of Counsel shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to
this Indenture, the form of which is attached as Exhibit D hereto. 
 Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than pursuant to Section 1008(a)) shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such
individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 SECTION 103. Form of Documents Delivered to Trustee. 

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

  
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 Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 104. Acts of Holders. 
 (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 
 (c) The
principal amount and serial numbers of Notes held by any Person, and the date of holding the same, shall be proved by the Note Register. 
 (d) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution,
fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA
Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith
and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of
record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date
shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date. Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done
by the Trustee, the Company or any Guarantor in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION 105. Notices, Etc., to Trustee, Company and Agent. 
 Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing (which may be via facsimile) to or with the Trustee at Wells Fargo Bank, National Association, 625 Marquette Avenue, 11th Floor, Minneapolis, MN 55479, MAC N9311-115, Attention: FECR Administrator, or 

  
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 (2) the Company by the Trustee or by any Holder shall be sufficient for
every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or delivered in writing and mailed, first-class postage prepaid, or delivered by recognized overnight courier, to the Company addressed to it at the
address of its principal office specified in the first paragraph, Attention: General Counsel, or at any other address previously furnished in writing to the Trustee by the Company. 

All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof. 
 SECTION 106. Notice to Holders; Waiver. 
 Where this Indenture provides for
notice of any event to Holders by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid or by overnight air courier guaranteeing next
day delivery, to each Holder affected by such event, at his address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to
Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Notices given by publication shall be
deemed given on the first date on which publication is made and notices given by first-class mail, postage prepaid, shall be deemed given five calendar days after mailing. 
 In case by reason of the suspension of or irregularities in regular mail service or by reason of any other cause, it shall be impracticable to mail notice of any event to Holders when such notice is
required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 
 SECTION 107. Effect of Headings and Table of Contents. 

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

 SECTION 108. Successors and Assigns. 
 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. 

SECTION 109. Separability Clause. 
 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 110. Benefits of Indenture. 

Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent,
any Note Registrar and their successors hereunder, and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

  
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 SECTION 111. Governing Law. 

This Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York without regard to
conflict of laws principles thereof. This Indenture is subject to the provisions of the Trust Indenture Act that are referred to herein or are otherwise required to be part of this Indenture and shall, to the extent applicable, be governed by such
provisions. 
 SECTION 112. Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this
Indenture or the Notes. The Company, the Trustee, the Note Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c). 
 SECTION 113. Legal Holidays. 
 In any case where any Interest Payment Date,
Redemption Date or Stated Maturity or Maturity of any Note shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal (or premium, if any) or interest need not be made on such date,
but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Redemption Date, or at the Stated Maturity or Maturity; provided that no interest shall accrue for the period from and
after such Interest Payment Date, Redemption Date, Stated Maturity or Maturity, as the case may be. 
 SECTION 114. No
Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator or
stockholder of the Company or any of their parent companies shall have any liability for any obligations of the Company under the Notes or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
 SECTION 115. Trust Indenture Act Controls. 
 If any provision of this
Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the provision required by the TIA shall control. If any provision of this Indenture modifies or excludes any provision of
the TIA that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or excluded, as the case may be. 
 SECTION 116. Counterparts. 
 This Indenture may be executed in any number
of counterparts, each of which shall be original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes. 
 SECTION 117. USA Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act of 2001, the Trustee and the Agents, like
all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an
account. The parties to this Indenture agree that they will provide the Trustee and the Agents with such information as they may reasonably request in order to satisfy the requirements of the USA Patriot Act. 

  
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 SECTION 118. [Intentionally Deleted]. 

SECTION 119. Waiver of Jury Trial. 
 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 120. [Intentionally Deleted]. 

SECTION 121. No Adverse Interpretation of Other Agreements. 

The Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company,
and no such indenture or loan or debt agreement may be used to interpret the Indenture. 
 ARTICLE TWO 

NOTE FORMS 
 SECTION 201. Forms Generally. 
 The Initial Notes and
the Exchange Notes shall be known and designated as “10 1/2% /
11 1/4% Senior PIK Toggle Notes due 2017” of
the Company. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage; provided,
that any such notations, legends or endorsements are in a form reasonably acceptable to the Company. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and any integral multiple of $1,000 in
excess thereof (or in the case of any PIK Note denominations, $1.00 and any integral multiple of $1.00 in excess thereof). 
 The terms and provisions contained in the Notes will 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.

 Any Definitive Notes shall be printed, lithographed, typewritten or engraved on steel-engraved borders or may be produced in
any other manner, all as determined by the Officers of the Company executing such Notes, as evidenced by their execution of such Notes. 
 Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note”
attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto).
Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the
aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with written instructions given by the Holder thereof as required by Section 312
hereof. 
 The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions
Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global Note that

  
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are held by Participants through Euroclear or Clearstream. Exchange Notes shall be issued substantially in the form set forth in Exhibit A. 

SECTION 202. Form of Trustee’s Certificate of Authentication. 

The Trustee shall, upon receipt of a Company Order, authenticate Notes for original issue that may be validly issued under this
Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Company Orders, except
as provided in Section 306 hereof. 
 The Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Notes. 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. 
 Subject to Section 611, the Trustee’s certificate
of authentication shall be in substantially the following form: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION. 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

									
		 		 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

	Dated:	 	 	 		 	
					
		 		 		 	By	 	 
		 		 		 		 	Authorized Signatory

 SECTION 203.
Restrictive Legends. 
 Except as permitted by Section 204 below, each Global Note and each Definitive Note (and all
Notes issued in exchange therefor or substitution therefor) shall bear the following legend set forth below (the “Private Placement Legend”) on the face thereof: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR IN THE CASE OF RULE 144A NOTES, AND 40 DAYS IN THE CASE OF REGULATION S NOTES AFTER THE
LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES 

  
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FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES
THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 Each Global Note shall also bear the
following legend on the face thereof: 
 UNLESS THIS CERTIFICATE IS PRESENTED, BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN SECTION 312 OF THE INDENTURE. 
 Each Note issued hereunder that has more than a de minimis about of original issue
discount for U.S. Federal Income Tax purposes shall bear a legend in substantially the following form: 
 THIS
NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTES BY SUBMITTING A
WRITTEN REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: FLORIDA EAST COAST HOLDINGS CORP., 7411 FULLERTON STREET, SUITE 300, JACKSONVILLE, FLORIDA 32256, ATTENTION: GENERAL COUNSEL. 

SECTION 204. Unrestricted Global Notes. 
 Any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of Section 312 (and all Notes issued in exchange therefor or
substitution thereof) shall not bear the Private Placement Legend. 

  
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 ARTICLE THREE 
 THE NOTES 
 SECTION 301. Title and Terms. 

The aggregate principal amount of Notes which may be authenticated and issued under this Indenture is not limited; provided,
however, that any Additional Notes issued under this Indenture are issued in accordance with Sections 303 and 1011 hereof, as part of the same series as the Notes. 

The Notes shall be known and designated as the “10 1/2% / 11 1/4% Senior PIK Toggle Notes due 2017” of the Company. The Stated
Maturity of the Notes shall be August 1, 2017, and the Notes shall bear interest pursuant to Section 307 from February 11, 2011, or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
payable on August 1, 2011 and semi-annually thereafter on February 1 and August 1 in each year and at said Stated Maturity, until the principal thereof is paid or duly provided for and to the Person in whose name the Note (or any
Predecessor Note) is registered at the close of business on the January 15 and July 15 immediately preceding such Interest Payment Date (each, a “Regular Record Date”). 

In connection with the payment of PIK Interest pursuant to Section 307, the Issuer will be entitled to, without the consent of the
Holders (and without regard to any restrictions or limitations set forth under Section 1011) increase the outstanding principal amount of the notes or issue additional notes (the “PIK Notes”) under the Indenture on the same terms and
conditions as the notes offered hereby (in each case, a “PIK Payment”) 
 The principal of (and premium, if any) and
interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose or, at the option of the Company, payment of cash interest may be made by check mailed to the Holders of the Notes at their respective
addresses set forth in the Note Register of Holders; provided that all payments of principal, premium, if any, and interest, if any, with respect to Notes represented by one or more Global Notes registered in the name of or held by Depositary
or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. Until otherwise designated by the Company, the Company’s office or agency shall be the office of the trustee
maintained for such purpose. 
 Holders shall have the right to require the Company to purchase their Notes, in whole or in
part, in the event of a Change of Control pursuant to Section 1017. The Notes shall be subject to repurchase pursuant to an offer to purchase as provided in Section 1018, 1024 and 1109. 

The Notes shall be redeemable as provided in Article Eleven. 
 SECTION 302. Denominations. 
 The Notes shall be issuable only in
registered form without coupons and only in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof (or in the case of any PIK Note denominations, $1.00 and any integral multiple of $1.00 in excess thereof). 

SECTION 303. Execution, Authentication, Delivery and Dating. 

The Notes shall be executed on behalf of the Company by any two Officers. The signature of any Officer on the Notes may be manual or
facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Notes. 
 Notes bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

  
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 At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and
deliver such Notes. Such Company Order shall identify the Notes to be authenticated, the date on which the original issue of the Notes is to be authenticated, the number of separate Note certificates, the principal amount of such Notes to be
authenticated, the registered holder of each of the said Notes, and delivery instructions. 
 On the Issue Date, the Company
shall deliver the Initial Notes in the aggregate principal amount of $130,000,000 executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, directing the Trustee to
authenticate the Notes and certifying that all conditions precedent to the issuance of Notes contained herein have been fully complied with, and the Trustee in accordance with such Company Order shall authenticate and deliver such Initial Notes. At
any time and from time to time after the Issue Date, the Company may deliver Additional Notes or PIK Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such
Additional Notes or PIK Notes, directing the Trustee to authenticate the Additional Notes or PIK Notes and certifying that the issuance of such Additional Notes or PIK Notes is in compliance with Article Ten hereof and that all other conditions
precedent to the issuance of Notes contained herein have been fully complied with, and the Trustee in accordance with such Company Order shall authenticate and deliver such Additional Notes or PIK Notes. On Company Order, the Trustee shall
authenticate for original issue Exchange Notes in an aggregate principal amount not to exceed $130,000,000 plus the aggregate principal amount of any Additional Notes issued; provided that such Exchange Notes shall be issuable only upon the
valid surrender for cancellation of Initial Notes and any Additional Notes of a like aggregate principal amount in accordance with an Exchange Offer pursuant to the Registration Rights Agreement and the Company Order for the authentication and
delivery of such Exchange Notes shall certify that all conditions precedent to the issuance of such Exchange Notes are complied with (including the effectiveness of the Exchange Offer Registration Statement related thereto). In each case, the
Trustee shall receive an Officers’ Certificate and an Opinion of Counsel of the Company that it may reasonably require in connection with such authentication of Notes. Such order shall specify the amount of Notes to be authenticated and the
date on which the original issue of Notes is to be authenticated. 
 Each Note shall be dated the date of its authentication.

 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears
on such Note a certificate of authentication substantially in the form provided for herein duly executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

In case the Company, pursuant to Article Eight, shall be consolidated or merged with or into any other Person or shall convey, transfer,
lease or otherwise dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving such merger, or into which the Company shall have been merged, or the Person
which shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall have executed a supplemental indenture hereto with the Trustee pursuant to Article Nine, any of the Notes authenticated or delivered prior to such
consolidation, merger, conveyance, transfer, lease or other disposition may, from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of the successor Person with such changes in phraseology and
form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Company Request of the successor Person, shall authenticate and deliver Notes as
specified in such request for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor Person pursuant to this Section in exchange or substitution for or upon registration of transfer of
any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time Outstanding for Notes authenticated and delivered in such new name. 

  
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 SECTION 304. Temporary Notes. 

In the event Definitive Notes are to be issued pursuant to the terms of this Indenture, pending the preparation of Definitive Notes, the
Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of
the Definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine, as conclusively evidenced by their execution of such Notes.

 If temporary Notes are issued, the Company will cause Definitive Notes to be prepared without unreasonable delay. After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for such purpose pursuant to Section 1002, without charge to
the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations.
Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION 305. Registration, Paying Agent, Registration of Transfer and Exchange. 
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency designated pursuant to
Section 1002 being herein sometimes referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. The Note
Register shall be in written form or any other form capable of being converted into written form within a reasonable time. At all reasonable times, the Note Register shall be open to inspection by the Trustee. The Trustee is hereby initially
appointed as note registrar (the “Note Registrar”) for the purpose of registering Notes and transfers of Notes as herein provided and as Paying Agent. The Company may appoint one or more co-registrars and one or more additional paying
agents. The Company may change any Paying Agent or Note Registrar without prior notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not party to this Indenture. If the Company fails to appoint
or maintain another entity as Note Registrar or Paying Agent, the Trustee shall act as such. The Company or any Guarantor may act as Paying Agent or Note Registrar. 
 The Company initially appoints DTC to act as Depositary with respect to the Global Notes. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant to Section 1002, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination or denominations of a like aggregate principal amount. 
 At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or
agency. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes which the Holder making the exchange is entitled to receive; provided that no exchange of Notes
for Exchange Notes shall occur until an Exchange Offer Registration Statement shall have been declared effective by the Commission, the Trustee shall have received an Officers’ Certificate confirming that the Exchange Offer Registration
Statement has been declared effective by the Commission and the Initial Notes to be exchanged for the Exchange Notes shall be cancelled by the Trustee. 
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as
the Notes surrendered upon such registration of transfer or exchange. 
 Every Note presented or surrendered for registration of
transfer or for exchange shall be duly endorsed, or be accompanied by written instruments of transfer, in form satisfactory to the Company and the Note Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing.

  
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 No service charge shall be made for any registration of transfer or exchange or redemption
of Notes, but the Company may require payment of a sum sufficient to cover any taxes, fees or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to
Sections 303, 304, 906, 1017, 1018 or 1108 not involving any transfer. 
 Neither the Note Registrar nor the Company shall be
required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 SECTION 306. Mutilated, Destroyed, Lost and Stolen Notes. 
 If (i) any
mutilated Note is surrendered to the Trustee, or (ii) the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and there is delivered to the Company and the Trustee such security or
indemnity as may be required by them to protect the Trustee, any Agent and the Company from any loss, claim, liability or expense, then, in the absence of written notice to the Company or the Trustee that such Note has been acquired by a bona fide
purchaser, the Company shall execute and upon Company Order the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount,
bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Note has 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 the
issuance of any new Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith. 
 Every new Note issued pursuant to this Section in lieu of any mutilated, destroyed, lost or
stolen Note shall constitute an original additional contractual obligation of the Company and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 307. Payment of Interest; Interest Rights
Preserved. 
 On or prior to February 1, 2016, interest on the Notes will be payable, at the election of the Company
(made by delivering a notice to the Trustee not later than 10 Business Days prior to the beginning of each such interest period) (1) entirely in cash (“Cash Interest”), (2) 50% as Cash Interest and 50% by increasing the
principal amount of the outstanding notes or by issuing additional PIK Notes (“PIK Interest”) or (3) entirely in PIK Interest. For any interest payable on or after February 1, 2016, interest will be payable in cash.
Notwithstanding anything to the contrary, the payment of accrued interest in connection with any redemption of Notes pursuant to Sections 1017, 1018, 1024 or 1109 shall be made solely in cash. 

For interest payments on the Notes that the Company elects to pay as Cash Interest, Cash Interest on the Notes will accrue at a rate
equal to 10.50% per annum (plus any Special Interest) and shall be payable in cash. For interest payments on the Notes that the Company elects to pay as PIK Interest, PIK Interest on the Notes will accrue at a rate equal to 11.25% per
annum (plus any Special Interest). 
 Cash Interest on any Note which is payable, and is punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained
for such purpose pursuant to Section 1002; provided, however, that, subject to Section 301 hereof, each installment of interest may at the Company’s option be paid by (i) mailing a check for such interest, payable
to 

  
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or upon the written order of the Person entitled thereto pursuant to Section 308, to the address of such Person as it appears in the Note Register or (ii) transfer to an account located
in the United States maintained by the payee. 
 At all times, PIK Interest on the Notes will be payable (x) with respect
to Notes represented by one or more Global Notes registered in the name of, or held by, DTC or its nominee on the relevant Regular Record Date, by increasing the principal amount of the outstanding Global Note by an amount equal to the amount of PIK
Interest for the applicable interest period (rounded down to the nearest whole dollar) as provided in writing by the Company to the Trustee and (y) with respect to Notes represented by Definitive Notes, by issuing PIK Notes in certificated form
in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period (rounded down to the nearest whole dollar), and the Trustee will, at the written request of the Company, authenticate and deliver such PIK Notes
in certificated form for original issuance to the Holders on the relevant Regular Record Date, as shown by the records of the register of Holders. Following an increase in the principal amount of the outstanding Global Notes as a result of a PIK
Payment, the Notes will bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Notes issued in certificated form will be dated as of the applicable Interest Payment Date and will bear interest from and
after such date. All Notes issued pursuant to a PIK Payment will mature on August 1, 2017 and will be governed by, and subject to the terms, provisions and conditions of, this Indenture and shall have the same rights and benefits as the Notes
issued on the Issue Date. Any certificated PIK Notes will be issued with the description “PIK” on the face of such PIK Note. 
 Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder on the Regular Record Date by
virtue of having been such Holder, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and interest thereon herein collectively called “Defaulted
Interest”) may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for
the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date, and in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given in the
manner provided for in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so given, such Defaulted Interest shall be
paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 

(2) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each Note delivered
under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

  
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 SECTION 308. Persons Deemed Owners. 

