Document:

Senior Indenture, dated as of January 31, 2006

 Exhibit 4.4 
  

 
  

  
  
 TEVA PHARMACEUTICAL FINANCE COMPANY B.V., 
  
 as Issuer

  
 TEVA PHARMACEUTICAL INDUSTRIES LIMITED, 
  
 as Guarantor 
  
 and 
  
 THE BANK OF NEW YORK, as Trustee 
  
 SENIOR INDENTURE 
  
 Dated as of January 31, 2006 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE 1.
	  	DEFINITIONS	  	1
			
	 Section 1.01.
	  	Certain Terms Defined	  	1
			
	 ARTICLE 2.
	  	SECURITIES	  	6
			
	 Section 2.01.
	  	Forms Generally	  	6
	 Section 2.02.
	  	Form of Trustee’s Certification of Authentication	  	6
	 Section 2.03.
	  	Amount Unlimited; Issuable in Series	  	6
	 Section 2.04.
	  	Authentication and Delivery of Securities	  	9
	 Section 2.05.
	  	Execution of Securities	  	10
	 Section 2.06.
	  	Certificate of Authorization	  	10
	 Section 2.07.
	  	Denomination and Date of Securities; Payments of Interest	  	11
	 Section 2.08.
	  	Regulation, Transfer and Exchange	  	11
	 Section 2.09.
	  	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	  	12
	 Section 2.10.
	  	Cancellation of Securities	  	13
	 Section 2.11.
	  	Temporary Securities	  	13
	 Section 2.12.
	  	CUSIP Numbers	  	14
			
	 ARTICLE 3.
	  	COVENANTS OF THE ISSUER, THE GUARANTOR AND THE TRUSTEE	  	14
			
	 Section 3.01.
	  	Payment of Principal and Interest	  	14
	 Section 3.02.
	  	Offices for Payments, etc	  	14
	 Section 3.03.
	  	Appointment to Fill a Vacancy in Office of Trustee	  	15
	 Section 3.04.
	  	Paying Agents	  	15
	 Section 3.05.
	  	Certificates of the Issuer and the Guarantor	  	16
	 Section 3.06.
	  	Securityholders Lists	  	16
	 Section 3.07.
	  	Reports by the Issuer	  	16
	 Section 3.08.
	  	Reports by the Trustee	  	17
	 Section 3.09.
	  	Calculation of Original Issue Discount	  	17
			
	 ARTICLE 4.
	  	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	  	17
			
	 Section 4.01.
	  	Event of Default; Acceleration of Maturity, Waiver of Default	  	17
	 Section 4.02.
	  	Collection of Indebtedness by Trustee; Trustee May Prove Debt	  	20
	 Section 4.03.
	  	Application of Proceeds	  	22
	 Section 4.04.
	  	Suits for Enforcement	  	23
	 Section 4.05.
	  	Restoration of Rights on Abandonment of Proceeding	  	23
	 Section 4.06.
	  	Limitations on Suits by Securityholder	  	23
	 Section 4.07.
	  	Unconditional Right of Securityholders to Institute Certain Suits	  	24

  

 i 

					
	 Section 4.08.
	  	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	  	24
	 Section 4.09.
	  	Control by Securityholders	  	24
	 Section 4.10.
	  	Waiver of Past Defaults	  	25
	 Section 4.11.
	  	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	  	25
	 Section 4.12.
	  	Right of Court to Require Filing of Undertaking to Pay Costs	  	25
			
	 ARTICLE 5.
	  	CONCERNING THE TRUSTEE	  	26
			
	 Section 5.01.
	  	Duties and Responsibilities of the Trustee; During Default; Prior to Default	  	26
	 Section 5.02.
	  	Certain Rights of the Trustee	  	27
	 Section 5.03.
	  	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	  	29
	 Section 5.04.
	  	Trustee and Agents May Hold Securities; Collections, etc	  	29
	 Section 5.05.
	  	Moneys Held by Trustee	  	29
	 Section 5.06.
	  	Compensation and Indemnification of Trustee and its Prior Claim	  	29
	 Section 5.07.
	  	Right of Trustee to Reply on Officers’ Certificate, etc	  	30
	 Section 5.08.
	  	Persons Eligible for Appointment as Trustee	  	30
	 Section 5.09.
	  	Resignation and Removal; Appointment of Successor Trustee	  	30
	 Section 5.10.
	  	Acceptance of Appointment By Successor Trustee	  	32
	 Section 5.11.
	  	Merger, Conversion, Consolidation or Succession to Business of Trustee	  	32
			
	 ARTICLE 6.
	  	CONCERNING THE SECURITYHOLDERS	  	33
			
	 Section 6.01.
	  	Evidence of Action Taken by Securityholders	  	33
	 Section 6.02.
	  	Proof of Execution of Instruments and of Holding of Securities; Record Date	  	33
	 Section 6.03.
	  	Holders to be Treated as Owners	  	34
	 Section 6.04.
	  	Securities Owned by Issuer Deemed Not Outstanding	  	34
	 Section 6.05.
	  	Right of Revocation of Action Taken	  	34
			
	 ARTICLE 7.
	  	SUPPLEMENTAL INDENTURES	  	35
			
	 Section 7.01.
	  	Supplemental Indentures Without Consent of Securityholders	  	35
	 Section 7.02.
	  	Supplemental Indentures With Consent of Securityholders	  	36
	 Section 7.03.
	  	Effect of Supplemental Indenture	  	38
	 Section 7.04.
	  	Documents to Be Given to Trustee	  	38
	 Section 7.05.
	  	Notation On Securities In Respect Of Supplemental Indentures	  	38
			
	 ARTICLE 8.
	  	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  	38
			
	 Section 8.01.
	  	Issuer May Consolidate, etc., on Certain Terms	  	38

  

 ii 

					
	 Section 8.02.
	  	Successor Substituted	  	39
	 Section 8.03.
	  	Guarantor May Consolidate, etc., on Certain Terms	  	39
	 Section 8.04.
	  	Successor Legal Entity Substituted for the Guarantor	  	39
	 Section 8.05.
	  	Opinion of Counsel to Trustee	  	40
			
	 ARTICLE 9.
	  	SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	  	40
			
	 Section 9.01.
	  	Satisfaction and Discharge of Indenture	  	40
	 Section 9.02.
	  	Application by Trustee of Funds Deposited for Payment of Securities	  	44
	 Section 9.03.
	  	Repayment of Moneys Held by Paying Agent	  	44
	 Section 9.04.
	  	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	  	44
			
	 ARTICLE 10.
	  	MISCELLANEOUS PROVISIONS	  	44
			
	 Section 10.01.
	  	Incorporators, Stockholders, Members, Officers and Directors of Issuer Exempt from Individual Liability	  	44
	 Section 10.02.
	  	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	  	45
	 Section 10.03.
	  	Successors and Assigns of Issuer and Guarantor Bound by Indenture	  	45
	 Section 10.04.
	  	Notices and Demands on Issuer, Trustee and Securityholders	  	45
	 Section 10.05.
	  	Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein	  	47
	 Section 10.06.
	  	Payments Due on Saturdays, Sundays and Holidays	  	48
	 Section 10.07.
	  	Conflict of any Provision of Indenture with Trust Indenture Act of 1939	  	48
	 Section 10.08.
	  	New York Law to Govern	  	48
	 Section 10.09.
	  	Counterparts	  	48
	 Section 10.10.
	  	Effect of Headings	  	48
	 Section 10.11.
	  	Securities in a Non-U.S. Currency	  	48
	 Section 10.12.
	  	Submission to Jurisdiction	  	49
	 Section 10.13.
	  	Judgment Currency	  	49
			
	 ARTICLE 11.
	  	REDEMPTION OF SECURITIES AND SINKING FUNDS	  	50
			
	 Section 11.01.
	  	Applicability Of Article	  	50
	 Section 11.02.
	  	Notice Of Redemption; Partial Redemptions	  	50
	 Section 11.03.
	  	Payment of Securities Called for Redemption	  	51
	 Section 11.04.
	  	Exclusion of Certain Securities from Eligibility for Selection for Redemption	  	52
	 Section 11.05.
	  	Mandatory and Optional Sinking Funds	  	52

  

 iii 

					
	 ARTICLE 12.
	  	GUARANTEE	  	54
			
	 Section 12.01.
	  	The Guarantee	  	54
	 Section 12.02.
	  	Net Payments	  	54
	 Section 12.03.
	  	Guarantee Unconditional, etc	  	56
	 Section 12.04.
	  	Reinstatement	  	56
	 Section 12.05.
	  	Subrogation	  	56
	 Section 12.06.
	  	Assumption by Guarantor.	  	57

  

 iv 

 THIS INDENTURE, dated as of January 31, 2006, among Teva Pharmaceutical Finance Company B.V., a
private limited liability company formed under the laws of the Netherlands Antilles (the “Issuer”), Teva Pharmaceutical Industries Limited, a corporation incorporated under the laws of Israel (the “Guarantor”), and The Bank of
New York (the “Trustee”), 
  
 WITNESSETH: 
  
 WHEREAS, the Issuer has duly authorized the issue from time to time of its
unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this
Indenture; 
  
 WHEREAS, the Issuer has duly authorized the
execution and delivery of this Indenture to provide, among other things, for the authentication, delivery and administration of the Securities; 
  
 WHEREAS, for value received, the Guarantor has duly authorized the execution and delivery of this Indenture to provide for the issuance of the Guarantee
provided for herein. All things necessary to make this Indenture a valid agreement of the Guarantor, in accordance with its terms, have been done; and 
  
 WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done; 
  
 NOW, THEREFORE: 
  
 In consideration of the premises and the purchases of the Securities by the
holders thereof, the Issuer, the Guarantor and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities as follows: 
  
 ARTICLE 1. 
  
 DEFINITIONS 
  
 Section 1.01. Certain Terms Defined. The following terms (except as otherwise expressly provided herein or in any indenture supplemental
hereto, or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms used in this Indenture that are
defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities Act of 1933 are referred to in the Trust Indenture Act of 1939, including terms defined therein by reference to the Securities Act of 1933 (except as herein
otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of this Indenture. All accounting terms
used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” means such accounting principles as
are generally accepted at 
  

 1 

 the time of any computation. The words “herein”, “hereof” and “hereunder” and other words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the
singular. 
  
 “Authorized Agent” shall have the
meaning set forth in Section 10.12. 
  
 “Bearer
Security” means any Security other than a Registered Security. 
  
 “Board” means the board of directors or the board of managers of the Issuer, or any other body or Person authorized by the organizational documents or by the members of the Issuer to act for it. 
  
 “Board Resolution” means one or more resolutions, certified
by the secretary of the Board to have been duly adopted or consented to by the Board and to be in full force and effect, and delivered to the Trustee. 
  
 “Business Day” means, with respect to any Security, a day that in the city (or in any of the cities, if more than one) in which amounts
are payable, as specified in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close. 
  
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of
1934, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 
  
 “Corporate Trust Office” means the office of the Trustee
located in The City of New York at which at any particular time its corporate trust business shall be administered (which at the date of this Indenture is located at 101 Barclay Street, New York, New York 10286). 
  
 “Depositary” means, with respect to the Securities of any
series issuable or issued in the form of one or more Registered Global Securities, the Person designated as Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the
Securities of any such series shall mean the Depositary with respect to the Registered Global Securities of that series. 
  
 “Dollar” means the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public
and private debts. 
  

 2 

 “Event of Default” means any event or condition specified as such in Section 4.01.

  
 “Guarantee” means the unconditional guarantee
of the payment of the principal of, any premium or interest on, and any additional amounts with respect to the Securities by the Guarantor, as more fully set forth in Article 12. 
  
 “Guarantor” means the Person named as the “Guarantor” in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person. 
  
 “Guarantor’s Board of Directors” means the Board of Directors of the Guarantor or any committee of
such Board duly authorized to act hereunder. 
  
 “Guarantor’s Officers’ Certificate” means a certificate (i) signed by any two Officers of the Guarantor duly authorized to execute any such certificate and (ii) delivered to the Trustee. Each such
certificate shall comply with the requirements of Section 314 of the Trust Indenture Act of 1939. 
  
 “Holder”, “Holder of Securities”, “Securityholder” or other similar terms mean the registered holder of
any Security. 
  
 “Indenture” means this
instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder.

  
 “Interest” means, when used with respect to
non-interest bearing Securities, interest payable after maturity. 
  
 “Issuer” means (except as otherwise provided in Article 5) Teva Pharmaceutical Finance Company B.V., a private limited liability company formed under the laws of the Netherlands Antilles, and, subject to Article 8, its
successors and assigns. 
  
 “Judgment Currency”
shall have the meaning set forth in Section 10.13. 
  
 “New York Banking Day” shall have the meaning set forth in Section 10.13. 
  
 “Non-U.S. Currency” means a currency issued by the government of a country other than the United States (or any currency unit comprised
of any such currencies). 
  
 “Officers’
Certificate” means a certificate (i) signed by any two officers of the Issuer authorized by the Board to execute any such certificate and (ii) delivered to the Trustee. Each such certificate shall comply with Section 314 of
the Trust Indenture Act of 1939. 
  

 3 

 “Opinion of Counsel” means an opinion in writing signed by legal counsel to the Issuer
or the Guarantor who may be an employee of or counsel to the Issuer or the Guarantor and who shall be reasonably satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the
statements provided for in Section 10.05, if and to the extent required hereby. 
  
 “Officer of the Guarantor” and “Officer of the Issuer” mean the Chairman of the Board, the Chief Executive Officer, Chief Operating Officer, the President, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, any Vice President, the Secretary or any Assistant Secretary of the Guarantor and of the Issuer, respectively, or a duly authorized Attorney-in-Fact. 
  
 “Original Issue Date” of any Security (or portion thereof)
means the earlier of (a) the date of such Security or (b) the date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 
  
 “Original Issue Discount Security” means any Security that
provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 
  
 “Outstanding”, when used with reference to Securities, shall, subject to the provisions of
Section 6.04, mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except: 
  
 (a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
  
 (b) Securities, or portions thereof, for the payment or redemption of which
moneys in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Issuer or the Guarantor) or shall have been set aside, segregated and held in trust by the Issuer or the Guarantor for the
holders of such Securities (if the Issuer shall act as its own, or authorize the Guarantor to act as, paying agent), provided that if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption
shall have been given as herein provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and 
  
 (c) Securities in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the
terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a person in whose hands such Security is a legal, valid and binding obligation of the
Issuer). 
  
 In determining whether the holders of the requisite
principal amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue 
  

 4 

 Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof
that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
  
 “Principal” whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to include “and premium, if any”. 
  
 “Registered Global Security”, means a Security evidencing
all or a part of a series of Registered Securities, issued to the Depositary for such series in accordance with Section 2.03, and bearing the legend prescribed by the applicable supplemental indenture. 
  
 “Registered Security” means any Security registered on the
Security register of the Issuer. 
  
 “Required
Currency” shall have the meaning set forth in Section 10.13. 
  
 “Responsible Officer” when used with respect to the Trustee means any officer of the Trustee, including any vice president, assistant vice president, secretary, assistant secretary, any assistant
treasurer, any 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 such officer’s knowledge of and familiarity with that particular subject and who shall have direct responsibility for the administration of this Indenture. 
  
 “Security” or “Securities” has the meaning
stated in the first recital of this Indenture, or, as the case may be, Securities that have been authenticated and delivered under this Indenture. 
  
 “Trustee” means the Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article 5,
shall also include any successor trustee. 
  
 “Trust
Indenture Act of 1939” (except as otherwise provided in Sections 5.01 and 5.02) means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was originally executed. 
  
 “U.S. Government Obligations” shall have the meaning set
forth in Section 9.01. 
  
 “vice president”
when used with respect to the Issuer or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title of “vice president”. 
  

 5 

 “Yield to Maturity” means the yield to maturity on a series of securities, calculated at
the time of issuance of such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 
  
 ARTICLE 2. 
  
 SECURITIES 
  
 Section 2.01. Forms Generally. The Securities of each series shall be substantially in such form (not inconsistent with this Indenture) as
shall be established by or pursuant to a resolution of the Board or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any
rules of any securities exchange or to conform to general usage, all as may be determined by the officers executing such Securities, as evidenced by their execution of the Securities. 
  
 The definitive Securities shall be printed or lithographed on security printed paper or may be produced in any other manner,
all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
  
 Section 2.02. Form of Trustee’s Certification of Authentication. The Trustee’s certificate of authentication on all Securities shall
be in substantially the following form: 
  
 This is one of the
Securities of the series designated herein and referred to in the within-mentioned Indenture. 
  

			
	 The Bank of New York

	 as Trustee

		
	 By:
	  	  

	 	  	 Authorized Signatory

  
 Section 2.03.
Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
  
 The Securities may be issued in one or more series and unless provided for otherwise in an indenture supplemental hereto,
each such series shall rank equally and pari passu with all other unsecured and unsubordinated debt of the Issuer. There shall be established in or pursuant to a resolution of the Board and set forth in an Officers’ Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 
  

 6 

 (a) the designation of the Securities of the series (which shall distinguish the Securities of the series
from all other Securities); 
  
 (b) any limit upon the aggregate
principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of
the series pursuant to Section 2.08, 2.09, 2.11 or 11.03); 
  
 (c) if other than Dollars, the coin or currency in which the Securities of that series are denominated (including, but not limited to, any Non-U.S. Currency); 
  
 (d) the date or dates on which the principal of the Securities of the series is payable; 
  
 (e) the rate or rates at which the Securities of the series shall bear
interest, if any, or the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders
to whom interest is payable and/or the method by which such rate or rates or date or dates shall be determined; 
  
 (f) the place or places where the principal of and any interest on Securities of the series shall be payable (if other than as provided in
Section 3.02); 
  
 (g) the price or prices at which, the
period or periods within which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Issuer, pursuant to any sinking fund or otherwise; 
  
 (h) the obligation, if any, of the Issuer to redeem, purchase or repay
Securities of the series pursuant to any mandatory redemption sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which and the terms and conditions upon which
Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 
  
 (i) if other than denominations of $1,000 and any multiple thereof, the denominations in which Securities of the series shall be issuable; 
  
 (j) if other than the principal amount thereof, the portion of the principal
amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 4.01 or provable in bankruptcy pursuant to Section 4.02; 
  
 (k) if other than the coin or currency in which the Securities of that series
are denominated, the coin or currency in which payment of the principal of or interest on the Securities of such series shall be payable; 
  

 7 

 (l) if the principal of or interest on the Securities of such series are to be payable, at the election
of the Issuer or a Holder thereof, in a coin or currency other than that in which the Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 
  
 (m) if the amount of payments of principal of and interest on the Securities
of the series may be determined with reference to an index based on a coin or currency other than that in which the Securities of the series are denominated, or with reference to any currencies, securities or baskets of securities, commodities or
indices, the manner in which such amounts shall be determined; 
  
 (n) if the Holders of the Securities of the series may convert or exchange the Securities of the series into or for securities of the Issuer or of other entities or other property (or the cash value thereof), the specific terms of and
period during which such conversion or exchange may be made; 
  
 (o) whether the Securities of the series will be issuable as Registered Securities (and if so, whether such Securities will be issuable as Registered Global Securities) or Bearer Securities (with or without Coupons), or any combination of
the foregoing, any restrictions applicable to the offer, sale, transfer, exchange or delivery of Bearer Securities or Registered Securities or the payment of interest thereon and, if other than as provided herein, the terms upon which Bearer
Securities of any series may be exchanged for Registered Securities of such series and vice versa; 
  
 (p) whether and under what circumstances the Issuer will pay additional amounts on the Securities of the series held by a Person who is not a U.S. Person
in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such Securities rather than pay such additional amounts; 
  
 (q) if the Securities of such series are to be issuable in definitive form
(whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions;

  
 (r) any trustees, depositaries, authenticating or paying
agents, transfer agents or registrars or any other agents with respect to the Securities of such series; 
  
 (s) any applicable United States federal income tax and Israel income tax provisions, including, but not limited to: whether and under what circumstances
the Issuer will pay additional amounts on Securities for any tax, assessment or governmental charge withheld or deducted and, if so, whether it will have the option to redeem those Securities rather than pay the additional amounts; tax
considerations applicable to any discounted Securities or to Securities issued at par that are treated as having been issued at a discount for United States federal income tax purposes; and tax considerations applicable to any Securities denominated
and payable in foreign currencies; 
  

 8 

 (t) whether certain payments on the Securities will be guaranteed under a financial insurance guaranty
policy and the terms of that guaranty; 
  
 (u) any applicable
selling restrictions; 
  
 (v) any other events of default,
modifications or elimination of any acceleration rights, or covenants with respect to the Securities of such series and any terms required by or advisable under applicable laws or regulations, including laws and regulations relating attributes
required for the Securities to be afforded certain capital treatment for bank regulatory or other purposes; and 
  
 (w) any other terms of the series. 
  
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such
resolution of the Board or in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or
pursuant to such Board Resolution or in any such indenture supplemental hereto. 
  
 Section 2.04. Authentication and Delivery of Securities. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Securities of any series executed by
the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such Securities to or upon the written order of the Issuer, signed by any two officers of the Issuer authorized by the Board to execute any such
order, without any further action by the Issuer. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities the Trustee shall be entitled to receive, and (subject to
Section 5.01) shall be fully protected in relying upon: 
  
 (a) a certified copy of any resolution or resolutions of the Board authorizing the action taken pursuant to the resolution or resolutions delivered under clause 2.04(b) below; 
  
 (b) a copy of any resolution or resolutions of the Board relating to such series, in each case certified by the Secretary or
an Assistant Secretary of the Issuer; 
  
 (c) an executed
supplemental indenture, if any; 
  
 (d) an Officers’
Certificate setting forth the form and terms of the Securities as required pursuant to Section 2.01 and 2.03, respectively and prepared in accordance with Section 10.05; 
  
 (e) an Opinion of Counsel, prepared in accordance with Section 10.05, to the effect that 
  

 9 

 (i) that the form or forms and terms of such Securities have been established by or
pursuant to a resolution of the Board or by a supplemental indenture as permitted by Section 2.01 and 2.03 in conformity with the provisions of this Indenture; 
  
 (ii) that such Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Issuer; 
  
 (iii) that all laws and requirements in respect of the execution and delivery by the Issuer of the Securities have been complied with; and

  
 (iv) covering such other matters as the
Trustee may reasonably request. 
  
 The Trustee shall have the
right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or
board of trustees, executive committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee to personal liability to existing Holders. 
  
 Section 2.05. Execution of Securities. The Securities shall be
signed on behalf of the Issuer by any two Officers of the Issuer authorized by the Board to execute such Securities, which Securities may, but need not, be attested. Such signatures may be the manual or facsimile signatures of the present or any
future such officers. Typographical and other minor errors or defects in any such reproduction of the seal or any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the
Trustee. 
  
 In case any Officer of the Issuer who shall have
signed any of the Securities shall cease to be such officer before the Security so signed shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of
as though the person who signed such Security had not ceased to be such officer of the Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper
Officers of the Issuer, although at the date of the execution and delivery of this Indenture any such person was not such an officer. 
  
 Section 2.06. Certificate of Authorization. Only such Securities as shall bear thereon a certificate of authentication substantially in the
form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any
Security executed by the Issuer shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. 
  

 10 

 Section 2.07. Denomination and Date of Securities; Payments of Interest. The Securities shall
be issuable as registered securities without coupons and in denominations as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities of any series, the Securities of such
series shall be issuable in denominations of $1,000 and any multiple thereof. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may
determine with the approval of the Trustee as evidenced by the execution and authentication thereof. 
  
 Each Security shall be dated the date of its authentication, shall bear interest, if any, from the date and shall be payable on the dates, in each case,
which shall be specified as contemplated by Section 2.03. 
  
 The person in whose name any Security of any series is registered at the close of business on any record date applicable to a particular series with respect to any interest payment date for such series shall be entitled to receive the
interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the record date and prior to such interest payment date, except if and to the extent the Issuer and the Guarantor shall
default in the payment of the interest due on such interest payment date for such series, in which case such defaulted interest shall be paid to the persons in whose names Outstanding Securities for such series are registered at the close of
business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer or the Guarantor to the holders of
Securities not less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest) shall mean the date specified as such in the
terms of the Securities of any particular series, or, if no such date is so specified, if such interest payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar month or, if such interest payment date is
the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business Day. 
  
 Section 2.08. Regulation, Transfer and Exchange. The Issuer will keep or cause to be kept at each office or agency to be maintained for the
purpose as provided in Section 3.02 a register or registers in which, subject to such reasonable regulations as it may prescribe, it will register, and will register the transfer of, Securities as in this Article provided. Such register shall
be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such register or registers shall be open for inspection by the Trustee. 
  
 Upon due presentation for registration of transfer of any Security of any
series at any such office or agency to be maintained for the purpose as provided in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities
of the same series in authorized denominations for a like aggregate principal amount. 
  

 11 

 Any Security or Securities of any series may be exchanged for a Security or Securities of the same series
in other authorized denominations, in an equal aggregate principal amount. Securities of any series to be exchanged shall be surrendered at any office or agency to be maintained by the Issuer for the purpose as provided in Section 3.02, and the
Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor the Security or Securities of the same series which the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously
outstanding. 
  
 All Securities presented for registration of
transfer, exchange, redemption or payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed
by, the holder or his attorney duly authorized in writing. 
  
 The
Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction.

  
 The Issuer shall not be required to exchange or register a
transfer of (a) any Securities of any series for a period of 15 days next preceding the first mailing of notice of redemption of Securities of such series to be redeemed, or (b) any Securities selected, called or being called for
redemption except, in the case of any Security where notice has been given that such Security is to be redeemed in part, the portion thereof not so to be redeemed. 
  
 All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Issuer, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
  
 Section 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated,
defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request of any Officer of the Issuer, the Trustee shall authenticate and deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substitute Security shall furnish to
the Issuer, the Guarantor and the Trustee and any agent of the Issuer, the Guarantor or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction,
loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof in the case of mutilation or defacement shall surrender the Security to the Trustee or such agent. 
  
 Upon the issuance of any substitute Security, the Issuer may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee or its agent) connected therewith. In case any Security which
has matured or is about to mature or has 
  

 12 

 been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may
instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer, the Guarantor and
the Trustee and any agent of the Issuer, the Guarantor or the Trustee such security or indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the
Issuer, the Guarantor and the Trustee and any agent of the Issuer, the Guarantor or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 
  
 Every substitute Security of any series issued pursuant to the provisions of
this section by virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer and the Guarantor, whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series duly authenticated
and delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed,
lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other
securities without their surrender. 
  
 Section 2.10.
Cancellation of Securities. All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of
the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of
this Indenture. The Trustee shall dispose of cancelled Securities held by it in accordance with its procedures for the disposition of cancelled Securities and deliver a certificate of disposition to the Issuer. If the Issuer shall acquire any of the
Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 
  
 Section 2.11. Temporary Securities. Pending the preparation of
definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the
Trustee). Temporary Securities of any series shall be issuable as registered Securities without coupons, of any authorized denomination, and substantially in the form of the definitive Securities of such series but with such omissions, insertions
and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate.
Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same 
  

 13 

 conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable
delay the Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer
for that purpose pursuant to Section 3.02, and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such series a like aggregate principal amount of definitive Securities of the same series of authorized
denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series unless otherwise established pursuant to Section 2.03. 
  
 Section 2.12. CUSIP Numbers. The Issuer in issuing the Securities
may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
  
 ARTICLE 3. 
  
 COVENANTS OF THE ISSUER, THE GUARANTOR AND THE TRUSTEE 
  
 Section 3.01. Payment of Principal and Interest. The Issuer covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series (together with any additional amounts payable pursuant to the terms of such Securities) at the place or places, at the respective
times and in the manner provided in such Securities. Subject to any other provisions that may be established pursuant to Section 2.03, the interest on Securities (together with any additional amounts payable pursuant to the terms of such
Securities) shall be payable only to or upon the written order of the Holders thereof and, at the option of the Issuer, may be paid by wire transfer or by mailing checks for such interest payable to or upon the written order of such Holders at their
last addresses as they appear on the registry books of the Issuer. 
  
 Section 3.02. Offices for Payments, etc. So long as any of the Securities remain outstanding, the Issuer will maintain in the Borough of Manhattan, The City of New York, the following for each series: an office or agency
(a) where the Securities may be presented for payment, (b) where the Securities may be presented for registration of transfer and for exchange as in this Indenture provided and (c) where notices and demands to or upon the Issuer in
respect of the Securities or of this Indenture may be served. The Issuer will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof. Unless otherwise specified in accordance with
Section 2.03, the Issuer hereby initially designates the Corporate Trust Office of the Trustee, as the office to be maintained by it for each such purpose. In case the Issuer shall fail to so designate or maintain any such office or agency or
shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the Corporate Trust Office. 
  

