Document:

Exhibit 4.4

 Exhibit 4.4 
  
  
 GUARANTEE AGREEMENT 
 Dated as of August 5, 2009 
 By
and Between 
 CAPITAL ONE FINANCIAL CORPORATION, 
 as Guarantor 
 and 
 THE BANK OF NEW YORK MELLON, 
 as Trustee 
  
  
  

 CROSS REFERENCE TABLE1 
  

			
	 Section of Trust
 Indenture Act
of
 1939, as Amended
	  	 Section of
 Guarantee
 Agreement

	 310(a)
	  	4.1(a)
	 310(b)
	  	2.8; 4.1(c)
	 310(c)
	  	Inapplicable
	 311(a)
	  	2.2(b)
	 311(b)
	  	2.2(b)
	 311(c)
	  	Inapplicable
	 312(a)
	  	2.2(a); 2.9
	 312(b)
	  	2.2(b); 2.9
	 312(c)
	  	2.9
	 313(a)
	  	2.3
	 313(b)
	  	2.3
	 313(c)
	  	2.3
	 313(d)
	  	2.3
	 314(a)
	  	2.4
	 314(b)
	  	Inapplicable
	 314(c)
	  	2.5
	 314(d)
	  	Inapplicable
	 314(e)
	  	2.5
	 314(f)
	  	Inapplicable
	 315(a)
	  	3.1(d); 3.2(a)
	 315(b)
	  	2.7(a)
	 315(c)
	  	3.1(c)
	 315(d)
	  	3.1(d)
	 316(a)
	  	2.6; 5.4(a)
	 316(b)
	  	5.3
	 316(c)
	  	Inapplicable
	 317(a)
	  	2.10
	 317(b)
	  	Inapplicable
	 318(a)
	  	2.1(b)
	  
 1        This Cross-Reference Table does not constitute part of the Agreement and shall not have any bearing upon the interpretation of any of its terms or provisions.

 TABLE OF CONTENTS 
  

			
	 	  	Page
	INDEX OF TERMS
		
	 Affiliate
	  	2
		
	 Business Day
	  	2
		
	 Common Securities
	  	2
		
	 Common Stock
	  	2
		
	 Company Indemnified Person
	  	2
		
	 Corporate Trust Office
	  	2
		
	 Declaration Default
	  	2
		
	 Declaration of Trust
	  	2
		
	 Existing Parity Obligations
	  	2
		
	 Extended Interest Payment Period
	  	3
		
	 Fourth Supplemental Indenture
	  	3
		
	 Global Security
	  	3
		
	 Guarantee Event of Default
	  	3
		
	 Guarantee Payments
	  	3
		
	 Guarantee Trustee
	  	3
		
	 Holder
	  	3
		
	 Indenture
	  	3
		
	 Junior Subordinated Debt Securities
	  	4
		
	 List of Holders
	  	4
		
	 Majority in Liquidation Amount
	  	4
		
	 Officers’ Certificate
	  	4
		
	 Parity Securities
	  	4
		
	 Person
	  	4
		
	 Redemption Price
	  	4
		
	 Responsible Officer
	  	5
		
	 Securities
	  	5
		
	 Successor Guarantee Trustee
	  	5
		
	 Trust Indenture Act
	  	5
		
	 Trust Preferred Securities
	  	5

  

 i 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	ARTICLE I INTERPRETATION AND DEFINITIONS	  	1
			
	 SECTION 1.1
	 	INTERPRETATION AND DEFINITIONS	  	1
		
	ARTICLE II TRUST INDENTURE ACT	  	5
			
	 SECTION 2.1
	 	TRUST INDENTURE ACT; APPLICATION	  	5
			
	 SECTION 2.2
	 	LISTS OF HOLDERS OF SECURITIES	  	5
			
	 SECTION 2.3
	 	REPORTS BY GUARANTEE TRUSTEE	  	5
			
	 SECTION 2.4
	 	PERIODIC REPORTS TO GUARANTEE TRUSTEE	  	6
			
	 SECTION 2.5
	 	EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT	  	6
			
	 SECTION 2.6
	 	GUARANTEE EVENT OF DEFAULT; WAIVER	  	6
			
	 SECTION 2.7
	 	GUARANTEE EVENT OF DEFAULT; NOTICE	  	6
			
	 SECTION 2.8
	 	CONFLICTING INTERESTS	  	7
			
	 SECTION 2.9
	 	DISCLOSURE OF INFORMATION	  	7
			
	 SECTION 2.10
	 	GUARANTEE TRUSTEE MAY FILE PROOFS OF CLAIM	  	7
		
	ARTICLE III POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE	  	7
			
	 SECTION 3.1
	 	POWERS AND DUTIES OF GUARANTEE TRUSTEE	  	7
			
	 SECTION 3.2
	 	CERTAIN RIGHTS OF GUARANTEE TRUSTEE	  	9
		
	ARTICLE IV GUARANTEE TRUSTEE	  	11
			
	 SECTION 4.1
	 	GUARANTEE TRUSTEE; ELIGIBILITY	  	11
			
	 SECTION 4.2
	 	APPOINTMENT, REMOVAL AND RESIGNATION OF GUARANTEE TRUSTEE	  	11
		
	ARTICLE V GUARANTEE	  	12
			
	 SECTION 5.1
	 	GUARANTEE	  	12
			
	 SECTION 5.2
	 	WAIVER OF NOTICE AND DEMAND	  	12

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page
	 SECTION 5.3
	 	OBLIGATIONS NOT AFFECTED	  	13
			
	 SECTION 5.4
	 	RIGHTS OF HOLDERS	  	14
			
	 SECTION 5.5
	 	GUARANTEE OF PAYMENT	  	14
			
	 SECTION 5.6
	 	SUBROGATION	  	14
			
	 SECTION 5.7
	 	INDEPENDENT OBLIGATIONS	  	14
		
	ARTICLE VI LIMITATION OF TRANSACTIONS; SUBORDINATION	  	15
			
	 SECTION 6.1
	 	LIMITATION OF TRANSACTIONS	  	15
			
	 SECTION 6.2
	 	RANKING	  	15
			
	 SECTION 6.3
	 	SUBORDINATION OF COMMON SECURITIES	  	15
		
	ARTICLE VII TERMINATION	  	16
			
	 SECTION 7.1
	 	TERMINATION	  	16
		
	ARTICLE VIII INDEMNIFICATION	  	16
			
	 SECTION 8.1
	 	INDEMNIFICATION	  	16
		
	ARTICLE IX MISCELLANEOUS	  	16
			
	 SECTION 9.1
	 	SUCCESSORS AND ASSIGNS	  	16
			
	 SECTION 9.2
	 	AMENDMENTS	  	16
			
	 SECTION 9.3
	 	NOTICES	  	17
			
	 SECTION 9.4
	 	BENEFIT	  	17
			
	 SECTION 9.5
	 	GOVERNING LAW; WAIVER OF JURY TRIAL	  	17

  

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 GUARANTEE AGREEMENT 
 This GUARANTEE AGREEMENT (the “Guarantee”), dated as of August 5, 2009, is executed and delivered by CAPITAL ONE FINANCIAL CORPORATION, a Delaware corporation (the “Guarantor”), and THE BANK
OF NEW YORK MELLON, a corporation duly existing under the laws of the State of New York, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Securities (as defined herein) of
CAPITAL ONE CAPITAL V, a Delaware statutory trust (the “Trust”). 
 RECITALS 
 WHEREAS, pursuant to the Declaration of Trust (as defined herein), the Trust may issue up to $1,000,000,000 aggregate liquidation amount of trust
preferred securities, having a liquidation amount of $1,000.00 per security and designated the “10.25% Trust Preferred Securities” of the Trust (together with the further trust preferred securities that the Trust may issue pursuant to the
Declaration of Trust, the “Trust Preferred Securities”) and $10,000.00 aggregate liquidation amount of common securities, having a liquidation amount of $1,000.00 per security and designated the “Common Securities” of the Trust
(together with the further common securities that the Trust may issue pursuant to the Declaration of Trust, the “Common Securities” and, together with the Trust Preferred Securities, the “Securities”); 
 WHEREAS, as incentive for the Holders to purchase the Securities, the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth
in this Guarantee, to pay to the Holders of the Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein; and 
 WHEREAS, if a Trust Declaration Default (as defined herein) has occurred and is continuing, the rights of holders of the Common Securities to receive
Guarantee Payments (as defined herein) under this Guarantee are subordinated to the rights of Holders of Trust Preferred Securities to receive Guarantee Payments under this Guarantee; 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor,
the Guarantor executes and delivers this Guarantee for the benefit of the Holders. 
 ARTICLE I 
 INTERPRETATION AND DEFINITIONS 
 SECTION 1.1 INTERPRETATION AND DEFINITIONS. 
 In this Guarantee, unless the context otherwise requires: 
 (a) capitalized terms used in this Guarantee but not defined in the preamble above have the respective meanings assigned to them in this
Section 1.1; 
 (b) a term defined anywhere in this Guarantee has the same meaning throughout; 

 (c) all references to “the Guarantee” or “this Guarantee” are to this Guarantee as
modified, supplemented or amended from time to time; 
 (d) all references in this Guarantee to Articles, Sections and Recitals are to
Articles, Sections and Recitals of this Guarantee, unless otherwise specified; 
 (e) unless otherwise defined in this Guarantee, a term
defined in the Trust Indenture Act has the same meaning when used in this Guarantee; 
 (f) a reference to the singular includes the plural
and vice versa and a reference to any masculine form of a term shall include the feminine form of a term, as applicable; and 
 (g) the
following terms have the following meanings: 
 “Affiliate” has the same meaning as given to that term in Rule 405 of the
Securities Act of 1933, as amended, or any successor rule thereunder. 
 “Business Day” has the meaning specified in the
Declaration of Trust. 
 “Common Securities” has the meaning specified in the Recitals hereto. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Guarantor. 
 “Company Indemnified Person” has the meaning specified in the Declaration of Trust. 
 “Corporate Trust Office” means the principal office of the Guarantee Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of execution of this Guarantee is located at The Bank of New York Mellon, c/o The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602,
Attention: Corporate Trust Administration, or such other address as the Guarantee Trustee may designate from time to time by notice to the Holders and the Guarantor, or the principal corporate trust office of any successor Guarantee Trustee (or such
other address as such successor Guarantee Trustee may designate from time to time by notice to the Holders and the Guarantor). 
 “Declaration Default” in respect of the Securities means an Event of Default (as defined in the Indenture) has occurred and is continuing in respect of the Junior Subordinated Debt Securities. 
 “Declaration of Trust” means the Amended and Restated Declaration of Trust, dated as of the date hereof, as amended, modified or
supplemented from time to time, among the trustees of the Trust named therein, the Guarantor, as sponsor, and the Holders, from time to time, of undivided beneficial ownership interests in the assets of the Trust. 
 “Existing Parity Obligations” means (x) the junior subordinated notes issued in connection with the December 1997 offering of 8.00%
Capital Trust Pass-Through Securities by North Fork Capital Trust II and the Guarantor’s guarantee thereof; (y) the 8.17% Junior Subordinated Deferrable Interest Debentures, Series B, issued in connection with the April 1998 

  

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offering of 8.17% Capital Securities, Series B, by Reliance Capital Trust I and the Guarantor’s guarantee thereof; and (z) the junior subordinated
notes issued in connection with the June 2003 offering of Floating Rate Preferred Securities by Coastal Capital Trust II and the Guarantor’s guarantee thereof. 
 “Extended Interest Payment Period” has the meaning specified in the Indenture. 
 “Fourth Supplemental Indenture” means the Fourth Supplemental Indenture, dated as of August 5, 2009, between Capital One Financial Corporation and the Indenture Trustee. 
 “Global Security” means a fully registered, global Trust Preferred Security, as defined in the Indenture, representing the Trust
Preferred Securities. 
 “Guarantee Event of Default” means a default by the Guarantor on any of its payment or other
obligations under this Guarantee. 
 “Guarantee Payments” means the following payments or distributions, without
duplication, with respect to the Securities, to the extent not paid by or on behalf of the Trust: (i) any accrued and unpaid Distributions (as defined in the Declaration of Trust) that are required to be paid on such Securities to the extent
the Trust has sufficient funds available therefor at the time, (ii) the redemption price, plus all accrued and unpaid Distributions to the date of redemption, with respect to any Securities called for redemption by the Trust, to the extent the
Trust shall have sufficient funds available therefor at the time or (iii) upon a voluntary or involuntary dissolution, winding-up or termination of the Trust (other than in connection with the distribution of Junior Subordinated Debt Securities
to the Holders in exchange for Securities as provided in the Declaration of Trust), the lesser of (a) the aggregate of the liquidation amount and all accrued and unpaid Distributions on the Securities to the date of payment, to the extent the
Trust has sufficient funds available therefor and (b) the amount of assets of the Trust remaining available for distribution to Holders in liquidation of the Trust (in either case, the “Liquidation Distribution”). 
 “Guarantee Trustee” means The Bank of New York Mellon., until a Successor Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Guarantee and thereafter means each such Successor Guarantee Trustee. 
 “Holder”
means any holder of Securities, as registered on the books and records of the Trust; provided, however, that, in determining whether the Holders of the requisite percentage of Trust Preferred Securities have given any request, notice, consent
or waiver hereunder, “Holder” shall not include the Guarantor or any Affiliate of the Guarantor or any other obligor on the Trust Preferred Securities. 
 “Indenture” means the Junior Subordinated Indenture, dated as of June 6, 2006, between Capital One Financial Corporation and The Bank of New York Mellon (formerly known as The Bank of New York)
(the “Indenture Trustee”), as supplemented by the Fourth Supplemental Indenture and as may be further amended or supplemented. 
  

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 “Junior Subordinated Debt Securities” means the series of 10.25% Junior Subordinated
Debt Securities due 2039 designated the “10.25% Junior Subordinated Debt Securities due 2039”, held by the Institutional Trustee as defined in the Declaration of Trust. 
 “List of Holders” has the meaning assigned to it in Section 2.2 hereof. 
 “Majority in Liquidation Amount” means, except as provided in the terms of the Trust Preferred Securities or by the Trust Indenture Act,
Holder(s) of outstanding Securities, voting together as a single class, or, as the context may require, Holders of outstanding Trust Preferred Securities or Holders of outstanding Common Securities, voting separately as a class, who are the record
owners of more than 50% of the aggregate liquidation amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined)
of all outstanding Securities of the relevant class. In determining whether the Holders of the requisite amount of Securities have voted, Securities which are owned by the Guarantor or any Affiliate of the Guarantor or any other obligor on the
Securities shall be disregarded for the purpose of any such determination. 
 “Officers’ Certificate” means, with
respect to any Person, a certificate signed on behalf of such Person by two Authorized Officers (as defined in the Declaration of Trust) of such Person. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant
provided for in this Guarantee shall include: 
 (i) a statement that each officer signing the Officers’ Certificate has
read the covenant or condition and the definitions relating thereto; 
 (ii) a brief statement of the nature and scope of the
examination or investigation undertaken by each officer on behalf of such Person in rendering the Officers’ Certificate; 
 (iii) a statement that each such officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer on behalf of such Person to express an informed opinion as to whether or not such
covenant or condition has been complied with; and 
 (iv) a statement as to whether, in the opinion of each such officer
acting on behalf of such Person, such condition or covenant has been complied with. 
 “Parity Securities” means the
Existing Parity Obligations and debt securities issued by the Guarantor after the date hereof that have the same rank upon liquidation of the Guarantor as the Junior Subordinated Debt Securities. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Redemption Price” has the meaning specified in the Declaration of Trust. 
  

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 “Responsible Officer” means, with respect to the Guarantee Trustee, any officer with
direct responsibility for the administration of this Guarantee and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with
the particular subject. 
 “Securities” has the meaning specified in the Recitals hereto. 
 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under
Section 4.1. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to time, or any
successor legislation. 
 “Trust Preferred Securities” has the meaning specified in the Recitals hereto. 
 ARTICLE II 
 TRUST INDENTURE ACT 

 SECTION 2.1 TRUST INDENTURE ACT; APPLICATION. 
 (a) This Guarantee is subject to the provisions of the Trust Indenture Act that are required or deemed to be part of this Guarantee and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that any provision of this Guarantee limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive,
of the Trust Indenture Act, such imposed duties shall control. 
 SECTION 2.2 LISTS OF HOLDERS OF SECURITIES. 
 (a) The Guarantor shall provide the Guarantee Trustee (i) except while the Trust Preferred Securities are represented by one or more Global
Securities, at least two Business Days prior to the date for payment of Distributions, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders of the Securities (“List of Holders”) as
of the record date relating to the payment of such Distributions, and (ii) at any other time, within 30 days of receipt by the Guarantor of a written request from the Guarantee Trustee for a List of Holders as of a date no more than 15 days
before such List of Holders is given to the Guarantee Trustee; provided that the Guarantor shall not be obligated to provide such List of Holders at any time the List of Holders does not differ from the most recent List of Holders given to
the Guarantee Trustee by the Guarantor. The Guarantee Trustee shall preserve, in as current a form as is reasonably practicable, all information contained in Lists of Holders given to it, provided that the Guarantee Trustee may destroy any
List of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Guarantee Trustee shall comply with its obligations
under Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act. 
  

 5 

 SECTION 2.3 REPORTS BY GUARANTEE TRUSTEE. 
 Within 60 days after May 15 of each year (commencing with the year of the first anniversary of the issuance of the Securities), the Guarantee Trustee
shall provide to the Holders of the Securities such reports as are required by Section 313 of the Trust Indenture Act (if any) in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall
also comply with the requirements of Section 313(d) of the Trust Indenture Act. 
 SECTION 2.4 PERIODIC REPORTS TO GUARANTEE
TRUSTEE. 
 The Guarantor shall provide to the Guarantee Trustee such documents, reports and information as required by
Section 314(a) (if any) of the Trust Indenture Act and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form, in the manner and at the times required by Section 314(a) of the Trust Indenture Act,
but in no event later than 120 days after the end of each calendar year. 
 SECTION 2.5 EVIDENCE OF COMPLIANCE WITH CONDITIONS
PRECEDENT. 
 The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with any conditions precedent, if any,
provided for in this Guarantee that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) may be given in the form
of an Officers’ Certificate. 
 SECTION 2.6 GUARANTEE EVENT OF DEFAULT; WAIVER. 
 The Holders of a Majority in Liquidation Amount of the Trust Preferred Securities may, by vote or written consent, on behalf of the Holders of all of the
Securities, waive any past Guarantee Event of Default and its consequences. Upon such waiver, any such Guarantee Event of Default shall cease to exist, and any Guarantee Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Guarantee, but no such waiver shall extend to any subsequent or other default or Guarantee Event of Default or impair any right consequent thereon. 
 SECTION 2.7 GUARANTEE EVENT OF DEFAULT; NOTICE. 
 (a) The Guarantee Trustee shall, within 90
days after the occurrence of a Guarantee Event of Default actually known to a Responsible Officer of the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of all such Guarantee Events of
Default, unless such defaults have been cured before the giving of such notice; provided that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith
determines that the withholding of such notice is in the interests of the Holders of the Securities. 
 (b) The Guarantee Trustee shall not
be deemed to have knowledge of any Guarantee Event of Default unless the Guarantee Trustee shall have received written notice thereof or a Responsible Officer of the Guarantee Trustee charged with the administration of this Guarantee Agreement shall
have obtained actual knowledge thereof. 
  

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 SECTION 2.8 CONFLICTING INTERESTS. 
 The Declaration of Trust shall be deemed to be specifically described in this Guarantee for the purposes of clause (i) of the first proviso contained
in Section 310(b) of the Trust Indenture Act. 
 SECTION 2.9 DISCLOSURE OF INFORMATION. 
 The disclosure of information as to the names and addresses of the Holders of the Securities in accordance with Section 312 of the Trust Indenture
Act, regardless of the source from which such information was derived, shall not be deemed to be a violation of any existing law, or any law hereafter enacted which does not specifically refer to Section 312 of the Trust Indenture Act, nor
shall the Guarantee Trustee be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 
 SECTION 2.10 GUARANTEE TRUSTEE MAY FILE PROOFS OF CLAIM. 
 Upon the occurrence of a Guarantee
Event of Default, the Guarantee Trustee is hereby authorized to (a) recover judgment, in its own name and as trustee of an express trust, against the Guarantor for the whole amount of any Guarantee Payments remaining unpaid and (b) file
such proofs of claim and other papers or documents as may be necessary or advisable in order to have its claims and those of the Holders of the Securities allowed in any judicial proceedings relative to the Guarantor, its creditors or its property.

 ARTICLE III 
 POWERS,
DUTIES AND RIGHTS OF 
 GUARANTEE TRUSTEE 
 SECTION 3.1 POWERS AND DUTIES OF GUARANTEE TRUSTEE. 
 (a) This Guarantee shall be held by the
Guarantee Trustee on behalf of the Trust for the benefit of the Holders of the Securities, and the Guarantee Trustee shall not transfer its right, title and interest in this Guarantee to any Person except a Holder of Securities exercising his or her
rights pursuant to Section 5.4(b) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee in and to
this Guarantee shall automatically vest in any Successor Guarantee Trustee, and such vesting and succession of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such
Successor Guarantee Trustee. 
 (b) If a Guarantee Event of Default actually known to a Responsible Officer of the Guarantee Trustee has
occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee for the benefit of the Holders of the Securities. 
 (c) The
Guarantee Trustee, before the occurrence of any Guarantee Event of Default and after the curing of all Guarantee Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee,
and no implied covenants shall be read into this Guarantee against the Guarantee Trustee. In case a Guarantee 

  

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Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6) and is actually known to a Responsible Officer of the
Guarantee Trustee, the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 
 (d) No provision of this Guarantee shall be construed to relieve the Guarantee
Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to the occurrence of any Guarantee Event of Default and after the curing or waiving of all such Guarantee Events of Default that may have occurred: 
 (A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions of this Guarantee, and the
Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee, and no implied covenants or obligations shall be read into this Guarantee against the Guarantee Trustee;
and 
 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee; but in the case of any such certificates
or opinions that by any provision hereof are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Guarantee (but need not confirm or investigate the accuracy of mathematical calculation or other facts stated therein, absent manifest error); 
 (ii) the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in
ascertaining the pertinent facts upon which such judgment was made; 
 (iii) the Guarantee Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Securities relating to the time, method and place of conducting any
proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee; and 
 (iv) no provision of this Guarantee shall require the Guarantee 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 the Guarantee Trustee shall have reasonable grounds for believing that the repayment of such 

  

 8 

 
funds or protection from liability is not reasonably assured to it under the terms of this Guarantee or if the Guarantee Trustee shall have reasonable
grounds for believing that an indemnity, reasonably satisfactory to the Guarantee Trustee, against such risk or liability is not reasonably assured to it under the terms of this Guarantee. 
 SECTION 3.2 CERTAIN RIGHTS OF GUARANTEE TRUSTEE. 
 (a) Subject to the provisions of Section 3.1: 
 (i) The Guarantee Trustee may
conclusively rely, and shall be fully protected in acting or refraining from acting upon, any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or presented by the proper party or parties; 
 (ii) Any direction or act of the Guarantor contemplated by this Guarantee shall be sufficiently evidenced by an Officers’ Certificate; 
 (iii) Whenever, in the administration of this Guarantee, the Guarantee Trustee shall deem it desirable that a matter be proved or
established before taking, suffering or omitting any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely upon an Officers’
Certificate which, upon receipt of such request, shall be promptly delivered by the Guarantor; 
 (iv) The Guarantee Trustee
shall have no duty to see to any recording, filing or registration of any instrument (or any re-recording, re-filing or re-registration thereof); 
 (v) The Guarantee Trustee may consult with counsel, and the advice or opinion of such counsel with respect to legal matters shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion. Such counsel may be counsel to the Guarantor or any of its Affiliates and may include any of its employees. The Guarantee Trustee shall have the right
at any time to seek instructions concerning the administration of this Guarantee from any court of competent jurisdiction; 
 (vi) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such
security and indemnity, reasonably satisfactory to the Guarantee Trustee, against the costs, expenses (including attorneys’ fees and expenses and the expenses of the Guarantee Trustee’s agents, nominees or custodians) and liabilities that
might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee; provided that nothing contained in this Section 3.2(a)(vi) shall be taken to relieve
the Guarantee Trustee, upon the occurrence of a Guarantee Event of Default, of its obligation to exercise the rights and powers vested in it by this Guarantee; 
  

 9 

 (vii) The Guarantee Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its
discretion, may make such reasonable further inquiry or investigation into such facts or matters as it may see fit at the expense of the Guarantor and shall incur no liability of any kind by reason of such inquiry or investigation; 
 (viii) The Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents, nominees, custodians or attorneys, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (ix) Any action taken by the Guarantee Trustee or its agents hereunder shall bind the Holders, and the signature of the Guarantee Trustee
or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to inquire as to the authority of the Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this
Guarantee, both of which shall be conclusively evidenced by the Guarantee Trustee’s or its agent’s taking such action; 
 (x) Whenever in the administration of this Guarantee, the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee
(i) may request written instructions from the Holders of a Majority in Liquidation Amount of the Securities, (ii) may refrain from enforcing such remedy or right or taking such other action until such written instructions are received and
(iii) shall be protected in conclusively relying on or acting in accordance with such written instructions; 
 (xi) In no
event shall the Guarantee Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Guarantee Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action; 
 (xii) The rights, privileges, protections,
immunities and benefits given to the Guarantee Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Guarantee Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder; 
 (xiii) The Guarantee Trustee may request that the Guarantor deliver a
certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Guarantee; and 
 (xiv) In no event shall the Guarantee Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear 

  

 10 

 
or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Guarantee Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 (b) No provision of this Guarantee shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent to act in accordance with applicable law, to perform any such act or
acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty. 
 ARTICLE IV 
 GUARANTEE TRUSTEE 
 SECTION 4.1 GUARANTEE TRUSTEE; ELIGIBILITY. 
 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of
the Guarantor; and 
 (ii) be a Person organized and doing business under the laws of the United States of America or any
state or territory thereof or of the District of Columbia, or a corporation or other Person permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial or District of Columbia authority. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority referred to above, then, for the purposes of this Section 4.1(a)(ii), 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. 
 (b)
If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
 (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture
Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 
 SECTION 4.2 APPOINTMENT, REMOVAL AND RESIGNATION OF GUARANTEE TRUSTEE. 
 (a) Subject to Section 4.2(b), unless a
Guarantee Event of Default shall have occurred and be continuing, the Guarantee Trustee may be appointed or removed with or without cause at any time by the Guarantor. 
  

 11 

 (b) The Guarantee Trustee shall not be removed in accordance with Section 4.2(a) until a Successor
Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c) The Guarantee Trustee appointed to office shall hold such office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office
(without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of removal or resignation,
the removed or resigning Guarantee Trustee may petition at the expense of the Guarantor any court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may
deem proper, appoint a Successor Guarantee Trustee. 
 (e) No Guarantee Trustee shall be liable for the acts or omissions to act of any
Successor Guarantee Trustee. 
 (f) Upon termination of this Guarantee or removal or resignation of the Guarantee Trustee pursuant to this
Section 4.2, the Guarantor shall pay to the Guarantee Trustee all amounts owing for fees and reimbursement of expenses that have accrued to the date of such termination, removal or resignation. 
 ARTICLE V 
 GUARANTEE 

SECTION 5.1 GUARANTEE. 
 The
Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by the Trust), as and when due, regardless of any defense, right of set-off or counterclaim that
the Trust may have or assert. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Trust to pay such amounts to the Holders.
Notwithstanding anything to the contrary herein, the Guarantor retains all of its rights under the Indenture to defer the interest payments on the Junior Subordinated Debt Securities pursuant to the terms thereof and the Guarantor shall not be
obligated hereunder to make any Guarantee Payments during any Extended Interest Payment Period (as defined in the Indenture) with respect to the Distributions (as defined in the Declaration of Trust) on the Securities. 
  