Prior to the due presentment of a Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 305 and 307) interest on such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 SECTION 309. Cancellation. 
 All Notes surrendered for payment, redemption,
registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Notes
previously authenticated and delivered hereunder. All Notes so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Notes, however, such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly
permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures. Certification of the destruction of all cancelled Notes shall upon the written request of the
Company be delivered to the Company. 
 SECTION 310. Computation of Interest. 

Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

SECTION 311. [Intentionally Deleted]. 
 SECTION 312. Book-Entry and Transfer Provisions. 
 (a) Transfer and
Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or
any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes if: 
 (1) the Depositary (a) notifies the Company that it is unwilling or unable to continue as depositary for the Global Notes or (b) has ceased to be a clearing agency registered under the Exchange
Act and, in either case, the Company fails to appoint a successor depositary; 
 (2) the Company, at its option,
notifies the Trustee in writing that it elects to cause the issuance of the Definitive Notes; or 
 (3) there has
occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of either of the
preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 304 and 306
hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 312 or Sections 304 or 306 hereof, shall be authenticated and delivered in the form of, and shall be,
a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 312(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 312(b), (c) or
(f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of
beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the 

  
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provisions of this Indenture and the Applicable Procedures. None of the Company, the Trustee, Paying Agent, nor any agent of the Company shall have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership interests in a Global Note, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Beneficial interests in the
Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either
subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial
interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial
interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than the Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Note Registrar to effect the transfers described in this Section 312(b)(1).

 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all
transfers and exchanges of beneficial interests that are not subject to Section 312(b)(1) above, the transferor of such beneficial interest must deliver to the Note Registrar either: 

(A) both: 
 (x) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (y) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 

(B) both: 
 (x) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in
an amount equal to the beneficial interest to be transferred or exchanged; and 
 (y) instructions given by the
Depositary to the Note Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (A) above. 

Upon consummation of an Exchange Offer by the Company in accordance with Section 312(f) hereof, the requirements of this
Section 312(b)(2) shall be deemed to have been satisfied upon receipt by the Note Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 312(g) hereof. 
 (3) Transfer of Beneficial Interests to
Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with
the requirements of Section 312(b)(2) above and: 

  
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 (A) if the transferee will take delivery in the form of a beneficial
interest in the 144A Global Note, then the transferor must deliver to the Note Registrar a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver to the Note Registrar a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 
 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be
exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies
with the requirements of Section 312(b)(2) above and: 
 (A) such exchange or transfer is effected pursuant
to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (i) an Exchanging Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by an Exchanging Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Note Registrar receives the
following: 
 (x) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(y) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Note Registrar or the Company so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is
effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of a Company Order in accordance with Section 202 hereof, the Trustee
shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the
form of, a beneficial interest in a Restricted Global Note. 

  
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 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by
the Note Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial
interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(b) thereof; or 
 (F) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 312(g) hereof, and the Company shall execute and the Trustee shall
authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 312(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Note Registrar through instructions from the Depositary and the
Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to
this Section 312(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) an Exchanging Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

  
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 (C) such transfer is effected by an Exchanging Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Note
Registrar receives the following: 
 (x) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(y) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Note Registrar or the Company so requests or if the Applicable Procedures so require,
an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted
Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 312(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 312(g) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 312(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through
instructions to the Note Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 312(c)(3) will not bear the Private Placement Legend. 
 (d)
Transfer and Exchange of Definitive Notes for Beneficial Interests. 
 (1) Restricted Definitive Notes to Beneficial
Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Note Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being
transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

  
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 (E) if such Restricted Definitive Note is being transferred to the Company
or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (3)(c) thereof, the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global
Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above. 
 (2) Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) an Exchanging Dealer, (ii) a Person participating in the distribution
of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B)
such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by an Exchanging Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D) the Note Registrar receives the following: 

(x) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
 (y) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate
from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such
case set forth in this subparagraph (D), if the Note Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is
in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

Upon satisfaction of the conditions of any of the subparagraphs in this Section 312(d)(2), the Trustee will cancel the Definitive
Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (3)
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes
to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note
and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

  
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 If any such exchange or transfer from a Definitive Note to a beneficial interest in a Global
Note is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 202
hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 312(e),
the Note Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Note Registrar the Definitive Notes duly endorsed or
accompanied by a written instruction of transfer in form satisfactory to the Note Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this Section 312(e). 
 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a
Restricted Definitive Note if the Note Registrar receives the following: 
 (A) if the transfer will be made
pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof;
and 
 (C) if the transfer will be made pursuant to any other exemption from the registration requirements of the
Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged
by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Exchanging Dealer, (ii) a Person participating in the distribution
of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B)
any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such transfer is effected by a Exchanging Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 

(D) the Note Registrar receives the following: 

(x) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (y) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted

  
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Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Note Registrar or the Company so requests, an Opinion of Counsel in form
reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive
Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Note Registrar shall
register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer.
Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of an Company Order in accordance with Section 202 hereof, the Trustee will authenticate: 

(1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Exchanging Dealers, (B) they are not participating in a
distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company; and 
 (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer by Persons that certify in
the applicable Letters of Transmittal that (A) they are not Exchanging Dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company.

 Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal amount of the applicable
Restricted Global Notes to be reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate
principal amount. 
 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in
accordance with Section 309 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly
and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (h) General Provisions Relating to Transfers and Exchanges. 
 (1) To permit
registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of a Company Order in accordance with Section 202 hereof or at the Note Registrar’s
request. 
 (2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a
Definitive Note for any registration of transfer or exchange, but the Company may require payment of 

  
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a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange
or transfer pursuant to Sections 304, 906, 1017, 1018 and 1108 hereof. 
 (3) The Note Registrar will not be required to
register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Note Registrar nor the Company will be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15
days before the day of the mailing of a notice of redemption of Notes for redemption under Section 1104 hereof and ending at the close of business on the day of such mailing; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a
record date and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of
any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee will
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 202 hereof. 
 (8) All
certifications, certificates and Opinions of Counsel required to be submitted to the Note Registrar pursuant to this Section 312 to effect a registration of transfer or exchange may be submitted by facsimile. 

(9) 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 any transfers between or among Depositary Participants or beneficial owners of interests 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 compliance as to form with the
express requirements hereof. 
 (10) Neither the Trustee nor any Agent shall have any responsibility for any actions taken or
not taken by the Depositary. 
 SECTION 313. [Intentionally Deleted]. 

SECTION 314. [Intentionally Deleted]. 
 SECTION 315. CUSIP Numbers. 
 The Company in issuing the Notes may use
“CUSIP,” “ISIN” or other numbers (if then generally in use) in addition to serial numbers, and, if so, the Trustee shall use such “CUSIP,” “ISIN” or other numbers in addition to serial numbers in notices of
redemption, repurchase or other notices to Holders as a convenience to 

  
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Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a
redemption or repurchase and that reliance may be placed only on the serial or other identification numbers printed on the Notes, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Company
will promptly notify the Trustee in writing of any change in the CUSIP, ISIN or other numbers. 
 SECTION 316. Issuance of
Additional Notes. 
 The Company may, subject to Section 1011 of this Indenture, issue from time to time Additional
Notes without notice to or consent of the Holders having identical terms and conditions to the Notes issued on the Issue Date, other than with respect to the date of issuance and issue price, first payment of interest and rights under the
Registration Rights Agreement. The Notes issued on the Issue Date, the PIK Notes and any Additional Notes subsequently issued shall be treated as a single class for all purposes under this Indenture. Exchange Notes issued in exchange for Initial
Notes issued on the Issue Date and Exchange Notes issued for any Additional Notes subsequently issued shall be treated as a single class with the Initial Notes and the Additional Notes for all purposes under this Indenture. 

With respect to any Additional Notes, the Company shall set forth in an Officers’ Certificate pursuant to a resolution of the Board
of Directors of the Company, copies of which shall be delivered to the Trustee, the following information: 
 (1)
the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (2) the issue price, the issue date and the CUSIP number of such Additional Notes; and 
 (3) whether such Additional Notes shall be issued in the form of Restricted Global Notes or Exchange Notes. 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 

SECTION 401. Satisfaction and Discharge of Indenture. 
 This Indenture shall upon Company Request be discharged and will cease to be of further effect as to all Notes issued hereunder (except as to surviving rights of registration of transfer or exchange of
Notes expressly provided for herein or pursuant hereto) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when: 

(1) either 
 (a) all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and
(ii) Notes for whose payment money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in
Section 1003) have been delivered to the Trustee for cancellation; or 
 (b) all such Notes not theretofore
delivered to the Trustee for cancellation 
 (i) have become due and payable by reason of the making of a notice
of redemption pursuant to Section 1105 or otherwise, or 

  
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 (ii) will become due and payable at their Stated Maturity within one year,
or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the
case of (i), (ii) or (iii) above, 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, Government Securities, or a combination thereof, in
such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and
accrued interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(2) no Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or
the granting of Liens in connection therewith) with respect to this Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit shall not result in a breach or
violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound (other than an instrument to be terminated contemporaneously with or prior to the
borrowing of funds to be applied to make such deposit and the granting of Liens in connection therewith); 
 (3)
the Company has paid or caused to be paid all sums payable by it under this Indenture; 
 (4) the Company has
delivered irrevocable written instructions to the Trustee under this Indenture to apply the deposited money toward the payment of such Notes at the Stated Maturity or the Redemption Date, as the case may be; and 

(5) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the obligations of the Company to any Authenticating Agent under Section 612 and, if money or Government Securities shall
have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge.

 SECTION 402. Application of Trust Money. 
 Subject to the provisions of the last paragraph of Section 1003, all money or Government Securities deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it,
in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium, if any) and interest for whose payment such money or Government Securities has been deposited with the Trustee; but such money or Government Securities need not be segregated from other funds except to the extent required
by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 401 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations
under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 401 until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Securities in
accordance with Section 401; provided that if the Company has made any payment of 

  
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principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE FIVE 

REMEDIES 

SECTION 501. Events of Default. 
 “Event of Default,” wherever used herein, means one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes issued under this Indenture; 

(2) default for 30 days or more in the payment when due of interest on or with respect to the Notes issued under this
Indenture; 
 (3) failure by the Company for 60 days after receipt of written notice given by the Trustee or the
Holders of at least 25% in principal amount of the Notes then outstanding and issued under this Indenture to comply with any of its other agreements in this Indenture or the Notes; 

(4) default under any mortgage, indenture or instrument under which there is issued or by which there is secured or
evidenced any Indebtedness for money borrowed by the Company or any Restricted Subsidiary or the payment of which is guaranteed by the Company or any Restricted Subsidiary, other than Indebtedness owed to the Company or a Restricted Subsidiary,
whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both 
 (A)
such default either (x) results from the failure to pay any such Indebtedness at its stated final maturity (after giving effect to any applicable grace period and any extensions thereof) or (y) relates to an obligation other than the
obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due prior to its stated maturity and any extensions thereof); and

 (B) the principal amount of such Indebtedness, together with the principal amount of any other such
Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods and any extensions thereof), or the maturity of which has been so accelerated, aggregate $20.0 million or more at any
one time outstanding; 
 (5) failure by the Company or any Significant Subsidiary to pay final judgments
aggregating in excess of $20.0 million, which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement
proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; or 

(6) any of the following events with respect to the Company or any Significant Subsidiary: 

(A) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law 

(i) commences a voluntary case; 

  
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 (ii) consents to the entry of an order for relief against it in an
involuntary case; 
 (iii) consents to the appointment of a custodian of it or for any substantial part of its
property; 
 (iv) takes any comparable action under any foreign laws relating to insolvency; or 

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

(i) is for relief against the Company or any Significant Subsidiary in an involuntary case; 

(ii) appoints a custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or

 (iii) orders the winding up or liquidation of the Company or any Significant Subsidiary; 

and the order or decree remains undischarged, unstayed or unremedied and in effect for 60 consecutive days. 

SECTION 502. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default (other than an Event of Default specified in Section 501(6) above) occurs and is continuing, then and in
every such case the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes issued under this Indenture may declare the principal, premium, if any, interest and any other monetary obligations on all the Outstanding Notes
to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders). 
 Upon the
effectiveness of such declaration, such principal and interest will be due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in Section 501(6) above occurs and is continuing, then the principal amount of
all Outstanding Notes shall ipso facto become and be immediately due and payable without any notice, declaration or other act on the part of the Trustee or any Holder. 
 At any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the
Holders of a majority in aggregate principal amount of the Outstanding Notes, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences except a continuing Default or Event of Default in the
payment of interest on, premium and Special Interest, if any, or the principal of any such Note held by a non-consenting Holder. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 Notwithstanding the preceding paragraph, in the event of any Event of Default specified in Section 501(4) above, such Event of Default and all consequences thereof (excluding any resulting payment
default), other than as a result of the acceleration of the Notes shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose, 

(x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged, or 

  
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 (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) if the default that is the basis for
such Event of Default has been cured. 
 SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee.

 The Company covenants that if an Event of Default specified in Section 501(1) or 501(2) hereof occurs and is continuing,
the Company will, upon demand of the Trustee, pay to the Trustee for the benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal (and premium, if any) and interest, and interest on any overdue
principal (and premium, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest, at the rate borne by the Notes, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due
and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon the Notes, wherever situated. 
 If an Event of Default occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders under this Indenture by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 504. Trustee May File Proofs of Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other
obligor, upon the Notes or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal, premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

(i) to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in
respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (ii) to collect and
receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 

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 

  
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the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 505. Trustee May Enforce Claims Without Possession of Notes. 

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

SECTION 506. Application of Money Collected. 
 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of
principal (or premium, if any) or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee under Section 607; 

SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on
the Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal (and premium, if any) and interest,
respectively; and 
 THIRD: The balance, if any, to the Company or any other obligor on the Notes, as
their interests may appear or as a court of competent jurisdiction may direct in writing; provided that all sums due and owing to the Holders and the Trustee have been paid in full as required by this Indenture. 

SECTION 507. Limitation on Suits. 
 No Holder of any Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless: 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of
Default; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Notes shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee indemnity and/or security reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;

 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to
institute any such proceeding; and 
 (5) no direction inconsistent with such written request has been given to
the Trustee during such 60-day period by the Holders of a majority or more in principal amount of the Outstanding Notes; 
 it being understood
and intended that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this Indenture, 

  
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except in the manner herein provided and for the equal and ratable benefit of all the Holders (it being further understood that the Trustee does not have an affirmative duty to ascertain whether
or not such actions or forbearances are unduly prejudicial to such Holders). 
 SECTION 508. Unconditional Right of Holders
To Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Note
shall have the right, which is absolute and unconditional, to receive payment, as provided herein (including, if applicable, Article Eleven) and in such Note of the principal of (and premium, if any) and (subject to Section 307) interest on
such Note on the respective Stated Maturities expressed in such Note (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of
such Holder. 
 SECTION 509. Restoration of Rights and Remedies. 

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

SECTION 510. Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 306, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 511. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be. 
 SECTION 512. Control by Holders. 

The Holders of not less than a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, provided that: 
 (1) such direction shall not be in conflict with any rule of law or with this Indenture, 
 (2) subject to Section 315 of the Trust Indenture Act, the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

(3) the Trustee need not take any action which might involve it in personal liability or be unjustly prejudicial to the
Holders not consenting. 

  
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 SECTION 513. Waiver of Past Defaults. 

Subject to Sections 502, 508 and 902, the Holders of not less than a majority in principal amount of the Outstanding Notes may on behalf
of the Holders of all such Notes waive any past Default hereunder and its consequences, except a continuing Default or Event of Default (1) in respect of the payment of interest on, premium, if any, or the principal of any such Note held by a
non-consenting Holder, or (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Note 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 Event of Default or impair any right consequent thereon. 
 SECTION 514. Waiver of Stay or Extension Laws. 
 Each of the Company and
any other obligor on the Notes covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company and any other obligor on the Notes (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been
enacted. 
 ARTICLE SIX 
 THE TRUSTEE 
 SECTION 601. Duties of the Trustee. 

(a) Except during the continuance of a Default or an Event of Default, 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture,
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions specifically required by any provision hereof to be provided to it, the Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture (but not to verify the contents or confirm or investigate the accuracy of mathematical calculations) thereof. 
 (b) In case a Default or an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has actual knowledge or of which written notice of such Default or Event of
Default shall have been given to the Trustee by the Company, any other obligor of the Notes or by any Holder, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that 
 (1) this paragraph (c) shall not be
construed to limit the effect of paragraph (a) of this Section; 

  
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 (2) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in aggregate principal amount
of the Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 602. Notice of Defaults. 
 Within thirty days after the earlier of
receipt from the Company of notice of the occurrence of any Default or Event of Default hereunder or the date when such Default or Event of Default becomes known to the Trustee, the Trustee shall transmit, in the manner and to the extent provided in
TIA Section 313(c), notice of such Default or Event of Default hereunder known to the Trustee, unless such Default or Event of Default shall have been cured or waived; provided, however, that, except in the case of a Default or
Event of Default in the payment of the principal of (or premium, if any, on) or interest on any Note, the Trustee shall be protected in withholding such notice if and so long as it in good faith determines that the withholding of such notice is in
the interest of the Holders. 
 SECTION 603. Certain Rights of Trustee. 