 14 

 The Issuer may from time to time designate one or more additional offices or agencies where the
Securities of a series may be presented for payment, where the Securities of that series may be presented for exchange as provided in this Indenture and pursuant to Section 2.03 and where the Securities of that series may be presented for
registration of transfer as provided in this Indenture, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner
relieve the Issuer of its obligation to maintain the agencies provided for in this Section. The Issuer will give to the Trustee prompt written notice of any such designation or rescission thereof. 
  
 Section 3.03. Appointment to Fill a Vacancy in Office of Trustee.
The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 5.09, a Trustee, so that there shall at all times be a Trustee with respect to each series of Securities
hereunder. 
  
 Section 3.04. Paying Agents. Whenever
the Issuer shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section, 
  
 (a) that it will
hold all sums received by it as such agent for the payment of the principal of or interest on the Securities of such series (whether such sums have been paid to it by the Issuer, the Guarantor or by any other obligor on the Securities of such
series) in trust for the benefit of the holders of the Securities of such series or of the Trustee, 
  
 (b) that it will give the Trustee notice of any failure by the Issuer (or by the Guarantor or any other obligor on the Securities of such series) to make
any payment of the principal of or interest on the Securities of such series when the same shall be due and payable, and 
  
 (c) that it will pay any such sums so held in trust by it to the Trustee upon the Trustee’s written request at any time during the continuance of the
failure referred to in clause 3.04(b) above. 
  
 The Issuer will,
on or prior to each due date of the principal of or interest on the Securities of such series, deposit with the paying agent a sum sufficient to pay such principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer
will promptly notify the Trustee of any failure to take such action. 
  
 If the Issuer shall act as its own paying agent with respect to the Securities of any Series, it will, on or before each due date of the principal of or interest on the Securities of such series, set aside, segregate and hold in trust for
the benefit of the holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due. The Issuer will promptly notify the Trustee of any failure to take such action. 
  

 15 

 Anything in this section to the contrary notwithstanding, the Issuer may at any time, for the purpose of
obtaining a satisfaction and discharge with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such series by the Issuer or any paying agent
hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein contained. 
  
 Anything in this section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this section is subject to the provisions of
Section 9.03 and 9.04. 
  
 Section 3.05. Certificates
of the Issuer and the Guarantor. The Issuer and the Guarantor will each furnish to the Trustee within 120 days after the end of each fiscal year of the Issuer or the Guarantor, as the case may be, an Officers’ Certificate of the Issuer or
the Guarantor, as the case may be, as to the signers’ knowledge of the Issuer’s or the Guarantor’s compliance with all conditions and covenants under the Indenture (such compliance to be determined without regard to any period of
grace or requirement of notice provided under the Indenture). In the event an Officer of the Issuer comes to have actual knowledge of an Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of
Default, regardless of the date, the Issuer shall deliver an Officers’ Certificate to the Trustee specifying such Default and the nature and status thereof. 
  
 Section 3.06. Securityholders Lists. If and so long as the Trustee shall not be the Security registrar for the
Securities of any series, the Issuer will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the holders of the Securities of such series pursuant to
Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record date and on dates to be determined
pursuant to Section 2.03 for non-interest bearing securities in each year, and (b) at such other times as the Trustee may request in writing, within thirty days after receipt by the Issuer of any such request as of a date not more than 15
days prior to the time such information is furnished. 
  
 Section 3.07. Reports by the Issuer. Each of the Issuer and the Guarantor covenants to file with the Trustee, within 15 days after the Issuer or the Guarantor, as the case may be, is required to file the same with the
Commission, copies of the annual reports and of the information, documents, and other reports that the Issuer or the Guarantor may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934. 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 Issuer’s or the Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  

 16 

 Section 3.08. Reports by the Trustee. Any Trustee’s report required under
Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted on or before July 15 in each year following the date hereof, so long as any Securities are outstanding hereunder, and shall be dated as of a date convenient to the
Trustee no more than 60 nor less than 45 days prior thereto. 
  
 Section 3.09. Calculation of Original Issue Discount. The Issuer shall provide to the Trustee on a timely basis such information as the Trustee requires to enable the Trustee to prepare and file any form required to be submitted
by the Trustee on behalf of the Issuer with the Internal Revenue Service and the Holders of Securities relating to original issue discount, including, without limitation, Form 1099-OID or any successor form. 
  
 ARTICLE 4. 
  
 REMEDIES OF THE TRUSTEE AND 
 SECURITYHOLDERS ON EVENT OF DEFAULT 
  
 Section 4.01. Event of Default; Acceleration of Maturity, Waiver of Default. Unless otherwise established in accordance with Section 2.03 or by any applicable supplemental indenture, “Event of Default” with
respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (a) default for more than 30 days in the payment of interest, premium or principal in respect of the Securities; or

  
 (b) the failure to perform or observe any other obligations
under the Securities which failure continues for the period of 60 days next following service on the Issuer and the Guarantor of notice requiring the same to be remedied; or 
  
 (c) the entry by a court having jurisdiction in the premises of: 
  
 (i) a decree or order for relief in respect of the Issuer or
the Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law; or 
  

(ii) a decree or order adjudging the Issuer or the Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the Guarantor under any applicable U.S. federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Issuer or the Guarantor or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and
in effect for a period of 60 consecutive days; or 
  

 17 

 (d) the commencement by the Issuer or the Guarantor of a voluntary case or proceeding under any
applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Issuer to the entry of a decree or order for relief in
respect of the Issuer or the Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against the Issuer or the Guarantor, or the filing by the Issuer or the Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable U.S. federal or state law, or the consent by the Issuer or the
Guarantor to the filing of such petition or to the appointment of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or the Guarantor or of any substantial part of
its property, or the making by the Issuer or the Guarantor of an assignment for the benefit of creditors, or the admission by the Issuer or the Guarantor in writing of its inability to pay its debts generally as they become due, or the taking of
corporate action by the Issuer or the Guarantor expressly in furtherance of any such action; or 
  
 (e) any other Event of Default provided in the supplemental indenture or resolution of the Board under which such series of Securities is issued or in the
form of Security for such series. 
  
 Unless otherwise set forth
in any applicable supplemental indenture, if an Event of Default described in clauses 4.01(a), 4.01(b), or 4.01(e) above (if the Event of Default under clauses 4.01(b) or 4.01(e) is with respect to less than all series of Securities then
Outstanding) occurs and is continuing, then, and in each and every such case, except for any series the principal of which shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of all series affected thereby then Outstanding hereunder (treated as one class) by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by Securityholders), may declare the entire principal (or, if
the Securities of any such affected series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such affected series and the interest accrued thereon, if
any, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable. Unless otherwise set forth in any applicable supplemental indenture, if an Event of Default described in clauses 4.01(b) or
4.01(e) (if the Event of Default under clauses 4.01(b) or 4.01(e) is with respect to all series of Securities at the time Outstanding) occurs and is continuing, then and in each and every such case, unless the principal of all the Securities shall
have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of all the then Outstanding Securities hereunder (treated as one class) for which any applicable supplemental indenture does
not prevent acceleration under the relevant circumstances, by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by Securityholders), may declare the entire principal (or, if any Securities are Original Issue Discount
Securities, such 
  

 18 

 portion of the principal as may be specified in the terms thereof) of all the Securities then Outstanding and interest
accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable. Unless otherwise set forth in any applicable supplemental indenture, if an Event of Default described in
clauses 4.01(c) or 4.01(d), then the principal and accrued and unpaid interest, and premium of any, with respect to any Securities then Outstanding shall ipso facto become and be immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder. 
  
 The foregoing
provisions, however, are subject to the condition that if, at any time after the principal (or, if the Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof) of the Securities of
any series (or of all the Securities, as the case may be) shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Issuer or the
Guarantor shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of such series (or of all the Securities, as the case may be) and the principal of any and all Securities of
such series (or of all the Securities, as the case may be) which shall have become due otherwise than by acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue
installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series (or at the respective rates of interest or Yields to Maturity of
all the Securities, as the case may be) to the date of such payment or deposit) and such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by the Trustee except as a result of negligence or bad faith, and if any and all Events of Default under the Indenture, other than the non-payment of the principal of Securities which shall have become due by
acceleration, shall have been cured, waived or otherwise remedied as provided herein—then and in every such case the holders of a majority in aggregate principal amount of all the Securities of each such series (or of all the Securities, as the
case may be), then Outstanding (in each case treated as one class), by written notice to the Issuer, the Guarantor and the Trustee, may waive all defaults with respect to each such series (or with respect to all the Securities, as the case may be)
and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon. 
  
 For all purposes under this Indenture, if a portion of the principal of any
Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of
such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as
shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 
  

 19 

 Section 4.02. Collection of Indebtedness by Trustee; Trustee May Prove Debt. Each of the
Issuer and the Guarantor covenants that (a) in case default shall be made in the payment of any installment of interest on any of the Securities of any series when such interest shall have become due and payable, and such default shall have
continued for a period of 30 days or (b) in case default shall be made in the payment of all or any part of the principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the
Securities of such series or upon any redemption or by declaration or otherwise—then upon demand of the Trustee, the Issuer or the Guarantor, as the case may be, will pay to the Trustee for the benefit of the Holders of the Securities of such
series the whole amount that then shall have become due and payable on all Securities of such series for principal or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment
of such interest is enforceable under applicable law, on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series);
and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and any
expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of its negligence or bad faith. 
  
 Until such demand is made by the Trustee, the Issuer may pay the principal of and interest on the Securities of any series to the registered holders,
whether or not the principal of and interest on the Securities of such series be overdue. 
  
 In case the Issuer or the Guarantor shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action
or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or the Guarantor
or other obligor upon such Securities and collect in the manner provided by law out of the property of the Issuer or the Guarantor or other obligor upon such Securities, wherever situated, the moneys adjudged or decreed to be payable. 
  
 In case there shall be pending proceedings relative to the Issuer, the
Guarantor or any other obligor upon the Securities under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or the Guarantor or its property or such other obligor, or in case of any other comparable judicial proceedings relative to
the Issuer, the Guarantor or other obligor upon the Securities of any series, or to the creditors or property of the Issuer, the Guarantor or such other obligor, the Trustee, irrespective of whether the principal of any Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or
otherwise: 
  

 20 

 (a) to file and prove a claim or claims for the whole amount of principal and interest (or, if the
Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for
reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the
Issuer, the Guarantor or other obligor upon the Securities of any series, or to the creditors or property of the Issuer, the Guarantor or such other obligor, 
  
 (b) unless prohibited by applicable law and regulations, to vote on behalf of the holders of the Securities of any series in any election of a trustee or
a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and 
  
 (c) to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all
amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized by each of the Securityholders to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith. 
  
 Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan or reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Securityholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
  
 All rights of action and of asserting claims under this Indenture, or under any of the Securities, may be enforced by the
Trustee without the possession of any of the Securities or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the holders
of the Securities in respect of which such action was taken. 
  

 21 

 In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any
provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Securities in respect to which such action was taken, and it shall not be necessary to make any holders of such
Securities parties to any such proceedings. 
  
 Section 4.03.
Application of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys
on account of principal or interest, upon presentation of the several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts
in exchange for the presented Securities of like series if only partially paid, or upon surrender thereof if fully paid: 
  
 FIRST: To the payment of costs and expenses applicable to such series in respect of which monies have been collected, including reasonable compensation to
the Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith;

  
 SECOND: In case the principal of the Securities of such series
in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest
(to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such
Securities, such payments to be made ratably to the persons entitled thereto, without discrimination or preference; 
  
 THIRD: In case the principal of the Securities of such series in respect of which moneys have been collected shall have become and shall be then due and
payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal, and (to the extent that such interest has been collected by the Trustee)
upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series; and in case such moneys shall be insufficient to pay
in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity, without preference or priority of principal over interest or Yield to Maturity, or of interest or
Yield to Maturity over principal, or of any installment of interest over any other installment of interest, or of any Security of such series over any other Security of such series, ratably to the aggregate of such principal and accrued and unpaid
interest or Yield to Maturity; and 
  

 22 

 FOURTH: To the payment of the remainder, if any, to the Issuer or any other person lawfully entitled
thereto. 
  
 Section 4.04. Suits for Enforcement. In
case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any
power granted in this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
  
 Section 4.05. Restoration of Rights on Abandonment of Proceeding. In case the Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the Issuer and the Trustee shall be restored respectively to their former
positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken. 
  
 Section 4.06. Limitations on Suits by Securityholder. No holder of any Security of any series shall have any
right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture, or for the appointment of a trustee, receiver,
liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the
Holders of not less than 25% in aggregate principal amount of the Securities of each affected series then Outstanding (treated as a single class) shall have made written request upon the Trustee to institute such action or proceedings in its own
name as trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.09; it being understood and intended,
and being expressly covenanted by the taker and Holder of every Security with every other taker and Holder and the Trustee, that no one or more Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing
of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Securities of the applicable series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the
Trustee shall be entitled to such relief as can be given either at law or in equity. 
  

 23 

 Section 4.07. Unconditional Right of Securityholders to Institute Certain Suits.
Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after the respective due dates expressed in
such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  
 Section 4.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in
Section 4.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
  
 No delay or omission of the Trustee or of any Securityholder to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver
of any such Event of Default or an acquiescence therein; and, subject to Section 4.06, every power and remedy given by this Indenture or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Securityholders. 
  
 Section 4.09. Control by Securityholders. The Holders of a majority in aggregate principal amount of the Securities of each series affected (with all such series voting as a single class) at the time Outstanding shall have the
right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by this Indenture; provided
that such direction shall not be otherwise than in accordance with law and the provisions of this Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have the right to decline to follow any such
direction if the Trustee shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee, or a trust committee of directors or Responsible
Officers of the Trustee shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forebearances specified in or pursuant to such
direction would be unduly prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood that (subject to Section 5.01) the Trustee shall have no duty to
ascertain whether or not such actions or forebearances are unduly prejudicial to such Holders. 
  
 Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or directions by Securityholders.

  

 24 

 Section 4.10. Waiver of Past Defaults. Prior to the acceleration of the maturity of any
Securities as provided in Section 4.01, the Holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding with respect to which an Event of Default shall have occurred and be continuing (voting as a
single class) may on behalf of the Holders of all such Securities waive any past default or Event of Default described in Section 4.01 and its consequences, except a default in respect of a covenant or provision hereof which cannot be modified
or amended without the consent of the Holder of each Security affected. In the case of any such waiver, the Issuer, the Guarantor, the Trustee and the Holders of all such Securities shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  
 Upon any such waiver, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
  
 Section 4.11. Trustee to Give Notice of Default, But May Withhold in
Certain Circumstances. The Trustee shall give to the Securityholders of any series, as the names and addresses of such Holders appear on the registry books, notice by mail of all defaults known to the Trustee which have occurred with respect to
such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the term “default” or “defaults” for the purposes of this
section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); provided that, except in the case of default in the payment of the principal of or interest on any of
the Securities of such series, or in the payment of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the
executive committee, or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders of such series. 
  
 Section 4.12. Right of Court to Require Filing of Undertaking to Pay
Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this section shall not
apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or, in the

  

 25 

 case of any suit relating to or arising under clauses 4.01(b) or 4.01(e) (if the suit relates to Securities of more than
one but less than all series), 10% in aggregate principal amount of Securities Outstanding affected thereby, or in the case of any suit relating to or arising under clauses 4.01(b) or 4.01(e) (if the suit relates to all the Securities then
Outstanding), 4.01(c) or 4.01(d), 10% in aggregate principal amount of all Securities Outstanding, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due
date expressed in such Security. 
  
 ARTICLE 5. 
  
 CONCERNING THE TRUSTEE 
  
 Section 5.01. Duties and Responsibilities of the Trustee; During
Default; Prior to Default. With respect to the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the curing or
waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities
of a series has occurred (which has not been cured or waived) the Trustee shall exercise with respect to such series of Securities such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
  
 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct, except that 
  
 (a) prior to the
occurrence of an Event of Default with respect to the Securities of any series and after the curing or waiving of all such Events of Default with respect to such series which may have occurred: 
  
 (i) the duties and obligations of the Trustee with respect
to the Securities of any Series shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture,
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (ii) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such statements, certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein); 
  

 26 

 (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer
or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the
holders pursuant to Section 4.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 
  
 None of the provisions contained in this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such
funds or adequate indemnity against such liability is not reasonably assured to it. 
  
 The provisions of this Section 5.01 are in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act of 1939. 
  
 Section 5.02. Certain Rights of the Trustee. In furtherance of and subject to the Trust Indenture Act of 1939,
and subject to Section 5.01: 
  
 (a) the Trustee may
conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate, Guarantor’s Officers’ Certificate or any other certificate, statement, instrument, opinion, report, notice,
request, consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request, direction, order or demand of the Issuer or the Guarantor
mentioned herein shall be sufficiently evidenced by an Officers’ Certificate or a Guarantor’s Officers’ Certificate, as the case may be, (unless other evidence in respect thereof be herein specifically prescribed); and any resolution
of the Board or of the Guarantor’s Board of Directors may be evidenced to the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Issuer or the Guarantor, as the case may be; 
  
 (c) the Trustee may consult with counsel of its selection and any advice or
Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 
  
 (d) the Trustee shall be under no obligation to exercise any of the trusts or
powers vested in it by this Indenture at the request, order or direction of any of the 
  

 27 

 Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the
Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred therein or thereby; 
  
 (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion,
rights or powers conferred upon it by this Indenture; 
  
 (f)
prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the holders of not less than a majority in aggregate
principal amount of the Securities of all series affected then outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity satisfactory to it against such expenses or liabilities as a condition to
proceeding; the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or any predecessor trustee, shall be repaid by the Issuer upon demand; 
  
 (g) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys not regularly in its employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it
hereunder; 
  
 (h) whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, conclusively rely upon an Officers’ Certificate; 
  
 (i) the Trustee shall not be deemed to have notice of any Event of Default or an event which, with notice or lapse of time or both, would constitute an Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; 
  
 (j) the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and 

 
 (k) the Trustee may request that the Issuer deliver an Officers’
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take 
  

 28 

 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. 
  
 Section 5.03. Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained
herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer or the Guarantor, as the case may be, and the Trustee assumes no responsibility for the correctness of the same.
The Trustee makes no representation as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds thereof.

  
 Section 5.04. Trustee and Agents May Hold Securities;
Collections, etc. The Trustee or any agent of the Issuer, the Guarantor or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such
agent and may otherwise deal with the Issuer or the Guarantor and receive, collect, hold and retain collections from the Issuer or the Guarantor with the same rights it would have if it were not the Trustee or such agent. 
  
 Section 5.05. Moneys Held by Trustee. Subject to the provisions
of Section 9.04 hereof, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent
required by mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any moneys received by it hereunder. 
  
 Section 5.06. Compensation and Indemnification of Trustee and its Prior Claim. The Issuer covenants and agrees
to pay to the Trustee from time to time, and the Trustee shall be entitled to, compensation as the Issuer and the Trustee shall from time to time agree in writing (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in
accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except to the extent any such expense,
disbursement or advance may arise from its negligence or bad faith. The Issuer also covenants to indemnify the Trustee and each predecessor Trustee and their agents for, and to hold it harmless against, any loss, liability or expense arising out of
or in connection with the acceptance or administration of this Indenture or the trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending itself against or investigating any claim of liability in the
premises, except to the extent such loss liability or expense is due to the negligence or bad faith of the Trustee, its agents or employees or such predecessor Trustee. The obligations of the Issuer under this section to compensate and indemnify the
Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for 
  

 29 

 expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the
satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the
holders of particular Securities, and the Securities are hereby subordinated to such senior claim. 
  
 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 4.01(c) or Section 4.01(d), the
expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law.

  
 Section 5.07. Right of Trustee to Reply on
Officers’ Certificate, etc. Subject to Sections 5.01 and 5.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or
suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it
under the provisions of this Indenture upon the faith thereof. 
  
 Section 5.08. Persons Eligible for Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times be a corporation organized and doing business under the laws of the United States of America or
the District of Columbia having a combined capital and surplus of at least $25,000,000, and which is eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of a federal, state or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
  
 Section 5.09. Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed,
may at any time resign with respect to one or more or all series of Securities by giving written notice of resignation to the Issuer and by mailing notice thereof by first class mail to Holders of the applicable series of Securities at their last
addresses as they shall appear on the Security register. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument in duplicate, executed
by authority of the Board, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any series and have accepted
appointment within 30 days after the mailing of such notice of resignation, the resigning trustee at the Issuer’s expense may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has
been a bona fide Holder of a 
  

 30 

 Security or Securities of the applicable series for at least six months may, subject to the provisions of
Section 4.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee. 
  
 (b) In case at any time any of the
following shall occur: 
  
 (i) the Trustee shall
fail to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939 with respect to any series of Securities after written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security
or Securities of such series for at least six months; or 
  
 (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and shall fail to resign after written request therefor by the Issuer or by any
Securityholder; or 
  
 (iii) the Trustee shall
become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
  
 then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate, executed by order of
the Board of the Issuer, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has been a bona
fide Holder of a Security or Securities of such series for at least six months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
  
 (c) The Holders of a majority in aggregate principal amount of the Securities of each series at the time outstanding may at
any time remove the Trustee with respect to Securities of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Issuer the
evidence provided for in Section 6.01 of the action in that regard taken by the Securityholders. 
  
 (d) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant
to any of the provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.10. 
  

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 Section 5.10. Acceptance of Appointment By Successor Trustee. Any successor trustee appointed
as provided in Section 5.09 shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or
any applicable series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with
like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to
Section 9.04, pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any
such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a
prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 5.06. 
  
 If a successor trustee is appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee and each
successor trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee, and shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts under separate indentures. 
  
 Upon acceptance of appointment by any successor trustee as provided in this Section 5.10, the Issuer shall mail notice thereof by first-class mail to
the Holders of Securities of any series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Security register. If the acceptance of appointment is substantially contemporaneous with the
resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 5.09. If the Issuer fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be mailed at the expense of the Issuer. 
  
 Section 5.11. Merger, Conversion, Consolidation or Succession to Business of Trustee. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided that such corporation shall be eligible under the provisions of Section 5.08, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. 
  

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 In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture
any of the Securities of any series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so authenticated; and, in case
at that time any of the Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in all
such cases such certificate shall have the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of
authentication of any predecessor Trustee or to authenticate Securities of any series in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
  
 ARTICLE 6. 
  
 CONCERNING THE SECURITYHOLDERS 
  
 Section 6.01. Evidence of Action Taken by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee.
Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 5.01 and 5.02) conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Article. 
  
 Section 6.02. Proof of
Execution of Instruments and of Holding of Securities; Record Date. Subject to Sections 5.01 and 5.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Security register or by a certificate of the registrar thereof. The Issuer may set a record
date for purposes of determining the identity of holders of Securities of any series entitled to vote or consent to any action referred to in Section 6.01, which record date may be set at any time or from time to time by notice to the Trustee,
for any date or dates (in the case of any adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only holders of
Securities of such series of record on such record date shall be entitled to so vote or give such consent or revoke such vote or consent. 
  

 33 

 Section 6.03. Holders to be Treated as Owners. The Issuer, the Guarantor, the Trustee and any
agent of the Issuer, the Guarantor or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether or not such Security shall be
overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security and for all other
purposes; and none of the Issuer, the Guarantor, the Trustee or any agent of the Issuer, the Guarantor or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or upon his order, shall be valid,
and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. 
  
 Section 6.04. Securities Owned by Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate principal
amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Issuer or any other obligor on the Securities with respect to which such determination
is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities with respect to which such determination is being made shall be
disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver only Securities which a
Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the
Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons; and, subject
to Sections 5.01 and 5.02, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any
such determination. 
  
 Section 6.05. Right of Revocation
of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all
series, as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have
consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as aforesaid any such action 
  

 34 

 taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and
owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the
Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee and the Holders
of all the Securities affected by such action. 
  
 ARTICLE 7.

  
 SUPPLEMENTAL INDENTURES 
  
 Section 7.01. Supplemental Indentures Without Consent of
Securityholders. The Issuer, when authorized by a resolution of its Board (which resolutions may provide general authorization for such action and may provide that the specific terms of such action may be determined by officers of the Issuer
authorized thereby), and the Guarantor, when authorized by a resolution of the Guarantor’s Board of Directors, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of
the following purposes: 
  
 (a) to convey, transfer, assign,
mortgage or pledge to the Trustee as security for the Securities of one or more series any property or assets; 
  
 (b) to evidence the succession of another legal entity to the Issuer or the Guarantor, as the case may be, or successive successions, and the assumption
by the successor legal entity of the covenants, agreements and obligations of the Issuer or the Guarantor, as the case may be, pursuant to Article 8; 
  
 (c) to add to the covenants of the Issuer or the Guarantor such further covenants, restrictions, conditions or provisions as the Issuer, the Guarantor and
the Trustee shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of
Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may
provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies
available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default; 
  
 (d) to cure any ambiguity or to correct or supplement any provision contained
herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in 
  

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 regard to matters or questions arising under this Indenture or under any supplemental indenture as the Issuer or the
Guarantor may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Securities in any material respect; 
  
 (e) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03; and 
  
 (f) to evidence and provide for the acceptance of appointment hereunder by a
successor trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Section 5.10. 
  
 (g) to evidence the assumption by the Guarantor of all of the rights and obligations of the Issuer hereunder with respect to a series of Securities and under the Securities of such series and the release of the Issuer from its liabilities
hereunder and under such Securities as obligor on the Securities of such series, all as provided in Section 12.06 hereof. 
  
 The Trustee is hereby authorized to join with the Issuer and the Guarantor in the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  
 Any supplemental indenture authorized by the provisions of this section may be executed without the consent of the Holders of any of the Securities at the
time outstanding, notwithstanding any of the provisions of Section 7.02. 
  
 Section 7.02. Supplemental Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 6) of the Holders of not less than a majority in aggregate principal amount of the
Securities at the time Outstanding of all series affected by such supplemental indenture (voting as one class), the Issuer, when authorized by a resolution of its Board (which resolutions may provide general authorization for such action and may
provide that the specific terms of such action may be determined by officers of the Issuer authorized thereby), and the Guarantor, when authorized by a resolution of the Guarantor’s Board of Directors, and the Trustee may, from time to time and
at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in
any manner the rights of the Holders of the Securities of each such series; provided, that no such supplemental indenture shall (a) (i) extend the final maturity of any Security, (ii) reduce the principal amount thereof,
(iii) reduce the rate or extend the time of payment of interest thereon, (iv) reduce any amount payable on redemption thereof, (v) make the principal thereof (including any amount in respect of original issue discount), or interest
thereon 
  

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 payable in any coin or currency other than that provided in the Securities or in accordance with the terms thereof,
(vi) modify or amend any provisions for converting any currency into any other currency as provided in the Securities or in accordance with the terms thereof, (vii) reduce the amount of the principal of an Original Issue Discount Security
that would be due and payable upon an acceleration of the maturity thereof pursuant to Section 4.01 or the amount thereof provable in bankruptcy pursuant to Section 4.02, (viii) modify or amend any provisions relating to the
conversion or exchange of the Securities for securities of the Issuer or the Guarantor or of other entities or other property (or the cash value thereof), including the determination of the amount of securities or other property (or cash) into which
the Securities shall be converted or exchanged, other than as provided in the antidilution provisions or other similar adjustment provisions of the Securities or otherwise in accordance with the terms thereof, (ix) alter the provisions of
Section 10.11 or Section 10.13 or impair or affect the right of any Securityholder to institute suit for the payment thereof or, if the Securities provide therefor, any right of repayment at the option of the Securityholder, in each case
without the consent of the Holder of each Security so affected, or (b) reduce the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any such supplemental indenture, without the consent of the
Holders of each Security so affected. 
  
 A supplemental indenture
which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of holders of Securities of such
series, with respect to such covenant or provision, shall be deemed not to affect the rights under this Indenture of the holders of Securities of any other series. 
  
 Upon the request of the Issuer, accompanied by a copy of a resolution of the Board (which resolutions may provide general
authorization for such action and may provide that the specific terms of such action may be determined by officers of the Issuer authorized thereby) certified by the secretary or an assistant secretary of the Issuer authorizing the execution of any
such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join with the Issuer and the Guarantor in the
execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated
to, enter into such supplemental indenture. 
  
 It shall not be
necessary for the consent of the Securityholders under this section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
  
 Promptly after the execution by the Issuer, the Guarantor and the Trustee of
any supplemental indenture pursuant to the provisions of this Section, the Trustee shall give notice thereof by (a) first class mail to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the
registry books of the Issuer or (b) by any other means set forth in such supplemental indenture, setting forth in general terms the substance of such supplemental indenture. Any failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  

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 Section 7.03. Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the
Trustee, the Issuer, the Guarantor and the Holders of Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 7.04. Documents to Be Given to Trustee. In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise. 
  
 Section 7.05. Notation On
Securities In Respect Of Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the
Trustee for such series as to any matter provided for by such supplemental indenture or as to any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Board, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then
Outstanding. 
  
 ARTICLE 8. 
  