 12 

 SECTION 5.2 WAIVER OF NOTICE AND DEMAND. 
 The Guarantor hereby waives notice of acceptance of this Guarantee and of any liability to which it applies or may apply, presentment, demand for payment,
any right to require a proceeding first against the Trust or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
 SECTION 5.3 OBLIGATIONS NOT AFFECTED. 
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee shall be absolute and unconditional and shall remain in full force and effect until the entire liquidation amount of all outstanding Securities shall
have been paid and such obligation shall in no way be affected or impaired by reason of the happening from time to time of any event, including, without limitation, the following, whether or not with notice to, or the consent of, the Guarantor:

 (a) The release or waiver, by operation of law or otherwise, of the performance or observance by the Trust of any express or implied
agreement, covenant, term or condition relating to the Securities to be performed or observed by the Trust; 
 (b) The extension of time for
the payment by the Trust of all or any portion of the Distributions, Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Securities or the extension of time for the performance of any other obligation under,
arising out of, or in connection with the Securities (other than an extension of time for payment of Distributions, Redemption Price, Liquidation Distribution or other sum payable that results from the extension of any interest payment period on the
Junior Subordinated Debt Securities); 
 (c) Any failure, omission, delay or lack of diligence on the part of the Institutional Trustee or
the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Institutional Trustee or the Holders pursuant to the terms of the Securities, or any action on the part of the Trust granting indulgence or extension
of any kind; 
 (d) The voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Trust or any of the assets of the Trust; 
 (e) Any invalidity of, or defect or deficiency in, the Securities; 
 (f) The settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 
 (g) Any other
circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under
any and all circumstances. 
  

 13 

 There shall be no obligation of the Guarantee Trustee or the Holders to give notice to, or obtain consent
of, the Guarantor or any other Person with respect to the happening of any of the foregoing. 
 No setoff, counterclaim, reduction or
diminution of any obligation, or any defense of any kind or nature that the Guarantor has or may have against any Holder shall be available hereunder to the Guarantor against such Holder to reduce the payments to it under this Guarantee. 

SECTION 5.4 RIGHTS OF HOLDERS. 
 (a) The Holders of at least a Majority in Liquidation Amount of the Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee
or to direct the exercise of any trust or power conferred upon the Guarantee Trustee under this Guarantee. 
 (b) If the Guarantee Trustee
fails to enforce this Guarantee, then any Holder of Securities may, subject to the subordination provisions of Section 6.2, institute a legal proceeding directly against the Guarantor to enforce the Guarantee Trustee’s rights under this
Guarantee without first instituting a legal proceeding against the Trust, the Guarantee Trustee or any other person or entity. In addition, if the Guarantor has failed to make a Guarantee Payment, a Holder of Securities may, subject to the
subordination provisions of Section 6.2, directly institute a proceeding against the Guarantor for enforcement of the Guarantee for such payment to the Holder of the Securities of the principal of or interest on the Junior Subordinated Debt
Securities on or after the respective due dates specified in the Junior Subordinated Debt Securities, and the amount of the payment will be based on the Holder’s pro rata share of the amount due and owing on all of the Securities. The
Guarantor hereby waives any right or remedy to require that any action on this Guarantee be brought first against the Trust or any other person or entity before proceeding directly against the Guarantor. 
 SECTION 5.5 GUARANTEE OF PAYMENT. 
 This Guarantee creates a guarantee of payment and not of collection. 
 SECTION 5.6 SUBROGATION. 
 The Guarantor shall be subrogated to all (if any) rights of the Holders of Securities against the Trust in respect of any amounts paid to such Holders by
the Guarantor under this Guarantee; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any right that it may acquire by way of subrogation or any
indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee, if at the time of any such payment, any amounts are due and unpaid under this Guarantee. If any amount shall be paid to the Guarantor in violation
of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Guarantee Trustee for the benefit of the Holders. 
  

 14 

 SECTION 5.7 INDEPENDENT OBLIGATIONS. 
 The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Trust with respect to the Securities, and that the
Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee notwithstanding the occurrence of any event referred to in subsections 5.3(a) through 5.3(g), inclusive, hereof.

 ARTICLE VI 
 LIMITATION OF TRANSACTIONS; SUBORDINATION 
 SECTION 6.1 LIMITATION OF TRANSACTIONS. 
 So long as any Securities remain outstanding, (i) if there shall have occurred an Event of Default (as defined in the Indenture) with respect to the
Junior Subordinated Debt Securities, (ii) if there shall have occurred a Guarantee Event of Default or (iii) during any Extended Interest Payment Period as provided in the Indenture, then the Guarantor shall not, and shall not permit any
subsidiary of the Guarantor to, (x) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Guarantor’s capital stock, (y) make any payment of principal,
interest or premium, if any, on or repay, repurchase or redeem any Parity Securities or debt securities of the Guarantor that rank junior to the Junior Subordinated Debt Securities or (z) make any guarantee payments on any guarantee by the
Guarantor of the debt securities of any subsidiary of the Guarantor if such guarantee ranks equally with or junior in interest to the Junior Subordinated Debt Securities (other than (a) dividends or distributions on any class of the
Guarantor’s capital stock payable in the same class of the Guarantor’s capital stock, (b) payments under this Guarantee, (c) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan
or the redemption or repurchase of any such rights pursuant thereto, (d) purchases of Common Stock related to (x) the issuance of Common Stock or rights under any of the Guarantor’s benefits plans for its directors, officers or
employees, (y) the issuance of Common Stock or rights under a dividend reinvestment and stock purchase plan, or (z) the issuance of Common Stock, or securities convertible into Common Stock, as consideration in an acquisition transaction
that was entered into before the beginning of the Extended Interest Payment Period, and (e) solely in the case of any of the Guarantor’s Subsidiaries, pay dividends on distributions on the capital stock of such Subsidiary to the Guarantor
or one of the Guarantor’s affiliates). 
 SECTION 6.2 RANKING. 
 This Guarantee will constitute an unsecured obligation of the Guarantor and will rank subordinate and junior in right of payment to all Senior
Indebtedness (as defined in Section 2.1(o) of the Fourth Supplemental Indenture) of the Guarantor in the same manner and to the same extent as set forth in Article XIV of the Indenture. 
 SECTION 6.3 SUBORDINATION OF COMMON SECURITIES. 
 If a Declaration Default has occurred and is continuing under the Declaration of Trust, the rights of the Holders of the Common Securities to receive Guarantee Payments hereunder shall be subordinated to the rights of
the Holders of the Trust Preferred Securities to receive Guarantee Payments under this Guarantee. 
  

 15 

 ARTICLE VII 
 TERMINATION 
 SECTION 7.1 TERMINATION. 
 This Guarantee shall terminate upon (i) full payment of the Redemption Price of all Securities, (ii) distribution of the Junior Subordinated
Debt Securities to the Holders of all the Securities or (iii) full payment of the amounts payable in accordance with the Declaration of Trust upon liquidation of the Trust. Notwithstanding the foregoing, this Guarantee will continue to be
effective or will be reinstated, as the case may be, if at any time any Holder of Securities must restore payment of any sums paid under the Securities or under this Guarantee. 
 ARTICLE VIII 
 INDEMNIFICATION 
 SECTION 8.1 INDEMNIFICATION. 
 The Guarantor agrees to indemnify each Company Indemnified Person, the Institutional Trustee, the Delaware Trustee (as each such term is defined in the Declaration of Trust) and the Guarantee Trustee for, and to hold each such Person
harmless against any loss, claim, damage, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable
costs and expenses of defending itself against, or investigating, any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The provisions of this Section 8.1 shall survive the termination
of this Guarantee or the resignation or removal of the Guarantee Trustee. 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.1
SUCCESSORS AND ASSIGNS. 
 All guarantees and agreements contained in this Guarantee shall bind the successors, assigns, receivers,
trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Securities then outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article VIII of
the Indenture and pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder. 
 SECTION 9.2 AMENDMENTS. 
 Except with respect to any changes that do not materially adversely affect the rights of the Holders (in which case no consent of the Holders will be required), this Guarantee may not be amended without the prior approval of the Holders of
not less than a Majority in Liquidation Amount of the Securities. The provisions of Section 12.2 of the Declaration of Trust with respect to meetings of, and action by written consent of, the Holders of the Securities apply to the giving of
such approval. 
  

 16 

 SECTION 9.3 NOTICES. 
 All notices provided for in this Guarantee shall be in writing, duly signed by the party giving such notice, and shall be delivered by hand, telecopied or
mailed by registered or certified mail, as follows: 
 (a) If given to the Guarantee Trustee, at the Guarantee Trustee’s mailing address
set forth below (or such other address as the Guarantee Trustee may give notice of to the Guarantor and the Holders of the Securities): 
 The Bank of New York Mellon 
 c/o The Bank of New York Mellon Trust Company, N.A. 
 2 North LaSalle Street, Suite 1020 
 Chicago,
Illinois 60602 
 (b) If given to the Guarantor, at the Guarantor’s mailing addresses set forth below (or such other address as the
Guarantor may give notice of to the Guarantee Trustee and the Holders of the Securities): 
 Capital One Financial Corporation 
 1680 Capital One Drive 
 McLean, Virginia
22102 
 Facsimile No.: (703) 720-2165 
 Attention: Director of Capital Markets 
 (c) If given to any Holder of Securities, at the address set forth
on the books and records of the Trust. 
 All such notices shall be deemed to have been given when received in person, telecopied with
receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be
deemed to have been delivered on the date of such refusal or inability to deliver. 
 SECTION 9.4 BENEFIT. 
 This Guarantee is solely for the benefit of the Holders of the Securities and, subject to Section 3.1(a), is not separately transferable from the
Securities. 
 SECTION 9.5 GOVERNING LAW; WAIVER OF JURY TRIAL 
 THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

  

 17 

 [The remainder of this page left blank intentionally; the signature page follows] 
  

 18 

 IN WITNESS WHEREOF, this Guarantee is executed as of the day and year first above written. 
  

			
	CAPITAL ONE FINANCIAL CORPORATION,
	as Guarantor
		
	By:	 	 /s/ Thomas A. Feil

	Name:	 	Thomas A. Feil
	Title:	 	Assistant Treasurer
	
	 THE BANK OF NEW YORK MELLON,
 as
Guarantee Trustee

		
	By:	 	 /s/ Christopher Greene

	Name:	 	Christopher Greene
	Title:	 	Vice PresidentExhibit 4.17

 Exhibit 4.17 
  
  
  
 SBA TELECOMMUNICATIONS, INC., 
 SBA
COMMUNICATIONS CORPORATION 
 as Guarantor 
 and 
 U.S. BANK NATIONAL ASSOCIATION 
 as Trustee 
  
  
 INDENTURE 
 Dated as of July 24, 2009 
 8.000% SENIOR
NOTES DUE 2016 
 8.250% SENIOR NOTES DUE 2019 
  
  
  

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	12.03
	       (c)
	  	12.03
	 313(a)
	  	7.06
	       (b)(1)
	  	10.03
	       (b)(2)
	  	7.06
	       (c)
	  	7.06, 12.02
	       (d)
	  	7.06
	 314(a)
	  	4.03, 12.05
	       (a)(1)
	  	N.A.
	       (a)(2)
	  	N.A.
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	12.05
	       (b)
	  	N.A.
	       (c)(1)
	  	N.A.
	       (c)(2)
	  	N.A.
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	12.05
	       (f)
	  	N.A.
	 315(a)
	  	N.A.
	       (b)
	  	N.A.
	       (c)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	N.A.
	 316(a)(last sentence)
	  	N.A.
	       (a)(1)(A)
	  	N.A.
	       (a)(1)(B)
	  	N.A.
	       (a)(2)
	  	N.A.
	       (b)
	  	N.A.
	       (c)
	  	N.A.
	 317(a)(1)
	  	N.A.
	       (a)(2)
	  	N.A.
	       (b)
	  	N.A.
	 318(a)
	  	N.A.
	       (b)
	  	N.A.
	       (c)
	  	12.01

  
 N.A.
means Not Applicable 

	*	This Cross-Reference Table is not part of the Indenture 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE	  	1
				
		 	SECTION 1.01.	  	Definitions	  	1
		 	SECTION 1.02.	  	Other Definitions	  	22
		 	SECTION 1.03.	  	Incorporation by Reference of TIA	  	22
		 	SECTION 1.04.	  	Rules of Construction	  	23
		
	ARTICLE 2. THE NOTES	  	23
				
		 	SECTION 2.01.	  	Form and Dating	  	23
		 	SECTION 2.02.	  	Execution and Authentication	  	25
		 	SECTION 2.03.	  	Registrar and Paying Agent	  	25
		 	SECTION 2.04.	  	Paying Agent to Hold Money in Trust	  	26
		 	SECTION 2.05.	  	Holder Lists	  	26
		 	SECTION 2.06.	  	Transfer and Exchange	  	26
		 	SECTION 2.07.	  	Replacement Notes	  	41
		 	SECTION 2.08.	  	Outstanding Notes	  	41
		 	SECTION 2.09.	  	Treasury Notes	  	42
		 	SECTION 2.10.	  	Temporary Notes	  	42
		 	SECTION 2.11.	  	Cancellation	  	42
		 	SECTION 2.12.	  	Defaulted Interest	  	42
		 	SECTION 2.13.	  	Issuance of Additional Notes	  	43
		 	SECTION 2.14.	  	One Class of Securities	  	43
		 	SECTION 2.15.	  	CUSIP, ISIN or Other Similar Numbers	  	43
		
	ARTICLE 3. REDEMPTION AND PREPAYMENT	  	43
				
		 	SECTION 3.01.	  	Notices to Trustee	  	43
		 	SECTION 3.02.	  	Selection of Notes to Be Redeemed	  	44
		 	SECTION 3.03.	  	Notice of Redemption	  	44
		 	SECTION 3.04.	  	Effect of Notice of Redemption	  	45
		 	SECTION 3.05.	  	Deposit of Redemption Price	  	45
		 	SECTION 3.06.	  	Notes Redeemed in Part	  	45
		 	SECTION 3.07.	  	Optional Redemption	  	46
		 	SECTION 3.08.	  	Mandatory Redemption	  	48
		
	ARTICLE 4. COVENANTS	  	48
				
		 	SECTION 4.01.	  	Payment of Notes	  	48
		 	SECTION 4.02.	  	Maintenance of Office or Agency	  	48
		 	SECTION 4.03.	  	Reports	  	49
		 	SECTION 4.04.	  	Compliance Certificate	  	50
		 	SECTION 4.05.	  	Taxes	  	50
		 	SECTION 4.06.	  	Stay, Extension and Usury Laws	  	50
		 	SECTION 4.07.	  	Restricted Payments	  	50
		 	SECTION 4.08.	  	Incurrence of Indebtedness and Issuance of Preferred Stock	  	52
		 	SECTION 4.09.	  	Liens	  	55
		 	SECTION 4.10.	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	55

  

 -i- 

							
		 	SECTION 4.11.	  	Transactions with Affiliates	  	57
		 	SECTION 4.12.	  	Sale and Leaseback Transactions	  	58
		 	SECTION 4.13.	  	Limitation on Issuances of Guarantees of Indebtedness	  	59
		 	SECTION 4.14.	  	Business Activities	  	59
		 	SECTION 4.15.	  	Change of Control Triggering Event	  	59
		 	SECTION 4.16.	  	Asset Sales	  	60
		 	SECTION 4.17.	  	Changes in Covenants When Notes Rated Investment Grade	  	63
		
	ARTICLE 5. SUCCESSORS	  	64
				
		 	SECTION 5.01.	  	Merger, Consolidation or Sale of Assets	  	64
		 	SECTION 5.02.	  	Successor Corporation Substituted	  	65
		
	ARTICLE 6. DEFAULTS AND REMEDIES	  	66
				
		 	SECTION 6.01.	  	Events of Default	  	66
		 	SECTION 6.02.	  	Acceleration	  	67
		 	SECTION 6.03.	  	Other Remedies	  	67
		 	SECTION 6.04.	  	Waiver of Past Defaults	  	67
		 	SECTION 6.05.	  	Control by Majority	  	68
		 	SECTION 6.06.	  	Limitation on Suits	  	68
		 	SECTION 6.07.	  	Rights of Holders of Notes to Receive Payment	  	68
		 	SECTION 6.08.	  	Collection Suit by Trustee	  	69
		 	SECTION 6.09.	  	Trustee May File Proofs of Claim	  	69
		 	SECTION 6.10.	  	Priorities	  	69
		 	SECTION 6.11.	  	Undertaking for Costs	  	70
		
	ARTICLE 7. TRUSTEE	  	70
				
		 	SECTION 7.01.	  	Duties of Trustee	  	70
		 	SECTION 7.02.	  	Rights of Trustee	  	71
		 	SECTION 7.03.	  	Individual Rights of Trustee	  	72
		 	SECTION 7.04.	  	Trustee’s Disclaimer	  	72
		 	SECTION 7.05.	  	Notice of Defaults	  	72
		 	SECTION 7.06.	  	Reports by Trustee to Holders of the Notes	  	73
		 	SECTION 7.07.	  	Compensation and Indemnity	  	73
		 	SECTION 7.08.	  	Replacement of Trustee	  	74
		 	SECTION 7.09.	  	Successor Trustee by Merger, Etc.	  	75
		 	SECTION 7.10.	  	Eligibility; Disqualification	  	75
		 	SECTION 7.11.	  	Preferential Collection of Claims Against the Company	  	75
		
	ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	76
				
		 	SECTION 8.01.	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	76
		 	SECTION 8.02.	  	Legal Defeasance and Discharge	  	76
		 	SECTION 8.03.	  	Covenant Defeasance	  	76
		 	SECTION 8.04.	  	Conditions to Legal or Covenant Defeasance	  	77
		 	SECTION 8.05.	  	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	78
		 	SECTION 8.06.	  	Repayment to the Company	  	78
		 	SECTION 8.07.	  	Reinstatement	  	79

  

 -ii- 

							
	ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER	  	79
				
		 	SECTION 9.01.	  	Without Consent of Holders of Notes	  	79
		 	SECTION 9.02.	  	With Consent of Holders of Notes	  	80
		 	SECTION 9.03.	  	Compliance with Trust Indenture Act	  	81
		 	SECTION 9.04.	  	Revocation and Effect of Consents	  	81
		 	SECTION 9.05.	  	Notice of Amendment; Notation on or Exchange of Notes	  	81
		 	SECTION 9.06.	  	Trustee to Sign Amendments, Etc.	  	81
		
	ARTICLE 10. SATISFACTION AND DISCHARGE	  	82
				
		 	SECTION 10.01.	  	Satisfaction and Discharge	  	82
		 	SECTION 10.02.	  	Deposited Cash and Government Securities	  	82
		 	SECTION 10.03.	  	Repayment to Company	  	83
		 	SECTION 10.04.	  	Reinstatement	  	83
		
	ARTICLE 11. PARENT GUARANTEE	  	83
				
		 	SECTION 11.01.	  	Guarantee	  	83
		 	SECTION 11.02.	  	Limitation on Guarantor Liability	  	85
		 	SECTION 11.03.	  	Execution and Delivery	  	85
		 	SECTION 11.04.	  	Successors and Assigns	  	85
		 	SECTION 11.05.	  	No Waiver	  	85
		 	SECTION 11.06.	  	No Subrogation	  	86
		 	SECTION 11.07.	  	Guarantor May Consolidate, Etc., on Certain Terms	  	86
		 	SECTION 11.08.	  	Releases of Parent Guarantee	  	87
		
	ARTICLE 12. MISCELLANEOUS	  	87
				
		 	SECTION 12.01.	  	Trust Indenture Act Controls	  	87
		 	SECTION 12.02.	  	Notices	  	87
		 	SECTION 12.03.	  	Communication by Holders of Notes with Other Holders of Notes	  	88
		 	SECTION 12.04.	  	Certificate and Opinion as to Conditions Precedent	  	88
		 	SECTION 12.05.	  	Statements Required in Certificate or Opinion	  	88
		 	SECTION 12.06.	  	Rules by Trustee and Agents	  	89
		 	SECTION 12.07.	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	89
		 	SECTION 12.08.	  	Governing Law	  	89
		 	SECTION 12.09.	  	No Adverse Interpretation of Other Agreements	  	89
		 	SECTION 12.10.	  	Successors	  	89
		 	SECTION 12.11.	  	Severability	  	89
		 	SECTION 12.12.	  	Counterpart Originals	  	90
		 	SECTION 12.13.	  	Table of Contents, Headings, Etc.	  	90

  

			
	EXHIBITS
	Exhibit A	  	FORM OF 2016 NOTE
	Exhibit B	  	FORM OF 2019 NOTE
	Exhibit C	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit D	  	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit E	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTORS
	Exhibit F	  	FORM OF SUPPLEMENTAL INDENTURE

  

 -iii- 

 INDENTURE dated as of July 24, 2009 among SBA TELECOMMUNICATIONS, INC., a Florida corporation (the
“Company”), SBA COMMUNICATIONS CORPORATION, a Florida corporation (the “Guarantor”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”). 
 The Company, the Guarantor and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Initial Notes, any
Additional Notes and the Exchange Notes (in each case as defined herein): 
 ARTICLE 1. 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions. 
 “144A Global Note” means one or more global notes
in the form of Exhibit A or Exhibit B hereto, as applicable, bearing the Global Note Legend, the Private Placement Legend, the OID Legend, as applicable and the ERISA Legend and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee that shall represent the aggregate principal amount of the Notes sold in reliance on Rule 144A. 
 “2016 Applicable Premium” means, with respect to any 2016 Note on any redemption date, the greater of (i) 1.0% of the principal amount of such 2016 Note and (ii) the excess of (A) the present value at such
redemption date of (1) the redemption price of such 2016 Note at August 15, 2012 (such redemption price being set forth in Section 3.07(a)), plus (2) all required interest payments due on such 2016 Note through August 15,
2012 (excluding accrued but unpaid interest, if any, to the redemption date), computed using a discount rate equal to the 2016 Treasury Rate on such redemption date plus 50 basis points over (B) the principal amount of such 2016 Note.

 “2019 Applicable Premium” means, with respect to any 2019 Note on any redemption date, the greater of
(i) 1.0% of the principal amount of such 2019 Note and (ii) the excess of (A) the present value at such redemption date of (1) the redemption price of such 2019 Note at August 15, 2014 (such redemption price being set forth
in Section 3.07(b)), plus (2) all required interest payments due on such 2019 Note through August 15, 2014 (excluding accrued but unpaid interest, if any, to the redemption date), computed using a discount rate equal to the 2019
Treasury Rate on such redemption date plus 50 basis points over (B) the principal amount of such 2019 Note. 
 “2016 Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the redemption date (or, if such statistical release is no longer published, any publicly available source of similar market data))
most nearly equal to the period from the redemption date to August 15, 2012; provided, however, that if the period from the redemption date to August 15, 2012 is not equal to the constant maturity of the United States Treasury security for
which a weekly average yield is given, the 2016 Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are
given, except that if the period from such date of redemption to August 15, 2012 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

 “2019 Treasury Rate” means, as of any redemption date, the yield to
maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two
business days prior to the redemption date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to August 15, 2014; provided,
however, that if the period from the redemption date to August 15, 2014 is not equal to the constant maturity of the United States Treasury security for which a weekly average yield is given, the 2019 Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such date of redemption to August 15, 2014 is
less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 
 “Acquired Debt” means, with respect to any specified Person: 
 (1) Indebtedness of such Person or any other Person existing at the time such other Person is merged with or into or became a Subsidiary
of such specified Person or in connection with the acquisition of the assets of such Person, including, without limitation, Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a
Subsidiary of such specified Person or such Person acquiring assets; and 
 (2) Indebtedness secured by a Lien encumbering any
asset acquired by such specified Person. 
 “Additional Interest” means all additional interest then owing
pursuant to the Registration Rights Agreement related to the Notes dated as of the Issue Date, among the Company, the Guarantor and the initial purchasers. 
 “Additional Notes” means 8.000% Senior Notes due 2016 and the 8.250% Senior Notes due 2019 of the Company issued under this Indenture after the Issue Date and having identical terms to the Initial
Notes or the Exchange Notes other than with respect to the date of issuance and issue price, first payment of interest and rights under a related Registration Rights Agreement, if any. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control
with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise. 
 “Agent” means any Registrar, Paying Agent or co-registrar. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  

 -2- 

 “Annualized Consolidated Adjusted EBITDA” for any fiscal quarter means
Consolidated Adjusted EBITDA for the most recently ended quarter for which internal financial statements are available multiplied by four. 
 “Asset Sale” means: 
 (1) the sale, lease, conveyance or other disposition
of any assets or rights (including, without limitation, by way of a sale and leaseback); provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its Subsidiaries taken as a
whole will be governed by the provisions of this Indenture described below under Section 4.15 and/or the provisions described below under Section 5.01 and not by the provisions of Section 4.16; and 
 (2) the issue or sale by the Company or any of its Restricted Subsidiaries of Equity Interests of any of the Company’s Subsidiaries
(other than directors’ qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary), in the case of either clause (1) or (2), whether in a single transaction or a series
of related transactions: 
 (a) that have a fair market value in excess of $10.0 million; or 
 (b) for net proceeds in excess of $10.0 million. 
 Notwithstanding the foregoing, the following items shall not be deemed to be Asset Sales: 
 (1) a transfer of assets by the Company to a Restricted Subsidiary or by a Restricted Subsidiary to the Company or to another Restricted
Subsidiary; 
 (2) an issuance of Equity Interests by a Subsidiary to the Company or to another Restricted Subsidiary;

 (3) a transfer or issuance of Equity Interests of an Unrestricted Subsidiary to an Unrestricted Subsidiary; provided,
however, that such transfer or issuance does not result in a decrease in the percentage of ownership of the voting securities of such transferee Unrestricted Subsidiary that are collectively held by the Company and its Subsidiaries; 

(4) a Restricted Payment that is permitted by Section 4.07; 
 (5) grants of leases or licenses in the ordinary course of business; 
 (6) disposals of Cash Equivalents, or Investment Securities in the ordinary course of business; 
 (7) any disposition of property or equipment that has become damaged, worn out or obsolete or that is no longer useful in the conduct of
the business of the Company and its Restricted Subsidiaries disposed of in the ordinary course of business; 
 (8)
dispositions in connection with the foreclosure of any Lien not prohibited by this Indenture; 
 (9) licenses or sublicenses
of intellectual property; 
  

 -3- 

 (10) any surrender or waiver of contract rights or the settlement, release or surrender
of contract, tort or other claims of any kind; and 
 (11) any disposition arising from foreclosure, condemnation or similar
action with respect to any property or other assets, or exercise of termination rights under any lease, license, concession or other agreement. 
 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value (discounted at the rate of Interest implicit in such transaction, determined
in accordance with GAAP) of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction (including any period for which such lease has been extended or may, at the
option of the lessor, be extended). 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal,
state or foreign law for the relief of debtors. 
 “Board of Directors” means: 
 (a) with respect to a corporation, the board of directors of the corporation; 
 (b) with respect to a partnership, the board of directors of the general partner of the partnership; and 
 (c) with respect to any other Person, the board or committee of such Person serving a similar function. 
 “Broker-Dealer” means any broker-dealer that receives Exchange Notes for its own account in the Exchange Offers in
exchange for Notes that were acquired by such broker-dealer as a result of market-making or other trading activities. 
 “Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or in the location of the Corporate Trust Office of the Trustee are authorized or required by law
to close. 
 “Capital Lease Obligation” means, at the time any determination thereof is to be made, the
amount of the liability in respect of a capital lease that would be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Capital Stock” means: 
 (1) in the case of a corporation, corporate stock;

 (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
  

 -4- 

 “Cash Equivalents” means: 
 (1) securities issued or directly and fully guaranteed or insured by the United States government, or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than six months from the date of acquisition; 
 (2) certificates of deposit and eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’
acceptances with maturities not exceeding six months and overnight bank deposits, in each case with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thompson Bank Watch Rating of “B” or better;

 (3) repurchase obligations with a term of not more than seven days for underlying securities of the types described in
clauses (1) and (2) above entered into with any financial institution meeting the qualifications specified in clause (2) above; 
 (4) commercial paper having the highest rating obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Group and in each case maturing within twelve months after the date of
acquisition; and 
 (5) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds
described in clauses (1) through (4) of this definition. 
 “Change of Control” means the
occurrence of any of the following: 
 (1) the sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of (i) the Company and its Restricted Subsidiaries, taken as a whole, or (ii) the Guarantor and its Subsidiaries, taken as a
whole, to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act)) other than to the Guarantor or any of its Restricted Subsidiaries; 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company or the Guarantor; 
 (3) the Guarantor or the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange
Act, proxy, vote, written notice or otherwise) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above) becomes the “beneficial
owner” (as, such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person has the right to acquire, whether such right
is currently exercisable or is exercisable only upon the occurrence of a subsequent condition), directly or indirectly, of more than 50% of the voting power of the Voting Stock of the Guarantor (measured by voting power rather than number of
shares); or 
 (4) the first day that the Guarantor ceases to own, directly or indirectly, 100% of the issued and outstanding
stock of the Company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Ratings Decline. 
 “Clearstream” means Clearstream Banking, société anonyme.