Subject to the provisions of TIA Sections 315(a) through 315(d): 

(1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in original or facsimile form) believed by it to
be genuine and to have been signed or presented by the proper party or parties; 
 (2) any request or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of willful misconduct on its part, conclusively rely upon an Officers’
Certificate; 
 (4) the Trustee may consult with counsel of its own selection and the advice of such counsel or
any Opinion of Counsel with respect to legal matters relating to the Indenture and the Notes shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon; 
 (5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the

  
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costs, expenses, losses and liabilities which might be incurred by it in compliance with such request or direction; 

(6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or
attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
 (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (8) the
Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(9) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(10) the Trustee may request that the Company deliver an Officers’ Certificate substantially in the Form of Exhibit E
hereto setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; and 
 (11) in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 The Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or
powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has received written notice of any event which is in fact such a Default or
Event of Default at the Corporate Trust Office of the Trustee, and such notice references the Notes and the Indenture. 

SECTION 604. Trustee Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except for the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Notes and perform its obligations hereunder and that the statements made by it in a “Statement of Eligibility” on Form T-1 supplied to the Company are true and accurate,
subject to the qualifications set forth therein. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof. 

  
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 SECTION 605. May Hold Notes. 

The Trustee, any Paying Agent, any Note Registrar or any other agent of the Company or of the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Notes and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not the Trustee, Paying Agent, Note Registrar or such other agent;
provided, however, that, if it acquires any conflicting interest, it must eliminate such conflict within 90 days, apply to the Commission for permission to continue or resign. 

SECTION 606. Money Held in Trust. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Company. 
 SECTION 607. Compensation and Reimbursement.

 The Company agrees: 
 (1) to pay to the Trustee from time to time such compensation as shall be agreed in writing between the Company and the Trustee for all services rendered by it hereunder (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as
otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be determined to have been caused by its own negligence or willful misconduct; and 

(3) to indemnify the Trustee and its officers, directors, agents and employees and any predecessor Trustee for, and to
hold it harmless against, any and all loss, liability, claim, damage or expense, including taxes (other than the taxes based on the income of the Trustee) incurred without negligence or willful misconduct on its part, arising out of or in connection
with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim regardless of whether the claim is asserted by the Company, a Holder or any other Person or liability in connection with the
exercise or performance of any of its powers or duties hereunder. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its
obligations hereunder. The Company will defend the claim and the Trustee will cooperate in the defense. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. The Company need not
reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. 
 The obligations of the Company under this Section to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless the Trustee shall
constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture and resignation or removal of the Trustee. As security for the performance of such obligations of the Company, the Trustee shall have a
claim prior to the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Notes. 

When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(6), the
expenses (including the reasonable charges and expenses of its counsel) of and the compensation for such services are intended to constitute expenses of administration under any applicable Federal or State bankruptcy, insolvency or other similar
law. 

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

SECTION 608. Corporate Trustee Required; Eligibility. 
 There shall be at all times a Trustee hereunder which shall be eligible to act as Trustee under TIA Sections 310(a)(1), (2) and (5) and shall have a combined capital and surplus of at least
$50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall promptly resign in the manner and with the effect hereinafter specified in this Article. 
 SECTION 609. Resignation and Removal; Appointment of Successor. 
 (a) No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of
Section 610. 
 (b) The Trustee may resign at any time by giving written notice thereof to the Company. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by written instrument executed by authority of the Board of Directors, a copy of which shall be delivered to the resigning Trustee and a copy to the successor trustee. If
the instrument of acceptance by a successor Trustee required by Section 610 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the
Company, any court of competent jurisdiction for the appointment of a successor Trustee. 
 (c) The Trustee may be removed at
any time by Act of the Holders of not less than a majority in principal amount of the Outstanding Notes, delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 610 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee.

 (d) If at any time: 
 (1) the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Note for at least
six months, or 
 (2) the Trustee shall cease to be eligible under Section 608 and shall fail to resign
after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Note for at least six months, or 
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case,
(i) the Company, by a Board Resolution, may remove the Trustee, or (ii) subject to TIA Section 315(e), any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Company shall promptly appoint a successor Trustee. If,
within 

  
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one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed by the
Company. If no successor Trustee shall have been so appointed by the Company or the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (f) The Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to the Holders in the manner provided for in Section 106. Each notice
shall include the name of the successor Trustee and the address of its Corporate Trust Office. 
 SECTION 610. Acceptance of
Appointment by Successor. 
 (a) Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on written request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. Upon request of
any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts. 

(b) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all rights, powers and trusts referred to in paragraph (a) of this Section. 
 (c)
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 SECTION 611. Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had
itself authenticated such Notes. In case at that time any of the Notes shall not have been authenticated, any successor Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor Trustee. In
all such cases such certificates shall have the full force and effect which this Indenture provides for the certificate of authentication of the Trustee shall have; provided, however, that the right to adopt the certificate of
authentication of any predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

SECTION 612. Appointment of Authenticating Agent. 
 At any time when any of the Notes remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with respect to the Notes (the “Authenticating Agent”) which shall be authorized
to act on behalf of the Trustee to authenticate Notes and the Trustee shall give written notice of such appointment to all Holders of Notes with respect to which such Authenticating Agent will serve, in the manner provided for in Section 106.

  
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Notes so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment
shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, and a copy of such instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery
of Notes by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof or
the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect specified in this Section. 
 Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall give written notice of such appointment to all Holders of Notes, in the manner provided for in Section 106. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Company agrees to pay to each Authenticating Agent from time to time such compensation for its services under this Section as shall
be agreed in writing between the Company and such Authenticating Agent. 
 If an appointment is made pursuant to this Section,
the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 
 This is one of the Notes designated therein referred to in the within-mentioned Indenture. 
  

									
	Dated:	 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

					
		 		 		 	By:	 	 
		 		 		 		 	as Authenticating Agent
					
		 		 		 	By:	 	 
		 		 		 		 	as Authorized Signatory

  
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 SECTION 613. Force Majeure. 

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

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701. Company To Furnish Trustee Names and Addresses. 
 The Trustee
will 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 § 312(a). If the Trustee is not the Note Registrar, the
Company will furnish to the Trustee at least ten 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 as the Trustee may reasonably require of the
names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 
 SECTION 702.
Disclosure of Names and Addresses of Holders. 
 Every Holder of Notes, by receiving and holding the same, agrees with
the Company and the Trustee that none of the Company or the Trustee or any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with TIA
Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b). 

SECTION 703. Reports by Trustee. 
 Within 60 days after May 15 of each year commencing with the first May 15 after the first issuance of Notes pursuant to this Indenture, the Trustee shall transmit to the Holders of Notes (with a
copy to the Company at the Place of Payment), in the manner and to the extent provided in TIA Section 313(c), a brief report dated as of such May 15 if required by TIA Section 313(a). 

ARTICLE EIGHT 
 MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS 
 SECTION
801. Company May Consolidate, Etc., Only on Certain Terms. 
 The Company may not consolidate or merge with or into or
wind up into (whether or not the Company is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless:

 (1) the Company is the surviving corporation or the Person formed by or surviving any such consolidation or
merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the laws of the United States, any state thereof, the District of
Columbia, or any territory thereof (such Person, as the case may be, being herein called the “Successor Company”); 

  
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 (2) the Successor Company, if other than the Company, expressly assumes all
the obligations of the Company under this Indenture and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 

(3) immediately after such transaction no Default or Event of Default exists; 

(4) immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of
the applicable four-quarter period, 
 (A) the Successor Company would be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 1011(a) or 

(B) the Fixed Charge Coverage Ratio for the Successor Company and the Restricted Subsidiaries would be greater than such
ratio for the Company and the 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 consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture and, if a supplemental
indenture is required in connection with such transaction, such supplement shall comply with the applicable provisions of this Indenture; 
 The Successor Company shall succeed to, and be substituted for the Company under this Indenture and the Notes. Notwithstanding clauses (3) and (4) above, 

(a) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the
Company; and 
 (b) the Company may merge with an Affiliate incorporated solely for the purpose of
reincorporating the guarantor or the Company in another State of the United States so long as the amount of Indebtedness of the Company and the Restricted Subsidiaries is not increased thereby. 

SECTION 802. Guarantors May Consolidate, Etc. Only on Certain Terms. 

Subject to Section 1015(b), each Guarantor shall not, and the Company shall not permit any Guarantor to, consolidate or merge with
or into or wind up into (whether or not such Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any
Person unless: 
 (A) (1) such Guarantor is the surviving Person or the Person formed by or surviving any such
consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the laws of the United States, any state thereof,
the District of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor Person”); 
 (2) the Successor Person, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to supplemental indentures
or other documents or instruments in form reasonably satisfactory to the Trustee; 
 (3) immediately after such
transaction no Default or Event of Default exists; and 
 (4) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture, if a supplemental indenture is required in connection with such
transaction, such supplement shall comply with the applicable provisions of this Indenture; or 

  
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 (B) the transaction is made in compliance with Section 1018.

 Subject to Section 1015(b) hereof, the Successor Person shall succeed to, and be substituted for, such Guarantor under
this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing, any Guarantor may merge into or transfer all or part of its properties and assets to another Guarantor or the Company. 

SECTION 803. Successor Substituted. 
 Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or disposition of all or substantially all of the assets of the Company or any Guarantor in accordance with Sections
801 and 802 hereof, the successor Person formed by such consolidation or into which the Company or such Guarantor, as the case may be, is merged or the successor Person to which such sale, assignment, conveyance, transfer, lease or disposition is
made, shall succeed to, and be substituted for, and may exercise every right and power of, the Company or such Guarantor, as the case may be, under this Indenture and/or any Guarantees, as the case may be, with the same effect as if such successor
Person had been named as the Company or such Guarantor, as the case may be, herein and/or any Guarantees, as the case may be. When a successor Person assumes all obligations of its predecessor hereunder, the Notes or any Guarantees, as the case may
be, such predecessor shall be released from all obligations; provided that in the event of a transfer or lease, the predecessor shall not be released from the payment of principal and interest or other obligations on the Notes or any
Guarantees, as the case may be. 
 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Amendments or Supplements Without
Consent of Holders. 
 Without the consent of any Holders, the Company, any Guarantor (with respect to a Guarantee or this
Indenture to which it is a party) and the Trustee, at any time and from time to time, may amend or supplement this Indenture, any Guarantee or the Notes for any of the following purposes: 

(1) to cure any ambiguity, omission, mistake, defect or inconsistency; 

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of
this Indenture relating to the form of Notes (including the related definitions) in a manner that does not materially adversely affect any Holder; 
 (3) to comply with Article Eight hereof; 
 (4) to provide for the
assumption of the Company’s obligations to Holders; 
 (5) to make any change that would provide any
additional rights or benefits to the Holders or that does not materially adversely affect the rights under this Indenture of any such Holder; 
 (6) to add covenants for the benefit of the Holders or to surrender any right or power conferred in this Indenture upon the Company; 

(7) to comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under
the Trust Indenture Act; 
 (8) to evidence and provide for the acceptance and appointment under this Indenture
of a successor Trustee pursuant to the requirements of Sections 609 and 610; 

  
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 (9) to provide for the issuance of exchange notes or private exchange notes,
which are identical to exchange notes except that they are not freely transferable; 
 (10) provide for the
issuance of Notes issued after the Issue Date in accordance with the limitations set forth in this Indenture; 

(11) to add or release a Guarantor under this Indenture or to add assets as collateral for the Notes or release such
collateral, in accordance with the terms of this Indenture; or 
 (12) to conform the text of this Indenture or
the Notes to any provision of the “Description of the Notes” section of the Offering Memorandum to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a provision of this
Indenture or the Notes, as provided in an Officers’ Certificate delivered to the Trustee. 
 SECTION 902. Amendments,
Supplements or Waivers with Consent of Holders. 
 With the consent of the Holders of not less than a majority in principal
amount of the Outstanding Notes, by Act of said Holders delivered to the Company and the Trustee, the Company, any Guarantor (with respect to any Guarantee or this Indenture to which it is a party) and the Trustee may amend or supplement this
Indenture, any Guarantee or the Notes for the purpose of adding any provisions hereto or thereto, changing in any manner or eliminating any of the provisions or of modifying in any manner the rights of the Holders hereunder or thereunder and any
existing Default, Event of Default or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes (including, without limitation,
consents obtained in connection with a purchase of or tender offer or exchange offer for Notes); provided, however, that no such amendment, supplement or waiver shall, without the consent of the Holder of each Outstanding Note affected
thereby: 
 (1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or
waiver, 
 (2) reduce the principal of or change the Maturity of any such Note or alter or waive the provisions
with respect to the redemption of the Notes (other than Sections 1017 and 1018), 
 (3) reduce either rate of or
change the time for payment of interest on any Note, 
 (4) waive a Default or Event of Default in the payment of
principal of or premium, if any, or interest on the Notes issued under this Indenture, except a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal amount of such Notes and a waiver of the payment default that
resulted from such acceleration, or in respect of a covenant or provision contained in this Indenture or any guarantee which cannot be amended or modified without the consent of all Holders, 

(5) make any Note payable in money other than that stated in such Notes, 

(6) make any change in Section 513 or the rights of Holders to receive payments of principal of or premium, if any,
or interest on the Notes, 
 (7) make any change in these amendment, supplement and waiver provisions,

 (8) impair the right of any Holder to receive payment of principal of, or interest on such Holder’s Notes
on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or 
 (9) make any change to or modify the ranking of the Notes that would adversely affect the Holders. 

  
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 It is not necessary for the consent of the Holders of Notes under this Section 902 to
approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 SECTION 903. Execution of Amendments, Supplements or Waivers. 
 In
executing, or accepting the additional trusts created by, any amendment, supplement or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be provided with, and shall be fully
protected in conclusively relying upon, an Officers’ Certificate and Opinion of Counsel stating that the execution of such amendment, supplement or waiver is authorized or permitted by this Indenture and is the valid, legal and binding
obligation of the Company, enforceable against the Company, in accordance with its terms. The Trustee may, but shall not be obligated to, enter into any such amendment, supplement or waiver which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise. Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of
a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto, and delivery of an Officers’ Certificate, except as provided in Section 802. 

SECTION 904. Effect of Amendments, Supplements or Waivers. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
amendment, supplement or waiver shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 905. Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to the Article shall conform to the requirements of the Trust Indenture Act as then in effect. 

SECTION 906. Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required
by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Company, to
any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Notes. Failure to make the appropriate notation or issue a new Note will not affect the validity
and effect of such amendment, supplement or waiver. 
 SECTION 907. Notice of Supplemental Indentures. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of Section 902,
the Company shall give notice thereof to the Holders of each Outstanding Note affected, in the manner provided for in Section 106, briefly setting forth in general terms the substance of such supplemental indenture. Any failure of the Company
to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 

  
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 ARTICLE TEN 
 COVENANTS 
 SECTION 1001. Payment of Principal, Premium, if Any, and
Interest. 
 The Company covenants and agrees for the benefit of the Holders that it will duly and punctually pay the
principal of (and premium, if any) and interest and Special Interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. 
 SECTION 1002. Maintenance of Office or Agency. 
 The Company will maintain
in the continental United States, an office or agency where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of
the Notes and this Indenture may be served. The designated office of the Trustee shall be such office or agency of the Company, unless the Company shall designate and maintain some other office or agency for one or more of such purposes. The Company
will give prompt written notice to the Trustee of any change in the location of any 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. 
 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 any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in the Continental United States for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such other office or agency.

 SECTION 1003. Money for Notes Payments To Be Held in Trust. 

If the Company or a Wholly-Owned Subsidiary of the Company shall at any time act as its own Paying Agent, it will, on or before each due
date of the principal of (or premium, if any) or Special Interest, if any, or interest on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal of (or premium, if any) or
interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for the Notes, it will, on or before each due date of the principal of (or
premium, if any) or interest on any Notes, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of such action or any failure so to act. 
 The Company will cause each Paying Agent (other than the Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of
this Section, that such Paying Agent will: 
 (1) hold all sums held by it for the payment of the principal of
(and premium, if any) or interest on Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee written notice of any default by the Company (or any other obligor upon the Notes) in the making of
any payment of principal (and premium, if any) or interest; and 

  
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 (3) at any time during the continuance of any such default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further
liability with respect to such sums. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of (or premium, if any) or interest on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or
(if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as Trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall at the
expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 SECTION 1004. Corporate Existence. 
 Subject to Article Eight, the Company
will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and that of each Restricted Subsidiary and the corporate rights (charter and statutory) and franchises of the Company and each
Restricted Subsidiary; provided, however, that the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of
the business of the Company and its Subsidiaries as a whole. 
 SECTION 1005. Payment of Taxes and Other Claims.