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 
  
 Section 8.01. Issuer May Consolidate, etc., on Certain Terms. The
Issuer covenants that it will not merge or consolidate with any other Person or sell or convey all or substantially all of its assets to any Person, unless (i) either the Issuer shall be the continuing legal entity, or the successor legal
entity or the Person which acquires by sale or conveyance substantially all the assets of the Issuer (if other than the Issuer) shall expressly assume the due and punctual payment of the principal of and interest on all the Securities, according to
their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Issuer, by supplemental indenture satisfactory to the Trustee, executed and delivered to the
Trustee by such successor 
  

 38 

 legal entity, and (ii) the Issuer or such successor legal entity, as the case may be, shall not, immediately after
such merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition. 
  
 Section 8.02. Successor Substituted. In case of any such consolidation, merger, sale or conveyance, and following such an assumption by the
successor legal entity, all in the manner described in section 8.01, such successor legal entity shall succeed to and be substituted for the Issuer, with the same effect as if it had been named herein. Such successor legal entity may cause to be
signed, and may issue either in its own name or in the name of the Issuer prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the
order of such successor legal entity instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed
and delivered by the officers of the Issuer to the Trustee for authentication, and any Securities which such successor legal entity thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued
shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the
execution hereof. Any required changes in phrasing and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
  

In the event of such assumption following any sale or conveyance in accordance with section 8.01 and this section 8.02 (other than a conveyance by way
of lease) the Issuer (including any successor legal entity that has been further substituted in accordance with section 8.01 and this section 8.02) shall be discharged from all obligations and covenants under this Indenture and the Securities and
may be liquidated and dissolved. 
  
 Section 8.03.
Guarantor May Consolidate, etc., on Certain Terms. The Guarantor covenants that it will not merge or consolidate with any other Person or sell, lease or convey all or substantially all of its assets to any other Person, unless (i) either
the Guarantor shall be the continuing legal entity, or the successor legal entity or the Person which acquires by sale, lease or conveyance substantially all the assets of the Guarantor (if other than the Guarantor) shall expressly assume the due
and punctual payment of the principal of and interest on all the Securities and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Guarantor, by supplemental
indenture satisfactory to the Trustee, executed and delivered to the Trustee by such successor legal entity, and (ii) the Guarantor, such Person or such successor legal entity, as the case may be, shall not, immediately after such merger or
consolidation, or such sale, lease or conveyance, be in default in the performance of any such covenant or condition. 
  
 Section 8.04. Successor Legal Entity Substituted for the Guarantor. In case of any such consolidation, merger, sale, lease or conveyance, and
following such an assumption by the successor legal entity, all in the manner described in section 8.03, such successor legal entity 
  

 39 

 shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein and any
required changes in phrasing and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
  
 In the event of such assumption following any sale or conveyance in accordance with section 8.03 and this section 8.04 (other than a conveyance by way of
lease) the Guarantor (including any successor legal entity that has been further substituted in accordance with section 8.03 and this section 8.04) shall be discharged from all obligations and covenants under this Indenture and the Securities and
may be liquidated and dissolved. 
  
 Section 8.05. Opinion
of Counsel to Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, shall receive an Opinion of Counsel, prepared in accordance with Section 10.05, as conclusive evidence that any such consolidation, merger, sale, lease
or conveyance, and any such assumption, and any such liquidation or dissolution, complies with the applicable provisions of this Indenture. 
  
 ARTICLE 9. 
  
 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 
  
 Section 9.01. Satisfaction and Discharge of Indenture. (a) If at any time (i) the Issuer or the Guarantor shall have paid or caused
to be paid the principal of and interest on all the Securities of any series outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09)
as and when the same shall have become due and payable, or (ii) the Issuer or the Guarantor shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than any Securities of such series
which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) or (iii) (A) all the securities of such series not theretofore delivered to the Trustee for cancellation shall
have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and (B) the
Issuer or the Guarantor shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the Issuer in accordance with
Section 9.04) in the case of any series of Securities the payments on which may only be made in United States dollars, direct obligations of the United States of America, backed by its full faith and credit (“U.S. Government
Obligations”), maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or a combination thereof, sufficient to pay at maturity or upon redemption all Securities of such series (other than
any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) not theretofore delivered to the Trustee for cancellation, including principal and interest
due or to become due on or prior to such date of maturity as the case may be, and if, in any such case, the Issuer or the Guarantor shall also pay or cause to be paid all other sums payable hereunder by the Issuer or the Guarantor with respect to
Securities of such series, 
  

 40 

 then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to
(i) rights of registration of transfer and exchange of securities of such series, and the Issuer’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights
of holders to receive payments of principal thereof and interest thereon upon the original stated due date therefor (but no upon acceleration), and remaining rights of the holders to receive mandatory sinking fund payments, if any, (iv) the
rights, obligations and immunities of the Trustee hereunder and (v) the rights of the Securityholders of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them), and the
Trustee, on demand of the Issuer or the Guarantor accompanied by an Officers’ Certificate (or Guarantor’s Officer’s Certificate respectively) and an Opinion of Counsel and at the cost and expense of the Issuer, shall execute proper
instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series; provided, that the rights of Holders of the Securities to receive amounts in respect of principal of and interest on the Securities held by
them shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Securities are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter reasonably
and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities of such series. 
  
 (b) The following provisions shall apply to the Securities of each series
unless specifically otherwise provided in a Board Resolution, Officers’ Certificate or indenture supplemental hereto provided pursuant to Section 2.03. In addition to discharge of the Indenture pursuant to the next preceding paragraph, in
the case of any series of Securities the exact amounts (including the currency of payment) of principal of and interest due on which can be determined at the time of making the deposit referred to in clause 9.01(b)(i) below, the Issuer and the
Guarantor shall be deemed to have paid and discharged the entire indebtedness on all the Securities of such a series on the 91st day after the date of the deposit referred to in clause 9.01(b)(i) below, and the provisions of this Indenture with
respect to the Securities of such series thereto shall no longer be in effect (except as to (1) rights of registration of transfer and exchange of Securities of such series and the Issuer’s right of optional redemption, if any,
(2) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (3) rights of Holders of Securities to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon
acceleration), and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (4) the rights, obligations, duties and immunities of the Trustee hereunder, (5) the rights of the Holders of Securities of such series
as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them and (6) the obligations of the Issuer under Section 3.02) and the Trustee, at the expense of the Issuer or the Guarantor,
shall at the Issuer’s or the Guarantor’s request, execute proper instruments acknowledging the same, if 
  
 (i) with reference to this provision the Issuer or the Guarantor has irrevocably deposited or caused to be irrevocably deposited with the
Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of 
  

 41 

 the Securities of such series (A) cash in an amount, or (B) in the case of any series of
Securities the payments on which may only be made in Dollars, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash or (C) a combination thereof, sufficient,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (1) the principal and interest on all Securities of such series and Coupons
appertaining thereto on each date that such principal or interest is due and payable and (2) any mandatory sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of the Indenture and the
Securities of such series; 
  
 (ii) such deposit
will not result in a breach or violation of, or constitute a default under, any agreement or instrument to which the Issuer is a party or by which it is bound; 
  

(iii) the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel based on the fact that (x) the Issuer has
received from, or there has been published by, the Internal Revenue Service a ruling or (y) since the date hereof, there has been a change in the applicable federal income tax law, in either case to the effect that, and such opinion shall
confirm that, the Holders of the Securities of such series and Coupons appertaining thereto will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal
income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; and 
  
 (iv) the Issuer or the Guarantor has delivered to the Trustee an Officers’ Certificate or
Guarantor’s Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this provision have been complied with. 
  
 (c) Each of the Issuer and the Guarantor shall be released from its
obligations under Section 9.01 with respect to the Securities of any Series, Outstanding, and under any guarantee in respect thereof, on and after the date the conditions set forth below are satisfied (hereinafter, “covenant
defeasance”). For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of any Series, and under a guarantee in respect thereof, the Issuer and the Guarantor may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in such Sections, whether directly or indirectly by reason of any reference elsewhere herein to such Sections or by reason of any reference in such Sections to any other provision
herein or in any other document and such omission to comply shall not constitute an Event of Default under Section 4.01, but the remainder of this Indenture and such Securities and Coupons and the Guarantee shall be unaffected thereby. The
following shall be the conditions to application of this subsection (c) of this Section 9.01: 
  

 42 

 (i) The Issuer or the Guarantor has irrevocably deposited or caused to be deposited with
the Trustee 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 the Securities of such series, (A) cash in an amount, or
(B) in the case of any series of Securities the payments on which may only be made in Dollars, U.S. Government Obligations maturing as to principal and interest at such times and in such amounts as will insure the availability of cash or
(C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (1) the principal and interest on all
Securities of such series and Coupons appertaining thereto and (2) any mandatory sinking fund payments on the day on which such payments are due and payable in accordance with the terms of the Indenture and the Securities of such series.

  
 (ii) No Event of Default or event which with
notice or lapse of time or both would become an Event of Default with respect to the Securities shall have occurred and be continuing on the date of such deposit or, insofar as subsections 4.01(c) and 4.01(d) are concerned, at any time during the
period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 
  
 (iii) Such covenant defeasance shall not cause the Trustee to have a conflicting interest for purposes of
the Trust Indenture Act of 1939 with respect to any securities of the Issuer. 
  
 (iv) Such covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Issuer or the Guarantor is a party or by
which either of them is bound. 
  
 (v) Such
covenant defeasance shall not cause any Securities then listed on any registered national securities exchange under the Securities Exchange Act of 1934, as amended, to be delisted. 
  
 (vi) The Issuer or the Guarantor shall have delivered to the Trustee an Officers’ Certificate or
Guarantor’s Officers’ Certificate, as the case may be, and Opinion of Counsel to the effect that the Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such
covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 
  
 (vii) The Issuer or the Guarantor shall have delivered to
the Trustee an Officers’ Certificate or Guarantor’s Officers’ Certificate, as the case may be, and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the covenant defeasance contemplated by this
provision have been complied with. 
  

 43 

 Section 9.02. Application by Trustee of Funds Deposited for Payment of Securities. Subject to
Section 9.04 and any subordination provisions applicable to the Securities, all moneys deposited with the Trustee pursuant to Section 9.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent
(including the Issuer acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for
principal and interest; but such money need not be segregated from other funds except to the extent required by law. 
  
 Section 9.03. Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to
Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series of Securities shall, upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys. 
  
 Section 9.04. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the Trustee or any paying agent for the payment of the principal of or interest
on any Security of any series and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required
by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with respect to
such moneys shall thereupon cease. 
  
 The Issuer shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 9.01 or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of Outstanding Securities. 
  
 ARTICLE 10. 
  
 MISCELLANEOUS
PROVISIONS 
  
 Section 10.01. Incorporators, Stockholders,
Members, Officers and Directors of Issuer Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall
be had against any incorporator, as such or against any past, present or future stockholder (except in a stockholder’s corporate capacity as Guarantor), member, officer or director, as such, of the Issuer or the Guarantor or of any successor,
either directly or through the Issuer or the Guarantor, as the case may be, or any successor, under any rule of law, statute 
  

 44 

 or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance of the Securities by the holders thereof and as part of the consideration for the issue of the Securities. 
  
 Section 10.02. Provisions of Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this
Indenture or in the Securities, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Securities, any legal or equitable right, remedy
or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities. 
  
 Section 10.03. Successors and Assigns of Issuer and Guarantor Bound
by Indenture. All the covenants, stipulations, promises and agreements in this Indenture contained by or in behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and
agreements in this Indenture contained by or in behalf of the Guarantor shall bind its successors and assigns, whether so expressed or not. 
  
 Section 10.04. Notices and Demands on Issuer, Trustee and Securityholders. Any notice or demand which by any provision of this Indenture is
required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer or the Guarantor may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided
herein) addressed (until another address is filed with the Trustee) as follows: 
  
 If to the Issuer: 
  
 Teva Pharmaceutical Finance Company, B.V. 
 c/o Teva Pharmaceutical USA, Inc. 
 1060 Horsham Road 
 North Wales, Pennsylvania 19454 
 Attention: George S. Barrett 
 (215) 591-3000 
  
 with copies to: 
  
 Willkie Farr & Gallagher LLP 
 787 Seventh Avenue 
 New York, NY 10019 
 Attn: Peter H. Jakes and Jeffrey S. Hochman 
 Fax: (212) 728-8111 
  

 45 

 If to the Guarantor: 
  
 Teva Pharmaceutical Industries Limited 
 5 Basel Street 
 P.O. Box 3190 
 Petach Tikva 49131 
 Israel 
 Attn:
Uzi Karniel 
 Fax: 972.3.926.7429 
  
 and 
  
 Attn: Dan Suesskind 
 Fax: 972.2.589.2839 
  
 with copies to:

  
 Willkie Farr & Gallagher LLP

 787 Seventh Avenue 
 New York, NY 10019 
 Attn: Peter H. Jakes and Jeffrey S. Hochman 
 Fax: (212) 728-8111 
  
 Any notice, direction, request or demand by the Issuer, the Guarantor or any Securityholder to or upon the Trustee shall be deemed to have been
sufficiently given or made, for all purposes, if delivered in person or mailed by first-class mail to the Trustee at 101 Barclay Street, Floor 21W, New York, NY 10286, Attention: Corporate Trust Administration – Global Finance Unit. 

 
 Where this Indenture provides for notice to Holders, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the Security register. In any case where notice to Holders
is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer, the Guarantor
or Securityholders 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.

  

 46 

 Section 10.05. Officers’ Certificates and Opinions of Counsel; Statements to be Contained
Therein. Upon any application or demand by the Issuer or the Guarantor to the Trustee to take any action under any of the provisions of this Indenture, the Issuer or the Guarantor, as the case may be, shall furnish to the Trustee an
Officers’ Certificate or Guarantor’s Officers’ Certificate, as the case may be, stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 
  
 Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided
for in this Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to
whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 
  
 Any certificate, statement or opinion of an Officer of the Issuer or the
Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual
matters, information with respect to which is in the possession of the Issuer or the Guarantor, as the case may be, upon the certificate, statement or opinion of or representations by an officer of officers of the Issuer or the Guarantor, as the
case may be, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous. 
  
 Any
certificate, statement or opinion of an Officer of the Issuer or the Guarantor or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in
the employ of the Issuer, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid
are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 
  
 Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent. 
  

 47 

 Section 10.06. Payments Due on Saturdays, Sundays and Holidays. If the date of maturity of
interest on or principal of the Securities of any series or the date fixed for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. 
  
 Section 10.07. Conflict of any Provision of Indenture with Trust Indenture Act of 1939. If and to the extent
that any provision of this Indenture limits, qualifies or conflicts with another provision included in this Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 (an “incorporated provision”), such
incorporated provision shall control. 
  
 Section 10.08.
New York Law to Govern. This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be
required by mandatory provisions of law. 
  
 Section 10.09.
Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
  
 Section 10.10. Effect of Headings. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 Section 10.11. Securities in a Non-U.S. Currency. Unless otherwise specified in an Officers’ Certificate delivered pursuant to
Section 2.03 of this Indenture with respect to a particular series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all series
or all series affected by a particular action at the time Outstanding and, at such time, there are Outstanding Securities of any series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such
series which shall be deemed to be Outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate. For purposes of this Section 10.11, Market Exchange Rate
shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the
Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in The City of New York or in the
country of issue of the currency in question, or such other quotations as the Trustee shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a series
denominated in a currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
  

 48 

 All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative
determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Issuer and all Holders.

  
 Section 10.12. Submission to Jurisdiction. Each of
the Issuer and the Guarantor agrees that any legal suit, action or proceeding arising out of or based upon this Indenture may be instituted in any federal or state court sitting in New York City, and, to the fullest extent permitted by law, waives
any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such court in any suit, action or proceeding. Each of the Issuer and the Guarantor, as long as any of the
Securities remain Outstanding or the parties hereto have any obligation under this Indenture, shall have an authorized agent (the “Authorized Agent”) in the United States upon whom process may be served in any such legal action or
proceeding. Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding
and, if it fails to maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder.
The Issuer and the Guarantor each hereby appoints Teva Pharmaceuticals USA, Inc. as its agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such office of such agent.

  
 Section 10.13. Judgment Currency. Each of the
Issuer and the Guarantor agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or
interest on the Securities of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, to the extent
permitted by applicable law, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York
Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery
pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full
amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which
such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing,
“New 
  

 49 

 York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on
which banking institutions in The City of New York are authorized or required by law or executive order to close. 
  
 ARTICLE 11. 
  
 REDEMPTION OF SECURITIES AND SINKING FUNDS 
  
 Section 11.01. Applicability Of Article. The provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified as contemplated by Section 2.03 for Securities of such series. 
  
 Section 11.02. Notice Of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed as a
whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of
such series at their last addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Failure
to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of such series.

  
 The notice of redemption to each such Holder shall specify the
principal amount of each Security of such series held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities,
that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest
thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state
that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 
  
 The notice of redemption of Securities of any series to be redeemed at the
option of the Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer. 
  
 On or before the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit with the Trustee or with
one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.04) an amount of money or other property sufficient to redeem on the 
  

 50 

 redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together
with accrued interest to the date fixed for redemption. If less than all the outstanding Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days prior to the date fixed for redemption an Officers’
Certificate stating the aggregate principal amount of Securities to be redeemed. 
  
 If less than all the Securities of a series are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair, Securities of such Series to be redeemed in whole or in part. Securities
may be redeemed in part in multiples equal to the minimum authorized denomination for Securities of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of the Securities of such series selected for redemption
and, in the case of any Securities of such series selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 
  
 Section 11.03. Payment of Securities Called for Redemption. If
notice of redemption has been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together
with interest accrued to the date fixed for redemption, and on and after said date (unless the Issuer shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or
portions of Securities so called for redemption shall cease to accrue and, except as provided in Sections 5.05 and 9.04, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this
Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a
place of payment specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption;
provided that any semiannual payment of interest becoming due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Sections 2.03 and
2.04 hereof. 
  
 If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount
Security) borne by such Security. 
  
 Upon presentation of any
Security redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations,
in principal amount equal to the unredeemed portion of the Security so presented. 
  

 51 

 Section 11.04. Exclusion of Certain Securities from Eligibility for Selection for Redemption.
Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized Officer of the Issuer and delivered to the Trustee at least 40
days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written
statement as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. 
  
 Section 11.05. Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the
Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking
fund payment”. The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date”. 
  
 In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may at its option
(a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not previously so
credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10, (b) receive credit for optional sinking fund payments (not previously so
credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Issuer through any optional redemption provision contained in the terms of such series. Securities so
delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. 
  
 On or before the sixtieth day next preceding each sinking fund payment date for any series, the Issuer will deliver to the Trustee a written statement
(which need not contain the statements required by Section 10.05) signed by an authorized Officer of the Issuer (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be
satisfied by credit of Securities of such series, (b) stating that none of the Securities of such series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such
series have occurred (which have not been waived or cured) and are continuing and (d) stating whether or not the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying
the amount of such optional sinking fund payment which the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the
Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such written statement (or reasonably promptly
thereafter if acceptable to the Trustee). Such written statement shall be irrevocable and upon its receipt by the Trustee the Issuer shall become unconditionally obligated 
  

 52 

 to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund
payment date. Failure of the Issuer, on or before any such sixtieth day, to deliver such written statement and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series
in respect thereof and (ii) that the Issuer will make no optional sinking fund payment with respect to such series as provided in this Section. 
  
 If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any
unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if the Issuer shall so request) with respect to the Securities of any particular series, such cash shall be applied on the next succeeding
sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $50,000 or less and the Issuer makes no such
request then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 11.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities
of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities of any series which are
(a) owned by the Issuer or an entity known by the Trustee to be directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer, as shown by the Security register, and not known to the Trustee to
have been pledged or hypothecated by the Issuer or any such entity or (b) identified in an Officers’ Certificate at least 60 days prior to the sinking fund payment date as being beneficially owned by, and not pledged or hypothecated by,
the Issuer or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer shall be excluded from Securities of such series eligible for selection for redemption. The Trustee, in the name
and at the expense of the Issuer (or the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 11.02 (and with the
effect provided in Section 11.03) for the redemption of Securities of such series in part at the option of the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be
added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of
any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to
the payment of the principal of, and interest on, the Securities of such series at maturity. 
  
 On or before each sinking fund payment date, the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest accrued to the date fixed for redemption on Securities to be redeemed
on the next following sinking fund payment date. 
  

 53 

 The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys
or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default except that, where the mailing of notice of
redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient for such redemption. Except as aforesaid, any
moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have
been collected under Article 4 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 4.10 or the default cured on or before the sixtieth day preceding the sinking fund
payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities. 
  
 ARTICLE 12. 
  
 GUARANTEE 
  
 Section 12.01. The Guarantee. The Guarantor hereby unconditionally guarantees to each Holder of a Security authenticated and delivered by the
Trustee the due and punctual payment of the principal of, any premium and interest on, and any additional amounts with respect to such Security and the due and punctual payment of the sinking fund payments (if any) provided for pursuant to the terms
of such Security, when and as the same shall become due and payable, whether at maturity, by acceleration, redemption, repayment or otherwise, in accordance with the terms of such Security and of this Indenture. In case of the failure of the Issuer
punctually to pay any such principal, premium, interest, additional amounts or sinking fund payment, the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at maturity,
upon acceleration, redemption, repayment or otherwise, and as if such payment were made by the Issuer. 
  
 Section 12.02. Net Payments. All payments of principal of and premium, if any, interest and any other amounts on, or in respect of, the
Securities of any series shall be made by the Guarantor without withholding or deduction at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges of whatever nature imposed or levied by or on
behalf of the State of Israel (the “taxing jurisdiction”) or any political subdivision or taxing authority thereof or therein, unless such taxes, fees, duties, assessments or governmental charges are required to be withheld or deducted by
(i) the laws (or any regulations or ruling promulgated thereunder) of a taxing jurisdiction or any political subdivision or taxing authority thereof or therein or (ii) an official position regarding the application, administration,
interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a taxing authority in a taxing jurisdiction or any political subdivision thereof). If a
withholding or deduction at source is required, the Guarantor shall, subject to certain limitations and exceptions set forth below, pay to 
  

 54 

 the Holder of any such Security such additional amounts as may be necessary so that every net payment of principal,
premium, if any, interest or any other amount made to such Holder, after such withholding or deduction, shall not be less than the amount provided for in such Security, and this Indenture to be then due and payable; provided, however, that the
Guarantor shall not be required to make payment of such additional amounts for or on account of: 
  
 (a) any tax, fee, duty, assessment or governmental charge of whatever nature which would not have been imposed but for the fact that such Holder:
(A) was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the relevant taxing jurisdiction or any political subdivision thereof or otherwise had some connection
with the relevant taxing jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Security; (B) presented such Security for payment in the relevant taxing jurisdiction or any political subdivision thereof,
unless such Security could not have been presented for payment elsewhere; or (C) presented such Security more than thirty (30) days after the date on which the payment in respect of such Security first became due and payable or provided
for, whichever is later, except to the extent that the Holder would have been entitled to such additional amounts if it had presented such Security for payment on any day within such period of thirty (30) days; 
  
 (b) any estate, inheritance, gift, sale, transfer, personal property or
similar tax, assessment or other governmental charge; 
  
 (c) any
tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial owner of such Security to comply with any reasonable request by the Guarantor addressed to the Holder within 90 days of
such request (A) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (B) to make any declaration or other similar claim or satisfy any information or reporting requirement,
which, in the case of (A) or (B), is required or imposed by statute, treaty, regulation or administrative practice of the relevant taxing jurisdiction or any political subdivision thereof as a precondition to exemption from all or part of such
tax, assessment or other governmental charge; or 
  
 (d) any
combination of items (a), (b) and (c); 
  
 nor shall
additional amounts be paid with respect to any payment of the principal of, or premium, if any, interest or any other amounts on, any such Security to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such
Security to the extent such payment would be required by the laws of the relevant taxing jurisdiction (or any political subdivision or relevant taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or
partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of the Security. 
  

 55 

 Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any
premium, interest or any other amounts on, or in respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of additional
amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, additional amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of
additional amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of additional amounts in those provisions hereof where such express mention is not made. 
  
 Section 12.03. Guarantee Unconditional, etc. The Guarantor hereby
agrees that its obligations hereunder shall be as principal and not merely as surety, and shall be absolute, irrevocable and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of any Security
or this Indenture, any failure to enforce the provisions of any Security or this Indenture, or any waiver, modification, consent or indulgence granted with respect thereto by the Holder of such Security or the Trustee, the recovery of any judgment
against the Issuer or any action to enforce the same, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of merger, insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to any such Security or the indebtedness evidenced thereby and all demands
whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of, any premium and interest on, and any additional amounts and sinking fund payments required with respect to, the Securities and the
complete performance of all other obligations contained in the Securities. The Guarantor further agrees, to the fullest extent that it lawfully may do so, that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other
hand, the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 4.01 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or prohibition extant under any bankruptcy, insolvency,
reorganization or other similar law of any jurisdiction preventing such acceleration in respect of the obligations guaranteed hereby. 
  
 Section 12.04. Reinstatement. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment on
any Security, in whole or in part, is rescinded or must otherwise be restored to the Issuer or the Guarantor upon the bankruptcy, liquidation or reorganization of the Issuer or otherwise. 
  
 Section 12.05. Subrogation. The Guarantor shall be subrogated to all rights of the Holder of any Security
against the Issuer in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or
based upon, such right of subrogation until the principal of, any premium and interest on, and any additional amounts and sinking fund payments required with respect to, all Securities shall have been paid in full. 
  

 56 

 Section 12.06. Assumption by Guarantor. 
  
 (a) The Guarantor may, without the consent of the Holders, assume all of the
rights and obligations of the Issuer hereunder with respect to a series of Securities and under the Securities of such series if, after giving effect to such assumption, no Event of Default or event which with the giving of notice or lapse of time,
or both, would become an Event of Default, shall have occurred and be continuing. Upon such an assumption, the Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Issuer and the Issuer
shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such Series. 
  
 (b) The Guarantor shall assume all of the rights and obligations of the Issuer hereunder with respect to a series of Securities and under the Securities
of such series if, upon a default by the Issuer in the due and punctual payment of the principal, sinking fund payment, if any, premium, if any, or interest on such Securities, the Guarantor is prevented by any court order or judicial proceeding
from fulfilling its obligations under Section 12.01 with respect to such series of Securities. Such assumption shall result in the Securities of such series becoming the direct obligations of the Guarantor and shall be effected without the
consent of the Holders of the Securities of any Series. Upon such an assumption, the Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Issuer, and the Issuer shall be released from
its liabilities hereunder and under such Securities as obligor on the Securities of such Series. 
  

 57 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
January 31st, 2006. 
  

			
	TEVA PHARMACEUTICAL FINANCE COMPANY B.V.
		
	 By:
	 	 /s/ George S. Barrett

	 Name:
	 	 George S. Barrett

	 Title:
	 	 Attorney-in-fact

		
	 By:
	 	 /s/ Richard S. Egosi

	 Name:
	 	 Richard S. Egosi

	 Title:
	 	 Attorney-in-fact

	
	TEVA PHARMACEUTICAL INDUSTRIES LIMITED
		
	 By:
	 	 /s/ Israel Makov

	 Name:
	 	 Israel Makov

	 Title:
	 	 President and Chief Executive Officer

		
	 By:
	 	 /s/ Dan Suesskind

	 Name:
	 	 Dan Suesskind

	 Title:
	 	 Chief Financial Officer

	
	THE BANK OF NEW YORK, as Trustee
		
	 By:
	 	 /s/ Stanislav Pertsev

	 Name:
	 	 Stanislav Pertsev

	 Title:
	 	 Assistant Treasurer

  

 58First Supplemental Senior Indenture, dated as of January 31, 2006

 EXHIBIT 4.5 

  
 TEVA PHARMACEUTICAL FINANCE COMPANY B.V., 
  
 as Issuer 
  
 TEVA PHARMACEUTICAL INDUSTRIES LIMITED, 
  
 as Guarantor 
  
 and 
  
 THE BANK OF NEW YORK, 
  
 as Trustee 
  

  
 FIRST SUPPLEMENTAL SENIOR INDENTURE 
  

Dated as of January 31, 2006 
  
 to the Senior Indenture dated as of January 31, 2006 
  

  
 Creating the series of
debentures designated 
  
 1.75% Convertible Senior Debentures due
2026 
  

							
	 	 	ARTICLE 1
	 	 	DEFINITIONS AND INCORPORATION BY REFERENCE
				
	 	 	 Section 1.1
	  	 Definitions
	  	1
				
	 	 	 Section 1.2
	  	 Incorporation by Reference of Trust Indenture Act
	  	13
				
	 	 	 Section 1.3
	  	 Rules of Construction
	  	13
		
	 	 	ARTICLE 2
	 	 	THE DEBENTURES AND THE GUARANTEES
				
	 	 	 Section 2.1
	  	 Title and Terms
	  	14
				
	 	 	 Section 2.2
	  	 Form of Debentures
	  	15
				
	 	 	 Section 2.3
	  	 Global DebenbturesLegends
	  	16
				
	 	 	 Section 2.4
	  	 Form of Guarantee
	  	16
				
	 	 	 Section 2.5
	  	 Book-Entry Provisions for the Global Debentures
	  	17
				
	 	 	 Section 2.6
	  	 Defaulted Interest
	  	19
				
	 	 	 Section 2.7
	  	 Execution of Guarantees
	  	19
				
	 	 	 Section 2.8
	  	 Add On Debentures
	  	19
		
	 	 	ARTICLE 3
	 	 	[RESERVED.]
		