  

 -5- 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means SBA Telecommunications, Inc. until a successor shall have become such pursuant to the applicable
provisions of this Indenture and thereafter “Company” shall mean such successor. 
 “Consolidated Adjusted
EBITDA” for any period means Consolidated Net Income for such period plus, to the extent such item was deducted in calculating such Consolidated Net Income, without duplication, the sum of: 
 (i) provision for taxes based on income or profits of the Company and its Restricted Subsidiaries for such period, including franchise
taxes, plus 
 (ii) Consolidated Interest Expense of the Company and its Restricted Subsidiaries for such period determined in
accordance with GAAP, whether paid or accrued (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest expense, the interest component of any deferred payment obligations, the interest
component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance
financings, amortization of gain or loss from previously settled Hedge Agreements and net payments (if any) pursuant to Hedge Agreements), plus (iii) all preferred stock dividends paid or accrued in respect of the Company’s and its
Restricted Subsidiaries’ preferred stock to Persons other than the Company or a Wholly Owned Subsidiary of the Company other than preferred stock dividends paid by the Company in shares of preferred stock that is not Disqualified Stock, plus

 (iv) depreciation, accretion, amortization (including amortization of goodwill and other intangibles) and other non-cash
expenses, including non-cash compensation and non-cash ground lease expense, (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period) of the Company and its Restricted
Subsidiaries for such period, plus 
 (v) any reasonable expenses and charges related to any Permitted Investment, acquisition
or disposition permitted under this Indenture (in each case, whether or not successful), plus 
 (vi) restructuring charges of
such Person and its Restricted Subsidiaries, plus 
 (vii) net loss on early retirement of debt; plus 
 (viii) asset impairment expense; plus 
 (ix) acquisition related expenses of the Company and its Restricted Subsidiaries which, in accordance with GAAP, are expensed and included within operating expenses, minus 
 (x) non-cash items increasing such Consolidated Net Income for such period (excluding any such non-cash expense to the extent that it
represents an accrual of or reserve for cash expenses in any future period), (including but not limited to non-cash leasing revenue), minus 
 (xi) interest income of the Company and its Restricted Subsidiaries for such period, minus 
 (xii) net gains on early retirement of debt, 
  

 -6- 

 in each case determined on a pro forma basis after giving effect to all acquisitions or
dispositions of assets made by the Company or any Restricted Subsidiary from the beginning of such period through and including the date on which Consolidated Adjusted EBITDA is determined (including any related financing transactions) as if such
acquisitions and dispositions had occurred at the beginning of such period. For purposes of making the computation referred to above, (A) acquisitions that have been made by the Company or any Restricted Subsidiary, including through mergers or
consolidations and including any related financing transactions, during such period or subsequent to such period and on or prior to such date of determination shall be deemed to have occurred on the first day of such period, (B) the
Consolidated Adjusted EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to such date of determination, shall be excluded and (C) any such pro forma calculation
may include adjustments appropriate, in the reasonable determination of the Company, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from any acquisition; provided that the
aggregate amount of projected operating expense reductions, operating improvements and synergies included in any such pro forma calculation shall not exceed $10.0 million for any quarter. 
 For the purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the
average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination. 
 “Consolidated Indebtedness” means, as of any date of determination, the aggregate of the following, on a consolidated basis: 
 (1) the total amount of Indebtedness of the Company and its Restricted Subsidiaries; plus 
 (2) the total amount of Indebtedness of any other Person, to the extent that such Indebtedness has been Guaranteed by the Company or one or more of its Restricted Subsidiaries; plus 
 (3) the aggregate liquidation value of all Disqualified Stock of such Person and all preferred stock of Restricted Subsidiaries of such
Person. 
 Consolidated Indebtedness shall not include Indebtedness of the Company or any Restricted Subsidiary that is
purchased, in tender offers, open market purchases or privately negotiated transactions, by the Company or a Restricted Subsidiary (which, for the avoidance of doubt, shall not include Acquired Debt) and which is to be held by the Company or a
Restricted Subsidiary to redemption or maturity of such Indebtedness. 
 “Consolidated Indebtedness to Annualized
Consolidated Adjusted EBITDA Ratio” means, as of the date of determination, the ratio of: 
 (1) Consolidated
Indebtedness on such date to 
 (2) Annualized Consolidated Adjusted EBITDA as of such date. 
 “Consolidated Interest Expense” for any period means the total interest expense of such Person and its Restricted
Subsidiaries for such period with respect to all outstanding Indebtedness of such Person and its Restricted Subsidiaries (including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing and net costs under Hedge Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP). 
  

 -7- 

 “Consolidated Net Income” for any period means the aggregate of the Net
Income of the Company and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that, the Net Income (and net loss) of any Person that is accounted for by the equity method of
accounting shall be excluded, except that such Net Income shall be included but only to the extent of the amount of dividends or distributions paid in cash to the Company or a Restricted Subsidiary thereof. 
 “Consolidated Net Tangible Assets” means, as of any date of determination, the consolidated total assets of the Company
and its Restricted Subsidiaries determined in accordance with GAAP as of the end of the Company’s most recent fiscal quarter for which internal financial statements are available, less the sum of (1) all current liabilities and
(2) all goodwill, trade names, trademarks, patents, organization expense, unamortized debt discount and expense and other similar intangibles properly classified as intangibles in accordance with GAAP. 
 “Convertible Note Warrant Transactions” means the warrant transactions entered into concurrently with the pricing of the
offering of each of the 0.375% Notes, the 1.875% Notes and the 4.0% Notes. 
 “Convertible Senior Notes”
means the 0.375% convertible senior notes of the Guarantor due December 1, 2010 in the initial aggregate face amount of $350,000,000 or any refinancing thereof, the 1.875% convertible senior notes of the Guarantor due May 1, 2013 in the
initial aggregate face amount of $550,000,000 or any refinancing thereof, and the 4.0% convertible senior notes of the Guarantor due October 1, 2014 in the initial aggregate face amount of $500,000,000 or any refinancing thereof. 
 “Corporate Trust Office of the Trustee” or other similar term, means the designated office of the Trustee at which at any
particular time its corporate trust business as it relates to this Indenture shall be administered, which office is, at the date as of which this Indenture is dated, located at 100 Wall Street, Suite 1600, New York, New York 10005, Attention:
Corporate Trust Administration or at any other time at such other address as the Trustee may designate from time to time by notice to the Company. 
 “Credit Facilities” means, with respect to the Company or any Restricted Subsidiary, one or more debt facilities, including the agreements governing our Senior Credit Facility or other financing
arrangements (including, without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit, bankers’ acceptances and other similar obligations or other long-term indebtedness,
including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, replacements or refundings thereof and
any indentures or credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility
or indenture that increases the amount permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 4.08 of this Indenture) or adds Restricted Subsidiaries as
additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders. 
 “Custodian” means any receiver, trustee, assignee, liquidation, sequestrator or similar official under any Bankruptcy Law. 
  

 -8- 

 “Default” means any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, in the form of Exhibit A or Exhibit B hereto, as applicable, except that such Note shall not bear the Global Note Legend and shall not have the
“Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means,
with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and
having become such pursuant to the applicable provision of this Indenture. 
 “Designated Noncash
Consideration” means the fair market value of noncash consideration received by the Company or any Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an
officer’s certificate, setting forth the basis of such valuation less the amount of cash or cash equivalents received in connection with a subsequent sale of or collection on such Designated Noncash Consideration. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable, in each case, at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature; provided, however, that any Capital Stock that would constitute Disqualified Stock solely because the holders
thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control Triggering Event or an Asset Sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the
Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 of this Indenture. 
 “Distribution Compliance Period” means the 40-day restricted period as defined in Regulation S. 
 “Equity Interests” means Capital Stock, and all warrants, options or other rights to acquire Capital Stock (but excluding
any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means
any public or private primary offering for cash of common stock of the Guarantor or the Company (other than public offerings of common stock registered on Form S-8 or any successor form and other than an issuance to a Subsidiary). 
 “ERISA Legend” means the legend set forth in Section 2.06(g)(v), which is required to be placed on all Notes issued
under this Indenture. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
SEC promulgated thereunder. 
 “Exchange Notes” means the notes offered in exchange offers pursuant to this
Indenture. 
  

 -9- 

 “Exchange Offers” has the meaning set forth in the Registration Rights
Agreement. 
 “Exchange Offers Registration Statement” has the meaning set forth in the Registration Rights
Agreement. 
 “Excluded Capital Lease Obligations” shall mean Capital Lease Obligations (or obligations
pursuant to consolidated variable interest entities accounting that would otherwise be reflected as a liability) in respect of interests in real property on which cell towers of the Company or a Subsidiary of the Company are located in an aggregate
principal amount not to exceed $50.0 million at any one time outstanding. 
 “Existing Indebtedness” means
Indebtedness of the Company and its Restricted Subsidiaries in existence, and in such amount as is outstanding, on the Issue Date. 
 “Foreign Subsidiary” means any Subsidiary of the Company that is not organized under the laws of the United States of America or any State thereof or the District of Columbia. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, as such are in effect on the Issue Date. 
 “Global Note Legend” means the
legend set forth in Section 2.06(g)(ii), which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, in the form of Exhibit A or Exhibit B hereto, as applicable, issued in accordance with Sections
2.01 or 2.06 hereof. 
 “Government Securities” means securities that are (i) direct obligations of the
United States of America for the timely payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a) (2) of the Securities Act), as custodian, with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such
custodian for the account of the holder of such depository receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt
from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt. 
 “Guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course
of business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any Indebtedness. 
 “Guarantor” means SBA Communications Corporation, a Florida corporation. 
  

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 “Hedge Agreements” means, with respect to any Person, all interest rate
swaps, caps or collar agreements or similar arrangements entered into by such Person designed to protect such Person against fluctuations in interest rates or currency exchange rates or the exchange of nominal interest obligations, either generally
or under specific contingencies. 
 “Hedging Obligations” means, with respect to any Person, the obligations
of such Person under any Hedge Agreements. 
 “Holder” means a Person in whose name a Note is registered.

 “Indebtedness” means, with respect to any Person (on any date of determination, without duplication), any
indebtedness of such Person in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) or banker’s acceptances or representing Capital Lease
Obligations or the balance deferred and unpaid of the purchase price of any property or representing any Hedging Obligations (to the extent of any payment that has become due and payable), except (i) any such balance that constitutes an accrued
expense or trade payable, if and to the extent any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP and
(ii) any earn-out obligation, to the extent reflected as a liability on the balance sheet of such Person in accordance with GAAP, after becoming due and payable (if such Person agrees that the earn-out obligation is due and payable), as well as
all Indebtedness of others secured by a Lien on any asset of such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the value of such property or assets
as of such date or the principal amount of such Indebtedness of such other Person so secured) and, to the extent not otherwise included”, the Guarantee by such Person of any Indebtedness of any other Person; provided that
“Indebtedness” shall not include any Excluded Capital Lease Obligations. The amount of any Indebtedness outstanding as of any date shall be the outstanding balance at such date of all unconditional obligations described above;
provided that, in the case of any Indebtedness issued with original issue discount, the amount of such Indebtedness will be the accreted value thereof. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the 8.000% Senior Notes due 2016 and the 8.250% Senior Notes due 2019 issued by the Company on
the Issue Date. 
 “Initial Purchasers” means (i) with respect to the Initial Notes issued on the Issue
Date, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Citigroup Global Markets Inc., RBS Securities Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC and (2) with respect to each issuance of
Additional Notes, the Persons purchasing such Additional Notes under the related purchase agreement. 
 “Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
 “Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates)
in the forms of direct or indirect loans (including guarantees of Indebtedness or other obligations), advances or capital contributions (excluding commission, 

  

 -11- 

 
travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of
Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or
otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the Company or a Restricted Subsidiary of the Company issues any of its Equity Interests such that, in each case, after giving effect to any such sale or disposition,
such Person is no longer a Restricted Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Equity Interests of such Subsidiary not sold or
disposed of in an amount determined as provided in the final paragraph of Section 4.07. 
 “Investment
Securities” means, with respect to any Person, all Investments that are held for sale. 
 “Issue
Date” means the date on which the Notes are originally issued under this Indenture. 
 “Letters of
Transmittal” means the letters of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offers. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind
in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to constitute a
Lien. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency
business thereof. 
 “Net Income” with respect to any Person for any fiscal quarter means the net income
(loss) of such Person for such period, determined in accordance with GAAP, excluding, however, (i) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with (a) any Asset Sale outside
the ordinary course of business (including, without limitation, dispositions pursuant to sale and leaseback transactions) or (b) the disposition of any securities by such Person or any of its Subsidiaries or the write off of any deferred
financing fees or the extinguishment of any Indebtedness of such Person or any of its Subsidiaries, (ii) any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss and (iii) the
cumulative effect of a change in accounting principles. 
 “Net Proceeds” means the aggregate cash proceeds
received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of:

 (1) the direct costs relating to such Asset Sale (including, without limitation, legal, accounting and investment banking
fees, and sales commissions) and any relocation expenses incurred as a result thereof; 
  

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 (2) taxes paid or payable as a result thereof (after taking into account any available
tax credits or deductions and any tax sharing arrangements); 
 (3) amounts required to be applied to the repayment of
Indebtedness (other than Indebtedness under a Credit Facility) or Excluded Capital Lease Obligations secured by a Lien on the asset or assets that were the subject of such Asset Sale; 
 (4) all distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries as a result of such
Asset Sale; 
 (5) the deduction of appropriate amounts provided by the seller as a reserve in accordance with GAAP against
any liabilities associated with the assets disposed of in such Asset Sale and retained by the Company or any Restricted Subsidiary after such Asset Sale; and 
 (6) without duplication, any reserves that the Company’s Board of Directors determines in good faith should be made in respect of the
sale price of such asset or assets for post closing adjustments; provided that in the case of any reversal of any reserve referred to in clause (5) above or this clause (6), the amount so reversed shall be deemed to be Net Proceeds from
an Asset Sale as of the date of such reversal. 
 “Non-U.S. Person” means a Person who is not a U.S. Person.

 “Note Custodian” means U.S. Bank National Association, as custodian with respect to the Notes in global
form, or any successor entity thereto. 
 “Notes” means the Initial Notes, the Exchange Notes and any
Additional Notes issued under this Indenture. 
 “Obligations” means any principal, premium and Additional
Interest, if any, interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses,
indemnifications, reimbursement obligations, damages, guarantees and other liabilities or amounts payable under the documentation governing any Indebtedness or in respect thereto. 
 “Offering Memorandum” means the offering memorandum prepared by the Company and dated July 20, 2009. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the
Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
 “Officers’ Certificate” means a certificate signed by two Officers or by an Officer and either an Assistant
Treasurer or an Assistant Secretary of the Company, which meets the requirements of Section 12.05 hereof. 
 “OID
Legend” means the Original Issue Discount legend set forth in Section 2.06(g)(iv), which is required to be placed on the Notes issued under this Indenture, as applicable. 
  

 -13- 

 “Opinion of Counsel” means an opinion from legal counsel, who is
reasonably acceptable to the Trustee, which meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary. 
 “Parent Guarantee” means the guarantee of the payment of the Notes and the Exchange Notes of the Company and the
Company’s obligations under this Indenture and any supplemental indenture by the Guarantor in accordance with the provisions of this Indenture and any supplemental indenture. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 
 “Permitted Business” means any business conducted by the Company and its Restricted Subsidiaries on the Issue Date and any other business reasonably related, ancillary or complementary to any such
business. 
 “Permitted Investment” means: 
 (1) any Investment in the Company or in a Restricted Subsidiary of the Company; 
 (2) any Investment in cash and Cash Equivalents; 
 (3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment: 

(a) such Person becomes a Restricted Subsidiary of the Company; or 
 (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any Restricted Investment made as a result of
the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.16; 
 (5) any acquisition of assets solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company; 
 (6) receivables created in the ordinary course of business; 
 (7) loans or advances to
employees made in the ordinary course of business since the Issue Date not to exceed $5.0 million at any one time outstanding (loans and advances that are forgiven shall continue to be deemed outstanding); 
 (8) securities and other assets received in settlement of trade debts or other claims arising in the ordinary course of business;

 (9) Investments since the Issue Date of up to an aggregate of $100.0 million outstanding (each such Investment being
measured as of the date made and without giving effect to subsequent changes in value); 
  

 -14- 

 (10) other Investments in Permitted Businesses since the Issue Date not to exceed an
amount equal to $10.0 million plus 2.5% of the Company’s Consolidated Net Tangible Assets at any one time outstanding (each such Investment being measured as of the date made and without giving effect to subsequent changes in value);

 (11) stock, obligations, securities or other Investments received in settlement of debts created in the ordinary course of
business and owing to, or of other claims asserted by, the Company or any Restricted Subsidiary, in satisfaction of judgments, or as a result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments, including in
connection with any bankruptcy proceeding or other reorganization of another Person; 
 (12) Hedging Obligations permitted
under clause (7) of the second paragraph of Section 4.08; 
 (13) pledges or deposits (x) with respect to
leases or utilities provided to third parties in the ordinary course of business or (y) otherwise described in the definition of “Permitted Liens” or made in connection with Liens permitted under Section 4.09; 
 (14) Guarantees issued in accordance with Section 4.08; 
 (15) any Investment deemed to result from variable interest entities accounting in respect of lease payments made with respect to
interests in real property on which cell towers of the Company or a Subsidiary of the Company are located; and 
 (16) any
Investment by the Company or any Restricted Subsidiary of the Company in a Person to the extent such Investment exists on the Issue Date, and any extension, modification or renewal of any such Investment existing on the Issue Date, but only to the
extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind
securities, in each case, pursuant to the terms of such Investment as in effect on the Issue Date). 
 “Permitted
Liens” means: 
 (1) Liens existing on the Issue Date; 
 (2) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 
 (3) Liens securing Indebtedness permitted to be incurred under clause (4) of the second paragraph of Section 4.08; 

(4) Liens securing Indebtedness under the Senior Credit Facility or the Securitization Arrangements permitted to be incurred under
clause (1), (2) or (5) of the second paragraph of Section 4.08; 
 (5) Liens incurred in the ordinary course of
business of the Company since the Issue Date with respect to obligations that do not exceed $15.0 million at any one time outstanding and that: 
 (a) are not incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade, credit in the ordinary course of business); and 
  

 -15- 

 (b) do not in the aggregate materially detract from the value of the property or
materially impair the use thereof in the operation of business by the Company or such Restricted Subsidiary; 
 (6) Liens on
property at the time the Company acquires such property, including any acquisition by means of a merger or consolidation with or into the Company; provided, however, that such Liens are not created, incurred or assumed in connection with, or
in contemplation of, such acquisition; provided further, however, that such Liens do not extend to any other property of the Company (plus improvements, accessions, proceeds or dividends or distributions in respect thereof); 
 (7) Pledges of stock or other equity interests of the Company’s direct Subsidiaries securing Indebtedness permitted to be incurred
under Section 4.08; 
 (8) Liens to secure any amendments, supplements, modifications, extensions, renewals,
restatements, replacements or refundings (or successive amendments, supplements, modifications, extensions, renewals, restatements, replacements or refundings), in whole or in part, of any Indebtedness secured by any Lien referred to in the
foregoing clauses (1), (3), (4) and (6); provided, however, that (A) such new Lien will be limited to all or part of the same property that secured the original Lien (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof); and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of: (1) the outstanding principal amount, or, if issued with original issue discount, the
aggregate accreted value of, or, if greater, the committed amount of the Indebtedness secured by Liens described under clauses (1), (3), (4) or (6) at the time such original Lien became a Permitted Lien under this Indenture; and
(ii) an amount necessary to pay any fees, underwriting discounts and other costs and expenses, including premiums, related to such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings; 
 (9) Liens securing judgments for the payment of money not constituting an Event of Default under clause
(6) of Section 6.01 so long as such Liens are adequately bonded; and 
 (10) Liens on assets of the Company or any
Restricted Subsidiary securing Indebtedness and other obligations in an aggregate principal amount that, when taken together with all other obligations secured by Liens pursuant to this clause (10), do not exceed the amount of Indebtedness permitted
to be incurred under the first paragraph of Section 4.08. 
 “Permitted Refinancing Indebtedness” means
any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease, repurchase or refund other Indebtedness of the Company or any of its
Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 
 (1) the principal amount (or initial
accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus accrued interest on, the Indebtedness so extended, refinanced, renewed, replaced, defeased or
refunded (plus the amount of expenses and prepayment premiums incurred in connection therewith); 
 (2) such Permitted
Refinancing Indebtedness has (i) a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the 

  

 -16- 

 
Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded or (ii) a final maturity date
later than 90 days after the scheduled final maturity of the Notes; 
 (3) if the Indebtedness being extended,
refinanced/renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes on terms at least as favorable to the holders of the notes
as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 
 (4) such Indebtedness is incurred by the Company if the Company was the sole obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or agency or political subdivision thereof (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity, subdivision or business). 
 “Private Placement Legend” means the applicable legend set forth in Section 2.06(g)(i) to be placed on all Notes
issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Preferred Stock
Purchase Rights” means rights issued by the Guarantor to holders of its common stock to purchase its Series E Junior Participating Preferred Stock, par value $.01 per share, as such rights may be amended from time to time. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Qualified Asset Exchange” means any transaction in which the Company or one of its Restricted Subsidiaries exchanges
assets for Qualified Tower Assets and, if applicable an amount of cash or Cash Equivalents where the fair market value (evidenced by a resolution of the Board of Directors set forth in an officers’ certificate delivered to the Trustee) of the
Qualified Tower Assets and, if applicable, an amount of cash or Cash Equivalents received by the Company and its Restricted Subsidiaries in such exchange is at least equal to the fair market value (which determination shall be made in the good faith
judgment of the Company’s Board of Directors) of the assets disposed of in such exchange. 
 “Qualified Tower
Assets” means wireless communications towers, actual or potential communications sites, distributed antenna system networks and other assets used or usable in a Permitted Business or Equity Interests in any Person whose principal business
is a Permitted Business. 
 “Ratings Agencies” means (1) Moody’s and S&P or (2) if either
S&P or Moody’s ceases to rate the Notes or ceases to make a rating on the Notes publicly available, an entity, selected by the Company, registered as a “nationally recognized statistical rating organization” (within the meaning of
Section 3(a)(62) under the Exchange Act) (registered as such pursuant to Rule 17g-1 of the Exchange Act) then making a rating on the Notes publicly available (as certified by an Officer’s Certificate), which shall be substituted for
S&P or Moody’s, as the case may be. 
 “Ratings Decline” means with respect to each series of Notes,
the rating of such series of Notes by both Ratings Agencies decreases by one or more gradations (including gradations within ratings categories as well as between rating categories) or is withdrawn on, or within 90 

  

 -17- 

 
days after the earlier of: (i) the date of the public notice of the occurrence of a Change of Control or (ii) public notice of the intention by us
or any third-party to effect a Change of Control (which period shall be extended for so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Ratings Agencies if such period exceeds 90 days).

 “Registration Rights Agreement” means the agreement among the Company, the Guarantor, and the initial
purchasers, whereby the Company and the Guarantor will agree for the benefit of the holders of the Notes that they will use their respective reasonable best efforts to file with the SEC and cause to become effective a registration statement relating
to offers to exchange the Notes for issues of notes registered with the SEC. 
 “Regulation S” means
Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means one or more global
Notes in the form of Exhibit A or Exhibit B, as applicable, hereto bearing the Global Note Legend, the Private Placement Legend, the OID Legend, as applicable and the ERISA Legend and deposited with or on behalf of and registered in the name of the
Depositary or its nominee, that shall represent the aggregate principal amount of the Notes sold in reliance on Regulation S. 
 “Regulation S Legend” means the legend set forth in the second paragraph of Section 2.06(g)(iii) which is required to be placed on all Notes issued pursuant to Regulation S. 
 “Regulation S Permanent Global Note” means a permanent global note bearing the Global Note Legend, the Private Placement
Legend, the OID Legend, as applicable and the ERISA Legend and deposited with, or on behalf of, and registered in the name of, the Depositary or its nominee, that shall equal the outstanding principal amount of the Regulation S Temporary Global Note
upon expiration of the Distribution Compliance Period. 
 “Regulation S Temporary Global Note” means one or
more global notes bearing the Global Note Legend, the Regulation S Temporary Global Note Legend, the Private Placement Legend, the OID Legend, as applicable and the ERISA Legend and deposited with, or on behalf of, and registered in the name of, the
Depositary or its nominee that shall represent the aggregate principal amount of the Notes sold in reliance on Regulation S. 
 “Regulation S Temporary Global Note Legend” means the legend set forth in the first paragraph of Section 2.06(g)(iii), which is required to be placed on all Regulation S Temporary Global Notes issued under this
Indenture. 
 “Responsible Officer” means when used with respect to the Trustee, the officer within the
Corporate Trust Division of the Trustee (or any successor unit, department or division of the Trustee) located at the Corporate Trust Office of the Trustee, who has direct responsibility for the administration of this Indenture and, for the purposes
of Section 7.01(c)(ii) and the second sentence of Section 7.05 shall also include any officer of the Trustee to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular
subject. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend.

 “Restricted Global Note” means a Global Note in the form of Exhibit A or Exhibit B hereto, as applicable,
that bears the Global Note Legend and the Private Placement Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the
Depositary. 
  