 The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (a) all
material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary and (b) all material lawful claims for labor, materials and
supplies, which, if unpaid, might by law become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of management of the Company) are being
maintained in accordance with GAAP. 
 SECTION 1006. Maintenance of Properties. 

The Company will cause all properties owned by the Company or any Restricted Subsidiary or used or held for use in the conduct of its
business or the business of any Restricted Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that
nothing in this Section shall prevent the Company from discontinuing the maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Restricted
Subsidiary. 

  
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 SECTION 1007. Insurance. 

(a) The Company will at all times keep all of its and its Subsidiaries’ properties which are of an insurable nature insured with
insurers, believed by the Company to be responsible (including, to the extent consistent with past practice, self-insurance), against loss or damage to the extent that property of similar character is usually so insured by corporations similarly
situated and owning like properties. 
 (b) In connection with the covenants set forth in this Section 1007, it is
understood and agreed that: 
 (i) none of the Trustee nor its respective agents or employees shall be liable for
any loss or damage insured by the insurance policies required to be maintained under this Section 1007, it being understood that (A) the Company shall look solely to their insurance companies or any other parties other than the aforesaid
parties for the recovery of such loss or damage and (B) such insurance companies shall have no rights of subrogation against the Trustee, or its agents or employees. If, however, the insurance policies do not provide waiver of subrogation
rights against such parties, as required above, then the Company hereby agrees, to the extent permitted by law, to waive, its right of recovery, if any, against the Trustee and the Holders and its agents and employees; and 

(ii) the designation of any form, type or amount of insurance coverage by the Trustee under this Section 1007 shall
in no event be deemed a representation, warranty or advice by the Trustee that such insurance is adequate for the purposes of the business of Company or the protection of its properties. 

SECTION 1008. Statement by Officers as to Default. 
 (a) The Company will 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 Restricted
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing officers with a view to determining whether it has kept, observed, performed and fulfilled, and has caused each of its Restricted Subsidiaries to keep,
observe, perform and fulfill its obligations under this Indenture and further stating, as to each such officer signing such certificate, that, to the best of his or her knowledge, the Company during such preceding quarter or the preceding fiscal
year, as the case may be, has kept, observed, performed and fulfilled, and has caused each of its Restricted Subsidiaries to keep, observe, perform and fulfill each and every such covenant contained in this Indenture and no Default or Event of
Default occurred during such year and at the date of such certificate there is no Default or Event of Default which has occurred and is continuing or, if such signers do know of such Default or Event of Default, the certificate shall describe its
status, with particularity and that, to the best of his or her knowledge, no event has occurred and remains by reason of which payments on the 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 each is taking or proposes to take with respect thereto. The Officers’ Certificate shall also notify the Trustee should the Company elect to change the manner in which it fixes its fiscal year-end. For
purposes of this Section 1008(a), such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 
 (b) (i) When any Default or Event of Default has occurred and is continuing under this Indenture, or (ii) if the trustee for or the holder of any other evidence of Indebtedness of the Company or any
Restricted Subsidiary gives any notice or takes any other action with respect to a claimed default (other than with respect to Indebtedness in the principal amount of less than $20,000,000), the Company shall deliver to the Trustee by registered or
certified mail or facsimile transmission an Officers’ Certificate specifying such event, notice or other action within five Business Days of any Officer becoming aware of the foregoing. 

SECTION 1009. Reports and Other Information. 
 Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for
such annual and quarterly reporting pursuant to rules and regulations promulgated by the Commission, the Company shall file 

  
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with the Commission (and make available to the Trustee and Holders (without exhibits), without cost to each Holder, within 15 days after it files with the Commission): 

(1) within 90 days (or the successor time period then in effect under the rules and regulations of the Exchange Act for a
non-accelerated filer) plus any grace period provided by Rule 12b-25 under the Exchange Act, after the end of each fiscal year, annual reports on Form 10-K, or any successor or comparable form, containing the information required to be contained
therein, or required in such successor or comparable form; 
 (2) within 45 days (or the successor time period
then in effect under the rules and regulations of the Exchange Act) plus any grace period provided by Rule 12b-25 under the Exchange Act, after the end of each of the first three fiscal quarters of each fiscal year, reports on Form 10-Q, containing
the information required to be contained therein, or any successor or comparable form; 
 (3) promptly from time
to time after the occurrence of an event required to be therein reported, such other reports on Form 8-K, or any successor or comparable form; and 
 (4) any other information, documents and other reports which the Company would be required to file with the Commission if it were subject to Section 13 or 15(d) of the Exchange Act; provided
that the Company shall not be so obligated to file such reports with the Commission if the Commission does not permit such filing, in which event the Company shall make available such information to prospective purchasers of the Notes, in
addition to providing such information to the Trustee and the Holders in each case within 15 days after the time the Company would be required to file such information with the Commission, if it were subject to Section 13 or 15(d) of the
Exchange Act. 
 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). 
 The availability of the foregoing materials on
the Commission’s EDGAR service (or its successor) shall be deemed to satisfy the Company’s delivery obligation, provided, however, that the Trustee shall have no obligation whatsoever to determine if such materials have been
made so available. 
 In the event that any direct or indirect parent company of the Company becomes a Guarantor, this Indenture
will permit the Company to satisfy its obligations under this Section 1009 with respect to financial information relating to the Company by furnishing financial information relating to such parent; provided that the same is accompanied
by consolidating information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Company and the Restricted Subsidiaries on a standalone basis, on
the other hand. 
 Notwithstanding the foregoing, such requirements shall be deemed satisfied prior to the commencement of the
exchange offer or the effectiveness of the shelf registration statement described in the Registration Rights Agreement (1) by the filing with the Commission of the exchange offer registration statement or shelf registration statement (or any
other similar registration statement), and any amendments thereto, with such financial information that satisfies Regulation S-X, subject to exceptions consistent with the presentation of financial information in the Offering Memorandum, to the
extent filed within the times specified above, or (2) by posting reports that would be required to be filed substantially in the form required by the Commission on the Company’s website (or that of any of its parent companies) or providing
such reports to the Trustee within 15 days after the time the Company would be required to file such information with the Commission (which for the first quarterly report required to be posted or provided after the Issue Date shall be 60 days after
the end of the applicable fiscal quarter) if it were subject to Section 13 or 15(d) of the Exchange Act, the financial information that would be required to be included in such reports, subject to exceptions consistent with the presentation of
financial information in the Offering Memorandum, to the extent filed within the times specified above. 

  
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 SECTION 1010. Limitation on Restricted Payments. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly: 

(1) declare or pay any dividend or make any distribution on account of the Company’s or any Restricted
Subsidiary’s Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation other than: 
 (A) dividends or distributions by the Company payable in Equity Interests (other than Disqualified Stock) of the Company or in options, warrants or other rights to purchase such Equity Interests; or

 (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or
distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly-Owned Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or
distribution in accordance with its Equity Interests in such class or series of securities; 
 (2) purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Company or any direct or indirect parent of the Company, including in connection with any merger or consolidation; 

(3) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case,
prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness other than 

(x) the purchase, repurchase 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; and 
 (y) Indebtedness to a Restricted Subsidiary; or 
 (4) make any
Restricted Investment; 
 (all such payments and other actions set forth in clauses (1) through (4) above being collectively referred
to as “Restricted Payments”), unless, at the time of such Restricted Payment: 
 (A) no Default or
Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 
 (B)
immediately after giving effect to such transaction on a pro forma basis, the Company could incur $1.00 of additional Indebtedness under Section 1011(a); and 

(C) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and
its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (1), (2) (with respect to the payment of dividends on Refunding Capital Stock pursuant to clause (B) thereof only) and (9) of
Section 1010(b), but excluding all other Restricted Payments permitted by Section 1010(b)), is less than the sum of: 
 (1) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the first fiscal quarter commencing immediately preceding the Issue Date, 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, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such
deficit, plus 

  
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 (2) 100% of the aggregate net cash proceeds and the Fair Market Value of
marketable securities or other property received by the Company since immediately after the Issue Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness, Disqualified Stock or preferred stock
pursuant to Section 1011(b) (13) from the issue or sale of: 
 (x) Equity Interests of the Company,
excluding cash proceeds and the Fair Market Value of marketable securities or other property received from the sale of: 
 (A) Equity Interests to members of management, directors or consultants of the Company, any direct or indirect parent of the Company and the Company’s Subsidiaries after the Issue Date to the extent
such amounts have been applied to Restricted Payments made in accordance with Section 1010(b)(4) and 
 (B)
Designated Preferred Stock 
 and to the extent actually contributed to the Company, Equity Interests of the Company’s
direct or indirect parents (excluding contributions of the proceeds from the sale of Designated Preferred Stock of such Persons) or 
 (y) debt securities, Designated Preferred Stock or Disqualified Stock of the Company or any Restricted Subsidiary that have been converted into or exchanged for such Equity Interests of the Company or its
direct or indirect parents; provided, however, that this clause (2) shall not include the proceeds from (a) Refunding Capital Stock (as defined below), (b) Equity Interests or converted or exchanged debt securities of
the Company sold to a Restricted Subsidiary or the Company, as the case may be, (c) Disqualified Stock or debt securities that have been converted into or exchanged for Disqualified Stock or (d) Excluded Contributions, plus

 (3) 100% of the aggregate amount of cash and the Fair Market Value, of marketable securities or other property
contributed to the capital of the Company following the Issue Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness, Disqualified Stock or preferred stock pursuant to Section 1011(b)(13))
(other than by a Restricted Subsidiary and other than by any Excluded Contributions), plus 
 (4) 100% of
the aggregate amount received in cash and the Fair Market Value, of marketable securities or other property received by the Company or a Restricted Subsidiary by means of 

(A) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made
by the Company and its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Company and its Restricted Subsidiaries and repayments of loans or advances which constitute Restricted Investments by the Company
and its Restricted Subsidiaries, in each case after the Issue Date, or 
 (B) the sale (other than to the
Company or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the Company or a Restricted Subsidiary pursuant to clause (10) of
Section 1010(b) or to the extent such Investment constituted a Permitted Investment) or a dividend or distribution from an Unrestricted Subsidiary in each case after the Issue Date: plus 

  
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 (5) in the case of the redesignation of an Unrestricted Subsidiary as a
Restricted Subsidiary, the Fair Market Value of the Investment in such Unrestricted Subsidiary, in the case of an Unrestricted Subsidiary, such Fair Market Value may exceed $25.0 million, in writing by an independent and reputable investment
banking, appraisal or valuation firm generally acceptable to institutional investors in the industry, at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary, other than to the extent the Investment in such
Unrestricted Subsidiary was made by the Company or a Restricted Subsidiary pursuant to clause (7) of Section 1010(b) or to the extent such Investment constituted a Permitted Investment. 

(b) The foregoing provisions shall not prohibit: 
 (1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration of such dividend or distribution or notice of such
redemption, if at the date of declaration or notice such payment would have complied with the provisions of the Indenture; 
 (2) (a) any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary) of, Equity Interests of the Company or of a direct or
indirect parent company of the Company contributed to the capital of the Company (in each case, other than any Disqualified Stock) (“Refunding Capital Stock”) and (b) if immediately prior to the redemption, repurchase, retirement or
other acquisition of any Equity Interests of the Company (“Retired Capital Stock”) the Company and the Restricted Subsidiaries could incur $1.00 of additional Indebtedness under the first paragraph of Section 1011, the declaration and
payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of the Company) in an
aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement; 

(3) the redemption, repurchase or other acquisition or retirement of the Subordinated Indebtedness of the Company made by
exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Company which is incurred in compliance with Section 1011 so long as 

(A) the principal amount (or accreted value) of such new Indebtedness does not exceed the principal amount, plus any
accrued and unpaid interest of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired for value, plus the amount of any premium and any tender premiums, defeasance costs or other fees and expenses incurred in connection
with the issuance of such new Indebtedness, 
 (B) such Indebtedness has a final scheduled maturity date equal to
or later than the earlier of (x) the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the maturity of the Notes, and 

(C) such Indebtedness has a Weighted Average Life to Maturity which is not less than the shorter of (x) the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the Subordinated Indebtedness
being so redeemed, repurchased, defeased, acquired or retired that were due on or after the date one year following the maturity date of any notes then outstanding were instead due on such date one year following the maturity date of such notes
(provided that, in the case of this subclause (C)(y), such Indebtedness does not provide for any scheduled principal payments prior to the maturity date of the notes in excess of, or prior to, the scheduled principal payments due prior to
such maturity for the Indebtedness being refunded or refinanced or defeased); 
 (4) a Restricted Payment to pay
for the repurchase, retirement or other acquisition or retirement for value of common Equity Interests of the Company or any of its direct or indirect parents held by 

  
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any future, present or former employee, officer, director, manager or consultant (or any spouses, successors, executors, administrators, heirs or legatees of any of the foregoing) of the Company,
any of its Subsidiaries or any of its direct or indirect parents pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that
the aggregate Restricted Payments made under this clause (4) do not exceed in any calendar year $5.0 million (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect
to the following proviso) of $10.0 million in any calendar year; provided further that such amount in any calendar year may be increased by an amount not to exceed 

(A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Company and, to the extent
contributed to the Company, Equity Interests of any of the Company’s direct or indirect parents, in each case to members of management, directors or consultants of the Company, any of its Subsidiaries or any of its direct or indirect parents
that occurred after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of Section 1010(a)(4)(C); plus 

(B) the cash proceeds of key man life insurance policies received by the Company and its Restricted Subsidiaries after the
Issue Date; less 
 (C) the amount of any Restricted Payments previously made pursuant to clauses
(A) and (B) of this Section 1010(b)(4); 
 provided that the Company may elect to apply all or any portion
of the aggregate increase contemplated by subclauses (A) and (B) above in any calendar year; 
 (5) the
declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company or any other Restricted Subsidiary issued in accordance with the covenant described under Section 1011 to the extent such dividends are
included in the definition of Fixed Charges; 
 (6) (A) the declaration and payment of dividends to holders of
any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Company after the Issue Date; provided that the aggregate amount of dividends paid pursuant to this clause (A) shall not exceed the aggregate
amount of cash actually received by the Company from the sale of such Designated Preferred Stock; or 
 (B) the
declaration and payment of dividends to a direct or indirect parent of the Company, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock)
of such parent issued after the Issue Date, provided that the amount of dividends paid pursuant to this clause (B) shall not exceed the aggregate amount of cash actually contributed to the Company from the sale of such Designated
Preferred Stock; 
 provided, however, in the case of each of (A) and (B) of this clause (6), that for
the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to such issuance on a pro forma basis, the
Company and the Restricted Subsidiaries; the Company could incur $1.00 of additional Indebtedness under the first paragraph of Section 1011; 
 (7) Investments in Unrestricted Subsidiaries having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (7) that are at the time outstanding, not to
exceed $5.0 million; provided, that the dollar amount of Investments made pursuant to this clause (7) may be reduced by the Fair Market Value of the proceeds received by the Company and/or its Restricted Subsidiaries from the subsequent
sale, disposition or other transfer of such Investments (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 

  
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 (8) repurchases of Equity Interests deemed to occur upon exercise of stock
options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (9) the payment of dividends on the Company’s Common Stock after the Issue Date, of up to 6% per annum of the net proceeds received by or contributed to the Company in any public offering, other
than public offerings registered on Form S-8 and other than any public sale constituting an Excluded Contribution; 
 (10) Restricted Payments that are made with Excluded Contributions; 

(11) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to
this clause (11) not to exceed $10.0 million; 
 (12) the declaration and payment of dividends by the
Company to, or the making of loans to, its direct parent in amounts required for either of their respective direct or indirect parents to pay: 
 (A) franchise taxes and other fees, taxes and expenses required to maintain their corporate existence, 
 (B) federal, state and local income taxes of a consolidated or combined tax group of which the direct or indirect parent is the common parent, to the extent such income taxes are attributable to the
income of the Company and the Restricted Subsidiaries and not directly payable by the Company or the Restricted Subsidiaries and, to the extent of the amount actually received from its Unrestricted Subsidiaries, in amounts required to pay such taxes
to the extent attributable to the income of such Unrestricted Subsidiaries; provided that in no event will such dividends exceed the amounts that the Company and its Restricted and/or Unrestricted Subsidiaries (as applicable) would have paid
as a stand-alone group, 
 (C) customary salary, bonus and other benefits payable to officers and employees of
any direct or indirect parent of the Company to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Company and the Restricted Subsidiaries, 

(D) general corporate overhead expenses of any direct or indirect parent of the Company to the extent such expenses are
attributable to the ownership or operation of the Company and the Restricted Subsidiaries; and 
 (E) any amounts
required for any direct or indirect parent of the Company to pay fees and expenses, other than to Affiliates of the Company, related to any equity or debt offering of such parent, in an aggregate amount not to exceed $3.0 million from the Issue
Date; 
 (13) Restricted Payments by the Company or any Restricted Subsidiary to allow the payment of cash in
lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 
 (14) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants and
repurchases of Equity Interests or options to purchase Equity Interests in connection with the exercise of stock options to the extent necessary to pay applicable withholding taxes; 

(15) the purchase by the Company of fractional shares arising out of stock dividends, splits or combinations or business
combinations; 
 (16) distributions or payments of Receivables Fees; and 

  
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 (17) the repurchase, redemption or other acquisition or retirement for value
of any Subordinated Indebtedness required pursuant to the provisions similar to those described under Sections 1017 and 1018 hereof; provided that there is a concurrent or prior Change of Control Offer or Asset Sale Offer, as applicable, and
all Notes tendered by holders of the Notes in connection with such Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value; 
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (4), (5), (6), (7), (9) and (11) of this
Section 1010(b), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) As of the time of issuance of the Notes, all of the Company’s Subsidiaries shall be Restricted Subsidiaries. The Company shall not permit any Unrestricted Subsidiary to become a Restricted
Subsidiary except pursuant to the last sentence of the definition of “Unrestricted Subsidiary” in Section 101 of this Indenture. For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding
Investments by the Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of
“Investment.” Such designation will be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to Section 1010(a) or under clause (7), (10) or (11) of Section 1010(b), or
pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in
this Indenture. 
 SECTION 1011. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock. 
 (a) The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur,
issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired
Indebtedness) and the Company will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or preferred stock; provided, however, that (i) the Company and
any of its Restricted Subsidiaries (other than FECR Opco or any of its Restricted Subsidiaries) may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness
(including Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of preferred stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been at least 2.00 to 1.00, 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 Disqualified Stock or preferred stock had been issued, as the case may be, and the application of proceeds therefrom
had occurred at the beginning of such four-quarter period, and (ii) FECR Opco and its Restricted Subsidiaries may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, if the Fixed Charge Coverage Ratio for
FECR Opco and the Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such
Disqualified Stock or preferred stock is issued would have been at least 2.00 to 1.00, 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 Disqualified Stock or preferred stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period. 