	 	 	ARTICLE 4
	 	 	CONSOLIDATION, MERGER, SALE OR CONVEYANCE
				
	 	 	 Section 4.1
	  	 Issuer May Consolidate, etc., on Certain Terms
	  	21
		
	 	 	ARTICLE 5
	 	 	MEETING OF HOLDERS OF DEBENTURES
				
	 	 	 Section 5.1
	  	 Purposes for Which Meetings May Be Called
	  	22
				
	 	 	 Section 5.2
	  	 Call Notice and Place of Meetings
	  	22
				
	 	 	 Section 5.3
	  	 Persons Entitled to Vote at Meetings
	  	22
				
	 	 	 Section 5.4
	  	 Quorum; Action
	  	22
				
	 	 	 Section 5.5
	  	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	23
				
	 	 	 Section 5.6
	  	 Counting Votes and Recording Action of Meetings
	  	24
				
	 	 	 Section 5.7
	  	 Acts of Holders of Debentures
	  	24

  

 i 

							
	 	 	ARTICLE 6
	 	 	ADDITIONAL COVENANTS
				
	 	 	 Section 6.1
	  	 Restrictions on Certain Payments
	  	25
				
	 	 	 Section 6.2
	  	 Payment of Additional Tax Amounts
	  	25
				
	 	 	 Section 6.3
	  	 Stamp Taxes
	  	26
				
	 	 	 Section 6.4
	  	 Corporate Existence
	  	26
				
	 	 	 Section 6.5
	  	 Certificates of the Issuer and the Guarantor
	  	26
				
	 	 	 Section 6.6
	  	 Guarantor to be the Sole Equityholder of the Issuer
	  	27
				
	 	 	 Section 6.7
	  	 Waiver of Stay or Extension Laws
	  	27
		
	 	 	ARTICLE 7
	 	 	REDEMPTION OF DEBENTURES
				
	 	 	 Section 7.1
	  	 Optional Redemption
	  	27
				
	 	 	 Section 7.2
	  	 Selection of Debentures for Partial Redemption
	  	27
				
	 	 	 Section 7.3
	  	 Notice of Redemption
	  	28
				
	 	 	 Section 7.4
	  	 Deposit of Redemption Price
	  	28
		
	 	 	ARTICLE 8
	 	 	REPURCHASE AT THE OPTION OF A HOLDER
				
	 	 	 Section 8.1
	  	 Repurchase Rights
	  	28
				
	 	 	 Section 8.2
	  	 Notices; Method of Exercising Repurchase Right, Etc
	  	29
		
	 	 	ARTICLE 9
	 	 	CONVERSION OF DEBENTURES
				
	 	 	 Section 9.1
	  	 Conversion Right and Conversion Price
	  	32
				
	 	 	 Section 9.2
	  	 Exercise of Conversion Right
	  	32
				
	 	 	 Section 9.03
	  	 Fractions of ADRs
	  	33
				
	 	 	 Section 9.04
	  	 Adjustment of Conversion Rate
	  	34
				
	 	 	 Section 9.05
	  	 Notice of Adjustments of Conversion Rate
	  	42
				
	 	 	 Section 9.06
	  	 Notice Prior to Certain Actions
	  	42
				
	 	 	 Section 9.07
	  	 Guarantor to Reserve Ordinary Shares
	  	43
				
	 	 	 Section 9.08
	  	 Covenant as to Ordinary Shares
	  	43
				
	 	 	 Section 9.09
	  	 Guarantor’s Covenant Regarding the Delivery of ADRs
	  	43
				
	 	 	 Section 9.10
	  	 Distribution of Ordinary Shares Instead of ADRs
	  	44
				
	 	 	 Section 9.11
	  	 Taxes on Conversions
	  	44
				
	 	 	 Section 9.12
	  	 Cancellation of Converted Debentures
	  	44
				
	 	 	 Section 9.13
	  	 Effect of Reclassification, Consolidation, Merger or Sale
	  	45
				
	 	 	 Section 9.14
	  	 Responsibility of Trustee for Conversion Provisions
	  	46
				
	 	 	 Section 9.15
	  	 Adjustment to Conversion Rate Upon a Change of Control
	  	47
				
	 	 	 Section 9.16
	  	 Conversion After a Public Acquiror Change of Control
	  	48
				
	 	 	 Section 9.17
	  	 Option to Satisfy Conversion Obligation with Cash, ADRs, or Combination Thereof
	  	49

  

 ii 

							
	 	 	ARTICLE 10
	 	 	MISCELLANEOUS PROVISIONS
				
	 	 	 Section 10.1
	  	 Scope of Supplemental Indenture
	  	52
				
	 	 	 Section 10.2
	  	 Provisions of Supplemental Indenture for the Sole Benefit of Parties and Holders of Debentures
	  	52
				
	 	 	 Section 10.3
	  	 Successors and Assigns of Issuer and Guarantor Bound by Supplemental Indenture
	  	52
				
	 	 	 Section 10.4
	  	 Notices and Demands on Issuer, Trustee and Holders of Debentures
	  	52
				
	 	 	 Section 10.5
	  	 Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein
	  	54
				
	 	 	 Section 10.6
	  	 Payments Due on Saturdays, Sundays and Holidays
	  	55
				
	 	 	 Section 10.7
	  	 Conflict of any Provisions of Supplemental Indenture with Trust Indenture Act of 1939
	  	55
				
	 	 	 Section 10.8
	  	 New York Law to Govern
	  	55
				
	 	 	 Section 10.9
	  	 Counterparts
	  	55
				
	 	 	 Section 10.10
	  	 Effect of Headings
	  	55
				
	 	 	 Section 10.11
	  	 Submission to Jurisdiction
	  	55
		
	 	 	ARTICLE 11
	 	 	SUPPLEMENTAL INDENTURES
				
	 	 	 Section 11.1
	  	Without Consent of Holders	  	56
		
	 	 	ARTICLE 12
	 	 	SATISFACTION AND DISCHARGE
				
	 	 	 Section 12.1
	  	 Satisfaction and Discharge
	  	56
	 EXHIBITS
	  	 	  	 
	 EXHIBIT A:
	  	Form of Debenture	  	A-1

  

 iii 

 FIRST SUPPLEMENTAL INDENTURE, dated as of January 31, 2006, among Teva Pharmaceutical Finance
Company B.V., a private limited liability company formed under the laws of the Netherlands Antilles (the “Issuer”), Teva Pharmaceutical Industries Limited, a corporation incorporated under the laws of Israel (the
“Guarantor”), and The Bank of New York, as trustee (the “Trustee”), 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Issuer has heretofore executed and delivered to the Trustee a Senior Debt Indenture, dated as of January 31, 2006 (the “Base Indenture”), providing for the issuance from time to time
of one or more series of its senior unsecured debentures, notes or other evidences of indebtedness (the “Securities”); 
  
 WHEREAS, Section 7.01(e) of the Base Indenture provides that the Issuer, the Guarantor and the Trustee may from time to time enter into one or more
indentures supplemental thereto to establish the form or terms of Securities of a new series; 
  
 WHEREAS, the Issuer, pursuant to the foregoing authority, proposes in and by this First Supplemental Indenture (the “Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”) to supplement the Base Indenture insofar as it will apply only to the 1.75% Convertible Senior Debentures Due 2026 (the “Debentures”) issued hereunder (and not to any other series); and 
  
 WHEREAS, all things necessary have been done to make the Debentures, when
executed by the Issuer and authenticated and delivered hereunder and duly issued by the Issuer, the valid obligations of the Issuer, and to make this Supplemental Indenture a valid agreement of the Issuer, in accordance with their and its terms;

  
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

  
 For and in consideration of the premises and the purchases of
the Debentures by the holders thereof, the Issuer, the Guarantor and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Debentures as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.1 Definitions. 
  
 For all purposes of this Supplemental Indenture and the Debentures, the following terms are defined as follows: 

 
 “Act”, when used with respect to any
Holder of a Debenture, has the meaning specified in Section 5.7. 
  

 1 

 “Add On Debentures” means any Debentures originally issued after the
date hereof pursuant to Section 2.8, including any replacement Debentures as specified in the relevant Add On Debenture Board Resolutions or Add On Debenture supplemental indenture issued therefor in accordance with the Base Indenture.

  
 “Additional ADRs” has the
meaning specified in Section 9.15. 
  
 “Additional Tax Amounts” has the meaning specified in Section 6.2. 
  
 “ADR Depositary” means The Bank of New York, a New York banking corporation, and any successor as depositary under the
Deposit Agreement. 
  
 “ADRs”
means the American Depositary Receipts issued under the Deposit Agreement evidencing the ADSs. 
  
 “ADSs” means the American Depositary Shares representing Deposited Securities. 
  
 “Agent Member” has the meaning specified in
Section 2.5. 
  
 “Applicable Stock
Price” has the meaning specified in Section 9.17. 
  
 “Authorized Agent” has the meaning specified in Section 10.11. 
  
 “Board” means the board of directors or the board of managers of the Issuer, or any other body or Person authorized by
the organizational documents or by the members of the Issuer to act for it. 
  
 “Board Resolution” means one or more resolutions, certified by the secretary of the Board to have been duly adopted or consented to by the Board and to be in full force and effect, and delivered to
the Trustee. 
  
 “Business Day”
means, with respect to any Debenture, a day that in the city (or in any of the cities, if more than one) in which amounts are payable, as specified in the form of such Debenture, is not a day on which banking institutions are authorized by law or
regulation 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 

  

 2 

	 	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.

  
 “Cash Amount”
has the meaning specified in Section 9.17. 
  
 “Change of Control” means the occurrence of any of the following after the original issuance of the Debentures: 
  
 (1) the acquisition by any Person of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition
transaction or series of transactions, of shares of Capital Stock of the Guarantor entitling such person to exercise 50% or more of the total voting power of all shares of Capital Stock of the Guarantor entitled to vote generally in elections of
directors, other than any such acquisition by the Guarantor, any subsidiary of the Guarantor or any employee benefit plan of the Guarantor or any subsidiary of the Guarantor; or 
  
 (2) any consolidation or merger of the Guarantor with or into any other Person, any merger of another Person
into the Guarantor, or any conveyance, transfer, sale, lease or other disposition of all or substantially all of the properties and assets of the Guarantor to another Person, other than in each case any such transaction (x) that does not result
in any reclassification, conversion, exchange or cancellation of outstanding shares of Capital Stock of the Guarantor or (y) pursuant to which holders of Capital Stock of the Guarantor immediately prior to such transaction have the entitlement
to exercise, directly or indirectly, 50% or more of the total voting power of all shares of Capital Stock of the Guarantor entitled to vote generally in the election of directors of the continuing or surviving person immediately after such
transaction; 
  
 provided, however, that a Change of
Control shall not be deemed to have occurred if (A) at least 90% of the consideration in the transaction or transactions otherwise constituting a Change of Control consists of securities traded or to be traded immediately following such change
in control on a U.S. national securities exchange or the Nasdaq National Market and, as a result of such transaction or transactions, the Debentures become convertible solely into such securities; or (B) the Trading Price per ADR for any five
Trading Days within the period of 10 consecutive Trading Days ending immediately after the later of the Change of Control or the public announcement of the Change of Control, in the case of a Change of Control described in clause (1) of this
definition of Change of Control, or the period of 10 consecutive Trading Days ending immediately before the Change of Control, in the case of a Change of Control described in clause (2) of this definition of Change of Control, shall equal or
exceed 110% of the Conversion Price of the Debentures in effect on each such Trading Day, except that for purposes of Section 9.15, if a Change of Control would be deemed to have occurred but for the this clause (B) of the definition of
Change of Control, then a Change of Control shall be deemed to have occurred. As used in this definition, the term “beneficial ownership” shall have the same meaning as such term has in Rule 13d-3 promulgated by the SEC under the Exchange
Act, and the term “Person” shall include any syndicate or group which would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 
  

 3 

 “Clearstream” means Clearstream Banking, société anonyme.

  
 “Commission” means the
Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties
now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 
  
 “Conversion Agent” means any Person authorized by the Issuer to convert Debentures in accordance with Article 9.

  
 “Conversion Obligation” has
the meaning specified in Section 9.17. 
  
 “Conversion Price” means, with respect to the Debentures, $1,000 divided by the Conversion Rate in effect. 
  
 “Conversion Rate” has the meaning specified in Section 9.1(b). 
  
 “Conversion Retraction Period” has the
meaning specified in Section 9.17. 
  
 “Corporate Trust Office” means the office of the Trustee located in The City of New York at which at any particular time its corporate trust business shall be administered (which at the date of this Supplemental Indenture
is located at 101 Barclay Street, New York, New York 10286). 
  
 “corporation” means corporations, associations, limited liability companies, companies and business trusts. 
  
 “Current Market Price” has the meaning set forth in Section 9.4(g). 
  
 “Debenture” or
“Debentures” has the meaning specified to it in the third recital paragraph of this Supplemental Indenture. 
  
 “Default” means an event which is, or after notice or lapse of time or both would be, an Event of Default. 
  
 “Defaulted Interest” has the meaning
specified in Section 2.6. 
  
 “Deposit Agreement” means the Deposit Agreement dated October 18, 2005, among the Guarantor, The Bank of New York, as Depositary, and the Holders from time to time of the ADSs, and as the same may be amended in
accordance with its terms hereafter. 
  
 “Depositary” means The Depository Trust Company, its nominees and their respective successors. 
  

 4 

 “Deposited Securities” means Ordinary Shares deposited or deemed to be
deposited under the Deposit Agreement and any and all other securities, property and cash received by the Depositary or the custodian in respect thereof and at such time held under the Deposit Agreement. 
  
 “Dividend Increase” has the meaning
specified in Section 9.4(e). 
  
 “Dividend Threshold Amount” has the meaning specified in Section 9.4(e). 
  
 “Dollar” or “U.S. Dollar” means the coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private debts. 
  
 “Effective Date,” with respect to a Change of Control, means the date on which such Change of Control becomes effective. 
  
 “Euroclear” means Morgan Guaranty Trust Company of New York, Brussels Office, as operator
of the Euroclear System. 
  
 “Event of
Default” with respect to the Debentures shall not have the meaning assigned to such term by Section 4.01 of the Base Indenture; in lieu thereof Event of Default with respect to the Debentures means each one of the following events
which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body): 
  
 (i) the Issuer defaults in the payment of the principal of any of the Debentures when it becomes due and payable at Maturity, upon redemption or exercise of a Repurchase Right or otherwise; 
  
 (ii) the Issuer defaults in the payment of interest
(including Additional Tax Amounts, if any) on any of the Debentures when it becomes due and payable and such default continues for a period of 30 days; 
  
 (iii) the Guarantor fails to perform under the Guarantees; 
  
 (iv) except as otherwise permitted by the Indenture, the Guarantee is held in any final, nonappealable
judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any person acting on behalf of the Guarantor, shall deny or disaffirm its obligations under the Guarantee;

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

 5 

 (vi) (i) the Issuer or the Guarantor fails to make by the end of the applicable
grace period, if any, any payment of principal or interest due in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $25,000,000; or (ii) there is an acceleration of any
Indebtedness for borrowed money in an amount in excess of $25,000,000 because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such non-payment or acceleration having been cured, waived, rescinded or
annulled, in the case of either (i) or (ii) above, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by Holders of at least 25% in aggregate principal amount of the Outstanding
Debentures; 
  
 (vii) the entry by a court having
jurisdiction in the premises of (i) a decree or order for relief in respect of the Issuer or the Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar
law or (ii) a decree or order adjudging the Issuer or the Guarantor as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the
Guarantor under any applicable U.S. federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or the Guarantor or of any substantial part of its property, or
ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
  
 (viii) the commencement by the Issuer or the Guarantor of a
voluntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Issuer to the
entry of a decree or order for relief in respect of the Issuer or the Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any
bankruptcy or insolvency case or proceeding against the Issuer or the Guarantor, or the filing by the Issuer or the Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable U.S. federal or state law, or the
consent by the Issuer or the Guarantor to the filing of such petition or to the appointment of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or the Guarantor or
of any substantial part of its property, or the making by the Issuer or the Guarantor of an assignment for the benefit of creditors, or the admission by the Issuer or the Guarantor in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by the Issuer or the Guarantor expressly in furtherance of any such action. 
  

 6 

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

  
 “Expiration Time” has the
meaning specified in Section 9.4(f). 
  
 “fair market value” has the meaning set forth in Section 9.4(g)(5). 
  
 “Fundamental Change Issuer Notice” has the meaning specified in Section 8.2(a). 
  
 “Fundamental Change Repurchase Date” has
the meaning specified in Section 8.1(b). 
  
 “Fundamental Change Repurchase Right” has the meaning specified in Section 8.1(b). 
  
 “Global Debenture” has the meaning specified in Section 2.2(b). 
  
 “guarantee” means any obligation,
contingent or otherwise, of any Person, directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
  
 (1) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or maintain financial statement
conditions or otherwise); or 
  
 (2) entered into
for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 
  
 provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the
ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning. 
  
 “Guarantees” means the guarantees of the Guarantor in the form provided in Section 2.4. 
  
 “Guarantor” means the Person named as the
“Guarantor” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Guarantor” shall mean such successor Person.

  
 “Holder”, “Holder of
Debentures” or other similar terms means the registered holder of any Debenture. 
  

 7 

 “Indebtedness” means, with respect to any Person: 
  
 (1) any liability for borrowed money, or evidenced by an
instrument for the payment of money, or incurred in connection with the acquisition of any property, services or assets (including securities), or relating to a capitalized lease obligation, other than accounts payable or any other indebtedness to
trade creditors created or assumed by such Person in the ordinary course of business in connection with the obtaining of materials or services; 
  
 (2) obligations under exchange rate contracts or interest rate protection agreements; 
  
 (3) any obligations to reimburse the issuer of any letter of
credit, surety bond, performance bond or other guarantee of contractual performance; 
  
 (4) any liability of another person of the type referred to in clause (1), (2) or (3) of this definition which has been assumed
or guaranteed by such person; and 
  
 (5) any
obligations described in clauses (1) through (4) of this definition secured by any mortgage, pledge, lien or other encumbrance existing on property which is owned or held by such person, regardless of whether the indebtedness or other
obligation secured thereby shall have been assumed by such person. 
  
 “Interest Payment Date” means each of February 1 and August 1, beginning August 1, 2006; provided, however, that if any such date is not a Business Day, the Interest Payment Date
shall be the next succeeding Business Day. 
  
 “Interest Rate” means 1.75% per annum. 
  
 “Issuer” means the company named as the “Issuer” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of the
Indenture, and thereafter “Issuer” shall mean such successor Person. 
  
 “Issuer Notice” has the meaning specified in Section 8.2(a). 
  
 “Issuer Order” means a written order signed
in the name of the Issuer by any Managing Director or a duly authorized Attorney-in-Fact of the Issuer, and delivered to the Trustee. 
  
 “Maturity” means the date on which the principal of the Debentures becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by acceleration, conversion, call for redemption, exercise of a Repurchase Right or otherwise. 
  

 8 

 “Nasdaq National Market” means the National Association of Securities
Dealers Automated Quotation National Market or any successor national securities exchange or automated over-the-counter trading market in the United States. 
  
 “Non-Stock Change of Control” has the meaning specified in Section 9.15(a). 
  
 “Non-Stock Change of Control Issuer Notice”
has the meaning specified in Section 9.15(b). 
  
 “Officer of the Guarantor” and “Officer of the Issuer” mean the Chairman of the Board, the Chief Executive Officer, Chief Operating Officer, the President, the Chief Financial Officer, the Treasurer, any
Assistant Treasurer, any Vice President, the Secretary or any Assistant Secretary of the Guarantor and of the Issuer, respectively, or a duly authorized Attorney-in-Fact. 
  
 “Optional Repurchase Date” has the meaning specified in Section 8.1(a). 
  
 “Optional Repurchase Right” has the meaning
specified in Section 8.1(a). 
  
 “Ordinary Shares” means any and all equity securities of any class of the Guarantor which has no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Guarantor and which is not subject to redemption by the Guarantor; provided, however, subject to the provisions of Section 9.10, shares issuable on conversion of Debentures shall include only shares of the
class designated as Ordinary Shares, par value NIS 0.10 per share, of the Guarantor at the date of this Supplemental Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof and which have no
preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Guarantor and which are not subject to redemption by the Guarantor; provided, however, that if
at any time there shall be more than one such resulting class, the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears to
the total number of shares of all such classes resulting from all such reclassifications. 
  
 “Paying Agent” means an office or agency where Debentures may be presented for payment. The term “Paying Agent”
includes any additional paying agent. 
  
 “Physical Debentures” means Debentures issued in definitive, fully registered form without interest coupons, substantially in the form of Exhibit A hereto. 
  
 “Predecessor Debenture” of any particular Debenture means every previous Debenture
evidencing all or a portion of the same debt as that evidenced by such particular Debenture; and, for the purposes of this definition, any Debenture authenticated and delivered in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Debenture shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Debenture. 
  

 9 

 “Public Acquiror Common Stock” has the meaning assigned to it in the
definition of Public Acquiror Change of Control. 
  
 “Public Acquiror Change of Control” means any event constituting a Non-Stock Change of Control in which the acquiror has a class of common stock traded on any U.S. national securities exchange or quoted on the Nasdaq
National Market, regardless of whether the common stock itself is so listed or traded or any American Depositary Receipts representing such stock are so listed or traded, or which will be so traded or quoted when issued or exchanged in connection
with such Change of Control (the “Public Acquiror Common Stock”). If an acquiror does not itself have a class of common stock satisfying the foregoing requirement, it will be deemed to have Public Acquiror Common Stock if a
corporation that directly or indirectly has “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting power of all shares of the acquiror’s Capital Stock that are entitled to vote
generally in the election of directors has a class of common stock satisfying the foregoing requirement; in such case, all references to Public Acquiror Common Stock shall refer to such class of common stock. 
  
 “Purchased Shares” has the meaning
specified in Section 9.4(f). 
  
 “Record Date” means either a Regular Record Date or a Special Record Date, as the case may be; provided that, for purposes of Section 9.4, Record Date has the meaning specified in 9.4(g)(6). 
  
 “Redemption Date”, when used with respect
to any Debenture to be redeemed, means the date fixed for such redemption by or pursuant to this Supplemental Indenture. 
  
 “Redemption Price”, when used with respect to any Debenture to be redeemed, means the principal amount of such Debenture
to be redeemed pursuant to this Supplemental Indenture plus interest accrued and unpaid to, but excluding, the Redemption Date. 
  
 “Reference Period” has the meaning set forth in Section 9.4(d). 
  
 “Registrar” means the office or agency
where Debentures may be presented for registration of transfer or for exchange. 
  
 “Regular Record Date” for the interest on the Debentures payable means the January 15 (whether or not a Business
Day) next preceding an Interest Payment Date on February 1 and the July 15 (whether or not a Business Day) next preceding an Interest Payment Date on August 1. 
  
 “Repurchase Date” has the meaning specified in Section 8.1(b). 
  
 “Repurchase Price” has the meaning
specified in Section 8.1(b). 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  

 10 

 “Settlement Notice Period” has the meaning specified in
Section 9.17. 
  
 “Settlement
Period” has the meaning specified in Section 9.17. 
  
 “Settlement Value” has the meaning specified in Section 9.17. 
  
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 2.6. 
  
 “Stated
Maturity” means the date specified in any Debenture as the fixed date for the payment of principal on such Debenture or on which an installment of interest on such Debenture is due and payable. 
  
 “Stock Price” has the meaning specified in
Section 9.15. 
  
 “subsidiary” means, with respect to any Person, a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by such Person or by one or more other subsidiaries, or by such Person
and one or more other subsidiaries. For the purposes of this definition only, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has
such voting power by reason of any contingency. 
  
 “Termination of Trading” will be deemed to have occurred if the Guarantor’s ADRs and its Ordinary Shares (or other securities into which the debentures are convertible) are not listed for trading on a U.S. national
securities exchange, reported on a U.S. national securities system subject to last sale reporting or quoted on the Nasdaq National Market. 
  
 “TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date of this Supplemental Indenture;
provided, however, that in the event the TIA is amended after such date, “TIA” means, to the extent such amendment is applicable to this Supplemental Indenture and the Base Indenture, the Trust Indenture Act of 1939, as so amended,
or any successor statute. 
  
 “Trading Day”
means: 
  
 (1) if the applicable security is
listed or admitted for trading on the New York Stock Exchange, a day on which the New York Stock Exchange is open for business; 
  
 (2) if that security is not listed on the New York Stock Exchange, a day on which trades may be made on the Nasdaq National Market;

  
 (3) if that security is not so listed on the
New York Stock Exchange and not quoted on the Nasdaq National Market, a day on which the principal U.S. securities exchange on which the securities are listed is open for business; 
  

 11 

 (4) if that security is not so listed on a U.S. securities exchange or quoted on the
Nasdaq National Market, a day on which trades may be made on the Tel Aviv Stock Exchange; or 
  
 (5) if the applicable security is not so listed, admitted for trading or quoted, any day other than a Saturday or Sunday or a day on which
banking institutions in the State of New York are authorized or obligated by law or executive order to close. 
  
 “Trading Price” of a security on any date of determination means: 
  
 (1) the closing sale price as reported on that date by the Nasdaq National Market; 
  
 (2) if that security is not quoted on the Nasdaq National
Market on that date, the closing sale price (or, if no closing sale price is reported, the last reported sale price) of that security (regular way) on the New York Stock Exchange on that date; 
  
 (3) if that security is not so quoted on the Nasdaq National
Market on that date and not so listed on the New York Stock Exchange, the closing sale price as reported on that date in the composite transactions for the principal U.S. securities exchange on which that security is listed; 
  
 (4) if that security is not so listed on a U.S. national or
regional securities exchange or quoted on the Nasdaq National Market on that date, the dollar equivalent (converted at the U.S. Federal Reserve Bank’s noon buying rate on that date) of the closing sale price (or, if no closing price is
reported, the last reported sale price) of the security on that date on the Tel Aviv Stock Exchange, except that for purposes of this clause the Trading Price of Ordinary Shares (converted into U.S. Dollars) will be used instead of ADRs to determine
the Trading Price of ADRs; or 
  
 (5) if that
security is not so reported, the last price quoted by Interactive Data Corporation for that security on that date or, if Interactive Data Corporation is not quoting such price, a similar quotation service selected by the Issuer. 
  
 “Trigger Event” has the meaning specified
in Section 9.4(d). 
  
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Supplemental Indenture,
and thereafter “Trustee” shall mean such successor Trustee. 
  
 “Underwriters” means Lehman Brothers Inc., Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. 
  

 12 

 “Underwriting Agreement” means the Underwriting Agreement, dated
January 27, 2006, among the Issuer, the Guarantor and the Underwriters. 
  
 “Vice President”, when used with respect to the Issuer or the Guarantor, as the case may be, means any vice president, whether or not designated by a number or a word or words added before or after
the title “vice president”. 
  
 Section 1.2
Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Supplemental Indenture. 
  

The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Debentures and the Guarantees; 
  
 “indenture security holder” means a Holder;

  
 “indenture to be qualified” means
this Supplemental Indenture; 
  
 “indenture
trustee” or “institutional trustee” means the Trustee; and 
  
 “obligor” on the Debentures means the Issuer and on the Guarantee means the Guarantor and any other obligor on the indenture securities. 
  
 All other TIA terms used in this Supplemental Indenture that are defined by the TIA, defined by TIA reference to another
statute or defined by SEC rule have the meanings assigned to them by such definitions. 
  
 Section 1.3 Rules of Construction. 
  
 For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the
plural as well as the singular; 
  
 (2) all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with accounting principles generally accepted in the United States prevailing at the time of any relevant computation hereunder; and 
  
 (3) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
  

 13 

 ARTICLE 2 
  

THE DEBENTURES AND THE GUARANTEES 
  
 Section 2.1 Title and Terms. 
  
 (a) The Debentures shall be known and designated as the “1.75% Convertible Senior Debentures due 2026” of the Issuer. The aggregate principal
amount of Debentures which may be authenticated and delivered under this Supplemental Indenture is limited to $750 million, except for Add On Debentures issued in accordance with Section 2.8 and Debentures authenticated and delivered upon
registration of, transfer of, or in exchange for, or in lieu of other Debentures pursuant to Section 2.5, 8.1 or 9.2 of the Supplemental Indenture or Article 2 or 11 of the Base Indenture. The Debentures shall be issuable in denominations of
$1,000 or integral multiples thereof. 
  
 (b) The Debentures shall
mature on February 1, 2026. 
  