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 “Restricted Investment” means an Investment other than a Permitted
Investment. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
 “Rule 904” means Rule 904 promulgated the Securities Act. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securitization Arrangements” means, collectively, (i) the transactions and agreements, including the CMBS
Management Agreement and the CMBS Loan Agreement, described in the Offering Memorandum dated November 4, 2005 issued by SBA CMBS Trust in respect of the CMBS Series 2005-1, and all transactions related thereto and (ii) the transactions and
agreements, including the CMBS Management Agreement, described in the Offering Memorandum dated October 30, 2006 issued by SBA CMBS Trust in respect of the CMBS Series 2006-1, and all transactions related thereto. 
 “Securitization Subsidiaries” means (i) SBA CMBS-1 Depositor LLC, SBA CMBS-1 Holdings LLC and each of their
respective Subsidiaries and (ii) SBA Network Management, Inc., in each case so long as such Persons are subject to the Securitization Arrangements. 
 “Senior Credit Facility” means that certain Credit Agreement, dated as of January 18, 2008, among SBA Senior Finance, Inc., as Borrower, the Several Lenders from time to time parties thereto,
Toronto Dominion (Texas) LLC, As Administrative Agent, Wachovia Bank, National Association and Lehman Commercial Paper Inc., as Co-Syndication Agents, and Citicorp North America, Inc. and JPMorgan Chase Bank, N.A., as Co-Documentation Agents,
including any amendments, guarantees, supplements, modifications, extensions, renewals, restatements, replacements or refundings thereof and any indentures or credit facilities or commercial paper facilities that replace, refund or refinance any
part of the loans, Notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount permitted to be borrowed thereunder or alters the maturity thereof
(provided that such increase in borrowings is permitted under Section 4.08) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders.

 “Shelf Registration Statement” shall have the meaning set forth in the Registration Rights Agreement.

 “Significant Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person that
would be a “significant subsidiary” of such Person as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Act, as such Regulation is in effect on the 

  

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date hereof, except that all references to “10 percent” in Rule l-02(w)(l), (2) and (3) shall mean “5 percent” and that all
Unrestricted Subsidiaries of the Company shall be excluded from all calculations under Rule l-02(w). 
 “S&P” means Standard & Poor’s Ratings Group, or any successor to the rating agency business thereof. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the
original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any Person: 
 (1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
that Person (or a combination thereof); and 
 (2) any partnership: 
 (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person; or 
 (b) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof).

 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa 77bbbb) as in effect on the date
on which this Indenture is qualified under the TIA provided, however, that in the event the TIA is amended after such date, “TIA” means, to the extent required by such amendment, the Trust Indenture Act, as so amended. 
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions
of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Note”
means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a Global Note in the form of Exhibit A or Exhibit B hereto, as applicable, that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global
Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means (1) the Foreign Subsidiaries, unless otherwise designated a Restricted Subsidiary by
the Company, (2) SBA Advanced Wireless Networks, LLC, (3) any other Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted Subsidiary and (4) any Subsidiary of an Unrestricted Subsidiary. 

 

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 The Board of Directors of the Company may designate any Subsidiary an Unrestricted
Subsidiary, pursuant to a board resolution; but only to the extent that such Subsidiary or any of its Subsidiaries: 
 (1) is
not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or
such Restricted Subsidiary than those that might be obtained, at the time from Persons who are not Affiliates of the Company; 
 (2) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation; 
 (a) to subscribe for additional Equity Interests of such Person; or 
 (b) to maintain or
preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
 (3) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness or Excluded Capital Lease Obligations of the Company or any of its Restricted Subsidiaries; and 
 (4) to the extent that such Subsidiary has any Indebtedness that has been guaranteed by either the Company or any Restricted Subsidiary,
at the time of designation, the Company has the ability to incur such Indebtedness as of such date under Section 4.08. 
 Any such designation by the Board of Directors shall be evidenced to the Trustee by filing with the Trustee a certified copy of the board resolution giving effect to such designation and an officers’ certificate certifying that such
designation complied with the foregoing conditions and was permitted by Section 4.07. 
 If, at any time, any
Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of that Subsidiary shall be deemed to
be incurred by a Restricted Subsidiary of the Company as of such date (and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.08, the Company shall be in default of such covenant). Any Subsidiary of an
Unrestricted Subsidiary that was properly designated an Unrestricted Subsidiary shall also constitute an Unrestricted Subsidiary. 
 The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that the designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary
of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and the designation shall only be permitted if: 
 (1) such Indebtedness is permitted under Section 4.08, calculated on a pro forma basis as if such designation had occurred at the beginning of the reference quarter; and 
 (2) no Default or Event of Default would occur or be in existence following such designation. 
 “U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 
  

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 “Voting Stock” of any Person as of any date means the Capital Stock of
such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying: 
 (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including
payment at final maturity, in respect thereof; by 
 (b) the number of years (calculated to the nearest one-twelfth) that will
elapse between such date and the making of such payment; by 
 (2) the then outstanding principal amount of such Indebtedness.

 “Wholly Owned Restricted Subsidiary” of any Person means a Restricted Subsidiary of such Person all of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Restricted Subsidiaries of such Person and one or more Wholly
Owned Restricted Subsidiaries of such Person. 
 SECTION 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Acceptable Commitment”
	  	4.16
	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	4.16
	 “Authenticating Agent”
	  	2.02
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.15
	 “Change of Control Payment”
	  	4.15
	 “Change of Control Payment Date”
	  	4.15
	 “Covenant Defeasance”
	  	8.04
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.16
	 “incur”
	  	4.08
	 “Legal Defeasance”
	  	8.03
	 “Paying Agent”
	  	2.03
	 “Payment Default”
	  	6.01
	 “Purchase Date”
	  	4.16
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07

 SECTION 1.03. Incorporation by Reference of TIA. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  

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 The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
 “indenture security holder” means a Holder of a Note; 
 “indenture to be qualified” means this Indenture;

 “indenture trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the Notes and the Parent Guarantee means the Company and the Guarantor, respectively, and any successor obligors upon the Notes and the Parent Guarantee, respectively. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so
assigned to them. 
 SECTION 1.04. Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 
 (5)
provisions apply to successive events and transactions; 
 (6) “herein,” “hereof,” “hereunder”
and other words of similar import refer to this Indenture (as amended or supplemented from time to time) and not to any particular Article, Section or other subdivision; and 
 (7) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement of successor sections
or rules adopted by the SEC from time to time. 
 ARTICLE 2. 
 THE NOTES 
 SECTION 2.01. Form and Dating. 
 (a) General. 
 The 2016 Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A hereto. The 2019 Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit B hereto. The Notes may have notations, legends
or endorsements required by law, stock exchange rule or usage. The Company and the Trustee shall approve the forms of the Notes and any notation, legend or endorsement on them. Each Note shall be dated the date of its authentication. The Notes shall
be in denominations of $2,000 aggregate principal amount and integral multiples of $1,000 in excess thereof. 
  

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 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture
and the Company, the Guarantor and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. Notes shall be dated the date of their authentication. 
 The
2016 Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). The 2016 Notes
issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 
 The 2019 Notes issued in global form shall be substantially in the form of Exhibit B attached hereto (including the Global Note Legend thereon and the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). The 2019 Notes issued in definitive form shall be substantially in the form of Exhibit B attached hereto (but without the Global Note Legend thereon and without the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). 
 (b) Global Notes. 
 Each Global Note shall represent such of the outstanding Notes of any series as shall be specified therein and each shall provide that it shall represent the aggregate
principal amount of outstanding Notes of such series from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes of such series represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee, the Depositary or the Note
Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Temporary Global Notes. 
 Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation S
Temporary Global Note, which shall bear the Regulation S Temporary Global Note Legend and which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the Depositary, and registered in the
name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Distribution
Compliance Period shall be terminated upon the receipt by the Trustee of (i) a written certificate from the Depositary, together with copies of certificates from Euroclear and Clearstream certifying that they have received certification of
non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who acquired an interest therein during the Distribution Compliance
Period pursuant to another exemption from registration under the Securities Act and who shall take delivery of a beneficial ownership interest in a 144A Global Note bearing a Private Placement Legend, the ERISA Legend and the OID Legend, as
applicable, all as contemplated by Section 2.06(b)(iii) hereof), and (ii) an Officers’ Certificate from the Company. Following the termination of the Distribution Compliance Period, beneficial interests in the Regulation S Temporary
Global Note shall be exchanged for beneficial interests in Regulation S Permanent Global Notes pursuant to the Applicable Procedures. Simultaneously with the authentication of Regulation S Permanent Global Notes, the Trustee shall cancel the
Regulation S 

  

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Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Notes may from time to
time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 
 (d) Euroclear and Clearstream Procedures Applicable. 
 The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream” and “Customer Handbook”
of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream. 
 SECTION 2.02. Execution and Authentication. 
 An Officer
of the Company shall sign the Notes for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that
office at the time the Trustee authenticates the Note, the Note shall nevertheless be valid. 
 A Note shall not be valid until an authorized signatory of
the Trustee manually authenticates the Note. The signature of the Trustee on a Note shall be conclusive evidence that the Note has been duly and validly authenticated and issued under this Indenture. 
 The Trustee shall, upon a written order of the Company signed by two Officers of the Company or by an Officer and an Assistant Secretary of the Company (the
“Authentication Order”), authenticate (i) on the Issue Date $375,000,000 in aggregate principal amount of 2016 Notes and $375,000,000 in aggregate principal amount of 2019 Notes and (ii) at any time and from time to time
thereafter, Additional Notes (subject to the provisions of Section 2.13) in an aggregate principal amount specified in such Authentication Order and (iii) Exchange Notes issued in exchange for a like principal amount of Initial Notes or
Additional Notes of each series tendered pursuant to an Exchange Offer for such series. Such Authentication Order shall specify (i) the amount of the Notes of such series to be authenticated, (ii) the date on which the Notes of such series
are to be authenticated, (iii) whether the Notes are to be Initial Notes, Exchange Notes or Additional Notes and (iv) whether such Notes shall bear the Global Note Legend, the ERISA Legend, the OID Legend, the Regulation S Temporary Global
Note Legend and/or the Private Placement Legend. 
 The Trustee may appoint an authenticating agent (the “Authenticating Agent”) acceptable
to the Company to authenticate Notes. An Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such Authenticating Agent. An
Authenticating Agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 SECTION 2.03. Registrar and
Paying Agent. 
 The Company shall maintain an office or agency where Notes of each series may be presented for registration of transfer or for
exchange (“Registrar”) and an office or agency where Notes of each series may be presented for payment (“Paying Agent”). The Company shall cause each of the Registrar and the Paying Agent to maintain an office or
agency in the Borough of Manhattan, The City of New York. The Registrar of each series shall keep a register of the Notes of each series and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional
paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. 

  

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The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company shall notify the Trustee in writing of the name and
address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The Company initially appoints the Trustee to act as the Registrar and Paying Agent. The Trustee shall act as Note Custodian with respect to the Global Notes in
accordance with its agreement with DTC. 
 SECTION 2.04. Paying Agent to Hold Money in Trust. 
 By no later than 11:00 a.m. (New York City time) on the date on which any principal of or interest on any Notes is due and payable, the Company shall deposit with the
Paying Agent a sum sufficient in immediately available funds to pay such principal or interest when due. The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal of or premium, if any, Additional Interest, if any, or interest on the Notes, and shall notify the Trustee in writing of any default by the Company in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for
any funds disbursed by such Paying Agent. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes.

 SECTION 2.05. Holder Lists. 
 The Trustee
shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders, separately by series, and shall otherwise comply with TIA § 312(a). If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders of Notes, separately by series, and the Company shall otherwise comply with TIA § 312(a). 
 SECTION 2.06. Transfer and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be
transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee
of such successor Depositary. All Global Notes of either series shall be exchanged by the Company for Definitive Notes of the same series if (i) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to
continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary,
(ii) the Company in its sole discretion determines that the Global Notes of any series (in whole but not in part) should be exchanged for Definitive Notes of the same series and delivers a written notice to such effect to the Trustee; or
(iii) there shall have occurred and be continuing a Default or Event of Default with respect to the Notes of such series; provided that in no event shall the 

  

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Regulation S Temporary Global Note of such series be exchanged by the Company for Definitive Notes of the same series prior to (x) the expiration of the
Distribution Compliance Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. Upon the occurrence of any of the preceding events in (i), (ii) or
(iii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07, 2.10 and 9.05 hereof. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note of either series or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 or 9.05 hereof, shall be authenticated and delivered in the form of,
and shall be, a Global Note of the same series. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.06(b), (c) or (f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The
transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall
be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or
(ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note of either series may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note
of such series in accordance with the transfer restrictions set forth in the Private Placement Legend and any Applicable Procedures; provided, however, that prior to the expiration of the Distribution Compliance Period, transfers of
beneficial interests in the Temporary Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser or a “distributor” (as defined in Rule 902(d) of Regulation
S)). Beneficial interests in any Unrestricted Global Note of either series may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note of the same series. Except as may be required by
Applicable Procedures, no written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 
 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of
beneficial interests that are not subject to Section 2.06(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note of the same series in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) if permitted under Section 2.06(a) hereof, (1) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note of such series in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred
to in (B)(1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (x) the expiration of the Distribution Compliance
Period 

  

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and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. Upon consummation of the Exchange
Offers by the Company in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letters of Transmittal
delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon notification from the Registrar that all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and
the Notes or otherwise applicable under the Securities Act have been satisfied, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
 (iii) Transfer of Beneficial Interests in a Restricted Global Note to Another Restricted Global Note. A beneficial interest in any
Restricted Global Note of either series may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note of the same series if the transfer complies with the requirements of
Section 2.06(b)(ii) above and the Registrar and the Company receive the following: 
 (A) if the transferee shall take
delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (1) thereof; and 
 (B) if the transferee shall take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or the
Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item- (2) thereof. 
 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global
Note. A beneficial interest in any Restricted Global Note of either series may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note of the same series or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note of the same series only if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) above and: 
 (A) such exchange or transfer is effected pursuant to an Exchange Offer in accordance with a Registration Rights Agreement and the holder
of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, makes any and all certifications in the applicable Letter of Transmittal or is deemed to have made such certifications if
delivery is made through the Applicable Procedures as may be required by the Registration Rights Agreement; 
 (B) such
transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C)
such transfer is effected by a Broker-Dealer participating in the Exchange Offer pursuant to an Exchange Offers Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar and the Company receive the following: 
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (1)(a) thereof; or 
  

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 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof or in accordance with a
previously delivered Authentication Order, the Trustee shall authenticate one or more Unrestricted Global Notes of the applicable series in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred
pursuant to subparagraph (B) or (D) above. 
 (v) Transfer or Exchange of Beneficial Interests in Unrestricted
Global Notes for Beneficial Interests in Restricted Global Notes Prohibited. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, beneficial interests in
a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests in Global Notes for Definitive Notes. 
 (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. Subject to Section 2.06(a) hereof, if any
holder of a beneficial interest in a Restricted Global Note of either series proposes to exchange such beneficial interest for a Restricted Definitive Note of the same series or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Restricted Definitive Note of the same series, then, upon receipt by the Registrar and the Company of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (2)(a) thereof; 
 (B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item
(1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in
accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof; 
  

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 (D) if such beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(a) thereof; 
 (E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit C hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the Company or
any of its Subsidiaries, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in
item (3)(c) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly
pursuant to Section 2.06(h) hereof, and the Company shall execute and upon receipt of an Authentication Order in accordance with Section 2.02 hereof or in accordance with a previously delivered Authentication Order, the Trustee shall
authenticate and deliver to the Person designated in the instructions a Definitive Note of such series in the appropriate principal amount. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and
the Participant or Indirect Participant. The Trustee shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (ii) Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not
be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (x) the expiration of the Distribution Compliance Period and (y) the receipt by the Registrar of any
certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. Subject to Section 2.06(a) hereof, a
holder of a beneficial interest in a Restricted Global Note of either series may exchange such beneficial interest for an Unrestricted Definitive Note of the same series or may transfer such beneficial interest to a Person who takes delivery thereof
in the form of an Unrestricted Definitive Note of the same series only if: 
 (A) such exchange or transfer is effected
pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, makes any and all certifications in the
applicable Letter of Transmittal; 
  

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 (B) such transfer is effected pursuant to a Shelf Registration Statement in accordance
with the Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer participating in the Exchange
Offer pursuant to an Exchange Offers Registration Statement in accordance with the Registration Rights Agreement; or 
 (D)
the Registrar and the Company receive the following: 
 (1) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit D hereto, including the certifications in item (1)(b) thereof; or 
 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the
clauses of this Section 2.06(c)(iii), the Company shall execute, and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof or in accordance with a previously delivered Authentication Order, the Trustee shall
authenticate and deliver to the Person designated in the instructions an Unrestricted Definitive Note of such series in the appropriate principal amount, and the Trustee shall cause the aggregate principal amount of the applicable Restricted Global
Note of such series to be reduced in a corresponding amount pursuant to Section 2.06(h) hereof. 
 (iv) Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. Subject to Section 2.06(a) hereof, if any holder of a beneficial interest in an Unrestricted Global Note of either series proposes to exchange such beneficial interest
for an Unrestricted Definitive Note of the same series or to transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note of the same series, then, upon satisfaction of the applicable
conditions set 

  

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forth in Section 2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof or in accordance with a previously delivered Authentication Order, the
Trustee shall authenticate and deliver to the Person designated in the instructions an Unrestricted Definitive Note of such series in the appropriate principal amount. Any Unrestricted Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary
and the Participant or Indirect Participant. The Trustee shall deliver such Unrestricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Unrestricted Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes
for Beneficial Interests in Global Notes. 
 (i) Restricted Definitive Notes to Beneficial Interests in Restricted
Global Notes. If any Holder of a Restricted Definitive Note of either series proposes to exchange such Note for a beneficial interest in a Restricted Global Note of the same series or to transfer such Restricted Definitive Notes of the same
series to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note of such series, then, upon receipt by the Registrar and the Company of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global
Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in
Exhibit C hereto, including the certifications in item (3)(a) thereof; 
 (E) if such Restricted Definitive Note is
being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set
forth in Exhibit C hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
  

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 (F) if such Restricted Definitive Note is being transferred to either of the Company or
any of its Subsidiaries, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the
certifications in item (3)(c) thereof, 
 the Trustee shall cancel the Restricted Definitive Note of such series, increase or cause to be
increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note of such series and in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the
Regulation S Global Note of such series. 
 (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Definitive Note of either series may exchange such Note for a beneficial interest in an Unrestricted Global Note of the same series or transfer such Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note of such series only if: 
 (A) such exchange or
transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, makes any and all certifications in the applicable
Letter of Transmittal; 
 (B) such transfer is effected pursuant to a Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer participating in the Exchange Offer
pursuant to an Exchange Offers Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the
Registrar and the Company receive the following: 
 (1) if the Holder of such Restricted Definitive Note proposes to exchange
such Note for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (1)(c) thereof; or 
 (2) if the Holder of such Restricted Definitive Note proposes to transfer such Note to a Person who shall take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar and the Company request or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
  

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 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(ii), the Trustee shall cancel the applicable Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note of either series may exchange such Note for a beneficial interest in an Unrestricted Global Note of the same series or transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note of the same series at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Unrestricted Global Notes. 
 (iv) Transfer or Exchange of Unrestricted Definitive Notes to Beneficial
Interests in Restricted Global Notes Prohibited. An Unrestricted Definitive Note may not be exchanged for, or transferred to Persons who take delivery thereof in the form of, beneficial interests in a Restricted Global Note. 
 (v) Issuance of Unrestricted Global Notes. If any such exchange or transfer from a Definitive Note to a beneficial interest in an
Unrestricted Global Note is effected pursuant to subparagraphs (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof or in accordance with a previously delivered Authentication Order, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of
Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder
shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by such Holder’s attorney, duly authorized
in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 
 (i) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered
in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
 (A) if the transfer shall be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (1) thereof; 
 (B) if the transfer shall be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit
C hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer shall be made pursuant to any
other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable. 
  

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 (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted
Definitive Note of either series may be exchanged by the Holder thereof for an Unrestricted Definitive Note of such series or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note of such series
only if: 
 (A) such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, makes any and all certifications in the applicable Letter of Transmittal; 
 (B) any such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) any such transfer is effected by a Broker-Dealer participating in the Exchange Offer pursuant to the Exchange Offers
Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar and the Company receive
the following: 
 (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item (1)(d) thereof; or 
 (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the
form of Exhibit C hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph
(D), an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any
of the clauses of Section 2.06(e)(ii), the Trustee shall cancel the applicable Restricted Definitive Note and the Company shall execute, and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof or in accordance
with a previously delivered Authentication Order, the Trustee shall authenticate and deliver to the Person designated in the instructions an Unrestricted Definitive Note of such series in the appropriate principal amount. 
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes of either series
may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note of such series. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes of
such series pursuant to the instructions from the Holder thereof. 
  

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 (f) Exchange Offers. Upon the occurrence of an Exchange Offer in accordance with a Registration
Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate (i) one or more Unrestricted Global Notes of either series in an aggregate principal
amount equal to the principal amount of the beneficial interests in the principle amount of the applicable Restricted Global Notes tendered for acceptance by Persons that make any and all certifications in the applicable Letter of Transmittal or are
deemed to have made such certifications if delivery is made through the Applicable Procedures as may be required by such Registration Rights Agreement and accepted for exchange in the Exchange Offer and (ii) Unrestricted Definitive Notes in an
aggregate principal amount equal to the principal amount of the applicable Restricted Definitive Notes tendered for acceptance by Persons who made the foregoing certifications and accepted for exchange in the Exchange Offer. Concurrently with the
issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and deliver to the Persons
designated by the Holders of Restricted Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount. 
 (g) Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (i) Private Placement Legend. 
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the applicable legend set forth under
clauses (1) and (2) below in substantially the following forms: 
 (1) “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, ONLY (A) TO TELECOMMUNICATIONS, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE
UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING 

  

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OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, (F) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (G) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO TELECOMMUNICATIONS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E), (F) OR (G) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR
OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE DATE THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH TELECOMMUNICATIONS OR ANY
AFFILIATE OF TELECOMMUNICATIONS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY).” 
 (2) “THIS SECURITY HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, ANY US PERSON, UNLESS SUCH NOTES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE. THIS LEGEND WILL BE REMOVED AFTER THE EXPIRATION OF FORTY DAYS FROM THE LATER OF
(i) THE DATE ON WHICH THESE NOTES WERE FIRST OFFERED AND (ii) THE DATE OF ISSUE OF THESE NOTES.” 
 (B)
Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or
substitution thereof) shall not bear the Private Placement Legend. 
 (ii) Global Note Legend. Each Global Note shall
bear a legend in substantially the following form: 
 “UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY ANY SUCH NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR NOMINEE OF A SUCCESSOR DEPOSITARY, OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. TRANSFERS OF THE GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & 

  

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CO., OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THE GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE.” 
 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO TELECOMMUNICATIONS OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (iii) Regulation S Legends. The Regulation S Temporary Global Note shall bear a legend in substantially the following form: 
 “THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER
THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.” 
 All Notes issued or exchanged under this Indenture pursuant to Regulation S shall bear a legend in substantially the following form: 
 “BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH REGULATION S UNDER THE SECURITIES ACT.” 
 (iv) OID Legend. Each Note issued or exchanged under this
Indenture may bear a legend in substantially the following form, as applicable: 
 “THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR
PURPOSES OF SECTION 1271 ET. SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO SBA
TELECOMMUNICATIONS, INC. AT THE FOLLOWING ADDRESS: 5900 BROKEN SOUND PARKWAY NW, BOCA RATON, FLORIDA (561) 995-7670, ATTENTION: CORPORATE SECRETARY.” 
  

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 (v) ERISA Legend. Each Note issued or exchanged under this Indenture shall bear a
legend in substantially the following form: 
 “BY ACCEPTANCE OF A NOTE (OR AN EXCHANGE NOTE), EACH HOLDER WILL BE DEEMED TO HAVE
REPRESENTED AND WARRANTED THAT EITHER (A) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THE NOTES OR THE EXCHANGE NOTES CONSTITUTES THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY
OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH
PLAN, ACCOUNT OR ARRANGEMENT OR (B) THE PURCHASE AND HOLDING OF THE NOTES OR THE EXCHANGE NOTES (AND THE EXCHANGE OF NOTES FOR EXCHANGE NOTES) BY SUCH HOLDER WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.” 
 (h) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be
returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (i) General Provisions Relating to Transfers and Exchanges. 
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon the Company’s order. 
 (ii) No service charge shall be made to a holder of a beneficial interest
in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.15, 4.16 and 9.05 hereof). 
  

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 (iii) The Registrar shall not be required to register the transfer of or to exchange any
Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv)
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (v) The
Company and the Registrar shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under
Section 3.02 hereof and ending at the close of business on the day of selection or (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being
redeemed in part. 
 (vi) The Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary.

 (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.02 hereof. 
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to the
Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 (ix) Subject to compliance with any applicable additional requirements contained in this Article, when a Note is presented to the Registrar with a request to register a transfer thereof or to exchange such Note for an equal principal amount
of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested; provided, however, that every Note presented or surrendered for registration of transfer or exchange shall be duly
endorsed or accompanied by an assignment form and, if applicable, a transfer certificate, each in the form included in Exhibit A or Exhibit B hereto, as applicable, and in form satisfactory to the Registrar and each duly executed by the Holder
thereof or its attorney duly authorized in writing. To permit registration of transfers and exchanges, upon surrender of any Note for registration of transfer or exchange at an office or agency maintained for such purpose pursuant to
Section 2.03, the Company shall execute, and the Trustee shall authenticate, Notes of a like aggregate principal amount at the Registrar’s request. 
 (x) Any Registrar appointed pursuant to Section 2.03 shall provide to the Trustee such information as the Trustee may reasonably
require in connection with the delivery by such Registrar of Notes upon transfer or exchange of Notes. 
 (xi) The Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Participants or other beneficial owners of interests in any 

  

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Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (xii) None of the Company, the Trustee or any Paying Agent shall have any responsibility or liability for any aspect of the records
relating to, or payments made on account of or transfers of, beneficial ownership interests in a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 (xiii) None of the Company, the Trustee or the Registrar shall have any liability for any acts or omissions of the Depositary, for any
Depositary records of beneficial interests, for any transaction between the Depositary or any Participant and/or beneficial owners, for any transfers of beneficial interests in the Notes, or in respect of any transfers effected by the Depositary or
by any Participant or any beneficial owner of any interest in any Notes held through any such Participant. 
 SECTION 2.07. Replacement Notes.

 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order or in accordance with a previously delivered Authentication Order, shall authenticate a replacement Note of the same series if the Company’s and
the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and
any Authenticating Agent from any loss that any of them may suffer if a Note is replaced. The Company and the Trustee may charge for their expenses in replacing a Note. 
 Every replacement Note issued in accordance with this Section 2.07 is an additional obligation of the Company and any other obligor upon the Notes and shall be entitled to all of the benefits of this Indenture
equally and proportionately with all other Notes of the same series duly issued hereunder. 
 The Company and the Trustee may charge the Holder for their
expenses in replacing a Note. In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay such Note instead of issuing a new Note of the same
series in replacement thereof. 
 The provisions of this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 
 SECTION 2.08. Outstanding
Notes. 
 The Notes of any series outstanding at any time are all the Notes of such series authenticated by the Trustee except for those cancelled by
it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in
Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary shall not be deemed to be outstanding for purposes of
Section 3.07(a) hereof. 
  