(b) The foregoing limitations shall not apply to: 

(1) the incurrence of Indebtedness of the Company or any of the Restricted Subsidiaries under Credit Facilities in an
aggregate amount at any time outstanding not to exceed the greater of (i) $60.0 million and (ii) the Borrowing Base at the date of such incurrence; 

  
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 (2) (i) the incurrence by the Company of Indebtedness represented by the
Notes (including any Guarantee) (other than any Additional Notes), including any PIK Notes issued from time to time to pay PIK Interest in accordance with the terms of this Indenture, and exchange notes issued in exchange for such notes pursuant to
the Registration Rights Agreement and exchange notes issued in exchange for any Additional Notes issued under this Indenture and (ii) the incurrence of Indebtedness represented by the Opco Notes (including any guarantees thereof) (other than
any Additional Notes (as defined in the Opco Indenture)) and exchange notes issued in exchange for such Opco Notes pursuant to the Registration Rights Agreement (as defined in the Opco Indenture) and exchange notes issued in exchange for any
Additional Notes (as defined in the Opco Indenture) issued under the Opco Indenture; 
 (3) Existing Indebtedness
(other than Indebtedness described in clauses (1) and (2) above); 
 (4) Indebtedness (including
Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Company or any of its Restricted Subsidiaries, to finance the purchase, lease, development, construction, maintenance or improvement of property (real or
personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets, in an aggregate principal amount which, when aggregated with the principal
amount of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this clause (4) and including all Refinancing Indebtedness incurred to refund, refinance or replace any other Indebtedness,
Disqualified Stock and preferred stock incurred pursuant to this clause (4), does not exceed the greater of (x) $40.0 million and (y) 5.0% of Total Assets; 

(5) Indebtedness incurred by the Company or any Restricted Subsidiary constituting reimbursement obligations with respect
to letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees
or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental or other permits or licenses from governmental
authorities, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; provided, however, that upon the drawing of such letters of credit or the incurrence of such Indebtedness,
such obligations are reimbursed within 30 days following such drawing or incurrence; 
 (6) Indebtedness arising
from agreements of the Company or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a
Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 

(7) Indebtedness of the Company to a Restricted Subsidiary; provided that, other than in the case of intercompany
current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Company and the Restricted Subsidiaries to finance working capital needs of the Restricted Subsidiaries, any such Indebtedness
is subordinated in right of payment to the Notes; provided further that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any
other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in each case to be an incurrence of such Indebtedness not permitted by this clause (7); 

(8) Indebtedness of a Restricted Subsidiary to the Company or another Restricted Subsidiary; provided that any
subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in each case to be an incurrence of such Indebtedness not permitted by this clause (8); 

(9) shares of preferred stock of a Restricted Subsidiary issued to the Company or another Restricted Subsidiary;
provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other

  
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subsequent transfer of any such shares of preferred stock (except to the Company or another Restricted Subsidiary) shall be deemed in each case to be an issuance of such shares of preferred stock
not permitted by this clause (9); 
 (10) Hedging Obligations (excluding Hedging Obligations entered into for
speculative purposes) for the purpose of limiting: 
 (A) interest rate risk; or 

(B) exchange rate risk with respect to any currency exchange; or 

(C) commodity risk; or 
 (D) any combination of the foregoing; 
 (11) obligations in respect
of performance, bid, appeal and surety bonds and completion guarantees provided by the Company or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry practice; 

(12) Indebtedness of any Guarantor, if any, in respect of such Guarantor’s Guarantee; 

(13) Indebtedness, Disqualified Stock and preferred stock of the Company or any Restricted Subsidiary not otherwise
permitted hereunder in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and
incurred pursuant to this clause (13), does not at any one time outstanding exceed the sum of: 
 (x) $50.0
million; and 
 (y) 100% of the net cash proceeds received by the Company since immediately after the Issue Date
from the issue or sale of Equity Interests of the Company or cash contributed to the capital of the Company (in each case other than proceeds of Disqualified Stock or sales of Equity Interests to the Company or any of its Subsidiaries) as determined
in accordance with clauses (C)(2) and (C)(3) of Section 1010(a)(4) to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments or to make other investments, payments or exchanges
pursuant to Section 1010(b) or to make Permitted Investments (other than Permitted Investments specified in clauses (a) and (c) of the definition thereof); 
 provided further, however, that the aggregate amount of Indebtedness, Disqualified Stock and preferred stock incurred by Restricted Subsidiaries pursuant to this clause (13) may not
exceed $25.0 million outstanding at any one time; 
 (14) (A) any guarantee by the Company of Indebtedness or
other obligations of any Restricted Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture, or 

(B) any guarantee by a Restricted Subsidiary of Indebtedness of the Company or another Restricted Subsidiary so long as
the incurrence of such Indebtedness incurred by the Company or such other Restricted Subsidiary is permitted under the terms of this Indenture; 
 (15) the incurrence by the Company or any Restricted Subsidiary of Indebtedness, Disqualified Stock or preferred stock which serves to refund or refinance any Indebtedness, Disqualified Stock or preferred
stock incurred as permitted under Section 1011 (a) and clauses (2) and (3) above, this clause (14) and clause (15) below or any Indebtedness, Disqualified Stock or preferred stock issued to so refund or refinance such
Indebtedness, Disqualified Stock or preferred stock including additional Indebtedness, Disqualified 

  
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Stock or preferred stock incurred to pay premiums (including tender premiums), defeasance costs and fees in connection therewith (the “Refinancing Indebtedness”) prior to its respective
maturity; provided, however, that such Refinancing Indebtedness 
 (A) has a Weighted Average Life
to Maturity at the time such Refinancing Indebtedness is incurred which is not less than the shorter of (x) remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or preferred stock being refunded or refinanced and
(y) in the case of Subordinated Indebtedness, the Weighted Average Life to Maturity that would result if all payments of principal on the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired that were due on
or after the date one year following the maturity date of any notes then outstanding were instead due on such date one year following the maturity date of such notes (provided that, in the case of this subclause (15)(A)(y), such Indebtedness
does not provide for any scheduled principal payments prior to the maturity date of the notes in excess of, or prior to, the scheduled principal payments due prior to such maturity for the Indebtedness, Disqualified Stock or preferred stock being
refunded or refinanced or defeased), 
 (B) to the extent such Refinancing Indebtedness refinances
(i) Indebtedness subordinated in right of payment to the Notes, such Refinancing Indebtedness is subordinated in right of payment to the Notes at least to the same extent as the Indebtedness being refinanced or refunded or
(ii) Disqualified Stock or preferred stock, such Refinancing Indebtedness must be Disqualified Stock or preferred stock, respectively; and 
 (C) shall not include (x) Indebtedness, Disqualified Stock or preferred stock of a Subsidiary that refinances Indebtedness, Disqualified Stock or preferred stock of the Company or
(y) Indebtedness, Disqualified Stock or preferred stock of the Company or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or preferred stock of an Unrestricted Subsidiary; 

(16) Indebtedness, Disqualified Stock or preferred stock of Persons that are acquired by the Company or any Restricted
Subsidiary or merged into the Company or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that such Indebtedness, Disqualified Stock or preferred stock is not incurred in contemplation of such acquisition or
merger; provided further that after giving effect to such acquisition or merger, either 
 (A) the Company
would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 1011(a) or 
 (B) the Fixed Charge Coverage Ratio is greater than immediately prior to such acquisition or merger; 
 (17) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business,
provided that such Indebtedness is extinguished within five Business Days of its incurrence; 
 (18)
Indebtedness of Foreign Subsidiaries in an aggregate amount not to exceed the greater of $12.5 million and 15% of Total Assets of Foreign Subsidiaries at any time outstanding; provided that Indebtedness under this clause (18) may be
incurred under any Credit Facility; 
 (19) Indebtedness of the Company or any Restricted Subsidiary supported by
a letter of credit issued pursuant to the Credit Agreement, in a principal amount not in excess of the stated amount of such letter of credit; 
 (20) Indebtedness of the Company or any Restricted Subsidiary consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each
case, in the ordinary course of business; 

  
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 (21) Indebtedness of the Company or any Restricted Subsidiary borrowed from
or guaranteed by any federal, state or local governmental entities or agencies incurred for investment in, or the purchase, lease, development, construction, maintenance or improvement of property (real or personal) or equipment that is used or
useful in, a Similar Business; provided that such Indebtedness has a maturity date at the time such Indebtedness is incurred which is not less than the maturity date of any Notes then outstanding; and 

(22) Indebtedness consisting of Additional Notes (as defined in the Opco Indenture) issued under the Opco Indenture not to
exceed $75.0 million in aggregate principal amount issued since the Opco Issue Date. 
 (c) For purposes of determining
compliance with this Section 1011, in the event that an item of Indebtedness, Disqualified Stock or preferred stock meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or preferred stock described
in clauses (1) through (20) of Section 1011(b) above or is entitled to be incurred pursuant to Section 1011(a), the Company, in its sole discretion, may classify or reclassify such item of Indebtedness in any manner that complies
with this Section 1011 and the Company may divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in Sections 1011(a) and (b). Accrual of interest, the accretion of accreted value and the
payment of interest in the form of additional Indebtedness, Disqualified Stock or preferred stock shall not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this Section 1011. 

(d) For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed,
in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be
exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing
Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. 
 (e) The principal amount of any
Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing. 
 (f) The Company shall not incur any
Indebtedness (including Acquired Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of the Company unless such Indebtedness is expressly subordinated in right of payment to the Notes to the extent in the same manner
as such Indebtedness is subordinated in right of payment to other Indebtedness of the Company. 
 (g) (x) Unsecured Indebtedness
shall not be treated as subordinated or junior to secured Indebtedness merely because it is unsecured or (y) Indebtedness shall not be treated as subordinated or junior to any other Indebtedness merely because it has a junior priority with
respect to the same collateral. 
 (h) For purposes of determining compliance with this Section 1011, for any periods or
dates that the Company does not have historical financial statements available, it shall be entitled to use and rely on the financial statements of its predecessor, successor or consolidated subsidiaries, as the case may be. 

SECTION 1012. Limitation on Liens. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien that secures obligations
under any Indebtedness (the “Initial Lien”) of any kind upon any of their property or assets, now owned or hereafter acquired, except, any Initial Lien if (i) the Notes are equally and ratably secured with (or on a senior basis to, in
the case such 

  
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Initial Lien secures any Subordinated Indebtedness) the obligations secured by such Initial Lien or (ii) such Initial Lien is a Permitted Lien. 

Any Lien created for the benefit of the Holders pursuant to the preceding paragraph shall provide by its terms that such Lien shall be
automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien which release and discharge in the case of any sale of any such asset or property shall not affect any Lien then securing the Notes on the
proceeds from such sale. 
 (b) Notwithstanding the foregoing, the Company will not, and will not permit any of its Restricted
Subsidiaries, directly or indirectly, to, enter into, create, incur, assume or suffer to exist any Liens of any kind on or with respect to the Capital Stock of FECR Opco Stock except Permitted Liens. 

SECTION 1013. Limitations on Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary 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, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each
of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $5.0 million, unless: 
 (1) such Affiliate Transaction is on terms that are not materially 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; and 
 (2) the Company delivers to the
Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $10.0 million, a resolution adopted by the majority of the Board of Directors approving such
Affiliate Transaction and set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause (1) above. 
 (b) The foregoing provisions will not apply to the following: 
 (1)
transactions between or among the Company and any of its Restricted Subsidiaries or between or among such Restricted Subsidiaries; 
 (2) Restricted Payments permitted by Section 1010 and the definition of “Permitted Investments”; 
 (3) the payment of management, consulting, monitoring and advisory fees and related expenses to Sponsor and its Affiliates in an aggregate amount in any fiscal year not to exceed an amount per annum equal
to $2.0 million; 
 (4) the payment of reasonable and customary fees paid to, and indemnities provided on behalf
of, officers, directors, employees or consultants of the Company, any of its direct or indirect parents or any Restricted Subsidiary; 
 (5) payments by the Company or any Restricted Subsidiary to Sponsor or and its Affiliates made for any financial advisory, financing, underwriting or placement services or in respect of other investment
banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are approved by the Board of Directors of the Company in good faith; 

(6) transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter
from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 1013(a)(1); 

  
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 (7) payments or loans (or cancellation of loans) to employees or consultants
of the Company, any of its direct or indirect parents or any Restricted Subsidiary which are approved by the Board of Directors of the Company in good faith; 
 (8) any agreement as in effect as of the Issue Date, or any amendment thereto (so long as any such amendment, taken as a whole, is no less favorable to the Company and its Restricted Subsidiaries than the
agreement in effect on the date of the Indenture (as determined by the Board of Directors of the Company in good faith)); 
 (9) the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under the terms of, any stockholders agreement (including any registration rights agreement
or purchase agreement related thereto) to which it is a party as of the Issue Date and any similar agreements which it may enter into thereafter; provided, however, that the existence of, or the performance by the Company or any
Restricted Subsidiary of obligations under any future amendment to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (9) to the extent that the terms of any such
amendment or new agreement, taken as a whole, is no less favorable to the Company and its Restricted Subsidiaries than the agreement in effect on the date of this Indenture (as determined by the Board of Directors of the Company in good faith);

 (10) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each
case in the ordinary course of business or consistent with past practice and otherwise in compliance with the terms of this Indenture which are fair to the Company and the Restricted Subsidiaries, in the reasonable determination of the Board of
Directors of the Company or the senior management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party (as determined by the Board of Directors of the Company in good faith);

 (11) the issuance of Equity Interests (other than Disqualified Stock) of the Company to any Affiliate of the
Company; 
 (12) transactions or payments pursuant to any employee, officer or director compensation or benefit
plans, employment agreements, severance agreement, indemnification agreements or any similar arrangements entered into in the ordinary course of business or approved in good faith by the Board of Directors of the Company; 

(13) transactions in the ordinary course with (i) Unrestricted Subsidiaries or (ii) joint ventures in which the
Company or a Subsidiary of the Company holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions are no less favorable to the Company or Subsidiary participating in such
joint ventures than they are to other joint venture partners; 
 (14) payments permitted under
Section 1010(b)(12)(B) by the Company and/or its Subsidiaries pursuant to tax sharing agreements among the Company and its Subsidiaries on customary terms; 
 (15) transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an
Equity Interest in, or controls, such Person; 
 (16) sales of accounts receivable, or participations therein, in
connection with any Receivables Facility; 
 (17) investments by the Sponsor or its Affiliates in securities of
the Company (other than any security that ranks senior or pari passu with the Notes) or any Restricted Subsidiary of the Company so long as the investment is being or has been offered generally to other investors on the same or more favorable terms
or the securities are acquired in market transactions; and 

  
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 (18) guarantees (but not any consideration paid for such guarantee) by the
Sponsor or any direct and indirect parent of the Company of Obligations of the Company and its Restricted Subsidiaries. 