 (c) Interest on the
Debentures shall accrue from January 31, 2006, or from the most recent Interest Payment Date to which interest has been paid, at the Interest Rate, until the principal thereof is paid or made available for payment. Interest shall be payable
semiannually in arrears on each Interest Payment Date. 
  
 (d)
Interest on the Debentures shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 (e) A Holder of any Debenture at the close of business on a Regular Record Date shall be entitled to receive interest on such Debenture on the
corresponding Interest Payment Date. A Holder of any Debenture which is converted after the close of business on a Regular Record Date and prior to the corresponding Interest Payment Date (other than any Debenture whose Maturity is prior to such
Interest Payment Date) shall be entitled to receive interest on the principal amount of such Debenture, notwithstanding the conversion of such Debenture prior to such Interest Payment Date. However, any such Holder which surrenders any such
Debenture for conversion during the period between the close of business on such Regular Record Date and ending with the opening of business on the corresponding Interest Payment Date shall be required to pay the Issuer an amount equal to the
interest (including Additional Tax Amounts, if any) on the principal amount of such Debenture so converted, which is payable by the Issuer to such Holder on such Interest Payment Date, at the time such Holder surrenders such Debenture for
conversion. Notwithstanding the foregoing, any such Holder which surrenders for conversion any Debenture which has been called for redemption by the Issuer in a notice of redemption given by the Issuer pursuant to Article 7 shall be entitled to
receive (and retain) such accrued interest to, but excluding, the Redemption Date and need not pay the Issuer an amount equal to the interest on the principal amount of such Debenture so converted at the time such Holder surrenders
such Debenture for conversion. 
  
 (f) Principal of and interest
on Global Debentures shall be payable to the Depositary in immediately available funds. 
  

 14 

 (g) Principal on Physical Debentures shall be payable at the office or agency of the Issuer maintained
for such purpose, initially the Corporate Trust Office of the Trustee. Interest on Physical Debentures will be payable by (i) U.S. Dollar check drawn on a bank in The City of New York mailed to the address of the Person entitled thereto as such
address shall appear in the register of the Debentures, or (ii) upon application to the Registrar not later than the relevant Record Date by a Holder of an aggregate principal amount of Debentures in excess of $5,000,000, wire transfer in
immediately available funds, which application shall remain in effect until the Holder notifies, in writing, the Registrar to the contrary. 
  
 (h) The Debentures shall be redeemable at the option of the Issuer as provided in Article 7. 
  
 (i) The Debentures shall be repurchaseable by the Issuer at the option of Holders as provided in Article 8. 
  
 (j) The Debentures shall be convertible at the option of the Holders as
provided in Article 9. 
  
 Section 2.2 Form of
Debentures. 
  
 (a) Except as otherwise provided pursuant to
this Section 2.2, the Debentures are issuable in fully registered form without coupons in substantially the form of Exhibit A hereto, with such applicable legends as are provided for in Section 2.3. The Debentures are not issuable in
bearer form. The terms and provisions contained in the form of Debenture shall constitute, and are hereby expressly made, a part of this Supplemental Indenture and to the extent applicable, the Issuer, the Guarantor and the Trustee, by their
execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. Any of the Debentures may have such letters, numbers or other marks of identification and such notations, legends and
endorsements as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental Indenture and the Base Indenture, or as may be required
to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Debentures may be listed or designated for issuance, or to conform to
usage. 
  
 (b) The Debentures and the Guarantees are being offered
and sold by the Issuer and the Guarantor pursuant to the Underwriting Agreement. The Debentures shall be issued initially in the form of permanent global Debentures in fully registered form without interest coupons, substantially in the form of
Exhibit A hereto (the “Global Debenture”), with the applicable legends as provided in Section 2.3. Each Global Debenture shall be duly executed by the Issuer and authenticated and delivered by the Trustee, shall have endorsed
thereon the Guarantees executed by the Guarantor and shall be registered in the name of the Depositary or its nominee and retained by the Trustee, as custodian, at its Corporate Trust Office, for credit to the accounts of the Agent Members holding
the Debentures evidenced thereby. The aggregate principal amount of the Global Debenture may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian, and of the Depositary or its nominee, as
hereinafter provided. 
  

 15 

 Section 2.3 Global Debentures Legend. 
  
 Each Global Debenture shall also bear the following legend on the face
thereof: 
  
 THIS DEBENTURE IS A GLOBAL DEBENTURE
WITHIN THE MEANING OF THE SUPPLEMENTAL INDENTURE REFERRED TO HEREIN. THIS GLOBAL DEBENTURE MAY NOT BE EXCHANGED, IN WHOLE OR IN PART, FOR A DEBENTURE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES SET FORTH IN THE SUPPLEMENTAL INDENTURE AND MAY NOT BE TRANSFERRED, IN WHOLE OR IN PART, EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE SUPPLEMENTAL INDENTURE. 
  
 Section 2.4 Form of Guarantee. 
  
 A Guarantee substantially in the following form shall be endorsed on the
reverse of each Debenture: 
  
 Teva
Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally and irrevocably guarantees to the Holder of this Debenture the due and punctual payment of the principal of and interest (including Additional Tax Amounts,
if any), on this Debenture, when and as the same shall become due and payable, whether at Maturity or upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Debenture and of the Indenture. The Guarantor
agrees that in the case of default by the Issuer in the payment of any such principal or interest (including Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations
hereunder shall be absolute and unconditional irrespective of any extension of the time for payment of this Debenture, any modification of this Debenture, any invalidity, irregularity or unenforceability of this Debenture or the Indenture, any
failure to enforce the same or any waiver, modification, consent or indulgence granted to the Issuer with respect thereto by the Holder of this Debenture or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable
discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against
the Issuer, protest or notice with respect to this Debenture or the indebtedness evidenced hereby and all demands whatsoever, and covenants that this Guarantee will not be discharged as to this Debenture except by payment in full of the
principal of and interest (including Additional Tax Amounts, if any) on this Debenture. 
  
 For so long as any Debentures are outstanding and subject to Section 9.9 of the Supplemental Indenture, the Guarantor will guarantee
the delivery of the ADRs issuable upon conversion of the Debentures pursuant to the terms of the Supplemental Indenture and the Debentures. 
  

 16 

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

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

			
	 TEVA PHARMACEUTICAL INDUSTRIES LIMITED

		
	 By
	 	  

		
	 By
	 	  

  
 Section 2.5
Book-Entry Provisions for the Global Debentures. 
  
 (a)
The Global Debentures initially shall: 
  
 (1) be
registered in the name of the Depositary (or a nominee thereof); and 
  
 (2) be delivered to the Trustee as custodian for such Depositary. 
  
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Supplemental Indenture with respect to any
Global Debenture held on their 

  

 17 

 
behalf by the Depositary, or the Trustee as its custodian, or under such Global Debenture, and the Depositary may be treated by the Issuer, the Trustee and
any agent of the Issuer or the Trustee as the absolute owner of such Global Debenture for all purposes whatsoever. Notwithstanding the foregoing, nothing contained herein shall (x) prevent the Issuer, the Trustee or any agent of the Issuer or
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (y) impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the
rights of a Holder of any Debenture. With respect to any Global Debenture deposited on behalf of the subscribers for the Debentures represented thereby with the Trustee as custodian for the Depositary for credit to their respective accounts (or to
such other accounts as they may direct) at Euroclear or Clearstream, the provisions of the “Operating Procedures of the Euroclear System” and the “Terms and Conditions Governing Use of Euroclear” and the “Management
Regulations” and “Instructions to Participants” of Clearstream, respectively, shall be applicable to the Global Debentures. 
  
 (b) The Holder of a Global Debenture may grant proxies and otherwise authorize any Person, including DTC Participants and Persons that may hold interests
through DTC Participants, to take any action that a Holder is entitled to take under this Supplemental Indenture, the Base Indenture or the Debentures. 
  
 (c) A Global Debenture may not be transferred, in whole or in part, to any Person other than the Depositary (or a nominee thereof), and no such transfer
to any such other Person may be registered. Beneficial interests in a Global Debenture may be transferred in accordance with the rules and procedures of the Depositary. 
  
 (d) If at any time: 
  
 (1) the Depositary notifies the Issuer in writing that it is no longer willing or able to continue to act as Depositary for the Global
Debentures, or the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary for the Global Debentures is not appointed by the Issuer within 90 days of such notice or cessation; 
  
 (2) the Issuer, at its option, notifies the Trustee in
writing that it elects to cause the issuance of Physical Debentures under this Supplemental Indenture in exchange for all or any part of the Debentures represented by a Global Debenture or Global Debentures; or 
  
 (3) an Event of Default has occurred and is continuing and
the Registrar has received a request from the Depositary for the issuance of Physical Debentures in exchange for such Global Debenture or Global Debentures; 
  
 the Depositary shall surrender such Global Debenture or Global Debentures to the Trustee for cancellation and the Issuer shall execute, and the Trustee, upon receipt of
an Officers’ Certificate and Issuer Order for the authentication and delivery of Debentures, shall authenticate and deliver in exchange for such Global Debenture or Global Debentures, Physical Debentures in an aggregate principal amount equal
to the aggregate principal amount of such Global Debenture or 
  

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 Global Debentures. Such Physical Debentures shall be registered in such names as the Depositary shall identify in writing
as the beneficial owners of the Debentures represented by such Global Debenture or Global Debentures (or any nominee thereof). 
  
 (e) Notwithstanding the foregoing, in connection with any transfer of beneficial interests in a Global Debenture to the beneficial owners thereof pursuant
to Section 2.5(d), the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global Debenture in an amount equal to the principal amount of the beneficial interests in such Global Debenture to
be transferred. 
  
 Section 2.6 Defaulted Interest.

  
 If the Issuer fails to make a payment of interest on any
Debenture when due and payable (“Defaulted Interest”), it shall pay such Defaulted Interest plus (to the extent lawful) any interest payable on the Defaulted Interest, in any lawful manner. It may elect to pay such Defaulted
Interest, plus any such interest payable on it, to the Persons who are Holders of such Debentures on which the interest is due on a subsequent Special Record Date. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Debenture. The Issuer shall fix any such Special Record Date and payment date for such payment. At least 15 days before any such Special Record Date, the Issuer shall mail to Holders affected thereby a notice that
states the Special Record Date, the Interest Payment Date, and amount of such interest to be paid. 
  
 Section 2.7 Execution of Guarantees. 
  
 The Guarantor hereby agrees to execute the Guarantees in substantially the form above recited to be endorsed on each Debenture. If the Issuer shall
execute Physical Debentures in accordance with Section 2.5, the Guarantor shall execute the Guarantees in substantially the form above recited to be endorsed on each such Debenture. Such Guarantees shall be executed on behalf of the Guarantor
by an Officer of the Guarantor. The signature of any of these officers on the Guarantee may be manual or facsimile. 
  
 In case any Officer of the Guarantor who shall have signed the Guarantee endorsed on a Debenture shall cease to be such officer before the Debenture so
signed shall be authenticated and delivered by the Trustee, such Debenture nevertheless may be authenticated and delivered or disposed of as though the person who signed such Guarantee had not ceased to be such Officer of the Guarantor; and any
Guarantee endorsed on a Debenture may be signed on behalf of the Guarantor by such persons as, at the actual date of the execution of such Guarantee, shall be the proper officers of the Guarantor, although at the date of the execution and delivery
of this Indenture any such person was not such an officer. 
  
 Section 2.8 Add On Debentures. 
  
 The
Issuer may, from time to time, subject to compliance with any other applicable provisions of this Supplemental Indenture and the Base Indenture, without the consent of the Holders, create and issue pursuant to this Supplemental Indenture and the
Base Indenture additional debentures Add On Debentures having terms identical to those of the Outstanding Debentures, except that Add On Debentures: 
  

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

  

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

  

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

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

	 	(i)	the Add On Debenture Board Resolutions or Add On Debenture Supplemental indenture relating thereto; 

  

	 	(ii)	an Officers’ Certificate complying with Section 10.5; and 

  

	 	(iii)	an Opinion of Counsel complying with Section 10.5 stating, 

  
 (1) that the forms of such Debentures have been established by or pursuant to Add On Debenture Board Resolutions or by an Add On Debenture
supplemental indenture, as permitted by this Section 2.8 and in conformity with the provisions of this Supplemental Indenture and the Base Indenture; 
  
 (2) that the terms of such Debentures have been established by or pursuant to Add On Debenture Board Resolutions or by an Add On Debenture
supplemental indenture, as permitted by this Section 2.8 and in conformity with the provisions of this Supplemental Indenture and the Base Indenture; 
  
 (3) that such Debentures, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any
customary conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuer entitled to the benefits provided in the Supplemental Indenture and the Base Indenture, enforceable in accordance with
their respective terms, except to the extent that the enforcement of such obligations may be subject to bankruptcy laws or insolvency laws or other similar laws, general principles of equity and such other qualifications as such counsel shall
conclude are customary or do not materially affect the rights of the Holders of such Debentures; 
  

 20 

 (4) that all laws and requirements in respect of the execution and delivery of the
Debentures have been complied with; and 
  
 (5)
such other matters as the Trustee may reasonably request. 
  
 If
such forms or terms have been so established by or pursuant to Add On Debenture Board Resolutions or an Add On Debenture supplemental indenture, the Trustee shall have the right to decline to authenticate and deliver any Debentures: 
  
 (1) if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken; 
  
 (2) if the Trustee by its board of directors, executive committee or a committee of directors or trust officers in good faith determines that such action would expose the Trustee to personal liability to Holders of any Outstanding
Debentures; or 
  
 (3) if the issue of such Add
On Debentures pursuant to this Supplemental Indenture and the Base Indenture will affect the Trustee’s own rights, duties, benefits and immunities under the Debentures, this Supplemental Indenture and the Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee. 
  
 Notwithstanding anything in this Section 2.8, the Issuer may not issue Add On Debentures if an Event of Default shall have occurred and be continuing. 
  
 ARTICLE 3 
  
 [Reserved.] 
  
 ARTICLE 4 
  
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 
  
 Section 4.1 Issuer May Consolidate, etc., on Certain Terms. 
  
 The Issuer covenants that it will not merge or consolidate with any other Person or sell or convey all or substantially all of its assets to any Person, unless either (i) the Issuer shall be the continuing legal
entity; or (ii) (x) the successor legal entity or the Person which acquires by sale or conveyance substantially all the assets of the Issuer (if other than the Issuer) shall expressly assume the due and punctual payment of the principal of
and interest on all the Debentures, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Issuer, by supplemental indenture
satisfactory to the Trustee, executed and delivered to the Trustee by such successor legal entity; (y) if as a result of such transaction the Debentures become convertible into common stock or other securities issued by a third party, such
third party fully and unconditionally guarantees all obligations of the Issuer or such successor under the Debentures and the Indenture; and (z) the Issuer or such successor legal entity, as the case may be, shall not, immediately after such
merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition. 
  

 21 

 ARTICLE 5 
  

CONCERNING THE HOLDERS OF DEBENTURES 
  
 Section 5.1 Purposes for Which Meetings May Be Called. 
  
 A meeting of Holders of Debentures may be called at any time and from time to time pursuant to this Article to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Supplemental Indenture or the Base Indenture to be made, given or taken by Holders of Debentures. 
  
 Section 5.2 Call Notice and Place of Meetings. 
  
 (a) The Trustee may at any time call a meeting of Holders of Debentures for
any purpose specified in Section 5.1, to be held at such time and at such place in The City of New York. Notice of every meeting of Holders of Debentures, setting forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the manner provided in Section 10.4, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 
  
 (b) In case at any time the Issuer, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of
the Outstanding Debentures shall have requested the Trustee to call a meeting of the Holders of Debentures for any purpose specified in Section 5.1, by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuer or the
Holders of Debentures in the amount specified, as the case may be, may determine the time and the place in The City of New York for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph
(a) of this Section 5.2. 
  
 Section 5.3 Persons
Entitled to Vote at Meetings. 
  
 To be entitled to vote at
any meeting of Holders of Debentures, a Person shall be (a) a Holder of one or more Outstanding Debentures, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Debentures by
such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, and any
representatives of the Issuer and its counsel. 
  
 Section 5.4 Quorum; Action. 
  
 The Persons
entitled to vote a majority in principal amount of the Outstanding Debentures shall constitute a quorum. In the absence of a quorum within 30 minutes of the time 
  

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 appointed for any such meeting, the meeting shall, if convened at the request of Holders of Debentures, be dissolved. In
any other case, the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned
meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in
Section 8.2(a), except that such notice need be given only once and not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the
percentage of the principal amount of the Outstanding Debentures which shall constitute a quorum. 
  
 Subject to the foregoing, at the reconvening of any meeting adjourned for a lack of a quorum, the Persons entitled to vote 25% in principal amount of the
Outstanding Debentures at the time shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. 
  
 At a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid, any resolution and all matters (except as limited by
the proviso to Section 7.02 of the Base Indenture) shall be effectively passed and decided if passed or decided by the Persons entitled to vote not less than a majority in principal amount of Outstanding Debentures represented and voting at
such meeting. 
  
 Any resolution passed or decisions taken at any
meeting of Holders of Debentures duly held in accordance with this Section shall be binding on all the Holders of Debentures, whether or not present or represented at the meeting. 
  
 Section 5.5 Determination of Voting Rights; Conduct and Adjournment of Meetings. 
  
 (a) Notwithstanding any other provisions of this Supplemental Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Debentures in regard to proof of the holding of Debentures and of the appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or
required by any such regulations, the holding of Debentures shall be proved in the manner specified in Section 5.7 and the appointment of any proxy shall be proved in the manner specified in Section 5.7. Such regulations may provide that
written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 5.7 or other proof. 
  

(b) The Trustee shall, by an instrument in writing, appoint a temporary chairman (which may be the Trustee) of the meeting, unless the meeting shall
have been called by the Issuer or by Holders of Debentures as provided in Section 5.2(b), in which case the Issuer or the Holders of Debentures calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Debentures represented at the meeting. 
  

 23 

 (c) At any meeting, each Holder of a Debenture or proxy shall be entitled to one vote for each $1,000
principal amount of Debenture held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debenture challenged as not Outstanding and ruled by the chairman of the meeting to be
not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Debenture or proxy. 
  
 (d) Any meeting of Holders of Debentures duly called pursuant to Section 5.2 at which a quorum is present may be adjourned from time to time by
Persons entitled to vote a majority in principal amount of the Outstanding Debentures represented at the meeting, and the meeting may be held as so adjourned without further notice. 
  
 Section 5.6 Counting Votes and Recording Action of Meetings. 
  
 The vote upon any resolution submitted to any meeting of Holders of
Debentures shall be by written ballots on which shall be subscribed the signatures of the Holders of Debentures or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Debentures held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Debentures shall be prepared by the secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided
in Section 5.2 and, if applicable, Section 5.4. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Issuer and another to the Trustee
to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
  
 Section 5.7 Acts of Holders of Debentures. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Supplemental Indenture to be given or taken by Holders of Debentures may be embodied in and evidenced by: 
  
 (1) one or more instruments of substantially similar tenor signed by such Holders in person or by agent or proxy duly appointed in
writing; 
  
 (2) the record of Holders of
Debentures voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Debentures duly called and held in accordance with the provisions of Article 5; or 
  
 (3) a combination of such instruments and any such record.

  

 24 

 Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or
record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuer and the Guarantor. Such instrument or instruments and record (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders of Debentures signing such instrument or instruments and so voting at such meeting. Proof of execution of any such instrument or of a writing appointing any such agent or proxy, or of the holding by
any Person of a Debenture, shall be sufficient for any purpose of this Supplemental Indenture and (subject to Section 5.1) conclusive in favor of the Trustee, the Issuer and the Guarantor if made in the manner provided in this Section. The
record of any meeting of Holders of Debentures shall be proved in the manner provided in Section 5.5. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be provided in any manner that the Trustee
reasonably deems sufficient. 
  
 (c) The
principal amount and certificate numbers of Debentures held by any Person, and the date of such Person holding the same, shall be proved by the register of the Debentures. 
  
 Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holders of any
Debenture shall bind every future Holder of the same Debenture and the Holder of every Debenture 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 Issuer or the Guarantor in reliance thereon, whether or not notation of such action is made upon such Debenture. 
  
 ARTICLE 6 
  
 ADDITIONAL COVENANTS 
  
 In addition to the covenants set forth in Article 3 of the Base Indenture, the Debentures shall be subject to the additional covenants set forth in this Article 6. 
  
 Section 6.1 Restrictions on Certain Payments. 
  
 The Issuer shall not pay dividends, make distributions, incur Indebtedness
(other than the Debentures and any Add On Debentures) or repurchase its or the Guarantor’s securities (other than the Debentures and any Add On Debentures). 
  
 Section 6.2 Payment of Additional Tax Amounts. 
  
 All payments of interest and principal by the Issuer under the Debentures and by the Guarantor under the Guarantees shall be
made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (but, except as provided in this Supplemental Indenture, other than any estate, inheritance,
gift, sales, transfer or personal property taxes imposed with respect to the Debentures or the Guarantees) imposed or levied by or on behalf of the Netherlands Antilles, the United States or the State of Israel or any political sub-division thereof
or by any authority therein having power to tax unless such withholding or deduction is required by law. In that event, the Issuer or the 
  

 25 

 Guarantor, as applicable, will pay such additional amounts as may be necessary in order that the net amounts received by
a Holder after such withholding or deduction shall equal the amount of interest and principal which would have been receivable in respect of the Debentures in the absence of such withholding or deduction (“Additional Tax Amounts”),
except that no such Additional Tax Amounts shall be payable: 
  
 (i) to or on behalf of a Holder that is: 
  
 (1) able to avoid such withholding or deduction by making a declaration of non-residence or other claim for exemption to the relevant tax authority, or 
  
 (2) is liable for such taxes, duties, assessments or governmental charges in respect of the Debentures by
reason of its having some connection with the taxing jurisdiction other than merely by the holding of the Debentures; or 
  
 (ii) that any such taxes, duties, assessments or governmental charges would not have been imposed but for the presentation of such
Debentures or Guarantees, where presentation is required, for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to
the extent that the Holder thereof would have been entitled to Additional Tax Amounts had the Debentures or Guarantees been presented for payment on any date during such 30-day period. 
  
 Section 6.3 Stamp Taxes. 
  
 The Issuer and the Guarantor will pay any present or future stamp, court or documentary taxes or any other excise or
property taxes, charges or similar levies that arise from the execution, delivery, enforcement or registration of the Notes or any other document or instrument in relation thereto. 
  
 Section 6.4 Corporate Existence. 
  
 Subject to Section 4.1 of the Supplemental Indenture and Article 8 of the Base Indenture, each of the Guarantor and the
Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Issuer and the Guarantor shall not be
required to preserve any such right or franchise if the Issuer and the Guarantor determines that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or the Guarantor and that the loss thereof is not
disadvantageous in any material respect to the Holders. 
  
 Section 6.5 Certificates of the Issuer and the Guarantor. 
  
 The Issuer and the Guarantor will each furnish to the Trustee within 120 days after the end of each fiscal year of the Issuer or the Guarantor, as the case may be, an Officers’ Certificate of the Issuer or the
Guarantor, as the case may be, as to the signers’ knowledge of the Issuer’s or the Guarantor’s compliance with all conditions and covenants under this 
  

 26 

 Supplemental Indenture and the Base Indenture (such compliance to be determined without regard to any period of grace or
requirement of notice provided under this Supplemental Indenture or the Base Indenture). In the event an Officer of the Guarantor or an Officer of the Issuer comes to have actual knowledge of an Event of Default or an event which, with notice or the
lapse of time or both, would constitute an Event of Default, regardless of the date, the Guarantor or the Issuer shall deliver an Officers’ Certificate to the Trustee specifying such Default and the nature and status thereof. 
  
 Section 6.6 Guarantor To Be the Sole Equityholder of the Issuer.

  
 So long as any Debentures are outstanding, the Guarantor or
its successor will directly or indirectly own all of the outstanding Capital Stock of the Issuer. 
  
 Section 6.7 Waiver of Stay or Extension Laws. 
  
 The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim to
take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Supplemental Indenture and the Base Indenture; and the Issuer (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
  
 ARTICLE 7 
  
 REDEMPTION OF DEBENTURES

  

	Section	7.1 Optional Redemption. 

  
 At any time on or after February 1, 2011, except for Debentures that it is required to repurchase pursuant to Section 8.1(a), the Issuer may, at
its option, redeem the Debentures in whole at any time or in part from time to time, on any date prior to Maturity, upon notice as set forth in Section 7.3, at the Redemption Price plus any interest accrued and unpaid to, but excluding, the
Redemption Date. 
  
 Section 7.2 Selection of Debentures
for Partial Repayment. 
  
 If any Debenture selected for
partial redemption is converted or elected to be repurchased in part before termination of the conversion right or repurchase right with respect to the portion of the Debenture so selected, the converted or repurchased portion of such Debenture
shall be deemed to be the portion selected for redemption; provided, however, that the Holder of such Debenture so converted and deemed redeemed shall not be entitled to any additional interest payment as a result of such deemed redemption
than such Holder would have otherwise been entitled to receive upon conversion of such Debenture pursuant to Section 2.1(e). Debentures that have been converted during a selection of Debentures to be redeemed may be treated by the Trustee as
Outstanding for the purpose of such selection. 
  

 27 

 Section 7.3 Notice of Redemption. 
  
 Notice of redemption shall be given in the manner provided in
Section 10.4 to the Holders of Debentures to be redeemed. Such notice shall be given not less than 20 nor more than 60 days prior to the intended Redemption Date. 
  
 In addition to the information required to be stated in notices of redemption pursuant to Section 11.02 of the Base
Indenture, all notices of redemption shall state the Conversion Price, the date on which the right to convert the principal of the Debentures to be redeemed will terminate and the places where such Debentures may be surrendered for conversion.

  
 Section 7.4 Deposit of Redemption Price.

  
 Prior to 10:00 a.m., New York City time, on any Redemption
Date, the Issuer shall deposit with the Trustee or with a Paying Agent an amount of money sufficient to pay the Redemption Price in respect of all the Debentures to be redeemed on that Redemption Date, other than any Debentures called for redemption
on that date which have been converted prior to the date of such deposit, and accrued and unpaid interest, if any, on such Debentures. 
  
 If any Debenture called for redemption is converted prior to redemption, any money deposited with the Trustee or with a Paying Agent for the redemption of
such Debenture shall (subject to any right of the Holder of such Debenture or any Predecessor Debenture to receive interest as provided in Section 2.1(e)) be paid to the Issuer upon request by the Issuer. 
  
 ARTICLE 8 
  
 REPURCHASE AT THE OPTION OF A HOLDER 
  
 Section 8.1 Repurchase Rights. 
  
 (a) On February 1, 2011, 2016 and 2021 (each, an “Optional
Repurchase Date”) each Holder of Debentures shall have the right (the “Optional Repurchase Right”), at such Holder’s option but subject to the provisions of Section 8.2, to require the Issuer to repurchase, and
upon the exercise of such right the Issuer shall repurchase, all of such Holder’s Debentures, or any portion of the principal amount thereof that is equal to any integral multiple of $1,000 (provided that no single Debenture may be repurchased
in part unless the portion of the principal amount of such Debenture to be Outstanding after such repurchase is equal to an integral multiple of $1,000), at a repurchase price equal to 100% of the principal amount of the Debentures to be repurchased
(the “Optional Repurchase Price”), plus interest accrued and unpaid to, but excluding, the Optional Repurchase Date; provided, however, that installments of interest on Debentures whose Stated Maturity is prior to or
on an Optional Repurchase Date shall be payable to the Holders of such Debentures, or one or more Predecessor Debentures, registered as such on the relevant Record Date according to their terms and the provisions of Section 2.1. 
  
 (b) In the event that a Change of Control or a Termination of Trading shall
occur, each Holder of Debentures shall have the right (the “Fundamental Change Repurchase Right” and, together with the Optional Repurchase Right, each a “Repurchase Right”), at such 
  

 28 

 Holder’s option, but subject to the provisions of Section 8.2, to require the Issuer to repurchase, and upon
the exercise of such right the Issuer shall repurchase, all of such Holder’s Debentures not theretofore called for redemption, or any portion of the principal amount thereof that is equal to any integral multiple of $1,000 (provided that no
single Debenture may be repurchased in part unless the portion of the principal amount of such Debenture to be Outstanding after such repurchase is equal to an integral multiple of $1,000), on the date (the “Fundamental Change Repurchase
Date” and, together with the Optional Repurchase Dates, each a “Repurchase Date”) that is 45 days after the date of the Issuer Notice given pursuant to Section 8.2 in connection with such Change of Control or
Termination of Trading at a repurchase price equal to 100% of the principal amount of the Debentures to be repurchased (the “Fundamental Change Repurchase Price” and, together with the “Optional Repurchase Price”,
each a “Repurchase Price”), plus interest accrued and unpaid to, but excluding, the Repurchase Date; provided, however, that installments of interest on Debentures whose Stated Maturity is prior to or on the Repurchase Date
shall be payable to the Holders of such Debentures, or one or more Predecessor Debentures, registered as such on the relevant Record Date according to their terms and the provisions of Section 2.1. 
  