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 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, the Guarantor, a Subsidiary or an
Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

 SECTION 2.09. Treasury Notes. 
 In
determining whether the Holders of the required principal amount of Notes of any series have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Affiliate of the Company, shall be considered as though not
outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded. 
 SECTION 2.10. Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of
certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate
definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 SECTION 2.11. Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose canceled Notes in accordance with customary
practices (subject to the record retention requirement of the Exchange Act). Certification of the disposal of all canceled Notes shall be delivered to the Company from time to time upon written request. The Company may not issue new Notes to replace
Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 SECTION 2.12. Defaulted Interest. 
 If the Company defaults in a payment of interest on the Notes of any series, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in writing of the amount of
defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than
10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the 

  

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Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date,
the related payment date and the amount of such interest to be paid. 
 SECTION 2.13. Issuance of Additional Notes. 
 The Company shall be entitled, subject to its compliance with Section 4.08, to issue Additional Notes of either series under this Indenture which
shall have identical terms as the Initial Notes of such series issued on the Issue Date or the Exchange Notes issued in exchange for the Initial Notes, other than with respect to the date of issuance and issue price, first payment of interest and
rights under a related Registration Rights Agreement, if any. 
 With respect to any Additional Notes, the Company shall set forth in a
resolution of the Board of Directors and an Officers’ Certificate, a copy of each which shall be delivered to the Trustee, the following information: 
 (a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (b) the issue price, the issue date and the CUSIP number and corresponding ISIN of such Additional Notes; and 
 (c) whether such Additional Notes shall be issued in the form of Initial Notes as set forth in Exhibit A or Exhibit B hereto, as applicable or shall be issued in the form of Exchange Notes as set forth in Exhibit A or
Exhibit B hereto, as applicable. 
 SECTION 2.14. One Class of Securities. 
 The Initial Notes issued on the Issue Date, all Exchange Notes of such series issued in exchange therefor and any Additional Notes of such series shall be treated as a single class for all purposes under this
Indenture. 
 SECTION 2.15. CUSIP, ISIN or Other Similar Numbers. 
 The Company in issuing the Notes may use “CUSIP,” “ISIN” or other similar numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP,” “ISIN” or other similar 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 Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Company shall promptly notify the Trustee of any change in the “CUSIP,” “ISIN” or other similar numbers. 
 ARTICLE 3. 
 REDEMPTION AND PREPAYMENT 
 SECTION 3.01. Notices to Trustee. 
 If the Company elects to redeem Notes of any series pursuant to the optional redemption
provisions of Section 3.07 hereof, the Company shall furnish to the Trustee, at least thirty (30) days but not more than 

  

 -43- 

 
sixty (60) days (unless a shorter period is acceptable to the Trustee) before a redemption date, an Officers’ Certificate setting forth
(i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes of such series to be redeemed and (iv) the redemption price (expressed as a percentage
or principal amount). 
 SECTION 3.02. Selection of Notes to Be Redeemed. 
 If less than all of the Notes of a series are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Notes of such series to be redeemed or purchased among the Holders of the
Notes of such series in compliance with the requirements of the principal national securities exchange, if any, on which the Notes of such series are listed or, if the Notes of such series are not so listed, on a pro rata basis, by lot or in
accordance with any other method the Trustee shall deem fair and appropriate; provided that no Notes of $2,000 in aggregate principal amount or less shall be redeemed in part. In the event of partial redemption by lot, the particular Notes of
such series to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes of such series not previously called for redemption.

 The Trustee shall promptly notify the Company in writing of the Notes of such series selected for redemption and, in the case of any Note of such series
selected for partial redemption, the principal amount thereof to be redeemed. Notes of any series and portions of Notes of such series selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the
Notes of such series of a Holder are to be redeemed, the entire outstanding amount of Notes of such series held by such Holder, even if not in a minimum amount of $2,000 or a multiple of $1,000 in excess thereof, shall be redeemed. Except as
provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
 SECTION 3.03. Notice of Redemption. 
 At least thirty (30) days but not more than sixty (60) days before a redemption
date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder of that series of Notes to be redeemed at its registered address, except that redemption notices may be mailed more than sixty
(60) days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. 
 The notice shall identify the Notes to be redeemed and shall state: 
 (a) the redemption date; 
 (b) the redemption price; 
 (c) if any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount of that Note to be redeemed and that, after the redemption date upon
surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued in the name of the Holder thereof upon cancellation of the original Note; 
 (d) the name and address of the Paying Agent; 
 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
  

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 (f) that, unless the Company defaults in making such redemption payment, interest and
Additional Interest, if any, on Notes called for redemption ceases to accrue on and after the redemption date; 
 (g) the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed on the Notes; and 
 (i) the amount of the 2016 Applicable Premium or 2019 Applicable Premium, if any. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however, that the
Company shall have delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter period is acceptable to the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in the preceding paragraph. 
 SECTION 3.04. Effect of Notice of Redemption.

 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption shall become irrevocably due and payable
on the redemption date at the redemption price. A notice of redemption may not be conditional (other than as specified in Section 3.07(a)(ii)(2) or Section 4.15). 
 SECTION 3.05. Deposit of Redemption Price. 
 Prior to 11:00 a.m. New York City time on the redemption
date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest and Additional Interest, if any, on all Notes to be redeemed on that date. Subject to applicable abandoned
property laws, the Trustee or the Paying Agent shall promptly, upon request, return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued
interest and Additional Interest on, all Notes to be redeemed. 
 If the Company complies with the provisions of the preceding paragraph, on and after the
redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid
interest and Additional Interest, if any, shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because
of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal,
in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 SECTION 3.06. Notes Redeemed in Part. 
 Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate for the Holder at
the expense of the Company a new Note of the same series equal in principal amount to the unredeemed portion of the Note surrendered. 
  

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 SECTION 3.07. Optional Redemption. 
 (a) 2016 Notes 
 (i)
Except as described in this Section 3.07(a), the 2016 Notes will not be redeemable at the Company’s option prior to August 15, 2016. 
 (ii) At any time prior to August 15, 2012, the 2016 Notes may be redeemed, in whole or in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of the 2016 Notes to be
redeemed plus the 2016 Applicable Premium as of, and accrued and unpaid interest, if any, and Additional Interest, if any, to, the redemption date. 
 (iii) During the period after the date of original issuance of the 2016 Notes until August 15, 2012, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2016
Notes originally issued at a redemption price of 108.000% of the principal amount of the 2016 Notes to be redeemed on the redemption date plus accrued and unpaid interest, if any, and Additional Interest, if any, to the redemption date with the net
cash proceeds of one or more Equity Offerings (1) by the Company or (2) by the Guarantor, to the extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than
Disqualified Stock) of the Company from it; provided that: 
  

	 	(1)	at least 65% of the aggregate principal amount of 2016 Notes originally issued remains outstanding immediately after the occurrence of such redemption, excluding any 2016 Notes held
by the Company or any of its Subsidiaries; and 

  

	 	(2)	the redemption occurs within ninety (90) days of the date of the closing of the Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to the
redemption thereof, and any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 

 Except pursuant to the preceding paragraphs under this Section 3.07(a), the 2016 Notes will not be redeemable at the Company’s option prior to August 15,
2012. On or after August 15, 2012, the Company may redeem all or a part of the 2016 Notes upon not less than thirty (30) nor more than sixty (60) days’ notice, at the redemption prices expressed as percentages of principal amount
set forth below plus accrued and unpaid interest, if any, and Additional Interest, if any, on the 2016 Notes redeemed to the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on
the relevant interest payment date, if redeemed during the twelve-month period beginning on August 15 of the years indicated below: 
  

				
	 YEAR
	  	Percentage	 
	 2012
	  	106.000	% 
	 2013
	  	104.000	% 
	 2014
	  	102.000	% 
	 2015 and thereafter
	  	100.000	% 

 At any time and from time to time prior to August 15, 2012 the Company may, at its option,
redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount thereof plus the Applicable Premium with respect to the Notes plus accrued and unpaid interest and Additional 

  

 -46- 

 
Interest, if any, thereon to the redemption date. Notice of redemption need not set forth the Applicable Premium but only the manner of calculation of the
redemption price. With respect to any such redemption, the Company shall notify the Trustee of the Applicable Premium with respect to the Notes promptly after the calculation and the Trustee shall not be responsible for such calculation. 

(b) 2019 Notes 
 (i) Except as described in this Section 3.07(b), the 2019 Notes will not be redeemable at the Company’s option prior to August 15, 2019. 
 (ii) At any time prior to August 15, 2014, the 2019 Notes may be redeemed, in whole or in part, at the option of the Company, at a
redemption price equal to 100% of the principal amount of the 2019 Notes to be redeemed plus the 2019 Applicable Premium as of, and accrued and unpaid interest, if any, and Additional Interest, if any, to, the redemption date. 
 (iii) During the period after the date of original issuance of the 2019 Notes until August 15, 2012, the Company may on any one or
more occasions redeem up to 35% of the aggregate principal amount of the 2019 Notes originally issued at a redemption price of 108.250% of the principal amount of the 2019 Notes to be redeemed on the redemption date plus accrued and unpaid interest,
if any, and Additional Interest, if any, to the redemption date with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by the Guarantor, to the extent the net cash proceeds thereof are contributed to the
common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from it; provided that: 
  

	 	(1)	at least 65% of the aggregate principal amount of the 2019 Notes originally issued remains outstanding immediately after the occurrence of such redemption, excluding any 2019 Notes
held by the Company or any of its Subsidiaries; and 

  

	 	(2)	the redemption occurs within ninety (90) days of the date of the closing of the Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to the
redemption thereof, and any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 

 Except pursuant to the preceding paragraphs under this Section 3.07(b), the 2019 Notes will not be redeemable at the Company’s option prior to August 15,
2014. On or after August 15, 2014, the Company may redeem all or a part of the 2019 Notes upon not less than thirty (30) nor more than sixty (60) days’ notice, at the redemption prices expressed as percentages of principal amount
set forth below plus accrued and unpaid interest, if any, and Additional Interest, if any, on the 2019 Notes redeemed to the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on
the relevant interest payment date, if redeemed during the twelve-month period beginning on August 15 of the years indicated below: 
  

				
	 YEAR
	  	Percentage	 
	 2014
	  	104.125	% 
	 2015
	  	102.750	% 
	 2016
	  	101.375	% 
	 2017 and thereafter
	  	100.000	% 

  

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 (c) At any time and from time to time prior to August 15, 2014 the Company may, at its option,
redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount thereof plus the Applicable Premium with respect to the Notes plus accrued and unpaid interest and Additional Interest, if any, thereon to the
redemption date. Notice of redemption need not set forth the Applicable Premium but only the manner of calculation of the redemption price. With respect to any such redemption, the Company shall notify the Trustee of the Applicable Premium with
respect to the Notes promptly after the calculation and the Trustee shall not be responsible for such calculation. 
 SECTION 3.08. Mandatory
Redemption. 
 The notes are not subject to mandatory redemption. 
 ARTICLE 4. 
 COVENANTS 
 SECTION 4.01. Payment of Notes. 
 The Company shall pay or
cause to be paid the principal of or premium, if any, Additional Interest, if any, or interest on the Notes on the dates, at the location and in the manner provided in the Notes and this Indenture. Principal, premium, if any, interest and Additional
Interest, if any, shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and
designated for and sufficient to pay all principal of or premium, if any, Additional Interest, if any, or interest on the Notes then due. The Company shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set
forth in the Registration Rights Agreement at the location specified in the Notes. 
 The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the then applicable interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace period) from time to time on demand at the same rate to the extent lawful. 
 The Company shall make all interest, premium, if any, Additional Interest, if any, and principal payments by wire transfer of immediately available funds to any Holder
who shall have given written directions to the Company or the Paying Agent to make such payments by wire transfer pursuant to the wire transfer instructions supplied to the Company or the Paying Agent by such Holder on or prior to the applicable
record date. All other payments on Notes will be made at the office or agency of the Paying Agent and Registrar within the City and State of New York unless the Company elects to make interest payments by check mailed to the Holders at their address
set forth in the register of Holders. 
 SECTION 4.02. Maintenance of Office or Agency. 
 The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt
written notice to the Trustee of the location, and any change in the location, of such office or 

  

 -48- 

 
agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Company may also from time to
time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. The Company shall give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. 
 The Company hereby designates the New York Office of the
Trustee as one such office or agency of the Company in accordance with Section 2.03. 
 SECTION 4.03. Reports. 
 Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act or otherwise report on an
annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, so long as any Notes are outstanding, the Company shall furnish to the holders of the Notes or cause the
Trustee to furnish to the holders of the Notes, within the time periods (including any extensions thereof) specified in the SEC’s rules and regulations; 
  

	 	(1)	all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file such reports; and

  

	 	(2)	all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports; 

 provided, however, that the Company shall not be so obligated to file such reports with the SEC if the SEC does not permit such filing, in which event the Company
will make available such information to prospective purchasers of the Notes, in addition to providing such information to the Trustee and the Holders, in each case within fifteen (15) days after the time the Company would be required to file
such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act. 
 In addition, to the extent not satisfied
by the foregoing, the Company agrees that, for so long as any Notes remain outstanding, it shall furnish to the holders of the Notes and to securities analysts and prospective investors, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act. 
 In the event that: 
 (a) the rules and regulations of the SEC permit the Company and any direct or indirect parent of the Company to report at such parent entity’s level on a consolidated basis; and 
 (b) such parent entity is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the
capital stock of the Company, 
 such consolidated reporting at the parent entity’s level in a manner consistent with that described in this Section for
the Company will satisfy this Section, and this Indenture shall permit the Company to satisfy its obligations in this Section with respect to financial information relating to the Company by furnishing financial information relating to the
Guarantor; provided that such financial information is accompanied 

  

 -49- 

 
by consolidating information that explains in reasonable detail the differences between the information relating to the Guarantor and any of its Subsidiaries
other than the Company and the Subsidiaries, on the one hand, and the information relating to the Company and its Subsidiaries of the Company on a stand-alone basis, on the other hand. 
 SECTION 4.04. Compliance Certificate. 
  

	 	(1)	The Company shall deliver to the Trustee, within ninety (90) days after the end of each fiscal year of the Company, an Officers’ Certificate stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is
not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Company is taking or proposes to take with respect thereto). 

  

	 	(2)	The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an
Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

 SECTION 4.05. Taxes. 
 The Company shall pay or discharge or cause to be paid or discharged, before the
same shall become delinquent all material taxes, assessments, and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, except such as are contested in
good faith and by appropriate proceedings or where the failure to pay or discharge the same would not have a material adverse effect on the ability of the Company to perform its obligations under the Notes or this Indenture. 
 SECTION 4.06. Stay, Extension and Usury Laws. 
 The
Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such
law has been enacted. 
 SECTION 4.07. Restricted Payments. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
  

	 	(1)	 declare or pay any dividend or make any other payment or distribution (whether in cash, securities or other property) on account of the Company’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or 

  

 -50- 

	 	 
indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or
distributions payable in Equity Interests (other than Disqualified Stock) of the Company or to the Company or a Restricted Subsidiary of the Company and if such Restricted Subsidiary is not a wholly owned Subsidiary, to its other holders of Common
Equity Interests on a pro rata basis); 

  

	 	(2)	purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests
of the Company or any direct or indirect parent of the Company (other than (i) any such Equity Interests owned by the Company or any of its Restricted Subsidiaries or (ii) any acquisition of Equity Interests deemed to occur upon the
exercise of options or restricted stock rights if such Equity Interests represent a portion of the exercise price thereof or taxes due in connection therewith); 

  

	 	(3)	make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is subordinated to the Notes (other than
intercompany Indebtedness), except a payment of interest or a payment of principal at the Stated Maturity (or within one year of final maturity); or 

  

	 	(4)	make any Restricted Investment (all such payments and other actions set forth in these clauses (1) through (4) occurring since the Issue Date, being collectively referred
to as “Restricted Payments”), 

 unless, at the time of and after giving effect to such Restricted Payment: 
  

	 	(1)	no Default has occurred and is continuing or would occur as a consequence of the Restricted Payment; and 

  

	 	(2)	Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio would have been no greater than 7.0 to 1 after giving effect to the incurrence of any Indebtedness the net
proceeds of which are used to finance such Restricted Payment as if the same had occurred at the beginning of the most recently ended fiscal quarter for which internal financial statements are available. 

 The preceding provisions shall not prohibit: 
  

	 	(3)	the payment of any dividend within sixty (60) days after the date of declaration of that dividend if at said date of declaration such payment would have complied with the
provisions of this Indenture; 

  

	 	(4)	the making of any Restricted Payment in exchange for, or out of the net cash proceeds from the sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company
(other than any Disqualified Stock); 

  

	 	(5)	the defeasance, redemption, repurchase, or other acquisition of subordinated Indebtedness with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness;

  

	 	(6)	the payment of any dividend by a Restricted Subsidiary of the Company to the Holders of such Restricted Subsidiary’s Equity Interests on a pro rata basis;

  

	 	(7)	 the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary of the Company held by
any member of the Company’s (or any of its Restricted Subsidiaries’) management pursuant to any management 

  

 -51- 

	 	 
equity subscription agreement, restricted stock arrangement, or stock option or similar agreement in effect as of the Issue Date; provided that the
aggregate price paid for all of the repurchased, redeemed, acquired or retired Equity Interests pursuant to this clause (5) may not exceed $25 million in any fiscal year (with unused amounts in any fiscal year being carried over to the
succeeding fiscal year); 

  

	 	(8)	other Restricted Payments in an aggregate amount not to exceed $50 million; 

  

	 	(9)	cash payments, in lieu of fractional shares issuable as dividends on Equity Interests of the Guarantor, the Company or its Restricted Subsidiaries in an amount, when taken together
with all other cash payments made pursuant to this clause (7) since the issuance of the Notes, not to exceed $500,000; or 

  

	 	(10)	dividends or other distributions paid by the Company to the Guarantor, (i) to permit the Guarantor to pay corporate overhead expenses incurred in the ordinary course of
business in an aggregate amount not to exceed $8.0 million in any fiscal year, (ii) in an amount equal to the lesser of (A) the amount of SBA’s actual cash tax liability and (B) the amount of taxes which are attributable to the
Company and its Restricted Subsidiaries as part of the consolidated group that includes the Guarantor and the Company, (iii) to enable the Guarantor to pay mandatory cash interest on indebtedness of the Guarantor existing on the Issue Date and
any permitted refinancing of existing indebtedness of the Guarantor, including but not limited to the Convertible Senior Notes, in accordance with the terms of such Indebtedness, (iv) to permit the declaration and payment of regularly scheduled
or accrued dividends to holders of any class or series of Disqualified Stock of the Guarantor issued on or after the Issue Date and (v) in an aggregate amount not to exceed $1.0 million to permit the Guarantor to redeem the Preferred Stock
Purchase Rights in accordance with their terms and to make payments in lieu of issuing fractional shares of Capital Stock of the Guarantor in connection with the exercise of the Preferred Stock Purchase Rights. 

 The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if such designation would not cause a Default. For
purposes of making such determination, all outstanding Investments by the Company and its Restricted Subsidiaries (except to the extent repaid in cash) in the Subsidiary so designated will be deemed to be Restricted Payments at the time of the
designation. All of those outstanding Investments will be deemed to constitute Investments in an amount equal to the fair market value of the Investments at the time of such designation. Such designation will only be permitted if the Restricted
Payment would be permitted at the time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary if
the designation would not cause a Default. 
 The amount of all Restricted Payments (other than cash) will be the fair market value on the date of the
Restricted Payment of the assets or securities proposed to be transferred or issued by the Company or the applicable Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any property, assets or
Investments required by this Section to be valued shall be valued by the Board of Directors of the Company whose resolution with respect to the determination shall be delivered to the Trustee. 
 SECTION 4.08. Incurrence of Indebtedness and Issuance of Preferred Stock. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or
otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired 

  

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Debt) and the Company shall not issue any Disqualified Stock and shall not permit any of its Restricted Subsidiaries to issue any shares of preferred stock;
provided that the Company may incur Indebtedness (including Acquired Debt) or issue shares of Disqualified Stock and the Company’s Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or issue preferred stock if, in
each case, the Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio at the time of incurrence of the Indebtedness or the issuance of the Disqualified Stock or preferred stock, after giving pro forma effect to such
incurrence or issuance as of such date and to the use of proceeds from such incurrence or issuance as if the same had occurred at the beginning of the most recently ended fiscal quarter of the Company for which internal financial statements are
available, would have been no greater than 7.0 to 1. 
 The first paragraph of this Section shall not prohibit the incurrence of any of the
following items of Indebtedness or the issuance of any of the following items of Disqualified Stock or preferred stock (collectively, “Permitted Debt”): 
  

	 	(1)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness under the Senior Credit Facility in an aggregate principal amount (with letters of credit being
deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) at any one time outstanding not to exceed $250 million; 

  

	 	(2)	the incurrence by the Company or its Restricted Subsidiaries of the Existing Indebtedness (other than Indebtedness described in clauses (1) and (3)); 

 

	 	(3)	the incurrence by the Company of the Indebtedness represented by the Notes to be issued on the Issue Date (other than Additional Notes) and the Exchange Notes issued in exchange
therefor; 

  

	 	(4)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness since the Issue Date represented by Capital Lease Obligations, mortgage financings or purchase
money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary, in
an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any other Indebtedness incurred by the Company and its Restricted Subsidiaries (measured at the time of such incurrence)
pursuant to this clause (4), not to exceed the greater of (a) $50 million and (b) 2.0% of Consolidated Net Tangible Assets; 

  

	 	(5)	the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to extend,
refinance, renew, replace, defease or refund Indebtedness of the Company or any of its Restricted Subsidiaries or Disqualified Stock of the Company (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under the
first paragraph of this Section or clauses (2), (3), this clause (5) or clause (9) of this paragraph; 

  

	 	(6)	the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries;
provided, however, that if the Company is the obligor on such Indebtedness, such Indebtedness is expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes and that: 

 (A) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a
Restricted Subsidiary; and 
  

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 (B) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a
Restricted Subsidiary; 
 shall be deemed, in each case, to constitute an incurrence of the Indebtedness by the Company or the Restricted Subsidiary, as the
case may be; 
  

	 	(7)	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising under Hedging Obligations, provided that such Hedging Obligations were incurred for the
purpose of fixing or hedging (i) interest rate risk or (ii) currency exchange risk, and, in either case, not for speculative purposes; 

  

	 	(8)	the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by
another provision of this Indenture; 

  

	 	(9)	the incurrence of Acquired Debt of (x) the Company or a Restricted Subsidiary incurred to finance an acquisition or (y) Persons that are acquired by the Company or any
Restricted Subsidiary or merged into the Company or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that, in the case of any incurrence pursuant to this clause (9), as a result of such acquisition by the
Company or one of its Restricted Subsidiaries, the Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio at the time of incurrence of such Acquired Debt, after giving pro forma effect to such incurrence as if the same had
occurred at the beginning of the most recently ended fiscal quarter of the Company for which internal financial statements are available, would have been either (i) no greater than 7.0 to 1 or (ii) less than the Consolidated Indebtedness
to Annualized Consolidated Adjusted EBITDA Ratio for the same period without giving pro forma effect to such incurrence; 

  

	 	(10)	the incurrence by the Company or any of its Restricted Subsidiaries of any Indebtedness in respect of (A) performance bonds, bankers’ acceptances, letters of credit,
surety or appeal bonds or similar instruments provided by the Company or any Restricted Subsidiary in the ordinary course of business, (B) the financing of insurance premiums in the ordinary course of business or (C) netting, overdraft
protection and other arrangements arising under standard business terms of any bank at which the Company or any Restricted Subsidiary maintains an overdraft, cash pooling or other similar facility or arrangement; 

  

	 	(11)	the incurrence by the Company or any of its Restricted Subsidiaries of any Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or
similar instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within five business days of its incurrence; 

  

	 	(12)	the incurrence by the Company or any of its Restricted Subsidiaries of any Indebtedness consisting of indemnification, adjustment of purchase price, earn-out or similar obligations
of the Company or any Restricted Subsidiary, in each case incurred in connection with the acquisition or disposition of any assets, business or Person by the Company or any Restricted Subsidiary; 

  

	 	(13)	the incurrence by the Company or any of its Restricted Subsidiaries of any Guarantees in the ordinary course of business of the obligations of suppliers, customers, franchisers and
licensees; 

  

	 	(14)	the incurrence by Foreign Subsidiaries which have been designated Restricted Subsidiaries of additional Indebtedness, the proceeds of which are used for ordinary course business
purposes, in an aggregate principal amount, at any time outstanding, not to exceed $25 million; and 

  

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	 	(15)	the incurrence by the Company or any of its Restricted Subsidiaries since the Issue Date of additional Indebtedness and/or the issuance by the Company of Disqualified Stock in an
aggregate principal amount, accreted value or liquidation preference, as applicable, taken together with all other Indebtedness incurred pursuant to this clause (15), at any time outstanding, not to exceed $50 million. 

 The Company shall not incur any Indebtedness that is contractually subordinated in right of payment to any other Indebtedness of the Company unless such
Indebtedness is also contractually subordinated in right of payment to the Notes on substantially identical terms; provided, however, that no Indebtedness of the Company shall be deemed to be contractually subordinated in right of
payment to any other indebtedness of the Company solely by virtue of being unsecured. 
 For purposes of determining compliance with this
Section, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (15) above or is entitled to be incurred pursuant to the first paragraph of this
Section, the Company shall, in its sole discretion, classify (or later reclassify in whole or in part) such item of Indebtedness in any manner that complies with this Section. Accrual of interest, accretion or amortization of original issue discount
and the payment of interest in the form of additional Indebtedness shall not be deemed to be an incurrence of Indebtedness for purposes of this Section. 
 SECTION 4.09. Liens. 
 The Company shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, create, incur, assume or suffer to exist any Lien securing Indebtedness or trade payables on any asset or property (including Equity Interests of Restricted Subsidiaries of the Company) directly held by the Company or any Restricted
Subsidiary now owned or hereafter acquired, or any income or profits therefrom or assign or convey any right to receive income therefrom, except Permitted Liens, without providing that the Notes shall be secured equally and ratably with (or senior
in priority with respect to subordinated obligations) the obligations so secured for so long as such obligations are so secured. 
 SECTION
4.10. Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 The Company shall not, and shall not permit any of
its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
  

	 	(1)	pay dividends or make any other distributions to the Company on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits (it being
understood that the priority of any preferred stock in receiving dividends or liquidating distributions prior to the Common Stock shall not be deemed a restriction on the ability to make dividends on the Capital Stock); 

  

	 	(2)	pay any indebtedness owed to the Company or any Restricted Subsidiary (it being understood that the subordination of loans or advances by the Company or any Restricted Subsidiary
shall not be deemed a restriction on the ability to make loans or advances); 

  

	 	(3)	make loans or advances to the Company or any Restricted Subsidiary; or 

  

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	 	(4)	transfer any of its properties or assets to the Company or any Restricted Subsidiary. 