SECTION 1014. Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or permit to
exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to: 
 (a) (1) pay dividends or make any other distributions to the Company or any Restricted Subsidiary on its Capital Stock or, with respect to any other interest or participation in, or measured by, its
profits, or (2) pay any Indebtedness owed to the Company or any Restricted Subsidiary; 
 (b) make loans or
advances to the Company or any Restricted Subsidiary; or 
 (c) sell, lease or transfer any of its properties or
assets to the Company or any Restricted Subsidiary, 
 except (in each case) for such encumbrances or restrictions existing under or by reason
of: 
 (1) contractual encumbrances or restrictions in effect on the Issue Date, including, without limitation,
pursuant to the Credit Agreement, the Opco Indenture and their related documentation; 
 (2) this Indenture and
the Notes; 
 (3) purchase money obligations for property acquired in the ordinary course of business that impose
restrictions of the nature discussed in clause (c) above on the property so acquired; 
 (4) applicable law
or any applicable rule, regulation or order; 
 (5) any agreement or other instrument of a Person acquired by the
Company or any Restricted Subsidiary in existence at the time of such acquisition (but not created in contemplation thereof), 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; 
 (6) contracts for the sale of assets, including,
without limitation, customary restrictions with respect to a Subsidiary pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary that impose
restrictions on the assets to be sold; 
 (7) secured Indebtedness otherwise permitted to be incurred pursuant to
Sections 1011 and 1012 that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(8) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (9) other Indebtedness, Disqualified Stock or preferred stock of Foreign Subsidiaries
permitted to be incurred subsequent to the Issue Date pursuant to Section 1011 that impose restrictions solely on the Foreign Subsidiaries party thereto; 
 (10) customary provisions in joint venture agreements and other similar agreements relating solely to such joint venture; 

  
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 (11) customary provisions contained in leases and other agreements entered
into in the ordinary course of business; 
 (12) any such encumbrance or restriction with respect to a Foreign
Subsidiary pursuant to an agreement governing Indebtedness, Disqualified Stock or preferred stock incurred by such Foreign Subsidiary that was permitted by the terms of this Indenture to be incurred; 

(13) any such encumbrance or restriction pursuant to an agreement governing Indebtedness incurred pursuant to
Section 1011(b)(1) or (21), which encumbrances or restrictions will not, in the good faith judgment of the Company’s Board of Directors, materially affect the Company’s ability to make anticipated principal and interest payments on
the Notes as required pursuant to the terms of this Indenture; 
 (14) any encumbrances or restrictions of the
type referred to in clauses (a), (b) and (c) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to
in clauses (1) through (11) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Board of Directors of
the Company, no more restrictive, taken as a whole, with respect to such encumbrance and other restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; and

 (15) restrictions created in connection with any Receivables Facility that, in the good faith determination of
the Board of Directors of the Company, are necessary or advisable to effect such Receivables Facility. 
 SECTION 1015.
Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. 
 (a) The Company shall not permit any Restricted
Subsidiary to guarantee any Indebtedness of the Company, unless: 
 (1) such Restricted Subsidiary within 30 days
executes and delivers supplemental indentures to this Indenture providing for a guarantee of payment of the Notes by such Restricted Subsidiary; and 
 (2) such Restricted Subsidiary waives and shall 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 Restricted Subsidiary under its Guarantee. 

(b) Notwithstanding the foregoing and the other provisions of this Indenture, any Guarantee by a Restricted Subsidiary of the Notes shall
provide by its terms that it shall be automatically and unconditionally released and discharged: 
 (1) upon any
sale, exchange or transfer (by merger or otherwise) of all of the Company’s Capital Stock in such Guarantor (including any sale, exchange or transfer following which the applicable Guarantor is no longer a Restricted Subsidiary) or all or
substantially all the assets of such Guarantor, which sale, exchange or transfer is made in compliance with the applicable provisions of this Indenture, 
 (2) if such Guarantor is designated as an Unrestricted Subsidiary or otherwise ceases to be a Restricted Subsidiary, in each case in accordance with the provisions of this Indenture, upon effectiveness of
such designation or when it first ceases to be a Restricted Subsidiary, respectively; 
 (3) if the Company
exercises its legal defeasance option or its covenant defeasance option as described under Article Thirteen hereof or if its obligations under this Indenture are discharged in accordance with the terms of this Indenture; or 

  
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 (4) if the guarantee which gave rise to the obligation to Guarantee the
Notes is released. 
 SECTION 1016. Special Interest Notice. 

In the event that the Company is required to pay Special Interest to Holders of Notes pursuant to the Registration Rights Agreement, the
Company will provide written notice (“Special Interest Notice”) to the Trustee of its obligation to pay Special Interest no later than fifteen days prior to the proposed payment date for the Special Interest, and the Special Interest
Notice shall set forth the amount of Special Interest to be paid by the Company on such payment date. The Trustee shall not at any time be under any duty or responsibility to any Holder of Notes to determine the Special Interest, or with respect to
the nature, extent, or calculation of the amount of Special Interest owed, or with respect to the method employed in such calculation of the Special Interest. 
 SECTION 1017. Change of Control. 
 (a) If a Change of Control occurs, the
Company shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest, if any, to, but not including, the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date. Within 30 days
following any Change of Control, the Company shall send notice of such Change of Control Offer by first class mail, with a copy to the Trustee, to each Holder to the address of such Holder appearing in the Note Register with a copy to the Trustee or
otherwise in accordance with the procedures of DTC, with the following information: 
 (1) a Change of Control
Offer is being made pursuant to this Section 1017 and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment; 

(2) the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from the date
such notice is mailed (the “Change of Control Payment Date”); 
 (3) any Note not properly tendered
will remain outstanding and continue to accrue interest; 
 (4) 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 will cease to accrue interest on, but not including, the Change of Control Payment Date; 

(5) 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 specified in the notice 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; 
 (6) Holders will be entitled to withdraw their
tendered Notes and their election to require the Company to purchase such Notes, provided that the Paying Agent receives, not later than the close of business on the last day of the Change of Control Offer period, a facsimile transmission or
letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing his tendered Notes and his election to have such Notes purchased; 

(7) if such notice is mailed prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control; and 
 (8) 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 of $1,000 in excess thereof (or in the
case of any PIK Note denominations, $1.00 and any integral multiple of $1.00 in excess thereof). 

  
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 (b) While the Notes are in global form and the Company makes an offer to purchase all of the
Notes pursuant to the Change of Control Offer, a Holder may exercise its option to elect for the purchase of the Notes through the facilities of Depositary, Euroclear and Clearstream, subject to their rules and regulations. 

(c) [INTENTIONALLY DELETED]. 
 (d) The Company shall not be required to make a Change of Control Offer following a Change of Control if (1) 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 Indenture applicable to a Change of Control Offer made by the Company and purchases all notes validly tendered and not withdrawn under such Change of Control Offer or (2) notice of
redemption has been given pursuant to this Indenture as described under Section 1101, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary herein, a Change of Control Offer
may be made in advance of a Change of Control, conditional upon such Change of Control. 
 (e) The Company shall comply with the
requirements of Section 14(e) under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of Control
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations described in this Indenture by virtue thereof. 
 (f) On the Change of Control Payment Date, the Company shall, to
the extent permitted by law, 
 (1) accept for payment all Notes or portions thereof properly tendered pursuant
to the Change of Control Offer, 
 (2) deposit with the Paying Agent an amount equal to the aggregate Change of
Control Payment in respect of all Notes or portions thereof so tendered, and 
 (3) deliver, or cause to be
delivered, to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate stating that such Notes or portions thereof have been tendered to and purchased by the Company. 

(g) The Paying Agent shall promptly mail to each Holder the Change of Control Payment for such Notes, and the Trustee will promptly
authenticate and mail 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 shall be in a principal amount of $2,000 or an integral multiple of $1,000
in excess thereof (or in the case of any PIK Note denominations, $1.00 and any integral multiple of $1.00 in excess thereof). The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date. 
 SECTION 1018. Asset Sales. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, cause, make or suffer to exist an Asset Sale, unless:

 (1) the Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such
Asset Sale at least equal to the Fair Market Value of the assets sold or otherwise disposed of; and 
 (2) except
in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents. 

  
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 Within 365 days after the Company’s or a Restricted Subsidiary’s receipt of
the Net Proceeds of any Asset Sale covered by this clause (a) the Company or such Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale: 

(1) to make one or more offers to the Holders of the Notes (and, at the option of the Company, the holders of any other
Pari Passu Indebtedness of the Company) to purchase Notes (and any other Pari Passu Indebtedness of the Company) pursuant to and subject to the conditions contained in this Indenture (each, an “Asset Sale Offer”); provided,
however, that in connection with any prepayment, repayment or purchase of Indebtedness pursuant to this clause (1), the Company shall permanently retire such Indebtedness and shall cause the related loan commitment (if any) to be
permanently reduced in an amount equal to the principal amount so prepaid, repaid or purchased; provided further that if the Company shall so reduce any other Pari Passu Indebtedness of the Company, the Company shall equally and ratably
reduce Indebtedness under the Notes by making an offer to all Holders of Notes to purchase at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, the pro rata principal
amount of the Notes, such offer to be conducted in accordance with the procedures set forth below for an Asset Sale Offer but without any further limitation in amount; provided, further, that, if an offer to purchase any Indebtedness
of FECR Opco or any of its Restricted Subsidiaries is made in accordance with the terms of such Indebtedness (a “Subsidiary Asset Sale Offer”), the obligation to make an offer to purchase Notes will be deemed to be satisfied to the extent
of the amount of the Subsidiary Asset Sale Offer, whether or not accepted in such offer by the holders of such Indebtedness of FECR Opco or such Restricted Subsidiary, and no Net Proceeds in such amount will be deemed to exist following such offer;

 (2) to make an investment in (a) any one or more businesses; provided that such investment in any
business is in the form of the acquisition of Capital Stock and results in the Company or a Restricted Subsidiary, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary,
(b) properties, (c) capital expenditures or (d) acquisitions of other assets, in each of (a), (b) and (c), used or useful in a Similar Business; or 

(3) to the extent such Net Proceeds are not from Asset Sales by a Restricted Subsidiary to permanently reduce Indebtedness
of such Restricted Subsidiary, other than Indebtedness owed to the Company or another Restricted Subsidiary. 
 Any Net Proceeds
from the Asset Sales covered by this clause (a) that are not invested or applied as provided and within the time period set forth in the first sentence of the immediately preceding paragraph shall be deemed to constitute “Excess
Proceeds;” provided that to the extent the Net Proceeds of any Asset Sale are held by FECR Opco or any of its Restricted Subsidiaries and any portion of such Net Proceeds are not at such time permitted to be dividended by FECR Opco and
its Restricted Subsidiaries to the Company pursuant to the terms of any Indebtedness of FECR Opco or any of its Restricted Subsidiaries, no Net Proceeds in such amount will be deemed to constitute Net Proceeds. In the case of clauses (2) and
(3) above, a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment; provided that (x) such investment is consummated within 545 days after receipt by the Company or any
Restricted Subsidiary of the Net Proceeds of any Asset Sale and (y) if such investment is not consummated within the period set forth in subclause (x), the Net Proceeds not so applied will be deemed to be Excess Proceeds. When the aggregate
amount of Excess Proceeds exceeds $25.0 million, the Company shall make an Asset Sale Offer to all Holders, and, if required by the terms of any Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness, to purchase the maximum
principal amount of Notes and such Pari Passu Indebtedness, that are $2,000 or an integral multiple of $1,000 in excess thereof (or in the case of any PIK Note denominations, $1.00 and any integral multiple of $1.00 in excess thereof) that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, (or, in the case of any Pari Passu Indebtedness offered at a significant original issue discount, 100% of the accreted value
thereof, if permitted by the relevant indenture or other agreement governing such Pari Passu Indebtedness), plus accrued and unpaid interest, if any, to, but not including, the date fixed for the closing of such offer, in accordance with the
procedures set forth in this Indenture. The Company shall commence an Asset Sale Offer with respect to Excess Proceeds within 30 days after the date that Excess Proceeds exceed $25.0 million by mailing the notice required pursuant to the terms
of this Indenture, with a copy to the Trustee. To the extent that the aggregate amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than 

  
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the Excess Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in this Indenture. If the aggregate principal amount of
Notes or the Pari Passu Indebtedness surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Notes and such Pari Passu Indebtedness will be purchased on a pro rata basis based on the accreted value or principal amount
of the Notes or such Pari Passu Indebtedness tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 (b) For purposes of this Section 1018, the following are deemed to be cash or Cash Equivalents: 
 (1) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent internally available balance sheet or in the notes thereto) of the Company or any Restricted Subsidiary
constituting Indebtedness (other than Subordinated Indebtedness of the Issuer, but including Indebtedness other than Subordinated Indebtedness secured by assets of the Company or a Restricted Subsidiary) that is assumed by the transferee of any such
assets and for which the Company and all Restricted Subsidiaries have been validly released by all creditors in writing or Pari Pasu Indebtedness; 
 (2) any securities, notes or other obligations and assets received by the Company or such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into
cash (to the extent of the cash received) within 180 days following the closing of such Asset Sale; 
 (3)
any stock or assets of the kind referred to in Section 1018(a)(3); and 
 (4) any Designated Non-cash
Consideration received by the Company or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (4) that is at that
time outstanding, not to exceed the greater of (x) $25.0 million and (y) 3.0% of Total Assets) at the time of the receipt of such Designated Non-cash Consideration, with the Fair Market Value of each item of Designated Non-cash
Consideration being measured at the time received and without giving effect to subsequent changes in value. 
 (c) The Company
shall 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 or regulations are applicable in connection with the repurchase of the Notes pursuant to an
Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations described in this Indenture by virtue thereof. If less than all of the Notes or such other Pari Pasu Indebtedness are to be redeemed, Section 1108 shall apply. 

SECTION 1019. Waiver of Certain Covenants. 
 The Company and the Restricted Subsidiaries may omit in any particular instance to comply with any term, provision or condition set forth in or Sections 1004 through 1008, inclusive, if before or after
the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Notes, by Act of such Holders, waive such compliance in such instance with such term, provision or condition, but no such waiver shall extend to
or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect. 
 SECTION 1020. [Intentionally Deleted]. 

SECTION 1021. [Intentionally Deleted]. 
 SECTION 1022. [Intentionally Deleted]. 

  
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 SECTION 1023. Discharge and Suspension of Covenants. 

(a) If on any date following the Issue Date (the “Suspension Date”): (i) the Notes have Investment Grade Ratings from both
Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension
Event”), Section 801(4) hereof, Section 1010 hereof, Section 1011 hereof, Section 1013 hereof, Section 1014 hereof, Section 1015 hereof, and Section 1018 hereof shall no longer be applicable to such Notes
(collectively, the “Suspended Covenants”). 
 (b) In the event that the Company and the Restricted Subsidiaries are
not subject to the Suspended Covenants under this Indenture for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies (1) withdraw their Investment Grade
Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating and/or (2) the Company or any of its Affiliates enters into an agreement to effect a transaction that would result in a Change of Control and one or more of
the Rating Agencies indicate that if consummated, such transaction (alone or together with any related recapitalization or refinancing transactions) would cause such Rating Agency to withdraw its Investment Grade Rating or downgrade the ratings
assigned to the Notes below an Investment Grade Rating, then the Company and the Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events, including, without limitation,
a proposed transaction described in clause (2) above. 
 (c) The period of time between the Suspension Date and the
Reversion Date is referred to in this Indenture as the “Suspension Period.” Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Proceeds shall be reset at zero. During the Suspension Period no
additional subsidiary may be designated an Unrestricted Subsidiary unless such designation would have been permitted if Section 1010 had been in effect at all times during the Suspension Period. In the event of any such reinstatement, no action
taken or omitted to be taken by the Company or any of its Restricted Subsidiaries prior to such reinstatement will give rise to a Default or Event of Default under this Indenture with respect to any Notes; provided that (1) with respect
to Restricted Payments made after any such reinstatement, the amount of Restricted Payments made will be calculated as though Section 1010 hereof had been in effect prior to, but not during the Suspension Period, and (2) all Indebtedness
incurred, or Disqualified Stock or preferred stock issued, during the Suspension Period will be classified to have been incurred or issued pursuant to Section 1011(b)(3) hereof. 

(d) The Company shall deliver promptly to the Trustee an Officers’ Certificate notifying it of any Covenant Suspension Event or any
Reversion Date under this Section 1023. 
 SECTION 1024. Certain Equity Issuances. 

(a) The Company will make an offer to purchase the maximum principal amount of Notes that is in minimum denominations of $2,000 and an
integral multiple of $1,000 in excess thereof (or if a PIK Payment has been made, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof in respect of PIK Notes) that may be purchased with any Qualified Equity
Issuance Net Proceeds in cash 
 (i) at a price equal to, prior to February 1, 2013, 105.000% of the
principal amount thereof and 
 (ii) thereafter, at the applicable Redemption Price set forth in
Section 1101; 
 and in each case plus accrued and unpaid interest, if any, to the date of purchase (the
“Equity Issuance Purchase Date”), subject to the rights of Holders of Notes on a relevant Record Date to receive interest due on an Interest Payment Date occurring on or prior to an Equity Issuance Purchase Date, in accordance with the
procedures set forth herein, including Section 307. 
 (b) Not later than 60 days following the receipt of the Qualified
Equity Issuance Net Proceeds from any Qualified Equity Issuance, except to the extent the Company has delivered notice to the Trustee of its intention to redeem Notes pursuant to Section 1101 unless and until there is a default in the payment
of the 

  
 -91-

 
applicable Redemption Price or the applicable notice of redemption is withdrawn, the Company will mail a notice to each Holder with a copy to the Trustee (such offer to purchase, a
“Qualified Equity Issuance Offer”) stating: 
 (i) that a Qualified Equity Issuance has occurred, the
amount of Qualified Equity Issuance Net Proceeds received by the Company, and that the Company will purchase such Holder’s Notes or a portion thereof, at the applicable purchase price as set forth in Section 1024(a), plus accrued and
unpaid interest thereon, to the Equity Issuance Purchase Date (subject to the right of Holders of record on a relevant Record Date to receive interest on an Interest Payment Date occurring on or prior to the Equity Issuance Purchase Date);

 (ii) the circumstances and relevant facts regarding such Qualified Equity Issuance, and the maximum principal
amount of Notes that may be purchased by the Company in the Qualified Equity Issuance Offer; 
 (iii) the Equity
Issuance Purchase Date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and 
 (iv) the procedures determined by the Company, consistent with this Section 1024, pursuant to which a Holder’s Notes shall be purchased. 