 Section 8.2 Notices; Method of Exercising Repurchase Right, Etc.

  
 (a) In the case of a Change of Control or a Termination of
Trading, unless the Issuer shall have theretofore called for redemption all of the Outstanding Debentures, prior to or on the 10th day after the occurrence of a Change of Control or a Termination of Trading, the Issuer, or, at the written request and expense of the Issuer prior to or on the 10th day after such occurrence, the Trustee, shall give to all Holders of Debentures notice, in the manner provided in Section 10.4, of the occurrence of the
Change of Control or a Termination of Trading and of the Repurchase Right set forth herein arising as a result thereof (the “Fundamental Change Issuer Notice”). In the case of an Optional Repurchase Right, prior to or on the date
that is 20 Business Days prior to the Optional Repurchase Date, the Issuer, or, at the written request of the Issuer fifteen days prior to such date, the Trustee, shall give to all Holders of Debentures a notice, in the manner provided in
Section 10.4, of the Repurchase Right (the “Optional Repurchase Right Issuer Notice” and, together with the Fundamental Change Issuer Notice and the Non-Stock Change of Control Issuer Notice, each an “Issuer
Notice”). The Issuer shall also deliver a copy of such Issuer Notice of a Repurchase Right to the Trustee. Each Issuer Notice of a Repurchase Right shall state: 
  
 (1) the applicable Repurchase Date; 
  
 (2) the date by which the Fundamental Change Repurchase Right or the Optional Repurchase Right must be
exercised; 
  
 (3) the applicable Repurchase
Price and accrued and unpaid interest, if any; 
  
 (4) a description of the procedure which a Holder must follow to exercise its Repurchase Right, and the place or places where such Debentures are to be surrendered for payment of the applicable Repurchase Price and accrued and unpaid
interest, if any; 
  

 29 

 (5) that on the applicable Repurchase Date the applicable Repurchase Price and accrued
and unpaid interest, if any, will become due and payable in cash for each such Debenture designated by the Holder to be repurchased, and that interest thereon shall cease to accrue on and after said date; 
  
 (6) the Conversion Rate then in effect, the date on which
the right to convert the principal amount of the Debentures to be repurchased will terminate and the place where such Debentures may be surrendered for conversion, and 
  
 (7) the place or places where such Debentures, together with the Option to Elect Repayment certificate
included in Exhibit A annexed hereto, are to be delivered for payment of the applicable Repurchase Price and accrued and unpaid interest, if any. 
  
 No failure of the Issuer to give the foregoing notices or defect therein shall limit any Holder’s right to exercise a Repurchase Right or affect the
validity of the proceedings for the repurchase of Debentures. 
  
 If any of the foregoing provisions or other provisions of this Article 8 are inconsistent with applicable law, such law shall govern. 
  
 (b) To exercise an Optional Repurchase Right or Fundamental Change Repurchase Right, as the case may be, a Holder shall deliver to the Trustee on or prior
to the close of business two Business Days prior to the applicable Repurchase Date in the case of an Optional Repurchase Right, as applicable, or prior to or on the 30th day after the date of the Fundamental Change Issuer Notice in the case of a
Change of Control or a Termination of Trading: 
  
 (1) written notice of the Holder’s exercise of the relevant right, which notice shall set forth the name of the Holder, the principal amount of the Debentures to be repurchased, the certificate number thereof, the portion of the
principal amount thereof to be repurchased if any Debenture is to be repurchased in part and a statement that an election to exercise the applicable Repurchase Right is being made thereby (each such notice, a “Repurchase Notice”);
and 
  
 (2) the Debentures with respect to which
the Repurchase Right is being exercised. 
  
 The right of the Holder to convert
the Debentures with respect to which the Repurchase Right is being exercised shall continue until the close of business on the Business Day immediately preceding the Repurchase Date. 
  
 (c) In the event a Repurchase Right shall be exercised in accordance with the terms hereof, the Issuer shall pay or cause to
be paid to the Trustee the Repurchase Price in cash, for payment to the Holder on the Repurchase Date, together with accrued and unpaid interest to, but excluding, the Repurchase Date payable in cash with respect to the Debentures as to which the
Repurchase Right has been exercised; provided, however, that installments of interest that mature prior to or on the Repurchase Date shall be payable in cash to the Holders of such Debentures, or one or more Predecessor Debentures, registered
as such at the close of business on the relevant Regular Record Date. 
  

 30 

 (d) If any Debenture (or portion thereof) surrendered for repurchase shall not be so paid on the
Repurchase Date, the principal amount of such Debenture (or portion thereof, as the case may be) shall, until paid, bear interest to the extent permitted by applicable law from the Repurchase Date at the Interest Rate, and each Debenture shall
remain convertible into ADRs until the principal of such Debenture (or portion thereof, as the case may be) shall have been paid or duly provided for. 
  
 (e) Any Debenture which is to be repurchased only in part shall be surrendered to the Trustee (with, if the Issuer or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing), and the Issuer shall execute, and the Trustee shall authenticate
and make available for delivery to the Holder of such Debenture without service charge, a new Debenture or Debentures, containing identical terms and conditions, each in an authorized denomination in aggregate principal amount equal to and in
exchange for the unrepurchased portion of the principal of the Debenture so surrendered. 
  
 (f) All Debentures delivered for repurchase shall be delivered to the Trustee to be canceled by Trustee, which shall dispose of the same as provided in Section 2.10 of the Base Indenture. 
  
 (g) A Repurchase Notice may be withdrawn by means of a written notice of
withdrawal delivered to the Paying Agent at any time prior to the close of business on the Business Day immediately preceding the Repurchase Date, specifying: 
  

	 	(i)	the certificate number, if any, of the Debenture in respect of which such notice of withdrawal is being submitted, or the appropriate Depositary information if the Debenture in
respect of which such notice of withdrawal is being submitted is represented by a Global Debenture, 

  

	 	(ii)	the principal amount of the Debenture with respect to which such notice of withdrawal is being submitted, and 

  

	 	(iii)	the principal amount, if any, of such Debenture which remains subject to the original Repurchase Notice and which has been or will be delivered for purchase by the Issuer.

  
 A Repurchase Notice given by a Holder in
connection with a Fundamental Change Repurchase Right may not be withdrawn unless the Holder converts the Debentures specified in such Repurchase Notice prior to the close of business on the Business Day immediately preceding the Repurchase Date.
The Issuer will not pay any interest accrued and unpaid on any of the Debentures so converted. 
  
 (h) There shall be no purchase of any Debentures pursuant to Section 8.1 if there has occurred (prior to, on or after, as the case may be, the giving, by the Holders of such 
  

 31 

 Debentures, of the required Repurchase Notice) and is continuing at the applicable Repurchase Date an Event of Default
(other than a default in the payment of the Purchase Price with respect to such Debentures). The Trustee will promptly return to the respective Holders thereof any Debentures (x) with respect to which a Repurchase Notice has been withdrawn in
compliance with this Indenture, or (y) held by it during the continuance of an Event of Default (other than a default in the payment of the Purchase Price with respect to such Debentures) in which case, upon such return, the Repurchase Notice
with respect thereto shall be deemed to have been withdrawn. 
  
 ARTICLE 9 
  
 CONVERSION OF DEBENTURES

  
 Section 9.1 Conversion Right and Conversion
Price. 
  
 (a) Subject to and upon compliance with the
provisions of this Article, at the option of the Holder thereof, any Debenture or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, or of such portion
thereof, into duly authorized, fully paid and nonassessable ADRs of the Guarantor, at the Conversion Price, determined as hereinafter provided, in effect at the time of conversion. 
  
 Such conversion right shall expire at the close of business on the Business Day immediately preceding the Maturity of the
Debenture, except that where a Debenture or a portion thereof is called for redemption, such conversion right in respect of the Debenture or the portion so called, shall expire at the close of business on the second Business Day preceding the
Redemption Date, unless the Issuer defaults in making the payment due upon redemption. In the event a Holder exercises its Repurchase Right with respect to a Debenture or portion thereof, such conversion right in respect of the Debenture or portion
thereof shall expire at the close of business on the Business Day immediately preceding the applicable Repurchase Date. 
  
 (b) The number of ADRs into which each $1,000 principal amount of Debentures is convertible (the “Conversion Rate”) shall be initially
equal to approximately 19.5074 ADRs per $1,000 principal amount of Debentures. The Conversion Rate shall be adjusted as provided in paragraphs (a), (b), (c), (d), (e), (f), (h) and (i) of Section 9.4 and as provided in Sections 9.15
and 9.16. 
  
 Section 9.2 Exercise of Conversion
Right. 
  
 To exercise the conversion right, the Holder of
any Debenture to be converted shall surrender such Debenture duly endorsed or assigned to the Issuer or in blank, at the office of any Conversion Agent, accompanied by a duly signed conversion notice substantially in the form attached to the
Debenture stating that the Holder elects to convert such Debenture or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted. 
  

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 Debentures surrendered for conversion during the period from the close of business on any Regular Record
Date to the opening of business on the next succeeding Interest Payment Date (except in the case of any Debenture whose Maturity is prior to such Interest Payment Date) shall be accompanied by payment in New York Clearing House funds or other funds
acceptable to the Issuer of an amount equal to the interest to be received on such Interest Payment Date on the principal amount of Debentures being surrendered for conversion. 
  
 Debentures shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such
Debentures for conversion in accordance with the foregoing provisions, and at such time the rights of the Holders of such Debentures as Holders shall cease, and the Person or Persons entitled to receive the ADRs issuable upon conversion shall be
treated for all purposes as the record holder or holders of such ADRs at such time. As promptly as practicable on or after the conversion date, the Issuer shall cause to be issued and delivered to such Conversion Agent a certificate or certificates
representing the number of ADRs issuable upon conversion of such Debentures, together with payment in lieu of any fraction of a share as provided in Section 9.3. 
  
 In the case of any Debenture which is converted in part only, upon such conversion the Issuer shall execute and the Trustee
shall authenticate and deliver to the Holder thereof, at the expense of the Issuer, a new Debenture or Debentures of authorized denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Debentures.

  
 The Issuer hereby initially appoints the Trustee as the
Conversion Agent. 
  
 The Issuer and the Guarantor hereby agree,
and each Holder of Debentures by its purchase thereof shall be deemed to have agreed, that the Conversion Agent shall incur no liability in connection with its obligations under this Article 9, except such liability as may result from the Conversion
Agent’s gross negligence or willful misconduct. In no event shall the Conversion Agent be liable to any Person, including any Holder, for any consequential, punitive or special damages. The Issuer agrees to indemnify the Conversion Agent for,
and to hold it harmless against, any and all loss, liability, damage, claim or expense (including the costs and expenses of defending against any claim (regardless of who asserts such claim) of liability) incurred by the Conversion Agent that arises
out of or in connection with its obligations under this Article 9, except such as may result from the gross negligence or willful misconduct of the Conversion Agent or any of its agents or employees. The Guarantor agrees to guarantee the obligations
of the Issuer under the preceding sentence. The provisions of this paragraph shall survive the termination of this Supplemental Indenture. 
  
 Section 9.3 Fractions of ADRs. 
  
 No fractional ADRs shall be issued upon conversion of any Debenture or Debentures. If more than one Debenture shall be surrendered for conversion at one
time by the same Holder, the number of full ADRs which shall be issued upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Debentures (or specified portions thereof) so surrendered. Instead of any
fractional ADRs that would otherwise be issued upon conversion of any Debenture or Debentures (or specified portions thereof), the Issuer shall pay a 
  

 33 

 cash adjustment in respect of such fraction (calculated to the nearest one-100th of a share) in an amount equal to the
same fraction of the Trading Price of the ADRs as of the Trading Day preceding the date of conversion. 
  
 Section 9.4 Adjustment of Conversion Rate. 
  
 The Conversion Rate shall be subject to adjustment, calculated by the Issuer, from time to time as follows: 
  
 (a) In case the Guarantor shall hereafter pay a dividend or make a
distribution to all holders of the outstanding Ordinary Shares in Ordinary Shares, the Conversion Rate in effect at the opening of business on the date following the date fixed for the determination of stockholders entitled to receive such dividend
or other distribution shall be increased by multiplying such Conversion Rate by a fraction: 
  
 (1) the numerator of which shall be the number of Ordinary Shares outstanding at the close of business on the Record Date (as defined in
Section 9.4(g)) fixed for such determination plus the total number of shares constituting such dividend or other distribution; and 
  
 (2) the denominator of which shall be the number of Ordinary Shares outstanding at the close of business on such Record Date. 

 
 Such adjustment shall become effective immediately after the opening of
business on the day following the Record Date. If any dividend or distribution of the type described in this Section 9.4(a) is declared but not so paid or made, the Conversion Price shall again be adjusted to the Conversion Price which would
then be in effect if such dividend or distribution had not been declared. 
  
 (b) In case the outstanding Ordinary Shares shall be subdivided into a greater number of Ordinary Shares, the Conversion Rate in effect at the opening of business on the day following the day upon which such
subdivision becomes effective shall be proportionately increased, and conversely, in case outstanding Ordinary Shares shall be combined into a smaller number of Ordinary Shares, the Conversion Rate in effect at the opening of business on the day
following the day upon which such combination becomes effective shall be proportionately reduced, such increase or reduction, as the case may be, to become effective immediately after the opening of business on the day following the day upon which
such subdivision or combination becomes effective. 
  
 (c) In case
the Guarantor shall issue rights or warrants (other than any rights or warrants referred to in Section 9.4(d)) to all holders of its outstanding Ordinary Shares entitling them to subscribe for or purchase Ordinary Shares (or securities
convertible into Ordinary Shares) at a price per share (or having a conversion price per share) less than the Current Market Price (as defined in Section 9.4(g)) on the Record Date fixed for the determination of stockholders entitled to receive
such rights or warrants, the Conversion Rate shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Rate in effect at the opening of business on the date after such Record Date by a fraction: 
  
 (1) the numerator of which shall be the number of Ordinary
Shares outstanding at the close of business on the Record Date, plus the total number of additional Ordinary Shares so offered for subscription or purchase (or into which the convertible securities so offered are convertible); and 
  

 34 

 (2) the denominator of which shall be the number of Ordinary Shares outstanding on the
close of business on the Record Date, plus the number of shares which the aggregate offering price of the total number of shares so offered for subscription or purchase (or the aggregate conversion price of the convertible securities so offered)
would purchase at such Current Market Price. 
  
 Such adjustment
shall become effective immediately after the opening of business on the day following the Record Date fixed for determination of stockholders entitled to receive such rights or warrants. To the extent that Ordinary Shares (or securities convertible
into Ordinary Shares) are not delivered pursuant to such rights or warrants, upon the expiration or termination of such rights or warrants, the Conversion Rate shall be readjusted to the Conversion Rate which would then be in effect had the
adjustments made upon the issuance of such rights or warrants been made on the basis of the delivery of only the number of Ordinary Shares (or securities convertible into Ordinary Shares) actually delivered. In the event that such rights or warrants
are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate which would then be in effect if such date fixed for the determination of stockholders entitled to receive such rights or warrants had not been fixed. In
determining whether any rights or warrants entitle the holders to subscribe for or purchase Ordinary Shares at less than such Current Market Price, and in determining the aggregate offering price of such Ordinary Shares, there shall be taken into
account any consideration received for such rights or warrants, the value of such consideration if other than cash, to be determined by the Board. 
  
 (d) In case the Guarantor shall, by dividend or otherwise, distribute to all holders of its Ordinary Shares any class of Capital Stock of the Guarantor
(other than any dividends or distributions to which Section 9.4(a) applies) or evidences of its indebtedness, cash or other assets, including securities, but excluding (1) any rights or warrants referred to in Section 9.4(c),
(2) dividends or distributions of stock, securities or other property or assets (including cash) in connection with a reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance to which
Section 9.13 applies and (3) dividends and distributions paid exclusively in cash (such Capital Stock, evidence of its indebtedness, cash, other assets or securities being distributed hereinafter in this Section 9.4(d) called the
“distributed assets”), then, in each such case, subject to the second succeeding paragraph of this Section 9.4(d), the Conversion Rate shall be increased so that the same shall be equal to the price determined by multiplying the
Conversion Rate in effect immediately prior to the close of business on the Record Date (as defined in Section 9.4(g)) with respect to such distribution by a fraction: 
  
 (1) the numerator of which shall be the Current Market Price (determined as provided in Section 9.4(g))
on such date; and 
  
 (2) the denominator of
which shall be such Current Market Price, less the fair market value (as determined by the Board, whose determination shall be 
  

 35 

 conclusive and set forth in a Board Resolution) on such date of the portion of the distributed assets so
distributed applicable to one Ordinary Share (determined on the basis of the number of Ordinary Shares outstanding on the Record Date). 
  
 Such adjustment shall become effective immediately prior to the opening of business on the day following the Record Date. However, in the event that the
then fair market value (as so determined) of the portion of the distributed assets so distributed applicable to one Ordinary Share is equal to or greater than the Current Market Price on the Record Date, in lieu of the foregoing adjustment, adequate
provision shall be made so that each Holder shall have the right to receive upon conversion of a Debenture (or any portion thereof) the amount of distributed assets such Holder would have received had such Holder converted such Debenture (or portion
thereof) immediately prior to such Record Date. In the event that such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or
distribution had not been declared. 
  
 If the Board determines
the fair market value of any distribution for purposes of this Section 9.4(d) by reference to the actual or when issued trading market for any distributed assets comprising all or part of such distribution, it must in doing so consider the
prices in such market over the same period (the “Reference Period”) used in computing the Current Market Price pursuant to Section 9.4(g) to the extent possible, unless the Board in a Board Resolution determines in good faith
that determining the fair market value during the Reference Period would not be in the best interest of the Holders. 
  
 Rights or warrants distributed by the Issuer to all holders of Ordinary Shares entitling the holders thereof to subscribe for or purchase shares of the
Guarantor’s Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger Event”): 
  
 (1) are deemed to be transferred with such Ordinary Shares;

  
 (2) are not exercisable; and 
  
 (3) are also issued in respect of future issuances of
Ordinary Shares; 
  
 shall be deemed not to have been distributed for purposes of
this Section 9.4(d) (and no adjustment to the Conversion Rate under this Section 9.4(d) will be required) until the occurrence of the earliest Trigger Event. If such right or warrant is subject to subsequent events, upon the occurrence of
which such right or warrant shall become exercisable to purchase different distributed assets, evidences of indebtedness or other assets or entitle the holder to purchase a different number or amount of the foregoing or to purchase any of the
foregoing at a different purchase price, then the occurrence of each such event shall be deemed to be the date of issuance and record date with respect to a new right or warrant (and a termination or expiration of the existing right or warrant
without exercise by the holder thereof). In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto, that
resulted in an adjustment to the Conversion Rate under this Section 9.4(d): 
  
 (1) in the case of any such rights or warrants which shall all have been redeemed or repurchased without exercise by any holders thereof,
the Conversion Price shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price
received by a holder of Ordinary Shares with respect to such rights or warrants (assuming such holder had retained such rights or warrants), made to all holders of Ordinary Shares as of the date of such redemption or repurchase; and 
  

 36 

 (2) in the case of such rights or warrants which shall have expired or been terminated
without exercise, the Conversion Rate shall be readjusted as if such rights and warrants had never been issued. 
  
 For purposes of this Section 9.4(d) and Sections 9.4(a), 9.4(b) and 9.4(c), any dividend or distribution to which this Section 9.4(d) is
applicable that also includes Ordinary Shares, a subdivision or combination of Ordinary Shares to which Section 9.4(b) applies, or rights or warrants to subscribe for or purchase Ordinary Shares to which Section 9.4(c) applies (or any
combination thereof), shall be deemed instead to be: 
  
 (1) a dividend or distribution of the evidences of indebtedness, assets, shares of Capital Stock, rights or warrants, other than such Ordinary Shares, such subdivision or combination or such rights or warrants to which Sections 9.4(a),
9.4(b) and 9.4(c) apply, respectively (and any Conversion Rate increase required by this Section 9.4(d) with respect to such dividend or distribution shall then be made), immediately followed by 
  
 (2) a dividend or distribution of such Ordinary Shares, such
subdivision or combination or such rights or warrants (and any further Conversion Rate increase required by Sections 9.4(a), 9.4(b) and 9.4(c) with respect to such dividend or distribution shall then be made), except: 
  
 (A) the Record Date of such dividend or distribution shall
be substituted as (x) “the date fixed for the determination of stockholders entitled to receive such dividend or other distribution”, “Record Date fixed for such determinations” and “Record Date” within the meaning
of Section 9.4(a); (y) “the day upon which such subdivision becomes effective” and “the day upon which such combination becomes effective” within the meaning of Section 9.4(b); and (z) as “the date fixed
for the determination of stockholders entitled to receive such rights or warrants”, “the Record Date fixed for the determination of the stockholders entitled to receive such rights or warrants” and such “Record Date” within
the meaning of Section 9.4(c); and 
  
 (B)
any Ordinary Shares included in such dividend or distribution shall not be deemed “outstanding at the close of business on the date fixed for such determination” within the meaning of Section 9.4(a) and any reduction or increase in
the number of Ordinary Shares resulting from such subdivision or combination shall be disregarded in connection with such dividend or distribution. 
  

 37 

 (e) In case the Guarantor shall, by dividend or otherwise, distribute to all holders of its Ordinary
Shares cash (excluding any cash that is distributed upon a reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance to which Section 9.13 applies or as part of a distribution referred to in
Section 9.4(d)), in an aggregate per share amount that, combined together with the aggregate per share amount of any other such distributions to all holders of Ordinary Shares made exclusively in cash in the same fiscal quarter of the Guarantor
as the date of payment of such distribution, and in respect of which no adjustment pursuant to this Section 9.4(e) has been made, exceeds $0.06327 (the “Dividend Threshold Amount”) (the amount of such excess, the “Dividend
Increase”), then and in each such case, immediately after the close of business on such date, the Conversion Rate shall be increased so that the same shall equal the price determined by multiplying the Conversion Rate in effect immediately
prior to the close of business on such Record Date by a fraction: 
  
 (1) the numerator of which shall be equal to the Current Market Price on the Record Date, and 
  
 (2) the denominator of which shall be equal to the Current Market Price on such date, less an amount equal to the quotient of (x) the
aggregate amount of the Dividend Increase and (y) the number of Ordinary Shares outstanding on the Record Date. 
  
 However, in the event that the then fair market value (as so determined) of the portion of cash, so distributed applicable to one Ordinary Share is equal to or greater
than the Current Market Price on the Record Date, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder shall have the right to receive upon conversion of a Debenture (or any portion thereof) the amount of cash
equal to the amount of the Dividend Increase such Holder would have received had such Holder converted such Debenture (or portion thereof) immediately prior to such Record Date. In the event that such dividend or distribution is not so paid or made,
the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 
  
 The Dividend Threshold Amount is subject to adjustment on an inversely proportional basis whenever the Conversion Rate is adjusted; provided, however, that no such
adjustment shall be made whenever the Conversion Rate is adjusted pursuant to this Section 9.4(e). 
  
 If an adjustment is required to be made as set forth in this Section 9.4(e) as a result of a distribution that is not a regular quarterly dividend, the Dividend Threshold Amount will be deemed to be zero.

  
 (f) In case a tender or exchange offer made by the Guarantor
or any of its subsidiaries for all or any portion of the Ordinary Shares or ADRs shall expire and such tender or exchange offer (as amended upon the expiration thereof) shall require the payment to stockholders of consideration per share of the
Ordinary Shares having a fair market value (as 
  

 38 

 determined by the Board of Directors, whose determination shall be conclusive and set forth in a Board Resolution) that,
as of the last time (the “Expiration Time”) tenders or exchanges could have been made pursuant to such tender or exchange offer (as it may be amended), exceeds the Current Market Price of the Ordinary Shares on the Trading Day next
succeeding the Expiration Time, then, and in each such case, immediately prior to the opening of business on the day after the date of the Expiration Time, the Conversion Rate shall be adjusted so that the same shall equal the price determined by
multiplying the Conversion Rate in effect immediately prior to the close of business on the date of the Expiration Time by a fraction: 
  
 (1) the numerator of which shall be the sum of (x) the fair market value (determined as aforesaid) of the aggregate consideration
payable to stockholders based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of all shares validly tendered or exchanged and not withdrawn as of the Expiration Time (the shares deemed so accepted up to
any such maximum, being referred to as the “Purchased Shares”) and (y) the product of (A) the number of Ordinary Shares outstanding less the Purchased Shares at the Expiration Time and (B) the Current Market Price of
the Ordinary Shares on the Trading Day next succeeding the Expiration Time; and 
  
 (2) the denominator of which shall be the product of the number of Ordinary Shares outstanding (including any Purchased Shares) at the
Expiration Time and the Current Market Price of the Ordinary Shares on the Trading Day next succeeding the Expiration Time. 
  
 Such reduction (if any) shall become effective immediately prior to the opening of business on the day following the Expiration Time. In the event that the Issuer is
obligated to purchase shares pursuant to any such tender or exchange offer, but the Issuer is permanently prevented by applicable law from effecting any such purchases or all or a portion of such purchases are rescinded, the Conversion Rate shall
again be adjusted to be the Conversion Rate that would then be in effect if such (or such portion of the) tender or exchange offer had not been made. If the application of this Section 9.4(f) to any tender or exchange offer would result in a
reduction in the Conversion Rate, no adjustment shall be made for such tender or exchange offer under this Section 9.4(f). 
  
 (g) For purposes of this Section 9.4, the following terms shall have the meanings indicated: 
  
 (1) “Current Market Price” of an Ordinary Share
shall mean the average of the daily Trading Prices per ADR for the ten consecutive Trading Days immediately prior to the date in question, minus the fair market value per ADR of any property (cash or otherwise) then held by the ADR Depositary on
behalf of the existing ADR holders, then dividing the resulting value by the number of Ordinary Shares represented by each ADR; provided, however, that if: 
  
 (2) the “ex” date (as hereinafter defined) for any event (other than the issuance or distribution
requiring such computation) that requires an adjustment to the Conversion Price pursuant to Section 9.4(a), (b), (c), (d), (e) or (f) occurs 
  

 39 

 during such ten consecutive Trading Days, the Trading Price for each Trading Day prior to the
“ex” date for such other event shall be adjusted by multiplying such Trading Price by the same fraction by which the Conversion Price is so required to be adjusted as a result of such other event; 
  
 (3) the “ex” date for any event (other than the
issuance or distribution requiring such computation) that requires an adjustment to the Conversion Price pursuant to Section 9.4(a), (b), (c), (d), (e) or (f) occurs on or after the “ex” date for the issuance or distribution
requiring such computation and prior to the day in question, the Trading Price for each Trading Day on and after the “ex” date for such other event shall be adjusted by multiplying such Trading Price by the reciprocal of the fraction by
which the Conversion Price is so required to be adjusted as a result of such other event; and 
  
 (4) the “ex” date for the issuance or distribution requiring such computation is prior to the day in question, after taking into
account any adjustment required pursuant to clause (i) or (ii) of this proviso, the Trading Price for each Trading Day on or after such “ex” date shall be adjusted by adding thereto the amount of any cash and the fair market
value (as determined by the Board in a manner consistent with any determination of such value for purposes of Section 9.4(d) or (f), whose determination shall be conclusive and set forth in a Board Resolution) of the evidences of indebtedness,
shares of Capital Stock or assets being distributed applicable to one ADR as of the close of business on the day before such “ex” date. 
  
 For purposes of any computation under Section 9.4(f), if the “ex” date for any event (other than the tender or exchange offer requiring such computation)
that requires an adjustment to the Conversion Rate pursuant to Section 9.4(a), (b), (c), (d), (e) or (f) occurs on or after the Expiration Time for the tender or exchange offer requiring such computation and prior to the day in
question, the Trading Price for each Trading Day on and after the “ex” date for such other event shall be adjusted by multiplying such Trading Price by the reciprocal of the fraction by which the Conversion Price is so required to be
adjusted as a result of such other event. For purposes of this paragraph, the term “ex” date, when used: 
  
 (A) with respect to any issuance or distribution, means the first date on which the ADRs trade regular way on the relevant exchange or in
the relevant market from which the Trading Price was obtained without the right to receive such issuance or distribution; 
  
 (B) with respect to any subdivision or combination of ADRs, means the first date on which the ADRs trade regular way on such exchange or
in such market after the time at which such subdivision or combination becomes effective; and 
  
 (C) with respect to any tender or exchange offer, means the first date on which the ADRs trade regular way on such exchange or in such
market after the Expiration Time of such offer. 
  

 40 

 Notwithstanding the foregoing, whenever successive adjustments to the Conversion Price are called for pursuant to this
Section 9.4, such adjustments shall be made to the Current Market Price as may be necessary or appropriate to effectuate the intent of this Section 9.4 and to avoid unjust or inequitable results as determined in good faith by the Board.

  
 (5) “fair market value”
shall mean the amount which a willing buyer would pay a willing seller in an arm’s length transaction. 
  