 However, the preceding restrictions shall not apply to encumbrances or restrictions existing under or by reason of: 
  

	 	(1)	Existing Indebtedness as in effect on the Issue Date, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
thereof; provided that either (i) such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such
dividend and other payment restrictions than those contained in the applicable series of Existing Indebtedness as in effect on the Issue Date or (ii) the Company determines that any such encumbrance or restriction will not materially affect the
Company’s ability to pay interest or principal, when due, on the Notes (which determination shall be made in the good faith judgment of the Company’s Board of Directors (and evidenced by a board resolution), which determination shall be
conclusively binding); 

  

	 	(2)	Indebtedness of any Restricted Subsidiary under any Credit Facility that is permitted to be incurred or outstanding pursuant to Section 4.08; provided that such Credit
Facility and Indebtedness contain only such encumbrances and restrictions on such Restricted Subsidiary’s ability to engage in the activities set forth in clauses (1) through (4) of the preceding paragraph as are, at the time such
Credit Facility is entered into or amended, modified, restated, renewed, increased, supplemented, refunded, replaced or refinanced, ordinary and customary for a Credit Facility of that type as determined in the good faith judgment of the
Company’s Board of Directors (and evidenced in a board resolution), which determination shall be conclusively binding; 

  

	 	(3)	encumbrances and restrictions applicable to any Unrestricted Subsidiary, as the same are in effect as of the date on which the Subsidiary becomes a Restricted Subsidiary, and as the
same may be amended, modified, restated, renewed, increased, supplemented, refunded, replaced or refinanced; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings
are no more restrictive, taken as a whole, with respect to the dividend and other payment restrictions than those contained in the applicable series of Indebtedness of such Subsidiary as in effect on the date on which such Subsidiary becomes a
Restricted Subsidiary; 

  

	 	(4)	any Indebtedness incurred in compliance with Section 4.08 or any agreement pursuant to which such Indebtedness is issued if the encumbrance or restriction applies only in the
event of a payment default or default with respect to a financial covenant contained in the Indebtedness or agreement and the encumbrance or restriction is not materially more disadvantageous to the Holders of the Notes than is customary in
comparable financings (as determined by the Company) and the Company determines that any such encumbrance or restriction will not materially affect the Company’s ability to pay interest or principal on the Notes; 

  

	 	(5)	this Indenture and the Parent Guarantee (including the Exchange Notes and the Parent Guarantee thereof); 

  

	 	(6)	encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order; 

  

	 	(7)	 any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time that
Person is acquired by the Company (except to the extent the Indebtedness was incurred in connection with or in contemplation of the 

  

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acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the
property or assets of the Person, so acquired, provided that, in the case of Indebtedness, the Indebtedness was permitted by the terms of this Indenture to be incurred, and provided further that any such encumbrance or restriction
shall not extend to any assets or property of the Company or any other Restricted Subsidiary other than the assets and property so acquired; 

  

	 	(8)	customary non-assignment provisions in leases, licenses, easements or similar arrangements entered into in the ordinary course of business; 

  

	 	(9)	purchase money obligations for property acquired in the ordinary course of business of the nature described in clause (4) in the second paragraph of Section 4.08 on the
property so acquired or under Excluded Capital Lease Obligations with respect to the property subject thereto; 

  

	 	(10)	any agreement for the sale of a Restricted Subsidiary that restricts that Restricted Subsidiary pending its sale; 

  

	 	(11)	Permitted Refinancing Indebtedness, provided that either (i) the restrictions contained in the agreements governing the Permitted Refinancing Indebtedness are not
materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced or (ii) the Company determines that any such encumbrance or restriction will not materially affect the
Company’s ability to pay interest or principal, when due, on the Notes (which determination shall be made in the good faith judgment of the Company’s Board of Directors (and evidenced by a board resolution), which determination shall be
conclusively binding); 

  

	 	(12)	Liens permitted to be incurred pursuant to the provisions of Section 4.09 that limit the right of the debtor to transfer the assets subject to such Liens;

  

	 	(13)	customary provisions with respect to the disposition or distribution of assets or property in joint venture agreements and other similar agreements or arrangements;

  

	 	(14)	restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; and 

  

	 	(15)	Indebtedness permitted to be incurred pursuant to clause (14) of Section 4.08; provided, that the Company determines that any such encumbrance or restriction will
not materially affect the Company’s ability to pay interest or principal, when due, on the Notes (which determination shall be made in the good faith judgment of the Company’s Board of Directors (and evidenced by a board resolution), which
determination shall be conclusively binding. 

 SECTION 4.11. Transactions with Affiliates. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of
any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company
involving aggregate payments of consideration in excess of $10.0 million (each of the foregoing, an “Affiliate Transaction”), unless: 
  

	 	(1)	such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable
transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 

  

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	 	(2)	the Company delivers to the Trustee a resolution of the Board of Directors of the Company set forth in an officers’ certificate certifying that the Affiliate Transaction
complies with clause (1) above and that the Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Guarantor. 

 Notwithstanding the foregoing, the following items shall not be deemed to be Affiliate Transactions: 
  

	 	(1)	any employment arrangements with any executive officer of the Company or a Restricted Subsidiary that is entered into by the Company or any of its Restricted Subsidiaries in the
ordinary course of business and consistent with compensation arrangements of similarly situated executive officers at comparable companies engaged in Permitted Businesses; 

  

	 	(2)	transactions between or among the Company and/or its Restricted Subsidiaries; 

  

	 	(3)	payment of reasonable and customary directors fees; 

  

	 	(4)	Restricted Payments that are permitted by the provisions of Section 4.07 or are permitted pursuant to the definition of Permitted Investments and loans or advances to employees
made in the ordinary course of business and consistent with past practices; 

  

	 	(5)	the issuance or sale of Equity Interests (other than Disqualified Stock) of the Company; 

  

	 	(6)	payments of customary fees by the Company or any of its Restricted Subsidiaries to any independent investment bank or Affiliate of an independent investment bank made for any
corporate advisory services or financial advisory, financing, underwriting or placement services or in respect of other investment banking activities including, without limitation, in connection with acquisitions or divestitures, which are approved
by a majority of the Company’s Board of Directors in good faith; 

  

	 	(7)	transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of the business of the Company and its Restricted
Subsidiaries and otherwise in compliance with the terms of this Indenture; provided that in the reasonable determination of the Company, such transactions are on terms that are no less favorable to the Company or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 

  

	 	(8)	any agreement as in effect as of the Issue Date, or any amendment thereto (so long as any such amendment is not disadvantageous to the Holders when taken as a whole as compared to
the applicable agreement as in effect on the Issue Date). 

 SECTION 4.12. Sale and Leaseback Transactions. 
 The Company shall not enter into any sale and leaseback transaction; provided that the Company may enter into a sale and leaseback transaction if:

  

	 	(1)	the Company could have: 

  

	 	(a)	incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction pursuant to Section 4.08; and 

  

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	 	(b)	incurred a Lien to secure such Indebtedness pursuant to Section 4.09; and 

  

	 	(2)	the transfer of assets in the sale and leaseback transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with Section 4.16.

 SECTION 4.13. Limitation on Issuances of Guarantees of Indebtedness. 
 The Company shall not permit any Restricted Subsidiary, directly or indirectly, to Guarantee or pledge any assets to secure the payment of any other
Indebtedness of the Company unless such Subsidiary simultaneously executes and delivers a supplemental indenture to this Indenture providing for the Guarantee of the payment of the Notes by such Subsidiary, which Guarantee shall be senior to or
pari passu with such Subsidiary’s Guarantee of or pledge to secure such other Indebtedness. Notwithstanding the foregoing, any Guarantee by a Subsidiary of the Notes shall provide by its terms that it shall be automatically and
unconditionally released and discharged upon any sale, exchange or transfer, to any Person other than a Subsidiary of the Company, of all of the Company’s stock in, or all or substantially all the assets of, such Subsidiary, which sale,
exchange or transfer is made in compliance with the applicable provisions of this Indenture. 
 SECTION 4.14. Business Activities.

 The Company shall not, and shall not permit any Subsidiary to, engage in any business other than Permitted Businesses, except to the extent as would
not be material to the Company and its Subsidiaries taken as a whole. 
 SECTION 4.15. Change of Control Triggering Event. 
 If a Change of Control Triggering Event occurs with respect to either series of Notes, each Holder of such Notes shall have the right to require the
Company to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000, of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price in any Change of Control
Offer shall be payable in cash and will be 101% of the aggregate principal amount of any Notes of either series repurchased plus accrued and unpaid interest, if any and Additional Interest, if any, on such series of Notes, if any (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), to the date of purchase (the “Change of Control Payment”). Within thirty (30) days following any Change of
Control Triggering Event unless the Company has exercised its right to redeem all of the Notes of either series as described in Section 3.07, the Company shall mail a notice to each Holder describing the transaction or transactions that
constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice (the “Change of Control Payment Date”). The Change of Control Payment Date shall be no earlier than thirty
(30) days and no later than sixty (60) days from the date the notice is mailed, pursuant to the procedures required by this Indenture and described in such notice. 
 On the Change of Control Payment Date for each series of Notes, the Company shall, to the extent lawful: 
  

	 	(1)	accept for payment all Notes of such series or portions of the Notes of such series properly tendered pursuant to the Change of Control Offer; 

  

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	 	(2)	deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes of such series or portions of Notes of such series properly tendered; and

  

	 	(3)	deliver or cause to be delivered to the Trustee the Notes of such series so accepted together with an officers’ certificate stating the aggregate principal amount of Notes of
such series or portions of the Notes of such series being purchased by the Company. 

 The paying agent shall promptly mail to
each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail, or cause to be transferred by book entry, to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered, if any; provided that the new Note will be in a principal amount of $2,000 or an integral multiple of $1,000. 
 The Change of Control Triggering Event provisions described above will be applicable whether or not any other provisions of this Indenture are applicable. The Company shall comply with the requirements of
Section 14(e) of the Exchange Act and any other securities laws or regulations to the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable securities laws or securities
regulations conflict with the provisions of this Section, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section by virtue of the compliance.

 The Company shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes of either series properly tendered
and not withdrawn under such Change of Control Offer. In addition, notwithstanding the occurrence of a Change of Control Triggering Event, the Company shall not be obligated to make a Change of Control Offer in the event it has exercised its rights
to redeem all of the outstanding Notes as provided under Section 3.07. A Change of Control Offer may be made in advance of a Change of Control and conditioned upon such Change of Control Triggering Event if a definitive agreement is in place
for the Change of Control at the time of making the Change of Control Offer. The provisions under this Indenture relating to the Company’s obligation to make an offer to repurchase the Notes as a result of a Change of Control Triggering Event
may be waived or modified with the written consent of the Holders of a majority in principal amount of such series of the Notes then outstanding. 
 SECTION 4.16. Asset Sales. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless: 
  

	 	(1)	the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the fair market value of the assets or Equity
Interests issued or sold or otherwise disposed of; 

  

	 	(2)	fair market value is determined by the Company’s Board of Directors and evidenced by a resolution of its Board of Directors; and 

  

	 	(3)	except in the case of a Qualified Asset Exchange, at least 75% of the consideration received in such Asset Sale by the Company or such Restricted Subsidiary is in the form of cash
or Cash Equivalents. 

 For purposes of clause (3) above only, each of the following shall be deemed to be cash:

  

	 	(a)	any liabilities, as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet, of the Company or any Restricted Subsidiary (other than contingent
liabilities and liabilities that are by their terms subordinated to the Notes or any Guarantee of the Notes) that are assumed by the transferee of any assets pursuant to a customary novation agreement that releases the Company or the Restricted
Subsidiary from further liability; 

  

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	 	(b)	any securities, notes or other obligations received by the Company or any Restricted Subsidiary from the transferee that are converted by the Company or the Restricted Subsidiary
into cash within ninety (90) days of the applicable Asset Sale, to the extent of the cash received in that conversion; and 

  

	 	(c)	any Designated Noncash Consideration received by the Company or any of its Restricted Subsidiaries in an Asset Sale having an aggregate fair market value, taken together with all
other Designated Noncash Consideration received pursuant to this clause, not to exceed the greater of $150.0 million or 5% of Consolidated Net Tangible Assets in the aggregate at any time outstanding (with the fair market value of each item of
Designated Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value). 

 Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or the Restricted Subsidiary may apply those Net Proceeds to: 
  

	 	(1)	reduce non-subordinated Indebtedness of the Company; 

  

	 	(2)	reduce Indebtedness or Excluded Capital Lease Obligations of any of the Company’s Restricted Subsidiaries (including by way of the Company or a Restricted Subsidiary acquiring
outstanding Indebtedness of any Restricted Subsidiary to be held by the Company or a Restricted Subsidiary to redemption or maturity of such Indebtedness); 

  

	 	(3)	acquire all or substantially all the assets of a Permitted Business; 

  

	 	(4)	make an investment in any one or more businesses (provided that if such investment is in the form of the acquisition of Capital Stock of a Person and results in the Company or a
Restricted Subsidiary owning more than 50% of such Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Company unless designated an Unrestricted Subsidiary by the Company); 

  

	 	(5)	make an investment in any one or more businesses, properties or assets that replace the properties or assets that are the subject of such Asset Sale; and/or

  

	 	(6)	make capital expenditures or acquire other long-term assets (including long-term land use easements, ground leases and similar land rights) that are used or useful in a Permitted
Business, provided that, after giving effect thereto, the Company or its Restricted Subsidiaries is the owner of such assets or such expenditure or acquisition constitutes a Permitted Investment; 

 provided that in the case of clauses (3), (4), (5) and (6) above, a binding commitment shall be treated as a permitted application of the Net Proceeds
from the date of such commitment so long as the Company or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds shall be applied to satisfy such commitment within nine months after the end of
the 365-day period (an “Acceptable Commitment”) and, in the event any Acceptable Commitment is later cancelled, terminated or otherwise not consummated during such period for any reason, then any such unapplied Net Proceeds shall
upon such event constitute Excess Proceeds. 
  

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 Pending the final application of any Net Proceeds, the Company may temporarily reduce revolving credit
borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 
 Any Net Proceeds from Asset Sales
that are not applied or invested as provided in the preceding paragraphs (whether by election or the passage of time) shall be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $25.0
million, the Company shall be required to make an offer to all Holders of the 2016 Notes and the 2019 Notes, and all holders of other pari passu Indebtedness of the Company containing provisions similar to those set forth in this Indenture
relating to the Notes with respect to offers to purchase or redeem with the proceeds from any Asset Sale, to purchase the maximum principal amount of the 2016 Notes and the 2019 Notes and such other pari passu Indebtedness of the Company that
may be purchased out of the Excess Proceeds (an “Asset Sale Offer”). The offer price in any Asset Sale Offer will be payable in cash and shall be 100% of the principal amount of any Notes and pari passu Indebtedness, plus
accrued and unpaid interest, if any, and Additional Interest, if any, to the date of purchase. Each Asset Sale Offer shall be made in accordance with the procedures set forth in this Indenture and the other pari passu Indebtedness of the
Company. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use the remaining Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and the other
pari passu indebtedness of the Company tendered into the Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis. Upon
completion of the Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 Upon the commencement of an Asset Sale Offer, the Company shall
send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The
Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 
 (a) that the
Asset Sale Offer is being made pursuant to this Section 4.16 and that such Asset Sale Offer shall remain open for twenty (20) Business Days; 
 (b) the amount attributable to the Notes, the purchase price and the purchase date of the Asset Sale (the “Purchase Date”); 
 (c) that any Note not tendered or accepted for payment shall continue to accrue interest and Additional Interest, if any; 
 (d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue
interest, and Additional Interest, if any; 
 (e) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be
required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying
Agent at the address specified in the notice at least three Business Days before the Purchase Date; 
 (f) that Holders shall be entitled to
withdraw their election if the Company, the depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the offer 

  

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period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (g) that, if the aggregate principal
amount of Notes and aggregate principal amount of such other pari passu Indebtedness tendered by Holders exceeds $25.0 million, the Company shall select the Notes and such other pari passu Indebtedness to be purchased on a pro
rata basis on the basis of the aggregate principal amount of Notes and the aggregate principal amount of such other pari passu Indebtedness tendered (with such adjustments as may be deemed appropriate by the Company so that only Notes and
other Indebtedness in denominations of $2,000 or whole multiples of $1,000 in excess thereof, shall be purchased); and 
 (h) that Holders
whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the amount of Notes and such other pari passu Indebtedness or
portions thereof tendered pursuant to the Asset Sale Offer, or if less than $25.0 million has been tendered, all Notes and such other pari passu Indebtedness or portions thereof tendered, and shall deliver to the Trustee an Officers’
Certificate stating that such Notes and such other pari passu Indebtedness or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 4.16. The Company, the Depositary or the Paying Agent,
as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for
purchase, and the Company shall promptly issue a new Note, and the Trustee, upon written request from the Company shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note
surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Asset Sale Offer promptly after the Purchase Date. 
 If the Purchase Date is on or after an interest payment record date and on or before the related interest payment date, any accrued and unpaid interest and Additional
Interest, if any, will be paid to the Holder in whose name a note is registered at the close of business on such record date, and no other interest or Additional Interest, if any, will be payable to Holders whose Notes are purchased pursuant to the
Asset Sale Offer. 
 The Company shall comply with the requirements of Section 14(e) of the Exchange Act and any other securities laws
or regulations to the extent those laws and regulations are applicable to any Asset Sale Offer. If the provisions of any of the applicable securities laws or securities regulations conflict with the provisions of this Section, the Company will
comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section by virtue of the compliance. 
 SECTION 4.17. Changes in Covenants When Notes Rated Investment Grade. 
 If on any date following the Issue Date: 
  

	 	(1)	the Notes of either series are rated “Baa3” or better by Moody’s and “BBB-” or better by Standard & Poor’s (or, if either such entity ceases
to rate the Notes of either series for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act (registered as such pursuant to Rule 17g-1 of the Exchange Act), selected by the Company as a replacement agency); and 

  

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	 	(2)	no Default or Event of Default shall have occurred and be continuing, then, beginning on that day and subject to the provisions of the following paragraph, the covenants
specifically listed under the following Sections 4.07, 4.08, 4.10, 4.11, 4.14 and 4.16 and clause (2)(d) of Section 5.01 shall be suspended with respect to such series. 

 During any period that the foregoing sections have been suspended, the Company’s Board of Directors may not designate any of its Subsidiaries as
Unrestricted Subsidiaries pursuant to the second paragraph of the definition of “Unrestricted Subsidiary.” 
 Notwithstanding the
foregoing, if the rating assigned to either series of Notes by either such rating agency should subsequently decline to below “Baa3” by Moody’s or “BBB-” by Standard & Poors, respectively (or if either such agency
ceases to rate the Notes of either series, the equivalent investment grade credit rating from another nationally recognized statistical rating organization), the foregoing sections shall be reinstituted as of and from the date of such rating
decline. Calculations under the reinstated Section 4.07 shall be made as if Section 4.07 had been in effect since the Issue Date except that no default will be deemed to have occurred solely by reason of a Restricted Payment made while
that section was suspended. Notwithstanding that the suspended sections may be reinstated, no default will be deemed to have occurred as a result of a failure to comply with such suspended sections during any period such sections have been
suspended. 
 ARTICLE 5. 
 SUCCESSORS 
 SECTION 5.01. Merger, Consolidation or Sale of Assets. 
 The Company shall not: 
  

	 	(1)	consolidate or merge with or into another Person (whether or not the Company is the surviving corporation); or 

  

	 	(2)	sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to another Person or entity;
unless: 

  

	 	(a)	either: 

 (A) the Company is the surviving corporation; or

 (B) the entity or the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which the sale,
assignment, transfer, lease, conveyance or other disposition shall have been made is a Person (which, if not a corporation, includes a corporate co-issuer) organized or existing under the laws of the United States, any state thereof or the District
of Columbia; 
  

	 	(b)	the entity or Person formed by or surviving such consolidation or merger (if other than the Company) or the entity or Person to which the sale, assignment, transfer, lease,
conveyance or other disposition shall have been made assumes all the obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement pursuant to a supplemental indenture in a form reasonably satisfactory to the
Trustee; 

  

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	 	(c)	immediately after such transaction no Default exists or Event of Default shall have occurred and be continuing; 

  

	 	(d)	except in the case of: 

 (A) a merger of the Company with
or into a Wholly Owned Restricted Subsidiary of the Company; and 
 (B) a merger entered into solely for the purpose of reincorporating the
Company in another jurisdiction: 
 (x) in the case of a merger or consolidation in which the Company is the surviving corporation, the
Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio at the time of the transaction, after giving pro forma effect to the transaction as of such date for balance sheet purposes and as if the transaction had occurred at
the beginning of the most recently ended fiscal quarter of the Company for which internal financial statements are available for income statement purposes, would have been (i) no greater than 7.0 to 1 or (ii) less than the Consolidated
Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio for the same period without giving pro forma effect to such transaction; or 
 (y) in the case of any other such transaction, the Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio of the entity or Person formed by or surviving any such consolidation or merger (if other than the Company), or to
which the sale, assignment, transfer, lease, conveyance or other disposition shall have been made, at the time of the transaction, after giving pro forma effect to the transaction as of such date for balance sheet purposes and as if such transaction
had occurred at the beginning of the most recently ended fiscal quarter of such entity or Person for which internal financial statements are available for income statement purposes, would have been (i) no greater than 7.0 to 1 or (ii) less
than the Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio for the same period without giving pro forma effect to such transaction; provided that for purposes of determining the Consolidated Indebtedness to Annualized
Consolidated Adjusted EBITDA Ratio of any entity or Person for purposes of this clause (y) the entity or Person will be substituted for the Company in the definition of Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio
and the defined terms included therein under Section 1.01; and 
  

	 	(e)	the Guarantor, unless it is the other party to the transactions described above, shall have, by supplemental indenture, confirmed that its Parent Guarantee shall apply to such
Person’s obligations under this Indenture and the Notes, the Company shall have delivered to the Trustee an officer’s certificate and an opinion of counsel, each stating that such consolidation, merger or transfer and such supplemental
indenture (if any) comply with this Indenture. 

 SECTION 5.02. Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in
accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed
to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the Company shall refer 

  

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instead to the successor corporation and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect
as if such successor Person had been named as the Company herein, provided, however, that the predecessor company shall not be relieved from the obligation to pay the principal of and interest on the Notes (and its obligations to the
Trustee pursuant to Section 7.07) except in the case of a sale or other disposition of all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries taken as a whole that meets the requirements of
Section 5.01 hereof. 
 ARTICLE 6. 
 DEFAULTS AND REMEDIES 
 SECTION 6.01. Events of Default. 
 An “Event of Default” with respect to a particular series of Notes occurs if: 
  

	 	(1)	default for thirty (30) days in the payment when due of interest on, or Additional Interest, if any, with respect to that series of Notes; 

  

	 	(2)	default in payment when due of the principal of or premium, if any, on that series of Notes; 

  

	 	(3)	failure by the Company or any of the Restricted Subsidiaries to comply with the provisions described under Article 5 or failure by the Company to consummate a Change of Control
Offer or Asset Sale Offer in accordance with the provisions of this Indenture applicable to the offers; 

  

	 	(4)	failure by the Company or any of the Restricted Subsidiaries to perform any other covenant in this Indenture, other than a covenant specified in clauses (1), (2) or
(3) above or that does not relate to that series of Notes, that continues for sixty (60) days (or 120 days in the case of a failure to comply with the reporting obligations described under Section 4.03) after notice to comply;

  

	 	(5)	default under any Indebtedness for money borrowed by the Company or any of its Significant Subsidiaries, or the payment of which is guaranteed by the Company or any of its
Significant Subsidiaries, whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default 

  

	 	(a)	is caused by a failure to pay principal of or premium, if any, interest on, if any, or Additional Interest, if any, with respect to the Indebtedness prior to the expiration of the
grace period provided in such indebtedness on the date of the default (a “Payment Default”); or 

  

	 	(b)	results in the acceleration of the Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of
any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more; 

  

	 	(6)	failure by the Company or any of its Significant Subsidiaries to pay final judgments aggregating (net of amounts covered by insurance policies) in excess of $20.0 million, which
judgments are not paid, discharged or stayed for a period of sixty (60) days; or 

  

	 	(7)	certain events of bankruptcy or insolvency described in this Indenture with respect to the Guarantor, the Company or any of its Restricted Subsidiaries. 

  

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 An Event of Default for a particular series does not necessarily constitute a default of any other series of Notes under
this Indenture. 
 SECTION 6.02. Acceleration. 
 If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes of that series and the Trustee may, and the Trustee at the request of such Holders
shall, declare all the Notes of that series to be due and payable immediately. Upon any such declaration, the principal of, premium, if any, and accrued and unpaid interest, if any, and Additional Interest, if any, shall become due and payable
immediately. The Trustee has no duty or obligation to determine whether an Event of Default has occurred as a result of the events described above and shall have notice of such events only in accordance with Section 7.02(i) herein. A Default
under clause (4) above will not constitute an Event of Default until the Trustee or the Holders of 25% in principal amount of the outstanding Notes of that series notify the Company of the Default and the Company does not cure such Default
within the time specified after receipt of such notice. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company or the Guarantor, all outstanding Notes
shall become due and payable without further action or notice. Holders of the Notes may not enforce this Indenture or the Notes except as provided in this Indenture. Subject to certain limitations, Holders of a majority in principal amount of the
then outstanding Notes may direct the Trustee in its exercise of any trust or power. 
 Any such declaration with respect to the Notes of any series may be
rescinded and annulled by the Holders of a majority in aggregate principal amount of the outstanding Notes of such series by written notice to the Trustee if (i) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction, (ii) all existing Events of Default have been cured or waived except nonpayment of principal of or interest on the Notes of such series that has become due solely by such declaration of acceleration, (iii) to the
extent the payment of such interest is lawful, interest (at the same rate specified in the Notes of such series) on overdue installments of interest and overdue payments of principal, which has become due otherwise than by such declaration of
acceleration, has been paid, (iv) the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances and (v) in the event of the cure or waiver of a Default or Event of
Default of the type described in clause (7) of Section 6.01 the Trustee has received an Officers’ Certificate and Opinion of Counsel that such Default or Event of Default has been cured or waived. No such rescission shall affect any
subsequent Default or impair any right consequent thereto. 
 SECTION 6.03. Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal amount, premium on, Additional Interest,
if any, and interest on the Notes of any series or to enforce the performance of any provision of the Notes of such series or this Indenture. 
 The Trustee
may maintain a proceeding even if it does not possess any of the Notes of such series or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note of such series in exercising any right or remedy
accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 SECTION 6.04. Waiver of Past Defaults. 
 Subject to
Sections 2.09, 6.07 and 9.02 Holders of not less than a majority in aggregate principal amount of the then outstanding Notes of any series by notice to the Trustee may on behalf of the Holders of all of 

  

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the Notes of such series waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium and Additional Interest on, or interest on the Notes (including in connection with an offer to purchase); provided, however, that subject to Section 6.02, the Holders of a majority in aggregate
principal amount of the then outstanding Notes of such series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 SECTION 6.05. Control by Majority. 
 Holders of a majority
in principal amount of the then outstanding Notes of any series may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the
Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes of such series or that may involve the Trustee in personal liability.

 SECTION 6.06. Limitation on Suits. 
 A
Holder of a Note of any series may pursue a remedy with respect to this Indenture or the Notes of such series only if: 
  

	 	(1)	the Holder of a Note gives to the Trustee written notice of a continuing Event of Default with respect to such series; 

  

	 	(2)	the Holders of at least 25% in principal amount of the then outstanding Notes of such series make a written request to the Trustee to pursue the remedy; 

  

	 	(3)	such Holder or Holders offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 

  

	 	(4)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 

 

	 	(5)	during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes of such series do not give the Trustee a direction inconsistent with the
request. 

 A Holder not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another
Holder. 
 SECTION 6.07. Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal amount, premium and Additional Interest, if any, and interest on the Note, on or after the
respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder. 
  

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 SECTION 6.08. Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of principal amount of, premium and Additional Interest, if any, and interest remaining unpaid on the Notes of any series and interest on overdue principal and, to the extent
lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.09. Trustee May File Proofs of Claim. 
 The
Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect,
receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding. 
 SECTION 6.10. Priorities. 
 After an Event of Default, any money or other property distributable in respect of the Company’s obligations under this Indenture shall be paid in the following order: 
 First: to the Trustee (including any predecessor Trustee), its agents and attorneys for amounts due under Section 7.07 hereof,
including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes of such series for amounts due and unpaid on the Notes of such series for principal amount, premium and Additional Interest, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes of such series for principal amount, premium and Additional Interest, if any and interest, respectively; and 
 Third: to the Company or to such party as a court of competent jurisdiction shall direct in writing. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
  

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 SECTION 6.11. Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10%
in principal amount of the then outstanding Notes of such series. 
 ARTICLE 7. 
 TRUSTEE 
 SECTION 7.01. Duties of Trustee. 
 (a) If an Event of Default with respect to any series of Notes has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) or (d) of this
Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless
it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable
with respect to any action it takes or omits to take in good faith in accordance with any direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (e) of this Section. 
  

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 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any
liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against
any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 SECTION 7.02. Rights of Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel selected by it and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and
agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care. 
 (d) The Trustee
shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by
an Officer of the Company. 
 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
 (g) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by
a Company Request or Company Order and any resolution of the Company’s Board of Directors may be sufficiently evidenced by a Board Resolution. 
 (h) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine, to the extent necessary and consistent with each inquiry or investigation, the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall
incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (i) The Trustee shall not be deemed to
have notice, nor shall it be charged with knowledge, of any Default or Event of Default unless a Responsible Officer of the Trustee has actual 

  

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knowledge thereof or unless written notice of such Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Notes 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 to each agent, custodian and other Person employed to act hereunder. 