(c) If more notes are tendered pursuant to a Qualified Equity Issuance Offer than the Company is required to purchase, the selection of
the actual Notes for purchase will be made by the Trustee on a pro rata basis, by lot or by such other method as the Trustee deems fair and appropriate in accordance with the procedures of DTC; provided, however, that no notes of $2,000 principal
amount or less (or, in the case of PIK Notes, $1.00 principal amount or less) shall be purchased in part. 
 (d) Notice of a
Qualified Equity Issuance Offer may be delivered in advance of a Qualified Equity Issuance, conditional upon such Qualified Equity Issuance, if a definitive agreement is in place for the Qualified Equity Issuance at the time of delivery of the
notice of such Qualified Equity Issuance Offer. The Company will not be required to make a Qualified Equity Issuance Offer if notice of redemption has been delivered to the Trustee pursuant to this Indenture pursuant to Section 1103 unless and
until there is a default in the payment of the applicable redemption price or the applicable notice of redemption is withdrawn. 

(e) The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other
applicable securities laws or regulations in connection with the purchase of notes pursuant to a Qualified Equity Issuance Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with provisions of the
indenture applicable to a Qualified Equity Issuance Offer, the Company will comply with such securities laws and regulations and will not be deemed to have failed to make a Qualified Equity Issuance Offer or purchase Notes pursuant thereto as
described above by virtue thereof. 
 SECTION 1025. Anti-Layering 

(a) The Company shall not permit or suffer to exist any Indebtedness to be incurred by any Person that is a Subsidiary of the Company and
a parent of FECR Opco; 
 (b) The Company shall not incur any Indebtedness that is (i) senior in right of payment to the
Notes or (ii) secured Indebtedness. 

  
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 ARTICLE ELEVEN 

REDEMPTION OF NOTES 
 SECTION 1101. Right of Redemption. 
 (a) Except as set forth below, the
Notes are not redeemable at the Company’s option until August 1, 2012. From and after August 1, 2012, the Company may redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ prior notice by first-class
mail, postage prepaid, with a copy to the Trustee, to each Holder of Notes to the address of such Holder appearing in the Note Register at the Redemption Prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the periods
indicated below: 
  

					
	 Period
	  	Percentage	 
	 August 1, 2012 through January 31, 2013
	  	 	107.500	% 
	 February 1, 2013 through January 31, 2014
	  	 	105.000	% 
	 February 1, 2014 through January 31, 2015
	  	 	102.500	% 
	 February 1, 2015 and thereafter
	  	 	100.000	% 

 (b) At any time prior to
August 1, 2012, the Company may also redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at a Redemption Price equal to 100% of
the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Special Interest, if any, to, but not including, the Redemption Date, subject to the rights of Holders of record on the relevant record
date to receive interest due on the relevant Interest Payment Date. 
 (c) Notice of redemption upon any Equity Offering or in
connection with a transaction (or series of related transactions) that constitute a Change of Control may, at the Company’s option and discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an
Equity Offering or Change of Control, as the case may be. 
 SECTION 1102. Applicability of Article. 

Redemption of Notes at the election of the Company or otherwise, as permitted or required by any provision of this Indenture, shall be
made in accordance with such provision and this Article. 
 SECTION 1103. Election To Redeem; Notice to Trustee.

 The election of the Company to redeem any Notes pursuant to Section 1101 above shall be evidenced by a Company Order. In
case of any redemption at the election of the Company, the Company shall, at least 30 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such
Redemption Date and of the principal amount of Notes to be redeemed and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 1104. 

SECTION 1104. Selection by Trustee of Notes To Be Redeemed. 

If less than all of the Notes or such other Pari Passu Indebtedness are to be redeemed at any time, selection of such Notes for
redemption, will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed, or, if such Notes are not so listed, on a pro rata basis or by lot or such similar
method in accordance with the procedures of DTC; provided that no Notes of $2,000 or less shall be purchased or redeemed in part. 

  
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 Notices of purchase or redemption shall be mailed by first class mail, postage prepaid, at
least 30 but not more than 60 days before the purchase or redemption date to each Holder of Notes to be purchased or redeemed at such Holder’s registered address. If any Note is to be purchased or redeemed in part only, any notice of purchase
or redemption that relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased or redeemed. 
 A new Note in principal amount equal to the unpurchased or unredeemed portion of any Note purchased or redeemed in part will be issued in the name of the Holder thereof upon cancellation of the original
Note. On and after the purchase or Redemption Date, unless the Company defaults in payment of the purchase or Redemption Price, interest shall cease to accrue on Notes or portions thereof purchased or called for redemption. 

SECTION 1105. Notice of Redemption. 
 Notice of redemption shall be given in the manner provided for in Section 106 not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder to be redeemed. Except as set forth
in Section 1101(e), notices of redemption may not be conditional. 
 All notices of redemption shall state: 

(1) the Redemption Date, 
 (2) the Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 1107, if any, 

(3) if less than all Outstanding Notes are to be redeemed, the identification (and, in the case of a partial redemption,
the principal amounts) of the particular Notes to be redeemed, 
 (4) in case any Note is to be redeemed in part
only, the notice which relates to such Note shall state that on and after the Redemption Date, upon surrender of such Note, the holder will receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof
remaining unredeemed, 
 (5) that on the Redemption Date the Redemption Price (and accrued interest, if any, to
the Redemption Date payable as provided in Section 1107) will become due and payable upon each such Note, or the portion thereof, to be redeemed, and that interest thereon will cease to accrue on and after said date, 

(6) the place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued interest,
if any, 
 (7) the name and address of the Paying Agent, 

(8) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price, 

(9) the CUSIP number, and that no representation is made as to the accuracy or correctness of the CUSIP number, if any,
listed in such notice or printed on the Notes, 
 (10) the paragraph of the Notes pursuant to which the Notes are
to be redeemed; and 
 (11) any condition to such redemption. 

Notice of redemption of Notes to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
written request and 15 days prior notice, by the Trustee in the name and at the expense of the Company. 

  
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 SECTION 1106. Deposit of Redemption Price. 

On or before 10:00 a.m. New York City time on Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and accrued interest, if any, on, all the Notes which are to be redeemed on
that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued
interest, if any, on, all Notes to be redeemed or purchased. 
 SECTION 1107. Notes Payable on Redemption Date.

 Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due
and payable at the Redemption Price therein specified (together with accrued interest and Special Interest, if any, to the Redemption Date) (except as provided in Section 1101(e)), and from and after such date (unless the Company shall default
in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the Redemption Price,
together with accrued interest and Special Interest, if any, to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such
Notes, or one or more Predecessor Notes, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 

If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate borne by the Notes. 
 SECTION 1108. Notes Redeemed in
Part. 
 Any Note which is to be redeemed only in part (pursuant to the provisions of this Article) shall be surrendered at
the office or agency of the Company maintained for such purpose pursuant to Section 1002 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or
Notes, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered. 

SECTION 1109. Mandatory Principal Redemption. 
 If the Notes would otherwise constitute “applicable high yield discount obligations” within the meaning of Section 163(i)(1) of the Internal Revenue Code of 1986, as amended (the
“Code”), at the end of the first accrual period ending after the fifth anniversary of the Issue Date and each accrual period thereafter (each, an “AHYDO Redemption Date”), the Company will redeem for cash a portion of each Note
then outstanding equal to the Mandatory Principal Redemption Amount (such redemption, a “Mandatory Principal Redemption”). The redemption price for the portion of each Note redeemed pursuant to a Mandatory Principal Redemption will be 100%
of the principal amount of such portion plus any accrued interest, including Special Interest, thereon on the date of redemption. The “Mandatory Principal Redemption Amount” means, the portion of a Note determined by the Company to be
required to be redeemed to prevent such Note from being treated as an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of the Code. No partial redemption or repurchase of the Notes prior to each
AHYDO Redemption Date pursuant to any other provision of this Indenture will alter the Company’s obligation to make the Mandatory Principal Redemption with respect to any Notes that remain outstanding on such AHYDO Redemption Date. 

  
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 ARTICLE TWELVE 

GUARANTEES 
 SECTION 1201. Restricted Subsidiaries. The Company shall cause any Restricted Subsidiary required to guarantee payment of the Notes pursuant to the terms and provisions of Section 1015 to
execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto in accordance with the provisions of Article Nine of this Indenture pursuant to which such Restricted Subsidiary shall guarantee all of the obligations on
the Notes, whether for principal, premium, if any, interest (including interest accruing after the filing of, or which would have accrued but for the filing of, a petition by or against the Company under Bankruptcy Law, whether or not such interest
is allowed as a claim after such filing in any proceeding under such law) and other amounts due in connection therewith (including any fees, expenses and indemnities), on a senior basis. Upon the execution of any such amendment or supplement, the
obligations of the Guarantors and any such Restricted Subsidiary under their respective Guarantees shall become joint and several and each reference to the “Guarantor” in this Indenture shall, subject to Section 1202, be deemed to
refer to all Guarantors, including such Restricted Subsidiary. Such Guarantee shall be released in accordance with Section 803 and Section 1015(b). 
 SECTION 1202. Reinstatement. 
 Each Guarantor hereby agrees (and each
Person who becomes a Guarantor shall agree) that its Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations or interest thereon is rescinded or must otherwise
be restored by a Holder to the Company upon the bankruptcy or insolvency of the Company or any Guarantor. 
 SECTION 1203.
Release of a Guarantor. 
 Concurrently with the discharge of the Notes under Section 401, the Legal Defeasance of
the Notes under Section 1302 hereof, or the Covenant Defeasance of the Notes under Section 1303 hereof, the Guarantors shall be released from all their obligations under their Guarantees under this Article Twelve. Any Guarantor shall be
released from all its obligations under its Guarantee in accordance with Section 803 and Section 1015(b). 
 ARTICLE
THIRTEEN 
 DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 1301. Company’s Option To Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at its option by Board Resolution, at any time, with respect to the Notes, elect to have either Section 1302 or
Section 1303 applied to all Outstanding Notes upon compliance with the conditions set forth below in this Article Thirteen. 
 SECTION 1302. Legal Defeasance and Discharge. 
 Upon the Company’s
exercise under Section 1301 of the option applicable to this Section 1302, each of the Company and any Guarantors shall be deemed to have been discharged from its respective obligations with respect to all Outstanding Notes on the date the
conditions set forth in Section 1304 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that each of the Company and any Guarantors shall be deemed to have paid and discharged the entire
indebtedness represented by the Outstanding Notes (including any Guarantees), which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1305 and the other Sections of this Indenture referred to in
(A) and (B) below, and to have satisfied all its other obligations under such Notes, any Guarantees and this Indenture insofar as such Notes are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of Outstanding Notes to receive payments in respect of the principal of (and premium, if any,
on) and interest on such Notes when such payments are due, solely out of the trust described in Section 1304, (B) the Company’s obligations with respect 

  
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to such Notes under Sections 304, 305, 306, 1002 and 1003, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder, and the obligations of each of the Company and the
Guarantors in connection therewith and (D) this Article Thirteen. Subject to compliance with this Article Thirteen, the Company may exercise its option under this Section 1302 notwithstanding the prior exercise of its option under
Section 1303 with respect to the Notes. 
 SECTION 1303. Covenant Defeasance. 

Upon the Company’s exercise under Section 1301 of the option applicable to this Section 1303, each of the Company and the
Guarantors shall be released from its respective obligations under any covenant contained in Sections 801, 802 and in Sections 1005, 1006, 1007, 1009 through 1022 with respect to the Outstanding Notes on and after the date the conditions set forth
below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not to be “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. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Notes and any
Guarantees, the Company or any Guarantor, as applicable, 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 Sections 501(3),
501(4), 501(5) and 501(7) and, with respect to only any Significant Subsidiary and not the Company, Section 501(6), but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. 

SECTION 1304. Conditions to Legal Defeasance or Covenant Defeasance. 

The following shall be the conditions to application of either Section 1302 or Section 1303 to the Outstanding Notes:

 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another
trustee satisfying the requirements of Section 608 who shall agree to comply with the provisions of this Article Thirteen applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as
security for, and dedicated solely to the benefit of the Holders of such Notes; (A) cash in U.S. dollars, or (B) Government Securities, or (C) a combination thereof, in such amounts as will be sufficient, in the opinion of a
nationally recognized investment banking firm, appraisal firm or firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other
qualifying trustee) to pay and discharge, the principal of (and premium, if any) and interest on the Outstanding Notes (at the Cash Interest rate) on the Stated Maturity (or Redemption Date, if applicable) of such principal (and premium, if any, or,
interest due on the Notes; provided that, the Trustee shall have been irrevocably instructed to apply such cash or the proceeds of such Government Securities to said payments with respect to the Notes. Before such a deposit, the Company may
give to the Trustee, in accordance with Section 1103 hereof, a notice of its election to redeem all of the Outstanding Notes at a future date in accordance with Article Eleven hereof, which notice shall be irrevocable; provided that,
upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purpose of the Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as
of the date of the notice of redemption, with any deficit on the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or prior to the date of redemption. Any
Applicable Premium Deficit shall be set forth in an Officers’ Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward
such redemption. Such irrevocable redemption notice, if given, shall be given effect in applying the foregoing; 

(2) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, 

  
 -97-

 (A) the Company has received from, or there has been published by, the
United States Internal Revenue Service a ruling, or 
 (B) since the issuance of the Notes, there has been a
change in the applicable U.S. Federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of
Counsel in the United States shall confirm that, subject to customary assumptions and exclusions, the Holders of the Outstanding Notes will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Legal Defeasance
and will be subject to U.S. 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; 

(3) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders of the Outstanding Notes will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of
such Covenant Defeasance and will be subject to U.S. 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; 

(4) no Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit) or
the granting of Liens in connection therewith shall have occurred and be continuing on the date of such deposit; 

(5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default
under the Credit Agreement or any other material agreement or instrument (other than this Indenture) to which, the Company or any Guarantor is a party or by which the Company or any Guarantor is bound (other than that resulting from borrowing funds
to be applied to make such deposit and the granting of Liens in connection therewith); 
 (6) the Company shall
have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or any Guarantor or others; and 

(7) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel in the United
States (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied
with. 
 SECTION 1305. Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions.

 Subject to the provisions of the last paragraph of Section 1003, all cash and Government Securities (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1305, the “Trustee”) pursuant to Section 1304 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 its own 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 (and premium, if any) and interest, but such money or Government 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
Government Securities deposited pursuant to Section 1304 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. 

  
 -98-

 Anything in this Article Thirteen to the contrary notwithstanding, the Trustee shall deliver
or pay to the Company from time to time upon Company Request any money or Government Securities held by it as provided in Section 1304 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance, as applicable, in accordance with this Article.

 SECTION 1306. Reinstatement. 
 If the Trustee or any Paying Agent is unable to apply any money or Government Securities in accordance with Section 1305 by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Company’s and each Guarantor’s obligations under this Indenture and the Outstanding Notes shall be revived and reinstated as though no deposit had occurred pursuant
to Section 1302 or 1303, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 1305; provided, however, that if the Company
makes any payment of principal of (or 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 of such Notes to receive such payment from the money or
Government Securities held by the Trustee or Paying Agent. 
 [Signature pages follow] 

  
 -99-

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

					
	FLORIDA EAST COAST HOLDINGS CORP.
		
	By:	 	/s/ John A. Brenholt
		 	Name:	 	John A. Brenholt
		 	Title:	 	Senior Vice President and Chief Financial Officer

 Signature Page to the Indenture 

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Richard Prokosch
		 	Name:	 	Richard Prokosch
		 	Title:	 	Vice President

 Signature Page to the
Indenture 

 EXHIBIT A 
 [FACE OF NOTE] 
 FLORIDA EAST COAST HOLDINGS CORP. 

10 
1/2% / 11 1/4% Senior PIK Toggle Note due 2017 
  

					
	 No.
	  	 	CUSIP No.	  
		  	 	$	  

 FLORIDA EAST COAST
HOLDINGS CORP., a Florida corporation (the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, promises to pay to
                , or its registered assigns, the principal sum of                 Dollars
($             ), on August 1, 2017. 
  

			
	 Interest Rate:
	 	10.50/11.25% per annum.
	 Interest Payment Dates:
	 	February 1 and August 1 of each year commencing August 1, 2011.
	 Regular Record Dates:
	 	January 15 and July 15 of each year.