 (6) “Record Date” shall mean, with respect to any dividend, distribution or other transaction or event in which the
holders of ADRs have the right to receive any cash, securities or other property or in which the ADRs (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for
determination of stockholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board or by statute, contract or otherwise). 
  
 (h) To the extent permitted by applicable law, the Issuer from time to time may increase the Conversion Rate by any amount
for any period of time if the period is at least 20 days and the increase is irrevocable during the period and the Board determines in good faith that such increase would be in the best interests of the Holders, which determination shall be
conclusive and set forth in a Board Resolution. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Guarantor shall mail to the Trustee and each Holder at the address of such Holder as it appears in the register of the
Debentures a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect. 
  
 (i) No adjustment in the Conversion Rate shall be required unless such
adjustment would require an increase or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this Section 9.4(i) are not required to be made shall be carried forward and taken into account in
any subsequent adjustment and provided, further, that all adjustments carried forward shall be made no later than the one year anniversary of the date of the first such adjustment carried forward, or immediately following any notice of
redemption, regardless of whether the aggregate amount is less than 1%. All calculations under this Article 9 shall be made by the Issuer and shall be made to the nearest cent or to the nearest one hundredth of a share, as the case may be. No
adjustment need be made for a change in the par value or no par value of the Ordinary Shares. 
  
 (j) In any case in which this Section 9.4 provides that an adjustment shall become effective immediately after a Record Date for an event, the Issuer may defer until the occurrence of such event (i) issuing
to the Holder of any Debenture converted after such Record Date and before the occurrence of such event the additional Ordinary Shares issuable upon such conversion by reason of the adjustment required by such event over and above the Ordinary
Shares issuable upon such conversion before giving effect to such adjustment and (ii) paying to such holder any amount in cash in lieu of any fraction pursuant to Section 9.3. 
  

 41 

 (k) For purposes of this Section 9.4, the number of Ordinary Shares at any time outstanding shall
not include shares held in the treasury of the Guarantor but shall include shares issuable in respect of certificates issued in lieu of fractions of Ordinary Shares. 
  
 (l) If the distribution date for the rights provided in the Guarantor’s rights agreement, if any, occurs prior to the
date a Debenture is converted, the Holder of the Debenture who converts such Debenture after the distribution date is not entitled to receive the rights that would otherwise be attached (but for the date of conversion) to the Ordinary Shares
received upon such conversion; provided, however, that an adjustment shall be made to the Conversion Rate pursuant to Section 9.4(b) as if the rights were being distributed to the holders of the Ordinary Shares immediately prior to such
conversion. If such an adjustment is made and the rights are later redeemed, invalidated or terminated, then a corresponding reversing adjustment shall be made to the Conversion Rate, on an equitable basis, to take account of such event. 

 
 (m) The initial Conversion Rate reflects that as of the date of this
Supplemental Indenture, each ADR represents one Ordinary Share. If the number of Ordinary Shares represented by each ADR changes, the Conversion Rate will be adjusted proportionately. 
  
 Section 9.5 Notice of Adjustments of Conversion Rate. 
  
 Whenever the Conversion Rate is adjusted as herein provided (other than in
the case of an adjustment pursuant to the first sentence of Section 9.4(h) for which the notice required by such Section has been provided), the Issuer shall promptly file with the Trustee and any Conversion Agent other than the Trustee an
Officers’ Certificate setting forth the adjusted Conversion Rate and showing in reasonable detail the facts upon which such adjustment is based. Promptly after delivery of such Officers’ Certificate, the Issuer shall prepare a notice
stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price and the date on which each adjustment becomes effective, and shall mail such notice to each Holder at the address of such Holder as it appears in the
register of the Debentures within 20 days of the effective date of such adjustment. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 
  
 Section 9.6 Notice Prior to Certain Actions. 
  
 In case at any time after the date hereof: 
  
 (1) the Guarantor shall declare a dividend (or any other distribution) on its Ordinary Shares payable
otherwise than in cash out of its capital surplus or its consolidated retained earnings; 
  
 (2) the Guarantor shall authorize the granting to the holders of its Ordinary Shares of rights or warrants to subscribe for or purchase
any shares of Capital Stock of any class (or of securities convertible into shares of Capital Stock of any class) or of any other rights; 
  
 (3) there shall occur any reclassification of the Ordinary Shares of the Guarantor (other than a subdivision or combination of its
outstanding Ordinary Shares, a change in par value, a change from par value to no par value or a change 
  

 42 

 from no par value to par value), or any merger, consolidation, statutory share exchange or combination to
which the Guarantor is a party and for which approval of any shareholders of the Guarantor is required, or the sale, transfer or conveyance of all or substantially all of the assets of the Guarantor; or 
  
 (4) there shall occur the voluntary or involuntary
dissolution, liquidation or winding up of the Guarantor; 
  
 the Guarantor shall
cause to be filed at the Registrar, and shall cause to be provided to the Trustee and all Holders in accordance with Section 10.4, at least 20 days (or 10 days in any case specified in clause (1) or (2) above) prior to the applicable
record or effective date hereinafter specified, a notice stating: 
  
 (A) the date on which a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a record is not to be taken, the date as of which the holders of Ordinary Shares of record to be
entitled to such dividend, distribution, rights or warrants are to be determined; or 
  
 (B) the date on which such reclassification, merger, consolidation, statutory share exchange, combination, sale, transfer, conveyance,
dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property
deliverable upon such reclassification, merger, consolidation, statutory share exchange, sale, transfer, dissolution, liquidation or winding up. 
  
 Neither the failure to give such notice nor any defect therein shall affect the legality or validity of the proceedings or actions described in clauses
(1) through (4) of this Section 9.6. 
  
 Section 9.7 Guarantor to Reserve Ordinary Shares. 
  
 The Guarantor shall at all times use its best efforts to reserve and keep available, free from preemptive rights, out of its authorized but unissued Ordinary Shares, for the purpose of effecting the conversion of Debentures, the full number
of shares of fully paid and nonassessable Ordinary Shares then issuable upon the conversion of all Outstanding Debentures. 
  
 Section 9.8 Covenant as to Ordinary Shares. 
  
 The Issuer covenants that all Ordinary Shares which may be issued upon conversion of Debentures will upon issue be fully paid and nonassessable and,
except as provided in Section 9.11, the Issuer will pay all taxes, liens and charges with respect to the issue thereof. 
  
 Section 9.9 Guarantor’s Covenant Regarding the Delivery of ADRs. 
  
 (a) Upon receipt by the Issuer of a Notice of Conversion in the form contained in Exhibit A hereto, the Guarantor covenants
that it will deposit or cause to be 
  

 43 

 deposited Ordinary Shares issuable upon conversion of the Debentures with the Depositary in accordance with the terms of
the Deposit Agreement and will comply with the applicable terms of the Deposit Agreement so that ADRs evidencing ADSs representing such Ordinary Shares will be executed by the ADR Depositary and delivered to the Holders as required by this Agreement
and the Depositary Agreement. 
  
 (b) The Guarantor covenants that
it will perform all acts necessary in order to ensure that ADRs evidencing ADSs representing Ordinary Shares issuable upon conversion of the Debentures are delivered to the Holders entitled thereto. 
  
 Section 9.10 Distribution of Ordinary Shares Instead of ADRs.

  
 (a) In the event that Ordinary Shares cease to be represented
by ADRs issued under a depositary receipt program sponsored by the Guarantor, or the ADRs cease to be quoted on the Nasdaq National Market (and are not at that time listed on the New York Stock Exchange or another United States national securities
exchange), all references herein to ADRs will be deemed to have been replaced by a reference to: 
  

	 	(i)	the number of Ordinary Shares corresponding to the ADRs on the last day on which the ADRs were quoted on the Nasdaq National Market; and 

  

	 	(ii)	as adjusted, pursuant to the adjustment provisions contained in this Section 9, for any other property the ADRs represented as if the other property has been distributed to
holders of ADRs on that day. 

  
 Section 9.11
Taxes on Conversions. 
  
 Except as provided in the next
sentence, the Issuer will pay any and all taxes (other than taxes on income) and duties that may be payable in respect of the issue or delivery of ADRs on conversion of Debentures pursuant hereto. A Holder delivering a Debenture for conversion shall
be liable for and will be required to pay any tax or duty which may be payable in respect of any transfer involved in the issue and delivery of ADRs in a name other than that of the Holder of the Debenture or Debentures to be converted, and no such
issue or delivery shall be made unless the Person requesting such issue has paid to the Issuer the amount of any such tax or duty, or has established to the satisfaction of the Issuer that such tax or duty has been paid. 
  
 Section 9.12 Cancellation of Converted Debentures. 
  
 All Debentures delivered for conversion shall be delivered to the Trustee to
be canceled by the Trustee, which shall dispose of the same as provided in Section 2.10 of the Base Indenture. 
  

 44 

 Section 9.13 Effect of Reclassification, Consolidation, Merger or Sale. 
  
 If any of following events occur, namely: 
  
 (1) any reclassification or change of the outstanding
Ordinary Shares (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination); 
  
 (2) any merger, consolidation, statutory share exchange or combination of the Guarantor with another
corporation as a result of which holders of Ordinary Shares shall be entitled to receive stock, securities or other property or assets (including cash) with respect to or in exchange for such Ordinary Shares; or 
  
 (3) any sale or conveyance of the properties and assets of
the Guarantor as, or substantially as, an entirety to any other corporation as a result of which holders of Ordinary Shares shall be entitled to receive stock, securities or other property or assets (including cash) with respect to or in exchange
for such Ordinary Shares; 
  
 the Guarantor or the successor or purchasing
corporation, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply with the TIA as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so
comply) providing that such Debenture shall be convertible into the kind and amount of shares of stock and other securities or property or assets (including cash) which such Holder would have been entitled to receive upon such reclassification,
change, merger, consolidation, statutory share exchange, combination, sale or conveyance had such Debentures been converted into Ordinary Shares immediately prior to such reclassification, change, merger, consolidation, statutory share exchange,
combination, sale or conveyance, as set forth in the immediately succeeding paragraph in the event the Holders have the right to make an election as to the kind or amount of securities, cash or other properties receivable. Such supplemental
indenture shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 9. If, in the case of any such reclassification, change, merger, consolidation, statutory share
exchange, combination, sale or conveyance, the stock or other securities and assets receivable thereupon by a holder of Ordinary Shares includes shares of stock or other securities and assets of a corporation other than the successor or purchasing
corporation, as the case may be, in such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain
such additional provisions to protect the interests of the Holders of the Debentures as the Board shall reasonably consider necessary by reason of the foregoing, including to the extent practicable the provisions providing for the Repurchase Rights
set forth in Article 8. 
  
 In the event Holders of the Ordinary
Shares have the right to make elections as to the kind or amount of securities, cash or other properties receivable upon any such merger, consolidation, statutory share exchange, combination, sale or conveyance, then from and after the effective
date of such reclassification, change, merger, consolidation, statutory share 
  

 45 

 exchange, combination, sale or conveyance, the Debentures shall be convertible into the kind and amount of such
securities, cash or other property receivable by the greatest number of holders of Ordinary Shares who made such elections. 
  
 The Issuer shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at the address of such Holder as it appears on
the register of the Debentures, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 
  
 The above provisions of this Section shall similarly apply to successive reclassifications, mergers, consolidations,
statutory share exchanges, combinations, sales and conveyances. 
  
 If this Section 9.13 applies to any event or occurrence, Section 9.4 shall not apply. Notwithstanding this Section 9.13, if a Public Acquirer Change of Control occurs and the Issuer elects to adjust the Conversion Rate and
its conversion obligation pursuant to Section 9.16, the provisions of Section 9.16 shall apply to the conversion instead of this Section 9.13. 
  
 If this Section 9.13 applies to any event or occurrence, any Additional ADRs which a Holder is entitled to receive upon conversion pursuant to
Section 9.15, if applicable, shall not be payable in ADRs, but will represent a right to receive the aggregate amount of cash, securities or other property into which the Additional ADRs would convert, determined as provided in this
Section 9.13, as a result of such reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance. 
  
 Section 9.14 Responsibility of Trustee for Conversion Provisions. 
  
 The Trustee, subject to the provisions of Section 5.01 of the Base Indenture, and any Conversion Agent shall not at any
time be under any duty or responsibility to any Holder of Debentures to determine whether any facts exist which may require any adjustment of the Conversion Price, or with respect to the nature or intent of any such adjustments when made, or with
respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. Neither the Trustee, subject to the provisions of Section 5.01 of the Base Indenture, nor any Conversion Agent shall be
accountable with respect to the validity or value (of the kind or amount) of any ADRs or Ordinary Share, or of any other securities or property, which may at any time be issued or delivered upon the conversion of any Debenture; and it or they do not
make any representation with respect thereto. Neither the Trustee, subject to the provisions of Section 5.01 of the Base Indenture, nor any Conversion Agent shall be responsible for any failure of the Issuer to make any cash payment or to
issue, transfer or deliver any shares of stock or share certificates or other securities or property upon the surrender of any Debenture for the purpose of conversion; and the Trustee, subject to the provisions of Section 5.01 of the Base
Indenture, and any Conversion Agent shall not be responsible or liable for any failure of the Issuer or the Guarantor to comply with any of the covenants of the Issuer or the Guarantor contained in this Article. 
  

 46 

 Section 9.15 Adjustment to Conversion Rate Upon a Change of Control. 
  
 (a) Subject to Section 9.13 and Section 9.16, if a Holder converts
a Debenture on or before February 1, 2011, in connection with a Change of Control pursuant to which 10% or more of the consideration for the Ordinary Shares (other than cash payments for fractional shares and cash payments made in respect of
dissenters’ appraisal rights) in the Change of Control consists of cash or securities (or other property) that are not traded or scheduled to be traded immediately following the Change of Control on a U.S. national securities exchange or the
Nasdaq National Market (a “Non-Stock Change of Control”), the Issuer will increase the Conversion Rate applicable to such conversion by a number of additional ADRs (the “Additional ADRs”) as set forth below. A
conversion of Debentures by a Holder will be deemed “in connection with” a Change of Control if the Conversion Agent receives from the Holders a conversion notice within 30 days after the date on which the Issuer sends to Holders the
Issuer Notice required by Section 9.15(b). The number of Additional ADRs will be determined by reference to the table below, based on the Effective Date and the price (the “Stock Price”) paid per share for the ADRs in the
Non-Stock Change of Control. If holders of ADRs receive only cash in the Non-Stock Change of Control, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Trading Price of the ADRs on the
five Trading Days prior to but not including the Effective Date of such Non-Stock Change of Control. 
  
 The Stock Prices and number of Additional ADRs set forth in the table below will be adjusted as of any date on which the Conversion Rate is adjusted. On
such date, the Stock Prices shall be adjusted by multiplying: 
  

	 	(i)	the Stock Prices applicable immediately prior to such adjustment, by 

  

	 	(ii)	a fraction, of which 

  

	 	(1)	the numerator shall be the Conversion Rate immediately prior to the adjustment giving rise to the Stock Price adjustment; and 

  

	 	(2)	the denominator shall be the Conversion Rate as so adjusted. 

  
 The number of Additional ADRs shall be correspondingly adjusted in the same manner as the adjustments described in Section 9.4. 
  
 The following table sets forth the Stock Price and the number of Additional
ADRs issuable per $1,000 aggregate principal amount of the Debentures: 
  

																							
	 	  	Stock Price

	 Effective Date

	  	$41.01

	  	$50.00

	  	$60.00

	  	$70.00

	  	$80.00

	  	$90.00

	  	$100.00

	  	$110.00

	  	$120.00

	  	$130.00

	  	$140.00

	 February 1, 2006
	  	4.8769	  	2.8319	  	1.6454	  	1.0086	  	0.6471	  	0.4304	  	0.2938	  	0.2037	  	0.1421	  	0.0986	  	0.0672
	 February 1, 2007
	  	4.8416	  	2.6868	  	1.4809	  	0.8642	  	0.5320	  	0.3425	  	0.2280	  	0.1551	  	0.1062	  	0.0723	  	0.0481
	 February 1, 2008
	  	4.7636	  	2.4719	  	1.2542	  	0.6770	  	0.3913	  	0.2411	  	0.1561	  	0.1042	  	0.0704	  	0.0471	  	0.0305
	 February 1, 2009
	  	4.6480	  	2.1583	  	0.9423	  	0.4405	  	0.2292	  	0.1333	  	0.0847	  	0.0565	  	0.0383	  	0.0253	  	0.0158
	 February 1, 2010
	  	4.5090	  	1.6574	  	0.4890	  	0.1538	  	0.0642	  	0.0365	  	0.0247	  	0.0178	  	0.0126	  	0.0085	  	0.0050
	 February 1, 2011
	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000

  

 47 

 If the Stock Price and Effective Date are not set forth on the table above and the Stock Price is:

  
 (A) between two Stock Prices in the table or
the Effective Date is between two dates in the table, the number of Additional ADRs will be determined by straight-line interpolation between the number of shares of Additional ADRs set forth for the higher and lower Stock Price and the two
Effective Dates, as applicable, based on a 360-day year; 
  
 (B) in excess of $140.00 per share (subject to adjustment), no shares of Additional ADRs will be issuable upon conversion; or 
  

(C) less than $41.01 per share (subject to adjustment), no shares of Additional ADRs will be issuable upon conversion. 
  
 Notwithstanding the foregoing, in no event shall the total number of ADRs
issuable upon conversion exceed 24.3843 per $1,000 of aggregate principal amount of Debentures, subject to adjustments in the same manner as adjustments to the Conversion Rate provided for in Section 9.4. 
  
 The Issuer and each Holder, by accepting the Debentures, acknowledge that the
loss suffered by a Holder in the event of a Change of Control requiring the Issuer to deliver Additional ADRs upon conversion of a Debenture is not susceptible of precise determination. The Issuer and each Holder, by accepting the Debentures, agree
that the adjustment to the Conversion Rate relating to the Additional ADRs is intended to compensate Holders for the lost option value of the Debentures following such Change of Control, is reasonable in relation to the loss suffered by Holders and
is not a penalty for the Issuer. 
  
 (b) The Issuer must provide
notice to all Holders and to the Trustee within 10 days following the effectiveness of a Change of Control (“Non-Stock Change of Control Issuer Notice”, which is also an Issuer Notice as defined in Section 8.2(a)). 

 
 Section 9.16 Conversion After a Public Acquiror Change of
Control. 
  
 (a) In the event of a Public Acquiror Change of
Control, the Issuer may, in lieu of issuing Additional ADRs pursuant to Section 9.15(a), elect to adjust the Conversion Rate and the related conversion obligation such that from and after the Effective Date of such Public Acquiror Change of
Control, Holders of the Debentures will be entitled to convert their Debentures, in accordance with Section 9.2 hereof, into a number of shares of Public Acquiror Common Stock by adjusting the Conversion Rate in effect immediately before the
Effective Date of the Public Acquiror Change of Control by multiplying it by a fraction: 
  

	 	(i)	the numerator of which will be (A) in the case of a share exchange, consolidation or merger, pursuant to which the Ordinary Shares (including those represented by ADRs) are
converted into cash, securities or other property, the average value of all cash and any other consideration (as determined by the Board) paid or payable per Ordinary Share or (B) in the 

  

 48 

 case of any other Public Acquiror Change of Control, the average of the Trading Prices of the ADRs for
the five consecutive Trading Days prior to but excluding the Effective Date of such Public Acquiror Change of Control; and 
  

	 	(ii)	the denominator of which will be the average Trading Price of the Public Acquiror Common Stock for the five consecutive Trading Days commencing on the Trading Day next succeeding
the Effective Date of such Public Acquiror Change of Control. 

  
 The Issuer will notify Holders of its election, if any, pursuant to this Section 9.16(a) in the notice provided pursuant to as set forth in Section 9.15(b). 
  
 Section 9.17 Option to Satisfy Conversion Obligation with Cash, ADRs
or Combination Thereof. 
  
 (a) Except to the extent that the
Issuer has irrevocably elected to make a cash payment of principal upon conversion pursuant to Section 9.17(b), the Issuer may elect to deliver either ADRs or a combination of cash up to the principal amount of the Debentures and ADRs in
satisfaction of the Issuer’s obligation upon conversion of the Debentures (the “Conversion Obligation”). The Issuer shall notify the Holder or Holders, as the case may be, either directly or through the Trustee of the method
the Issuer chooses to satisfy its Conversion Obligation, (i) in the Issuer’s notice of redemption, if the Issuer has called the Debentures for redemption, (ii) if a Change of Control or Termination of Trading has occurred, in the
related Fundamental Change Issuer Notice, (iii) if a Non-Stock Change of Control has occurred, in the related Non-Stock Change of Control Issuer Notice, (iv) 26 Trading Days immediately preceding the Stated Maturity in respect of
Debentures to be converted during the period beginning 25 Trading Days immediately preceding the Stated Maturity and ending one Trading Day immediately preceding the Stated Maturity, and (v) no later than three Trading Days immediately
following the date of conversion in all other cases (such period, the “Settlement Notice Period”). If the Issuer elects to satisfy any portion of its Conversion Obligation by delivering cash, the Issuer shall specify in such notice
the portion to be paid in cash either as a percentage of the Conversion Obligation or as the lesser of (a) a fixed dollar amount and (b) the Settlement Value. The Issuer shall treat all Holders converting on the same Trading Day in the
same manner. The Issuer shall not have any obligation to satisfy Conversion Obligations arising on different Trading Days in the same manner, except following: 
  

(i) a notice of redemption with respect to the Debentures that have been selected for redemption; 
  
 (ii) a Fundamental Change Issuer Notice, until the
30th day after which such Issuer Notice was sent by the Issuer; 
  
 (iii) a Non-Stock Change of Control Issuer Notice, until the
30th day after which such Issuer Notice was sent by the Issuer; or 
  
 (iv) an irrevocable election to satisfy in cash the
Conversion Obligation, pursuant to Section 9.17(b). 
  

 49 

 If the Issuer elects to satisfy any portion of the Conversion Obligation in cash (other than cash in lieu
of fractional shares, if applicable), a Holder may retract its conversion notice at any time during the two Trading Day period beginning on the Trading Day after the last Trading Day of the Settlement Notice Period (the “Conversion
Retraction Period”); provided that no such retraction can be made (and a conversion notice shall be irrevocable) (x) if the Holder delivers the conversion notice following notice of a redemption or a repurchase, (y) if the
Holder delivers the conversion notice during the period beginning 25 Trading Days immediately preceding the Stated Maturity and ending one Trading Day immediately preceding the Stated Maturity or (z) if the Issuer has irrevocably elected
pursuant to Section 9.17(b) to make a cash payment of principal upon conversion before such Holder delivers its conversion notice. No retraction can be made and a conversion notice shall be irrevocable if the Issuer does not elect to deliver
any cash upon conversion. 
  
 With respect to each Holder that
exercises its conversion right in accordance with this Indenture, if such Holder’s conversion notice has not been retracted, and if all of the other requirements hereunder for conversion have been satisfied by such Holder, then settlement
(a) in ADRs only shall occur as soon as practicable after the Issuer notifies the Holder or Holders that settlement shall be in ADRs only, and (b) in cash or in a combination of cash and ADRs shall occur on the third Trading Day following
the final Trading Day of the Settlement Period. 
  
 Settlement
amounts shall be computed as follows: 
  
 (i) if
the Issuer elects to satisfy the entire Conversion Obligation in ADRs, the Issuer shall deliver to such Holder for each $1,000 principal amount of Debentures converted a number of ADRs equal to the Conversion Rate, including any Additional ADRs
required pursuant to Section 9.15 then in effect on the date of conversion (plus cash in lieu of fractional shares, if applicable, calculated as provided in Section 9.3); or 
  
 (ii) if the Issuer elects to satisfy the Conversion Obligation in a combination of cash (excluding any cash
paid for fractional shares, if applicable) and ADRs (including pursuant to Section 9.17(b) hereof), the Issuer shall deliver to such Holder for each $1,000 principal amount of Debentures converted: 
  
 (1) an amount in cash (the “Cash Amount”)
equal to (x) the fixed dollar amount per $1,000 principal amount of Debentures of the Conversion Obligation to be satisfied in cash specified in the notice regarding the Issuer’s chosen method of settlement or, if lower, the Settlement
Value in cash, or (y) the percentage of the Conversion Obligation to be satisfied in cash specified in the notice regarding the Issuer’s chosen method of settlement multiplied by the Settlement Value, as the case may be; and 
  
 (2) a number of ADRs for each of the 20 Trading Days in the
Settlement Period equal to 1/20th of (x) the Conversion Rate in effect on that day minus (y) the quotient of the Cash Amount divided by the Applicable Stock Price for that day (plus cash in lieu of fractional shares, if applicable,
calculated as provided in Section 9.3). 
  

 50 

 (b) Notwithstanding anything to the contrary in this Indenture, at any time prior to the 26th Trading Day
preceding the Stated Maturity, the Issuer may irrevocably elect, in its sole discretion without the consent of the Holders of the Debentures, by written notice to the Trustee and the Holders of the Debentures, to satisfy in cash the Conversion
Obligation with respect to the principal amount of Debentures to be converted after the date of such election, with any remaining amount of the Conversion Obligation to be satisfied in ADRs. The settlement amount will be computed as described under
clause (a)(iii) above, using $1,000 as the fixed dollar amount per $1,000 principal amount of Debentures of the Conversion Obligation to be satisfied in cash. 
  

For purposes of this Section 9.17, the following terms shall have the meanings indicated: 
  
 (i) “Applicable Stock Price” on any Trading
Day means the Trading Price on that Trading Day or (ii) if such price is not available, the market value per ADR on that day as determined by a nationally recognized independent investment banking firm retained for this purpose by the Issuer.

  
 (ii) “Settlement Period”
means the 20 Trading Day period: 
  
 (1) ending
one Trading Day immediately preceding the Redemption Date, if the Issuer has called the Debentures delivered for conversion for redemption; 
  
 (2) ending one Trading Day immediately preceding the 30th day after the Issuer sends a Non-Stock Change of Control Issuer Notice or
Fundamental Change Issuer Notice, if the Issuer sends such notice; 
  
 (3) ending one Trading Day immediately preceding the Stated Maturity, if the Holder delivers the conversion notice during the period beginning 25 Trading Days immediately preceding the Stated Maturity and ending one
Trading Day immediately preceding the Stated Maturity (whether or not the Issuer has irrevocably elected to make a cash payment of principal upon conversion); 
  

(4) beginning on the Trading Day following the Issuer’s receipt of the Holder’s conversion notice, if the Issuer has
irrevocably elected pursuant to Section 9.17(b) to make a cash payment of principal upon conversion, provided that if the Holder submits its conversion notice during the period beginning 25 Trading Days immediately preceding the Stated
Maturity and ending one Trading Day immediately preceding the Stated Maturity, the Settlement Period shall end one Trading Day immediately preceding the Stated Maturity; and 
  
 (5) beginning on the Trading Day following the final Trading Day of the Conversion Retraction Period, in all
other cases. 
  
 (iii) “Settlement
Value” for each $1,000 principal amount of Debentures being converted means an amount equal to the sum of the daily 
  

 51 

 settlement values for each of the 20 Trading Days in the Settlement Period, where the “daily
settlement value” for any Trading Day equals 1/20th of: 
  
 (1) the Conversion Rate in effect on that day multiplied by 
  
 (2) the Applicable Stock Price on that day. 
  
 ARTICLE 10 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 10.1 Scope of Supplemental Indenture. 
  
 The changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall only be applicable with respect to, and govern the terms of, the Debentures and shall not apply to any
other Securities that may be issued by the Issuer under the Base Indenture. 
  
 Section 10.2 Provisions of Supplemental Indenture for the Sole Benefit of Parties and Holders of Debentures. 
  
 Nothing in this Supplemental Indenture, the Base Indenture or in the Debentures or the Guarantees, expressed or implied, shall give or be construed to
give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Debentures, any legal or equitable right, remedy or claim under this Supplemental Indenture or under any covenant or provision herein
contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Debentures. 
  
 Section 10.3 Successors and Assigns of Issuer and Guarantor Bound by Supplemental Indenture. 
  
 All the covenants, stipulations, promises and agreements in this
Supplemental Indenture contained by or in behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by or in behalf of
the Guarantor shall bind its successors and assigns, whether so expressed or not. 
  
 Section 10.4 Notices and Demands on Issuer, Trustee and Holders of Debentures. 
  
 Any notice or demand which by any provision of this Supplemental Indenture is required or permitted to be given or served by the Trustee or by the Holders
of Debentures to or on the Issuer or the Guarantor may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address is filed with the Trustee) as follows:

  
 If to the Issuer: 
  
 Teva Pharmaceutical Finance Company B.V. 
 c/o Teva Pharmaceutical USA, Inc. 
  