(k) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles or officers
authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded. 
 (l) In no event shall the Trustee be responsible for liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (m) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or
caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or
malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. 
 SECTION 7.03. Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must
eliminate such conflict within ninety (90) days, apply to the SEC for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

SECTION 7.04. Trustee’s Disclaimer. 
 The Trustee
shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes or any security for the payment of the Notes, it shall not be accountable for the Company’s use of the proceeds from the
Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall
not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
 SECTION 7.05. Notice of Defaults. 
 If a Default occurs
and is continuing and is known to the Trustee, the Trustee shall mail to each Holder of the Notes of that series notice of the Default within ninety (90) days after it occurs. Except in the case of a 

  

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Default in the payment of principal of, interest on, if any, or Additional Interest, if any, with respect to any note, the Trustee may withhold notice if and
so long as a committee of its trust officers determines that withholding notice is not opposed to the interest of the Holders of that series of Notes. In addition, the Company is required to deliver to the Trustee, within ninety (90) days after
the end of each fiscal year, a certificate indicating whether the signers thereof know of any Default that occurred with respect to any series of Notes during the previous year. The Company is also required to deliver to the Trustee, promptly after
the occurrence thereof, written notice of any event that would constitute a Default, the status thereof and what action the Company is taking or proposes to take in respect thereof. 
 SECTION 7.06. Reports by Trustee to Holders of the Notes. 
 Within sixty (60) days after each
May 15 beginning with the May 15 following the Issue Date, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a)
(but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2) to the extent applicable. The Trustee shall
also transmit by mail all reports as required by TIA § 313(c). 
 A copy of each report at the time of its mailing to the Holders of Notes shall be
mailed to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes of any series are listed on any stock exchange or
any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. 
 The Company shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon written request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services.
Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 The Company shall indemnify
the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture
against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so
notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and
expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 The
obligations of the Company under this Section 7.07 shall survive the resignation or removal of the Trustee, the satisfaction and discharge of this Indenture and the termination of this Indenture. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the
Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the resignation or removal of the Trustee, the satisfaction and discharge of this Indenture and the termination of this Indenture.

  

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 In addition and without prejudice to its rights hereunder, when the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law. 
 SECTION 7.08. Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign in writing at any time and be discharged from the trust hereby created with respect to one or both series of Notes by so notifying the Company.
The Holders of a majority in principal amount of the then outstanding Notes of any series may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee with respect to one or both series of Notes
if: 
 (a) the Trustee fails to comply with Section 7.10 hereof; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
 (c) a Custodian or public officer takes charge of the Trustee or its property; or 
 (d) the Trustee becomes incapable of acting. 
 If, as to any series of Notes, the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee for such series of Notes. Within one (1) year after
the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes of such series may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 If a successor Trustee does not take office within thirty (30) days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of at least 10% in principal amount of the then outstanding Notes of such series may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at least six (6) months, fails to comply with Section 7.10, such Holder of a Note may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee as to any series of Notes, shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties
of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders of the Notes of that series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee;
provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations
under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
  

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 In case of the appointment hereunder of a successor Trustee with respect to the Notes of one but not both series, the
Company, the retiring trustee and each successor Trustee with respect to the Notes of one series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which shall: 
 (i) contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Notes of the series to which the appointment of such successor Trustee relates; 
 (ii) contain such
provisions as shall be necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of the series as to which the retiring Trustee is not retiring shall continue to be vested in
the retiring Trustee; and 
 (iii) add to or change any of the provisions of this Indenture as shall be necessary or desirable to provide for or facilitate
the administration of the Notes hereunder by two Trustees; provided, however, that nothing contained herein or in such supplemental Indenture shall constitute such Trustee to be co-trustees of the same series of Notes and that each such
Trustee shall be trustee with respect to such series of Notes hereunder separate and apart from the other series of Notes hereunder administered by the other such Trustee. 
 Upon the execution and deliver of such supplemental Indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of that series to which the appointment of such successor Trustee relates. 
 SECTION 7.09. Successor Trustee by Merger, Etc. 
 If the
Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any further act shall be the successor Trustee as to such series of Notes.

 SECTION 7.10. Eligibility; Disqualification. 
 There shall at all times be a Trustee of each series of Notes that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state authorities and (i) that has a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition, or
(ii) that is a wholly owned subsidiary of a bank or bank holding company which has a consolidated net worth in excess of $50 million. 
 This Indenture
shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Nothing herein shall prohibit the Trustee from making the application to the SEC referred to in the penultimate paragraph of Section 310(b) of the TIA. 
 SECTION 7.11. Preferential Collection of Claims Against the Company. 
 The Trustee is subject to TIA
§ 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
  

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 ARTICLE 8. 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 8.01. Option to Effect Legal Defeasance or Covenant
Defeasance. 
 The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any
time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes of any series upon compliance with the conditions set forth below in this Article 8. 
 SECTION 8.02. Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01
hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, the Company shall be deemed to have been discharged from all of its obligations with
respect to all outstanding Notes of any series and this Indenture and the Guarantor shall be deemed to have been discharged from its obligations with respect to its Parent Guarantee as it relates to such series and this Indenture on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding
Notes of such series, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof, and to have satisfied all its other obligations under such Notes of such series and this Indenture (and the
Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same); provided that the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the
rights of Holders of outstanding Notes of such series to receive payments in respect of the principal of, premium, if any, and interest on, or Additional Interest, if any, with respect to the Notes of such series when such payments are due from the
trust referred to in clause (b); (b) the Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for
payment and money for security payments held in trust; (c) the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s and the Guarantor’s obligations in connection therewith; and (d) this Article 8.
Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
 SECTION 8.03. Covenant Defeasance. 
 Upon the
Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the Guarantor shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from
their respective obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17 and 5.01(d) hereof with respect to the outstanding Notes of any series on and after the date
the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes of such series shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent
or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes of such series
shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes of such series, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, 

  

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except as specified above, the remainder of this Indenture and such Notes of such series shall be unaffected thereby. In addition, upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(4) through 6.01(6) hereof shall not constitute
Events of Default. 
 SECTION 8.04. Conditions to Legal or Covenant Defeasance. 
 The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes of such series: 
 (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of that series of Notes, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, interest and
Additional Interest, if any, on outstanding Notes to the stated maturity or redemption date, as the case may be, and the Company must specify whether that series of Notes is being defeased to maturity or to a particular redemption date; 

(b) in the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in
the United States reasonably acceptable to the Trustee confirming that: 
 (i) the Company has received from, or there has
been published by, the Internal Revenue Service a ruling; or 
 (ii) since the Issue Date, there has been a change in the
applicable federal income tax law; in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of that series of outstanding Notes shall not recognize income, gain or loss for federal income tax
purposes as a result of such Legal Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election under Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in
the United States reasonably acceptable to the Trustee confirming that the Holders of that series of outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall be
subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Default or Event of Default shall have occurred and be continuing either: 
 (i) on the date of such deposit, other than a Default or Event of Default resulting from the borrowing of funds to be applied to such
deposit; or 
 (ii) insofar as Events of Default from bankruptcy or insolvency events with respect to the Company are
concerned, at any time in the period ending on the 91st day after the date of deposit; 
 (e) such Legal Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement or instrument, other than this Indenture, to which the Company or any of its Restricted Subsidiaries is a party or by which the
Company or any of its Restricted Subsidiaries is bound; 
  

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 (f) the Company must have delivered to the Trustee an Opinion of
Counsel to the effect that after the ninety-first (91st) day following the
deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
 (g) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of one or more classes of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 
 (h) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 SECTION 8.05. Deposited
Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and
non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in
respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal of or premium, if any, Additional Interest, if any, or interest, but such money need not be segregated from
other funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Notes. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from
time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee (or, if two or more nationally recognized firms of independent public accountants decline to issue such opinion as a matter of policy after the Company has made reasonable efforts to obtain such
an opinion, in the opinion of the Company’s chief financial officer), (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
 SECTION 8.06. Repayment to the Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or premium, if any, Additional
Interest, if any, or interest on the Notes and remaining unclaimed for two (2) years after such principal, and premium, if any, Additional Interest, if any, or interest has become due and payable shall be paid to the Company on its request or
(if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as a creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying 

  

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Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
 SECTION 8.07. Reinstatement. 
 If the Trustee or Paying
Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes and the Guarantor’s obligations under this Indenture and its Parent Guarantee shall be revived and reinstated as
though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided,
however, that, if the Company has made any payment of principal of, premium, if any, Additional Interest, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the
Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9. 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 SECTION
9.01. Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantor and the Trustee
may amend or supplement this Indenture, such series of Notes or the Parent Guarantee with respect to such series of Notes without the consent of any Holder of a Note: 
 (a) cure any ambiguity, omission, defect or inconsistency; 
 (b) provide for uncertificated Notes in
addition to or in place of certificated Notes; 
 (c) provide for the assumption by a successor corporation of the Company’s or the
Guarantor’s obligations to Holders of Notes in the case of a merger or consolidation of the Company or the Guarantor; 
 (d) make any
change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights of any series of Notes under this Indenture in any material respect; 
 (e) comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act; or 

(f) conform the text of this Indenture, the Parent Guarantee or the Notes to any provision of the “Description of Notes” contained in the
Offering Memorandum to the extent that such provision was intended (as evidenced by an Officers’ Certificate) to be a verbatim recitation of a provision of this Indenture, the Parent Guarantee or the Notes. 
  

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 SECTION 9.02. With Consent of Holders of Notes. 
 Except as provided below in this Section 9.02, the Holders of a majority in principal amount of either series of Notes outstanding can, with respect to the Notes
then outstanding of such series may: 
 (a) consent to any amendment or supplement to the Indenture with respect to that series of Notes; and

 (b) waive any existing default under, or the compliance with any provisions of, this Indenture or the Notes of that
series. 
 Consents and waivers obtained in connection with a purchase of, or tender offer or exchange offer for, each series of Notes shall be included for
purposes of the previous sentence. 
 Subject to Section 9.06, upon the request of the Company accompanied by a resolution of the Board of Directors of
the Company authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company and the Guarantor in the execution
of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such
amended or supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 It shall not be necessary for the
consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 Without the consent of each Holder of the series of Notes affected, an amendment or waiver under this Section 9.02 with respect to any Notes held by a
non-consenting Holder of such affected series may not: 
 (a) reduce the principal amount of any series of Notes; 
 (b) change the fixed maturity of any series of notes or alter the provisions with respect to the redemption of such series, but not any required
repurchase in connection with an Asset Sale Offer or Change of Control Offer, of the Notes; 
 (c) reduce the rate or change the method of
calculating the interest rate of or extend the time for payment of interest on any series of notes; 
 (d) waive a Default or Event of
Default in the payment of principal of or premium with respect to a series of Notes, if any, or interest on, or Additional Interest, if any, with respect to the series of Notes, excluding a rescission of acceleration of the series of Notes by the
Holders of at least a majority in aggregate principal amount of such series of Notes and a waiver of the payment default that resulted from such acceleration; 
 (e) make any series of note payable in money other than that stated in such series of Notes; 
 (f) make any
change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of any series of Notes to receive payments of principal of or premium, if any, or interest on, or Additional Interest, if any, with respect to
any series of Notes; 
  

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 (g) waive a redemption payment, but not any payment upon a required repurchase in connection with an
Asset Sale Offer or Change of Control Offer, with respect to either series of notes; 
 (h) make any change in the foregoing amendment and
waiver provisions; or 
 (i) modify the Parent Guarantee in any manner adverse to the Holders of the Notes. 
 SECTION 9.03. Compliance with Trust Indenture Act. 
 Every
amendment or supplement to this Indenture or the Notes shall be set forth in a amended or supplemental Indenture that complies with the TIA as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by
a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.
However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment,
supplement or waiver becomes effective on receipt by the Trustee of consents from the Holders of the requisite percentage principal amount of the outstanding Notes of any series, and thereafter shall bind every Holder of Notes of such series;
provided, however, if the amendment, supplement or waiver makes a change described in any of the clauses (a) through (i) of Section 9.02 hereof, the amendment, supplement or waiver shall bind only each Holder of a Note which has
consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same indebtedness as the consenting Holder’s Note. 
 SECTION 9.05. Notice of Amendment; Notation on or Exchange of Notes. 
 After any amendment under this Article becomes effective,
the Company shall mail to Holders of Notes a notice briefly describing such amendment. The failure to give such notice to all Holders of Notes, or any defect therein, shall not impair or affect the validity of an amendment under this Article.

 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
 SECTION 9.06. Trustee to Sign Amendments, Etc. 
 The Trustee shall sign any amended or supplemental Indenture authorized pursuant
to this Article 9 if the amendment or supplement, in the sole discretion of the Trustee, does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental Indenture until
its Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee shall receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in addition to the documents required by
Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  

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 ARTICLE 10. 
 SATISFACTION AND DISCHARGE 
 SECTION 10.01. Satisfaction and Discharge. 
 This Indenture shall be discharged and shall cease to be of further effect with respect to any series of Notes, except as to surviving rights of
registration of transfer or exchange of such Notes, when: 
 (a) either: 
 (i) all Notes of such series that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and
Notes for whose payment money has previously been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 
 (ii) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a
notice of redemption or otherwise or will become due and payable within one year or are to be called for redemption within one year and the Company or the Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds
in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and noncallable Government Securities, in amounts as will be sufficient in the opinion of a nationally
recognized firm of independent public accountants (or, if two or more nationally recognized firms of independent public accountants decline to issue such opinion as a matter of policy after the Company has made reasonable efforts to obtain such an
opinion, in the opinion of the Company’s chief financial officer), without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal,
premium and Additional Interest, if any, and accrued interest to the date of maturity or redemption; 
 (b) no Default or Event of Default
has occurred and is continuing on the date of the deposit or shall occur as a result of the deposit and the deposit shall not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or the
Guarantor is a party or by which the Company or the Guarantor is bound; 
 (c) the Company or the Guarantor has paid or caused to be paid all
other sums payable by it under this Indenture of the applicable series; and 
 (d) the Company has delivered irrevocable instructions to the
Trustee under this Indenture to apply the deposited money toward the payment of the Notes at their Stated Maturity or the redemption date, as the case may be. 
 In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee each stating that all conditions precedent to the satisfaction and discharge have been satisfied. 
 SECTION 10.02. Deposited Cash and Government Securities.
 Subject to Section 10.03 hereof, all cash and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this 

  

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Section 10.02, the “Trustee”) pursuant to Section 10.01 hereof in respect of the outstanding Notes shall be held in trust and applied by
the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of
all sums due and to become due thereon in respect of principal, premium, if any, and interest and Additional Interest, if any, but such cash and securities need not be segregated from other funds except to the extent required by law. 
 SECTION 10.03. Repayment to Company.
 Any
cash or non-callable Government Securities deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest or Additional Interest, if any, on, any Note and
remaining unclaimed for two years after such principal, and premium, if any, or interest or Additional Interest, if any, has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from
such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and securities, and all liability of the Company as
Trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The
Wall Street Journal (national edition), notice that such cash and securities remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such notification or publication, any
unclaimed balance of such cash and securities then remaining shall be repaid to the Company. 
 SECTION 10.04. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Sections 10.01 and 10.02, as the
case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes and the Guarantor’s
obligations under this Indenture and its Parent Guarantee shall be revived and reinstated as though no deposit had occurred pursuant to Sections 10.01 and 10.02 hereof until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Sections 10.01 and 10.02 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium on, if any, or interest or Additional Interest, if any, on any Note
following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 11. 
 PARENT GUARANTEE

 SECTION 11.01. Guarantee. 
 Subject to this Article 11, the Guarantor hereby unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (a) the principal of, premium, if any, interest and Additional Interest, if
any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, and interest on the Notes, if any, if lawful, and all other obligations of
the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid 

  

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in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes
or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any
amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor shall be obligated to pay the same immediately. The Guarantor agrees that this Parent Guarantee is a general unsecured obligation of the Guarantor and it is a
guarantee of payment and not a guarantee of collection. 
 The Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery
of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. The Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Parent Guarantee shall
not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
 The Guarantor also agrees
to pay, in addition to the amount stated above, any and all costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 11.01. 
 If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor or any custodian, trustee, liquidator or other
similar official acting in relation to either the Company or the Guarantor, any amount paid by the Company or the Guarantor either to the Trustee or such Holder, this Parent Guarantee, to the extent theretofore discharged, shall be reinstated in
full force and effect. 
 The Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Parent Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantor for the purpose of this Parent Guarantee. 
 The Parent Guarantee shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Company or the Guarantor for liquidation or reorganization, should the Company or the Guarantor become insolvent or make an assignment for the benefit of creditors or should a receiver or
trustee be appointed for all or any significant part of the Company’s or the Guarantor’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and
performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or Parent Guarantee , whether as a “voidable preference,” “fraudulent
transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be
reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
  

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 In case any provision of the Parent Guarantee shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 The Parent Guarantee issued
by the Guarantor shall be a general unsecured senior obligation of the Guarantor and shall be pari passu in right of payment with all existing and future Indebtedness of the Guarantor, if any. 
 Each payment to be made by a Guarantor in respect of its Parent Guarantee shall be made without set-off, counterclaim, reduction or diminution of any
kind or nature. 
 SECTION 11.02. Limitation on Guarantor Liability. 
 The Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Parent Guarantee of the
Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to the Parent
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor will be limited to such maximum amount as will, after giving effect to such maximum amount
and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, and result in the obligations of the Guarantor under its Parent Guarantee not constituting a fraudulent transfer or conveyance. 
 SECTION 11.03. Execution and Delivery. 
 To evidence its Parent Guarantee set forth in Section 11.01 hereof, the Guarantor hereby agrees that this Indenture shall be executed on behalf of the Guarantor by an Officer of the Guarantor. 
 The Guarantor hereby agrees that its Guarantee set forth in Section 11.01 hereof shall remain in full force and effect notwithstanding the absence
of the endorsement of any notation of such Guarantee on the Notes. 
 If an Officer whose signature is on this Indenture no longer holds that
office at the time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless. 
 The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantor. 
 SECTION 11.04. Successors and Assigns. 
 This Article 11 shall inure to the benefit of the successors and assigns
of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested
in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 SECTION 11.05. No Waiver. 
 Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this Article 11 shall
operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are
cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 11 at law, in equity, by statute or otherwise. 
  

 -85- 

 SECTION 11.06. No Subrogation. 
 Notwithstanding any payment or payments made by the Guarantor hereunder, the Guarantor shall not be entitled to be subrogated to any of the rights of the
Trustee or any Holder against the Company or any collateral security or Guarantee or right of offset held by the Trustee or any Holder for the payment of the Obligations under this Indenture, nor shall the Guarantor seek or be entitled to seek any
contribution or reimbursement from the Company in respect of payments made by the Guarantor hereunder, until all amounts owing to the Trustee and the Holders by the Company on account of the Obligations under this Indenture are paid in full. If any
amount shall be paid to the Guarantor on account of such subrogation rights at any time when all of the Obligations under this Indenture shall not have been paid in full, such amount shall be held by the Guarantor in trust for the Trustee and the
Holders, segregated from other funds of the Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned over to the Trustee in the exact form received by the Guarantor (duly indorsed by the Guarantor to the Trustee, if required), to be
applied against the Obligations under this Indenture. 
 SECTION 11.07. Guarantor May Consolidate, Etc., on Certain Terms. 
 The Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not
the Guarantor is the surviving Person) another Person, other than the Company or a future guarantor, unless: 
 (1) immediately after giving
effect to the transaction, no Default or Event of Default exists; and 
 (2) either: 
 (a) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger expressly
assumes all the obligations of the Guarantor under this Indenture (including its Parent Guarantee) and the Registration Rights Agreement on the terms set forth herein or therein pursuant to a supplemental indenture in the form of Exhibit F attached
hereto; or 
 (b) such sale or other disposition complies with Section 4.16 hereof, including the application of the Net Proceeds
therefrom in accordance with Section 4.16 hereof. 
 In case of any such consolidation, merger, sale or other disposition and upon the
assumption by the successor Person, by supplemental indenture in the form of Exhibit F attached hereto, executed and delivered to the Trustee, of the Parent Guarantee and the due and punctual performance of all of the covenants and conditions of
this Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. The Parent Guarantee shall in all respects have the same
legal rank and benefit under this Indenture as the Parent Guarantee theretofore and thereafter issued in accordance with the terms of this Indenture as though such Parent Guarantee had been issued at the date of the execution hereof. 
 Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses (a) and (b) above, nothing contained in this Indenture or in any of
the Notes shall prevent any consolidation or merger of the Guarantor with or into the Company, or shall prevent any sale or conveyance of the property of the Guarantor as an entirety or substantially as an entirety to the Company. 
  

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 SECTION 11.08. Releases of Parent Guarantee. 
 The Guarantor shall be deemed released from all its obligations under this Indenture, its Parent Guarantee and the Registration Rights Agreement with
respect to either series of Notes and such Parent Guarantee shall terminate upon the satisfaction and discharge of this Indenture with respect to a series of Notes or upon the legal defeasance of either series of Notes, in each case, pursuant to the
provisions of Article 8 hereof. 
 ARTICLE 12. 
 MISCELLANEOUS 
 SECTION 12.01. Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall control. 
 SECTION 12.02. Notices. 
 Any notice or
communication by the Company, the Guarantor or the Trustee shall be in writing (which may be a facsimile, receipt confirmed) and delivered in person or mailed by first class mail addressed as follows: 
 If to the Company: 
 SBA Telecommunications,
Inc. 
 5900 Broken Sound Parkway NW 
 Boca Raton, Florida 33487 
 Attention: Thomas P. Hunt, Esq. 
 If to the Guarantor: 
 c/o the Company, at the
address noted above, with a copy as noted. 
 If to the Trustee: 
 U.S. Bank National Association 
 200 South Biscayne Blvd., Suite 1870 
 Miami, Florida 33131 
 Attention: Corporate
Trust Administration 
 Re: SBA Telecommunications, Inc. 
 The Company, the Guarantor or the Trustee, by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) shall be in writing and shall be deemed to have been duly given when received. 
 Any notice or communication to a Holder shall be mailed by first class mail to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in
TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  

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 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same
time. 
 SECTION 12.03. Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the
Registrar and anyone else shall have the protection of TIA § 312(c). 
 SECTION 12.04. Certificate and Opinion as to Conditions
Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officers’ Certificate (which shall include the statements set forth in Section 12.05 hereof)
stating that, in the opinion of the signers, all conditions precedent (including any covenants compliance with which constitutes a condition precedent) provided for in this Indenture relating to the proposed action have been satisfied; 

(b) an Opinion of Counsel (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of
such counsel, all such conditions precedent (including any covenants compliance with which constitutes a condition precedent) have been satisfied. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such eligible and qualified Persons as to other matters, and any such Person may certify or
given an opinion as to such matters in one or several documents; 
 Any certificate or opinion of an Officer of the Company may be based,
insofar as it related to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to the matters upon which his certificate or opinion is based are erroneous. Any certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating the information on which counsel is relying unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous;
and 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 12.05. Statements Required
in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
(other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
 (a) a statement that the person(s) making such certificate or opinion has read such covenant or condition; 
  

 -88- 

 (b) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion
of such person, he or she has or they have made such examination or investigation as is necessary to enable such person or persons to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (d) a statement as to whether or not, in the opinion of such persons, such condition or covenant has been satisfied. 
 SECTION 12.06. Rules by Trustee and Agents. 
 The Trustee
may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 SECTION 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director,
officer, employee, incorporator or stockholder of the Company or the Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantor under the Notes, this Indenture, the Parent Guarantee or the Registration Rights
Agreement or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. 
 SECTION 12.08. Governing Law. 
 THIS INDENTURE, THE NOTES AND THE PARENT GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 12.09. No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to
interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 12.10. Successors. 
 All agreements of the Company
in this Indenture and the Notes and the Guarantor in this Indenture shall bind their successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 12.11. Severability. 
 In case any provision in this Indenture or in the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby to the extent permitted by applicable law. 
  

 -89- 

 SECTION 12.12. Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 SECTION 12.13. Table of Contents, Headings, Etc. 
 The Table of Contents, Cross-Reference Table and
Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

[Signatures on following pages] 
  

 -90- 

 IN WITNESS WHEREOF, the parties hereto have executed this Indenture as of the date first written above.

  

			
	SBA TELECOMMUNICATIONS, INC.
		
	By:	 	 /s/ Thomas P. Hunt

	Name:	 	Thomas P. Hunt
	Title:	 	Senior Vice President and General Counsel
	
	 SBA COMMUNICATIONS CORPORATION,
 as Guarantor

		
	By:	 	 /s/ Thomas P. Hunt

	Name:	 	Thomas P. Hunt
	Title:	 	Senior Vice President, Chief Administrative Officer and General Counsel

  

 -91- 

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Michael C. Daly

	Name:	 	Michael C. Daly
	Title:	 	Vice President

  

 -92- 

 EXHIBIT A 
 [Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture]* 
 [Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Regulation
S Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Regulation S Temporary Global Note Legend, if
applicable, pursuant to the provisions of the Indenture] 
 [Insert the Original Issue Discount Legend, if applicable, pursuant to the
provisions of the Indenture] 
 [Insert the ERISA Legend pursuant to the provisions of the Indenture] 
 CUSIP No.                      
 ISIN No.                      
 [Face of Note] 
 SBA TELECOMMUNICATIONS, INC.

 8.000% Senior Notes due 2016 
 No.
                                         
                                         
                               Principal Amount
$            [or such greater or lesser amount as may be indicated on Schedule A hereto]* 
 SBA
Telecommunications, Inc., a Florida corporation (the “Company”), 
 promises to pay to
            , or registered assigns, 
 the principal sum of
                     Dollars on August 15, 2016 [or such greater or lesser amount as may be indicated on Schedule A hereto]*.

 Interest Payment Dates: February 15 and August 15, commencing February 15, 2010 
 Record Dates: February 1 and August 1 
 Additional provisions of
this 2016 Note are set forth on the other side of this 2016 Note. 
  

	*	If this Note is a Global Note, include this provision. 