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 

  
 A-1

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

					
	FLORIDA EAST COAST HOLDINGS CORP.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 A-2

 (Form of Trustee’s Certificate of Authentication) 

This is one of the
10 1/2% / 11 1/4% Senior PIK Toggle Notes due 2017 referred to in the
within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Dated:
                         

  
 A-3

 [REVERSE SIDE OF NOTE] 

FLORIDA EAST COAST HOLDINGS CORP. 
 10 1/2%
/ 11 1/4% Senior Secured Note due 2017

  

	1.	Principal and Interest. 

The Company will pay the principal of this Note on August 1, 2017. 

The Company promises to pay interest and Special Interest, if any, on the principal amount of this Note on each Interest Payment Date, as
set forth below, at the rate per annum shown above [(subject to adjustment as provided below)] [except that interest accrued on this Note pursuant to the fourth paragraph of this Section 1 for periods prior to the applicable dates on which the
Exchange Offer Registration Statement or Shelf Registration Statement (as such terms are defined in the Registration Rights Agreement referred to below) become effective will accrue at the rate or rates borne by the Notes from time to time during
such periods].(1) 
 On or prior to February 1, 2016, interest on the Notes will be payable, at the election of the Company
(made by delivering a notice to the Trustee not later than 10 Business Days prior to the beginning of each such interest period) (1) entirely in cash (“Cash Interest”), (2) 50% as Cash Interest and 50% by increasing the
principal amount of the outstanding notes or by issuing additional PIK Notes (“PIK Interest”) or (3) entirely in PIK Interest. For any interest payable on or after February 1, 2016, interest will be payable in cash.
Notwithstanding anything to the contrary, the payment of accrued interest in connection with any redemption of Notes pursuant to Sections 1017, 1018, 1024 or 1109 shall be made solely in cash. 

For interest payments on the Notes that the Company elects to pay as Cash Interest, Cash Interest on the Notes will accrue at a rate
equal to 10.50% per annum (plus any Special Interest) and shall be payable in cash. For interest payments on the Notes that the Company elects to pay as PIK Interest, PIK Interest on the Notes will accrue at a rate equal to 11.25% per
annum (plus any Special Interest). 
 Interest, and Special Interest, if any, will be payable semi-annually (to the Holders of
record of the Notes (or any Predecessor Notes)) at the close of business on February 1 or August 1 immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing August 1, 2011. 

The Holder of this Note is entitled to the benefits of the Registration Rights Agreement, dated February 11, 2011, between the
Company and the Initial Purchaser named therein (the “Registration Rights Agreement”).(2) 
 Interest on this Note
will accrue from the most recent date to which interest has been paid [on this Note or the Note surrendered in exchange herefor](3) or, if no interest has been paid, from February 11, 2011; provided that, if there is no existing default
in the payment of interest and if this Note is authenticated between a Regular Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such Interest Payment Date. Interest will be computed
on the basis of a 360-day year of twelve 30-day months. 
 The Company shall pay interest and Special Interest if any, on
overdue principal and premium, if any, and interest on overdue installments of interest, to the extent lawful, at a rate per annum equal to the rate of interest applicable to the Notes. 

 

	(1)	Include only for Exchange note. 

	(2)	Include only for Initial Note. 

	(3)	Include only for Exchange Note. 

  
 A-4

	2.	Method of Payment. 

 The
Company will pay interest (except defaulted interest) and Special Interest, if any, on the principal amount of the Notes on each February 1 and August 1 to the Persons who are Holders (as reflected in the Note Register at the close of
business on January 15 and July 15 immediately preceding the Interest Payment Date), in each case, even if the Note is cancelled on registration of transfer or registration of exchange after such Regular Record Date; provided that,
with respect to the payment of principal, the Company will make payment to the Holder that surrenders this Note to any Paying Agent on or after August 1, 2017. 
 The Company will pay principal (premium, if any) and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. The principal of (and
premium, if any) and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose, at the option of the Company, payment of interest may be made by check mailed to the Holders of the Notes at their
respective addresses set forth in the Note Register of Holders; provided that all payments of principal, premium, if any, and interest, if any, with respect to Notes represented by one or more Global Notes registered in the name of or held by
Depositary or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. Until otherwise designated by the Company, the Company’s office or agency shall be the office of
the Trustee maintained for such purpose. If a payment date is a date other than a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day and no interest shall accrue for the
intervening period. 
  

	3.	Paying Agent and Note Registrar. 

 Initially, the Trustee will act as Paying Agent and Note Registrar. The Company may change any Paying Agent or Note Registrar upon written notice thereto. The Company or any Guarantor may act as Paying
Agent, Note Registrar or co-registrar. 
  

	4.	Indenture; Limitations. 

The Company issued the Notes under an Indenture dated as of February 11, 2011 (the “Indenture”), between the Company and
Wells Fargo Bank, National Association, as trustee (the “Trustee”). Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. 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. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in
the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 
 The Notes are senior secured obligations of the Company. The Indenture does not limit the aggregate principal amount of the Notes. 

 

	5.	Redemption. 

 Optional
Redemption. Except as described below, the Notes are not redeemable at the Company’s option until August 1, 2012. From and after August 1, 2012, the Company may redeem the Notes, in whole or in part, upon not less than 30 nor more
than 60 days’ prior notice by first-class mail, postage prepaid, with a copy to the Trustee, to each Holder of Notes to the address of such Holder appearing in the Note Register at the Redemption Prices (expressed as percentages of principal
amount) set forth below, plus accrued and unpaid interest thereon, if any, to, but not including, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest
Payment Date, if redeemed during periods indicated below: 
  

					
	 Year
	  	Percentage	 
	 August 1, 2012 through January 31, 2013
	  	 	107.500	% 
	 February 1, 2013 through January 31, 2014
	  	 	105.000	% 
	 February 1, 2014 through January 31, 2015
	  	 	102.500	% 
	 February 1, 2015 and thereafter
	  	 	100.000	% 

  
 A-5

 At any time prior to August 1, 2012, the Company may also redeem all or a part of the
Notes, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at a Redemption Price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as
of, and accrued and unpaid interest and Special Interest, if any, to, but not including, the Redemption Date, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date.

 Mandatory Redemption. If the Notes would otherwise constitute “applicable high yield discount obligations”
(AHYDO) within the meaning of Section 163(i)(1) of the Internal Revenue Code of 1986, as amended, at the end of the first accrual period ending after the fifth anniversary of the Issue Date and each accrual period thereafter, the Company will
be required to redeem for cash a portion of each Note then outstanding equal to the “Mandatory Principal Redemption Amount” as set forth in Indenture. 
  

	6.	Repurchase upon a Change in Control, Asset Sales and Certain Equity Issuances. 

Upon the occurrence of (a) a Change in Control, the Holders of the Notes will have the right to require that the Company purchase
such Holder’s outstanding Notes, in whole or in part, at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of purchase, (b) Asset Sales, the Company may be
obligated to make offers to purchase Notes with a portion of the Net Proceeds of such Asset Sales at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase, (c) a Qualified
Equity Issuance, the Company will be required to make an offer to purchase the Notes for cash (at a price equal to (i) prior to February 1, 2013, 105.000% of the principal amount of the notes and (ii) thereafter, at the applicable
redemption prices pursuant to the optional redemption schedule described above plus, in each case, accrued and unpaid interest, if any). 
  

	7.	Denominations; Transfer; Exchange. 

 The Notes are in registered form without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in
accordance with the Indenture. The Note Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Note Registrar
need not register the transfer or exchange of any Notes (i) during a period beginning at the opening of business 15 days before the mailing of a notice of redemption of Notes for redemption under Section 1104 hereof and ending at the close
of business on the day of such mailing, (ii) selected for redemption (except the unredeemed portion of any Note being redeemed in part) and (iii) between a Record Date and the next succeeding Interest Payment Date. 

 

	8.	Persons Deemed Owners. 

 A
registered Holder may be treated as the owner of a Note for all purposes. 
  

	9.	Unclaimed Money. 

 If
money for the payment of principal (premium, if any) or interest remains unclaimed for two years, the Trustee and the Paying Agent will pay the money back to the Company at its written request. After that, Holders entitled to the money must look to
the Company for payment, unless an abandoned property law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 

 

	10.	Discharge and Defeasance Prior to Redemption or Maturity. 

 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
Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

  
 A-6

	11.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes, and
any existing Default or compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes. Without notice to or the consent of any Holder, the parties thereto may amend
or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency and make any change that does not materially adversely affect the rights of any Holder. 

 

	12.	Restrictive Covenants. 

The Indenture contains certain covenants, including, without limitation, covenants with respect to the following matters:
(i) Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock; (ii) Restricted Payments; (iii) Transactions with Affiliates; (iv) Liens; (v) Purchase of Notes upon a Change in Control;
(vi) Disposition of Proceeds of Asset Sales; (vii) Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries and (viii) Merger, Consolidation or Sale of all or Substantially all Assets. Certain of the restrictive
covenants are subject to suspension in accordance with the Indenture upon the Notes achieving an Investment Grade Rating. 
  

	13.	Successor Persons. 

 When
a successor Person or other entity assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor Person will be released from those obligations. 

 

	14.	Remedies for Events of Default. 

 If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes may declare all the Notes to be
immediately due and payable. If a bankruptcy or insolvency default with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, the Notes automatically become immediately due and payable. Holders may not enforce the
Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity reasonably satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of at least a majority in aggregate
principal amount of the Outstanding Notes may direct the Trustee in its exercise of any trust or power. 
  

	15.	Trustee Dealings with Company. 

 The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may make loans to, accept deposits from, perform services for, and otherwise deal
with, the Company and its Affiliates as if it were not the Trustee. 
  

	16.	Authentication. 

 This
Note shall not be valid until the Trustee 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 right of survivorship and not as tenants in common), CUST (= Custodian) and
U/G/M/A (= Uniform Gifts to Minors Act). 
 The Company will furnish to any Holder upon written request and without charge a
copy of the Indenture. Requests may be made to Florida East Coast Holdings Corp., 7411 Fullerton Street. Suite 300, Jacksonville, Florida 32256, Attention: General Counsel. 

  
 A-7

	18.	Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. 

In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive
Notes will have all the rights set forth in the Registration Rights Agreement dated as of February 11, 2011, between the Company and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders of
Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, between the Company and the other parties thereto, relating to rights given by the Company to the
purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). 
  

	19.	GOVERNING LAW. 

 THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 

  
 A-8

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to:

  
  
 (Insert assignee’s legal name) 
  

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

(Print or type assignee’s name, address and zip code) 

 

			
	and irrevocably appoint	 	 

 to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 
 Date:
                     
  

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

  

			
	Signature Guarantee*:	 	 

  

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

  
 A-9

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 1017, 1018 or 1024 of the Indenture, check the
appropriate box below: 
  

					
	  ̈ Section 1017
	  	 ̈ Section 1018	  	 ̈ Section 1024

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 1017, Section 1018 or Section 1024 of the Indenture, state the amount you elect to have
purchased: 
 $              

Date:                      

 

					
	Your Signature:	 	 
		
		 	(Sign exactly as your name appears on the face of this Note)
		
	Tax Identification No.:	 	 

  

			
	Signature Guarantee*:	 	 

  

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

  
 A-10

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a
part of another Global Note or Definitive Note for an interest 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
signatory of Trustee
or
Custodian

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-11

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Florida East Coast Holdings Corp. 

7411 Fullerton Street, Suite 300 
 Jacksonville,
Florida 32256 
 Wells Fargo Bank – DAPS Reorg. 
 MAC N9303-121 
 608 2nd Avenue South 
 Minneapolis, MN 55479 
 Telephone No.: (877) 872-4605 

Fax No.: (866) 969-1290 
 Email:
DAPSReorg@wellsfargo.com 
 Re: 10 1/2% / 11 1/4% Senior PIK Toggle Notes due 2017 
 Reference is
hereby made to the Indenture, dated as of February 11, 2011 (the “Indenture”), among Florida East Coast Holdings Corp., a Florida corporation (the “Company”) and Wells Fargo Bank, National Association, as
trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

            (the “Transferor”) owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $            in such Note[s] or interests (the “Transfer”),
to             (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 

1.  ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note
or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2.  ̈ Check if Transferee will take delivery of a beneficial interest in the
Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the 

  
 B-1

 
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit
of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest in a Restricted Definitive Note pursuant to any
provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)  ̈ such Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act; 
 or 
 (b)  ̈ such Transfer is being effected to the Company or a subsidiary thereof; 

or 
 (c)  ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act;

 or 

(d)  ̈ such Transfer is being effected to an Institutional Accredited Investor and
pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the
meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed,
which certification is supported by an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act.
Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Definitive Notes and in the Indenture and the Securities Act. 
 4.
 ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 

(a) Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(b) Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule
903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States

  
 B-2

 
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c) Check if Transfer is Pursuant to Other
Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	 Name:

Title:

 Dated:
                             

  
 B-3

 ANNEX A TO CERTIFICATE OF TRANSFER 

1. The Transferor owns and proposes to transfer the following: 
 [CHECK ONE OF (a) OR (b)] 
  

					
	 (a)
	  	 ̈ a beneficial interest in the:
			
		  	(i)	 	 ̈ 144A Global Note (CUSIP         ), or
			
		  	(ii)	 	 ̈ Regulation S Global Note (CUSIP         ), or
			
		  	(iii)	 	 ̈ Unrestricted Global Note (CUSIP             );
or
		
	 (b)
	  	 ̈ a Restricted Definitive Note.

2. After the Transfer the Transferee will hold: 
 [CHECK ONE] 
  

					
	 (a)
	  	 ̈ a beneficial interest in the:
			
		  	(i)	 	 ̈ 144A Global Note (CUSIP         ), or
			
		  	(ii)	 	 ̈ Regulation S Global Note (CUSIP         ), or
		
	 (b)
	  	 ̈ a Restricted Definitive Note;
		
	 (c)
	  	an Unrestricted Definitive Note,
	
	in accordance with the terms of the Indenture.

  
 B-4

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Florida East Coast Holdings Corp. 

7411 Fullerton Street, Suite 300 
 Jacksonville,
Florida 32256 
 Wells Fargo Bank – DAPS Reorg. 
 MAC N9303-121 
 608 2nd Avenue South 
 Minneapolis, MN 55479 
 Telephone No.: (877) 872-4605 

Fax No.: (866) 969-1290 
 Email:
DAPSReorg@wellsfargo.com 
 Re: 10 1/2% / 11 1/4% Senior PIK Toggle Notes due 2017 
 (CUSIP
        ) 
 Reference is hereby made to the Indenture, dated as of February 11,
2011 (the “Indenture”), among Florida East Coast Holdings Corp., a Florida corporation (the “Company”) and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture. 

                     (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $             in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1.
Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note. 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States. 
 (c)  ̈ Check if
Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial

  
 C-1

 
interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 (d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted
Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes. 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the
Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from
Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]
 ̈ 144A Global Note,  ̈ Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the
Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

  
 C-2

 
			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                     

  
 C-3

 EXHIBIT D 
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as
of         , 200 ,             among (the “Guaranteeing Subsidiary”), a subsidiary of Florida East Coast Holdings Corp. (or its
permitted successor), a Delaware corporation (the “Company”), the Company, any other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to
below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of February 11, 2011, providing for the issuance of 10 1/2% /
11 1/4% Senior PIK Toggle Notes due 2017 (the
“Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing
Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and
conditions set forth herein (the “Guarantee”); and 
 WHEREAS, pursuant to Section 901 of the Indenture,
the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 
 2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees as follows: 

(a) The Guaranteeing Subsidiary hereby agrees to become a party to the Indenture as a Guarantor and as such will have all
of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. The Guaranteeing Subsidiary agrees to be bound by all of the provisions of the Indenture applicable to a Guarantor and to perform all of the
obligations and agreements of a Guarantor under the Indenture. 
 (b) The Guaranteeing subsidiary agrees, on a
joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee the Obligations pursuant to and subject to the other conditions set forth in Article Twelve of
the Indenture of a senior basis. 
 3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee,
incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the 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. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy. 

  
 D-1

 4. NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 
 5. COUNTERPARTS.
This Supplemental Indenture may be executed in any number of counterparts, each of which shall be original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 6. EFFECT OF HEADINGS. The Section
headings herein are for convenience only and shall not affect the construction hereof. 
 7. THE TRUSTEE. The Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and
the Company. 
 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested,
all as of the date first above written. 
 Dated:             ,
20     
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:
	
	FLORIDA EAST COAST HOLDINGS CORP.
		
	By:	 	 
		 	Name:
		 	Title:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 D-2

 EXHIBIT E 
 INCUMBENCY CERTIFICATE 
 The
undersigned,             , being the              of             
(the “Company”), does hereby certify that the individuals listed below are qualified and acting officers of the Company as set forth in the right column opposite their respective names and the signatures appearing in the extreme right
column opposite the name of each such officer is a true specimen of the genuine signature of such officer and such individuals have the authority to execute documents to be delivered to, or upon the request of, WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Trustee under the Indenture dated as of             , 20    , by and between the Company and WELLS FARGO BANK, NATIONAL ASSOCIATION. 

 

									
	 Name
	 	 	 	 Title
	  	 	 	 Signature

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate as of the
             day of             , 20    . 

 

			
	By:	 	 
		 	Name:
		 	Title:

  
 E-1

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