 52 

 1060 Horsham Road 
 North Wales, Pennsylvania 19454 
 Attention: George S. Barrett 
 (215) 591-3000 
  
 with a copy to: 
  
 Willkie Farr & Gallagher LLP 
 787 Seventh Avenue 
 New York, NY 10019 
 Attn: Peter H. Jakes and Jeffrey S. Hochman 
 Fax: (212) 728-8111 
  
 If to the Guarantor: 
  
 Teva Pharmaceutical Industries Limited 
 5 Basel Street 
 P.O. Box 3190 
 Petach Tikva 49131 
 Israel 
 Attn: Uzi Karniel 
 Fax: 972.3.926.7429 
  
 and 
  
 Attn: Dan Suesskind 
 Fax: 972.2.589.2839 
  
 with copies to:

  
 Willkie Farr & Gallagher LLP

 787 Seventh Avenue 
 New York, NY 10019 
 Attn: Peter H. Jakes and Jeffrey S. Hochman 
 Fax: (212) 728-8111 
  
 Any notice, direction, request or demand by the Issuer, the Guarantor or any Holder of Debentures to or upon the Trustee shall be deemed to have been
sufficiently given or made, for all purposes, if delivered in person or mailed by first-class mail to the Trustee at 101 Barclay Street, Floor 21W, New York, NY 10286, Attention: Corporate Trust Administration – Global Finance Unit. 

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

 53 

 In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer, the Guarantor or Holders of Debentures when such notice is required to be given pursuant to any provision of this Supplemental Indenture, then any manner of giving such notice as shall be satisfactory to
the Trustee shall be deemed to be a sufficient giving of such notice. 
  
 Section 10.5 Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein. 
  
 Upon any application or demand by the Issuer or the Guarantor to the Trustee to take any action under any of the provisions of this Supplemental
Indenture, the Issuer or the Guarantor, as the case may be, shall furnish to the Trustee an Officers’ Certificate or Guarantor’s Officers’ Certificate, as the case may be, stating that all conditions precedent provided for in this
Supplemental Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such
application or demand as to which the furnishing of such documents is specifically required by any provision of this Supplemental Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

  
 Each certificate or opinion provided for in this Supplemental
Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Supplemental Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant
or condition, (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such
person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion
of such person, such condition or covenant has been complied with. 
  
 Any certificate, statement or opinion of an officer of the Issuer or the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the
certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any
certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with respect to which is in the possession of the Issuer or the Guarantor, as the case may be, upon the certificate, statement or
opinion of or representations by an officer of officers of the Issuer or the Guarantor, as the case may be, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 
  

 54 

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

  
 Any certificate or opinion of any independent firm of public
accountants filed with the Trustee shall contain a statement that such firm is independent. 
  
 Section 10.6 Payments Due on Saturdays, Sundays and Holidays. 
  
 If the date of maturity of interest on or principal of the Debentures or the date fixed for redemption or repurchase of any such Debenture shall not be a
Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or repurchase,
and no interest shall accrue for the period after such date. 
  

	Section	10.7 Conflict of any Provisions of Supplemental Indenture with Trust Indenture Act of 1939. 

  
 If and to the extent that any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision
included in this Supplemental Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 (an “incorporated provision”), such incorporated provision shall control. 
  
 Section 10.8 New York Law to Govern. 
  
 This Supplemental Indenture and each Debenture shall be deemed to be a
contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law. 
  
 Section 10.9 Counterparts. 
  
 This Supplemental Indenture may be executed in any number of counterparts,
each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
  
 Section 10.10 Effect of Headings. 
  
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

 55 

 Section 10.11 Submission to Jurisdiction. 
  
 Each of the Issuer and the Guarantor agrees that any legal suit, action or
proceeding arising out of or based upon this Supplemental Indenture may be instituted in any federal or state court sitting in New York City, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the
laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any suit, action or proceeding. Each of the Issuer and the Guarantor, as long as any of the Debentures remain Outstanding or the
parties hereto have any obligation under this Supplemental Indenture, shall have an authorized agent (the “Authorized Agent”) in the United States upon whom process may be served in any such legal action or proceeding. Service of
process upon such agent and written notice of such service mailed or delivered to it shall to the extent permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding and, if it fails to
maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder. The Issuer and the
Guarantor each hereby appoints Teva Pharmaceuticals USA, Inc. (1090 Horsham Road, North Wales, PA 19454) as its agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such
office of such agent. 
  
 ARTICLE 11 
  
 SUPPLEMENTAL INDENTURES 
  
 Section 11.1 Without Consent of Holders. 
  
 The Issuer and the Trustee may amend, modify or supplement this Indenture or
the Debentures without the consent of any Holder to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in
any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture as the Issuer or the Guarantor may deem necessary or desirable and which shall not
adversely affect the interests of the Holders of the Securities in any material respect; provided, further, that any amendment made solely to conform the provisions of this Indenture to the description of the Debentures contained in the
Issuer’s prospectus supplement dated January 27, 2006 will not be deemed to adversely affect the interests of the Holders of the Debentures. 
  
 ARTICLE 12 
  
 SATISFACTION AND DISCHARGE 
  
 Section 12.1 Satisfaction and Discharge 
  
 (a) With respect to the Debentures, Section 9.01 of the Base Indenture is not applicable. 
  

 56 

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

 57 

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

			
	 Very truly yours,

	
	 TEVA PHARMACEUTICAL FINANCE B.V., AS
ISSUER

		
	 By
	 	 /s/George S. Barrett

	 Name: George S. Barrett

	 Title: Attorney-in-fact

		
	 By
	 	 /s/ Richard S. Egosi

	 Name: Richard S. Egosi

	 Title: Attorney-in-fact

	
	 TEVA PHARMACEUTICAL INDUSTRIES LIMITED, AS
GUARANTOR

		
	 By
	 	 /s/Israel Makov

	 Name: Israel Makov

	 Title: President and Chief Executive Officer

		
	 By
	 	 /s/Dan Suesskind

	 Name: Dan Suesskind

	 Title: Chief Financial Officer

	
	 THE BANK OF NEW YORK, AS
TRUSTEE

		
	 By
	 	 /s/Stanislav Pertsev

	 Name: Stanislav Pertsev

	 Title: Assistant Treasurer

  

 58 

 EXHIBIT A 
  
 [FORM OF FACE OF GLOBAL DEBENTURE] 
  
 UNLESS THIS DEBENTURE IS PRESENTED BY AN AUTHORIZED REPPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO TEVA PHARMACEUTICAL
FINANCE COMPANY B.V. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IN EXCHANGE FOR THIS DEBENTURE IS REGISTERED IN THE NAME OF CEDE & CO. (“CEDE”) OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE, HAS AN INTEREST HEREIN. 
  
 THIS
DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE SUPPLEMENTAL INDENTURE REFERRED TO HEREIN. THIS GLOBAL DEBENTURE MAY NOT BE EXCHANGED, IN WHOLE OR IN PART, FOR A DEBENTURE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY
TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES SET FORTH IN THE SUPPLEMENTAL INDENTURE AND MAY NOT BE TRANSFERRED, IN WHOLE OR IN PART, EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE SUPPLEMENTAL INDENTURE.

  

	

			
	 No.
                    
	  	 U.S.$                

  
 CUSIP
No. 88165F AA 0 
 ISIN No. US88165FAA03 
 Common Code 
  
 GLOBAL DEBENTURE 
  
 TEVA PHARMACEUTICAL FINANCE COMPANY B.V. 
  
 1.75% Convertible Senior Debentures due 2026 
  
 Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 
 Guaranteed By and Convertible Into American Depositary Receipts of 
  
 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 
  
 This Global Debenture is in respect of an issue of 1.75% Convertible Senior Debentures due 2026 (the “Debentures”) of Teva Pharmaceutical
Finance Company B.V., a company organized under the laws of the Netherlands Antilles (the “Issuer”, which term includes any successor corporation under the Supplemental Indenture and Indenture hereinafter referred 
  

 A-1 

 to), and issued pursuant to a supplemental indenture dated as of January 31, 2006 and a base indenture dated as of
January 31, 2006 (respectively, the “Supplemental Indenture” and the “Base Indenture” and together, the “Indenture”) among Teva Pharmaceutical Finance Company B.V., as issuer, Teva
Pharmaceutical Industries Limited, as guarantor (the “Guarantor”), and The Bank of New York, as trustee (the “Trustee”). Unless the context otherwise requires, the terms used herein shall have the meanings specified
in the Supplemental Indenture and Indenture. 
  
 The Issuer, for
value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal amount of [            ] United States Dollars (U.S.$
            ) on February 1, 2026, and to pay interest on such principal amount in U.S. Dollars at the rate of 1.75% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months, from the date hereof until payment of such principal amount has been made or duly provided for, such interest to be paid semi-annually on February 1 and August 1 of each year, commencing August 1,
2006. The interest so payable on any February 1 or August 1 will, subject to certain exceptions provided in the Supplemental Indenture, be paid to the person in whose name this Debenture is registered at the close of business on
January 15 or July 15, as the case may be, next preceding such February 1 or August 1, whether or not such day is a Business Day. 
  
 Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
  
 This Debenture
shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee. 
  

 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this Debenture to be duly executed manually or by facsimile by
its duly authorized officers. 
  
 Dated: January
    , 2006 
  

			
	TEVA PHARMACEUTICAL FINANCE COMPANY B.V.
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 Trustee’s Certificate of Authentication 
  
 This is one of the 1.75% Convertible Senior 
 Debentures due 2026 described in the within-named 
 Supplemental Indenture and Indenture. 
  

			
	The Bank of New York, as Trustee
		
	By:	 	  

	 	 	Authorized Signatory

  
 Dated: January
    , 2006 
  

 A-3 

 Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally and
irrevocably guarantees to the Holder of this Debenture the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Debenture, when and as the same shall become due and payable, whether at
Maturity or upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Debenture and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such principal or
interest (including Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of the time for
payment of this Debenture, any modification of this Debenture, any invalidity, irregularity or unenforceability of this Debenture or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the
Issuer with respect thereto by the Holder of this Debenture or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand
of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Debenture or the indebtedness evidenced hereby
and all demands whatsoever, and covenants that this Guarantee will not be discharged as to this Debenture except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Debenture. 
  
 For so long as any Debentures are outstanding and subject to
Section 9.09 of the Supplemental Indenture, the Guarantor will guarantee the delivery of the ADRs issuable upon conversion of the Debentures pursuant to the terms of the Supplemental Indenture and the Debentures. 
  
 The Guarantor shall be subrogated to all rights of the Holders against the
Issuer in respect of any amounts paid by the Guarantor pursuant to the provisions of the Guarantees or this Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or
otherwise, upon making any payment hereunder (i) to be subrogated to the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or
(ii) to receive any payment in the nature of contribution or for any other reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this
Debenture shall have been paid in full. 
  
 The Guarantee shall
not be valid or become obligatory for any purpose with respect to this Debenture until the certificate of authentication on this Debenture shall have been signed by the Trustee. 
  
 The Guarantee shall be governed by and construed in accordance with the laws of the State of New York. 
  

 A-4 

 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantee to be signed manually
or by facsimile by its duly authorized officers. 
  
 Dated: January    , 2006 
  

			
	 TEVA PHARMACEUTICAL INDUSTRIES LIMITED

		
	 By:
	 	  

	 Name:

	 Title:

		
	 By:
	 	  

	 Name:

	 Title:

  

 A-5 

 [FORM OF REVERSE SIDE OF GLOBAL DEBENTURE] 
  
 TEVA PHARMACEUTICAL FINANCE COMPANY B.V. 
  
 1.75% Convertible Senior Debenture due 2026 
  
 Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 
 Guaranteed By and Convertible Into American Depositary Receipts of 
  
 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 
  
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
  

	1.	Principal and Interest. 

  
 Teva Pharmaceutical Finance Company B.V., a company duly organized and existing under the laws of the Netherlands Antilles (the
“Issuer”), promises to pay interest on the principal amount of this Debenture at the Interest Rate from January 31, 2006 until the principal thereof is paid or made available for payment. Interest shall be payable semiannually
in arrears on each February 1 and August 1 of each year (each an “Interest Payment Date”), commencing August 1, 2006. 
  
 Interest on the Debentures shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 A Holder of any Debenture at the close of business on a Regular Record Date
shall be entitled to receive interest on such Debenture on the corresponding Interest Payment Date. A Holder of any Debenture which is converted after the close of business on a Regular Record Date and prior to the corresponding Interest Payment
Date (other than any Debenture whose Maturity is prior to such Interest Payment Date) shall be entitled to receive interest on the principal amount of such Debenture, notwithstanding the conversion of such Debenture prior to such Interest Payment
Date. However, any such Holder which surrenders any such Debenture for conversion during the period between the close of business on such Regular Record Date and ending with the opening of business on the corresponding Interest Payment Date shall be
required to pay the Issuer an amount equal to the interest (including Additional Tax Amounts, if any) on the principal amount of such Debenture so converted, which is payable by the Issuer to such Holder on such Interest Payment Date, at the time
such Holder surrenders such Debenture for conversion. Notwithstanding the foregoing, any such Holder which surrenders for conversion any Debenture which has been called for redemption by the Issuer in a notice of redemption given by the Issuer
pursuant to Article 7 of the Supplemental Indenture shall be entitled to receive (and retain) such accrued interest to the Redemption Date and need not pay the Issuer an amount equal to the interest on the principal amount of
such Debenture so converted at the time such Holder surrenders such Debenture for conversion. 
  

 A-6 

	2.	Method of Payment. 

  
 Interest on any Debenture which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose
name that Debenture (or one or more Predecessor Debentures) is registered at the close of business on the relevant Regular Record Date for such interest. 
  
 Principal of and interest on Global Debentures shall be payable to the Depositary in immediately available funds. 
  
 Principal of Physical Debentures will be payable at the office or agency of
the Issuer maintained for such purpose, initially the Corporate Trust Office of the Trustee. Interest on Physical Debentures will be payable by (i) U.S. Dollar check drawn on a bank in The City of New York mailed to the address of the
Person entitled thereto as such address shall appear in the register of the Debentures, or (ii) upon application to the Registrar not later than the relevant Record Date by a Holder of an aggregate principal amount of Debentures in excess of
$5,000,000, wire transfer in immediately available funds, which application shall remain in effect until the Holder notifies, in writing, the Registrar to the contrary. 
  

	3.	Paying Agent and Registrar. 

  
 Initially, The Bank of New York, the Trustee under the Supplemental Indenture, will act as Paying Agent and Registrar. The Issuer may change the Paying
Agent or Registrar without notice to any Holder. 
  

	4.	Supplemental Indenture and Indenture. 

  
 The Issuer issued this Debenture under a Supplemental Indenture and a Base Indenture, each dated as of January 31, 2006 (respectively, the
“Supplemental Indenture” and the “Base Indenture” and together, the “Indenture”), among the Issuer, the Guarantor and The Bank of New York, as trustee (the “Trustee”). The terms of
the Debenture include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (“TIA”). This Debenture is subject to all such terms, and Holders are referred to
the Indenture and the TIA 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 Debenture and the terms of the Indenture, the terms of the Indenture shall control.

  

	5.	Optional Redemption. 

  
 At any time on or after February 1, 2011, this Debenture (except for such portion of the Debenture that the Issuer is required to repurchase pursuant
to Section 8.1(a) of the Supplemental Indenture) may be redeemed in whole at any time or in part from time to time, at the option of the Issuer, on any date prior to Maturity, upon notice as set forth in Section 7.3 of the Supplemental
Indenture, at the Redemption Price plus any interest accrued and unpaid to, but excluding, the Redemption Date. 
  
 If any Debenture selected for partial redemption is converted or elected to be repurchased in part before termination of the conversion right or
repurchase right with respect to 
  

 A-7 

 the portion of the Debenture so selected, the converted or repurchased portion of such Debenture shall be deemed to be
the portion selected for redemption; provided, however, that the Holder of such Debenture so converted and deemed redeemed shall not be entitled to any additional interest payment as a result of such deemed redemption than such Holder would
have otherwise been entitled to receive upon conversion of such Debenture pursuant to Section 2.1(e) of the Supplemental Indenture. Debentures that have been converted during a selection of Debentures to be redeemed may be treated by the
Trustee as Outstanding for the purpose of such selection. 
  
 Notice of redemption will be given by the Issuer to the Holders as provided in the Supplemental Indenture. 
  

	6.	Repurchase Rights. 

  
 Optional Repurchase Rights. On February 1, 2011, 2016 and 2021, each Holder of Debentures shall have the right, at such Holder’s option
but subject to the provisions of the Supplemental Indenture, to require the Issuer to repurchase, and upon the exercise of such right the Issuer shall repurchase, all of such Holder’s Debentures, or any portion of the principal amount thereof
that is equal to any integral multiple of $1,000 (provided that no single Debenture may be repurchased in part unless the portion of the principal amount of such Debenture to be outstanding after such repurchase is equal to an integral multiple of
$1,000), at a repurchase price equal to 100% of the principal amount of the Debentures to be repurchased, plus interest accrued and unpaid to, but excluding, the Optional Repurchase Date. 
  
 Repurchase Right Upon a Change of Control or Termination of Trading. In the event that a Change of Control or a
Termination of Trading shall occur, each Holder shall have the right, at such Holder’s option, in accordance with the Supplemental Indenture, to require the Issuer to repurchase, and upon the exercise of such right the Issuer shall repurchase,
all of such Holder’s Debentures not theretofore called for redemption, or any portion of the principal amount thereof that is equal to any integral multiple of $1,000 (provided that no single Debenture may be repurchased in part unless the
portion of the principal amount of such Debenture to be Outstanding after such repurchase is equal to an integral multiple of $1,000), on the date that is 45 days after the date of the Issuer Notice given pursuant to the Supplemental Indenture in
connection with such Change of Control or Termination of Trading at a repurchase price equal to 100% of the principal amount of the Debentures to be repurchased, plus interest accrued and unpaid to, but excluding, the Fundamental Change Repurchase
Date. 
  
 An Issuer Notice will be given by the Issuer to the
Holders as provided in the Supplemental Indenture. To exercise a Repurchase Right, a Holder must deliver to the Trustee a written notice as provided in the Supplemental Indenture. 
  

	7.	Conversion Rights. 

  
 Subject to and upon compliance with the provisions of the Supplemental Indenture, at the option of the Holder thereof, any Debenture or any portion of the
principal amount thereof which is an integral multiple of $1,000 may be converted at any time at the principal amount thereof, or of such portion thereof, into duly authorized, fully paid and nonassessable ADRs of the Guarantor, at the Conversion
Rate in effect at the time of conversion. 
  

 A-8 

 Such conversion right shall expire at the close of business on the Business Day immediately preceding
February 1, 2026. 
  
 In case a Debenture or a portion
thereof is called for redemption, such conversion right in respect of the Debenture or the portion so called, shall expire at the close of business on the second Business Day preceding the Redemption Date, unless the Issuer defaults in making the
payment due upon redemption. In the event a Holder exercises its Repurchase Right with respect to a Debenture or portion thereof, such conversion right in respect of the Debenture or portion thereof shall expire at the close of business on the
Business Day immediately preceding the applicable Repurchase Date. 
  
 The Conversion Rate initially shall be equal to approximately 19.5074 ADRs per $1,000 principal amount of Debentures. The Conversion Rate shall be adjusted in certain circumstances as provided in the Supplemental Indenture. 
  
 To exercise the conversion right, the Holder of any Debenture to be converted
shall surrender such Debenture duly endorsed or assigned to the Issuer or in blank, at the office of any Conversion Agent, accompanied by a duly signed conversion notice to the Issuer, substantially in the form attached to this Debenture.

  
 Debentures surrendered for conversion during the period from
the close of business on any Regular Record Date to the opening of business on the next succeeding Interest Payment Date (except in the case of any Debenture whose Maturity is prior to such Interest Payment Date) shall be accompanied by payment in
New York Clearing House funds or other funds acceptable to the Issuer of an amount equal to the interest to be received on such Interest Payment Date on the principal amount of Debentures being surrendered for conversion, plus Additional Tax Amounts
if any. 
  
 No fractional ADRs will be issued upon conversion of
any Debenture or Debentures. Instead of any fractional ADR that would otherwise be issued upon conversion of such Debenture or Debentures (or specified portions thereof), the Issuer shall pay a cash adjustment in respect of such fraction (calculated
to the nearest one-100th of a share) in an amount equal to the same fraction of the Trading Price of the ADRs as of
the Trading Day preceding the date of conversion. 
  
 If a Holder
converts a Debenture in connection with a Non-Stock Change of Control, the Issuer will increase the Conversion Rate applicable to such conversion by a number of additional ADRs, as described in the Section 9.15 of the Supplemental Indenture.

  
 In the event of a Public Acquiror Change of Control, the
Issuer may, in lieu of issuing Additional ADRs, elect to adjust the Conversion Rate and the related conversion obligation such that from and after the Effective Date of such Public Acquiror Change of Control, Holders of the Debentures will be
entitled to convert their Debentures, into a number of shares of Public Acquiror Common Stock by adjusting the Conversion Rate in effect immediately before the Effective Date of the Public Acquiror Change of Control, as described in the
Section 9.16 of the Supplemental Indenture. 
  

 A-9 

 Except to the extent that the Issuer has irrevocably elected to make a cash payment of principal upon
conversion, the Issuer may elect to deliver either ADRs or a combination of cash and ADRs in satisfaction of the Issuer’s obligation upon conversion of the Debentures. The Issuer shall notify the Holder of the method the Issuer chooses to
satisfy its Conversion Obligation. If the Issuer elects to satisfy the entire Conversion Obligation in ADRs, the Issuer shall deliver to such Holder for each $1,000 principal amount of Debentures converted a number of ADRs equal to the Conversion
Rate. If the Issuer elects to satisfy the Conversion Obligation in a combination of cash and ADRs, the Issuer shall deliver to such Holder for each $1,000 principal amount of Debentures converted an amount in cash equal to the lower of the fixed
dollar amount per $1,000 principal amount of Debentures of the Conversion Obligation to be satisfied in cash specified in the notice regarding the Issuer’s chosen method of settlement and the Settlement Value, or the percentage of the
Conversion Obligation to be satisfied in cash specified in the notice regarding the Issuer’s chosen method of settlement multiplied by the Settlement Value; and a number of ADRs for each of the 20 Trading Days in the Settlement Period equal to
1/20th of the Conversion Rate in effect on that day minus the quotient of the Cash Amount divided by the Applicable Stock Price for that day. 
  
 At any time prior to the 26th Trading Day preceding the Stated Maturity, the Issuer may irrevocably elect, in its sole discretion without the consent of
the Holders of the Debentures, by written notice to the Trustee and the Holders of the Debentures, to satisfy in cash the Conversion Obligation with respect to the principal amount of Debentures to be converted after the date of such election, with
any remaining amount of the Conversion Obligation to be satisfied in ADRs. 
  

	8.	Denominations; Transfer; Exchange. 

  
 The Debentures are issuable in registered form, without coupons, in denominations of $1,000 or integral multiples thereof. A Holder may register the
transfer or exchange of Debentures in accordance with the Indenture. The Issuer or the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay any taxes
or other governmental charges that may be imposed in connection with any exchange or registration of transfer of Debentures. 
  
 The Issuer shall not be required to exchange or register a transfer of (a) any Debenture for a period of 15 days next preceding the first mailing of
notice of redemption of Debentures to be redeemed, or (b) any Debentures selected, called or being called for redemption except, in the case of any Debenture where notice has been given that such Debenture is to be redeemed in part, the portion
thereof not so to be redeemed. 
  
 In the event of redemption,
conversion or repurchase of the Debentures in part only, a new Debenture or Debentures for the unredeemed, unconverted or unrepurchased portion thereof will be issued in the name of the Holder hereof. 
  

	9.	Holders to be Treated as Owners. 

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

 A-10 

	10.	Unclaimed Money. 

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

	11.	Satisfaction and Discharge. 

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

	12.	Supplement; Waiver. 

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

	13.	Defaults and Remedies. 

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

 A-11 

 (b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if
any) on any of the Debentures when it becomes due and payable and such default continues for a period of 30 days; 
  
 (c) the Guarantor fails to perform under the Guarantees; 
  
 (d) either the Issuer or the Guarantor fails to perform or observe any other term, covenant or agreement
contained in the Debentures or the Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, respectively, to remedy the same, shall have been given to the Issuer or the
Guarantor, respectively, by the Trustee or to the Issuer or the Guarantor, respectively, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Debentures; 
  
 (e) except as otherwise permitted by the Indenture, the
Guarantee is held in any final, nonappealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any person acting on behalf of the Guarantor, shall deny or disaffirm
its obligations under the Guarantee; 
  
 (f)
(i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal or interest due in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is
an amount in excess of $25,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of $25,000,000 because of a default with respect to such Indebtedness without such Indebtedness having been
discharged or such non-payment or acceleration having been cured, waived, rescinded or annulled, in the case of either (i) or (ii) above, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the
Trustee by Holders of at least 25% in aggregate principal amount of the Outstanding Debentures; or 
  
 (g) there are certain events of bankruptcy, insolvency or reorganization of the Issuer or Guarantor. 
  
 If an Event of Default shall occur and be continuing, the principal of all
the Debentures may be declared due and payable in the manner and with the effect provided in the Supplemental Indenture. 
  

	14.	Authentication. 

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

 A-12 

	15.	CUSIP Numbers. 

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

	16.	Governing Law. 

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

  

	17.	Successor Corporation. 

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

 A-13 

 ASSIGNMENT FORM 
  

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

	  

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

	  

	  

	  

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

  

			
	
	 and irrevocably appoint to transfer this Debenture on the books of the Issuer. The agent may substitute another to act for
him.

		
	 Dated:
                                
	 	 Your Name: _____________________________________

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

		
	 	 	 Your Signature: __________________________________

	 	 	 (Sign exactly as your name appears on the face of this Debenture)

		
	 	 	 Signature Guarantee*: _____________________________

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

  

 A-14 

 FORM OF CONVERSION NOTICE 
  

	TO:	TEVA PHARMACEUTICALS FINANCE COMPANY B.V. 

 c/o Teva
Pharmaceuticals USA, Inc. 
 1060 Horsham Road 
 North Wales, PA 19454 
  

	 	Re:	1.75% Convertible Senior Debentures due 2026 (the “Debentures”) 

  
 The undersigned registered owner of this Debenture hereby irrevocably exercises the option to convert this Debenture, or the
portion hereof (the principal amount of which is an integral multiple of $1,000) below designated, into ADRs or cash up to the principal amount of the Debentures and ADRs, in accordance with the terms of the Supplemental Indenture and Indenture
referred to in this Debenture, and directs that the ADRs issuable and deliverable upon such conversion, together with any check in payment for the cash portion of the settlement amount, any fractional ADRs and any Debentures representing any
unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If shares or any portion of this Debenture not converted are to be issued in the name of a person other
than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be paid to the undersigned on account of interest accompanies this Debenture. 
  

			
	Dated:
                                	 	Your Name: _____________________________________
	 	 	(Print your name exactly as it appears on the face of this Debenture)
		
	 	 	Your Signature: __________________________________
	 	 	(Sign exactly as your name appears on the face of this Debenture)
		
	 	 	Signature Guarantee*: _____________________________
		
	 	 	Social Security or other Taxpayer
	 	 	Identification Number: _____________________________
		
	 	 	Principal Amount
	 	 	to be Converted (if less than all): $ ____________________

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

 A-15 

 Fill in for registration of ADRs (if to be issued) and Debentures (if to be delivered) other than to and in the name of
the registered holder: 
  

	
	

	 (Name)

	
	

	 (Street Address)

	
	

	 (City, State and Zip Code)

  

 A-16 

 FORM OF NOTICE OF EXERCISE OF REPURCHASE RIGHT 
  

	TO:	TEVA PHARMACEUTICALS FINANCE COMPANY B.V. 

 c/o Teva
Pharmaceuticals USA, Inc. 
 1060 Horsham Road 
 North Wales, PA 19454 
  
 Re:    1.75% Convertible Senior Debentures due 2026 (the “Debentures”) 
  
 The undersigned registered owner of this Debenture hereby irrevocably acknowledges receipt of a notice from Teva Pharmaceutical Finance Company B.V. (the
“Issuer”) as to the right of a holder to require repurchase by the Issuer of this Debenture on [February 1, 2011] [February 1, 2016] [February 1, 2021][as to the occurrence of a Change of Control/Termination of Trading] with respect
to the Issuer and requests and instructs the Issuer to repay the entire principal amount of this Debenture, or the portion thereof (the principal amount of which is an integral multiple of $1,000) below designated, in accordance with the terms of
the Supplemental Indenture referred to in this Debenture, together with interest accrued and unpaid to, but excluding, such date, to the registered holder hereof, in cash. 
  

			
	 Dated:
                            
	  	Your Name: _____________________________________
	 	  	(Print your name exactly as it appears on the face of this Debenture)
		
	 	  	Your Signature: _____________________________________
	 	  	(Sign exactly as your name appears on the face of this Debenture)
		
	 	  	Signature Guarantee*: _____________________________
		
	 	  	Social Security or other Taxpayer
	 	  	Identification Number: _____________________________
		
	 	  	Principal Amount
	 	  	to be Converted (if less than all): $ ____________________

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

  

 A-17

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