  

 A-1 

 Dated: 
  

			
	SBA TELECOMMUNICATIONS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the [Global] Notes referred 
 to in the within-mentioned Indenture: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	By:	 	  

		 	Authorized Signatory

  

 A-3 

 [FORM OF REVERSE OF NOTES] 
 8.000% Senior Notes due 2016 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated. 
 1. Interest. SBA Telecommunications, Inc., a Florida corporation (the “Company”),
promises to pay interest on the principal amount of this 2016 Note at the rate of 8.000% per annum. Interest on the 2016 Notes will accrue at the rate of 8.000% per annum and the Company will pay interest semi-annually in arrears on
February 15 and August 15 of each year, commencing February 15, 2010 or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the 2016 Notes shall
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from July 24, 2009. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest,
if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. Method of Payment. The Company shall pay interest on the 2016 Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are
registered Holders of 2016 Notes at the close of business on the February 1 or August 1 immediately preceding the Interest Payment Date (each, a “Record Date”), even if such 2016 Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture. The 2016 Notes shall be payable as to principal or premium, if any, Additional Interest, if any, or interest at the office or agency of the
Company maintained for such purpose within the City and State of New York (which may be an office of the Paying Agent), or, at the option of the Company, payment of interest and Additional Interest, if any, may be made by check mailed to the Holders
at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of or premium, if any, Additional Interest, if any, or interest on
the Global Notes and all other 2016 Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent prior to the applicable Record Date. Such payment shall be in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts. 
 3. Paying Agent and Registrar. Initially, U.S. Bank
National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company or any of its Subsidiaries may act in any such
capacity. 
 4. Indenture. The Company issued the 2016 Notes under an Indenture, dated as of July 24, 2009 (as such may be amended or
supplemented from time to time, the “Indenture”), among the Company, the Guarantor and the Trustee. The terms of the 2016 Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”). The 2016 Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent
any provision of this 2016 Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The 2016 Notes are obligations of the Company initially in the aggregate principal amount of
$375,000,000. Subject to compliance with Section 2.13 and Section 4.08 of the Indenture, the Company 

  

 A-4 

 
is permitted to issue Additional Notes under the Indenture in an unlimited principal amount. Any such Additional Notes that are actually issued shall be
treated as issued and outstanding Notes of the same class as the Initial Notes of such series for all purposes of the Indenture, unless the context clearly indicates otherwise. 
 5. Optional Redemption. 
 Except as described below, the 2016 Notes will not be redeemable at the
Company’s option prior to August 15, 2016. 
 (a) At any time prior to August 15, 2012, the 2016 Notes may be
redeemed, in whole or in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of the 2016 Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, and Additional
Interest, if any, to, the redemption date. 
 (b) During the period after the date of original issuance of the 2016 Notes
until August 15, 2012, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2016 Notes originally issued at a redemption price of 108.000% of the principal amount of the 2016 Notes to be
redeemed on the redemption date plus accrued and unpaid interest, if any, and Additional Interest, if any, to the redemption date with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by the Guarantor, to the
extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from it; provided that: 
 (i) at least 65% of the aggregate principal amount of the 2016 Notes originally issued remains outstanding immediately after the
occurrence of such redemption, excluding any 2016 Notes held by the Company or any of its Subsidiaries; and 
 (ii) the
redemption occurs within ninety (90) days of the date of the closing of the Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to the redemption thereof, and any such redemption or notice may, at the
Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 
 Except pursuant to the preceding paragraphs under Section 3.07(a) of the Indenture, the 2016 Notes will not be redeemable at the Company’s option prior to August 15, 2012. On or after August 15, 2012, the Company may
redeem all or a part of the 2016 Notes upon not less than thirty (30) nor more than sixty (60) days’ notice, at the redemption prices expressed as percentages of principal amount set forth below plus accrued and unpaid interest, if
any, and Additional Interest, if any, on the 2016 Notes redeemed to the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed
during the twelve-month period beginning on August 15 of the years indicated below: 
  

				
	 YEAR
	  	Percentage	 
	 2012
	  	106.000	% 
	 2013
	  	104.000	% 
	 2014
	  	102.000	% 
	 2015 and thereafter
	  	100.000	% 

  

 A-5 

 (c) The Indenture provides that, with respect to any such redemption, the Company will
notify the Trustee of the Applicable Premium with respect to the 2016 Notes promptly after the calculation and the Trustee will not be responsible for such calculation. 
 The 2016 Notes are not subject to mandatory redemption. 
 6. Repurchase at Option of Holder. 
 (a) If a Change of Control Triggering Event occurs with respect to the 2016 Notes, each Holder of the 2016 Notes shall have the right to
require the Company to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000, of such Holder’s 2016 Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price in any
Change of Control Offer will be payable in cash and will be 101% of the aggregate principal amount of the 2016 Notes repurchased plus accrued and unpaid interest, if any and Additional Interest, if any, on the 2016 Notes (subject to the right of
Holders of record on the relevant record date to receive interest due on the relevant interest payment date), to the date of purchase (the “Change of Control Payment”). Within thirty (30) days following any Change of Control
Triggering Event unless the Company has exercised its right to redeem all of the 2016 Notes as described in Section 3.07 of the Indenture, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute
the Change of Control Triggering Event and offering to repurchase such 2016 Notes on the date specified in the notice (the “Change of Control Payment Date”). The Change of Control Payment Date will be no earlier than thirty
(30) days and no later than sixty (60) days from the date the notice is mailed, pursuant to the procedures required by the Indenture and described in such notice. 
 (b) If the Company or a Restricted Subsidiary consummates any Asset Sales, when the aggregate amount of Excess Proceeds exceeds $25.0
million, the Company shall make an offer pursuant to Section 4.16 of the Indenture (an “Asset Sale Offer”) to all Holders of the 2016 Notes and the 2019 Notes, and all holders of other pari passu Indebtedness of the
Company containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds from any Asset Sale, to purchase the maximum principal amount of the 2016 Notes, the 2019 Notes, and such other
pari passu Indebtedness of the Company that may be purchased out of the Excess Proceeds (an “Asset Sale Offer”). The offer price in any Asset Sale Offer shall be payable in cash and shall be 100% of the principal amount of
any 2016 Notes, any 2019 Notes, and pari passu Indebtedness, plus accrued and unpaid interest, if any, and Additional Interest, if any, to the date of purchase. Each Asset Sale Offer shall be made in accordance with the procedures set forth
in the Indenture and the other pari passu Indebtedness of the Company. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use the remaining Excess Proceeds for any purpose not otherwise prohibited by the
Indenture. If the aggregate principal amount of 2016 Notes, 2019 Notes, and the other pari passu indebtedness of the Company tendered into the Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the 2016 Notes,
2019 Notes, and such other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of the Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. Holders of 2016 Notes that are the subject of an
offer to purchase shall receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such 2016 Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of
the 2016 Notes. 
  

 A-6 

 7. Notice of Redemption. Notice of redemption shall be mailed at least thirty (30) days but not more than
sixty (60) days before the redemption date to each Holder whose 2016 Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than sixty (60) days prior to a redemption date if the notice is
issued in connection with a defeasance of the 2016 Notes or a satisfaction and discharge of the Indenture. 2016 Notes in denominations larger than $2,000 aggregate principal amount may be redeemed in part but only in whole multiples of $1,000,
unless all of the 2016 Notes held by a Holder are to be redeemed. 
 8. Denominations, Transfer, Exchange. The 2016 Notes are in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of 2016 Notes may be registered and 2016 Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any 2016 Note or portion of a 2016 Note selected for redemption, except for the unredeemed portion of any 2016 Note being redeemed in part. Also, the Company need not exchange or register the transfer of any 2016 Notes for a period of
fifteen (15) days before a selection of 2016 Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 9. Persons Deemed Owners. The registered Holder of a 2016 Note may be treated as its owner for all purposes. 
  

	10.	Amendment, Supplement and Waiver. 

 Subject to certain exceptions,
the Indenture, the 2016 Notes or the Parent Guarantee may be amended or supplemented with the consent of the Holders of at least a majority of the aggregate principal amount of the then outstanding 2016 Notes voting as a single class, and any
existing default or compliance with any provision of the Indenture, the 2016 Notes (other than a Default or Event of Default in the payment of the principal of or premium, if any, interest or Additional Interest, if any, on the 2016 Notes) or the
Parent Guarantee or compliance with any provision of the Indenture, the 2016 Notes or the Parent Guarantee may be waived with the consent of the Holders of a majority of the aggregate principal amount of the then outstanding 2016 Notes voting as a
single class. Without the consent of any Holder of a 2016 Note, the Indenture, the 2016 Notes or the Parent Guarantee may be amended or supplemented to cure any ambiguity, omission, defect or inconsistency, provide for uncertificated 2016 Notes in
addition to or in place of certificated 2016 Notes, provide for the assumption by a successor corporation of the Company’s or the Guarantor’s obligations to Holders of 2016 Notes in the case of a merger or consolidation of the Company or
the Guarantor, make any change that would provide any additional rights or benefits to the Holders of 2016 Notes or that does not adversely affect the legal rights of the 2016 Notes under the Indenture in any material respect, comply with
requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act or conform the text of the Indenture, the Parent Guarantee or the 2016 Notes to any provision of the “Description of
Notes” contained in the Offering Memorandum to the extent that such provision was intended (as evidenced by an Officers’ Certificate) to be a verbatim recitation of a provision of the Indenture, the Parent Guarantee or the 2016 Notes.

 11. Defaults and Remedies. Events of Default shall include: (1) default for thirty (30) days in the payment when due of interest on, or
Additional Interest, if any, with respect to the 2016 Notes, (2) default in payment when due of the principal of or premium, if any, on the 2016 Notes, (3) failure by the Company or any of the Restricted Subsidiaries to comply with the
provisions described under Article 5 or failure by the Company to consummate a Change of Control Offer or Asset Sale Offer in accordance with the provisions of the Indenture applicable to the offers, (4) failure by the Company or any of the

  

 A-7 

 
Restricted Subsidiaries to perform any other covenant in the Indenture, other than a covenant specified in clauses (1), (2) or (3) above or that
does not relate to the 2016 Notes, that continues for sixty (60) days (or one hundred twenty (120) days in the case of a failure to comply with the reporting obligations described under Section 4.03 of the Indenture) after notice to
comply, (5) default under any Indebtedness for money borrowed by the Company or any of its Significant Subsidiaries, or the payment of which is guaranteed by the Company or any of its Significant Subsidiaries, whether such Indebtedness or
guarantee now exists, or is created after the Issue Date, which default (a) is caused by a failure to pay principal of or premium, if any, interest on, if any, or Additional Interest, if any, with respect to the Indebtedness prior to the
expiration of the grace period provided in such indebtedness on the date of the default (a “Payment Default”) or (b) results in the acceleration of the Indebtedness prior to its express maturity and, in each case, the principal
amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more, (6) failure by
the Company or any of its Significant Subsidiaries to pay final judgments aggregating (net of amounts covered by insurance policies) in excess of $20.0 million, which judgments are not paid, discharged or stayed for a period of sixty (60) days
or (7) certain events of bankruptcy or insolvency described in the Indenture with respect to the Guarantor, the Company or any of its Restricted Subsidiaries. 
 Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company, all outstanding 2016 Notes will become due and payable without further action or notice.
If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding 2016 Notes and the Trustee may, and the Trustee at the request of such Holders shall, declare all the
2016 Notes to be due and payable immediately. Upon any such declaration, the principal of, premium, if any, and accrued and unpaid interest, if any, and Additional Interest, if any, shall become due and payable immediately. Holders of the 2016 Notes
may not enforce the Indenture or the 2016 Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority of the aggregate principal amount of the then outstanding 2016 Notes may direct the Trustee in its exercise of
any trust or power. The Trustee may withhold from Holders of the 2016 Notes notice of any continuing Default or Event of Default, except a Default or Event of Default relating to the payment of principal of, or interest or premium or Additional
Interest, if any, on the 2016 Notes. 
 12. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 13. No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or the Guarantor, as such, will have any liability for any obligations of the Company or the Guarantor
under the 2016 Notes, the Indenture, the Parent Guarantee or the Registration Rights Agreement or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of 2016 Notes by accepting a 2016 Note waives
and releases all such liability. The waiver and release are part of the consideration for the issuance of the 2016 Notes. 
 14. Authentication. This
2016 Note shall not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent. 
 15. Abbreviations. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= Note
Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  

 A-8 

 16. Registration Rights Agreement. In addition to the rights provided to Holders of 2016 Notes under the
Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement dated as of July 24, 2009, among the Company, the Guarantor and the Initial Purchasers.

 17. CUSIP, ISIN or Other Similar Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Company has caused CUSIP, ISIN or other similar numbers to be printed on the 2016 Notes and the Trustee may use CUSIP, ISIN or other similar numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the 2016 Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

 A-9 

 ASSIGNMENT FORM 
 To assign this 2016 Note, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this 2016 Note 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 2016 Note on the books of the Company. The agent may substitute another to act for him. 
  
  
  

					
	Date:                     	 	Your Name:	 	  

		 	(Print your name exactly as it appears on the face of this 2016 Note)
			
		 	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this 2016 Note)

  

					
		 	Signature Guarantee*:	 	  

  

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

  

 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this 2016 Note purchased by the Company pursuant to Section 4.15 or Section 4.16 of the Indenture, check the box below: 
  

			
	 ̈  Section 4.15	  	 ̈  Section 4.16

 If you want to elect to have only part of the 2016 Note purchased by the Company pursuant to Section 4.15 or
Section 4.16 of the Indenture, state the amount you elect to have purchased: $                      
  

					
	Date:                     	 	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this 2016 Note)
			
		 	Tax Identification No:	 	  

			
		 	Signature Guarantee*:	 	  

  
 (* Participant in a Recognized Signature Guarantee Medallion Program) 
  

 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
 The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or
Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Global Note	  	Amount of
increase in
Principal Amount
of this Global Note	  	Principal Amount
of this Global Note
following such
decrease (or
increase)	  	Signature of
authorized officer
of Trustee or
Note Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	Include only if this Note is a Global Note 

  

 A-12 

 EXHIBIT B 
 [Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture]* 
 [Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Regulation
S Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Regulation S Temporary Global Note Legend, if
applicable, pursuant to the provisions of the Indenture] 
 [Insert the Original Issue Discount Legend, if applicable, pursuant to the
provisions of the Indenture] 
 [Insert the ERISA Legend pursuant to the provisions of the Indenture] 
 CUSIP No.                      
 ISIN No.                      
 [Face of Note] 
 SBA TELECOMMUNICATIONS, INC.

 8.250% Senior Notes due 2019 
 No.
                                         
                                         
                               Principal Amount $
             [or such greater or lesser amount as may be indicated on Schedule A hereto]* 
 SBA
Telecommunications, Inc., a Florida corporation (the “Company”), 
 promises to pay to
                    , or registered assigns, 
 the
principal sum of                      Dollars on August 15, 2019 [or such greater or lesser amount as may be indicated on Schedule A hereto]*.

 Interest Payment Dates: February 15 and August 15, commencing February 15, 2010 
 Record Dates: February 1 and August 1 
 Additional provisions of
this 2019 Note are set forth on the other side of this 2019 Note. 
  

	*	If this Note is a Global Note, include this provision. 

  

 B-1 

 Dated: 
  

			
	SBA TELECOMMUNICATIONS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the [Global] Notes referred 
 to in the within-mentioned Indenture: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	By:	 	  

		 	Authorized Signatory

  

 B-3 

 [FORM OF REVERSE OF NOTES] 
 8.250% Senior Notes due 2019 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated. 
 1. Interest. SBA Telecommunications, Inc., a Florida corporation (the “Company”),
promises to pay interest on the principal amount of this 2019 Note at the rate of 8.250% per annum. Interest on the 2019 Notes will accrue at the rate of 8.250% per annum and the Company will pay interest semi-annually in arrears on
February 15 and August 15 of each year, commencing February 15, 2010 or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the 2019 Notes shall
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from July 24, 2009. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest,
if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. Method of Payment. The Company shall pay interest on the 2019 Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are
registered Holders of 2019 Notes at the close of business on the February 1 or August 1 immediately preceding the Interest Payment Date (each, a “Record Date”), even if such 2019 Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture. The 2019 Notes shall be payable as to principal or premium, if any, Additional Interest, if any, or interest at the office or agency of the
Company maintained for such purpose within the City and State of New York (which may be an office of the Paying Agent), or, at the option of the Company, payment of interest and Additional Interest, if any, may be made by check mailed to the Holders
at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of or premium, if any, Additional Interest, if any, or interest on
the Global Notes and all other 2019 Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent prior to the applicable Record Date. Such payment shall be in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts. 
 3. Paying Agent and Registrar. Initially, U.S. Bank
National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company or any of its Subsidiaries may act in any such
capacity. 
 4. Indenture. The Company issued the 2019 Notes under an Indenture, dated as of July 24, 2009 (as such may be amended or
supplemented from time to time, the “Indenture”), among the Company, the Guarantor and the Trustee. The terms of the 2019 Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”). The 2019 Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent
any provision of this 2019 Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The 2019 Notes are obligations of the Company initially in the aggregate principal amount of
$375,000,000. Subject to compliance with Section 2.13 and Section 4.08 of the Indenture, the Company 

  

 B-4 

 
is permitted to issue Additional Notes under the Indenture in an unlimited principal amount. Any such Additional Notes that are actually issued shall be
treated as issued and outstanding Notes of the same class as the Initial Notes of such series for all purposes of the Indenture, unless the context clearly indicates otherwise. 
 5. Optional Redemption. 
 Except as described below, the 2019 Notes will not be redeemable at the
Company’s option prior to August 15, 2019. 
 (a) At any time prior to August 15, 2014, the 2019 Notes may be
redeemed, in whole or in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of the 2019 Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, and Additional
Interest, if any, to, the redemption date. 
 (b) During the period after the date of original issuance of the 2019 Notes
until August 15, 2012, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2019 Notes originally issued at a redemption price of 108.250% of the principal amount of the 2019 Notes to be
redeemed on the redemption date plus accrued and unpaid interest, if any, and Additional Interest, if any, to the redemption date with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by the Guarantor, to the
extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from it; provided that: 
 (i) at least 65% of the aggregate principal amount of the 2019 Notes originally issued remains outstanding immediately after the
occurrence of such redemption, excluding any 2019 Notes held by the Company or any of its Subsidiaries; and 
 (ii) the
redemption occurs within ninety (90) days of the date of the closing of the Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to the redemption thereof, and any such redemption or notice may, at the
Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 
 Except pursuant to the preceding paragraphs under Section 3.07(b) of the Indenture, the 2019 Notes will not be redeemable at the Company’s option prior to August 15, 2014. On or after August 15, 2014, the Company may
redeem all or a part of the 2019 Notes upon not less than thirty (30) nor more than sixty (60) days’ notice, at the redemption prices expressed as percentages of principal amount set forth below plus accrued and unpaid interest, if
any, and Additional Interest, if any, on the 2019 Notes redeemed to the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed
during the twelve-month period beginning on August 15 of the years indicated below: 
  

				
	 YEAR
	  	Percentage	 
	 2014
	  	104.125	% 
	 2015
	  	102.750	% 
	 2016
	  	101.375	% 
	 2017 and thereafter
	  	100.000	% 

  

 B-5 

 (c) The Indenture provides that, with respect to any such redemption, the Company will
notify the Trustee of the Applicable Premium with respect to the 2019 Notes promptly after the calculation and the Trustee will not be responsible for such calculation. 
 The 2019 Notes are not subject to mandatory redemption. 
 6. Repurchase at Option of Holder. 
 (d) If a Change of Control Triggering Event occurs with respect to the 2019 Notes, each Holder of the 2019 Notes shall have the right to
require the Company to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000, of such Holder’s 2019 Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price in any
Change of Control Offer will be payable in cash and will be 101% of the aggregate principal amount of the 2019 Notes repurchased plus accrued and unpaid interest, if any and Additional Interest, if any, on the 2019 Notes (subject to the right of
Holders of record on the relevant record date to receive interest due on the relevant interest payment date), to the date of purchase (the “Change of Control Payment”). Within thirty (30) days following any Change of Control
Triggering Event unless the Company has exercised its right to redeem all of the 2019 Notes as described in Section 3.07 of the Indenture, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute
the Change of Control Triggering Event and offering to repurchase such 2019 Notes on the date specified in the notice (the “Change of Control Payment Date”). The Change of Control Payment Date will be no earlier than thirty
(30) days and no later than sixty (60) days from the date the notice is mailed, pursuant to the procedures required by the Indenture and described in such notice. 
 (e) If the Company or a Restricted Subsidiary consummates any Asset Sales, when the aggregate amount of Excess Proceeds exceeds $25.0
million, the Company shall make an offer pursuant to Section 4.16 of the Indenture (an “Asset Sale Offer”) to all Holders of the 2019 Notes and the 2016 Notes, and all holders of other pari passu Indebtedness of the
Company containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds from any Asset Sale, to purchase the maximum principal amount of the 2019 Notes, the 2016 Notes, and such other
pari passu Indebtedness of the Company that may be purchased out of the Excess Proceeds (an “Asset Sale Offer”). The offer price in any Asset Sale Offer shall be payable in cash and shall be 100% of the principal amount of
any 2019 Notes, any 2016 Notes, and pari passu Indebtedness, plus accrued and unpaid interest, if any, and Additional Interest, if any, to the date of purchase. Each Asset Sale Offer shall be made in accordance with the procedures set forth
in the Indenture and the other pari passu Indebtedness of the Company. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use the remaining Excess Proceeds for any purpose not otherwise prohibited by the
Indenture. If the aggregate principal amount of 2019 Notes, 2016 Notes, and the other pari passu indebtedness of the Company tendered into the Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the 2016 Notes,
2019 Notes, and such other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of the Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. Holders of 2019 Notes that are the subject of an
offer to purchase shall receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such 2019 Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of
the 2019 Notes. 
 7. Notice of Redemption. Notice of redemption shall be mailed at least thirty (30) days but not more than sixty (60) days
before the redemption date to each Holder whose 2019 Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than sixty (60) days prior to a redemption date if the notice is issued in connection
with a defeasance of the 2019 Notes or a satisfaction and discharge of the Indenture. 2019 Notes in denominations larger than $2,000 aggregate principal amount may be redeemed in part but only in whole multiples of $1,000, unless all of the 2019
Notes held by a Holder are to be redeemed. 
  

 B-6 

 8. Denominations, Transfer, Exchange. The 2019 Notes are in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000 in excess thereof. The transfer of 2019 Notes may be registered and 2019 Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any 2019 Note or portion of a
2019 Note selected for redemption, except for the unredeemed portion of any 2019 Note being redeemed in part. Also, the Company need not exchange or register the transfer of any 2019 Notes for a period of fifteen (15) days before a selection of
2019 Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 9. Persons Deemed Owners. The
registered Holder of a 2019 Note may be treated as its owner for all purposes. 
 10. Amendment, Supplement and Waiver. 
 Subject to certain exceptions, the Indenture, the 2019 Notes or the Parent Guarantee may be amended or supplemented with the consent of the Holders of at least a majority
of the aggregate principal amount of the then outstanding 2019 Notes voting as a single class, and any existing default or compliance with any provision of the Indenture, the 2019 Notes (other than a Default or Event of Default in the payment of the
principal of or premium, if any, interest or Additional Interest, if any, on the 2019 Notes) or the Parent Guarantee or compliance with any provision of the Indenture, the 2019 Notes or the Parent Guarantee may be waived with the consent of the
Holders of a majority of the aggregate principal amount of the then outstanding 2019 Notes voting as a single class. Without the consent of any Holder of a 2019 Note, the Indenture, the 2019 Notes or the Parent Guarantee may be amended or
supplemented to cure any ambiguity, omission, defect or inconsistency, provide for uncertificated 2019 Notes in addition to or in place of certificated 2019 Notes, provide for the assumption by a successor corporation of the Company’s or the
Guarantor’s obligations to Holders of 2019 Notes in the case of a merger or consolidation of the Company or the Guarantor, make any change that would provide any additional rights or benefits to the Holders of 2019 Notes or that does not
adversely affect the legal rights of the 2019 Notes under the Indenture in any material respect, comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act or conform the text
of the Indenture, the Parent Guarantee or the 2019 Notes to any provision of the “Description of Notes” contained in the Offering Memorandum to the extent that such provision was intended (as evidenced by an Officers’ Certificate) to
be a verbatim recitation of a provision of the Indenture, the Parent Guarantee or the 2019 Notes. 
 11. Defaults and Remedies. Events of Default
shall include: (1) default for thirty (30) days in the payment when due of interest on, or Additional Interest, if any, with respect to the 2019 Notes, (2) default in payment when due of the principal of or premium, if any, on the
2019 Notes, (3) failure by the Company or any of the Restricted Subsidiaries to comply with the provisions described under Article 5 or failure by the Company to consummate a Change of Control Offer or Asset Sale Offer in accordance with the
provisions of the Indenture applicable to the offers, (4) failure by the Company or any of the Restricted Subsidiaries to perform any other covenant in the Indenture, other than a covenant specified in clauses (1), (2) or (3) above or
that does not relate to the 2019 Notes, that continues for sixty (60) days (or one hundred twenty (120) days in the case of a failure to comply with the reporting obligations described under Section 4.03 of the Indenture) after notice
to comply, (5) default under any Indebtedness for money borrowed by the Company or any of its Significant Subsidiaries, or the payment of which is guaranteed 

  

 B-7 

 
by the Company or any of its Significant Subsidiaries, whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default
(a) is caused by a failure to pay principal of or premium, if any, interest on, if any, or Additional Interest, if any, with respect to the Indebtedness prior to the expiration of the grace period provided in such indebtedness on the date of
the default (a “Payment Default”) or (b) results in the acceleration of the Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more, (6) failure by the Company or any of its Significant Subsidiaries to pay final judgments
aggregating (net of amounts covered by insurance policies) in excess of $20.0 million, which judgments are not paid, discharged or stayed for a period of sixty (60) days or (7) certain events of bankruptcy or insolvency described in the
Indenture with respect to the Guarantor, the Company or any of its Restricted Subsidiaries. 
 Notwithstanding the foregoing, in the case of an Event of
Default arising from certain events of bankruptcy or insolvency, with respect to the Company, all outstanding 2019 Notes will become due and payable without further action or notice. If any Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in aggregate principal amount of the then outstanding 2019 Notes and the Trustee may, and the Trustee at the request of such Holders shall, declare all the 2019 Notes to be due and payable immediately. Upon any such
declaration, the principal of, premium, if any, and accrued and unpaid interest, if any, and Additional Interest, if any, shall become due and payable immediately. Holders of the 2019 Notes may not enforce the Indenture or the 2019 Notes except as
provided in the Indenture. Subject to certain limitations, Holders of a majority of the aggregate principal amount of the then outstanding 2019 Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
of the 2019 Notes notice of any continuing Default or Event of Default, except a Default or Event of Default relating to the payment of principal of, or interest or premium or Additional Interest, if any, on the 2019 Notes. 
 12. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 13. No Recourse Against
Others. No director, officer, employee, incorporator or stockholder of the Company or the Guarantor, as such, will have any liability for any obligations of the Company or the Guarantor under the 2019 Notes, the Indenture, the Parent Guarantee
or the Registration Rights Agreement or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of 2019 Notes by accepting a 2019 Note waives and releases all such liability. The waiver and release are
part of the consideration for the issuance of the 2019 Notes. 
 14. Authentication. This 2019 Note shall not be valid until authenticated by the
manual signature of the Trustee or an Authenticating Agent. 
 15. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= Note Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 16. Registration Rights Agreement. In addition to the rights provided to Holders of 2019 Notes under the Indenture, Holders of Restricted Global
Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement dated as of July 24, 2009, among the Company, the Guarantor and the Initial Purchasers. 
  

 B-8 

 17. CUSIP, ISIN or Other Similar Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP, ISIN or other similar numbers to be printed on the 2019 Notes and the Trustee may use CUSIP, ISIN or other similar numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the 2019 Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

 B-9 

 ASSIGNMENT FORM 
 To assign this 2019 Note, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this 2019 Note 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 2019 Note on the books of the Company. The agent may substitute another
to act for him. 
  
  
  

					
	Date:                     	 	Your Name:	 	  

		 	(Print your name exactly as it appears on the face of this 2019 Note)
			
		 	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this 2019 Note)

  

					
		  	Signature Guarantee*:	 	  

  

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

  

 B-10 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this 2019 Note purchased by the Company pursuant to Section 4.15 or Section 4.16 of the Indenture, check the box below: 
  

			
	 ̈  Section 4.15	  	 ̈  Section 4.16

 If you want to elect to have only part of the 2019 Note purchased by the Company pursuant to Section 4.15 or
Section 4.16 of the Indenture, state the amount you elect to have purchased: $                      
  

					
	Date:                     	 	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this 2019Note)
			
		 	Tax Identification No:	 	  

			
		 	Signature Guarantee*:	 	  

  
 (* Participant in a Recognized Signature Guarantee Medallion Program) 
  

 B-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE2 
 The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:

  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Global Note	  	Amount of
increase in
Principal Amount
of this Global Note	  	Principal Amount
of this Global Note
following such
decrease (or
increase)	  	Signature of
authorized officer
of Trustee or
Note Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	2
	 Include only if this Note is a Global Note 

  

 B-12

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